I saw a surprising piece of data for lazy orange: the total value of tokenized stocks has surpassed 1 billion USD, with Ondo and xStocks leading the way.
This number may not sound large, but from the chart, it appears to be flat from 2023 to 2025, suddenly experiencing explosive growth after September 2025. This may be due to relaxed regulations or institutional entry into the market.
What concerns me more is the timing. September 2025 is precisely when the US SEC approves the first batch of tokenized securities ETFs, which is no coincidence; when traditional financial giants discover that the "compliance channel" has opened, capital begins to flood in.
Ondo focuses on "institutional-grade" tokenized assets, while xStocks targets the retail market. One aims at large investors, while the other targets individual investors. However, I noticed a detail: Ondo's growth curve is steeper, indicating that it is not retail investors driving this market, but institutional funds.
This reminds me of the DeFi Summer of 2020. At that time, it also exploded from tens of millions to tens of billions of dollars, with everyone shouting about a "financial revolution." As a result, most projects failed, leaving a mess behind.
I believe tokenized stocks will be much better than DeFi.
However, when traditional stocks become on-chain tokens, a gray area of regulation emerges: does it count as a stock or a cryptocurrency? If issues arise, should investors approach the SEC or the CFTC?
1 billion may just be the beginning; it depends on whether the regulatory framework can keep up with the pace of innovation.
This number may not sound large, but from the chart, it appears to be flat from 2023 to 2025, suddenly experiencing explosive growth after September 2025. This may be due to relaxed regulations or institutional entry into the market.
What concerns me more is the timing. September 2025 is precisely when the US SEC approves the first batch of tokenized securities ETFs, which is no coincidence; when traditional financial giants discover that the "compliance channel" has opened, capital begins to flood in.
Ondo focuses on "institutional-grade" tokenized assets, while xStocks targets the retail market. One aims at large investors, while the other targets individual investors. However, I noticed a detail: Ondo's growth curve is steeper, indicating that it is not retail investors driving this market, but institutional funds.
This reminds me of the DeFi Summer of 2020. At that time, it also exploded from tens of millions to tens of billions of dollars, with everyone shouting about a "financial revolution." As a result, most projects failed, leaving a mess behind.
I believe tokenized stocks will be much better than DeFi.
However, when traditional stocks become on-chain tokens, a gray area of regulation emerges: does it count as a stock or a cryptocurrency? If issues arise, should investors approach the SEC or the CFTC?
1 billion may just be the beginning; it depends on whether the regulatory framework can keep up with the pace of innovation.