Author: 137Labs
Recently, several substantial advancements have occurred in the field of Tokenized Stocks:
Kraken launched an on-chain tokenized stock platform xStocks
Coinbase is seeking regulatory approval
Solana submitted a blockchain-based tokenized securities framework
Robinhood launched tokenized stock products in the European market
At the same time, global market data shows that the scale of tokenized stocks is growing rapidly, providing important context for understanding this trend.
1. On-chain 72-hour trading mechanism
1. Traditional U.S. stock trading mechanism
The traditional U.S. stock market has the following core characteristics:
Fixed trading hours
Regular trading hours on workdays are primarily during Eastern Time, with weak liquidity before and after market hours, focused on the main market times.
T+1 settlement system
Transactions are usually settled on the next trading day (historically T+2).
Mature clearing system
Transactions and settlements are completed through licensed brokers and clearing houses, with a mature system and high delivery certainty.
Advantages: Stable system, clear laws, mature risk control.
Limitations: Trading hours are limited; global investors face time zone friction.
2. On-chain extended trading hours mechanism
A notable feature of tokenized U.S. stocks is the extended trading time:
xStocks offers 5 × 24-hour trading
Robinhood's European version offers 24 hours × 5 days access
Multiple on-chain solutions attempt to approach 7 × 24-hour trading
Representative participants include:
Backed Finance
Solana Policy Institute
Ondo Finance
Key distinction:
On-chain tokens can be transferred in real-time, but this is not equivalent to the legal definition of immediate final settlement of underlying stocks.
In most structures:
Real stocks are still held by brokers or custodians
On-chain transactions are reflected as shares certificates circulating
Final legal settlement relies on traditional clearing systems
Therefore:
On-chain real-time transfer ≠ Real-time final settlement
2. Classification of platforms supporting the on-chainization of U.S. stocks
The current market can be roughly divided into four categories:
Centralized exchanges (CEX)
Compliant tokenization issuers
Public chain + ecosystem framework players
Derivative protocols (non-real stock tokenization)
1. Centralized exchanges (CEX)
(1) Kraken – xStocks
Launch time: June 2025
Partners: Backed Finance, Solana
Supported assets: 200+ U.S. stocks
Trading hours: 5 × 24 hours
Eco-partnerships include:
Raydium
Jupiter
Kamino Finance
Chainlink
Alpaca
Features:
Simultaneously supports CEX and on-chain trading
Can be used as collateral in lending agreements
Introduces a market maker system
Relatively complete structure
(2) Coinbase
Currently seeking an SEC no-action letter or exemption
Plans to open tokenized stocks to U.S. users
Proposed on-chain issuance of COIN in 2020
If approved, it will become the first major exchange-level tokenized stock platform for U.S. domestic users.
(3) Robinhood (European version)
Based on Arbitrum
Supports dividend distribution
5 × 24 hours access
Does not allow on-chain free transfer
Its essence is a price tracking structure, rather than fully freely tradable on-chain stocks.
(4) Bybit
Participates in the xStocks ecosystem
Previously launched U.S. stock index trading based on MT5
Mainly adopts derivative logic
2. Compliant tokenization issuers
(1) Dinari (U.S. registered)
Founded: 2021
Launched tokenized stocks in 2023
Partner brokers: Alpaca, Interactive Brokers
Supported networks: Ethereum, Arbitrum, Base
KYC required
Trading occurs only during U.S. stock trading hours
Does not support on-chain free circulation
Scale:
Stock scale in the millions
TVL mainly concentrated in treasury products
Features: Operates entirely under SEC framework.
(2) Backed Finance (Swiss registered)
Founded: 2021
Launched in early 2023
Issued ERC-20 bSTOCK
Supports on-chain free trading
No mandatory C-end KYC
Public data:
Tokenized stock scale around 20 million dollars
Liquidity pool TVL around 8 million dollars
Average LP yield around 30%+
Supported chains:
Gnosis
Base
Avalanche
(3) SwarmX
Europe registered
Model similar to Backed
Smaller scale
Supports on-chain trading
(4) Exodus (NYSE: EXOD)
U.S.-listed company
Allows migration of its own stocks to Algorand
Does not support on-chain trading
Does not have complete shareholder rights
Belongs to the "digital registration" type of tokenization.
3. Public chain + ecosystem framework players
(1) Solana – Project Open
Driven by Solana Policy Institute
Submitted a tokenized securities issuing framework
Issuers must be registered
Investors must KYC
Allows on-chain transfer agency records
Currently applying for an 18-month exemption to support on-chain trading.
(2) Ondo – Global Markets
Important player in RWA treasury sector
Plans to launch tokenized U.S. stocks
24×7 trading
Instant minting and burning
Can be used as collateral
Targeting non-U.S. users
(3) Superstate
Related to the Solana framework
Focus on RWA compliance structures
Not yet widely deployed for stock tokenization
4. Derivative protocols (non-real stock tokenization)
These platforms do not purchase real stocks but provide price-tracking products.
(1) Gains Network
Deployed on Arbitrum / Polygon
Similar to perpetual contracts
Uses Chainlink pricing
No KYC required
Average daily trading volume 2 million dollars
(2) Helix (Injective)
Supports U.S. stocks and forex
Average daily trading volume 10 million dollars
No KYC required
(3) Synthetix / Mirror
Launched in 2020 cycle
Synthetic asset model
Trading volume has not reached scale
(4) Shift
Uses reference asset token structures
U.S. stocks are custodied by brokers
Users do not need KYC
Does not provide shareholder rights
5. ETF On-chain Exploration
Index-like assets are more suitable for on-chainization, for example:
Invesco旗下
Invesco QQQ Trust
Features:
Index-exposure
Risk diversification
More suitable as collateral or LP targets
Currently, the scale of on-chain ETFs is still small but is considered easier to standardize.
3. T+1 / T+2 Settlement Differences
Traditional U.S. stocks
Currently T+1 settlement
Settlement required after transaction
Historically T+2
On-chain tokenized structures
Tokens can be transferred in real-time
Underlying stocks are still held by brokers
Legal settlement depends on traditional clearing systems
Thus forming a "dual-layer structure":
Fast on-chain circulation
Underlying assets settle according to traditional rules
Possible effects:
Short-term price differences
On-chain liquidity shortages leading to increased slippage
Redemption risk depends on the issuance structure
Conclusion
The current market scale for tokenized U.S. stocks is still relatively small, making up an extremely low proportion compared to the overall U.S. stock market, but the participants are diversifying.
The structural features include:
Significantly extended trading hours
Enhanced on-chain circulation capability
Settlement paths parallel to traditional markets
Clear differentiation in platform types
Tokenized U.S. stocks are still in the early stages, but extended trading hours + on-chain combinability are changing asset circulation methods, providing new technical paths for cross-market trading structures.
Disclaimer:
This article is solely a整理与分析 of related market mechanisms and publicly available information, and does not constitute any form of investment advice or invitation. The market has risks, and decision-making requires caution.
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