Overview

• Reuters reports the market for retail‑focused tokenized public stocks has jumped to $412 million as of September, up from only a few million a year earlier, according to RWA.xyz.
• Robinhood, Gemini and Kraken are offering tokenized shares in Europe, while Coinbase, Robinhood and Dinari are seeking U.S. approval to launch similar products.
• Structures vary widely, with some tokens collateralized 1:1 by underlying shares and others providing only derivative exposure that can omit voting and dividend rights and add issuer counterparty risk.
• Nasdaq filed a proposed rule change last month to list tokenized equity securities and related products, an approach the World Federation of Exchanges says could align tokens with traditional stock safeguards.
• SEC chair Paul Atkins has signaled potential exemptions for issuers, a step opposed by Citadel Securities and SIFMA, as ESMA monitors risks and Robinhood’s OpenAI‑linked promotion drew pushback and regulatory scrutiny in Europe.