A comprehensive guide to US stocks on the blockchain: Why are crypto enthusiasts turning to US stocks, while Wall Street is moving in the opposite direction?

Summary: While the crypto market is experiencing cyclical bloodletting, top global institutions are simultaneously betting on asset tokenization. This article deeply dissects the underlying logic of US stock tokenization and systematically reviews major US stock on-chain trading platforms. Author: Changan, Amelia I Biteye Content Team Over the past year, a fascinating phenomenon has repeatedly occurred: Driven by productivity dividends and AI narratives, US stocks and precious metals have repeatedly hit new highs, while the crypto market has fallen into cyclical liquidity droughts. Many investors lament that “the end of the coin circle is the US stock market,” and even choose to exit completely. But what if I told you that these two seemingly opposing wealth paths are converging historically through tokenization? Would you still choose to leave? Why do top global institutions—from BlackRock to Coinbase—unfailingly view asset tokenization positively in their 2025 annual outlooks? This is not simply “stock transfer.” Starting from the underlying logic, this article provides a comprehensive analysis of the fundamental principles behind the US stock tokenization track, and reviews the current stock tokenization trading platforms and leading KOLs’ in-depth perspectives. 1️⃣ Core: Not Just On-Chain US stock tokenization refers to converting shares of listed US companies (such as Apple, Tesla, Nvidia, etc.) into tokens. These tokens are usually 1:1 pegged to the rights or value of real stocks, issued, traded, and settled using blockchain technology. In simple terms, it moves traditional US stocks onto the blockchain, turning stocks into programmable assets. Token holders can gain economic rights (such as price fluctuations, dividends), but not necessarily full shareholder rights (depending on product design). As shown in the figure, the TVL index of US stock tokenization has experienced exponential growth since this year’s Q4.

(Source: Dune) After clarifying the basic definition of US stock tokenization and its differences from traditional assets, a more fundamental question arises: since traditional securities markets have operated for hundreds of years, why go through the trouble of bringing stocks onto the chain? Because combining stocks with blockchain can bring many innovations and benefits to the traditional financial system.

1. 24/7 Trading: Breaking the trading hours constraints of NYSE and NASDAQ, the cryptocurrency market can achieve continuous trading 24/7.
2. Fractured Ownership Lowers Investment Barriers: Traditional stock markets require a minimum purchase of 1 lot (e.g., 100 shares). Tokenization allows assets to be divided into tiny fractions, enabling investors to invest as little as $10 or $50 without paying full stock prices. Ordinary global investors can share in the growth dividends of top companies equally.
3. Interoperability with Cryptocurrency and DeFi: Once stocks are converted into tokens, they can seamlessly interact with the entire decentralized finance ecosystem. This means you can do things that traditional stocks cannot (or are difficult to do). For example: using tokenized stocks as collateral for crypto loans, or earning trading fees by providing liquidity with tokenized stocks.
4. Global Liquidity Convergence: Under the traditional system, liquidity of US stocks and other assets is somewhat fragmented, often causing macro benefits to “rise on one side only.” After on-chain listing, crypto funds can participate directly in high-quality global assets. Essentially, this is a leap in liquidity efficiency. BlackRock CEO Larry Fink also stated: “The next-generation market, the next-generation securities, will be securities tokenization.” This also hits the cyclical dilemma of the crypto market—when US stocks and precious metals perform strongly, liquidity in crypto markets often dries up, leading to capital outflows. If “US stock tokenization” matures and introduces more high-quality traditional assets into the crypto world, investors are less likely to exit en masse, thereby enhancing the resilience and attractiveness of the entire ecosystem. Of course, on-chain US stocks are not a utopian solution free of all friction. On the contrary, many issues exposed are because it begins to genuinely connect with the real-world financial order.
5. US Stock On-Chain Is Not Truly Decentralized Stocks Most mainstream US stock tokenization products currently rely on regulated custodians holding real stocks and issuing corresponding tokens on-chain. Users actually hold claims to the underlying stocks, not full shareholder identities. This means asset security and redemption ability largely depend on the issuer’s legal structure, custodial arrangements, and compliance stability. If regulatory environments change or custodial institutions face extreme risks, liquidity and redeemability of on-chain assets could be affected.
6. Price Vacuum and Disconnection Risks During Non-Trading Hours During US stock market closures, especially in perpetual contracts or non-1:1 pegged products, on-chain prices lack real-time reference from traditional markets, being more influenced by internal crypto market sentiment and liquidity structures. When market depth is insufficient, prices can deviate significantly or be manipulated by large funds. This issue is similar to pre-market and after-hours trading in traditional markets but is further amplified in a 24/7 on-chain environment.
