With the rapid development of blockchain technology and the digital transformation of global financial markets, the tokenization of U.S. stocks is gradually moving from concept to reality as a cutting-edge financial innovation.

Written by: Zhang Wuji wepoets

As blockchain technology rapidly advances and global financial markets undergo digital transformation, the tokenization of U.S. stocks is gradually transitioning from concept to reality. By converting traditional stock assets into digital tokens on the blockchain, tokenization breaks geographical and temporal limitations, providing global investors with more efficient and convenient investment channels. However, this emerging field, while offering tremendous potential, also faces multiple challenges in compliance, technology, and market acceptance. This article explores the logic and significance behind U.S. stock tokenization from four aspects: the current status, potential, compliance pathways, market impact, and investment considerations, attempting to provide a comprehensive perspective for investors and industry observers.

Part One: Overview of U.S. Stock Market Capitalization, Tokenization Projects, and Potential Analysis

Total Market Capitalization of U.S. Stocks

As of June 2025, the total market capitalization of the U.S. stock market has surpassed $55 trillion, accounting for approximately 50% of the global stock market capitalization, firmly maintaining its position as the leader in global capital markets. This scale is attributed to the robust growth of the U.S. economy, continuous innovation in the technology sector, and a mature financial infrastructure.

Tech giants listed on the Nasdaq and the New York Stock Exchange (NYSE), such as Apple, Microsoft, and NVIDIA, have market capitalizations in the trillions, becoming the core pillars of the U.S. stock market. The high liquidity, transparency, and global influence of U.S. stocks make them ideal candidates for tokenization.

Overview of U.S. Stock Tokenization Projects and Platforms

U.S. stock tokenization converts traditional stocks into digital tokens through blockchain technology, allowing investors to indirectly own the rights to the underlying stocks by holding tokens. These tokens are typically pegged to real stocks at a 1:1 ratio, supporting round-the-clock trading, fractional ownership investment, and decentralized settlement. Here are the current major tokenization projects and platforms:

• Kraken: In May 2025, Kraken announced the launch of tokenized U.S. stock trading services for non-U.S. customers, covering popular stocks like Apple and Tesla. The platform utilizes blockchain technology to enable 24/7 trading, breaking through the traditional stock market's trading time limitations.

• Coinbase: Coinbase is in communication with the SEC, seeking approval to launch on-chain U.S. stock trading services, planning to cover spot, contract, and decentralized exchange (DEX) functions, challenging traditional brokers like Robinhood.

• Bybit: Bybit launched USDT-based stock contracts for difference (CFD) trading on its TradFi platform on May 19. Users can trade U.S. stocks directly using USDT as collateral by creating an MT5 account, with a total of 78 stocks currently available.

• Ondo Finance: Ondo Finance is a decentralized institutional-grade financial protocol that has partnered with the Trump family project WLFI. As early as February 5, Ondo Finance announced the upcoming launch of the RWA tokenization trading platform Ondo Global Markets (Ondo GM), allowing users to buy and sell stocks, bonds, and ETF tokens backed 1:1 by real assets.

• MyStonks: MyStonks is a decentralized digital asset trading platform that launched an on-chain U.S. stock token market in May 2025, collaborating with global asset management institutions to provide custodial-backed tokenized U.S. stock trading services, covering popular stocks like Apple, Amazon, and Google. Users can purchase stock tokens using USDC or USDT, with the platform converting stablecoins into dollars to buy real stocks and mint ERC-20 tokens at a 1:1 ratio.

Additionally, there are other U.S. stock tokenization platforms and projects worth noting, such as Backed, Dinari, Helix, and DigiFT.

Potential Scale and Development Prospects of On-Chain U.S. Stocks

According to predictions from institutions like the Boston Consulting Group (BCG), the market size for tokenized real-world assets (RWA) is expected to reach between $2 trillion and $30 trillion by 2030, covering assets such as stocks, bonds, and real estate. Currently, the market size for tokenized assets is approximately $12 billion (excluding stablecoins), with U.S. stock tokenization being a core component, holding significant potential.

Development Prospects:

• Global Accessibility: Tokenization eliminates geographical barriers, allowing non-U.S. investors to invest in U.S. stocks without needing traditional brokerage accounts, significantly lowering the entry threshold.

• Round-the-Clock Trading: Blockchain supports 24/7 trading, compensating for the downtime of traditional stock markets and enhancing market flexibility.

• Cost Efficiency: Decentralized settlement reduces intermediary steps, lowering transaction costs. For example, MyStonks' trading fees are as low as 0.3%, far below traditional brokers.

