US stocks on the chain: opportunities, challenges and economic logic under the wave of tokenization

Author: Zhang Wuji wepoets

With the rapid development of blockchain technology and the digital transformation of the global financial market, the tokenization of US stocks, as a cutting-edge financial innovation, is gradually moving from concept to reality. By converting traditional stock assets into digital tokens on the blockchain, tokenization breaks the limitations of geography and time, providing global investors with more efficient and convenient investment channels. However, while this emerging field brings huge potential, it also faces multiple challenges in compliance, technology and market acceptance. This article explores the logic and significance behind the tokenization of US stocks from four aspects: the current situation, potential, compliance path, market impact and investment considerations, and attempts to provide investors and industry observers with a comprehensive perspective.

Part 1: Total market value of US stocks, overview of tokenization projects and potential analysis

Total market value of U.S. stocks

As of June 2025, the total market value of the U.S. stock market has exceeded 55 trillion U.S. dollars, accounting for about 50% of the global stock market value, ranking first in the global capital market. This scale is due to the steady growth of the U.S. economy, continuous innovation in the technology industry and mature financial infrastructure.

Technology giants listed on NASDAQ and the New York Stock Exchange (NYSE), such as Apple, Microsoft, and NVIDIA, have market capitalizations of trillions of dollars and have become the core pillars of the U.S. stock market. The high liquidity, transparency, and global influence of U.S. stocks make them ideal targets for tokenized assets.

Overview of US Stock Tokenization Projects and Platforms

The tokenization of US stocks converts traditional stocks into digital tokens through blockchain technology. Investors indirectly own the rights and interests of the underlying stocks by holding tokens. These tokens are usually anchored to real stocks at a 1:1 ratio, supporting 24/7 trading, partial equity investment and decentralized settlement. The following are the current major tokenization projects and platforms:

1. Kraken : In May 2025, Kraken announced the launch of tokenized US stock trading services for non-US customers, covering popular stocks such as Apple and Tesla. The platform uses blockchain technology to achieve 7×24 hours trading, breaking through the trading time restrictions of the traditional stock market.
2. Coinbase : Coinbase is communicating with the SEC, seeking approval to launch on-chain U.S. stock trading services, planning to cover spot, contract and decentralized exchange (DEX) functions, challenging traditional brokerages such as Robinhood.
3. Bybit : Bybit launched USDT-based stock CFD trading on its TradFi platform on May 19. Users only need to create an MT5 account to directly use USDT collateral to trade US stocks. The stocks currently include 78
4. Ondo Finance : Ondo Finance is a decentralized institutional-grade financial protocol that has partnered with the Trump family project WLFI. As early as February 5, Ondo Finance announced the upcoming launch of the RWA tokenized trading platform Ondo Global Markets (Ondo GM), which will allow users to buy and sell stocks, bonds, and ETF tokens backed by real assets at a 1:1 ratio.
5. MyStonks : MyStonks is a decentralized digital asset trading platform. It launched the on-chain US stock token market in May 2025. It cooperates with global asset management institutions to provide custodial-backed tokenized US stock trading services, covering popular stocks such as Apple, Amazon, and Google. Users can purchase stock tokens through USDC or USDT. The platform converts stablecoins into US dollars, purchases real stocks, and mints ERC-20 tokens at a 1:1 ratio.

In addition, there are US stock tokenization platforms and projects such as Backed, Dinari, Helix, and DigiFT, which are all worthy of attention.

The potential scale and development prospects of on-chain US stocks

According to forecasts by Boston Consulting Group (BCG) and other institutions, the market size of real-world assets (RWA) tokenization is expected to reach 2 trillion to 30 trillion US dollars by 2030, covering assets such as stocks, bonds, and real estate. Currently, the market size of tokenized assets is about 12 billion US dollars (excluding stablecoins), and the tokenization of US stocks, as a core component, has great potential.

Development prospects :

1. Global accessibility : Tokenization eliminates geographical barriers, and non-U.S. investors can invest in U.S. stocks without a traditional brokerage account, significantly lowering the entry threshold.
2. All-weather trading : Blockchain supports 24/7 trading, making up for the shortcomings of traditional stock market closing time and improving market flexibility.
3. Cost efficiency : Decentralized settlement reduces intermediaries and reduces transaction costs. For example, MyStonks’ transaction fee is as low as 0.3%, which is much lower than traditional brokerages.
4. Improved liquidity : Fractional ownership makes high-priced stocks such as Amazon (about $4,000 per share) more attractive to small and medium-sized investors, promoting market liquidity.
5. Financial innovation : Tokenized stocks can be used as collateral for DeFi protocols, giving rise to new products such as on-chain lending and derivatives trading.

