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By Lawrence Lee, Mint Ventures Recently, there has been a lot of progress in the field of tokenized U.S. stocks: Centralized exchange Kraken has announced the launch of xStocks, a tokenized stock trading platform Centralized exchange Coinbase has announced that it has sought to regulate the trading of its tokenized shares Solana, a public blockchain, submits a blockchain-based framework for tokenized U.S. stock products Public chains and exchanges with a U.S. background are accelerating the process of tokenizing U.S. stocks, and the recent frenzy after Circle's listing has to make people look forward to the prospect of tokenized U.S. stocks. In fact, the value proposition of tokenized U.S. stocks is very clear: 1. Expanded the size of the trading market: It provides a 7×24-hour, borderless, and permissionless trading venue for U.S. stock trading, which is currently impossible for the NASDAQ and NYSE (although the NASDAQ has applied for 24-hour trading, it is expected to take until the second half of 26 years to achieve) 2. Superior composability: By combining with other existing Defi infrastructure, U.S. stock assets can be used as collateral, margin, index and fund products, deriving many ways to play that are currently unimaginable The needs of both the supply and demand sides are also clear: Supply-side (U.S.-listed companies): Reached potential investors from all over the world through the borderless blockchain platform, and obtained more potential buying orders Demand-side (investors): Many investors who were unable to directly trade U.S. stocks for various reasons in the past can directly allocate and speculate on U.S. stock assets through blockchain Quoted from "U.S. Stock On-Chain and STO: A Hidden Narrative" In this permissive crypto regulatory cycle, progress is a high probability. According to RWA.xyz data, the current market capitalization of tokenized stocks is only $321 million, and there are 2,444 addresses holding tokenized shares. The huge market space is in stark contrast to the current limited asset size. In this article, we will introduce and analyze the product solutions of current players in the tokenized U.S. stock market and other players who are promoting tokenized U.S. stocks, and list potential investment targets under this concept. This article is the author's thinking as of the time of publication, it may change in the future, and the views are highly subjective, and there may be errors in facts, data, and reasoning logic. According to rwa.xyz data, the current tokenized stock market has the following items according to the issuance size: We'll walk through the business models of Exodus, Backed Finance, and Dinari (Montis Group targets European equities, while SwarmX operates similarly to Backed Finance but on a smaller scale), as well as the progress of several other important players that are currently making recommendations for tokenized U.S. stocks. Exodus Exodus (NYSE.EXOD) is an American company specializing in the development of non-custodial crypto wallets, and its shares are listed on the New York Stock Exchange (NYSE.EXOD). In addition to its own branded wallet, Exodus has also partnered with NFT marketplace MagicEden to launch a wallet. As early as 2021, Exodus allowed users to migrate their common shares to the Algorand chain through Securitize, but the tokens migrated to the chain cannot be traded or transferred on the chain, nor do they contain governance rights or other economic rights (such as dividends), and the Exodus token is more similar to the "digital twin" of real shares, and the symbolic meaning on the chain is greater than the actual meaning. The current market capitalization of EXOD is $770 million, of which about $240 million is on-chain. Exodus was the first stock to be approved by the SEC to tokenize its common stock (or to be more precise, the first tokenizable stock to be approved by the SEC for listing on the NYSE), but the process was not without its challenges, with the listing of Exodus stock delaying from May '24 until the official NYSE listing in December. However, Exodus' stock tokenization is only for its own shares, and the tokenized shares are not tradable, which means little to us web3 investors. Dinari Dinari is a U.S.