Tokenized stocks on-chain reached $3.2B with synthetic perpetuals adding another $3B in notional value.
DeFi & Yields ·
Tokenized stocks have accumulated $3.2 billion in on-chain value, with synthetic perpetuals adding a further $3 billion in notional exposure. The growth reflects accelerating integration of traditional equity markets into blockchain infrastructure, as platforms including Coinbase, Binance, and DeFi protocols expand offerings. Kraken has acquired Backed Finance to deepen its tokenized equities push, while Ondo Finance brought over 260 tokenized stocks to Hyperliquid, and Spreads launched live trading in tokenized equities with copy-trading features.
The mechanics center on fractional tokenization—converting shares into blockchain-native assets that enable 24/7 trading and programmable collateral use. Securitize is preparing fully on-chain trading for real public stocks in early 2026, issuing shares on-chain with full legal ownership and shareholder rights. Regulatory pathways are crystallizing: Nasdaq acknowledged investor demand for extended trading hours, noting that crypto's native 24/7 model has reset client expectations.
Outstanding questions remain around custody standards, regulatory clarity at scale, and whether on-chain equity volumes will sustain current momentum or consolidate around dominant platforms. The interplay between traditional market infrastructure and decentralized protocols, and whether tokenized stocks will function primarily as speculative instruments or settlement layers, has not yet fully resolved.