In 2026, the opening bell of Wall Street lost its function for the first time. For the past century, the trading hall of the New York Stock Exchange determined when global capital would awaken and when it would sleep, with weekends and holidays being strict off days. This year, this boundary began to loosen: the on-chain world for the first time gained the ability to accommodate the real order flow of NASDAQ and NYSE, and the oldest form of financial asset, stocks, introduced a 7×24 operational model.

This significant change is inseparable from the intensive breakthroughs in the tokenized US stock sector since 2026. The MiCA compliance framework in Europe is gradually being implemented, and the US CLARITY bill draft provides clearer legislative references for digital asset classification, with several leading exchanges and fintech platforms successively increasing their stock tokenization product lines.

The industry leader in tokenized stocks in Europe and America, Ondo Global Markets, raised its asset scale to the billion-dollar level within months and concurrently advanced the registration process with the US Securities and Exchange Commission (SEC); Bitget's rToken can directly connect to NASDAQ and NYSE and transform US stocks into tradable, collateralizable, and reusable native crypto assets through a unified trading account, margin application, and high-frequency reserve audits; Binance also launched bStocks in June, leveraging its position as the largest exchange to rapidly expand.

Although most exchange tokenized stock products use similar expressions like "24/7 trading" and "1:1 backing," there are significant differences in their sources of liquidity, trading mechanisms, uses of funds, and underlying risk structures.

To gain deeper insight, Odaily Planet Daily reporters will conduct a horizontal comparison based on four dimensions: sources of liquidity, availability during trading hours, fund efficiency and combinability, compliance licenses, and custody transparency, while analyzing the true differences among the three product models in conjunction with market size and order book data.

Evaluation Dimensions Set

The horizontal comparison dimensions used in this article include:

• Sources of liquidity and price anchoring mechanisms
• Trading hours and availability
• Fund efficiency and combinability
• Compliance licenses and asset custody transparency

The four dimensions correspond to investors' primary concerns: whether the price reflects the actual price of US stocks, whether trading can happen at any time, whether funds can be efficiently utilized, and whether the underlying stock assets genuinely exist and can be audited. In the end, we will introduce existing rankings of transaction volumes among different products as a reference.

Dimension One: Comparison of Sources of Liquidity

The price anchoring mechanism is the core structural difference in tokenized stock products and is key to determining whether there is a "de-pegging" risk, directly affecting whether traders can enter and exit at real prices at critical moments.

Ondo Global Markets employs an "Inherited Liquidity" model, maintaining token prices close to the underlying stocks through real-time minting and redemption mechanisms combined with arbitrage behavior. This design allows tokens to circulate flexibly on-chain while remaining close to the target stock price. rToken routes spot orders directly to the licensed broker interfacing with NASDAQ and NYSE order books during US stock trading hours, with transaction results being updated in real-time to the exchange’s spot order records, ensuring price and liquidity are fully synchronized with the underlying stock market, becoming the only product among the three that connects directly to the exchange-level order book. Binance bStocks uses an oracle to push data to anchor the target stock price, leveraging Binance's user base and update mechanism to quickly cover a wide range of targets at a lower threshold, providing users with real-time price tracking experience.

The three have different focuses on liquidity anchoring, representing the mainstream technical paths in the industry for direct exchange connection, minting-redeeming arbitrage, and oracle tracking.

The liquidity anchoring mechanisms of the three are structurally different and suited to different use cases. Ondo's minting and redemption model is more suitable for users accustomed to on-chain native operations and willing to bear a certain delay in arbitrage corrections, making it more suitable for arbitrageur users; bStocks’ oracle tracking has a lower barrier to entry, making it suitable for regular users who pursue convenience and a wide range of targets; rToken's direct transaction order book connection, in terms of design logic, is closer to real prices and shows an advantage in price consistency, especially during regular US trading hours, making it suitable for traders with high price requirements and seeking low slippage.

Simultaneously, we conducted a practical order book data test. Taking the Circle (CRCL) tokenized stock as an example, the quotations and depths at a single point in time on the three platforms show differing strengths:

In this set of data, all three maintained narrow spreads. However, in terms of order depth and 24-hour trading volume, rToken’s performance stands out, with its connected stock exchange native order book model demonstrating a significant advantage in order-taking capacity and market activity.