-registered company that was founded in 2021 and has been focused on stock tokenization under the U.S. compliance framework since its inception and closed a $10 million seed round in 2023 and a $12.7 million Series A round in 2024 with investors including Hack VC and Blockchange Ventures, Coinbase CTO Balaji Srinivasan, F Prime Capital, VanEck Ventures, Blizzard (Avalanche Fund), etc. Among them, F Prime is a fund owned by asset management giant Fidelity, and the investment of Fidelity and VanEck also shows the recognition of traditional asset managers in the tokenized U.S. stock market. Dinari is only available to non-US users, and the process of trading US stocks is as follows: The user completes KYC Users choose the U.S. stocks they want to buy and pay USD+ issued by Dinari (a stablecoin backed by short-term Treasury bonds issued by Dinari, which can be exchanged by USDC) Dinari submits the order to a partner broker (Alpaca Securities or Interactive Brokers), and after the broker completes the order, the shares are kept in the custodian bank, and Dinari mints the corresponding dShares for the user At present, Dinari operates on Arbitrum, Base, and Ethereum mainnets, and all dShares have a 1-to-1 equity ratio in the real world. However, dShares cannot be traded on-chain, and if you want to sell dShares, you can only trade through the Dinari official website, and the actual transaction process is the reverse of the purchase process. Trading of dShares must also follow U.S. trading hours, and it is not possible to buy or sell outside of trading hours. In terms of product form, in addition to direct stock trading, they also output an API for stock trading, which can work with other trading front-ends. In fact, Dinari's business process, i.e., the process of "KYC-> payment and exchange-> compliant brokerage clearing", is consistent with the current mainstream way for non-US users to participate in US stock trading, with the main difference being that the asset classes paid by users are Hong Kong dollars, euros, etc., while the asset classes accepted by Dinari are crypto assets, and the rest are fully implemented in accordance with the SEC's regulatory framework. As a company specializing in U.S. stock tokenization, the courage to incorporate the company in the United States (the vast majority of other project counterparts are registered in Europe) shows Dinari's confidence in its compliance capabilities. Their U.S. stock tokenization product was officially launched in 2023, and Gary Gensler, the former SEC chairman who was on duty at the time and known for his strict crypto regulations, couldn't find fault with his business model; And since the arrival of the new SEC chairman, Paul Atkins, the SEC has held a special meeting with Dinari to ask Dinari to demonstrate its system and answer related questions (source), both of which show that its products are impeccable in terms of compliance and that the team has strong resources in terms of compliance. However, since Dinari's tokenized U.S. stocks do not support on-chain trading, cryptocurrencies are only an entry and payment method for Dinari, and Dinari's products are not much different from Futu, Robinhood and other products in terms of function. For its target audience, Dinari's product experience is not an advantage over its competitors. For a Hong Kong user, the experience of trading US stocks on Dinari is not any better than trading US stocks on Futu, and there is no way to use trading features such as margin trading, and there may even be more expensive fees. Perhaps because of this, Dinari's tokenized stock market has always been small, with only one tokenized stock with a market capitalization of more than $1 million MSTR and only 5 tokenized stocks with a market value of more than $100,000. Dinari's current tokenized stock market cap Source Overall, Dinari's tokenized stock business model has been certified by regulators, but strict compliance with regulations has also led to the inability of its tokenized shares to be traded/staked on-chain, losing composability, making users' experience of holding their dShare less than traditional brokers, and the product is not very attractive to mainstream web3 users. Among the current market players, similar to Dinari also includes the community project mystonks.org of the meme coin Stonks, according to the reserve report disclosed by the project party itself, their current market value of US stock accounts exceeds 50 million US dollars, and users are more active in trading than Dinari. However, there are still flaws in mystonks.org's compliance structure, such as the qualifications of its securities custody account are not clearly stated, and the reserve report users cannot be verified. Backed Finance Backed Finance is a Swiss company that was also founded in 2021 and launched in early 2023 and closed a $9.5 million funding round in 2024 led by Gnosis with participation from Cyber Fund, Blockchain Founders Fund, Blue Bay Capital, and others. Like Dinari, Backed does not serve users in the United States, and its business processes are: The issuer (professional investor) completes KYC verification and review in Backed Finance The issuer selects the U.S. stock it wants to buy and pays for the stablecoin Backed Finance submits the order to the partner broker to complete the stock purchase, and then Backed Finance