7. High Compliance Costs and Slow Expansion Unlike native crypto assets, stock tokens are inherently within a heavily regulated boundary. From securities classification, cross-jurisdiction compliance, to custodial and settlement mechanisms, each step requires deep coordination with the real financial system. This makes it difficult to replicate the explosive growth paths of DeFi or meme tokens, as each step involves legal structures, custody, and licensing.
8. Diminished Narrative of Copycat Assets When high-quality assets like Apple and Nvidia can be directly traded on-chain, the appeal of purely narrative-based assets lacking real cash flow and fundamentals will be significantly compressed. Funds will start to re-evaluate between “high volatility and imagination space” and “real-world returns.” This change is positive for long-term ecosystem health but deadly for some copycat assets driven by sentiment. In summary, US stock on-chain is a slow, realistic, but long-term certain path of financial evolution. It may not generate short-term frenzy but is likely to become a mainline in the crypto world—deeply integrated with real finance and eventually becoming infrastructure. 2️⃣ Implementation Logic: Custodial Support vs Synthetic Assets Tokenized stocks are created by issuing blockchain-based tokens that reflect the value of specific equity interests. Depending on the underlying implementation, current market tokenized stocks usually use one of the following two models: Custodial-backed Tokens: Regulated institutions hold real stocks as reserves in traditional securities markets and issue corresponding tokens on-chain proportionally. On-chain tokens represent economic claims to the underlying stocks, with legal effectiveness depending on the issuer’s compliance structure, custodial arrangements, and transparency. This model is closer to traditional finance in terms of compliance and asset security, making it the mainstream approach for US stock tokenization. Synthetic Tokens: Synthetic tokens do not hold real stocks but track stock price movements via smart contracts and oracle systems, providing price exposure to users. These products are more akin to financial derivatives, focusing on trading and hedging rather than asset ownership transfer. Due to the lack of real assets backing and inherent compliance and security flaws, early pure synthetic models like Mirror Protocol have gradually exited the mainstream scene. With stricter regulatory requirements and institutional capital entering, the model based on real asset custody has become the mainstream choice for US stock tokenization by 2025. Platforms like Ondo Finance and xStocks have made significant progress in compliance frameworks, liquidity access, and user experience. However, at the operational level, these models still require coordination between traditional financial systems and on-chain systems, bringing some engineering differences worth noting.
9. Differences in Execution Due to Batch Settlement Mechanisms Platforms generally adopt netting batch settlement methods for real stock transactions in traditional markets (like Nasdaq, NYSE). While this inherits deep liquidity and results in very low slippage (usually <0.2%), it also means:

1. During non-US stock trading hours, minting and redemption may experience brief delays;
2. In extreme volatility, execution prices may slightly deviate from on-chain pricing (buffered by platform spreads or fees);

2. Custodial Concentration and Operational Risks Stocks are held by a few regulated custodians. If custodians make operational errors, go bankrupt, face delays in liquidation, or encounter extreme black swan events, theoretically, it could impact token redemption. Similar issues are common in Perpdex for US stocks, which differs from spot 1:1 pegged assets. During non-trading days, contract trading may face:

1. De-pegging risks: On normal trading days, contract prices are anchored to Nasdaq prices via funding rates and oracles. When markets are closed, external real prices are static, and on-chain prices are driven entirely by internal funds. If crypto markets experience sharp fluctuations or large traders manipulate prices, on-chain prices can quickly deviate.
