Top 5 Platforms to Access Tokenized Stocks

The tokenization trend is rapidly growing, projected to be worth multi-trillion dollars in the coming years. This massive opportunity has captured the attention of not just crypto companies but also traditional financial (TradFi) institutions.

From JPMorgan Chase (JPM +0.25%), Goldman Sachs (GS -0.16%), BNY Mellon, UBS (UBS +0.71%), and Citi (C -0.06%) to Visa (V -0.28%), BlackRock (BLK +1.19%), and Franklin Templeton, tokenization has TradFi excited and is deploying capital in the blockchain industry.

This makes sense given that tokenization showcases the potential to overhaul the mainstream financial industry with 24/7 trading, faster settlement, lower costs, increased liquidity, transparency, and global accessibility. 

Now, to explain very briefly, tokenization is simply putting real-world assets (RWA) on-chain. It involves creating a digital representation of an original asset on the digital ledger. These digital blockchain-based assets, or ‘tokens’, are traded just like any other cryptocurrency.

As to what can be tokenized, just about anything. Art, real estate, intellectual property, bank deposits, bonds, stocks, funds, experiences, you name it. As BlackRock (BLK +1.19%) CEO Larry Fink wrote in this year’s annual shareholder letter:

“Every stock, every bond, every fund-every asset-can be tokenized.”

Over these past few years, tokenized RWAs have grown tremendously, going from about $2 billion at the beginning of 2022 to reaching $25 billion. 

So, tokenization is clearly having a moment, and while stablecoins are the most popular example of its adoption, there is one particular asset class that’s been gaining a lot of traction lately.

These shares or equities that represent ownership in a company are being put on-chain by companies. Their focus is specifically on the US stock market, which is the world’s largest at $56.5 trillion.

This year, a growing number of platforms have launched tokenized stock trading for both US and non-US clients. These blockchain assets are being introduced on different Layer 1 blockchains, including the most widely adopted Ethereum (ETH +0.52%), as well as Solana (SOL +2.51%), Aptos (APT +1.03%), Stellar (XLM +7.58%), Polygon (POL +1.6%), Arbitrum (ARB +0.61%), and ZKsync Era, with platforms even considering launching their very own chains.

Stocks on-chain currently account for only about $363 million in total value, but are expected to be much bigger.

Now, when investing in these tokenized stocks, it must be kept in mind that the ongoing stock tokenization isn’t true tokenization but rather the tokenization of synthetic shares with a lack of ownership rights, regulatory clarity, and investor protections. So, let’s first understand the difference between the two.

In true tokenization, platforms like Securitize tokenize real-world securities like equity shares or bonds, and issue blockchain-based tokens that represent legal ownership of those underlying assets.

These tokens represent real ownership with their backed shares recorded in a legal entity’s cap table. So, investors hold enforceable rights, thus may even receive dividends and get to participate in shareholder voting.

This type of tokenization provides legal protection and is only accessible through KYC/AML-compliant platforms like Securitize, which is a fully regulated U.S. platform that enables issuance, capital raising, and secondary trading of tokenized equity and other securities via its own broker‑dealer and ATS infrastructure. As of 2025, it’s leading the true tokenization space with over $4 bln invested through it.

In contrast, synthetic tokenization only offers price exposure to a stock, not actual ownership. 

The company has not issued or approved the tokens that follow the price of the real asset. So, the token holder does not own the actual share and thus has no legal ownership or rights. The tokens are actually backed by a custodian. This also falls outside the purview of regulations. 

Having said that, most recently, the Securities and Exchange Commission (SEC) announced the “Project Crypto” initiative, which aims to provide clearer frameworks for tokenized securities.

SEC Chair Paul Atkins has called tokenization “an innovation,” while crypto-friendly commissioner Hester Peirce describes tokenized securities as “enchanting, but not magical.” 

With that, now, let’s check out the top platforms where you can access tokenized stocks and make the most of this opportunity.  

1. eToro

The multi-asset investment platform announced just last week that it will soon begin offering its clients access to tokenized stocks.

eToro boasts 40 million registered users from all over the world, who can explore a variety of financial instruments, including stocks, crypto, currencies, and more. Now, its offerings will be expanded to also cover tokenized US stocks.

These digital presentations of stocks will launch as ERC-20 tokens on the Ethereum blockchain, starting with the 100 most popular US-listed stocks and ETFs. The blockchain-based tokens will be tradable 24/5. 

With this feature, the platform aims to offer its “global user base the flexibility to trade on their time-frame” as well as “in real-time in response to market events.”

Eventually, users will be able to move these assets off the platform and put them either into self-custody to enjoy better control and security or into DeFi protocols to take advantage of the massive open financial system and its myriad opportunities.

“Tokenization removes boundaries, providing transparency and control. It has the potential to democratize finance, making assets more accessible to more people.”

