Tokenized US Treasuries Lose Momentum, Equity Tokenization Becomes New Frontier in RWA
Tokenized U.S. Treasuries, once a major driver in the RWA market, have plateaued around $15 billion. Meanwhile, the tokenized stock market is rapidly expanding, growing 6.5x to approximately $1.9 billion since early 2025, attracting diverse players.
The SEC's recent classification framework identifies four key tokenized security structures, applicable to stocks:
1. **Issuer-Sponsored:** Companies tokenize their own shares directly, preserving full shareholder rights but with stricter compliance (e.g., Securitize).
2. **Custodial:** A third party tokenizes securities held by a custodian like DTCC, also inheriting rights but reliant on traditional infrastructure (e.g., DTCC's pilot, Ondo's recent IVV tokenization).
3. **Linked Security:** A third party issues tokenized debt securities backed by the underlying stock, offering high on-chain flexibility but no voting rights (e.g., Ondo, xStocks, Robinhood's new Stock Tokens).
4. **Security-Based Swap:** Tokenized derivatives contracts providing synthetic exposure (e.g., Robinhood's earlier Classic Stock Tokens).
Major players are pursuing different strategies. **Securitize** uses the issuer-sponsored model for full compliance. **Ondo** and **xStocks** leverage the linked security structure for wider accessibility and DeFi integration, though it fragments liquidity and excludes U.S. investors. **Robinhood** has shifted to a linked security model, aiming to leverage its user base and new blockchain. Traditional infrastructure giants like **DTCC**, the **NYSE**, and **Nasdaq** are piloting tokenization to enhance efficiency. **Coinbase** has announced plans for tokenized stocks accessible on-chain but not to U.S. customers, suggesting a potential linked security approach.
The convergence of crypto-native platforms, fintech firms, and traditional financial infrastructure on tokenized stocks highlights its potential as the next major catalyst for the RWA sector. Key developments to watch include evolving regulatory frameworks and their impact on the competitive landscape.
marsbit08/11 10:29
