Understanding U.S. Stocks on the Blockchain: Why Are Crypto Enthusiasts Turning to U.S. Stocks, While Wall Street Is Moving in the Opposite Direction?

Author: Changan, Amelia I Biteye Content Team

Over the past year, a thought-provoking phenomenon has repeatedly appeared:

U.S. stocks and precious metals have hit new highs driven by productivity dividends and AI narratives, while the crypto market has fallen into cyclical liquidity droughts.

Many investors lament that “the end of the crypto world is the US stock market,” and some have chosen to exit completely.

But what if I told you that these two seemingly opposing paths to wealth are converging historically through tokenization? Would you still choose to leave?

Why do top global institutions—from BlackRock to Coinbase—unanimously favor asset tokenization in their 2025 annual outlook?

This is not simply a matter of “stock transfer.” Starting from the underlying logic, this article provides a comprehensive analysis of the fundamental principles behind the US stock tokenization track, and reviews the current trading platforms and leading KOLs’ in-depth perspectives on stock tokenization.

1. Core: More Than Just On-Chain

US stock tokenization refers to converting shares of U.S. listed companies (such as Apple, Tesla, NVIDIA, etc.) into tokens. These tokens are usually 1:1 pegged to the rights or value of the actual stocks, issued, traded, and settled via blockchain technology.

In simple terms, it moves traditional US stocks onto the blockchain, turning stocks into programmable assets. Token holders can gain economic rights (such as price fluctuations, dividends), but not necessarily full shareholder rights (depending on specific product design).

As shown in the figure, the TVL index of US stock tokenization has experienced exponential growth since this year’s Q4.

(图源：Dune)

After clarifying the basic definition of US stock tokenization and its differences from traditional assets, a more fundamental question arises: since traditional securities markets have operated for hundreds of years, why go through the trouble of putting stocks on the chain?

The combination of stocks and blockchain can bring many innovations and benefits to the traditional financial system.

1. 24/7 Trading: Break the trading hours restrictions of NYSE and NASDAQ; crypto markets can achieve continuous trading 24/7.

2. Fractured Ownership Lowers Investment Barriers: Traditional stock markets require a minimum purchase of 100 shares per lot. Tokenization allows assets to be divided into tiny fractions, enabling investors to invest as little as $10 or $50 without paying full stock prices. Ordinary investors worldwide can share in the growth dividends of top companies equally.

3. Interoperability with Cryptocurrency and DeFi: Once stocks are converted into tokens, they can seamlessly interact with the entire decentralized finance ecosystem. This means you can do things that traditional stocks cannot (or are difficult to do). For example: using tokenized stocks as collateral for crypto loans, or forming LP groups with tokenized stocks to earn trading fees.

4. Global Liquidity Convergence: Under the traditional system, liquidity of US stocks and other assets is somewhat fragmented, often causing macro benefits to “rise on one side only.” After on-chain listing, crypto funds can participate directly in high-quality global assets. This is essentially a leap in liquidity efficiency.

BlackRock CEO Larry Fink also stated: “The next-generation market, the next-generation securities, will be securities tokenization.”

This also hits the cyclical dilemma of the crypto market—when US stocks and precious metals perform strongly, liquidity in crypto markets often dries up, leading to capital outflows. If “US stock tokenization” matures and brings more high-quality traditional assets into crypto, investors won’t all choose to exit, thus strengthening the resilience and attractiveness of the entire ecosystem.

Of course, putting US stocks on the chain is not a utopian solution free of friction. On the contrary, many issues exposed are precisely because it begins to connect with the real-world financial order.

1. US stock on-chain is not truly decentralized stocks

Most current mainstream US stock tokenization products rely on regulated custodians holding real stocks and issuing corresponding tokens on-chain. Users hold a claim to the underlying stocks, not full shareholder rights. This means asset security and redemption ability largely depend on the issuer’s legal structure, custody arrangements, and compliance stability. If regulatory environments change or custodians face extreme risks, the liquidity and redeemability of on-chain assets could be affected.

2. Price vacuum and de-anchoring risks outside trading hours

During US stock market closures, especially in perpetual contracts or non-1:1 pegged products, on-chain prices lack real-time reference from traditional markets, being more driven by internal crypto market sentiment and liquidity. When market depth is insufficient, prices can deviate significantly or be manipulated by large funds. This issue is similar to pre-market and after-hours trading in traditional markets but is further amplified in a 24/7 on-chain environment.

