Executive Summary: Why This Moment Matters
Tokenized equities have just crossed a critical inflection point. In a single week, Backed Finance launched xStocks—a tokenized equity product that took two years and 15 lawyers to structure—in partnership with Kraken on Solana. Robinhood rolled out its own tokenized stocks on Arbitrum for EU customers. Other players—including Ondo, Superstate, and Dinari, and Bybit—made similar moves, shifting equities from theory to execution.
This sudden flurry of activity signals that equities are emerging as the next major chapter of the real-world asset (RWA) narrative—building on the groundwork laid by money market funds, Treasuries, and private credit. Unlike those earlier phases, equities resonate not only with institutions, but also with the crypto-native retail audience.
But even as these launches make headlines, key questions around structure, rights, and scalability remain unresolved. The market is still early—and how it evolves will depend on whether today’s experiments can transition from tactical distribution to long-term infrastructure.
At DigiFT, we’ve been closely tracking this shift—not just from the sidelines, but through hands-on implementation. This piece distils our observations on how the equity wave is unfolding, and what it may take to reach meaningful scale.
From T-Bills to Tech Stocks: How Tokenization Is Evolving
The RWA sector has emerged as crypto’s most persistent and investable narrative over the past year. Momentum first gathered around institutional products—US Treasuries, money market funds (MMFs), and private credit. But the next act is already underway: public equities.
Several forces are converging to drive this rotation:
- A shift in narratives—with securities and stablecoins emerging as the two dominant themes of the moment. Equity-linked strategies from players like Circle and MicroStrategy have sparked renewed interest in securities, particularly among crypto-native participants seeking exposure to traditional assets. In parallel, stablecoins have become a foundational layer of the ecosystem, yet much of that capital remains idle. As builders and investors look for compliant ways to put stablecoins to work, tokenized equities are gaining traction as a compelling entry point—sitting at the intersection of both narratives
- A quiet crypto market: With the innovation cycles of DeFi and NFTs now largely matured, exchanges and trading platforms are looking for the next big break to drive growth. Tokenized stocks offer a blend of regulatory progress and on-chain composability that’s hard to ignore.
- Improved alignment with TradFi infrastructure: With regulatory expectations becoming clearer and implementation playbooks more established, financial institutions are increasingly willing to engage. At the same time, Web3 firms have matured in how they approach compliance, custody, and capital flows—making it easier for banks, brokers, and service providers to support tokenization initiatives through account onboarding, credit lines, and liquidity service.
The tokenization journey is tracing a clear arc: from low-risk, institution-only products like MMFs → to more complex instruments like private credit → and now into equity markets that blend broad demand with real-time trading and distribution.
Who’s Doing What in Tokenized Equities?
Here’s a more detailed comparison of the key players shaping the early tokenized equity landscape:
| Provider | Legal Structure | Transferability | Trading | Key Features & Partners |
|---|---|---|---|---|
| Backed (xStocks) | Tracker certificate (debt security) issued by Backed Assets (JE) Ltd, approved by Jersey and Liechtenstein regulators | KYC at issuance, then permissionless secondary trading (Solana SPL) | 24/7 via DeFi protocols like Raydium | Broker: Alpaca; Exchange: Kraken; CEX & DEX integrations; uses USDC for instant settlement |
| Ondo (GM Tokens) | Wrapped tokens backed 1:1 by underlying US equities/ETFs, held with regulated broker-dealers | Freely transferable (outside US); usable in DeFi | 24/7 onchain, 24/5 mint/redeem | Partners: BitGo, OKX Wallet, Jupiter; issued on Ondo Chain; backed by third-party collateral agent |
| Superstate (Opening Bell) | SEC-registered equities via onchain transfer agent | Permissioned; only allowlisted wallets can hold | 24/7 trading with instant settlement | Built on Solana; first listings include public & pre-IPO firms (e.g. SOL Strategies); modelled after traditional TA operations |
| Dinari (dShares) | OTC derivative contract; backed 1:1 by underlying securities held in brokers | Permissioned only; only KYCed users can hold dShares | 24/7 trading on Gemini; instant orders with fees | US broker-dealer licensed; EU rollout via Gemini; API integration via Bitgo |
| Robinhood | Financial derivative contract that tracks the price of the underlying issued by Robinhood Europe UAB | Non-transferable; locked to platform for now | 24/5 trading now; onchain (Arbitrum) rollout pending | Built on Arbitrum; future 24/7 via DEX and wallets; FX fees apply |
Note: Most offerings are not available to U.S. persons and exclude sanctioned jurisdictions such as North Korea, Iran, and others. Specific geographic restrictions vary by issuer and platform, and should be reviewed in individual terms of service.
Data and sources used to compile the table above are detailed in the References section at the end of this article.
Deep Dive: Understanding xStocks by Backed Finance
What is xStocks?
xStocks is Backed Finance’s flagship product for tokenized equities—a set of on-chain tracker certificates that mirror the performance of underlying public stocks. Unlike most security tokens, xStocks are permissionless post-issuance, allowing users to freely trade and interact with them on decentralized platforms like Raydium. The product is currently live and integrated across multiple CEXs and DEXs, including Kraken and Solana-based DeFi protocols.
