Bitwise Asset Management's quarterly staking report, released Tuesday, points to rising activity in blockchain-based versions of familiar assets, including stocks. On Solana, tokenized equities were the fastest-growing category in the period.
Robinhood's new onchain network, Robinhood Chain, saw tokenized stock trading climb from 526 million dollars in July to 2.21 billion dollars in August, then to 11.31 billion dollars in September. Over the same quarter, non-crypto markets accounted for 36.5 percent of volume on Hyperliquid's perpetuals exchange, up from 32.7 percent the prior quarter.
Trading in tokenized equities is still concentrated overseas, where products are more widely available.
Several major companies are objecting to one specific venue. In a public notice Monday, OKXICE - the tokenized-securities platform jointly launched by crypto exchange OKX and Intercontinental Exchange, the parent of the New York Stock Exchange - said Goldman Sachs, Microsoft, Qualcomm, Caterpillar, McDonald's, Western Digital and Alphabet had opposed listing OKXICE-traded tokens that mirror their shares. They were added to a prior roster of opponents that already featured CoreWeave, UnitedHealth, Broadcom, Applied Digital, AppLovin and Cerebras.
As of Wednesday, 16 companies had filed objections. That does not mean these firms would oppose tokenization by every participant involved, but it underscores resistance to this particular model and venue.
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On Oct. 4, OKXICE initially disclosed plans to list over 60 tokenized equities. Under the SEC's innovation exemption announced last month, the venue must notify each company it intends to tokenize and then wait 30 days after that company receives the notice before trading can begin.
Tokenization refers to creating blockchain-based digital counterparts to publicly traded securities, real-world assets, or other forms of value. The market's sticking point is what rights these tokens confer, especially voting. The issue burst into the spotlight in September when the CEOs of Robinhood and AMC clashed publicly about Robinhood's stock-token approach.
Industry views differ on why adoption looks uneven. Injective's Mirza Uddin argues the offshore surge is mostly about price exposure through onchain perpetuals and wrapped tokens, which do not require a company's permission, while the U.S. approach aims to put real shares onchain and therefore gives issuers a say. He also says companies currently see more risk than upside from tokens trading around the clock with unclear voting mechanics, and that adoption will follow if issuers see benefits like reaching a worldwide pool of shareholders and trading that runs 24/7.
ClearStreet analyst Owen Lau expects some companies to warm up to tokenization as the benefits become clearer - from an expanded investor base and 24/7 access to broader distribution. He also cites potential upsides like higher profile, the ability to pay dividends straight to token holders, and reduced costs for companies, and the ability for investors to use tokenized assets as collateral in decentralized finance. In his words, "The divergence is not driven by U.S. versus non-U.S., it's driven by investors versus issuers."
OKXICE co-chairman Andrew Cuomo said the model was designed so companies can choose whether to participate, and that many will wait and see. He added that the SEC framework accommodates both approaches and includes limits on participating companies and trading volume, with different companies likely to choose different venues based on their global appeal.
The bottom line: volumes are ramping up offshore, while the U.S. now has a narrow pilot path that includes a company objection process and a 30 day notice. Watch which issuers opt in, how many tokens clear the waiting period, and whether token rights match traditional shares. Those choices will shape how quickly tokenized equities become investable at scale - from 24/7 access to potential use as DeFi collateral.
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