The Race to List Tokenized Stocks in America: Why…

KEY TAKEAWAYS

1. Robinhood launched over 200 tokenized stock and ETF tokens on the Arbitrum network in June 2025, later deploying its own dedicated Ethereum Layer 2 chain for expanded global trading access.
2. Kraken acquired Backed Finance in December 2025 and then partnered with Nasdaq to build a comprehensive tokenized equity infrastructure, with xStocks surpassing $25 billion in total transaction volume.
3. Coinbase debuted four tokenized stocks, Apple, Nvidia, Meta, and Alphabet, on the Base network in August 2026, surpassing one billion dollars in total DEX volume within its first operational month.
4. The SEC issued a January 2026 staff statement confirming that all tokenized securities remain fully subject to existing federal securities laws regardless of their issuance format or underlying blockchain technology.
5. Tokenized real-world assets on public blockchains grew from $6.6 billion to $26.4 billion, according to RWA.xyz, with the $26.4 billion figure recorded in March 2026.

The tokenized real-world assets market reached $26.4 billion in March 2026, per RWA.xyz. This figure represents a fourfold increase within just a single calendar year. Three major platforms now compete aggressively for dominance in this growing space.Robinhood deployed its own blockchain to settle tokenized equity trades across borders. Kraken acquired infrastructure assets and formed a key partnership with the Nasdaq. Coinbase launched tokenized versions of leading equities on its Base network platform.Tokenized stocks have already surpassed the 2.3 billion dollar total value threshold. The SEC clarified that existing securities laws still fully govern these instruments. Each platform brings distinct strategies and infrastructure to this competitive marketplace today.

How Robinhood Built a Dedicated Blockchain for Stock Tokens

Robinhood introduced over 200 tokenized stocks and ETF tokens in 2025. These tokens launched on the Arbitrum network with zero trading commissions applied. Global investors gained access to American equities through onchain tokenized equities directly.Robinhood Chain reached mainnet status as an Ethereum Layer 2 network afterward. The chain launched on July 1, 2026, purpose-built for financial applications. Core partners include Uniswap, Chainlink, BitGo, and Alchemy for infrastructure needs.The chain recorded 312 million dollars in total value locked by July. Daily tokenized-stock volume on the network averaged $55 million. Robinhood processed over 138 million transactions within its first 30 operational days.Vlad Tenev, Robinhood’s chief executive, shared his perspective at Token2049 Singapore. “Tokenization is like a freight train. It cannot be stopped and will eventually eat the entire financial system,” Tenev declared. CoinDesk reported that the market value of real-world assets on Robinhood Chain had increased fivefold to about $70 million since launch.The platform eliminated trading fees to attract retail participation from global markets. Each token represents a one-to-one claim on the underlying stock held. Robinhood’s strategy focused on removing traditional barriers to market access for investors.BitGo handles custody while Chainlink provides reliable price data for token valuations. Alchemy powers the developer infrastructure supporting applications built on Robinhood Chain today. Uniswap enables decentralized exchange functionality for seamless token trading across the ecosystem.Institutional adoption metrics indicate growing confidence in Robinhood’s blockchain ecosystem overall. Several decentralized finance protocols have already integrated with the network for liquidity. Robinhood's stock tokens went live in more than 120 countries when its mainnet launched on July 1, 2026.

Kraken and Coinbase Take Different Routes to Tokenized Equities

Kraken launched its xStocks platform, offering over 100 tokenized equities to traders. The platform has surpassed $25 billion in total transaction volume. Kraken acquired Backed Finance in December 2025 to strengthen its token infrastructure.In March 2026, Kraken partnered with Nasdaq to develop tokenized equity products. This partnership aims to create tokenized stocks that include full voting rights. Arjun Sethi, Kraken's co-chief executive, outlined a long-term adoption timeline recently.Sethi forecasted a five- to ten-year timeline for full institutional adoption. The Kraken Blog confirmed that the Backed Finance acquisition expanded its token capabilities. Voting rights preservation distinguishes this platform from most existing tokenized equity offerings.Coinbase entered the market with four tokenized stocks on Base in August: Apple, Nvidia, Meta, and Alphabet. Coinbase surpassed one billion dollars in DEX volume within its first month.Brian Armstrong, Coinbase's chief executive, described it as a global access initiative. Armstrong stated the goal is to open markets to four billion unbrokered people. Coinbase tokenized US stocks are available to international investors outside American borders.Base network provides low-cost transactions that are ideal for equity trading today. Both platforms compete directly for international investors seeking American equity market exposure.Kraken’s acquisition strategy differs fundamentally from Coinbase’s organic platform development approach. Each company has chosen distinct infrastructure paths to serve similar market segments. Regulatory compliance and investor protection remain critical differentiating factors for both firms.