Legal and Regulatory Framework
The tokens are issued by Backed Assets (JE) Limited, a private company domiciled in Jersey. The legal instrument is a tracker certificate—a debt security that reflects the performance of a specific underlying equity, without conferring legal ownership. Backed received approval from the Jersey Financial Services Commission (JFSC) under the Control of Borrowing Order (COBO), and from the Liechtenstein Financial Market Authority (FMA), allowing public issuance in the EU. Token holders do not have voting rights or dividend entitlements unless explicitly provided by the issuer.
Distribution via Licensed Reseller: Kraken/PDSL
Backed cannot sell directly to the public. Instead, tokens are distributed through “licensed resellers.” In the case of Kraken, the tokens are offered by Payward Digital Solutions Ltd. (PDSL), a Bermuda-based and BMA-licensed entity. Investors onboard through Kraken’s platform, undergo KYC via PDSL, and receive stock tokens representing economic exposure to specific equities. These tokens are tradable 24/5 within Kraken’s environment.
On-Chain Behavior and Permissionless Design
Once received, xStocks can be withdrawn on-chain to any Solana wallet and are fully transferrable—including to anonymous addresses. This distinguishes them from most RWA tokens, which are subject to whitelisting and transfer restrictions. xStocks leverage the SPL 2022 standard and trade 24/7 on DeFi platforms like Raydium. As of writing, NVDAx (NVIDIA tracker) alone has ~$800K in on-chain liquidity. From a behavioral perspective, xStocks resemble stablecoins more than conventional security tokens.
Flow of Funds and Role of Alpaca
The settlement and token minting process involves a multi-entity flow:
- A user deposits USDC with PDSL (e.g. via Kraken)
- PDSL sends USDC to Backed
- Backed converts USDC into USD (via Circle or InCore Bank)
- USD is sent to Alpaca, Backed’s U.S. broker
- Alpaca executes the stock purchase
- Stock is returned to Backed’s custody
- Backed mints tracker certificates and returns stock tokens to PDSL
- PDSL delivers the tokens to the user
免责声明: This model is based on assumptions and is provided for informational purposes only. It does not constitute financial, legal, or investment advice and should not be relied upon as such.
Alpaca plays a key role by offering instant funding APIs that enable Backed to buy stocks before funds are fully cleared. This mitigates latency between token purchases and equity settlement—an important operational edge in cross-border finance.
Why It Matters
xStocks is one of the first tokenized equity models to achieve permissionless post-trade composability while operating within a regulated framework. The separation of issuance (via licensed resellers) from secondary market behavior is what enables this hybrid design. By reducing friction for both Web3-native users and regulated platforms, Backed has created a replicable blueprint—albeit one that comes with trade-offs around investor rights and counterparty trust.
Tokenized Equity Models: Approaches and Trade-Offs
Each major player entering the tokenized equities market has adopted a slightly different approach. Rather than rank them, it’s more useful to understand what each model optimizes for:
- Backed Finance (xStocks): Designed for DeFi-native integration. Permissionless secondary trading is enabled through a tracker certificate model. The structure prioritizes liquidity and accessibility over shareholder rights.
- Ondo (Global Markets): Focused on secure custodial backing and redemption assurance. GM tokens provide wrapped exposure, redeemable via collateral agents. Token holders do not receive equity rights, but benefit from robust asset backing.
- Superstate (Opening Bell): Aiming to deliver real equity ownership onchain. SEC-registered offerings, managed by a digital transfer agent, provide legal title and the potential for dividends and voting rights. Tokens are permissioned.
- Dinari (dShares): Leverages regulatory licenses to serve both non-US and, potentially, US users. Tokens are structured as OTC derivatives with dividend pass-through but no voting rights. Platform-controlled liquidity model.
- Robinhood: A product more aligned with centralized distribution than DeFi-native trading. Token exposure is derivative-based and locked within the Robinhood ecosystem. Promises future on-chain functionality.
The Open Questions That Will Shape the Next Phase
At this early stage, four strategic questions are emerging—not as binaries, but as axes of ongoing exploration:
1. Ownership vs. Access: Should token holders expect legal shareholder status—or is economic exposure sufficient for on-chain use cases?
- Most current models decouple price exposure from equity rights.
- True ownership introduces complexity but may be necessary for certain investor classes.
2. Compliance vs. Composability: Can we design tokens that are both DeFi-integrated and regulatorily sound?
- Permissioned tokens protect users but limit integration.
- Permissionless models enhance UX but create legal uncertainty.
3. Liquidity vs. Credibility: Will investors favor 24/7 access, or are they more likely to trust familiar regulated rails?
- Exchanges and market makers prioritize liquidity.
- Institutions may care more about custodian chains and auditability.
4. Wrapped vs. Native Issuance: Is it more viable to wrap existing equities or issue new shares directly on-chain?
- Wrappers scale faster and simplify access.