3. High compliance costs and slow expansion

Unlike native crypto assets, stock tokens are inherently within a heavily regulated boundary. From securities classification, cross-jurisdiction compliance, to custody and settlement mechanisms, each step requires deep coordination with the traditional financial system. This makes it difficult to replicate the explosive growth paths of DeFi or meme tokens; each step involves legal structures, custody, licensing.

4. Diminished narrative power of copycat assets

When high-quality assets like Apple and NVIDIA can be directly traded on-chain, the appeal of purely narrative-driven assets lacking real cash flow and fundamentals will be significantly compressed. Funds will re-evaluate between “high volatility and imagination” and “real-world returns.” This change is positive for long-term ecosystem health but can be fatal for some copycat assets relying on sentiment.

In summary, US stock on-chain is a slow, realistic, but long-term certain path of financial evolution. It may not generate short-term frenzy but is likely to become a mainline in crypto—deeply integrated with real-world finance and eventually becoming infrastructure.

( 2. Implementation Logic: Custodial Support vs Synthetic Assets

Tokenized stocks are created by issuing blockchain-based tokens that reflect the value of specific equity interests. Depending on the underlying implementation, current market tokenized stocks usually fall into one of two models:

• Custodial-backed Tokens: Regulated institutions hold real stocks as reserves and issue corresponding tokens on-chain proportionally. On-chain tokens represent the holder’s economic claim to the underlying stocks, with legal efficacy depending on the issuer’s compliance structure, custody arrangements, and transparency.

This model aligns more closely with traditional finance in terms of compliance and asset security, making it the mainstream approach for US stock tokenization.

• Synthetic Tokens: These do not hold real stocks but track stock prices via smart contracts and oracle systems, providing price exposure to users. These products are closer to derivatives, focusing on trading and hedging rather than asset ownership transfer.

Due to the lack of real assets backing and inherent compliance and security flaws, early pure synthetic models like Mirror Protocol have gradually exited the mainstream.

With stricter regulations and institutional capital entering, models based on real asset custody have become the mainstream choice for US stock tokenization by 2025. Platforms like Ondo Finance and xStocks have made significant progress in compliance frameworks, liquidity access, and user experience.

However, at the operational level, these models still require coordination between traditional finance systems and on-chain systems, bringing some engineering differences worth noting.

1. Settlement mechanism differences caused by batch processing

Platforms generally adopt netting batch settlement for real stock transactions in traditional markets (like Nasdaq, NYSE). While this inherits deep liquidity and low slippage (<0.2%) for large orders, it also means:

1. During non-market hours, minting and redeeming may experience brief delays;

2. In extreme volatility, execution prices may slightly deviate from on-chain pricing (due to platform spreads or fee buffers);

2. Custody concentration and operational risks

Stocks are held by a few regulated custodians. If custodians make operational errors, go bankrupt, face delays in liquidation, or encounter black swan events, theoretically, it could impact token redemption.

Similar issues exist in Perpdex for US stocks, which are different from spot 1:1 pegged assets. During US stock market closures, contract trading faces extreme scenarios:

1. De-anchoring risk:

On normal trading days, contract prices are anchored to Nasdaq via funding rates and oracles. During non-trading days, external real prices are static, and on-chain prices are driven solely by internal funds. If crypto markets experience sharp fluctuations or large sell-offs, on-chain prices can quickly diverge.

2. Low liquidity leading to manipulation:

Open interest and depth are often thin outside trading hours, allowing large players to manipulate prices with high leverage, triggering chain liquidations. Similar to pre-market contracts, when investors collectively hedge or short, large players can violently push prices to trigger cascades.

) 3. Overview of US Stock On-Chain Trading Platforms

For most investors, the key question is: among the myriad of crypto projects, which ones have already turned this vision into tangible reality?

Ondo @OndoFinance ### Official Twitter @XHunt Ranking: 1294$MMT

​​​​Ondo Finance is a leading RWA (Real-World Asset) tokenization platform focused on bringing traditional financial assets onto the blockchain. Launched in September 2025, Ondo Global Markets offers 100+ tokenized US stocks and ETFs (for non-US investors), supporting 24/7 trading, instant settlement, and DeFi integration (such as collateralized loans).

The platform has expanded to Ethereum, BNB Chain, and plans to launch on Solana in early 2026, supporting over 1,000 assets. TVL has grown rapidly, surpassing hundreds of millions USD by the end of 2025, becoming one of the largest platforms in the tokenized stocks field.