• Increased Liquidity: Fractional ownership makes high-priced stocks like Amazon (approximately $4,000 per share) more attractive to small and medium investors, promoting market liquidity.

• Financial Innovation: Tokenized stocks can serve as collateral for DeFi protocols, giving rise to new products such as on-chain lending and derivatives trading.

U.S. stock tokenization reduces intermediaries and optimizes settlement processes through blockchain technology, lowering information asymmetry and transaction friction costs, thereby attracting more global investors and enhancing market scale and liquidity. However, the realization of tokenization scale depends on technological maturity, regulatory clarity, and market trust. In the next five to ten years, with the optimization of blockchain technology and the improvement of regulatory frameworks, U.S. stock tokenization is expected to become one of the mainstream methods of global investment.

Part Two: Compliance Risks, Development Barriers, and Compliance Pathways

Compliance Risks and Development Barriers

While U.S. stock tokenization is innovative, it faces significant compliance risks and development barriers:

• Regulatory Uncertainty: The SEC has a strict regulatory stance on tokenized securities, which may classify them as securities subject to the Securities Exchange Act of 1934. Past stringent enforcement against ICOs indicates that the SEC's scrutiny of tokenization projects is extremely rigorous.

• Anti-Money Laundering and KYC Requirements: Tokenization platforms must strictly implement KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations to ensure the legality of fund sources.

• Cross-Border Regulatory Challenges: U.S. stock tokenization targets the global market and must navigate regulatory differences across various countries and regions.

• Technical and Security Risks: Vulnerabilities in smart contracts, hacking attacks, or improper management of private keys could lead to asset losses.

• Market Acceptance: Traditional investors have low trust in blockchain technology, and some investors may adopt a wait-and-see attitude due to unfamiliarity with on-chain trading.

Exploration and Design of Compliance Pathways

To promote the development of U.S. stock tokenization, platforms need to design clear compliance pathways:

• Broker-Dealer License: As demonstrated by the Dinari U.S. stock tokenization project, registering as a SEC-recognized broker-dealer is key to compliance, ensuring the legal issuance and trading of tokenized stocks.

• Regulatory Cooperation: Communicate with the SEC, Commodity Futures Trading Commission (CFTC), and other agencies to establish a tokenization framework that complies with securities regulations. For example, Coinbase is negotiating with the SEC to ensure that tokenized shareholders enjoy the same rights as traditional shareholders.

• Standardized Technology: Adopt Polymath's ERC-1400 or Securitize's compliance framework to ensure tokens are transparent and auditable.

• KYC/AML Processes: Collaborate with blockchain analytics companies to enhance transaction transparency and reduce money laundering risks.

• Cross-Border Compliance Coordination: Work with institutions like the Hong Kong Monetary Authority and the EU's ESMA to establish multinational tokenization trading standards.

According to institutional economics, a clear regulatory framework and property rights protection are the cornerstones of market development. Tokenization platforms can reduce institutional uncertainty through compliance pathways, which is conducive to building investor trust, thereby reducing market friction and promoting capital flow and market scale expansion.

Part Three: Multidimensional Impact of U.S. Stock Tokenization

Impact on the Crypto Space

• Capital Inflow: Tokenization attracts traditional financial investors into the crypto market, increasing the liquidity and market capitalization of crypto assets. By 2025, the total market capitalization of the global crypto market reached $3.3 trillion, and the introduction of tokenized stocks will further drive capital inflow.

• Ecosystem Integration: U.S. stock tokenization promotes the integration of DeFi and traditional finance, giving rise to new products such as on-chain lending and derivatives. For instance, tokenized stocks can serve as collateral in DeFi protocols, enhancing asset utilization.

• Increased Competition: Competition intensifies among crypto exchanges like Coinbase, Kraken, and MyStonks with traditional brokers, potentially reshaping the industry landscape.

Impact on Traditional Financial Markets

• Innovation in Trading Models: Round-the-clock trading and fractional ownership models challenge the business models of traditional brokers, forcing platforms like Robinhood to accelerate their digital transformation.

• Cost and Efficiency: Blockchain settlement reduces intermediary steps, lowering transaction costs, but may compress the profit margins of traditional brokers.

• Regulatory Pressure: The widespread adoption of tokenization will prompt the SEC to expedite the formulation of new regulations, increasing compliance costs for traditional financial institutions.