2. Low liquidity leading to manipulation: Open interest and depth are often thin during non-trading days, allowing large traders to manipulate prices with high leverage, triggering chain liquidations. Similar to pre-market contracts, when investor expectations are highly aligned (collective short hedging), large traders can violently push prices up to trigger chain liquidations. 3️⃣ US Stock On-Chain Trading Platforms Overview For most investors, the key question is: among the myriad of crypto projects, which ones have already turned this vision into tangible reality? Ondo @OndoFinance @OfficialXHunt Rank: 1294@: Ondo Finance is a leading RWA tokenization platform focused on bringing traditional financial assets onto the blockchain. In September 2025, it launched Ondo Global Markets, offering 100+ tokenized US stocks and ETFs (for non-US investors), supporting 24/7 trading, instant settlement, and DeFi integration (such as collateralized loans). The platform has expanded to Ethereum, BNB Chain, and plans to launch on Solana in early 2026, supporting over 1,000 assets. TVL has grown rapidly, surpassing hundreds of millions USD by the end of 2025, becoming one of the largest platforms in the tokenized stock field. Ondo has raised over hundreds of millions USD in total funding (including early rounds). No new large public funding rounds in 2025, but TVL surged from hundreds of millions at the start of the year to over $1 billion by year-end, with strong institutional support (e.g., partnerships with Alpaca, Chainlink). On November 25, 2025, Ondo Global Markets was officially integrated into Binance Wallet, directly listing 100+ tokenized US stocks in the “Markets > Stocks” section of the app. This is a deep cooperation with Binance ecosystem, allowing users to trade stocks like Apple, Tesla, etc., on-chain without additional brokerage accounts, and supporting DeFi uses (like collateralized loans). Ondo has become the world’s largest tokenized securities platform, with TVL exceeding $1 billion by year-end, directly challenging traditional brokers. Robinhood @RobinhoodApp@OfficialXHunt Rank: 1218@: Traditional brokerage giant Robinhood is breaking down financial barriers through blockchain technology, bringing US stock trading into the DeFi ecosystem. In the EU market, it offers tokenized stocks as derivatives built under MiFID II regulations, functioning as efficient “internal ledgers.” In June 2025, it officially launched tokenized stocks and ETF products based on Arbitrum for EU users, covering over 200 US stocks, supporting 24/5 trading on weekdays with zero commissions. Future plans include launching its own Layer2 chain “Robinhood Chain” and migrating assets to that chain. Robinhood’s innovations in prediction markets, crypto expansion, and stock tokenization have led to a stock price increase of over 220% in 2025, making it one of the best-performing stocks in the S&P 500. xStocks @xStocksFi@OfficialXHunt Rank: 4034@: xStocks is the core product of Swiss compliant issuer Backed Finance, issuing 1:1 custody of real US stocks as tokens (over 60 types, including Apple, Tesla, Nvidia). Mainly traded on Kraken, Bybit, Binance, supporting leverage and DeFi use (like collateralization). Emphasizes EU regulatory compliance and high liquidity. Backed Finance raised several million USD in early funding, with no new public rounds in 2025, but trading volume exceeded $300 million, with strong partner expansion. In the first half of 2025, it launched on Solana, BNB Chain, and Tron, with a surge in trading volume; regarded as the most mature custody model, with future plans for more ETFs and institutional expansion. StableStock @StableStock@OfficialXHunt Rank: 13,550@: StableStock is a crypto-friendly next-generation neobroker supported by YZi Labs, MPCi, and Vertex Ventures, dedicated to providing borderless financial market access via stablecoins. It deeply integrates licensed broker systems with the native crypto financial architecture of stablecoins, allowing users to trade real stocks directly with stablecoins without relying on traditional banks, significantly lowering cross-border financial barriers and friction. Its long-term goal is to build a global trading system centered on stablecoins, serving as an entry layer for tokenized stocks and broader real-world assets. This vision is gradually being realized through specific products. In August 2025, it launched the core broker product StableBroker in beta, and in October partnered with Native to launch tokenized stocks supporting 24/7 trading on BNB Chain. The platform currently supports over 300 US stocks and ETFs, with thousands of active users, daily US stock spot trading approaching one million USD, and assets and data continuously growing. Aster @Aster_DEX@OfficialXHunt Rank: 976@: Aster is a new generation multi-chain perpetual contract DEX (merged from Astherus and APX Finance), supporting stock perps (including US stocks like AAPL, TSLA), with leverage up to 1001x, hidden orders, yield collateralization. Crosses BNB Chain, Solana, Ethereum, emphasizing high performance and institutional-grade experience. Seed round led by YZi Labs, with a valuation exceeding $7 billion after the September 2025 TGE. Post-TGE in September 2025, trading volume exploded, totaling over $500 billion annually; launched stock perps, mobile app, and