미국 주식의 블록체인 상장, 삼분천하… 세 가지 모델 중 어떤 것이 최종 형태에 더 가까울까?

In 2026, the opening bell of Wall Street lost its function for the first time. For the past century, the trading floor of the New York Stock Exchange dictated when global capital would awaken and when it would休眠, with weekends and holidays being strict downtime. This year, that boundary began to loosen: the on-chain world gained the ability to host real order flow from NASDAQ and the NYSE for the first time, creating a 7×24 operating model for stocks, the oldest form of financial assets.

This significant change is inseparable from the密集 breakthroughs in the tokenized stock sector since 2026. MiCA's compliance framework in Europe is gradually being implemented, the draft of the US CLARITY Act provides clearer legislative references for digital asset classification, and several major exchanges and fintech platforms have successively strengthened their stock tokenization product lines.

Ondo Global Markets, the leading player in tokenized stocks in Europe and the US, pushed its asset scale to the billion-dollar level within months while simultaneously advancing the registration process with the US Securities and Exchange Commission (SEC). Bitget's rToken can directly connect to NASDAQ and the NYSE, transforming US stocks into tradable,抵押able, and reusable crypto-native assets through unified trading accounts, margin applications, and high-frequency reserve audits. Binance also launched bStocks in June, leveraging the native traffic of the largest exchange for rapid expansion.

Although most exchange-traded tokenized stock products use similar descriptions like "24/7 trading" and "1:1 backing," there are significant differences in their liquidity sources, trading mechanisms, capital usage, and underlying risk structures.

To gain a deeper understanding, an Odaily journalist will conduct a horizontal comparison across four dimensions: liquidity source, trading session availability, capital efficiency and composability, and compliance licenses and custody transparency. Combined with market size and order book data, we will analyze the real differences between the three product models.

Evaluation Dimension Definition

The horizontal comparison dimensions used in this article include:

• Liquidity source and price anchoring mechanism
• Trading hours and availability
• Capital efficiency and composability
• Compliance license and asset custody transparency

These four dimensions correspond to investors' primary concerns: whether the price reflects the actual US stock price, whether trading is possible anytime, whether capital can be used efficiently, and whether the underlying stock assets are real and verifiable. Finally, we will refer to the existing trading volume rankings of different products.

Dimension 1: Comparison of Liquidity Sources

The price anchoring mechanism is the most critical structural difference among tokenized stock products and is key to determining the risk of "de-pegging." It directly affects whether traders can enter or exit positions at fair prices during critical moments.

Ondo Global Markets adopts an "Inherited Liquidity" model, maintaining the token price close to the underlying stock through real-time minting and redemption mechanisms combined with arbitrageur activity. This design allows the token to circulate flexibly on-chain while closely tracking the underlying stock price. rToken routes spot orders directly to the order books of NASDAQ and NYSE via licensed brokers during US stock trading hours, with execution results written back to the exchange's spot order records in real time. Its price and liquidity are fully synchronized with the underlying stock market, making it the only product among the three to achieve exchange-level order book direct connection. Binance bStocks prices its tokens by anchoring to the underlying stock price using data pushed by oracles. Leveraging Binance's own user base and update mechanisms, it can quickly cover a large number of assets at a lower threshold, providing users with a real-time price tracking experience.

Each of the three has its own focus on liquidity anchoring, respectively representing the three currently mainstream technical paths in the industry: direct exchange matching, minting/redemption arbitrage, and oracle tracking.

The liquidity anchoring mechanisms of the three are structurally different and are suitable for different use cases. Ondo's minting/redemption model is better suited for users accustomed to native on-chain operations who are willing to accept certain arbitrage correction delays, and it is also suitable for arbitrageurs. bStocks' oracle tracking has a lower barrier to entry, making it suitable for ordinary users seeking convenience and broad asset coverage. rToken's direct order book connection model, from a design logic perspective, is closer to the real price, especially advantageous in terms of price consistency during regular US stock trading hours, making it suitable for traders requiring high price accuracy and low slippage.

Simultaneously, we conducted a practical test using actual order book data. Taking the Circle (CRCL) tokenized stock as an example, the quotes and depths across the three platforms at the same time show different strengths and weaknesses:

In this data set, all three maintained relatively narrow spreads. However, in terms of order depth and 24-hour trading volume, rToken performed more prominently. Its model of accessing the native order book of the stock exchange offers significant advantages in order absorption capacity and market activity.

