Comparing Four Chains' US Stock Tokenization: BNB Chain, Robinhood Chain, Base, Solana
- Core Viewpoint: The US stock Meme market is not random — the compliance pathway determines the speed of asset expansion, the speed of asset expansion determines the number of tradable assets, and Launchpad and liquidity ultimately determine whether a Meme market can form. This is the root cause of the divergent performance across chains.
- Key Elements:
- Robinhood Chain has issued 194 US stock tokens with a market cap of $158M, adopting the Liechtenstein FMA unified prospectus + Final Terms model, achieving the fastest asset expansion speed.
- BNB Chain's bStocks has issued 70 tokens with a market cap of $687M, offering the best liquidity, but asset expansion is constrained by case-by-case approval. Four.meme introduced the 4Stock mechanism in an attempt to accelerate the process.
- Base has issued only 10 US stock tokens with a market cap of $12M. Compliance coordination is slow, and insufficient underlying assets constrain the Launchpad ecosystem's expansion.
- Solana has no native US stock token system and relies on third-party xStocks, following a multi-asset pool approach, with US stock Meme performance being mediocre.
- Flap supports 22 bStocks paired pools, producing phenomenon-level Memes such as "牛来" and "MarsCoin" that were listed on Binance futures.
- Bringing stocks on-chain is an inevitable trend. In the future, traditional assets such as ETFs and commodities going on-chain will expand the Meme asset pool, and the speed of asset expansion will become the key battleground in inter-chain competition.
Robinhood-led U.S. stock Meme narrative has been hyped for over a month now, but the development of U.S. stock Memes varies across different chains.
·Why is the U.S. stock Meme on Robinhood Chain booming, while the U.S. stock Meme on Base seems to have been cast into the cold palace?
·Why has BNB Chain produced phenomenal Memes like 牛来 and Marscoin, while Solana is just sitting on the sidelines babbling?
With these questions in mind, the author researched the compliance paths and ecosystem infrastructure for U.S. stock tokens on Robinhood, BNB Chain, Base, and Solana. This article starts by examining how each of these four chains issues U.S. stock tokens, and analyzes why the same U.S. stock Meme trend ends up producing completely different outcomes.
1. BNB Chain
In June 2026, Binance officially launched bStocks. bStocks are issued by BTech Holdings, with each product corresponding to real underlying stocks, and circulating on BNB Chain.
For each new bStock added, BTech Holdings needs to prepare issuance documents for the corresponding security and obtain Prospectus approval and Official List admission from ADGM FSRA. Only after completing the regulatory process will Binance officially list the corresponding bStock.
→Currently, bStocks has launched 70 U.S. stock tokens, with a total issuance market cap of 687M.
Thanks to Binance's support, bStocks is currently the set of U.S. stock tokens with the highest issuance market cap and best liquidity among the various options.
However, in terms of the "U.S. stocks × Meme" gameplay, BNB Chain is slightly slower than Robinhood, mainly stuck in two areas:
👉Number of U.S. stock tokens
👉Insufficient coverage of bStocks by Launchpads
Currently, the two major Launchpads on BNB Chain are: Four Meme and Flap.
🔥1) Four Meme
http://Four.meme recently launched 4Stock, mainly aiming to solve the problem of bStocks' expansion speed not being fast enough.
For stocks like BNC, before the official bStock listing, http://Four.meme can first use user-submitted USDC to buy real stocks, then mint 4Stock at a 1:1 ratio based on the actual number of shares purchased; after the corresponding bStock is listed in the future, it will support 1:1 conversion.
🔥2) Flap
Flap currently supports 22 bStocks as Meme base pools, significantly more than http://Four.meme, and has therefore produced popular U.S. stock Memes such as "牛来" and "MarsCoin," both of which have been listed on Binance futures.
In terms of Launchpad mechanics, Flap supports customizable taxes and can also set a minimum holding requirement for dividend eligibility, making it naturally suited for more gameplay around U.S. stock Memes.
The biggest problem for BNB Chain right now is still that the listing speed of U.S. stock tokens cannot keep up with the hype speed. Robinhood next door can quickly develop corresponding Memes as new stock tokens are listed, and once a new hotspot emerges for a U.S. stock company, on-chain Memes can quickly follow suit.
However, the 4Stock launched by http://Four.meme may be able to fill this gap. BNC has already validated the feasibility of this model, and if the subsequent listing speed can be maintained, BNB Chain's U.S. stock Memes are still worth watching.
2. Robinhood Chain
In June 2025, Robinhood first launched Stock Tokens, initially running on Arbitrum; after Robinhood Chain's mainnet launched in July 2026, it launched a new generation of U.S. stock tokens, which officially circulate on Robinhood Chain.
In terms of issuance method, Robinhood first obtains a unified base prospectus approved by Liechtenstein's FMA, and then when adding new stocks, it only needs to publish Final Terms for the corresponding underlying. Therefore, unlike bStocks, it does not need to re-approve a complete Prospectus for every additional stock.
→Currently, Robinhood Chain has launched 194 U.S. stock tokens, with a total issuance market cap of 158M.
Robinhood is also one of the earliest chains to truly get "U.S. stocks × Meme" running.
@vladtenev has a relatively open attitude toward Robinhood Memes, and Robinhood has also successively listed some Robinhood Chain native assets.
