DefiLlama research report analyzes how tokenized equities are reshaping market structure, liquidity, and trading behavior.
RWA & Tokenization ·
Tokenized equities have emerged as one of the fastest-expanding segments in decentralized finance, with their active market capitalization climbing more than 140% from $814 million early in the year to $1.976 billion as of the report's publication, according to DefiLlama research. Bitget's launch of Stocks 2.0 reflects growing platform interest in this space, introducing two distinct pathways for equity exposure: one modeled on conventional brokerage operations and another built natively on blockchain infrastructure.
The two products serve contrasting user needs. Bitget Stock+ routes orders through regulated U.S. financial intermediaries—including Parsa Financial Services, Atomic Vaults Securities for broker-dealer functions, and RQD Clearing for settlement—with shares held in securities accounts rather than as onchain tokens, preserving features like dividends and voting rights alongside access to over 10,000 U.S.-listed stocks and ETFs. Reality rTokens, by contrast, enable crypto-native trading: users deposit USDT, trade fractional amounts via order books, and move positions between margin accounts and personal wallets much like traditional digital assets, with Reality Protocol managing token issuance beneath Bitget's distribution layer.
The structural differences between the two approaches reveal how platforms are navigating the intersection of traditional finance and crypto infrastructure, though questions remain around adoption patterns, fee economics, and longer-term competitive dynamics across the tokenized-equity ecosystem.