Tokenized Stocks: Growth, Collateral Risks and Fee Winners

Tokenized stocks have reached a market value of about $3.2 billion, while stock, index and ETF perpetual futures on trade[XYZ] have roughly $3 billion in open interest. The newer figures underscore a growing market, but most tokenized stocks remain offshore claims on custodied shares—not direct ownership. Holders generally lack voting rights, and prices can diverge from underlying stocks when minting and redemption are unavailable. Using tokenized stocks as collateral could drive the next phase of growth. Kamino and Jupiter Lend accept some xStocks, but lending positions are still small. Weekend trading in stock perpetuals can indicate the direction of Monday’s open, yet often captures only part of the eventual move. That makes collateral pricing less dependable when traditional markets are closed. Long-term adoption depends on bringing existing brokerage holdings on-chain. Foreign investors held nearly $20 trillion in US stocks in mid-2025, dwarfing the tokenized-stock market. Robinhood is already distributing stock tokens internationally, while Interactive Brokers could provide a route to greater scale. Native on-chain shares may eventually offer direct ownership and faster settlement, but regulation and market infrastructure remain hurdles. For crypto traders, watch tokenized-stock adoption, collateral use, liquidity and price deviations. Exchanges and customer-facing apps may capture more fees than issuers or blockchain networks. The opportunity is substantial, but thin liquidity and custody, issuer and weekend-pricing risks remain. Tokenized stocks are not yet a direct substitute for conventional shares.