As is well known, Robinhood has always been relatively strict in its review of Crypto asset listings, so every time an on-chain native asset enters Robinhood, it easily brings additional attention and buying pressure.
Here, we have to mention Robinhood Chain's two major Launchpads: Pons and Long. Launchpad mechanics often determine asset gameplay and also influence the hype direction of the entire ecosystem.
👉Pons @ponsdotfamily: Currently the largest Launchpad on Robinhood Chain. The platform is divided into V1/V2. V1 mainly launches Memes, while V2 supports U.S. stock token pool pairing, and creators can receive 70% of the fee revenue.
👉Long @longdotxyz: Supports slightly more U.S. stock tokens than Pons, and Tickers are unique—once created, they cannot be duplicated. The platform does not support built-in Dev Buy, nor does it reserve initial tokens for creators.
Because Robinhood's U.S. stock token issuance method differs from others, it is slightly faster than others in issuance speed and has an advantage in the number of U.S. stock tokens, which is also an important reason why Robinhood performed more strongly in this round of U.S. stock Meme行情.
3. Base Chain
In July 2026, Base mainnet launched the B20 standard; in August, Coinbase officially launched U.S. stock tokens, with the first batch including AAPL, GOOGL, META, and NVDA, circulating on Base in the form of B20 Tokens.
Its expansion method is similar to bStocks: for each new product added, it is necessary to submit a Prospectus to ADGM FSRA for the corresponding Certificate, and only after approval is it officially issued.
→Currently, Base Chain has launched 10 U.S. stock tokens, with a total issuance market cap of 12M.
Although Base's U.S. stock tokens follow a similar regulatory channel to bStocks, their listing speed is noticeably slower, indicating that this compliance path is still in an early stage of adjustment. As a result, Base's U.S. stock token scale is clearly lagging behind the other chains, and U.S. stock Memes have not yet formed an obvious wealth effect.
Limited by the number of underlying assets, Base's Launchpads are also difficult to bring into full play.
O1 currently supports the 10 U.S. stock tokens already issued on Base, and has even further expanded to Robinhood Chain. It should be one of the Launchpads on Robinhood Chain that supports the most U.S. stock tokens, and many U.S. stock Memes on the platform have performed well.
In addition to O1, Base has also seen innovative platforms such as @Stonks_Exchange and @BaseStonk, mainly making minor innovations around mechanisms such as fees and dividends. Therefore, Base's biggest problem at present is still the number of U.S. stock tokens. Even if Launchpads integrate quickly enough, if the underlying assets are not rich enough, ecosystem expansion will still be limited. At this stage, Base's dividends may instead be more concentrated in the Launchpad Token itself.
4. Solana
Solana is different from the other three chains. It currently does not have its own "self-issued" U.S. stock token system, and mainly uses third-party-issued xStocks.
In June 2025, xStocks was first launched on Solana, bringing 60+ U.S. stocks and ETFs in the first batch. xStocks are issued by Backed, and each token is 1:1 backed by the corresponding underlying stock.
So Solana has taken another route⬇️
Stonk Fun is a newly launched Launchpad on Solana. Their thinking is that since there are no native U.S. stock tokens, they might as well expand more assets as base pools.
Stonk Fun supports many asset types, including $ZEC, $HYPE, $TAO, etc. Basically, any popular Crypto asset can be used for pool pairing.
Although Solana is not particularly prominent in the U.S. stock Meme line, its advantage lies in a broader asset range. For example, ZCat borrowed the hype around ZEC and brought external asset热度 into platform trading. However, based on current performance, the actual U.S. stock Memes on the platform are still relatively mediocre.
Final Thoughts
Looking at the four chains together, one can see that the U.S. stock Meme行情 is not as random as it appears on the surface.
The compliance path determines expansion speed, expansion speed determines the number of tradable assets, and Launchpads and liquidity then determine whether these assets can truly form a Meme行情.
The problem encountered by Base and BNB Chain is expansion speed. BNB Chain has already solved this problem through infrastructure. Base has progressed slowly on such issues, with compliance reviews for all four targets stuck for half a month. It is estimated that by the time other players finish the行情, it will be over.
Solana, whether in infrastructure or ecosystem developers, is top-tier, but unfortunately Solana's official direction choice has deviated. Solana still does not have a decent U.S. stock Meme, and Pump fun only launched stock trading pairs today.
Yesterday, U.S. stock Meme-related tokens such as PONS had already begun to pull back, but the author is more inclined to believe that this round of行情 is only the end of the first stage, not the end of the entire narrative.
⭐Currently, each platform has only listed "star stocks," but putting stocks on-chain will be the general trend. In the future, when ETFs, commodities, and even more traditional assets can be quickly brought on-chain, the Meme base pool will become larger and larger, and the focus of competition between chains will also shift upward accordingly.
💰Different assets will lead to different hype directions in the end. Today it is U.S. stock Memes; tomorrow it may be ETF Memes, commodity Memes, and even more on-chain gameplay for traditional assets.
What is truly worth paying attention to next is the expansion speed of U.S. stock tokens on each chain. Whoever can move more real-world assets on-chain faster will have a better chance of taking the lead in capturing new market hotspots and further influencing the next stage of on-chain hype direction🔥.