– eToro CEO and co-founder Yoni Assia

Interestingly, this move “towards a tokenized future” isn’t entirely a new one, as the regulated social trading platform has been involved in RWA tokenization for many years now. It was back in 2019 that eToro first launched tokenized versions of gold and silver.

“We’ve been long-term believers in a tokenized future,” said Assia, noting that by tokenizing traditional assets, “blockchain technology will facilitate the greatest ever transfer of wealth.” But that journey involves many hurdles, namely vested interests, he added. Still, progress is being made with new regulations, MiCA in Europe, and the Genius Act in the US, making the RWA tokenization “a new opportunity.”

By tapping into this opportunity with stock tokenization, eToro, according to Assia, is progressing towards its goal to “tokenize every asset” on the platform. The online brokerage company went public earlier this year in May on the Nasdaq.

In a recent interview with Fortune, Assia revealed plans to have its own chain. “We’re now evaluating a couple of potential partnerships with both layer 1s and layer 2,” said the CEO, adding, “We might launch basically a side chain of eToro.”

The launch isn’t imminent, though a side chain, he noted, makes sense if the company decides to put a portion of its operations on crypto rails.

2. Robinhood (HOOD +2.59%)

The tokenized stocks were actually put in the limelight by Robinhood when, back in June, it announced that its EU customers would be able to trade the tokens representing shares of U.S public companies 24 hours a day, five days a week, with zero commissions.

But that’s not all. The tokenized versions of over 200 stocks and ETFs also included tokens for private firms like OpenAI and SpaceX, which are not available to just anyone but rather only to the wealthiest through venture funds.

Those who buy these tokens offering exposure to public and private companies, however, won’t be getting any actual equity as the tokens are actually backed by a special purpose vehicle (SPV).

As OpenAI clarified, “We did not partner with Robinhood, were not involved in this, and do not endorse it,” and CEO Vlad Tenev admitted, the tokens are not “technically” equity, though they still give retail investors ‘indirect’ exposure to private assets. 

Even regulators have opened a formal inquiry into the unapproved tokens that have no equity ownership rights.

Robinhood’s push into RWA also involves its very own tokenization-focused L2, which is currently in development. This new blockchain will be built on Ethereum L2, Arbitrum, on which stock tokens will be initially issued before being facilitated by its own L2.

The online brokerage has also been advocating for sensible tokenization legislation in the US, submitting a proposal to the SEC to establish a national framework for RWAs.

“Crypto was built by engineers for engineers, and has not been accessible to most people. We’re onboarding the world to crypto by making it as easy to use as possible.”

– Johann Kerbrat, GM and SVP of Robinhood Crypto

The tokenized stock initiative by the commission-free trading platform, which allows users to trade stocks, ETFs, and options, was introduced along with crypto staking for US customers and the acquisition of crypto exchange Bitstamp and crypto service provider WonderFi.

With these offerings, Robinhood is laying “the groundwork for crypto to become the backbone of the global financial system,” Tenev said.

All of this follows Robinhood reinstating SOL, ADA, and XRP on its platform in Nov. 2024. The platform delisted these assets in June 2023 after the SEC deemed them unregistered securities. President Donald Trump winning the US elections and bringing regulatory clarity prompted the shift in Robinhood’s treatment of crypto.  

As a result of embracing crypto, its Q2 2025 financials saw cryptocurrency revenue surging 98% to $160 million as Robinhood App crypto notional trading volumes jumped 32% YoY to $28 billion.

3. Coinbase (COIN +4.72%)

As mainstream financial firms embrace tokenized stocks, crypto-native companies like Coinbase are also making fast progress on the trend.

Last week, while reporting its Q2 2025 earnings, the largest cryptocurrency exchange in the US shared its plans to offer its users everything that they want to trade “in a one-stop shop, on-chain.”

“We’re bringing all assets onchain — stocks, prediction markets, and more. We’re building the foundations for a faster, more accessible, more global economy.”

– Max Branzburg, Head of Consumer & Business Products at Coinbase, told CNBC

He also took to X (formerly Twitter) to share why their ‘everything exchange’ is a big deal. Branzburg pointed out that they can transform the massive trillion equities market “by building the bridge to onchain capital markets.”

As part of this strategy to be an “everything exchange”, Coinbase will provide access to tokenized stocks as well as early token sales, derivatives, and prediction markets. The new services will be launched first in the US in the coming months and will then expand all over the world.

A “gradual international rollout based on jurisdictional approvals,” Branzburg said, is right around the corner. 

Taking advantage of the pro-crypto administration, Coinbase is currently seeking SEC approval for the same, and once it gets the green light, it will provide 24/7 stock trading with lower settlement costs. Coinbase’s chief legal officer, Paul Grewal, told Reuters a couple of months ago that it is actively seeking permission from the SEC to offer “tokenized equities” to its customers and called it a “huge priority” for the exchange. 