The tokenization of U.S. stocks reduces intermediaries and optimizes settlement processes through blockchain technology, thereby reducing information asymmetry and transaction friction costs, thereby attracting more global investors to participate and increasing market size and liquidity. However, the realization of tokenization scale depends on the maturity of technology, regulatory clarity and market trust. In the next five to ten years, with the optimization of blockchain technology and the improvement of the regulatory framework, the tokenization of U.S. stocks is expected to become one of the mainstream ways of global investment.

Part II: Compliance Risks, Development Barriers and Compliance Paths

Compliance risks and development barriers

While U.S. stock tokenization is innovative, it also faces significant compliance risks and development barriers:

1. Regulatory uncertainty : The SEC has a strict regulatory attitude towards tokenized securities and may regard them as securities assets subject to the Securities Exchange Act of 1934. Past harsh enforcement of ICOs shows that the SEC is extremely strict in its scrutiny of tokenized projects.
2. Anti-money laundering and KYC requirements : Tokenization platforms need to strictly implement KYC (know your customer) and AML (anti-money laundering) regulations to ensure the legality of the source of funds.
3. Cross-border regulatory challenges : The tokenization of U.S. stocks is aimed at the global market and needs to deal with regulatory differences in different countries and regions.
4. Technical and security risks : Smart contract vulnerabilities, hacker attacks, or improper private key management may lead to asset losses.
5. Market acceptance : Traditional investors have low trust in blockchain technology, and some investors are taking a wait-and-see attitude because they are unfamiliar with on-chain transactions.

Compliance path exploration and design

To promote the development of U.S. stock tokenization, the platform needs to design a clear compliance path:

1. Broker-dealer license : As in the case of Dinari, a US stock tokenization project, registering as an SEC-approved broker-dealer is key to compliance and ensures the legal issuance and trading of tokenized stocks.
2. Regulatory cooperation : Communicate with the SEC, Commodity Futures Trading Commission (CFTC), and other agencies to develop a tokenization framework that complies with securities regulations. For example, Coinbase is negotiating with the SEC to ensure that tokenized shareholders have the same rights as traditional shareholders.
3. Standardized technology : Adopt Polymath’s ERC-1400 or Securitize’s compliance framework to ensure tokens are transparent and auditable.
4. KYC/AML process : Cooperate with blockchain analysis companies to enhance transaction transparency and reduce money laundering risks.
5. Cross-border compliance coordination : Cooperate with the Hong Kong Monetary Authority, the European Union’s ESMA and other institutions to develop cross-border tokenized transaction standards.

According to institutional economics, a clear regulatory framework and property rights protection are the cornerstones of market development. Tokenization platforms reduce institutional uncertainty through compliance paths, which is conducive to building investor trust, thereby reducing market friction, promoting capital flows and market expansion.

Part 3: Multi-dimensional Impact of US Stock Tokenization

Impact on the cryptocurrency world

1. Capital inflow : Tokenization attracts traditional financial investors to enter the crypto market, increasing the liquidity and market value of crypto assets. The total market value of the global crypto market has reached 3.3 trillion US dollars in 2025, and the introduction of tokenized stocks will further promote capital inflow.
2. Ecological integration : The tokenization of U.S. stocks promotes the integration of DeFi and traditional finance, giving rise to new products such as on-chain lending and derivatives. For example, tokenized stocks can be used as collateral to participate in DeFi protocols and improve asset utilization.
3. Intensified competition : Crypto exchanges such as Coinbase, Kraken, and MyStonks are facing increasing competition from traditional brokerages, which may reshape the industry landscape.

Impact on traditional financial markets

1. Trading model innovation : 24/7 trading and partial equity models challenge the business model of traditional brokerages, forcing brokerage platforms such as Robinhood to accelerate digital transformation.
2. Cost and efficiency : Blockchain settlement reduces intermediaries and reduces transaction costs, but it may squeeze the profit margins of traditional brokerages.
3. Regulatory pressure : The popularity of tokenization will prompt the SEC to speed up the formulation of new regulations and increase the compliance costs of traditional financial institutions.

