Binance founder Changpeng Zhao said tokenization should be pushed across all blockchains, calling it one of the best ways for countries to raise capital or attract foreign direct investment. In a post on X on Aug. 21, Zhao argued that governments and companies would naturally want to sell tokenized shares to investors worldwide. He acknowledged that expanding tokenization across multiple chains would create liquidity fragmentation, but said that trade-off is worth accepting if it helps the sector grow faster through broader participation. Zhao pointed to BNB Chain data showing a sharp rise in real-world asset, or RWA, holders. According to the figures he cited, BNB Chain reached 776,429 RWA holders, up about 370% over 30 days, with $5.799 billion in total value excluding stablecoins. The same ranking placed Robinhood second by holder count at 518,442, though its total value was only $33.85 million, while Solana ranked third with 339,920 holders and $3.961 billion in value. The report also highlighted a deeper structural issue in tokenized stocks: assets remain split across separate custody and issuance systems, with limited interchangeability between issuers and chains. Zhao said improving fungibility between issuers is the next critical step.

Tokenized U.S. Treasuries helped turn tokenization into a major market theme, but growth in that segment has slowed after assets climbed from $701 million on Jan. 1, 2024 to more than $15 billion on April 17, 2026. As that market levels off, tokenized stocks are gaining speed. According to the source article, the segment grew from $291 million on Jan. 1, 2025 to about $1.9 billion over the following year and a half. The competition now spans nearly every part of the market. Web3-native firms such as Securitize, Ondo Global Markets and xStocks are expanding their offerings, while Robinhood and Coinbase are building stock token products of their own. Traditional market infrastructure operators including DTCC, the New York Stock Exchange and Nasdaq are also moving in the same direction. A central issue is structure. The article lays out the U.S. Securities and Exchange Commission’s framework for tokenized securities, separating issuer-sponsored, custodial, linked and security-based swap models. Those choices shape what users actually get: full shareholder rights, broader onchain transferability, access to DeFi, or tighter compliance controls. The result is not one tokenized stock market but several competing approaches, each with different trade-offs around regulation, liquidity and onchain utility.

Tokenized stocks are emerging as a new battleground in real-world assets as growth in tokenized U.S. Treasuries slows. According to the article cited by WuBlockchain, the tokenized stock market has expanded from $291 million on Jan. 1, 2025 to about $1.9 billion, a 6.5-fold increase in roughly a year and a half. The piece argues that nearly every major participant in U.S. capital markets is now studying or launching tokenized equity products, including Web3-native firms such as Securitize, Ondo and xStocks, broker and trading platforms like Robinhood and Coinbase, and infrastructure operators including DTCC, the New York Stock Exchange and Nasdaq. A central theme in the report is that tokenized stocks do not follow a single model. The U.S. Securities and Exchange Commission’s framework divides tokenized securities into issuer-sponsored structures, custodial structures, linked securities and security-based swaps. Those designs differ in key areas: whether token holders receive full shareholder rights, how much freedom the assets have onchain, how strict compliance controls are, and whether U.S. users can access the products. The article also details how each company is positioning itself within those trade-offs, and why regulation, settlement infrastructure and distribution rules will shape the next phase of competition.

Brian Armstrong said tokenized stocks could bring 24/7 trading, fractional ownership, and real-time settlement. Supporters see broader access, while critics point to legal enforceability, investor protection, and regulatory gaps.

Trump Media said DJT holders with at least one full share on Feb. 2 will receive digital tokens. The tokens will be minted and custodied by Crypto.com, with no trading, transfer, or cash redemption allowed.

The Securities Transfer Association, or STA, has asked the U.S. Securities and Exchange Commission to give regulatory priority to issuer-authorized tokenized securities, arguing that third-party stock tokens could weaken market integrity. In a comment letter, the group said tokenized shares should be formally authorized by the issuing company and recorded on the official shareholder register, rather than created as wrapped products by independent platforms. STA said the third-party model may confuse investors about the rights they actually hold and expose them to platform credit, custody, and operational risks, while leaving them without a direct legal relationship with the listed company. The association also called on the SEC to reform the Direct Registration System, or DRS, saying the current U.S. securities custody structure is not built for real-time transfers and settlement of on-chain securities. It recommended that regulators work with the Depository Trust & Clearing Corporation, or DTCC, to improve digital securities infrastructure. According to CoinDesk, the global tokenized stock market is currently worth about $2 billion and is still dominated by third-party models, including products from Ondo Finance and Kraken, while firms such as Securitize and Figure use an issuer-authorized approach.

The Securities Transfer Association has asked the U.S. Securities and Exchange Commission to give priority to issuer-authorized tokenized securities as competition in tokenized capital markets heats up, according to CoinDesk. In a comment letter, the group warned that stock tokens issued by third parties could weaken market integrity by creating confusion over what investors actually own and by adding platform credit, custody, and operational risks. STA said tokenized shares should be formally authorized by the issuing company and recorded on the official shareholder register, rather than being created as wrapped products by independent platforms. The association also called for reforms to the Direct Registration System, arguing that the current U.S. securities custody structure is not suited to the real-time transfer and settlement needs of on-chain securities. It urged the SEC to work with the Depository Trust & Clearing Corporation to improve digital securities infrastructure. The global market for tokenized stocks is currently about $2 billion and is still dominated by third-party models, including products from Ondo Finance and Kraken, while firms such as Securitize and Figure use an issuer-authorized structure.

Securitize and Computershare have teamed up to launch Issuer-Sponsored Tokens (ISTs), allowing U.S. listed companies to issue equity directly on blockchain. Computershare, serving 25,000+ firms, will act as transfer agent for ISTs, integrating them with existing workflows. Securitize, with $4B+ AUM and SEC registration, aims to expand interoperability.