Ondo has raised over hundreds of millions USD (including early rounds). No new large public funding in 2025, but TVL surged from a few hundred million at the start of the year to over $1 billion by year-end, with strong institutional support (e.g., partnerships with Alpaca, Chainlink).

On November 25, 2025, Ondo Global Markets was officially integrated into Binance Wallet, directly launching 100+ tokenized US stocks in the “Markets > Stocks” section of the app. This is a deep cooperation with Binance ecosystem, allowing users to trade stocks like Apple, Tesla directly on-chain without additional brokerage accounts, and supporting DeFi uses (like collateralized loans).

Ondo has become the world’s largest tokenized securities platform, with TVL exceeding $1 billion by year-end, directly challenging traditional brokers.

Robinhood @RobinhoodApp $MON Official Twitter @XHunt Ranking: 1218###

Traditional brokerage giant Robinhood is breaking down financial barriers through blockchain technology, bringing US stock trading into the DeFi ecosystem. In the EU market, it offers tokenized stocks as derivatives built under MiFID II regulations, functioning as efficient “internal ledgers.”

In June 2025, it officially launched on Arbitrum a tokenized stock and ETF product for EU users, covering over 200 US stocks, supporting 24/5 trading on weekdays with zero commissions. Future plans include launching its own Layer2 chain “Robinhood Chain” and migrating assets there.

Thanks to innovations like prediction markets, crypto expansion, and stock tokenization, ( stock price increased by over 220% throughout the year, making it one of the best-performing stocks in the S&P 500.

xStocks @xStocksFi ) Official Twitter @XHunt Ranking: 4034(

xStocks is the core product of Swiss compliant issuer Backed Finance, issuing 1:1 custody of real US stocks (over 60 including Apple, Tesla, NVIDIA). Mainly traded on Kraken, Bybit, Binance, supporting leverage and DeFi uses (like collateral). Emphasizes EU regulatory compliance and high liquidity.

Backed Finance raised several million USD in early funding. No new public rounds in 2025, but trading volume exceeded $300 million, with strong partner expansion.

In the first half of 2025, it launched on Solana, BNB Chain, Tron, with a surge in trading volume; regarded as the most mature custody model, with future plans for more ETFs and institutional expansion.

@StableStock @StableStock ) Official Twitter @XHunt Ranking: 13,550$HOOD

StableStock is a crypto-friendly next-generation brokerage supported by YZi Labs, MPCi, and Vertex Ventures, dedicated to providing borderless financial market access via stablecoins.

StableStock deeply integrates licensed brokerage systems with the native crypto finance architecture of stablecoins, allowing users to trade real stocks directly with stablecoins without relying on traditional banks, significantly lowering cross-border financial barriers and friction. Its long-term goal is to build a global trading system centered on stablecoins, serving as an entry layer for tokenized stocks and broader real-world assets. This vision is gradually being realized through specific products.

In August 2025, it launched the core brokerage product StableBroker in beta, and in October partnered with Native to launch tokenized stocks supporting 24/7 trading on BNB Chain. The platform currently supports over 300 US stocks and ETFs, with thousands of active users, daily US stock spot trading approaching one million USD, and continuously growing assets and data.

Aster @Aster_DEX ( Official Twitter @XHunt Ranking: 976)

Aster is a new generation multi-chain perpetual contract DEX (merged from Astherus and APX Finance), supporting stock perps (including US stocks like AAPL, TSLA), with leverage up to 1001x, hidden orders, yield collateralization. Cross BNB Chain, Solana, Ethereum, emphasizing high performance and institutional-grade experience.

Seed round led by YZi Labs, with a peak market cap exceeding $7 billion after TGE in 2025.

Post-September 2025 TGE, trading volume exploded, totaling over $500 billion annually; launched stock perps, mobile app, and Aster Chain Beta; over 2 million users, with TVL exceeding $400 million by year-end, ranking as the second-largest perp DEX.

Notably, CZ publicly stated he bought ( tokens on the secondary market, highlighting Aster’s strategic position on BNB Chain.

Trade.xyz @tradexyz ) Official Twitter @XHunt Ranking: 3,843(

Trade.xyz is an emerging pre-IPO tokenization platform focusing on unicorn company equities (like SpaceX, OpenAI), issuing tokens via SPV custody of real shares, supporting on-chain trading and redemption. Emphasizes low barriers and liquidity.

No public large funding rounds; an early-stage project relying on community and ecosystem growth.

In 2025, it launched some markets on testnet, integrating with Hyperliquid HIP-3 for perps; moderate trading volume, with plans to expand to more companies and DeFi integrations in 2026.