mints the bSTOCK token of the corresponding stock to the issuer. Both bSTOCK and its encapsulated version wbSTOCK can be freely traded on the chain (the encapsulation is mainly to facilitate the processing of stock dividends, etc.), and ordinary investors on the C side can directly buy bSTOCK or wbSTOCK on the chain. It can be seen that unlike Dinari's C-end users who directly buy U.S. stocks, Backed Finance is currently purchased by professional investors and then transferred to C-end users, which can significantly improve the overall operational efficiency and achieve 24*7 trading hours. Another important difference is that the bSTOCK token issued by Backed is an unlimited ERC-20 token, and users can form LPs on-chain for other users to purchase. Backed tokenized shares are a source of liquidity Backed Finance's on-chain liquidity is mainly sourced from the SPX index, Coinbase, and Telsa, and users pair bSTOCK tokens with stablecoins into AMM pools. At present, the total TVL of the liquidity pool is close to $8 million, and the average APY is 32.91%. Liquidity is distributed across Gnosis' Balancer and Swapr, Base's Aerodrome, and Avalanche Chain's Pharaoh, with the bCOIN-USDC pool's APY reaching 149%. It should be pointed out that Backed Finance does not restrict the on-chain trading function of its bSTOCK tokens at all, giving users a second path to hold their bSTOCK, namely: On-chain users (no KYC required) can buy bSTOCK directly with stablecoins such as USDC or sDAI This effectively breaks through the KYC limit, and the trading experience is no different from trading ordinary on-chain tokens, making it easier to promote among web3 users. An unrestricted ERC-20 token also opens the door to composability for tokenized stock holders, such as pairing with stablecoins to form an average APY of 33% liquidity. This may also be the reason why Backed Finance's TVL is close to 10 times that of Dinari. In terms of compliance, the corresponding entity behind Backed Finance is registered in Switzerland, and the above-mentioned business model of "tokenized shares corresponding to ERC-20 tokens can be freely transferred" has been recognized by European regulators (source). Backed Finance also publishes proof of reserves audited by The Network Firm. However, the SEC has not commented on Backed Finance's business, and the securities traded by Backed are all U.S. stocks, and it is good to be licensed in Switzerland, but more importantly, how the U.S. regulators evaluate this business model. In other projects, SwarmX's business model is the same as that of Backed Finance, but its business scale and compliance details are significantly different from Backed Finance. Although Backed Finance's tokenized stock market capitalization is ten times that of Dinari, the asset size of more than $20 million and the TVL of 8 million are still not high, and the on-chain transactions are not active because: There are not enough use cases for tokenized stocks on the chain, and they can only be LPs at present, and the advantages of composability have not yet been fully exploited, which may be related to the concerns about the legitimacy of the model by the associated lending, stablecoins and other protocols What's more, there is a lack of liquidity. Backed itself is not an exchange and does not have "natural" liquidity to support its tokenized stock trading, and under the current model, the liquidity of its tokenized shares depends on the issuer, including how much tokenized shares the issuer is willing to hold, and how much liquidity is willing to add to LPs. At the moment, Backed issuers are not willing to invest more in this area. Both of these could improve if the SEC could further clarify the regulatory framework and determine the viability of the Backed model. xStocks In May, U.S. exchange Kraken announced that it was launching xstocks in partnership with Backed Finance and Solana. On June 30th, the xStocks product was officially launched, with partners including centralized exchanges Kraken and Bybit, decentralized exchanges Raydium and Jupiter on Solana, lending protocol Kamino, Bybit-incubated Dex Byreal, oracle Chainlink, payment protocol Alchemy Pay, and brokerage Alpaca。 