In the early 17th century, the Dutch East India Company invented stocks; over 400 years later, tokenization has brought about Stock 2.0.
On June 30, the well-known American online brokerage Robinhood (NASDAQ: HOOD) announced the launch of Robinhood Stock Tokens, allowing EU customers to trade US stocks and ETFs on the blockchain. On the same day, the tokenized stock product xStocks launched simultaneously on the cryptocurrency trading platforms Kraken and Bybit, issued by the Swiss financial instrument issuer Backed.
According to PANews, eight cryptocurrency institutions have announced their entry into the tokenized stock market, utilizing different technological routes (Arbitrum, Solana, Base, Ondo Chain) and custody solutions (self-custody, xStocks, BitGo, etc.) to meet global investors' diverse needs for flexible trading, on-chain transfer, and compliance assurance, becoming one of the important landing scenarios for RWA (Real World Assets).
How big will the market cake of tokenized stocks be? Will it become the next prominent track for RWA (Real World Assets) after stablecoins?
Robinhood: Broker and Trading Platform, Plans to Launch Its Own L2
As an online brokerage, Robinhood launched BTC and ETH trading on its platform as early as 2018. Since then, Robinhood has temporarily suspended cryptocurrency trading multiple times due to significant price fluctuations and other issues, and has faced scrutiny and fines from the SEC, but has never stopped exploring its cryptocurrency business, including:
Acquiring the cryptocurrency aggregation trading platform Cove Markets in 2021;
Launching the Web3 wallet Robinhood Wallet in 2022, currently supporting Ethereum, Polygon, Arbitrum, Optimism, and Base networks;
Acquiring Canadian cryptocurrency operator WonderFi (which has two regulated trading platforms, Bitbuy and Coinsquare) in May 2025;
Obtaining a brokerage license from the Bank of Lithuania in May 2025, allowing it to offer stock trading and other investment services across the EU and enabling compliance with the EU's crypto market regulatory framework MiCA;
Acquiring the established exchange Bitstamp in June 2024 (which holds over 50 licenses in Europe and globally), allowing Robinhood to use Bitstamp's MiFID multilateral trading facility license to offer crypto derivatives;
Announcing the acquisition of the AI investment advisory platform Pluto on July 1, 2025.
According to data released by Robinhood, as of November 2024, the value of its custodial crypto assets was $38 billion, with a nominal trading volume of $119 billion in cryptocurrencies over the past year, achieving coverage across all 50 states and regions in the US, and launching ETH and SOL staking services for US customers.
On June 30, 2025, Robinhood announced the launch of stock tokens for the EU market, allowing customers to trade stock tokens representing over 200 companies, available for trading 24 hours a day, five days a week. These tokens are backed 1:1 by real stocks held by Robinhood, can be freely transferred on-chain, and holders can receive dividend payouts.
These stock tokens were initially issued on the Arbitrum chain and will later migrate to Robinhood's own Layer 2 blockchain (tentatively named Robinhood Chain).
Additionally, Robinhood allows European customers to trade cryptocurrency perpetual futures. With this, Robinhood has achieved comprehensive coverage of spot, contracts, staking, wallets, RWA, and AI strategy analysis, and will launch its own L2 application chain.
Starlabs Consulting noted that Robinhood has also been advocating for tokenization legislation in the US, having submitted a proposal to the SEC for establishing a national framework for tokenized RWA, and plans to launch a platform called Real World Asset Exchange for off-chain trading and on-chain settlement.
Coinbase: Has Obtained Brokerage License, Tokenized Stock Application Pending Approval
On June 17, Reuters reported that the American cryptocurrency exchange Coinbase is seeking SEC approval to launch blockchain-based tokenized stock services. Once approved, Coinbase will directly compete with retail brokerage firms Robinhood and Charles Schwab.
According to Starlabs Consulting, Coinbase obtained a broker-dealer license as early as 2018 but has not yet engaged in actual business.
xStocks: Tokenized Stocks Now Live on Kraken, Bybit, and Jupiter
xStocks is a tokenized financial product launched by the Swiss financial instrument issuer Backed. These products tokenize publicly traded securities (such as stocks), allowing investors to access traditional financial market assets through the blockchain, and are regulated by the Swiss Financial Market Supervisory Authority (FINMA).
xStocks are issued on the Solana chain and integrated into Solana's DeFi protocols, allowing users to trade not only through decentralized trading platform Jupiter but also through centralized exchanges (such as Kraken and Bybit).
On June 30, Kraken announced that xStocks has launched on its platform, offering the first batch of 60 tokenized US stock products to non-US customers, available for trading 24 hours a day, five days a week. According to previous reports from The Wall Street Journal, Kraken's tokenized stocks will first launch in Europe, Latin America, Africa, and Asia.