Ventuals @ventuals ) Official Twitter @XHunt Ranking: 4,742$ASTER

Ventuals is built on Hyperliquid, creating perpetual contracts for pre-IPO company valuations using HIP-3 standard (not actual shares, but price exposure, e.g., OpenAI, SpaceX). Supports long/short leverage, based on valuation oracles.

Incubated by Paradigm, in October 2025, HYPE staking vault attracted $38 million in 30 minutes (for market deployment).

Launched on testnet in 2025, quickly becoming the main pre-IPO perps in Hyperliquid ecosystem; deployed multiple markets on mainnet in October, with rapid trading volume growth; plans to expand more companies and settlement mechanisms, aiming at innovative futures.

Jarsy @JarsyInc $ASTER Official Twitter @XHunt Ranking: 17,818(

Jarsy is a compliance-oriented pre-IPO platform, issuing 1:1 tokens of real private placements (like SpaceX, Anthropic, Stripe), with a minimum investment of $10. After pre-sale testing demand, real shares are purchased and tokens issued, supporting public reserve proof and on-chain verification.

In June 2025, completed a $5 million pre-seed round led by Breyer Capital, with Karman Ventures and several angels (Mysten Labs, Anchorage) participating.

Officially launched in June 2025, rapidly adding popular companies; emphasizes transparency and compliance, with growing TVL; future plans include dividend simulation and more DeFi integrations.

In the wave of US stock on-chain, top CEXs like @BinanceWallet, @Bitget_zh, @Bybit_Official, @okxchinese play important traffic roles. They generally adopt aggregation models, directly connecting to regulated issuer pools like Ondo Finance, xStocks.

Binance Wallet and OKX Wallet, Bitget’s US stock tokenization services deeply integrate Ondo, providing US stock trading directly in app market sections.

Bybit offers US stock contracts via TradFi platforms, specifically synthetic derivatives tracking real US stocks or indices. Trading hours follow traditional markets, with only 24/5 trading.

) 4. KOL Perspectives: Consensus, Divergence, and Foresight

Jiayi (Founder of XDO) @mscryptojiayi ( Ranking: 2,529): Looking ahead, stock tokenization is unlikely to be an explosive growth curve, but it could become a highly resilient infrastructure evolution path in the Web3 world.

https://x.com/mscryptojiayi/status/1940782437879238992?s=20

Roger (KOL ( @roger9949) ) Ranking: 2,438###: Top 10 benefits of US stock tokenization (RWA) in 2025

https://x.com/roger9949/status/2000177223874101705?s=20

Ru7 (KOL) @Ru7Longcrypto ) Ranking: 1,389(: Stock tokenization is not about “copying stocks onto the chain.” It’s more about linking traditional capital markets with open, composable decentralized finance systems.

https://x.com/Ru7Longcrypto/status/2003821123553902998?s=20

Lanhu (KOL) @lanhubiji ) Ranking: 1,473(: The fatal blow to crypto projects from US stock tokenization means there will be no more opportunities for copycats.

https://x.com/lanhubiji/status/2001849239874531381?s=20

Lao Bai (Amber.ac Advisor) @Wuhuoqiu ) Ranking: 1,271(: The essence of US stock on-chain is the “digital migration” of assets: just as the internet enabled free flow of information and dismantled old intermediaries, blockchain is reconstructing the underlying logic of stock assets by eliminating settlement costs, breaking geographical boundaries, and decentralizing power.

https://x.com/Wuhuoqiu/status/2003447315139559911?s=20

) 5. Conclusion: From Financial “Parallel Worlds” to “Twin Systems”

Returning to the initial question: why do major top institutions unanimously favor tokenization in their annual outlooks?

From first principles, tokenization is releasing assets from islands of geography,制度, and trading hours, transforming them into globally programmable, composable digital assets. When the growth dividends of top companies are no longer limited by borders and trading hours, the trust foundation of finance begins shifting from centralized intermediaries to code and consensus.

US stock tokenization is not just moving assets onto the chain; it’s a fundamental reconstruction of financial civilization.

Just as the internet dismantled information walls, blockchain is lowering investment barriers.

The crypto industry is also heading into the deep waters of the real world.

It is no longer just the opposite of traditional finance but evolving into a deeply coupled, parallel financial system alongside the real-world financial system.

This is not only a leap in trading efficiency but a key step for global investors from passive participation to financial equality.

In 2026, this migration of asset liquidity has only just begun.

(This article is for reference only and does not constitute investment advice. The market carries risks; participate rationally.)