Source: xStocks official website The legal structure of the xStocks product is fully aligned with that of Backed Finance, which currently supports more than 200 stock instruments and has 24/5 trading hours on Kraken. In terms of partnerships, Kraken, Bybit, Jupiter, Raydium, and Byreal are all exchanges that support xStocks; Kamino can support xStocks as collateral, while Kamino Swap can also trade xStocks; Solana is a public chain run by xStocks; Chainlink is responsible for reserve reporting; Alpaca is a partner broker; At present, because the product has just been launched, the data statistics are not perfect, and the transaction volume is not large. But xStocks has more key partners than Backed Finance's own products: On the Cex side, there are Kraken and Bybit, which are more likely to leverage existing market makers and users to provide better liquidity for xStocks; On the chain, there are various Dex and Kamino, and Kamino provides other use cases for tokenized U.S. stocks for the first time besides being LPs, and there may be other protocols that support xStocks in the future to further expand their composability. From this perspective, although xStocks has just launched, I believe that xStocks will soon surpass existing players and become the largest tokenized U.S. stock issuer. Robinhood Robinhood, which has been actively deploying its crypto business, also submitted a report to the SEC in April 2025, in which it hoped that the SEC would establish a regulatory framework for RWA that would include tokenized shares; In May, Bloomberg broke the news that Robinhood would create a blockchain platform to allow European investors to invest in U.S. stocks, with alternative public chains being Arbitrum or Solana; Also on June 30, Robinhood officially announced the launch of a tokenized U.S. stock trading product for European investors, which supports dividend payouts and supports 5*24 access times. Robinhood's tokenized stock offering was initially issued based on Arbitrum. In the future, the underlying of its tokenized stock will run on Robinhood's own L2, which is also based on Arbitrum. However, according to Robinhood's official documentation, its current tokenized stock product is not a true tokenized stock, but a contract that tracks the price of the corresponding U.S. stock, and the underlying assets are held securely by a U.S. licensed institution with a Robinhood Europe account. Robinhood Europe publishes contracts and records them on the blockchain. Its tokenized shares are also currently only tradable on Robinhood and are not allowed to be transferred. Other players who are laying out In addition to the products we mentioned above that already have specific businesses online, there are many other players who are deploying tokenized U.S. stock businesses, including: Solana Solana places a strong emphasis on tokenized stocks, and in addition to the aforementioned xStocks, Solana has established the Solana Policy Institute (SPI) "to educate policymakers on why decentralized networks like Solana are the future infrastructure of the digital economy." One of the two projects currently underway is that they have established a project called Project Open, which "aims to enable compliant blockchain-based securities issuance and trading, using blockchain technology to create more efficient, transparent, and accessible capital markets while maintaining strong investor protection." In addition to SPI, Project Open is also a member of Dex Orca on the Solana chain, RWA provider Superstate, and law firm Lowenstein Sandler LLP. Project Open began submitting public written comments to the SEC's Crypto Working Group several times in April of this year, and the SEC's Crypto Working Group met with it on June 12 to discuss it, after which Project Open members submitted further explanations of their business. The tokenized U.S. stock issuance and trading process advocated by Project Open is as follows: Source: SEC official website filing The process is summarized as follows: Issuers need to apply for SEC authorization in advance, after which they can issue tokenized U.S. stocks Users who want to buy tokenized US stocks need to complete KYC in advance, after which they can use cryptocurrencies to purchase tokenized US stocks issued by the above issuers Transfer agents registered with the SEC record the flow of shares on-chain Project Open also specifically stated that it wants the SEC to allow peer-to-peer tokenized U.S. stock trading through smart contract protocols, i.e., tokenized U.S. stock holders can trade in AMMs, thus opening the door to on-chain composability. However, according to the framework proposed in the document, all users who hold tokenized shares must complete KYC. To accomplish this, Project Open applies for an 18-month Exemptive Relief or Confirmatory Guidance for many operations (see References for details). Overall, Project Open's solution is based on Backed Finance's existing solution, supplementing the KYC requirements. From the author's point of view, the passage of such a scheme during the tenure of the more tolerant DeFi SEC is almost a certainty, and the only question is when it will pass. Coinbase Back in 2020, when Coinbase applied for a nasdaq listing, the idea of issuing tokenized COIN on-chain was included in its application documents, but it was abandoned because it did not meet the requirements of the SEC at the time. Recently, Coinbase is seeking a no-action letter