Ch.4 · The World's Ten Largest Stock-Tokenization Platforms: Who Is Behind Them?

In the previous article, we explored the basic principles of RWA stock tokenization.

This time we keep going: which are the world's major stock-tokenization platforms, and which companies are driving them?

I put together the 10 major platforms from the RWA.xyz stock-tokenization rankings and found that this market is no longer just the crypto industry taking part.

Trading platforms such as Binance, Kraken, and Robinhood are making their moves; fintech companies like Ondo and Securitize are accelerating; and even traditional asset managers such as WisdomTree have entered.

Still, although all of these platforms fall under stock tokenization, the product models they adopt are not exactly the same.

Some tokens only track stock prices, others represent securities-related rights, and still others issue real shares directly on the blockchain.

So when studying these projects, you can't just look at how many assets they have tokenized; you also need to understand the issuing entities behind them and what investors actually hold.

Note: The market sizes and rankings below come from RWA.xyz, with statistics dated October 19, 2026. Issuing networks, trading channels, and product information were compiled from public sources and may change over time.

I. The Ten Largest Stock-Tokenization Platforms

From this ranking you can see that the stock-tokenization market has developed along different paths.

Next, let's go through the companies behind each of these platforms and see how their products differ.

II. Getting to Know These 10 Platforms One by One

1. bStocks: Stock-Tokenization Products in the Binance Ecosystem

bStocks is the product Binance Group uses to build out stock tokenization, running mainly on BNB Chain.

It is issued by BTech Holdings Limited, a Binance affiliate, while Binance provides the corresponding trading and distribution channels.

Through the spot and conversion features supported by Binance, users can access tokenized products tied to US stocks such as Nvidia and Tesla.

Note that holding bStocks does not make you a direct shareholder of the corresponding listed company; what investors receive are the related rights stipulated in the product terms.

2. Ondo: From Tokenized Treasuries to the Stock Market

Ondo Finance is a representative fintech company in the RWA space, founded by Nathan Allman.

If you've studied tokenized US Treasuries before, Ondo should be familiar to you.

Early on it mainly built out Treasuries and yield-bearing assets through products such as USDY and OUSG, and later expanded into US stocks and ETFs through Ondo Stocks.

Ondo Stocks spans networks such as Ethereum, BNB Chain, and Solana, and users can access the related products through the Ondo platform and eligible partner channels.

It's worth distinguishing that the legal structures and holder rights of Ondo's different products are not exactly the same.

3. xStocks: Issued by Backed, Distributed with Kraken

xStocks is a stock-tokenization product launched by the Backed team, now closely tied to the ecosystem of Payward, Kraken's parent company.

Its legal issuing entity is Backed Assets (JE) Limited, registered in Jersey.

Simply put, Backed is responsible for issuing the related tokenized products, and Kraken is one of the key trading and distribution channels.

xStocks supports stocks such as Apple, Nvidia, and Tesla, along with some ETF-related products, and its issuing networks include Solana, Ethereum, TON, and Ink.

Some eligible users can trade through Kraken and onchain applications that support xStocks.

However, xStocks holders usually do not have direct voting rights in the underlying listed companies.

4. Securitize: Bringing Traditional Securities Onchain

Securitize is somewhat different from the platforms above.

It doesn't just sell stock tokens; more importantly, it provides securities-tokenization infrastructure for financial institutions, covering issuance, registration, investor verification, and asset management.

The company's co-founder and CEO is Carlos Domingo.

The asset-tokenization projects Securitize takes part in cover funds, private assets, and stocks, among others, with Securitize Stocks mainly on the Solana network.

Its strength lies in securities issuance and compliance management, not just in moving stock prices onchain.

5. Robinhood: A Traditional Broker Takes On Stock Tokenization Itself

Robinhood should be familiar to most people.

It is a well-known US trading platform for stocks and crypto assets, co-founded by Vlad Tenev.

Robinhood's stock-tokenization business runs mainly through European markets, and its issuing entities include Robinhood Assets (Jersey) Limited.

Early on, the Classic Stock Tokens were deployed on Arbitrum One, and Robinhood later launched its own Robinhood Chain.

There is an important distinction here:

Some of Robinhood's stock tokens are essentially derivative contracts that track stock prices, not real shares held directly by users.

For users, buying the related tokens does not automatically grant them shareholder status or voting rights in the underlying company.

6. Reality: Bitget Has Also Entered the Stock-Tokenization Market

Reality is Bitget's business for building out RWA stock tokenization, mainly offering tokenized assets tied to US stocks and ETFs through its rToken products.

Its issuing networks include Arbitrum, Morph, and others.

Reality's advantage is that it can use Bitget's existing trading platform, wallet, and user channels to provide trading entry points for stock-tokenization products.

However, the specific issuing entities, underlying-asset backing, and redemption rules of rTokens are subject to the corresponding product documents.

7. Figure: Issuing Shares Directly on the Blockchain

Figure is a US fintech company focused on blockchain finance, whose co-founder Michael Cagney previously founded SoFi.