On the same day, Bybit also announced a strategic partnership with Backed to gradually launch xStocks tokenized US stock and ETF products on its spot platform, supporting 24/7 trading, aligning better with Web3 users' trading habits. The initial launch includes 10 of the most popular US stocks.
Dinari: First Tokenized Stock Microstrategy Launched on Gemini
On June 27, the cryptocurrency exchange Gemini announced a partnership with the US tokenized stock provider Dinari to launch a tokenized microstrategy (NASDAQ: MSTR) using Dinari's on-demand tokenization model, supporting EU users with plans to expand to US users in the coming months. More tokenized stocks and ETFs will be launched in the future. MSTR is currently launched on the Arbitrum chain and will soon support other networks.
According to Starlabs Consulting, Dinari has raised $22.65 million in funding from VanEck Ventures, Hack VC, F-Prime Capital, Blockchange Ventures, and Balaji Srinivasan. Dinari aims to provide global investors with seamless access to over 100 tokenized US stocks and financial assets through large-scale tokenization of real-world stocks.
Ondo: Plans to Launch Tokenized Securities Platform Ondo Global Markets
Focusing on RWA, the decentralized finance protocol Ondo Finance plans to launch Ondo Global Markets, a platform that will tokenize traditional stocks, bonds, and ETFs, enabling global non-US investors to access the US financial market and supporting instant settlement around the clock, seamlessly integrated with DeFi protocols.
Ondo Finance stated that just as stablecoins have expanded access to the dollar by addressing pain points such as high costs, limited supply channels, and transfer friction, Ondo Global Markets will apply the same principles to the securities market.
On June 17, Ondo Finance announced the establishment of the Global Markets Alliance, dedicated to improving interoperability, investor protection, and access to tokenized RWA, with members including:
Solana Foundation
BitGo (custodian)
Fireblocks (Web3 security company)
Jupiter, 1inch (DEX aggregators)
Trust Wallet, Bitget Wallet, Rainbow Wallet
Alpaca (brokerage firm)
Alliance members will each contribute: wallet providers will integrate Ondo's tokenized asset standards, aggregators are expected to support programmatic access to tokenized assets, with institutional custody and infrastructure provided by BitGo and Fireblocks, and Alpaca will handle brokerage and regulatory services for tokenized securities.
INX Digital: Launching Tokenized Private Equity
On June 18, the American tokenized asset trading platform INX Digital announced a partnership with the Swiss blockchain startup Aktionariat AG to launch the tokenized equity $DAKS on its INX Marketplace, opening trading to global investors.
According to Starlabs Consulting, INX Digital offers regulated security tokens and tokenized RWA trading, holding full compliance licenses and remittance licenses in most U.S. states, as well as broker and alternative trading system licenses granted by the SEC and FINRA (Financial Industry Regulatory Authority).
Aktionariat AG focuses on providing innovative tokenization solutions based on blockchain. Since its launch in 2021, it has facilitated over 50 million Swiss francs in trading volume, serving more than 30,000 users and helping over 70 private companies worldwide achieve equity tokenization, with a total market capitalization of tokenized companies reaching 400 million Swiss francs.
Institutions: The Market Value of Tokenized Stocks May Exceed One Trillion Dollars
According to RWA.xyz data, as of June 30, the total market value of tokenized real assets reached $24.47 billion, with the market value of tokenized U.S. Treasury bonds at $7.385 billion, while the market value of tokenized stocks was only $341 million.
Although the share of tokenized stocks in the overall RWA market is still small, its attention is rapidly increasing due to institutional investors valuing the opportunity for faster and lower-cost access to the U.S. stock market.
According to Cointelegraph, Arnab Nask, CEO of the Luxembourg fintech company STOKR, which focuses on providing security token offerings (STO) and asset tokenization services, stated during a panel discussion on April 16 this year that while it is difficult to accurately predict the total potential market size for tokenized stocks, "it is definitely a market exceeding one trillion dollars."
Anna Wroblewska, Chief Business Officer of Dinari, stated that by 2025, the demand for such financial instruments from various institutions, including Web3 wallets, digital banks, and traditional financial service companies, has already "exploded," and "we have received a large demand from a wider range of potential partners than we imagined."
"There is huge demand for publicly traded U.S. stocks in the market… even individual investors globally want to participate in the U.S. capital markets. Tokenization makes this process fast and low-cost." Wroblewska noted that for similar reasons, the demand for tokenized U.S. Treasury bonds has also been very high.
Starlabs Consulting observed that recently, the Nasdaq and S&P 500 indices among the three major U.S. stock indices reached new historical highs, with the Dow Jones only 1.3% away from its historical peak. As of June 30, the total market capitalization of U.S. stocks reached $61.94 trillion, and the U.S. federal debt has surpassed $36 trillion. In contrast, the total market value of tokenized stocks is still less than $400 million, and the market value of tokenized U.S. Treasury bonds is only over $7 billion, indicating a vast potential for future market growth.
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