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Stock Market Onchain Crypto Trend
Stock Market Moving Onchain: Comprehensive Research Report
Executive Summary
The tokenization of traditional stock market assets onto blockchain is rapidly transitioning from experimental pilot programs to mainstream financial infrastructure. The RWA (Real World Assets) market has grown from $7.9 billion to $33 billion in two years (5x growth), with projections reaching $18.9 trillion by 2033.
1. Major Companies/Platforms Enabling Stocks on Blockchain
Traditional Finance Giants
| Company | Initiative | Size/Status |
|---|---|---|
| BlackRock | BUIDL tokenized money market fund | $3 billion AUM, on BNB Chain & Ethereum |
| Franklin Templeton | BENJI platform, tokenized mutual funds | $800M+, deployed on 10 blockchains |
| JPMorgan | Onyx network, tokenized MMF on Ethereum | $100M fund, $2B daily settlements |
| Goldman Sachs | Tokenized money market funds | In development with BNY |
| Fidelity | Tokenized fund offerings | Active participant |
Crypto-Native Platforms
| Platform | Product | Status |
|---|---|---|
| Coinbase | Coinbase Tokenize platform | Launching 2026, hundreds of stocks planned |
| Robinhood | Tokenized stocks on Arbitrum L2 | 200+ US stocks/ETFs live in EU |
| Kraken | xStocks (via Backed Finance) | 60+ stocks, live in EU on Solana |
| Gemini | Tokenized stocks via Dinari | MicroStrategy and others, EU only |
| Bybit | xStocks partnership | 60+ stocks via Backed Finance |
Infrastructure Providers
| Company | Role |
|---|---|
| DTCC/DTC | SEC-approved 3-year tokenization pilot launching H2 2026 |
| Nasdaq | Proposed tokenization inside existing market infrastructure |
| Digital Asset | Canton Network partner for DTCC |
2. Tokenized Stocks and RWA Projects
Leading Tokenization Platforms
| Platform | Market Share | Assets | Key Products |
|---|---|---|---|
| Ondo Finance | Largest operator | $365M tokenized | Ondo Global Markets: 100+ stocks/ETFs, expanding to 1,000+ |
| Securitize | 42% Treasury market share | EU/US licensed | BlackRock BUIDL partner, dual regulatory approval |
| Backed Finance | $162M tokenized | Acquired by Kraken | xStocks, bBASKET, bCSPX |
| Dinari | Growing | Gemini partner | Tokenized public securities |
RWA Market Statistics
| Metric | Value |
|---|---|
| Total RWA market (2025) | $33 billion |
| On-chain US Treasuries | $8.7 billion (~45% of RWA) |
| Tokenized stocks sector cap | ~$1.2 billion |
| Growth rate (6 months mid-2025) | 260% |
| Ethereum market share | 65% of distributed RWA |
XRP Ledger Growth
- RWA tokenization expanded 2,200% in 2025
- ~$500 million in tokenized assets as of early 2026
- RLUSD stablecoin reached $1.3 billion
3. Regulatory Landscape and Challenges
United States
SEC Developments (2025-2026)
| Initiative | Details |
|---|---|
| Crypto Task Force | Launched Jan 21, 2025 for comprehensive framework |
| Project Crypto | New taxonomy: commodities, collectibles, tools, tokenized securities |
| Innovation Exemption | Expected Jan 2026, temporary relief for crypto firms |
| DTC No-Action Letter | Dec 11, 2025, 3-year pilot for tokenized securities |
| Ondo Investigation Closed | SEC dropped probe, signaling softer stance |
Key Legislation
| Law | Status |
|---|---|
| GENIUS Act | Establishes federal rules for tokenized assets |
| CLARITY Act | Passed House July 2025, distinguishes digital commodities from securities |
International
| Jurisdiction | Framework |
|---|---|
| European Union | MiCA regulation provides clarity; Robinhood/Kraken licensed in Lithuania |
| Hong Kong | Stablecoins Ordinance (Aug 2025) with licensing requirements |
| UK | Transatlantic Taskforce with US Treasury, recommendations March 2026 |
Challenges
- Regulatory uncertainty in many jurisdictions
- Incomplete frameworks for novel assets
- Geographic restrictions (many products unavailable to US residents)
- Compliance requirements differ by region
4. Key Players Deep Dive
Ondo Finance
- Products: Ondo Global Markets, 100+ US stocks/ETFs
- Chains: Ethereum, expanding to Solana (early 2026)
- AUM: ~$365 million
- Status: SEC investigation closed without charges
- Restriction: Not available to US persons
Securitize
- Market Position: 42% share in tokenized Treasuries
- Regulatory: Licensed in both US and EU (Nov 2025)
- Partners: BlackRock (BUIDL fund issuer)
- Capability: Investment company + trading/settlement system
Backed Finance (Kraken-owned)
- Products: xStocks, tokenized European stocks
- AUM: ~$162 million
- Volume: $457M+ since June launch
- Partners: Kraken, Bybit
BlackRock BUIDL
- Type: USD Institutional Liquidity Fund
- Size: Nearly $3 billion
- Chains: Ethereum, BNB Chain
- Use: Accepted as collateral on Binance
5. Recent News and Developments (2025-2026)
December 2025
| Date | Event |
|---|---|
