On March 24, the New York Stock Exchange (NYSE) reached a cooperation with digital asset company Securitize to jointly develop a tokenized securities platform that supports 24-hour trading, marking the official "on-chain" of Wall Street's core infrastructure. Against the background of the accelerated integration of traditional finance and the crypto world, the current mainstream stock tokenized trading platforms have formed three major camps - compliant crypto exchanges, licensed new brokers and DeFi native protocols. Together, they have built an emerging market with a total trading volume exceeding US$25 billion and more than 80,000 on-chain holders. Let's break it down together.

Table: MainstreamTokenized Stock Platform Inventory

Compliant Crypto Exchange: The Fusion of Centralized and On-Chain Experiences

BingX: AI-driven all-in-one tokenized stock trading platform

As of January 2026, the BingX platform supports 35 spot tokenized stocks and 26 futures markets, covering popular xStocks such as AAPLx, NVDAx, TSLAx, and assets such as GOOGLon and SPYon issued by Ondo.

We summarized the core advantages of the BingX platform: fractional stock investment (investing starts from a few cents), zero-fee spot trading (in most cases), and BingX AI-driven real-time market insight functions to help users detect trends and analyze fluctuations. The futures market supports leveraged long and short operations to meet the needs of advanced trading strategies. Early 2026 data shows that BingX has seamlessly integrated tokenized stock exposure with crypto-native functionality, making it particularly suitable for investors in areas restricted by traditional brokers.

Kraken xStocks: The Compliance Benchmark Backed by 1:1 Physical Stocks

Kraken’s xStocks product made history in February 2026, with total trading volume exceeding $25 billion, reaching this milestone less than 8 months after going online. Backed Finance, a Swiss licensed institution, provides 1:1 physical stock support and issues SPL tokens on multiple chains such as Solana, Ethereum, BNB Chain and TON. Currently, xStocks has more than 81,000 on-chain holders, accounting for nearly 50% of the tokenized stock market.

Kraken’s xStocks productTotal transaction volume exceeds US$25 billion

Features and benefits include support for self-custodial withdrawals to personal wallets, automatic reflection of dividend adjustments in token balances, and 24/5 trading (expanding to 24/7). Kraken also recently launched the xPoints points program to lay the foundation for possible future ecological tokens.

Bybit xStocks: DeFi-friendly platform for cross-chain interoperability

Bybit’s xStocks product also cooperates with Backed Finance, operates under the Swiss regulatory framework, and provides tokenized versions of major US stocks such as NVIDIA, Tesla, Apple, and Amazon. Its core differentiating advantage lies in DeFi interoperability - users can seamlessly transfer tokens to the decentralized ecosystem after buying them in Bybit. The platform supports USDT trading pairs, odd-lot ownership, and realizes the liquidity integration of CEX and DEX ecology. Within four weeks of its launch in July 2025, the transaction volume on the chain exceeded US$300 million, indicating strong market demand.

Licensed new broker: an on-chain extension of traditional trading experience

Robinhood EU: A leader in tokenized stocks in European markets

Robinhood's tokenized stock service for EU users has been expanded to 493 U.S. stocks and ETFs, with a total market value of more than $8.5 million and total minting volume exceeding $19.3 million. The tokens are built on the Arbitrum network and positioned as blockchain derivatives regulated by MiFID II.

Robinhoodtrading volume

We have noticed that Robinhood has recently been testing the L2 network for RWA, completing 4 million operations in seven days. As of early 2026, approximately 70% of deployed tokens are stocks, 24% are ETFs, and the remainder covers commodities, treasury bonds, and crypto-related ETFs.

Gemini tokenized shares: a highly regulated EU compliance option

Gemini works with partners such as Dinari to provide EU users with blockchain-based exposure to U.S. stocks, supporting odd-lot trading of assets such as MicroStrategy. The platform operates in a highly regulated environment, with tests showing spreads of approximately 0.4%, providing strong asset custody and reliable order execution.

We believe that the advantage of Gemini tokenized stocks is that it can gain exposure to U.S. stocks without the need for a traditional U.S. brokerage account, making it suitable for users seeking compliant and safe transactions in restricted jurisdictions.

