the new frontier of global trading

The growth of Tokenized U.S. Stocks is catalyzing the digital asset sector, revolutionizing the trading and accessibility of financial securities thanks to new initiatives from major crypto exchanges like Bybit, Robinhood, and Kraken.

After Trumps inauguration, the deregulation of cryptocurrencies in the United States has favored the development of tokens representing stocks, marking a turning point for the entire financial sector.

Tokenized U.S. Stocks: what they are and why they are revolutionizing the markets

Tokenized azioni statunitensi are digital instruments that directly represent the real shares of companies listed in the United States.

Each token, anchored in a 1:1 ratio with the underlying share, is issued by regulated platforms and can be traded 24/7, thanks to the use of blockchain technology.

This approach allows for on-chain settlement, operational transparency, and the fractionalization of securities, enabling a global audience to access securities traditionally reserved for regulated markets.

This innovation quickly spread after the political changes in the United States, creating a more favorable environment for crypto-assets and leading many exchange to adopt stock tokenization products.

June 30, 2025, represents a key date for the history of tokenization. On this day, both Bybit and Kraken introduced xStocks products to the market provided by Backed Finance, a Swiss company specialized and compliant with regulations.

These tokens are backed by authentic shares, held by regulated custodians, and integrated on the Solana blockchain. This solution allows uninterrupted transactions and fully transparent management of securities.

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In parallel, Robinhood has announced the expansion of its tokenized stock trading service for the European market, basing its infrastructure on the Arbitrum blockchain.

This platform intends to gradually introduce 24/7 trading and also include tokenized stocks of pre-IPO companies like OpenAI and SpaceX. However, current regulations make these services not accessible to U.S. users at the moment.

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Three trading models: issuance, license, and CFD

The current landscape of trading azioni tokenizzate is structured around three main models:

• Third-party issuance and multi-exchange access: Exchanges like Bybit, Kraken, and Gemini integrate tokens issued by regulated companies (e.g., Backed Finance), with stock holding and 1:1 certification. These instruments allow trading with economic rights (such as dividends) for non-U.S. users.
• Licensed broker-dealer and proprietary chain: Robinhood, thanks to specific licenses, offers the complete cycle of issuance, settlement, and self-custody in a blockchain environment (Robinhood Chain), ensuring maximum compliance but also a high technical and legal complexity.
• CFD (Contracts for Difference): Models like that of Bybit through MT5 allow speculation on prices without the actual holding of shares. However, these instruments do not confer any shareholder rights and are subject to stringent regulatory constraints, especially in the European and US markets.

There is also a growing focus from regulated exchanges like Coinbase, which has submitted its proposal for a tokenized stock service to the SEC, highlighting how the sector aims for higher standards of compliance and transparency.

The last few years have seen the rise and fall of various stock tokenization platforms.

The case of FTX represents a watershed: a pioneering platform in 2020, FTX offered tokens on stocks thanks to German and Swiss partnerships, but its default in 2022 caused the suspension of the service and strong regulatory repercussions.

The same fate befell Binance, which in 2021 had launched tokens on iconic stocks like Tesla, but was forced to withdraw the service due to increasing pressures from international regulators.

Other decentralized initiatives, such as Mirror Protocol on Terra and Synthetix on Ethereum, have instead highlighted the technical and regulatory risks of the so-called sintetici.

The assets created from scratch, without direct ties to physical stocks, suffered significant losses and abandonments after the collapses of their respective ecosystems.

Regulation of tokenized shares and global perspectives

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The administration led by Trump has established a more favorable climate towards the tokenization of financial assets.

The SEC has partially eased legal action against major operators in the crypto sector and has initiated specific working groups, with the aim of regulating stablecoin and real-world tokenized assets (RWAs).

These signals suggest a potential opening towards mainstream adoption in the coming years, although US users remain currently excluded from the most innovative offerings.

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Europe, thanks to the MiCA regulation and established licenses in Switzerland, positions itself at the forefront in defining clear standards for security tokens.

According to European and Asian regulators, transparency and reserve attestations are essential, as well as the possibility of immediate settlements (T+0) and non-stop trading.

This trend is reinforced by the technological innovations offered by exchanges and platforms, which focus on frazionamento of securities and maximum liquidity.

Nevertheless, some structural barriers – including low secondary liquidity and interoperability issues between the real and digital worlds – hinder mass adoption, especially in the U.S. retail market and in countries with restrictive regulations like China.

The spread of azioni statunitensi tokenizzate represents a unique chance to modernize the investment sector.

Transparency, the ability to access trading 24/7, and the removal of geographical barriers promise to redefine the rules of the game for both retail and institutional investors.

However, it is essential to continue improving the quality of the user experience by expanding liquidità and developing full interoperability between digital and traditional markets.

The next step will be the gradual opening to U.S. users and close collaboration between product innovators and regulatory authorities.

By doing so, the tokenizzazione delle azioni American can truly offer new investment opportunities, bringing global finance into a new era of transparency, efficiency, and continuous accessibility.

Those who wish to explore this frontier must closely follow the regulatory evolution and the new developments proposed by the main exchanges, to seize the potential of this great transformation on the fly.