Quantifying The Impact of U.S. Stock Trading on Crypto Markets A shift of U.S. stock trading on-chain could expand crypto’s net value in terms of fee-capture. We estimate that every 1% of equity volumes that come on-chain will add ~5% to industry fees. This note explores comparative market size, potential fee capture, tokenized activity to date, and key players building the infrastructure. Market Size Comparison -U.S. Stock Market Volume (Est.): ~$250b (Nasdaq, NYSE and CBOE) -Nasdaq Volume: $90b (36% of total) -Crypto Market Volume (24H): $120b -Total notional U.S. equity dollar volume is 2x larger than crypto. Sensitivity Around Revenue Opportunity -If 1% of U.S. stock trading ($2.5b) migrates on-chain with a 0.1% fee: -Daily Incremental Fee Potential: $2.5m ($2.5b x .1%) -Share of Current Crypto Fees: ~4-5% (or $2.5m / $55m in total crypto fees) Current On-Chain Tokenized Activity is Low -Tokenized U.S. Stock Volume (24H): $6.64m -Share of Crypto Volume: ~0.0021% Main Players in the Landscape -@xStocksFi: 60+ tokenized U.S. stocks, backed 1:1 by real shares. -@BackedFi: Custodian ensuring real share backing, coordinating partners and @chainlink price data. -Exchanges: @krakenfx, @Bybit_Official, @RobinhoodApp, @coinbase, @Gemini -Wallets & DeFi: @phantom, @RaydiumProtocol, @JupiterExchange, @KaminoFinance -Chains: @solana, @arbitrum, @base Tipping Point Hypothesis -Trigger: When tokenized stock trading reaches 10% of daily crypto volume (or roughly $5m+) -Outlook: 2–5 years, contingent on regulatory and infrastructure maturity