or exemptive relief from the SEC for its tokenized stock business. However, there is no detailed documentation at the moment, and we can only get one confirmation from the press release: Coinbase's tokenized stock trading program is open to users in the United States. This is a major difference from other current tokenized stock market players, and it also allows Coinbase to compete directly with online brokerages like Robinhood and traditional brokerages like Schwab. Of course, this has a much less impact on web3 investors than it does on Nasdaq:COIN. Ondo Ondo, which has already achieved results in the Treasury RWA market (see Mint Ventures' previous article on Ondo), has long planned to tokenize U.S. stocks. According to their documentation, their tokenized U.S. stock product has the following features: Open to non-US users Trading hours are 24*7 Tokens are minted and burned in real-time The use of tokenized U.S. stock assets as collateral is allowed Judging from the above feature description, Ondo's product is similar to the new framework proposed by Solana, and Ondo also proposed to release tokenized U.S. stock products on the Solana network at Solana's Accelerate conference. Ondo's tokenized U.S. stock product, Ondo Global Markets, is scheduled to go live later this year. The above is the current status of the tokenized U.S. stock market, as well as several other players who are being deployed. From the perspective of the fundamental motivation of demand, the main purpose of users to buy tokenized stocks is to profit from stock price fluctuations, and the focus is on the liquidity, redemption ability and whether the trading venue can be free of KYC transactions, whether there must be a compliance agency to tokenize is not a point that users care about, so the web3 market has always used derivatives to provide users with U.S. stock trading products. U.S. stock trading is offered through derivatives Currently, Gains Network (at Arbitrum and Polygon) and Helix (at Injective) currently provide U.S. stock derivatives services. None of their users actually trade U.S. stocks, so they don't need to tokenize U.S. stocks. Its core product logic is equivalent to applying the perpetual contract logic to U.S. stocks, which is usually: Trading users do not need KYC, use stablecoins as collateral, and allow leveraged trading The trading hours are the same as those for U.S. stocks The underlying price reads directly from a trusted data source, such as using Chainlink The funding rate is used to balance the spread between the exchange price and the fair price However, whether it is the current Gains and Helix or the previous Synthetix and Mirror, the platforms that use synthetic assets to trade U.S. stocks have not brought too high actual trading volume, and the current average daily trading volume of Helix's U.S. stock products does not exceed $10 million, while the daily trading volume of Gains is less than $2 million, which may be due to: There are obvious regulatory risks in this form, because although they do not actually offer trading in U.S. stocks, they have in fact become exchanges where users trade U.S. stocks, and the regulatory authorities have clear requirements for the supervision of any exchange, and KYC is the most basic part of regulation. Such platforms may not have time to be taken care of by regulators when they are loud, but if they become louder, they are easy to be targeted by regulators. None of the above products has sufficient liquidity to support users' real trading needs. The liquidity in the form of the above products needs to be solved by themselves on the exchange, and cannot rely on any third party, and none of the above products can bring users the real usable trading depth Helix's U.S. Stocks & FX trading volume and the order book of the highest volume COIN On the centralized exchange side, Bybit's recently launched MT5-based U.S. stock trading platform also adopts a logic similar to perpetual contract products, which does not conduct actual trading of U.S. stocks, but uses stablecoins as collateral to trade indices. In addition, the yet-to-be-launched Shift project has introduced the concept of Asset-Referenced Tokens (ART), which is said to be able to achieve KYC-free trading of U.S. stocks, and its product process is as follows: Shift buys U.S. stocks and pledges them to a compliant broker such as Interactive Brokers, using Chainlink as proof of reserves Shift uses a reserve of U.S. stocks to issue a reference asset token, ART, each of which has a corresponding U.S. stock asset behind it, but ART is not a tokenized U.S. stock C-end users can buy ART tokens without KYC Shift's solution maintains 100% correspondence between ART and the underlying U.S. stocks, but ART is not a tokenized U.S. stock, and does not have the ownership, dividend rights, and