| Dec 11 | SEC issues DTC no-action letter for tokenization pilot |
| Dec 11 | JPMorgan arranges commercial paper on Solana (bought by Coinbase, Franklin Templeton) |
| Dec 15 | JPMorgan launches $100M tokenized MMF on Ethereum |
| Dec 15 | Ondo announces Solana expansion for early 2026 |
| Dec 17 | Coinbase "System Update" event announces tokenized stocks, Coinbase Tokenize platform |
Key 2025 Milestones
- June 2025: Robinhood launches 200+ tokenized stocks for EU users
- August 2025: SEC resolution provides clarity for XRP/Ripple
- September 2025: Ondo launches Ondo Global Markets with 100+ stocks
- November 2025: Securitize gains dual US/EU regulatory approval
- Q4 2025: Kraken launches xStocks in EU
2026 Outlook
- DTC tokenization pilot launches H2 2026
- SEC "Innovation Exemption" expected January 2026
- Coinbase tokenized stocks go live in US
- Robinhood building own L2 blockchain for RWA
- Prediction: RWA moves from "pilots to standard on-chain products"
6. Pros and Cons of Onchain Stocks vs Traditional
ADVANTAGES
| Benefit | Details |
|---|---|
| 24/7 Trading | Trade anytime, anywhere globally (vs 9:30am-4pm EST) |
| Faster Settlement | Seconds/minutes vs T+2 (2 business days) |
| Lower Costs | Fewer intermediaries, reduced transaction fees |
| Fractional Ownership | Buy portions of expensive stocks |
| Global Access | Investors worldwide can access US markets |
| Transparency | Real-time on-chain audit trail |
| Private Market Access | Retail can access OpenAI, SpaceX via tokens |
| Composability | Use stocks as DeFi collateral |
DISADVANTAGES
| Risk | Details |
|---|---|
| Limited Shareholder Rights | Often no voting rights or direct dividends |
| Regulatory Uncertainty | Rules still evolving, geographic restrictions |
| Security Risks | Smart contract vulnerabilities, platform hacks |
| Liquidity Issues | Patchy liquidity, especially on weekends; wide spreads |
| Opaque Financials | Private company tokens lack disclosure requirements |
| No Direct Ownership | Token represents exposure, not actual shares |
| Counterparty Risk | Dependent on token issuer/custodian |
| Technical Complexity | Requires crypto wallet knowledge |
Market Projections
| Source | Projection |
|---|---|
| McKinsey | $2 trillion tokenized market by 2030 |
| BCG + Ripple | $18.9 trillion by 2033 |
| Deloitte | $4 trillion real estate tokenized by 2035 |
| Standard Chartered CEO | "Majority of transactions will settle on blockchain" |
Summary
The movement of traditional stocks onto blockchain is no longer experimental—it's becoming institutional reality. With BlackRock, JPMorgan, Franklin Templeton, and major exchanges like Coinbase and Robinhood building infrastructure, combined with regulatory clarity from the SEC's pro-innovation stance, 2026 is positioned to be the year tokenized securities go mainstream. The key developments to watch are the DTC pilot launch, Coinbase's US tokenized stock offering, and continued expansion of Ondo, Backed, and Securitize.
Sources:
- https://www.fool.com/investing/2026/01/08/4-industries-real-world-asset-tokenization-could-t/- https://finance.yahoo.com/news/6-rwa-predictions-2026-pilots-130013023.html- https://www.coindesk.com/business/2025/12/15/ondo-finance-to-offer-tokenized-u-s-stocks-etfs-on-solana-early-next-year- https://www.coindesk.com/business/2025/09/03/ondo-finance-rolls-out-tokenized-u-s-stocks-etfs-as-equity-tokenization-ramps-up- https://www.coindesk.com/business/2025/12/15/jpmorgan-launches-tokenized-money-market-fund-on-ethereum-as-wall-street-moves-onchain-report- https://www.investmentnews.com/alternatives/blackrock-franklin-templeton-deepen-push-into-tokenization/262067- https://www.cnbc.com/2025/12/05/tokenized-stocks-offer-new-opportunities-for-investors-but-carry-unique-risks.html- https://finance.yahoo.com/news/tokenized-stock-trading-huge-risks-153200323.html- https://www.sidley.com/en/insights/newsupdates/2026/01/sidley-blockchain-bulletin-blockchain-in-2026-business-legal-and-regulatory-outlook- https://www.theblock.co/post/383241/crypto-regulation-2026-sec-ambitious-agenda-empowered-cftc- https://www.coinbase.com/blog/system-update-the-future-of-finance-is-on-coinbase- https://www.cnbc.com/2025/12/17/coinbase-prediction-markets-stock-trading-stablecoins.html- https://robinhood.com/us/en/newsroom/robinhood-launches-stock-tokens-reveals-layer-2-blockchain-and-expands-crypto-suite-in-eu-and-us-with-perpetual-futures-and-staking/- https://cointelegraph.com/news/kraken-tokenized-stocks-europe-backed-xstocks- https://www.dtcc.com/news/2025/december/11/paving-the-way-to-tokenized-dtc-custodied-assets- https://www.sec.gov/newsroom/speeches-statements/peirce-121125-tokenization-trending-statement-division-trading-markets-no-action-letter-related-dtcs-development- https://app.rwa.xyz/- https://chain.link/education-hub/tokenized-stocks-equities-explained