- Native issuance enables direct legal frameworks but takes longer to implement.
What we’re seeing is not convergence, but divergence—multiple design paths being trialed simultaneously, each with its own assumptions about what the market values most.
Designing for Scale: DigiFT’s Approach to Tokenized Equities
At DigiFT, we view tokenized equities not as a novelty, but as infrastructure. If this category is to reach institutional relevance, it must balance two often-competing priorities:
- Real investor protections grounded in regulatory compliance
- DeFi-native usability that meets the demands of on-chain systems
We’ve spent the past year designing for this intersection—not in theory, but in product. Proven execution across the stack:
- We led the first tokenized MMF distribution for UBS Asset Management, delivering regulated exposure to cash-equivalent instruments
- We brought to market a tokenized private credit strategy in collaboration with Invesco.
- We operate under a dual-regulated framework spanning Singapore and international jurisdictions—one of the few players straddling both TradFi and Web3 mandates.
A milestone in tokenized equities: Earlier this year, we announced the hAI token—the world’s first on-chain index fund backed by tokenized real-world equities. The design broke new ground on multiple fronts:
- Tokenization of underlying assets: We tokenized the top 10 publicly listed AI stocks.
- Fund construction: These stocks were used to create a regulated index fund.
- On-chain distribution: The fund shares themselves were tokenized and made tradable on-chain.
The result: a programmable equity instrument that allows institutional and professional investors to trade and manage exposure with the speed and flexibility of digital assets—without sacrificing regulatory oversight.
What’s next: Our upcoming product suite will extend this model—offering a broader range of tokenized equities designed specifically for institutional use cases, cross-border interoperability和 DeFi composability. Our approach is pragmatic, compliant, and grounded in a belief that the real opportunity in tokenized equities lies not in mimicry, but in building for the systems and capital flows of tomorrow.
A Market Still in Discovery Phase
Tokenized equities have entered the market. The models are live, and the stakes are real—but the contours of this market are still being drawn. For those building at the intersection of compliance and composability, the right partners will matter more than ever. And we’re building for that future.
We’re building for that future. Get in touch to explore how we can work together.
参考文献
- Backed. Legal documentation. https://assets.backed.fi/legal-documentation
- Backed. Securities note: Prospectus update. https://cdn.prod.website-files.com/655f3efc4be468487052e35a/6823217cc95858ca00c5ca02_Backed%20Assets_Securities%20Note_Prospectus%20Update_Clean_20250506.pdf
- Backed. Frequently asked questions. https://docs.backed.fi/frequently-asked-questions
- xStocks. Homepage. https://xstocks.com/
- Ondo Finance. Ondo Global Markets FAQ. https://docs.ondo.finance/ondo-global-markets/faq
- Ondo Finance. Why Ondo’s tokenization approach is better. https://blog.ondo.finance/why-ondos-tokenization-approach-is-better/
- Ondo Finance. Homepage. https://ondo.finance/
- Superstate. Opening Bell. https://superstate.com/opening-bell
- U.S. Securities and Exchange Commission. Superstate letter. https://www.sec.gov/files/ctf-superstate-letter-061725.pdf
- Superstate. Introducing Opening Bell. https://superstate.com/blog/introducing-opening-bell
- dShares. PRIIP Universal KID. https://assets.ctfassets.net/jg6lo9a2ukvr/4QQrXEP7iNMVS7KZYlxJwx/66cce30d1e2cb1f0c6597c1c971d2beb/dShares_-_PRIIP_Universal_KID.pdf
- Dinari. Whitepaper. https://assets.dinari.com/forms/dinari-whitepaper.pdf
- Dinari. dShares. https://dinari.com/dshares
- Dinari. Dinari Securities LLC receives broker-dealer registration. https://dinari.com/blog/dinari-securities-llc-receives-broker-dealer-registration
- Robinhood. Stock Tokens KID EU. https://cdn.robinhood.com/assets/robinhood/legal/stock_tokens_kid_eu.pdf
- Robinhood. EU crypto user agreement. https://cdn.robinhood.com/assets/robinhood/legal/eu-crypto-user-agreement.pdf
- Robinhood. Investing in the EU. https://robinhood.com/eu/en/invest/?lang=en
- X. To Catch a Token Broadcast by @RobinhoodApp, Timestamp: 24:35. https://x.com/i/broadcasts/1RDGlzNLXQqxL
免责声明: DigiFT and/or its affiliates endeavor to ensure the accuracy and reliability of the information provided, but do not guarantee its accuracy and reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracy or omission or from any decision, action or non-action based on or in reliance upon information contained on this article. This is not an advertisement making an offer or calling attention to an offer or intended offer. Before making any investment decision, please seek independent legal and financial advice. The information and materials presented are intended solely for Accredited Investors and Institutional Investors within the meaning of the Securities and Futures Act 2001 of Singapore. They are not intended for, and should not be relied upon by, persons who are not such investors. DigiFT accepts no legal responsibility for any reliance placed by other investors for whom this content is not intended.
