Original | Odaily Planet Daily ( @OdailyChina )
Author: Golem ( @web3_golem )
Recently, the two keywords crypto and US stocks have been frequently linked together. On the one hand, US listed companies have started a trend of buying crypto assets. Companies such as SharpLink and GameStop have relied on this strategy to significantly increase their stock prices in the short term; on the other hand, crypto companies have started the road to IPO listing on the US stock market. The closing price of USDC stablecoin issuer Circle on June 6 was $107.7 in its first week of listing, an increase of 247.4% compared to the IPO price of $31. BitMEX co-founder Arthur Hayes also wrote an article lamenting that Circles listing would be the beginning of the crypto IPO frenzy.
Such a frenzy has also made crypto people who cant eat grapes feel itchy, but if this is really a new liquidity feast, how can crypto people be willing to miss it? Therefore, under this trend, on-chain trading of US stocks has also become a hot topic.
Security tokenization (STO) actually existed before the birth of RWA (real world assets). During 2020-2021, FTX, Binance, etc. launched US stock tokenization trading services, but the crypto regulatory environment at that time was not friendly, and the security tokenization trading business could not continue. However, with the improvement of the US crypto regulatory environment and the increasing integration of crypto and traditional finance, Citi, JPMorgan Chase, Robinhood, etc. have also begun to explore the US stock tokenization business.
With the right time, place and people, the on-chain securities trading platform in the market may also become the next outlet. In this article, Odaily Planet Daily will review the trading platforms in the market that can use encrypted assets to purchase US stocks for readers reference.
Bybit
Centralized exchange Bybit launched USDT-based stock CFD trading on its TradFi platform on May 19. The Bybit TradFi platform is a multi-asset trading platform that enables traders to access global financial markets with a single account. Users only need to create an MT5 account to directly use USDT collateral to trade US stocks. There are currently 78 stocks, including Apple (AAPL), Tesla (TSLA), Nvidia (NVDA), Amazon (AMZN), Microsoft (MSFT) and Alphabet (GOOG). For a complete list of stocks, see the official announcement .
Unlike stock spot trading, stock CFD trading does not actually buy stocks, but trades directly based on price trends. When a user opens a CFD position on the Bybit TradFi platform, he is essentially signing a contract with the platform to settle the difference between the stock price when opening and closing the position. Users can use up to 5 times leverage.
The Bybit platform charges 0.04 USDT per share, and the minimum transaction size is 5 USDT.
MyStonks
MyStonks is a decentralized cryptocurrency trading platform created by the CTO of the Meme coin Stonks community. Users can also purchase U.S. stocks in the Stonks 100 section of the platform, including 95 U.S. stocks such as AAPL, AMZN, DIS, GOOGL, META, MSFT, NFLX, NVDA, and 5 crypto and stock ETFs listed in the United States.
When users buy US stocks on the MyStonks platform, MyStonks will mint the corresponding shares of US stock tokens on the Base chain at a 1:1 ratio and distribute them to the users on-chain wallet address; when users sell US stock tokens, the MyStonks platform will reverse the operation, convert US stock tokens into stablecoins and transfer them to the users account, and destroy the corresponding US stock tokens at a 1:1 ratio. The buying and selling process uses the ChainLink oracle as the quote provider. At the same time, the platform charges a 0.3% US stock token transaction fee.
MyStonks is not a simple on-chain data disk. When users buy and sell U.S. stock tokens on the platform, MyStonks will also buy and sell corresponding U.S. stocks at a 1:1 ratio off-chain, and will be managed by Fidelity, a global asset management giant. The first batch of assets managed by MyStonks will reach US$50 million.
Ondo Finance
Ondo Finance is a decentralized institutional-level financial protocol that has reached a cooperation with the Trump family project WLFI and is a popular target of the American Coin concept. As early as February 5, Ondo Finance announced the upcoming launch of the RWA tokenized trading platform Ondo Global Markets (Ondo GM) , allowing users to buy and sell stocks, bonds and ETF tokens backed by real assets at a 1:1 ratio. However, this service is not available to US users.
All Ondo Global Markets RWA tokens will be issued natively on Ondo Chain, and users can also interact with other chains through Ondo Chains built-in cross-chain function. Ondo Global Markets plans to launch later this year, but the official date has not yet been announced.
Backed
Backed is a Swiss asset tokenization issuer that focuses on tokenizing stocks and ETFs. Backed has launched 10 US stock tokens on multiple chains, including bCOIN, bCSPX, bTSLA, bNVDA, and bMSTR. However, Backed itself has not launched a US stock token trading platform. Users can directly trade its US stock tokens through on-chain DEXs such as CoW swap and 1inch.
Backed complies with the regulatory framework of the Swiss DLT Act and is one of the few US stock tokenization platforms with compliance qualifications. Backed also adopts a 1:1 guarantee system. For every US stock token minted on the chain, the corresponding US stock will be purchased in the secondary market. The US stock assets are managed by a Swiss custodian bank, and reserve certificates are issued regularly.
Backed completed a $9.5 million financing on April 30, 2024, led by Gnosis VC, with participation from Cyber Fund, Blockchain Founders Fund, Stake Capital, etc. Recently, Backed has partnered with the centralized exchange Kraken to launch a new stock tokenization trading platform xStocks , but the specific launch time is unknown.
Dinari
Dinari is a compliant infrastructure platform that focuses on tokenizing traditional securities assets (such as stocks, bonds, and ETFs). Users can trade nearly 100 U.S. stocks on its U.S. stock token trading platform dShare , including Apple, Amazon, Microsoft, Nvidia, and Coinbase. However, users need to complete KYC before trading. Currently, the platform only supports KYC in the United States and Canada. Users need to provide government-issued identity documents (drivers license, passport, etc.) and proof of residence (current utility bills, bank bills showing address, etc.).
