Bitaigen Research 
Tokenized US equities are gaining rapid traction. Crypto‑focused brokerage platforms—by offering KYC‑free onboarding, cross‑platform token transfers, and innovative derivative products—could fundamentally reshape the business models of conventional broker‑dealers.
This article examines the rise of tokenized US stocks from an industry perspective, analyzes how crypto brokers are positioning themselves in KYC‑free access, cross‑chain liquidity, and derivative innovation, and discusses the potential impact on traditional brokerage models. We will present the latest product developments and trend evolutions to help readers grasp the key drivers of this transformation. The subsequent sections merit close reading.
Rapid Expansion of Tokenized US Stocks
According to incomplete data, more than 30 crypto trading platforms now offer “sell US stocks” services, with 10 of those platforms reporting active user bases exceeding 10 million. Notable platforms include Bybit (70 million users), Gate (30 million), Kraken (15 million), OKX Wallet (55 million), Phantom (15 million), Robinhood (27 million), and Moonshot (20 million). Bitget and Trust Wallet each boast user counts surpassing 100 million.
The CEO of Coinbase has announced that on September 22 a “crypto‑plus‑US‑tech‑stock hybrid product” will be launched, further validating the industry trend.
Since June 2023, virtually all major CEX (centralized exchanges) and DEX (decentralized exchanges) have listed “sell tokenized US stocks” as a standard feature, with adoption spreading at an impressive pace.
On September 3, 2025, Ondo Global Markets went live, marking the entry of the world’s largest RWA (real‑world asset) platform Ondo into the tokenized US equity space. The launch generated widespread anticipation across the sector.
- Ondo ecosystem: Integrated with Bitget Wallet, Trust Wallet, Gate, Bitget, MEXC, LBank and over eight other platforms.
- xStocks ecosystem: Available on Kraken, Bybit, Bitmart, Moonshot, Phantom, Particle, UXUY, Kamino and more than ten platforms in total.
On these platforms, users can purchase tokenized US equities directly with stablecoins.
Overview of Trading Data
| Platform | Time Since Launch | Total Volume (USD) | CEX Volume (USD) | DEX Volume (USD) |
|---|---|---|---|---|
| xStocks | 3 months | $3.782 billion | $3.612 billion | $170 million |
| Ondo Global Markets | 2 days | $65 million | — | — |
| Other platforms | — | — | — | — |
Beyond xStocks and Ondo, platforms such as Multiply, MyStonks, and StableStock are also actively expanding, with some even offering tokenized trading and derivative services for private‑company tokens like SpaceX and OpenAI.
Disrupting Traditional Broker‑Dealers? Who’s the Next Robinhood?
The global US equity market involves roughly 180 million actual participants, while an estimated 5 billion internet users worldwide still lack access to US stock trading. The two previous waves of internet‑based brokerage—Futu (2011) in China and Robinhood (2013) in the United States—each broke the mold of legacy broker‑dealers in their respective regions.
- Futu: Leveraging online account opening, it surpassed 26 million registered US‑stock users by 2025, with a market valuation of about $26 billion. After regulatory headwinds slowed growth in 2022, the firm pivoted toward global expansion.
- Robinhood: Pioneered commission‑free trading; its user base now exceeds 23 million, and its market cap approaches $100 billion.
With stablecoins and blockchain technology reaching maturity, “crypto brokers” are mounting a challenge to the same market. xStocks and Ondo are leading the charge, and Ondo stands out for having secured three major U.S. regulatory licenses, granting it a pronounced financial and operational advantage.
“Unlike traditional brokers, there’s no KYC required, which is one of the reasons we chose to partner with Ondo.” — Crypto platform professional Hayley.
Compared with Robinhood, Futu and similar services, Ondo’s key differentiator is KYC‑free access—users can trade tokenized US equities without submitting identity documents. Industry observers note that this breakthrough could attract tens of millions of new participants to the US equity market.
The author personally used Bitget Wallet and Trust Wallet to purchase tokenized shares of Apple, Tesla, and other companies, confirming the straightforward user experience.
Note for U.S. users: When using fiat on‑ramps or off‑ramps, platforms that operate under the Binance brand must be accessed through Binance.US (the U.S.-compliant entity) rather than the global Binance platform. Transfers to/from traditional bank accounts typically rely on SEPA (for EUR) or SWIFT (for USD) networks.
Tax disclaimer: Gains realized from cryptocurrency transactions, including tokenized equities, may be subject to taxation in the holder’s jurisdiction. Users should consult local tax professionals to ensure compliance.
“Crypto Brokers”: The Rise of a New Species
Traditional broker‑dealers rely on physical branches; opening an account requires submission of government‑issued IDs, household registration documents, and the like, with trading fees often exceeding 1 %. Internet‑based brokers removed the offline barrier, enabling fully online onboarding and low‑cost trading, further lowering entry hurdles.
Crypto brokers build on this foundation with three major innovations:
- KYC‑free trading – Users can buy and sell tokenized US equities without any identity verification, eliminating the traditional “know‑your‑customer” gate.
- Cross‑platform token liquidity – Tokenized stocks, built on blockchain, can be transferred freely among any supporting platform, dissolving the “asset silo” effect that plagues conventional broker networks.
- Diversified financial products – In addition to listed‑company tokens, platforms offer tokens representing private companies, as well as derivatives and contract products, catering to a broader spectrum of investment strategies.
Just as Robinhood and Futu leveraged technology to solve the pain points of their eras and achieved explosive user growth, the success of crypto brokers will hinge on whether stablecoins and blockchain can effectively address the twin challenges of identity barriers and asset liquidity.
Debates over whether tokenized US stocks are “equivalent” to traditional equities—mirroring discussions about whether a US‑dollar‑pegged stablecoin is truly the same as fiat dollars—are gradually receding from public discourse. Attention is shifting toward user experience, regulatory compliance, and the practicalities of trading.
At this point, the discussion on the soaring popularity of tokenized US stocks and whether crypto brokers will overturn traditional brokerage models concludes. For further reading, search for past articles by Bitaigen or continue with the recommended articles below. Thank you for following and supporting Bitaigen!
Related Reading
- U.S. Stock Tokenization Explained: How to Buy Tokenized Stocks 24/7
- Asset Tokenization: Tokenized Stocks & Real‑World Assets
- Stock Tokenization on Blockchain: Liquidity & Transparency
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⚠️ Risk Disclaimer: Crypto prices are highly volatile. This is not investment advice.
