Opening the Era of "On-Chain Buying of US Stocks": A Guide to Trillion-Level Market Opportunities, Worth Reading Repeatedly

As we enter the second half of 2025, Web3 and TradFi are accelerating their integration. A narrative around "U.S. stocks on-chain" is rapidly taking shape. From CEX, brokerages, payment infrastructures to RWA dedicated chains, multiple key participants are getting on board. This is not only a continuation of asset tokenization but also a reshaping of the underlying architecture of the global Capital Market.

📈 A collective action on-chain for US stocks

1. Kraken / Bybit/Gate + xStocks

xStocks will custody over 50 US stocks (such as Apple and Tesla) and mint them 1:1 as tokens on Solana.

Users can directly purchase stablecoins on exchanges like Bybit, Kraken, and Gate, including platforms that support xStocks trading such as AiCoin, enabling borderless and 24/7 asset allocation.

2. Robinhood's on-chain transformation

More than 200 stocks and ETFs have been deployed on the Arbitrum chain, including Pre-IPO assets such as SpaceX and OpenAI.

We are developing our own L2 public chain, positioned as the main trading venue for stocks, bonds, and ETFs, aiming to define the issuance standards for stock tokens.

Bitstamp is responsible for order matching, providing 24/7 spot + perpetual trading services, especially targeting the European market.

3. Stripe's stablecoin and identity layout

Acquisition of Bridge (stablecoin ↔ fiat conversion) and Privy (Web3 identity and self-custody wallet solution).

Committed to lowering the threshold for merchants and users to get on board chain-based finance, becoming an important payment bridge for the RWA ecosystem.

4. Plume and RWA dedicated chain projects

Plume is building the issuance and portfolio infrastructure for RWAs such as insurance, bonds, and real estate.

Robinhood Chain and other "broker self-built chains" will create direct ecological competition with RWA projects.

✳️ The driving forces of US stocks moving towards Crypto

1. The efficiency of the US dollar financial infrastructure is insufficient. The fiat currency deposit process is complicated, especially for non-US users.

US stocks trade only on weekdays, with limited global liquidity.

Crypto provides 24/7 borderless trading, extremely low costs, and a highly programmable trading framework.

2. Stablecoin = new dollar, wallet = new broker Users can use stablecoins to allocate US stock assets, bypassing the banking system.

Wallets take on identity, investment, and payment functions, providing a one-stop management solution for on-chain assets.

3. On-chain urgently needs to anchor assets The US stock token is the most liquid, the easiest to regulate, and the most recognized type of RWA.

Has a natural advantage over RWA such as real estate and bills as "DeFi collateral."

🔍 The relationship between US stock tokenization and RWA

Function

Description

Trust Anchored Assets

The US stock market has the highest level of global recognition, reducing RWA user education and trust costs.

liquidity seed assets

AAPL and TSLA tokens can participate in lending, structured products, and collateral, far surpassing low liquidity assets.

Compliance Bridge

There is an existing trust framework (such as the xStocks model), which makes it easier to obtain regulatory support.

⚖️ Analysis of the Impact between the Platform and Crypto Users

to platform providers (Robinhood, xStocks, CEX)

Advantage

Disadvantage

Strong user retention + diversified asset portfolio

The custody mechanism requires a 1:1 real correspondence, posing a risk of shadow assets.

Diverse Revenue Model

The policy gray area is significant, and future compliance costs cannot be ignored.

The on-chain securities standards and RWA scenarios

The system integration with the off-chain market is complex, and the development and maintenance costs are high.

For users (Crypto investors)

Revenue

Risk

Invest in US stocks without the need to open an account, diversify your assets.

Asset pseudo-anchoring or decoupling risks may pose FTX-style hazards.

Participate in on-chain US stocks + DeFi combination gameplay

In certain regions, regulations explicitly prohibit such securities token trading.

24/7 trading with strong liquidity

In the absence of market-making, pricing may deviate significantly from the true market.

🧩 The Ecological Battle Between Robinhood and xStocks

Project party

Positioning

Technical Path

Advantage

Challenge

xStocks

Stock token issuance platform

Solana

The compliance custody framework is完善, with multiple CEX collaborations.

Non-closed-loop ecosystem, easily replaceable

Robinhood

Broker + Public Chain Issuer

Self-built L2 + Arbitrum

There is a complete closed loop of user system, matching, and issuance.

Compliance and technical difficulty are extremely high.

Stripe

Wallet + Payment Gateway

Multi-Chain Integration

Having fiat bridges and user base

Lack of trading scenarios

Plume

RWA Modular Platform

Independent Chain / Module Combination

High integrability

User access and insufficient liquidity

🌍 New Narrative Window and Cyclical Opportunities

On-chain asset portfolios will evolve from meme to real cash flow, attracting long-term capital.

On-chain issuance (such as "legalized ICOs") is likely to become mainstream, with project parties raising funds and stocks circulating on-chain simultaneously.

The investment logic will shift from narrative speculation → earnings anchoring and dividend logic.