Coinbase’s vision to become a comprehensive financial platform will put it in direct competition with the likes of Robinhood and Charles Schwab, as well as other crypto exchanges like Kraken and Gemini, which are currently offering similar products to investors outside the US.

By offering its services to U.S. investors, Coinbase can actually gain a competitive edge over its peers.

Amidst this, Coinbase unveiled its “super app” Base, a rebrand of the Coinbase Wallet, which will offer everything from trading, payments, and AI agents to a social network. Currently available only for waitlisted users, the app will turn every post into a coin, enabling creators to monetise their content instantly.

4. Kraken

Unlike Coinbase, Kraken is already offering over 60 tokenized US stocks and ETFs to its users in Europe. For this service, the exchange is using Backed Finance’s xStocks platform, which is built on the Solana blockchain.

The “xStocks”, not yet available in the US, are 24/7 on-chain tokens of publicly traded US company shares, including blue chips like Tesla (TSLA -3.68%), Amazon (AMZN +0.56%), as well as crypto firms like Coinbase. Each of these tokens is fully backed 1:1 by the underlying stock held by a licensed custodian. 

The Switzerland-based Backed Finance is the one issuing these tokens while operating under the local DLT regulatory framework. Besides Kraken, its stock tokens are launched on Bybit, Bitget, and various Solana DeFi protocols. 

While the token versions of US stocks are built using the Solana Program Liberty (SPL) token standard, earlier in July, Kraken and Backed Finance expanded them to the BNB Chain, allowing them to also be issued as BEP-20 tokens and accessible to users across this new ecosystem.

With BNB Chain joining the xStocks Alliance, Kraken also allows users to deposit and withdraw xStocks tokens through the BNB Chain in order to integrate equity tokens deeper into DeFi.

“This is the beginning of an always-on equity market — one that is permissionless, transparent, and built for the internet,” said Kraken co-CEO Arjun Sethi. “These instruments behave as programmable settlement primitives, unlocking atomic settlement, real-time global transferability, and composability with on-chain lending, derivatives, and structured products.”

Kraken first announced the launch of tokenized equities in May, to be made available only in select markets outside the US. This offering allows people from all over the world to own a share of a tokenized stock with the ability to move, hold, use, spend, or borrow against it without delays. 

For US customers, Kraken has a traditional stock trading platform that offers more than 11,000 stocks and ETFs. This move came following the $1.5 billion acquisition of retail futures trading platform NinjaTrader, emphasizing the accelerated entwining of digital and traditional finance.

“Expanding into equities is a natural step for us, and paves the way for the tokenization of assets. The future of trading is borderless, always on and built on crypto rails,” said Sethi at the time.

5. Gemini

Yet another crypto exchange that has joined the tokenized stock race is Gemini. This one has started with 40 stocks, with new ones being added constantly. 

Traditional financial rails, according to Gemini, are “in need of modernization,” and tokenized stocks are the perfect solution, providing “investors greater access with fewer restrictions.” By allowing users to hold both stocks and crypto on-chain on one platform, the exchange is “offering a frictionless experience in one place.”

Gemini launched tokenized US equities for EU customers at the end of June 2025 in partnership with Dinari. The tokenization platform, according to Reuters, has obtained a broker-dealer license from the SEC to operate in the US, making it the first one to secure the license to offer blockchain equity trading. 

Dinari is now planning to launch a product for American investors in the coming months.

For now, its tokenized stocks, called dShares, can be acquired by traders outside the US. In partnership with Dinari, Gemini began offering the products to its Europe-based users, starting with a tokenized version of MSTR (MSTR +1.99%) and with the promise of “more tokenized stocks and ETFs in the coming days.”

Michael Saylor’s Strategy (MSTR) is known for its aggressive Bitcoin approach, having accumulated 628,791 BTC, representing almost 3% of Bitcoin’s fixed 21 million supply. The tokenized versions of the MSTR aim to close the gap between the traditional stock market and blockchain participation.

Recently, the exchange added dShares of Reddit (RDDT +5.96%), Nike (NKE -1.29%), and more. Each of these tokenized assets is backed 1:1 by actual US equity.

Gemini users can purchase these tokens on the exchange, then take them anywhere on-chain goal to “export U.S. equities across the globe and connect the greatest companies on planet earth to the people of planet earth,” which the exchange says, “is great for America and great for the rest of the world.”

Currently, these tokenized assets are available on the Arbitrum network, with more networks to be supported soon.

Conclusion

So, tokenization is clearly one of the biggest trends of the crypto sector, marking a new era for both crypto and traditional finance. By bringing the benefits of 24/7 access, global reach, transparency, and programmability to one of the world’s largest and most regulated asset classes, platforms like eToro, Robinhood, Coinbase, Kraken, and Gemini are all set to unlock tremendous opportunities for their users!