🔥 How else can we play with US stocks? Let's see how exchanges are bringing "US stocks" on-chain.
I have to say, from dollars and bonds to now stocks, the wave of tokenization is steadily moving forward.
Recently, @krakenfx partnered with @BackedFi to launch "xStocks" @xStocksFi, which has introduced over 50 US stocks and ETFs, including Tesla, Apple, and Nvidia, all available for 24/7 on-chain trading, with 1:1 physical asset custody, targeting non-US markets. Meanwhile, @OndoFinance is also stepping up, just announcing that its "Ondo Global Markets" will land on Solana, supporting on-chain trading of publicly traded securities like stocks, further strengthening Solana's deployment path in the RWA scenario. Additionally, Bybit @Bybit_ZH has also announced this year support for USDT trading of 78 high-quality global stock assets.
Behind these actions is another deep integration of the crypto industry with traditional finance narrative: turning the most valuable liquid assets off-chain—US stocks—into new on-chain assets.
As early as around 2020, FTX and Binance @binancezh launched tokenized stock services, but ultimately failed due to regulation. Now, Kraken has chosen to navigate around potential pitfalls related to regulatory compliance and asset custody—using Backed for physical stock custody and emphasizing cash redemption at any time, as closely aligned with traditional financial logic as possible.
🤔 So, why are these institutions collectively exerting efforts at this time? Here are our views:
1. On one hand, crypto exchanges' growth space is limited, urgently needing to find new increments. Tokenized stocks perfectly connect crypto and TradFi user groups, having a natural advantage in attracting new users.
2. On the other hand, the US stock market has a market value of over $50 trillion, accounting for more than 45% of the global stock market, making it the largest and most standardized asset pool. Bringing it "on-chain" not only improves liquidity and trading freedom but also lays the foundational asset groundwork for the next phase of DeFi innovation.
3. From a technical perspective, Solana's 24/7 high throughput and low latency trading characteristics also make it a hot candidate for the "on-chain Nasdaq."
4. Of course, compliance remains the biggest variable. For tokenized stocks to truly become widespread, it still cannot avoid the gray areas of regulation. Kraken x Backed is taking a "non-US client + European regulation" approach; whether this can truly go the distance remains to be seen.
However, it is certain that—
The on-chain US stock battle has just begun.
Whether it's Kraken, Ondo, or more exchanges that may enter the fray, if this round of expansion can comply with regulations, there is a good chance to reshape the infrastructure landscape of global capital markets.
⭐️ Regarding on-chain US stocks, industry leaders have already shown foresight and discussed it in advance!
Alex Xu @xuxiaopengmint @Mint_Ventures
https://t.co/dt8omMNjzz
With the SEC's change in attitude and technological maturity, US stock on-chain and securities tokenization are becoming the most promising new narrative in the RWA track, expected to explode once regulation is clarified.
mindao @mindaoyang
https://t.co/5299luIMHh
Securities tokenization is expected to become a practical path for US stocks on-chain, driven by a shift in regulatory environment, mature infrastructure, and changes in market structure, injecting incremental assets and use cases into DeFi.
Lao Bai @Wuhuoqiu
https://t.co/3icAvPSD2r
RWA is entering a narrative warming period, making the on-chain asset like US stocks feasible again under the new regulatory environment, with breakthroughs in both To C and To B scenarios, shifting the track from concept to practicality.
Rain in the Sleep @0xSleepinRain
US stock on-chain is a new narrative with market buying potential, integrating DeFi and RWA, while also having early participation value; the only uncertainty is regulation.
https://t.co/2MkjNDh0bD
What do you think of this track, and where are you playing with on-chain US stocks? Feel free to discuss in the comments! 👏