voting rights of the stock, so it can not be applied to various regulatory rules for securities, so it can achieve the characteristics of KYC-free (source). Of course, from the perspective of regulatory logic, ART is not allowed to anchor securities assets, and it is not clear how the shift team intends to use to "make ART anchored to U.S. stocks", and it is not certain whether the specific product plan can really be carried out in accordance with the above process, but this plan also realizes KYC-free U.S. stock trading through certain gaps in the regulatory provisions, which is worthy of continued attention. What kind of tokenized U.S. stock products does the market need? Regardless of the U.S. stock tokenization method, the core process is as follows: Tokenization: The process is usually handled by a compliance agency, and proof of reserves is presented on a regular basis, essentially where users who meet KYC buy U.S. stocks before listing them on the chain. This step does not vary much from one scenario to another. Trading: C-end users trade tokenized stocks. This is the main difference between the schemes: some do not allow trading (Exodus), some only allow trading through traditional brokerage channels (Dinari and mystonks.org), and some support on-chain transactions (Backed Finance, Solana, Ondo, Kraken). Even more special is Backed Finance, which currently supports KYC-free users to purchase its tokenized U.S. stock products directly through AMMs through a Swiss compliance framework. For C-end users, the tokenization process is mainly concerned with compliance and asset security, and most current market players can guarantee these two points very well. The main focus is on the transaction process. For example, Dinari can only trade through traditional brokerage channels, and does not provide liquidity mining, lending and other services for tokenized stocks, then the significance of stock tokenization is largely dissipated, and it is difficult to attract users even if the compliance is perfect and the process is perfect. Schemes such as xStocks, Backed Finance, and Solana are more meaningful solutions for tokenized U.S. stocks in the long run, where tokenized U.S. stocks are traded on-chain instead of through traditional brokerage channels, so as to more effectively take advantage of the 7*24 availability and composability brought by DeFi. However, short-term on-chain liquidity will hardly be comparable to that of traditional channels. Exchanges with low liquidity are unavailable, and if venues that offer tokenized U.S. stocks cannot attract more liquidity to enter, then the influence of tokenized U.S. stocks will also be difficult to expand. This is why I am optimistic that xStocks will soon become a tokenized U.S. stock From this perspective, if the regulatory framework gradually becomes clearer, tokenized U.S. stock products are truly popularized in Web3, and ultimately gain more trading market share, it may be those exchanges that currently have better liquidity and more trader users. In fact, we can also see from the few examples in the last cycle: Synthetix, Mirror, and Gains all launched products that included US stock trading in 2020, but the most influential US stock trading product was FTX. FTX's plan is actually similar to the current plan of Backed Finance, but FTX's stock trading volume and AUM are much higher than those of its latecomer, Backed Finance. Potential investment targets Although there is a lot of market space for U.S. stock tokenization, there are not many investment targets for investors to choose from. Among the existing players, neither Dinari nor Backed Finance have issued tokens, and Dinari has also made it clear that it will not issue tokens, and only the meme token stonks corresponding to mystonks.org can be counted as a potential investment target; Among the players who are actively deploying, Coinbase, Solana and Ondo have a high market capitalization of tokens, and their main business is not tokenized US stocks, and the promotion of tokenized US stocks has a certain impact on their tokens, but the degree of impact is difficult to predict. xStocks' partners include Solana's top Dex Raydium and Jupiter, as well as lending protocol Kamino, but it's unlikely that this collaboration will give these agreements a big boost. Among SPI's Project Open members: Phantom, Superstate have not issued tokens yet, only Orca has issued tokens. In the derivatives project, Helix has not yet issued coins, and only GNS has an optional target. Due to the different business categories of the above-mentioned projects and the different forms of participating in tokenized U.S. stocks, we are unable to conduct valuation comparisons, and only list the basic information of the relevant tokens as follows:

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