I. Market Overview

Tokenized stocks (stock tokens) are digital representations of traditional stocks on the blockchain, enabling 24/7 trading and fractional ownership.

Core Data (provided by Binance Research):

  • Global tokenized equities TVL: approximately $360 million

  • Proportion of total RWA market: 1.4%

  • Market Trend: Growth slowing (mainly due to regulatory tightening), with compliant products gradually recovering

II. Current Available Paths (Only Surviving Products)

1. Exchange Asset-Backed Type (Recommended for Ordinary Investors)

Mainstream Platforms

  • Kraken xStocks (in collaboration with Backed Finance):

    • Covers 50 stocks / ETFs (e.g., AAPL, TSLA, NVDA)

    • 1:1 asset custody in Swiss / Liechtenstein banks

    • Discount rate <0.5%, supports redemption of actual stocks

  • Bybit xStocks:

    • Similar model to Kraken, deployed on Solana chain

    • Officially launching on June 30, 2025

  • Gemini Tokenized Stocks:

    • Only 12 mainstream stocks, limited to EU customers

Core Information

  • Minimum threshold: Starting from $1, supports 24-hour uninterrupted trading

  • 2025 Status: Positive SEC dialogue (Kraken held a special meeting in August), but limited to non-US users; Binance has delisted 90% of varieties (only 4 remaining)

  • Growth Performance: TVL increased by 150% compared to the end of 2024

  • Suitable for: Retail investors' first choice for entry, no professional blockchain knowledge required

2. Synthetic Type (Only for Advanced DeFi Users)

Existing Protocols

  • Synthetix:

    • Provides sTSLA, sAAPL, and other 4 mainstream stock tokens

    • Mechanism: Oracle + derivatives simulation, no actual stock backing

    • Discount rate 3-8%

  • Mirror Protocol V2:

    • Remnant project in the Terra ecosystem, TVL has declined by 95%

2025 Status

  • Synthetix strategically shifting to forex derivatives, stock token business contracting

  • Mirror Protocol V2 has liquidated 95% of assets

  • Industry Explosions: 38 synthetic projects have already blown up (including 3 oracle attacks, with a single maximum loss of 42%)

  • Current Scale: TVL remaining at only $500 million (1/300 of the peak)

  • Suitable for: High-risk tolerance leveraged players, requiring DeFi professional knowledge

III. Selection Table (By Fund Size)

Fund Size Recommended Path Annualized Volatility Discount Rate Survival Rate Remarks
<$10,000 Kraken/Bybit Asset-Backed Type Consistent with underlying stock <0.5% 99% Minimum $1, 24h trading
10,000 - 500,000 USD Kraken Mainstream 4 Stocks Consistent with underlying stock <0.3% 99% Focus on AAPL/TSLA/NVDA/META
>$500,000 Direct US Stock Broker Underlying stock volatility 0 100% Completely avoids token-related risks
Leverage Needs Synthetix (High Risk) +50-200% 3-8% 65% Be vigilant of oracle attack risks

IV. Risk Assessment (2025 Focus)

  1. Regulatory Tightening Risk:

    • SEC released custody guidance document in May 2025, positive attitude but implementation details unclear

    • High policy volatility in non-US markets under G20 framework (Kraken's TVL rose 20% short-term after SEC dialogue)

  2. Discount / Redemption Risk:

    • Asset-Backed Type: Discount rate <0.5%, supports actual stock redemption

    • Synthetic Type: Discount rate 3-8% (Mirror once had a single 50% discount), no actual asset redemption channel

  3. Liquidity Risk:

    • Top platforms (Kraken/Bybit) have daily trading volume up to $50 million, sufficient liquidity

    • Niche stock tokens face liquidity exhaustion risk of "unable to sell"

  4. Functional Deficiency Risk:

    • Stock tokens only link to the underlying stock price, without shareholder voting rights, unable to participate in shareholder meetings and corporate governance

V. Conclusion

In 2025, tokenized stocks have shifted from hype to compliant development, with asset-backed products (such as Kraken xStocks) being the only stable path, expected to reach $500 million in TVL by year-end.

  • Ordinary Investors: Prioritize Kraken/Bybit asset-backed products, start with small amounts to test

  • Leveraged Players: Cautiously select Synthetix, strictly control positions and set stop-losses

  • Comparative Advantages: Compared to direct investment through US stock brokers, the core advantages of stock tokens lie in 24h global access and low-threshold fractional investment, but regulatory uncertainty remains the main risk point.