The Next Big Thing in Crypto: Tokenized Stocks

In recent years, more and more institutions and regulators in the traditional financial sector have begun to accept cryptocurrencies

Author: BUBBLE, BlockBeats

In recent years, more and more institutions and regulators in the traditional financial sector have begun to accept cryptocurrencies, and more and more crypto projects intend to comply with regulations in exchange for higher exposure. While the build is long-term, the outbreak is instantaneous, with the Trump administration taking office, the SEC's attitude change, the recent passage of the Stablecoin Act, and the crypto exchange Coinbase entering the S&P 500 index and other trend indicators.

This also made many previously prepared crypto projects and brokerage firms begin to "recklessly" carry out securities tokenization business, and on-chain "Nasdaq" emerged like mushrooms after rain.

Where else can I buy “on-chain stocks”?

Not only are "crypto" concept stocks popular among investors in the U.S. stock market, but the tokenization of U.S. stocks and securities in Crypto has also set off a wave of enthusiasm recently.

XStocks

Kraken is a long-established cryptocurrency exchange founded in 2011. On May 22, Kraken announced a partnership with Backed Finance to launch a tokenized stock and ETF trading service called “xStocks”. The first batch will cover more than 50 U.S.-listed stocks and ETFs including Apple, Tesla, and Nvidia.

The project will be issued exclusively on the Solana chain, which has also received strong support from Solana officials. Karken and several Backed team members also appeared at Solana Accelerate 2025 yesterday to express their views on the future of securities tokenization.

Bybit

Bybit was founded in 2018. In the field of stock tokenization, Bybit does not issue tokens, but supports tokenized asset trading as a trading channel, and cooperates with retail platforms such as Swarm to provide a trading market for stock or ETF tokens. It provides stock trading tools based on contracts for difference (CFDs), allowing users to participate in stock price fluctuations "without holding the underlying stocks." Its special feature is that it can open up to 5 times leverage.

Bybit also supports RWA token (such as TRAC) trading through copy trading functions and NFT markets, targeting selected users to invest in tokenized assets. It has now opened trading for 78 selected stocks such as Apple, Tesla, and Nvidia. The handling fee is 0.04 USDT per share, and the minimum charge for each order is 5 USDT.

Ondo

Ondo Finance is one of the projects with the most comprehensive infrastructure in the field of cryptographic "security tokenization". It is building a comprehensive RWA (tokenization system) covering asset issuance, liquidity management and underlying infrastructure. Its core products include two types of asset tokens, OUSG and USDY, as well as the liquidity protocol Nexus, the lending platform Flux and the upcoming compliance license chain Ondo Chain.

In February 2025, Ondo held its first Summit in New York, officially unveiling the design of its GM "Global Markets" platform, which aims to tokenize thousands of public securities around the world (such as Apple, Tesla, and S&P 500 ETF) and enable 24/7 trading and instant settlement on the chain. All tokens on the GM platform are backed by 1:1 physical securities, but the issuance and redemption process has built-in compliance authority control, and is aimed at markets outside the United States, striving to create "Wall Street 2.0."

In order to support its "grand strategy", Ondo also announced the launch of the Ondo Chain, a compliance chain for institutions. The chain adopts a semi-permissioned architecture that allows anyone to issue and develop, but the verification nodes are served by well-known financial institutions to ensure compliance and security. The chain natively supports financial operations such as dividends and stock splits, and introduces an on-chain reserve proof mechanism to ensure that tokens are fully backed by assets. The goal is to become the infrastructure for traditional financial core operations such as on-chain prime brokerage and cross-asset mortgages in the future. On May 19, Kinexys, a subsidiary of JPMorgan Chase, and Ondo Chain executed the first cross-chain "cash on delivery" transaction "Delivery vs Payment".

Although GM and Ondo Chain have not yet been officially launched, the core assets of the Ondo ecosystem, OUSG and USDY, have reached a scale of 545 million and 634 million US dollars respectively. Among them, OUSG is mainly held by institutions on Ethereum, while USDY shows a higher retail user adoption rate on Solana.

It is worth noting that most members of the Ondo team come from top institutions such as Goldman Sachs and McKinsey, and actively participate in communication and coordination with US regulatory agencies such as the SEC and CFTC, and are deeply involved in policy making, compliance design and public relations, including inviting former Congressman Patrick McHenry to join the advisory