Its biggest difference from some of the stock-tokenization platforms above is that it tries to put the actual process of issuing and registering securities directly on the blockchain.

Figure's FGRS are native onchain stocks, using the Provenance Blockchain for the related registration and transfer.

This differs from simply issuing a token that tracks a stock price.

What investors hold are equity interests issued under the corresponding securities' legal structure, rather than synthetic assets that merely track prices.

Of course, trading these related stocks still has to comply with securities regulation and investor eligibility requirements.

8. Superstate: Helping Listed Companies Issue Onchain Shares Directly

Superstate was founded by Compound co-founder Robert Leshner.

Its Opening Bell product mainly provides companies with the issuance, registration, transfer, and settlement infrastructure needed to bring shares onchain.

Its supported networks include Ethereum and Solana.

Unlike stock-price tokens, Superstate wants listed companies to be able to issue and manage onchain securities directly within a compliance framework.

So strictly speaking, Superstate is more of an infrastructure provider in the stock-tokenization space than just a stock-trading platform for retail investors.

9. WisdomTree: Traditional Asset Managers Have Arrived Too

WisdomTree is a US-listed asset management company whose traditional business includes ETFs and fund management.

Unlike other projects that mainly offer single-stock tokenization, WisdomTree focuses more on tokenized funds.

Through products such as WisdomTree Prime and WisdomTree Connect, it provides related services to individual and institutional clients.

Its digital funds span multiple networks, including Ethereum, Solana, Arbitrum, Avalanche, and Base.

For example, investors can gain exposure to the US stock market or to a certain asset mix through the related funds.

But note that a tokenized fund share is not the same as directly holding every stock inside the fund.

10. Dinari: Financial Infrastructure Focused on Stock Tokenization

The last one is Dinari.

Dinari is a fintech company focused on tokenized securities; its co-founder and CEO is Gabriel Otte.

Its dShares product offers tokenized rights tied to US stocks and ETFs.

Dinari's business serves not only individual investors but also wallets, brokers, and other fintech platforms, providing stock-tokenization access.

Its supported networks include Ethereum, Arbitrum, Avalanche, and Base, among others.

Unlike some purely synthetic stock tokens, Dinari's product design involves custody of the underlying securities and a corresponding brokerage system, but investors' specific rights are still subject to the issuance documents.

III. How Do These 10 Platforms Differ?

By now you may have spotted a problem:

Although they're all grouped into the stock-tokenization category, they aren't actually doing the same kind of business.

I think they can be roughly split into three types.

Type 1: Selling stock-related products to users.

Representative platforms include bStocks, xStocks, Robinhood, and Reality.

These platforms usually rely on exchanges, wallets, or financial apps to make it easier for users to access tokenized products tied to US stocks and ETFs.

However, the issuer and the trading platform aren't necessarily the same company, and the products may not grant the shareholder rights of real stock.

Type 2: Helping companies and financial institutions issue onchain securities.

Representative platforms include Securitize, Figure, Superstate, and Dinari.

They focus more on financial infrastructure such as issuance, custody, registration, trading, and settlement.

They don't just want investors to be able to buy stock tokens; they want the securities themselves to be issued and circulated on the blockchain.

Type 3: Tokenizing existing financial products.

Ondo and WisdomTree are more representative examples.

The former expanded from Treasury tokenization into stocks and ETFs, while the latter builds tokenized products more on its traditional fund-management business.

Together they reflect a trend: traditional financial assets are beginning to find new ways of issuance and distribution through the blockchain.

This is only a business classification meant to aid understanding, not a strict legal one. The same company may also run several types of products at once.

IV. My Take

After going through these 10 platforms, my biggest takeaway is:

Stock tokenization is no longer just something the crypto industry plays with on its own.

Trading platforms such as Binance, Kraken, and Robinhood are entering, fintech companies like Ondo and Securitize are building infrastructure, and traditional financial institutions like WisdomTree are taking part too.

But I think the real direction for stock tokenization isn't just moving the prices of stocks like Apple, Nvidia, and Tesla onchain.

What matters more is whether, in the future, the issuance, trading, registration, and settlement of real securities can gradually be done through the blockchain.

If it only means issuing a token that tracks a stock price, it hasn't really changed how traditional finance works.

But if real shares can be issued, transferred, and settled on the blockchain in accordance with the law, that could have a far deeper impact on today's securities markets.

That said, the process still has to resolve a whole series of issues, including regulation, liquidity, investor rights, and cross-border trading.

Will the stock-tokenization market of the future end up dominated by trading platforms like Binance and Robinhood, or by financial-infrastructure companies like Securitize and Superstate?

I think that question is worth watching over the long term more than who currently has the largest tokenized assets.

This article is for RWA industry learning and research only and does not constitute investment advice. The legal structure of products, user eligibility, and tradable regions differ across platforms; for specific information, refer to official disclosures.