🔥 The Current Relationship Between the Dollar and Crypto

Dimension

Current performance

Circulation scenario of US dollars

Stablecoin trading volume explodes, and Crypto wallets become the dollar's "global gateway".

USD issuance channel

Circle, Tether, Stripe, Base, etc. build the "unofficial Federal Reserve" system.

Regulatory Perspective

Regulatory Distinction: DeFi and anonymous coins are tightening, while RWA and stablecoins tend to be inclusive or guiding.

Relationship Attribute

Crypto is the global agency network of the US dollar on the chain, not a competitor, but an underlying infrastructure expansion.

🔮 Future Trends: Can Tokenized Securities Truly Take Off?

Tokenized Securities are currently in high demand, but whether they can truly comply and be implemented in the future still depends on two key factors: the certainty of policy release and the continuous optimization of market mechanisms.

🏛️ Regulatory variables are reshaping industry expectations.

In the past few years, regulation has always been the biggest obstacle to the integration of the crypto world and traditional securities, but this wall is beginning to loosen. The policy direction in the United States is one of the key points of observation. If Trump is re-elected in the upcoming elections, the new government is expected to bring more relaxed and pragmatic crypto policies. There are already numerous signs indicating that the regulatory atmosphere is becoming more lenient:

The SEC withdrew some lawsuits against mainstream trading platforms such as Coinbase and Kraken;

Establish a special regulatory working group for digital assets to reshape the compliance path of the industry;

The legislation on stablecoins has made significant breakthroughs, injecting a compliant foundation for on-chain US dollars;

Multiple SEC executives have stated that "tokenized financial instruments do not inherently belong to securities."

At the same time, the MiCA regulations in Europe and the digital securities regulatory systems in Japan and Singapore are also taking shape. Laws such as Switzerland's DLT Act and the MAS-authorized RMO license provide a legal and compliant operating environment for platforms like Backed. This indicates that major global jurisdictions are signaling "compliance pilot" for tokenized securities.

🧠 The evolution of technology and the market: from "concept products" to "actual experiences"

Compared to the previous cycle, the product design of this round of tokenized securities projects has made significant progress. They place greater emphasis on the authenticity of the underlying assets and on-chain verifiability. For example:

Backed and Swarm both provide monthly reserve reports;

Chainlink and other oracles synchronize the prices of tokens with their corresponding assets in real-time;

Robinhood, Bybit and others will directly embed tokenized US stocks into their existing trading platforms, enhancing the interactive experience.

In addition, with new mechanisms such as T+0 settlement, fractional share purchases, and round-the-clock trading, users on platforms like AiCoin can also allocate U.S. stock assets like Apple, Nvidia, and Microsoft with low barriers and no intermediaries—trading experience even surpasses that of traditional brokers.

❗ Three core challenges: from liquidity, regulations to product matching

Despite the increasingly完善 infrastructure, tokenized securities still need to address the following three major challenges to truly enter the mainstream:

Liquidity Bottleneck Most token stocks are still limited to trading within the platform (e.g., xStocks), lacking cross-platform circulation and arbitrage channels, resulting in low price discovery efficiency. The participation of market makers is still limited, especially in cases where risk cannot be hedged and there is a lack of on-chain settlement mechanisms.

The legal definition is unclear. In the United States, whether "tokens are equivalent to securities" remains in a gray area. Unlicensed platforms that offer tokenization services for U.S. stocks to retail investors will face severe legal challenges. In regions with strict regulations such as China, extra caution is needed to avoid crossing the boundary of "illegal securities intermediaries."

Differences in User Mindset and Financial Culture For cryptocurrency users accustomed to high volatility, the earnings fluctuations in the US stock market are relatively smooth; convincing them to allocate part of their assets to token stocks with stable returns requires more financial education and well-designed earnings scenarios.

🛠️ Possible Solutions and Innovative Paths

If the industry wants to break through the current bottleneck, it may need to innovate from the following dimensions:

Create a new tokenized shareholder experience through equity splitting or on-chain DAO co-ownership mechanisms;

Introduce on-chain AMM + order book fusion model to solve some liquidity issues;

Promote the introduction of unified regulatory standards for "token securities" to enhance legal certainty;

Lower KYC thresholds to enhance the accessibility for crypto users (such as using on-chain credit scores instead of traditional identity verification);

Establish stable asset bridges, for example, AiCoin is opening up the two-way allocation capability between xStocks US stocks and native crypto assets, reducing the threshold for retail users to conduct cross-border transactions.

📌 Who will take the first step to break the balance?

Whoever can first connect the entire process of "on-chain issuance of traditional assets → liquidity improvement → compliant arbitrage" will define the underlying structure of the new generation Capital Market. This competition is still in the early stages, but the direction is already clear:

RWA is an engine at the asset level;

Stablecoins are the "highway" of trading;

Compliance platforms like AiCoin, Bybit, and Robinhood are the entry points for traffic and trading efficiency.

If this system ultimately matures, tokenized US stocks will not only become a cornerstone of the RWA track, but will also make the "on-chain migration" of the Capital Market no longer just a narrative, but a true reality.