Tokenized Stocks in 2025: Platforms, Regulation, and the Road Ahead
Tokenized stocks have shifted from an experimental idea to a live market in 2025. Blue-chip equities, popular ETFs, and even shares of private companies are now mirrored on blockchains and traded around the clock. This guide breaks down how the instruments work, who is listing them, and where regulation is heading as Wall Street and Web3 converge.
What Are Tokenized Stocks and How Do They Work?
Tokenized stocks are blockchain tokens that track the economic value of real-world equities. Each token is backed by a share (or fraction of a share) held by a licensed custodian, so a tokenized Apple stock moves in lockstep with Apple Inc. shares on Nasdaq. Because they are issued as standard tokens (such as ERC-20 on Ethereum or SPL on Solana), they plug directly into crypto exchanges, wallets, and smart contracts. Issuers rely on oracles like Chainlink for price feeds and on-chain proof-of-reserve attestations so that investors can verify every token is backed 1:1.
Legally, most offerings operate like depository receipts or derivatives: token holders receive price exposure and dividends "where permitted," but they typically do not gain shareholder voting rights. That design keeps issuers compliant with securities rules in Switzerland, the European Union, and other supportive jurisdictions. In contrast, the United States still treats tokenized shares as regulated securities, forcing platforms either to exclude U.S. retail investors or to obtain full broker-dealer approvals.
The 2025 Token Menu: From FAANG to Private Unicorns
Availability has surged. Backed Finance alone listed more than 60 U.S. stocks and ETFs in mid-2025, covering names like Apple (AAPLX), Tesla (TSLAX), NVIDIA (NVDAX), Alphabet (GOOGLX), Coinbase (COINX), and S&P 500 trackers (SPYX). By August 2025, SPYX led the market with roughly $10 million in circulating supply, while TSLAX and CRCLX (Circle’s equity) followed in the mid-single-digit millions.
Issuers are also experimenting beyond public names. Robinhood’s EU crypto arm rolled out 200+ tokenized equities, including private companies such as OpenAI and SpaceX. Gemini’s first listing with Dinari was MicroStrategy (MSTRX), appealing to investors seeking indirect Bitcoin exposure. Tokens tied to sector ETFs, U.S. Treasury bond funds, and crypto-native companies (like DeFi Development Corp’s DFDVX) underline the widening scope.
Where Can You Trade Tokenized Stocks?
Regulated and Licensed Venues
- Robinhood (EU) issues tokens on Arbitrum and lets verified European users trade more than 200 U.S. stocks and ETFs nearly 24/5. The pilot is commission-free and focuses on accessibility while keeping assets custodied inside the app for now.
- Gemini (EU) x Dinari launched on Arbitrum with MicroStrategy and plans to expand to other Layer-2s such as Base. Customers can withdraw dShares to self-custody wallets, marrying compliance (FINRA-registered transfer agent, Malta MiFID license) with on-chain utility.
- eToro is preparing ERC-20 versions of its top 100 U.S. listings. The roadmap includes two-way bridges so clients can withdraw tokens to DeFi or deposit them back for settlement as traditional shares, pending regulatory approvals.
- Swarm Markets (Germany) combines BaFin oversight with permissioned DeFi. KYC’d users access Polygon-based tokens representing Apple, Tesla, and even Treasury ETFs, trading through AMM-style liquidity while staying inside a regulated perimeter.
Global Crypto Exchanges
- Kraken, Bybit, KuCoin, and Bitget list Backed Finance’s xStocks. These ERC-20 tokens are bridged to Solana for low-latency trading against USDT. Fees mirror spot crypto (≈0.1–0.26%), and several exchanges already enable withdrawals to on-chain wallets for use in DeFi.
- Liquidity is growing quickly: within the first month of launch, xStocks recorded more than $300 million in cumulative volume across CeFi and Solana DEX integrations. Still, spreads widen when U.S. markets close because market makers have limited hedging options after hours.
DeFi and Self-Custody
Once withdrawn, tokenized stocks can circulate on public chains. Holders can swap them on Solana’s Jupiter aggregator, seed liquidity pools, or post them as collateral in emerging lending markets. Liquidity is thinner than on centralized venues, and issuers caution that redemption may depend on complying with geographic restrictions. Synthetic stock protocols from the early 2020s have largely faded, giving way to asset-backed tokens with transparent custody.
Platform Comparison Snapshot
| Platform | Status & Access | Notable Listings | Blockchain | Fees & Features |
|---|---|---|---|---|
| Kraken (CeFi) | Live for non-U.S. users with KYC | ~60 U.S. equities & ETFs via xStocks | ERC-20 bridged to Solana | Standard spot fees (~0.1–0.26%), 24/5 trading, withdrawals rolling out |
| Bybit (CeFi) | Live for non-U.S. users with KYC | Same xStocks roster as Kraken | ERC-20 bridged to Solana | ~0.1% fees, on-chain transfers supported |
| Robinhood (Broker, EU) | Licensed in Lithuania, EU residents only | 200+ U.S. stocks, ETFs, plus private firms | Arbitrum | Commission-free, app-native experience, custodial during pilot |
| Gemini (CeFi) | Available in 30+ EU countries | Starting with MicroStrategy, expanding roster | Arbitrum (expanding to Base) | Exchange fees (~0.2%+), on-chain withdrawals, FINRA transfer agent |
| eToro (Broker) | Launching late 2025 in EU | ~100 top U.S. names planned | Ethereum mainnet | Commission-free trading, two-way token-to-share bridge in roadmap |
Regulatory Momentum and Institutional Interest
The compliance landscape is evolving fast. European frameworks like MiCA, along with Swiss and German DLT statutes, give issuers clear guidance. The World Federation of Exchanges has urged crackdowns on unregulated venues, prompting exchanges to partner with licensed custodians and publish proof-of-reserve attestations.
In the U.S., SEC officials reiterate that tokenized equities remain securities. Platforms therefore geo-block American retail users, and companies such as Coinbase are lobbying for a formal pathway. A potential breakthrough came in September 2025 when Nasdaq petitioned the SEC to list tokenized versions of its equities, envisioning a future where traditional and blockchain-native settlement coexist.
Outlook: 24/7 Markets With Guardrails
Analysts expect real-world asset tokenization to balloon from roughly 19 trillion by 2033, with equities playing a starring role. Tokenized stocks promise fractional access, instant settlement, and composability with DeFi—but they still depend on trustworthy custodians and regulatory clarity.
Key trends to watch:
- Institutional adoption as exchanges and banks pilot tokenized settlement rails.
- Liquidity incentives to keep markets tight during off-hours, potentially via automated market-making schemes and reward programs.
- Enhanced investor protection, including insurance, transparent audits, and standardized redemption rights.
- Interoperability between tokenized and traditional share registries, enabling investors to move seamlessly between weekend trading and Monday morning sell orders on primary exchanges.
Tokenized stocks in 2025 feel like the early days of online brokerage: still rough around the edges but racing toward mainstream relevance. For builders, they unlock novel DeFi primitives that are legally anchored to real assets. For regulators, they offer a testing ground for modernizing capital markets. And for investors, they hint at a future where Wall Street never sleeps—provided the safeguards keep up with the innovation.