Impact on the U.S. Economy

• Strengthening Financial Center Status: U.S. stock tokenization enhances the global appeal of the U.S. capital markets, solidifying its status as a financial center.

• Innovation-Driven Growth: Tokenization promotes the application of blockchain technology in finance, fostering the synergistic development of technology and finance.

• Potential Risks: Regulatory lag may lead to market manipulation or liquidity crises, threatening financial stability.

Impact on the Global Economic Development Landscape

• Extension of Dollar Hegemony: U.S. stock tokenization is priced in dollars, combined with the global circulation of stablecoins, reinforcing the dollar's dominant position in the global financial system.

• Opportunities in Emerging Markets: Tokenization lowers investment barriers, providing emerging market investors with opportunities to participate in U.S. stocks, promoting global capital flow.

• Geoeconomic Competition: The U.S. push for tokenization may prompt China, the EU, and others to accelerate their digital asset strategies, altering the global financial competitive landscape.

Technological innovation is a key driver of economic growth. U.S. stock tokenization, as a combination of technology and finance, will drive the digital transformation of the U.S. economy, enhancing long-term growth potential. However, excessive innovation may lead to regulatory vacuums, necessitating a balance between innovation and stability. U.S. stock tokenization expands the global use of the dollar through stablecoins (such as USDC and USDT), solidifying its status as a reserve currency. At the same time, tokenization promotes the efficiency of global resource allocation but may exacerbate financial volatility risks in emerging markets.

### Part Four: Considerations for Investing in On-Chain U.S. Stocks, Taxation, and Risk Management

Investment Considerations

• Choose Compliant Platforms: Prioritize SEC-certified platforms, such as Dinari and MyStonks, to avoid legal risks associated with non-compliant platforms.

• Understand Token Mechanisms: Confirm whether the tokens are pegged 1:1 to real stocks and whether the redemption mechanism is transparent.

• Technical Risk Assessment: Check the blockchain security of the platform, such as smart contract audits and multi-signature wallets.

• Market Volatility: Tokenized stocks are influenced by the dual volatility of the U.S. stock and crypto markets, so it is essential to pay attention to overall market risks.

Tax Issues

In the U.S., trading tokenized stocks is considered a securities transaction and must comply with IRS tax regulations:

• Capital Gains Tax: Trading profits are subject to short-term (holding period ≤ 1 year, tax rate 10%-37%) or long-term (holding period > 1 year, tax rate 0%-20%) capital gains tax.

• Transaction Records: Investors must maintain complete transaction records, including buy and sell times and prices, for tax reporting purposes.

• Cross-Border Taxation: Non-U.S. residents must comply with the tax regulations of their home countries and are advised to consult professional tax advisors.

• Stablecoin Taxation: Trading using USDC or USDT may require reporting capital gains for each transaction, increasing tax complexity.

The tax complexities of tokenized stocks may increase compliance costs for investors, affecting market participation. Clear tax guidelines and automated tax tools can reduce compliance burdens and promote market development.

Risk Management

• Diversify Investments: Avoid concentrating investments in a single tokenized stock or platform to reduce non-systematic risk.

• Stop-Loss Strategies: Utilize stop-loss features provided by the platform to control losses from market volatility.

• Security Measures: Regularly check account security to ensure the safety of private keys and multi-signature wallets.

• Regulatory Dynamics: Stay informed about policy changes from the SEC and other agencies to adjust investment strategies promptly.

### SUM

U.S. stock tokenization serves as a bridge between blockchain technology and traditional finance, showcasing the potential to reshape global capital markets. By lowering transaction costs, enhancing liquidity, and expanding market accessibility, tokenization promotes efficiency and inclusivity in financial markets.

However, compliance risks, technical challenges, and market acceptance remain significant barriers to its development. From an economic perspective, tokenization injects new momentum into the U.S. and global economies by reducing transaction friction, optimizing resource allocation, and driving technological innovation, but caution is needed regarding the risks posed by regulatory lag and market volatility.

For investors, on-chain U.S. stocks offer new investment opportunities, but it is crucial to carefully select compliant platforms, understand tax requirements, and implement effective risk management strategies. The rise of platforms like Dinari and MyStonks marks the rapid maturation of the tokenization market, with their compliance and security mechanisms setting industry benchmarks. In the future, as regulatory frameworks improve and blockchain technology advances, U.S. stock tokenization is expected to become an essential component of global financial markets, reshaping the investment landscape and ushering in a new era of digital finance.

In conclusion, on-chain U.S. stocks carry significant risks; NFA, DYOR!

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