Tokenized U.S. stocks only account for 0.0029% of the global stock market, but contribute 93% of on-chain RWA trading volume. Tiny market, crazy trading. Yet, every exchange is fighting for this track. Binance’s bStocks hit $500 million in 7 weeks. Kraken teamed up with Nasdaq and secured a $100 million investment. Coinbase’s tokenized stocks saw holders surge by 9,697% in just one month. OKX’s X Layer got direct investment from ICE. But when you look at the underlying structure, it’s fragmented. The SEC’s five-year exemption has clear conditions: tokens must carry dividend and voting rights. How the major exchanges implement this: - Coinbase: Dividends and voting rights available after KYC. - Kraken’s xStocks: Economic exposure, no voting rights. - Binance’s bStocks: Financial rights certificates, no voting rights. - Robinhood: Debt security structure, no voting rights for now. Compliance requires “rights,” but the actual products are “all different.” This isn’t about “who’s breaking the rules,” it’s about how this market still lacks unified standards. What’s truly concerning isn’t “U.S. stocks on-chain,” it’s how on-chain U.S. stocks are turning “stock trading” into “coin trading.” With traditional U.S. stocks, you buy them for dividends and to read financial reports. With on-chain U.S. stocks, it’s 24/7 trading, high volatility, and they can even be used as collateral. Will you use them for investing, or just to gamble on direction? Coinbase’s tokenized stocks saw holders surge by 9,697% in just one month. The top three: NVIDIA, Apple, Tesla. All are the stocks retail investors love to bet on.