DeFi native infrastructure: the ultimate in on-chain autonomy and composability

Raydium: Solana Ecosystem’s xStocks Liquidity Center

Raydium, Solana’s leading decentralized exchange, has become the main liquidity center for xStocks. Users can directly exchange tokenized stocks such as TSLAx and NVDAx on the chain, or provide assets to the liquidity pool to earn handling fees. Its advantage lies in the fast and low-cost transactions brought by Solana's high throughput, as well as its composability with other DeFi protocols such as lending protocols and aggregators. It is suitable for advanced users pursuing self-custody and on-chain income.

Jupiter: DEX aggregator with smart routing for optimal pricing

Jupiter is the DEX aggregator of choice for the Solana ecosystem, providing optimal pricing and lowest slippage execution for tokenized stocks by routing trades across multiple protocols.

JupiterLatest trading volume

According to DefiLlama data, Jupiter is the preferred DEX aggregator of the Solana ecosystem, and its cumulative DEX aggregation transaction volume has exceeded US$1.16 trillion. The DEX aggregate trading volume in the past 30 days was US$31.67 billion, the 7-day trading volume was US$7.906 billion, and the 24-hour trading volume reached US$736 million.

Kamino: Unlocking collateralized lending capabilities for tokenized stocks

Kamino takes the utility of tokenized stocks to a new level - users can use AAPLx, TSLAx, NVDAx and other assets as collateral in the lending market to achieve decentralized leverage and income strategies. The platform offers automated lending, structured products and risk management tools, allowing holders of tokenized stocks to obtain liquidity without selling. In addition, on March 17, Kamino launched the xPoints points program, becoming the first mainstream DeFi lending protocol to support tokenized stocks as collateral.

Phantom: a self-hosted wallet portal that natively supports xStocks

Phantom Wallet provides native support for xStocks on Solana. Users can hold, view and manage tokenized stocks directly in the wallet, and seamlessly connect with DEXs such as Raydium and Jupiter for transactions. We believe that its core value lies in its complete self-custody - users master the private keys and truly realize independent control of assets. It is a necessary entry point for investors in tokenized stocks on the chain.

In addition, among traditional exchanges, on March 19, the U.S. Securities and Exchange Commission (SEC) officially approved the Nasdaq exchange to promote a pilot plan for securities tokenized trading and settlement. In the future, tokenized settlement options will be added to the existing trading system. Tokenized stocks will share the order book with traditional stocks, are completely interchangeable, and will continue to use T+1 settlement. It is expected to be launched in Q3 of 2026.

Conclusion: Investment choices based on model distinctions

From the above platform inventory, we can see that the tokenized securities track is showing a clear differentiation of models: platforms such as BingX and Kraken provide centralized convenience and institutional-level liquidity, Robinhood EU focuses on compliant retail experience, while native DeFi solutions such as Raydium and Phantom give users maximum autonomy.

As the New York Stock Exchange joins hands with Securitize to promote the implementation of equity-native tokens, and the RWA market is expected to grow from US$36 billion at the beginning of 2026 to US$400 billion by the end of the year, tokenized stocks are moving from niche experiments to mainstream financial infrastructure.

The total value of tokenized stocks on the chain has exceeded $1.09 billion

As of March 18, the total value of tokenized stocks on the chain has exceeded $1.09 billion, 30-day growth rate: market size has increased by 15.1% in the past 30 days, year-to-date growth: achieving explosive growth of more than 2,900%. In the future, as more trading varieties complete tokenization transformation, the capital market will achieve all-weather trading, instant settlement and higher liquidity. The full implementation of the tokenized securities era will redefine the efficiency and boundaries of global asset circulation.

The above content is an analysis of "The New York Stock Exchange joins hands with Securitize to accelerate the listing of tokenized securities on the chain, and inventory of mainstream stock tokenized trading platforms‌‌‌‌‌‌". For the latest information on tokenized securities, please pay attention to Bijie.com.

Disclaimer: Readers are requested to strictly abide by local laws and regulations. The content of this article is based on public market information for reference only and does not constitute any investment advice.