While the potential for tokenizing a vast array of real-world assets (RWAs)—from real estate and commodities to private equity—is widely acknowledged, many view stock tokenization as the single most disruptive and potentially a real game-changer. The sheer scale of the opportunity is astounding: the global stock market currently boasts a valuation exceeding $100 trillion, with the U.S. market alone accounting for roughly $60 trillion.

Despite this financial backdrop, the total value of tokenized stocks currently residing on-chain hovers at a minuscule $400 million. This paltry sum represents just a fraction of a percent in the global equity bucket, underscoring the untapped and immense scale of the capital yet to be bridged into the blockchain ecosystem.

However, stock tokenization can only fulfill its potential if several structural bottlenecks are decisively addressed. According to Wish Wu, co-founder and CEO at Pharos Network, the primary obstacles concern regulation and custody:

“Institutions need unambiguous legal frameworks that define rights attached to a token (voting, dividends, insolvency treatment) and trusted custody models. Without this, institutional flows won’t arrive at scale,” Wu stated.

The Pharos Network CEO also pointed to a lack of required liquidity and market-making capacity for tokenized stocks, which in turn creates barriers to meaningful price formation and adoption. Wu asserts that tokenized stocks will not go mainstream until these as well as compliance issues are resolved.

To facilitate adoption, Traditional Finance (TradFi) executives must be thoroughly acquainted with the legal and technical knowledge required for the tokenization pathway. Major consulting firms like Deloitte and McKinsey are already producing materials on the practical implementation of tokenization. Similarly, central banks and regulatory bodies like the Bank for International Settlements (BIS), the Financial Stability Board (FSB), and the European Banking Authority (EBA) have published comprehensive reports addressing the legal and regulatory prerequisites for the technology.

Read more: EU Regulator Warns Tokenized Stocks May Cause Investor Misunderstanding

Not to be outdone by traditional financial consultants, forward-thinking Web3 firms are actively taking a more direct, hands-on approach to bridge the critical knowledge and operational gaps. Exemplifying this strategy is Wish Wu’s Pharos Network, a programmable open financial Layer 1 RWAs, which has initiated high-level compliance panels and rigorous legal roundtables engaging directly with major law firms, central banks, asset managers, and regulators.

Crucially, Pharos Network also actively explores and develops pilot programs with institutional partners, focusing on complete end-to-end tokenization workflows. These successful pilots are intended to serve as highly replicable, de-risked templates necessary to catalyze and sustain institutional adoption of tokenized equities and other assets.

Wu added, “Beyond these, we publish in-depth research reports analyzing the evolution of the RWA industry, focusing on regulatory frameworks and legal pathways to real-world case studies, macro trends, and opportunities in tokenized U.S. equities and bonds.”

Turning to the future, Wu said he expects tokenized RWAs and compliant DeFi to be a recognized and growing part of institutional finance. Rather than predicting that tokenized RWAs will replace legacy markets, Wu predicts they will extend them with new liquidity, fractionalization, and enhanced operational efficiency.

• How big is the global stock tokenization opportunity? The global stock market exceeds $100T, with U.S. equities alone valued at $60T.
• What is the current size of tokenized stocks worldwide? Only about $400M in stocks are tokenized on‑chain, a fraction of global equity.
• What bottlenecks must be solved for adoption? Clear regulation, custody models, liquidity, and compliance are key barriers to scale.
• How are institutions preparing globally? Consulting firms, regulators, and Web3 networks like Pharos are piloting tokenization workflows worldwide.

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