Aster Chain Beta; over 2 million users, with TVL surpassing $400 million by the end of 2025, becoming the second-largest perp DEX. Notably, CZ has publicly stated that he bought ( tokens on the secondary market, highlighting Aster’s strategic position on BNB Chain. Trade.xyz @tradexyz@OfficialXHunt Rank: 3,843@: Trade.xyz is an emerging pre-IPO tokenization platform focusing on unicorn company equities (like SpaceX, OpenAI), issuing tokens via SPV custody of real shares, supporting on-chain trading and redemption. Emphasizes low barriers and liquidity. No public large funding rounds, an early-stage project relying on community and ecosystem growth. Tested in 2025 with some markets online, integrating perps with Hyperliquid HIP-3; moderate trading volume, plans to expand to more companies and DeFi integrations in 2026. Ventuals @ventuals@OfficialXHunt Rank: 4,742@: Ventuals is built on Hyperliquid, creating perpetual contracts for pre-IPO company valuations using HIP-3 standard (not real shareholding, but price exposure, e.g., OpenAI, SpaceX). Supports long/short leverage, based on valuation oracle pricing. Incubated by Paradigm, in October 2025, HYPE staking vault attracted $38 million in 30 minutes (for market deployment). Launched in testnet in 2025, quickly becoming the main pre-IPO perp in Hyperliquid ecosystem; multiple markets deployed in October, with rapid trading volume growth; plans to expand more companies and settlement mechanisms, aiming at innovative futures. Jarsy @JarsyInc@OfficialXHunt Rank: 17,818@: Jarsy is a compliance-oriented pre-IPO platform, issuing 1:1 tokens of real private placements (like SpaceX, Anthropic, Stripe), with a minimum investment of $10. After pre-sale testing demand, it issues tokens of real shares, supporting public reserve proof and on-chain verification. In June 2025, completed a $5 million pre-seed round led by Breyer Capital, with Karman Ventures and several angels (like Mysten Labs, Anchorage) participating. Officially launched in June 2025, rapidly adding popular companies; emphasizes transparency and compliance, with growing TVL; future plans include expanding dividend simulation and more DeFi integrations. In the wave of US stock on-chain, major CEXs like Binance @BinanceWallet, OKX @okxchinese, Bitget @Bitget_zh, Bybit @Bybit_Official play important traffic roles. They generally adopt aggregation models, directly connecting to asset pools from regulated issuers like Ondo Finance, xStocks. Binance Wallet and OKX Wallet, Bitget’s US stock tokenization services are deeply integrated with Ondo, providing US stock trading services directly in the app’s market section. Bybit offers US stock contracts via TradFi platforms, specifically synthetic derivatives tracking real US stocks or indices, with trading hours aligned with traditional markets, only supporting 24/5 trading. 4️⃣ KOL Perspectives: Consensus, Divergence, and Foresight Jiayi (Founder of XDO) @mscryptojiayi @OfficialXHunt Rank: 2,529@: Looking ahead, stock tokenization is unlikely to be an explosive growth curve, but it could become a highly resilient infrastructure evolution path in the Web3 world. Roger (KOL) ) @roger9949 $MMT XHunt Rank: 2,438@: Top 10 benefits of US stock tokenization $MON RWA@: Ru7 (KOL) @Ru7Longcrypto (XHunt Rank: 1,389@: Stock tokenization is not about “copying stocks onto the chain.” It’s more about linking traditional capital markets with open, composable decentralized finance systems. Blue Fox (KOL) @lanhubiji )XHunt Rank: 1,473@: The impact of US stock tokenization on crypto projects is fatal; there will be no more opportunities for copycat projects. Lao Bai (Amber.ac advisor) @Wuhuoqiu (XHunt Rank: 1,271@: The essence of US stock on-chain is the “digital migration” of assets: just as the internet enabled free flow of information and dismantled old intermediaries, blockchain is reconstructing the underlying logic of stock assets by eliminating settlement costs, breaking geographical boundaries, and decentralizing power. 5️⃣ Conclusion: From Financial “Parallel Worlds” to “Twin Systems” Returning to the initial question: why do top institutions unanimously favor tokenization in their annual outlooks? From first principles, tokenization is releasing assets from islands of geography, regulation, and trading hours, transforming them into globally programmable, composable digital assets. When the growth dividends of top companies are no longer limited by borders and trading hours, the trust foundation of finance begins shifting from centralized intermediaries to code and consensus. US stock tokenization is not just moving assets on-chain; it’s a fundamental reconstruction of financial civilization. Just as the internet dismantled information walls, blockchain is lowering investment barriers. The crypto industry is also moving into the deep waters of the real world. It is no longer just the opposite of traditional finance but is evolving into a deeply coupled, parallel financial system alongside the real-world financial system. This is not only a leap in trading efficiency but a key step for global investors from passive participation to financial equality. In 2026, this migration of asset liquidity has only just begun. (This article is for reference only and does not constitute investment advice. Markets carry risks; please participate rationally.)