TLDR Tech / Crypto
Tokenized Stocks: The Next Battleground
Tokenized equities reached ~$1.9B in market size, a 6.5x increase since January 2025, while the tokenized Treasury market stagnated at $15B after April 2026. The SEC's January 2026 taxonomy established four structural models. The Linked Security structure (DeFi-composable, no voting rights, unavailable to US investors) has captured the most share, with Ondo at 45.9% ($851M across 406 equities) and xStocks at 26% ($482M across 183 equities), both operating via Jersey-regulated SPVs. Traditional market infrastructure accelerated entry in mid-2026: DTCC began limited QQQ/SPY tokenization on July 15 after an SEC no-action letter, Nasdaq secured rule-change approval in March 2026 and is building a permissionless gateway with Kraken parent Payward, and NYSE filed its own rule change while signing an MOU with Securitize. Coinbase announced a 1:1 stock-backed token product for non-US customers with onchain usability but has not yet launched.
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