In a discussion with Goldman Sachs CEO David Solomon, Armstrong, head of the largest crypto exchange in the U.S. by trading volume, compares the potential rise of tokenized stocks to that of stablecoins.

Noting that trillions of dollars worth of stablecoin volume is now flowing onchain – despite initial skepticism of the technology – Armstrong says “we think a similar thing could happen in stocks.”

Says the CEO:

If you’re storing a share of a company in a traditional custodian, [and] you issue a token-equivalent of it on-chain, what does that enable? So, similarily to stablecoins, there’s an international component to this. There’s lots of people in the world who would love to buy Tesla or Nvidia or whatever… If you’re wealthy in Argentina, you can probably get a brokerage account open somewhere and trade that kind of stuff, but the vast majority of people cannot. There’s also this 24/7 trading aspect, so people want to do that and I think crypto is going to just get there faster.

Armstrong also notes the benefits of fractional shares, the potential for perpetual futures (perps), and perhaps even “novel governance things” that allow for certain voting conditions on tokenized stocks – something only possible onchain.

Recent data from blockchain analytics platform Dune revealed that the total assets under management (AUM) of all tokenized stocks is currently sitting just over the $1 billion mark, with Solana’s xStocks accounting for over 57% of it.

xStocks, which have exploded from zero to $571 million in AUM since June 2025, represent the first major successful effort of bringing US equities directly on-chain as tradable tokens that can be accessed 24/7.

Dune’s data shows that the most popular stocks being traded on Solana are Tesla (TSLA), Circle (CRCL), and Nvidia (NVDA).

Behind Solana’s xStocks is Ondo’s Global Markets (GM) platform, which operates on Ethereum, boasting $352 million in AUM, and on the Binance Smart Chain (BSC) with an AUM of $52 million.

• What are tokenized stocks, according to Coinbase CEO Brian Armstrong?
  Tokenized stocks are on-chain versions of traditional equities that allow global, 24/7 trading similar to stablecoins.
• Why does Armstrong think tokenized stocks will see mass adoption?
  He says they unlock access for millions of global investors who can’t easily buy U.S. stocks like Tesla or Nvidia through traditional brokers.
• What advantages do tokenized stocks offer over traditional shares?
  They enable fractional ownership, 24/7 trading, and new on-chain features like perpetual futures and programmable governance.
• How big is the tokenized stocks market today?
  Total tokenized stock AUM is just over $1 billion, led by Solana’s xStocks with more than 57% market share.

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