Impact on the U.S. Economy

1. Consolidation of the status of a financial center : The tokenization of U.S. stocks enhances the global appeal of the U.S. capital market and consolidates its status as a financial center.
2. Innovation-driven : Tokenization promotes the application of blockchain technology in the financial field and promotes the coordinated development of science and technology and finance.
3. Potential risks : Regulatory lags could lead to market manipulation or liquidity crises, threatening financial stability.

Impact on the development of the world economy

1. Extension of US dollar hegemony : The tokenization of US stocks is denominated in US dollars, combined with the global circulation of stablecoins, which strengthens the dominant position of the US dollar in the global financial system.
2. Emerging market opportunities : Tokenization lowers the investment threshold, provides emerging market investors with opportunities to participate in U.S. stocks, and promotes global capital flows.
3. Geo-economic game : The United States’ promotion of tokenization may prompt China, the European Union and other countries to accelerate their digital asset layout and change the global financial competition landscape.

Technological innovation is a key driver of economic growth. As a combination of technology and finance, the tokenization of US stocks will promote the digital transformation of the US economy and enhance its long-term growth potential. However, excessive innovation may lead to a regulatory vacuum, and it is necessary to balance innovation and stability. The tokenization of US stocks expands the global use of the US dollar through US dollar stablecoins (such as USDC and USDT) and consolidates its status as a reserve currency. At the same time, tokenization promotes the efficiency of global resource allocation, but it may increase the risk of financial volatility in emerging markets.

Part 4: Considerations, taxation and risk management for U.S. stocks in the investment chain

Investment considerations

1. Choose a compliant platform : Give priority to SEC-certified platforms, such as Dinari and MyStonks, to avoid legal risks of non-compliant platforms.
2. Understand the token mechanism : confirm whether the token is 1:1 anchored to real stocks and whether the redemption mechanism is transparent.
3. Technical risk assessment : Check the blockchain security of the platform, such as smart contract audits, multi-signature wallets, etc.
4. Market volatility : Tokenized stocks are affected by the dual fluctuations of the U.S. stock market and the crypto market, and it is necessary to pay attention to the overall market risks.

Tax issues

In the United States, tokenized stock transactions are considered securities transactions and are subject to IRS tax regulations:

1. Capital Gains Tax : Trading gains are subject to short-term (holding period ≤ 1 year, tax rate 10%-37%) or long-term (holding period > 1 year, tax rate 0%-20%) capital gains tax.
2. Transaction records : Investors need to keep complete transaction records, including buying and selling time and price, for tax reporting.
3. Cross-border taxation : Non-US residents must comply with the tax laws of their respective countries. It is recommended that you consult a professional tax advisor.
4. Stablecoin taxation : Transactions using USDC or USDT may require reporting capital gains on each transaction, increasing tax complexity.

The tax complexity of tokenized stocks may increase investors’ compliance costs and affect market participation. Clear tax guidance and automated tax tools can reduce the compliance burden and promote market development.

Risk Management

1. Diversify your investments : Avoid investing in a single tokenized stock or platform to reduce non-systematic risks.
2. Stop-loss strategy : Use the stop-loss function provided by the platform to control losses caused by market fluctuations.
3. Security measures : Check account security regularly and ensure the security of private keys and multi-signature wallets.
4. Regulatory trends : Pay attention to policy changes from the SEC and other agencies, and adjust investment strategies in a timely manner.

SUM

As a bridge between blockchain technology and traditional finance, the tokenization of U.S. stocks has demonstrated the potential to reshape the global capital market. By reducing transaction costs, improving liquidity and expanding market accessibility, tokenization promotes the efficiency and inclusiveness of the financial market.

However, compliance risks, technical challenges and market acceptance remain the main obstacles to its development. From an economic perspective, tokenization can inject new impetus into the U.S. and even global economy by reducing transaction friction, optimizing resource allocation and promoting technological innovation, but we need to be wary of the risks brought about by regulatory lags and market fluctuations.

For investors, on-chain U.S. stocks provide new investment opportunities, but they need to carefully select compliant platforms, understand tax requirements, and implement effective risk management strategies. The rise of platforms such as Dinari and MyStonks marks the rapid maturity of the tokenization market, and its compliance and security mechanisms set a benchmark for the industry. In the future, with the improvement of the regulatory framework and the advancement of blockchain technology, the tokenization of U.S. stocks is expected to become an important part of the global financial market, reshape the investment landscape, and usher in a new era of digital finance.

The last sentence, the risk of on-chain US stocks is relatively high, NFA, DYOR!