The financial technology sector is witnessing a significant shift as tokenized U.S. stocks gain momentum, with major brokerage firms and cryptocurrency exchanges launching innovative services in this space.
On June 30, 2025, Robinhood made waves by announcing its European tokenized stock trading service on Arbitrum, including tokenized shares of private companies like OpenAI and SpaceX. This move propelled Robinhood’s stock price to surge over 12%, reaching an all-time high.
Simultaneously, a consortium comprising Kraken, Bybit, Swiss tokenization platform Backed, and Solana launched xStocks, debuting with 61 tokenized U.S. stocks including major names like Apple, Nvidia, Tesla, and SPDR S&P 500 ETF.
This development follows Coinbase’s earlier announcement in 2025 about exploring tokenized $COIN shares on its Base network, with plans to seek SEC approval for U.S. tokenized stock trading.
The concept of tokenized stocks isn’t new, with previous attempts dating back to 2020. However, regulatory hurdles previously hindered widespread adoption. The landscape changed under the Trump administration’s more crypto-friendly policies, enabling compliant models to emerge.
Current market data reveals stark contrasts: while the total crypto market capitalization stands at $3.5 trillion, tokenized stocks represent just $350 million, compared to the $120 trillion global stock market ($50 trillion in U.S. stocks alone).
Industry experts highlight key advantages of tokenized stocks:
1. 24/7 trading capability (vs. traditional market hours)
2. Global accessibility with reduced intermediation costs
3. Potential for fractional ownership and new market creation
Two dominant models have emerged: Backed/xStocks’ asset-backed approach (1 token = 1 share) and Robinhood’s derivative-based model (tracking stock prices).
The infrastructure supporting this movement includes Ethereum (handling 80% of tokenized assets), Solana (with strategic initiatives), and emerging chains like Ondo Finance’s specialized blockchain.
While regulatory challenges remain, the combination of technological innovation and evolving policy frameworks suggests tokenized stocks may represent a sustainable bridge between traditional finance and blockchain ecosystems.