Dimension 2: Trading Hours and Availability

Regarding 24/7 trading capability, all three products market themselves as supporting 24/7 user trading, but specific mechanisms differ significantly.

Ondo Global Markets' minting and redemption window is 24 hours a day, five days a week. On-chain transfers themselves are not time-restricted, providing users with flexible asset transfer capabilities, but price discovery depends on the open window status. rToken covers regular US stock trading hours, pre-market, intraday, after-hours, and overnight sessions. Some popular tokens further support true 24/7 trading. During market close, Bitget provides internal exchange liquidity for price discovery, achieving seamless transition from regular hours to closed hours. Binance bStocks also emphasizes round-the-clock liquidity, near-instant settlement, and zero conversion fees, leveraging the exchange's native user base to make more tokens conveniently tradeable at any time.

All three regard 24/7 availability as a core capability and have established corresponding mechanisms for trading and price volatility risks during US market close, offering relatively complete overall product experience and risk management frameworks. In terms of pure 24/7 level availability, Ondo is slightly inferior in coverage time, making Bitget rToken and bStocks potentially more suitable for general users.

Dimension 3: Capital Efficiency and Composability

Capital efficiency is a core consideration for institutions and professional traders when choosing tokenized stock products. It is specifically reflected in whether these assets can be used as margin or collateral, and whether they can be flexibly allocated across different accounts and strategies. This is where the practical value gap between products widens. Although this aspect is further from the realm of small retail traders, it is a core consideration for professional traders and institutions when deciding to allocate to crypto-native US equity exposure.

The evaluation results from Odaily are as follows:

In terms of design, the capital efficiency functions of the three are significantly different: Ondo and bStocks lean more towards "on-chain DeFi composability," relying on third-party protocol ecosystems, requiring users to bear cross-protocol operational friction and additional smart contract risk exposure. rToken takes the "in-exchange institutional-level unified margin account" route, directly integrating stock positions into scenarios like derivatives and lending, achieving multi-asset synergy within the same account system. If the pursuit is more towards on-chain DeFi functionality, Ondo and bStocks are more suitable. If considering the actual capital efficiency needs of professional and institutional traders, rToken's integration and convenience are more prominent and closer to institutional requirements for risk controllability.

Dimension 4: Compliance License and Custody Transparency

While trading occurs on-chain, whether the underlying US stock assets truly exist and can be independently verified is the foundation for building trust in tokenized stock products. How do the different products perform in terms of credibility?

All three employ asset guarantee mechanisms that combine regulated custody with independent third-party verification, establishing relatively complete frameworks for compliance, transparency, and the credibility of underlying assets. It is evident that after several rounds of market洗礼 in the crypto space, the major players in the stock tokenization sector have implemented maximum guarantees for underlying assets. The differences among the three are more reflected in specific arrangements such as audit frequency, information disclosure granularity, and the identity of the third-party verifier. However, the perceived experience difference for users is minimal.

Conclusion: Three Products Cater to Different Needs, Each with Strengths and Challenges

Considering the four dimensions and market rankings, the three paths respectively respond to different needs within the tokenized stock sector.

Ondo Global Markets, with its inherited liquidity model and compliance layout across multiple jurisdictions, is more suitable for institutions prioritizing regulatory frameworks and open on-chain applications, as well as users with high compliance requirements for Europe and the US. Binance bStocks, relying on the exchange's native traffic and on-chain ecosystem integration, offers convenience in terms of trading entry points, self-custody, and on-chain circulation, making it more suitable for investors deeply embedded in the BNB ecosystem and familiar with the on-chain environment. Bitget rToken, with its diverse product functions, is better suited for high-frequency traders and institutional clients who are more sensitive to liquidity, capital efficiency, and cross-scenario asset allocation.

From a longer-term industry perspective, the common challenges faced by tokenized stocks are perhaps more noteworthy than the differences between individual products. Issues such as cross-border financial compliance, the ability of real market demand to keep pace, and accurate pricing during market close still require industry-wide solutions. As regulatory boundaries gradually become clearer and underlying liquidity continues to deepen, different paths will learn from each other through competition, driving this market from early experimentation to maturity. The boundary once drawn by Wall Street is being gradually rewritten with every on-chain transaction.