On September 3, 2025, a significant announcement reignited the enthusiasm for the integration of Web3 and traditional finance: Hong Kong-based Fosun Wealth Holdings announced that it has successfully tokenized approximately $328 million worth of shares of the Israeli company Sisram Medical, which is listed on the Hong Kong Stock Exchange, and issued them through the Vaulta, Solana, Ethereum, and Sonic platforms. This move not only marks the deep practice of traditional financial giants in the field of RWA (Real World Assets) tokenization but also indicates that stock tokenization is transitioning from concept to large-scale implementation, becoming the best narrative for the integration of TradFi and Web3 in 2025. This article will delve into the evolution of stock tokenization models, core projects, and forecast potential development trends and changes in the landscape.
I. Stock Tokenization: Evolution of Models from Concept to Practice
In simple terms, stock tokenization refers to the mapping of traditional stocks into digital tokens using blockchain technology, with each token representing a portion of ownership of the underlying asset. These tokens can be traded on-chain 24/7, breaking the time and geographical limitations of traditional stock markets, allowing global investors to participate seamlessly.
Historically, stock tokenization is not a new concept. During the previous cycle, projects like Synthetix and Mirror explored on-chain synthetic asset mechanisms, allowing users to mint and trade "U.S. stock tokens" through over-collateralization, even covering various assets such as fiat currencies, indices, gold, and crude oil. This model theoretically achieves infinite depth and a no-slippage liquidity experience through oracle pricing and on-chain contract matching. However, its core lies in "betting" on prices rather than truly owning the assets; once the oracle fails or the collateral assets collapse, the system faces risks of liquidation imbalance and price decoupling (as seen when Mirror collapsed during the UST crash).
The key difference in the current wave of "stock tokenization" is the adoption of the "real stock custody + mapping issuance" underlying model. This model currently mainly divides into two paths:
Third-party compliant issuance + multi-platform access: Represented by Backed Finance (xStocks) and MyStonks. MyStonks collaborates with Fidelity to achieve a 1:1 peg to real stocks, while xStocks purchases and custodies stocks through Alpaca Securities LLC and others.
Licensed broker-dealer self-operated closed loop: Such as Robinhood, which relies on its broker-dealer license to complete the entire process from stock purchase to on-chain token issuance.
The key advantage of this wave of stock tokenization is that the underlying assets are genuinely verifiable, with higher security and compliance, making it easier for traditional financial institutions to recognize. Fosun Wealth's practice is the latest example of this model, utilizing Vaulta's "banking operating system" and incorporating Solana into the technical architecture for stock issuance and settlement, showcasing a deep integration of technology and compliance.
II. Stock Tokenization Ecosystem: Upstream and Downstream Layout from Issuance to Trading
A fully functional tokenized stock ecosystem must include an infrastructure layer (public chain, oracle, and settlement system), an issuance layer (various issuers), and a trading layer (CEX/DEX, lending, and other derivative trading platforms). Current market participants are laying out around different segments, with issuance and trading being the main battleground for competition.
Ondo Finance: Stockization Extension of RWA Leader As a leader in the RWA tokenization space, Ondo Finance initially focused on on-chain bonds and treasury tokenization. Now, it has expanded its territory to the stock market, collaborating with regulated entities like Anchorage Digital to securely custody real U.S. stocks and issue equivalent tokenized assets on-chain, providing compliance assurance for institutional investors and building cross-asset liquidity pools on-chain.
Injective: A Public Chain Tailored for Financial RWA Injective positions itself as a "financial infrastructure" core, focusing on high-performance financial applications. Its self-developed on-chain matching and derivatives trading module gives it advantages in latency, throughput, and order book depth. The Injective ecosystem has aggregated over 200 projects and established partnerships with well-known financial institutions like Coinbase and Circle, creating a closed-loop process from off-chain custody and clearing to on-chain mapping and trading, serving as a public chain base exclusive to RWA.
MyStonks: Pioneer of On-Chain U.S. Stock Liquidity MyStonks is a pioneer in the U.S. stock tokenization space, collaborating with Fidelity to ensure that on-chain token assets are fully pegged to real stocks. It employs a payment for order flow (PFOF) mechanism to reduce slippage and trading costs, enhancing order execution speed and depth. MyStonks is also actively expanding into diversified financial services such as derivatives, lending, and staking, aiming to provide a richer on-chain U.S. stock trading experience.
Backed Finance: A Compliant Expander Across Markets Backed Finance's layout is more cross-market and multi-asset oriented, with a significant highlight being its compliance model's high alignment with the European MiCA regulatory route. The team operates based on the Swiss legal framework, strictly adhering to local financial regulatory requirements, and establishing a stock purchase and custody system with partners to ensure 1:1 mapping. It supports not only U.S. stock tokenization but also covers ETFs, European securities, and specific international index products, providing diversified options for global investors.
Block Street: Liquidity Unlocker for Tokenized Stocks Block Street is currently one of the few DeFi protocols focused on lending tokenized stocks, aiming to unlock the liquidity of tokenized stocks. Users can use tokenized U.S. stocks as collateral to obtain stablecoins or other on-chain liquid assets, achieving a funding utilization model of "not selling assets, but gaining liquidity." This fills the gap in DeFi lending for tokenized stocks and is expected to build a "second curve" for the market.
III. How to Further Tear Down the Walls? Future Trends of Stock Tokenization
The most significant advancement in the current wave of stock tokenization is the "real stock custody" model and the reduction of entry barriers. Any user only needs to download a crypto wallet and hold stablecoins to bypass account opening thresholds and identity checks through DEX, allowing them to directly purchase U.S. stock assets anytime and anywhere, achieving global participation without geographical, time zone, or identity restrictions.
However, most current products still focus on the first step of issuance and trading, essentially remaining at the initial stage of digital certificates, and have not truly transformed them into on-chain financial assets that can be widely used for trading, hedging, and capital management. This indicates a significant shortfall in attracting professional traders, high-frequency funds, and institutional participation.
To break through the predicament of stock tokenization, it is essential to replicate the logic of ETH during DeFi Summer, allowing the accumulated tokens to become "collateralizable, tradable, and combinable living assets." If the first curve of the tokenized U.S. stock market is the growth of trading volume, then the next second curve will be to enhance the capital utilization and on-chain activity of tokenized stocks through the expansion of financial instruments, attracting a broader flow of on-chain capital and forming a complete capital market cycle.
This means that a richer derivative trading layer will be particularly crucial, whether it is DeFi lending protocols like Block Street or future tools supporting short positions and risk hedging, options, and structured products. The core lies in who can create highly combinable and liquid products, providing an integrated on-chain experience of "spot + shorting + leverage + hedging."
In summary, the significance of stock tokenization lies not only in bringing U.S. stocks and ETFs onto the chain but also in opening up the "last mile" between real-world capital markets and blockchain. As institutional funds accelerate their entry and on-chain trading infrastructure continues to improve, tokenized U.S. stocks will become combinable, tradable, and collateralizable living assets, and stock tokenization is undoubtedly poised to become the most scalable and incremental asset class in the RWA track, reshaping the global financial landscape.
Conclusion:
Fosun Wealth's $328 million stock tokenization is another milestone in traditional financial giants embracing Web3. It not only validates the feasibility and compliance of the RWA tokenization model but also showcases the immense potential of blockchain technology empowering traditional finance. As more institutions enter the space and the ecosystem matures, stock tokenization will accelerate the digital transformation of global financial markets, bringing unprecedented liquidity, transparency, and combinability to investors, and collectively building a more open and efficient future financial system.
Related Reading: Stock Tokenization: Key Nodes from Pilot to Regulatory Game.
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