Overview
- The combined market value of tokenized stocks reached an all-time high of $1.2 billion, with Token Terminal highlighting the strongest gains in September and December 2025.
- The EU markets watchdog warned of investor confusion over ownership and noted that most tokenized equity projects remain small and illiquid.
- Backed Finance rolled out roughly 60 xStocks on Ethereum via Kraken and Bybit, and Securitize outlined compliant onchain trading that targets direct share ownership.
- Nasdaq disclosed an SEC filing to offer tokenized stocks, and Ondo Finance and Coinbase detailed forthcoming tokenized equity and stock-trading offerings, with Ondo targeting early 2026.
- Industry observers compare the phase to early stablecoins and DeFi in 2020, while Cantor Fitzgerald said tokenized RWAs tripled in 2025 to $18.5 billion and projected further growth into 2026.