Dimension Two: Trading Hours and Availability

In terms of all-weather trading capabilities, all three products claim to support 24/7 trading for users, but there are notable differences in specific mechanisms.

Ondo Global Markets has a minting and redemption window of 24 hours, five days a week, with on-chain transfers unrestricted by time, providing users with flexible asset circulation. Price discovery relies on the open status of the minting and redemption window. rToken covers regular US stock trading, pre-market, intraday, after-hours, and overnight periods, with some popular targets supporting true 24/7 trading, with liquidity provided by Bitget during market closures to maintain price discovery, achieving seamless connection from regular hours to market closure. Binance bStocks also emphasizes all-weather liquidity, near-instant settlement, and zero conversion fees, enabling more targets to be conveniently traded at any time due to its exchange's native user base.

All three consider all-weather availability a core capability and have established corresponding mechanisms for trading and price volatility risk during US market closures, with overall product experience and risk management frameworks being relatively comprehensive. In terms of purely 24/7 availability, Ondo is slightly lacking in coverage time, thus Bitget rToken and bStocks might be more suitable for daily users.

Dimension Three: Fund Efficiency and Combinability

Fund efficiency is a core consideration for institutions and professional traders when choosing tokenized stock products, specifically reflected in whether these assets can be used as margin or collateral, as well as whether they can be flexibly adjusted between different accounts and strategies. This also represents the actual usage value gap between products. This aspect may be further from traditional small retail investors but is a core consideration for professional traders and institutions selecting exposure to crypto assets in US stocks.

Odaily Planet Daily's evaluation results are as follows:

From a design perspective, the fund efficiency functions of the three show significant differences: Ondo and bStocks lean towards "on-chain DeFi combination," relying on third-party protocol ecosystems, where users need to bear friction from cross-protocol operations and additional risks from smart contracts; rToken adopts the "exchange-level unified margin account" route, integrating stock positions directly into derivatives, lending, and other scenarios, completing multi-asset coordination within the same account system. For those pursuing on-chain DeFi functionality, Ondo and bStocks may be more suitable; however, from the perspective of professional and institutional traders striving for fund efficiency, rToken's integration and convenience are more pronounced and align better with institutions' requirements for controllable risk management.

Dimension Four: Compliance Licenses and Custody Transparency

While trading on-chain, whether the underlying US stock assets genuinely exist and can be independently verified is the basis for establishing trust in tokenized stock products. What are the performances of each product in terms of credit endorsement in this regard?

All three adopt an asset protection mechanism that combines regulated custody with third-party independent validation, establishing a relatively comprehensive framework for compliance, transparency, and the credibility of underlying assets. It can be seen that after several rounds of significant turmoil in the crypto market, the major players in the stock direction have maximized their guarantees regarding the underlying assets. The differences among the three mainly lie in audit frequency, information disclosure granularity, and specific arrangements for third-party validation entities, but for users, the perceptual experience differences are minimal.

Conclusion: Three Institutions Adapt to Different Investor Needs, Each with Advantages and Challenges

Combining the four dimensions and market rankings, the three paths respond to different needs within the tokenized stock sector.

Ondo Global Markets, with its inherited liquidity model and compliance layout covering multiple jurisdictions, is more suitable for institutions and users who prioritize regulatory frameworks and open on-chain applications with high compliance demands in Europe and America; Binance bStocks, relying on exchange-native traffic and on-chain ecological integration, offers convenience in trading access, self-custody, and on-chain circulation, making it more suitable for investors already deeply using the BNB ecosystem and familiar with on-chain environments; Bitget rToken, with its diverse product functionalities, is more suitable for high-frequency traders and institutional clients who are more sensitive to liquidity, fund efficiency, and cross-scenario asset allocation.

From a longer-term industry perspective, the common challenges faced by tokenized stocks may be more worthy of attention than the differences between individual products. Whether cross-border finance is compliant, whether real market demands can keep up, and whether accurate pricing can be achieved during market closure still await further resolution by the industry. As regulatory boundaries become clearer and underlying liquidity deepens, different paths will learn from each other in competition, driving the market from early experiments toward maturity. The boundary once defined by Wall Street is slowly being rewritten with each transaction on-chain.

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