SEC Regulatory Clarity Reshapes the Tokenized Securities Landscape

The SEC issued a staff statement in January 2026 addressing tokenized securities directly. The statement confirmed that tokenized securities fall under existing federal securities laws. The blockchain issuance format does not exempt securities from registration and disclosure requirements.SEC Chairman Paul Atkins convened a roundtable on tokenization in May 2025. Industry stakeholders discussed regulatory frameworks needed to support tokenized securities market growth. This roundtable signaled a shift toward regulatory accommodation of blockchain financial products.The SEC approved Nasdaq's rule change in March 2026 to allow tokenized securities to trade on its exchange infrastructure. The change permits tokenized versions of Russell 1000 stocks and certain ETFs to trade on the same order book through the DTC pilot. The pilot represents a milestone for integrating blockchain with traditional market infrastructure.Dinari says it is the first company to offer tokenized U.S. stocks directly to American investors. Self-custody wallets eliminate the need for traditional brokerage accounts for investors.Compliance requirements include standard registration, disclosure, and reporting for all token issuers. Federal banking regulators issued equivalent capital treatment guidance for tokenized asset holdings. These developments collectively signal growing regulatory acceptance of blockchain-settled financial instruments.Market participants now have clearer guidelines for launching tokenized equity platforms domestically. Regulatory clarity reduces legal uncertainty that previously deterred institutional participants from entering. The SEC continues evaluating additional frameworks for emerging tokenized financial product categories.

Regulatory Implications

The SEC staff statement confirmed that existing securities laws apply to tokenized instruments entirely. Federal banking regulators issued equivalent capital treatment guidance for tokenized asset holdings. The SEC approved Nasdaq's rule change in March 2026 to allow tokenized securities to trade on its exchange infrastructure. Token issuers must register with the SEC and meet standard disclosure requirements.These actions collectively establish a regulatory foundation for the tokenized equity market. Institutional participation should accelerate as compliance frameworks become more clearly defined overall.

What’s Next?

Nasdaq’s partnership with Kraken targets an early 2027 launch for tokenized stocks. Robinhood's stock token trading service went live in more than 120 countries with the launch of Robinhood Chain's mainnet on July 1, 2026. Citibank projects that tokenized securities will reach 5.5 trillion dollars by 2030.These forward-looking projections are speculative and depend on regulatory support continuing. Market conditions and evolving regulations could significantly alter these projected growth trajectories.

FAQs

What are tokenized stocks, and how do they work on blockchains? Tokenized stocks are digital tokens representing ownership in traditional equities on blockchain networks, enabling fractional purchases and faster settlement. Which companies currently offer tokenized stock trading to retail investors? Robinhood, Kraken, and Coinbase each operate tokenized stock platforms using distinct blockchain networks and infrastructure partnerships for settlement and distribution. Robinhood's stock tokens are available in more than 120 countries, while Coinbase offers four tokenized U.S. stocks on Base. How does the SEC regulate tokenized securities under current law? The SEC confirmed that tokenized securities fall under existing federal securities laws requiring registration, disclosure, and compliance with investor protection rules. What is Robinhood Chain, and when did it officially launch? Robinhood Chain is an Ethereum Layer 2 network launched on July 1, 2026, built for settling tokenized equity trades globally. Can international investors purchase tokenized American stocks through these platforms today? Coinbase and Robinhood both offer tokenized American equities to international investors through their respective blockchain platforms and exchange infrastructure. What role does Nasdaq play in tokenized securities market development currently? Nasdaq partnered with Kraken to build a tokenized equity platform and received SEC pilot approval for trading tokenized stocks. How large is the tokenized real-world assets market in total? The tokenized real-world assets market reached $26.4 billion in March 2026, according to RWA.xyz, up from $6.6 billion previously recorded.

References

1. SEC Staff Statement on Tokenized Securities (January 2026)
2. CoinDesk: Robinhood Chain RWA Data
3. CoinDesk: Coinbase Debuts Tokenized Stocks
4. Kraken Blog: Backed Finance Acquisition