On Dinari, U.S. stocks exist in the form of dShares, which is an ERC-20 token on Arbitrum One. dShares are minted only when stocks are purchased from a stock exchange, and a 1:1 collateral system is implemented. Dinari is a compliant stock transfer agency registered with the U.S. SEC, so the U.S. stock assets behind dShares are all managed by it.
Users use stablecoins such as USDT to trade US stock tokens on the chain, and they can also receive dividends by holding tokens. Dividends are distributed to users by Dinari, and US stock token holders will receive dividends in the form of USD+ on Arbitrum One. USD+ is a stablecoin asset issued by Dinari. In addition, a fixed fee of $10 will be charged for each order traded on the Ethereum mainnet, and a fixed fee of $0.2 will be charged for each order traded in L2.
Dinari has made it clear that it will not launch the Dinari token. On May 1, 2025, Dinari completed a $12.7 million Series A financing, led by Blockchange and Hack VC, with participation from Blizzard Fund, VanEck, F-Prime Capital, Factor Capital, Arete Capital, Jinshajiang Venture Capital, and Silvermine Capital.
Helix
Helix is a decentralized cryptocurrency exchange based on Injective, mainly used for trading cross-chain spot and perpetual contract markets. It also supports the use of USDT to trade some US stocks, including 13 US stocks such as META, TSLA, NVDA, MSTR and COIN.
US stocks on Helix exist in the form of iAssets, a type of real-world asset (RWA) derivative that brings traditional markets such as stocks, commodities, and foreign exchange to Injective in a fully on-chain, composable, and capital-efficient form. iAssets do not require pre-funding or packaging of underlying assets. Instead, they exist purely in the form of synthetic derivatives with no custodial US stock assets behind them.
Therefore, iAssets is traded in exactly the same way as other perpetual contract tokens on the chain, with 24/7 trading, users use USDT or other stablecoins as margin, the leverage available for US stocks is 25x, and positions are settled in USDT instead of physical delivery. The contract order fee and order acceptance fee are 0.005% and 0.05% respectively.
Helix has already launched a trading points program, but the rebate rewards are currently in the beta stage.
Swarm
Swarm is a compliant DeFi infrastructure for token issuance, liquidity and trading. At the same time, users can trade US stock tokens and gold through its DEX dOTC , including 12 US stock tokens such as AAPL, NVDA, MSFT, COIN and TSLA. Swarm supports users to use stablecoins such as USDC to purchase US stock tokens on the Ethereum mainnet, Polygon and Base, and the transaction fee is set at 0.25%.
The US stock tokens on Swarm are issued by SwarmX GmbH, a subsidiary of Swarm. The US stock tokens on Swarm are also 100% backed by physical stocks, with the underlying US stock assets held by institutional custodians and verified by the token trustee, and reserve asset information is publicly disclosed monthly.
DigiFT
DigiFT is a Singapore-compliant RWA crypto exchange, which is licensed as a Recognized Market Operator (RMO) and Capital Market Services (CMS) provider by the Monetary Authority of Singapore (MAS). On February 28, 2023, DigiFT completed a $10.5 million Pre-A round of financing, led by Shanda Group, with participation from HashKey Capital, Hash Global, Xin Enterprise, and Beituo Capital.
DigiFT currently offers two products, iSNR, a structured note linked to the performance of Invesco’s US senior loan strategy, and UMINT, a UBS-USD money market investment fund token. KYC-certified users can purchase these two products using stablecoins such as USDC on the Ethereum mainnet.
Although DigiFT has not yet directly launched tokenized U.S. stock products, mainly RWA assets such as funds and bonds, it may open up the tokenization market for U.S. stocks and other securities in the future.
The tokenization of US stocks needs to find new PMF points to truly detonate the market
The tokenization of US stocks does have multiple advantages, such as breaking geographical and KYC restrictions, supporting 24/7 trading, allowing non-US users to hold US assets at low cost, and avoiding high cross-border fees. However, although institutions have predicted that the tokenization of US stocks will bring a trillion-dollar RWA market, according to RWA.xyz data, the current RWA scale is only about 23 billion US dollars, of which tokenized stocks account for only 313 million US dollars, and the market scale is far from the imagined height.
The root cause is that, on the one hand, the compliance model of most US stock tokenized trading platforms is still immature, with problems such as data disks and opacity, and they may even have no qualifications; while the platforms that have truly established complete compliance qualifications have KYC/AML restrictions on users that are close to or even exceed those of traditional brokerages, which means that many crypto users do not get any substantial convenience in their experience.
On the other hand, the U.S. stock market itself has a mature, transparent and compliant secondary market around the world. For those users who really want to trade U.S. stocks, the entry threshold is not significantly different from that of traditional brokerages, and is even more cumbersome in some links, failing to bring substantial convenience to users. More importantly, for crypto-native users who pursue high-frequency, high-volatility arbitrage, the volatility range of U.S. stock targets is still too narrow, far less exciting than crypto contracts or on-chain Meme coins. James and Liang Xi could only be born in the crypto market and not in the U.S. stock market.
From this point of view, simply “moving US stocks onto the blockchain” is not enough to leverage the collective influx of crypto funds. In order for the tokenization of US stocks to truly detonate the market, platforms and project parties need to find new PMF fit points.
But in any case, looking to the future, the tokenization of US stocks still has a broad imagination space. Once the core needs of crypto users are grasped and the real PMF is found in product design, on-chain US stock trading will no longer be just a gimmick, but will become a bridge for the organic integration of the global capital market and the Web3 world.
