Tokenized stocks: a familiar idea on new rails
You already know the depositary receipt: a bank holds the real shares and issues a receipt that trades somewhere else. A tokenized stock is the same idea. A firm holds the shares, and the receipt is a digital token on a blockchain.
| Shares today | Tokenized | |
|---|---|---|
| Where it sits | A brokerage account | A wallet you control |
| When it trades | Exchange hours | Any time, any day |
| Settlement | Next business day | Minutes |
| Who can reach it | Clients of a broker in that market | Anyone with a wallet, where the rules allow |
What we will cover:
- It is growing fast from a very small base.
- Not every token gives you the same rights as a share.
- The wallet becomes the new brokerage account, and we build one.
The receipt comparison is a starting point. Unlike most depositary receipts, many stock tokens carry no vote. We come back to that.
Numbers are from early November 2026 and change quickly. Sources are listed at the bottom of each slide. This is for learning, not investment or legal advice. Sources for this page: Fensory, Oct 2026 (trading hours, wallets); US next-day settlement since May 2024 (SEC).
From almost nothing to about $4.6 billion in 16 months
- 30 Jun 2025$2.1M
- 31 Mar 2026$487M
- 7 Nov 2026~$4.6B
- Traded in Jan to Mar 2026$15.1B
- Wallets holding them~4.7M
Big platforms grow fastest. Days to reach $1 billion in on-chain trading: PreStocks 252, xStocks 224, Robinhood 56, Binance’s bStocks 35.
These totals come from different data sites, so read them as a rough trend, not exact figures.
Sources: CoinGecko RWA Report 2026 (2025 and March 2026 figures, trading volume); TokenPost, 9 Nov 2026 (market size, wallets); Bitcoin.com News, Sep 2026 (days to $1 billion).
More people are holding them every month
- Wallets holding stock tokens4.8 million
- Same number in January 2026171,000
- Moved on-chain in the last 30 days$38.8 billion
- Wallets active in the last 30 days738,000
- Growth in 14 months (DefiLlama)26 times
Holders grew about 28 times in ten months. That is faster than the money itself, which means lots of new, everyday users are arriving.
The two trackers count differently: RWA.xyz shows $3.87 billion on-chain, DefiLlama showed $1.66 billion in mid-October. The totals differ, the direction is the same.
Sources: RWA.xyz tokenized stocks dashboard, 10 Nov 2026, and its January 2026 blog; DefiLlama research, Oct 2026.
Why this is only the beginning
- It is still tinyStock tokens are about 0.0038% of the stock markets they copy. Almost all of the growth is still ahead.
- From 3 products to 348In January 2025 only 3 stock tokens were worth over $1 million. Now 348 are.
- The biggest names are inBinance, Robinhood, Kraken and Coinbase all offer them. The New York Stock Exchange has proposed its own 24/7 blockchain platform.
- The rules are opening upIn September 2026 the US regulator (SEC) announced a five-year exemption that lets US platforms offer tokenized stocks.
Every one of these tokens has to live in a wallet. That is exactly what we build.
Keep it real: trading comes in bursts, and DefiLlama found on-chain order books are still thin. Being early is the opportunity.
Sources: Crypto Briefing, Nov 2026 (348 products, 0.0038%, SEC exemption); RWA.xyz; Gizmodo, Sep 2026 (NYSE); DefiLlama research, Oct 2026.
The money is still almost all off-chain
- World stock marketsover $100 trillion
- Stablecoins on-chain$289 billion
- All tokenized real-world assetsabout $47 billion
- Stock tokens onlyabout $4.6 billion
For every $1 of real-world assets on-chain, there are more than $2,000 in stock markets alone. Here is where the big forecasters think on-chain assets will be:
- McKinsey, by 2030$2 trillion, about 40x
- BCG and Ripple, by 2033$18.9 trillion, about 400x
- Standard Chartered, by 2034$30 trillion, about 640x
Even the most careful forecast is about 40 times bigger than today. Stablecoins already showed the path: on-chain dollars went from nothing to $289 billion. Stocks, funds and bonds are next in line.
Forecasts are guesses and each counts different things, so read them as direction, not promises. The “x” figures are our own maths against $47 billion. The two cubes above are drawn to scale by volume.
Sources: a16z crypto, Sep 2026 (stock market size and all three forecasts); Token Terminal via Bitcoin.com News, 15 Sep 2026 ($46.7 billion); DefiLlama, 11 Nov 2026 (stablecoins); TokenPost, 9 Nov 2026 (stock tokens).
Our slice of the pie, today and tomorrow
0.05%
About $47 billion of real-world assets are on-chain. World stock markets alone hold over $100 trillion. The orange slice is so thin you can barely see it.
2%
McKinsey’s careful forecast: $2 trillion on-chain by 2030. That is about 40 times today, and still a small slice.
30%
Standard Chartered’s forecast: $30 trillion on-chain by 2034. That is about 640 times today.
Orange is on-chain. Everything else is still in traditional finance, waiting to move. Every dollar that moves on-chain has to land in a wallet.
The whole pie is today’s $100 trillion stock market, used as a yardstick. On-chain assets also include bonds, funds and gold, so this is a size comparison, not a share of stocks. Forecasts are guesses.
Sources: a16z crypto, Sep 2026 (stock market size, McKinsey and Standard Chartered forecasts); Token Terminal via Bitcoin.com News, 15 Sep 2026 ($46.7 billion).
There are three types
The company itself puts its shares on the blockchain. When you hold the token, your name is on the company’s official list of owners. You can vote and you get dividends.
Examples: Securitize (SECZ), Exodus, Galaxy, SharpLink, Forward Industries.
Downside: you must pass ID checks, only approved wallets can hold it, and each company has to choose to do this. Official name: issuer-sponsored.
Another firm buys the real shares, keeps them locked up, and gives you a token in return. You own a promise from that firm, not the share itself. The company (say, Tesla) does not know you exist.
Examples: xStocks, Ondo, Binance bStocks, Robinhood’s stock tokens. Most tokens today are this type.
Upside: easy to launch and easy to use in DeFi. Downside: usually no vote. Official name: custodial, or wrapper.
Nobody holds a share for you. The firm just promises to pay you whatever the stock gains or loses. If that firm fails, you may get nothing, and you have no shareholder rights.
Often only open to certain countries or investors. Official name: synthetic.
A simplified version of how the US regulator (SEC) groups them. Each product has its own terms, so check before you assume.
Source: TechFlow, 5 Nov 2026.
Three names make up over 80% of the market
bStocks hit $1 billion in on-chain trading in 35 days. xStocks took 224. Having lots of users already matters more than being first.
Sources: TokenPost, 9 Nov 2026 (market shares, 23 token providers on 8 Nov); Bitcoin.com News, Sep 2026 (days to $1 billion).
Many brands, one firm holding the shares
One independent estimate says that a single broker, Alpaca Securities, holds the real shares behind about $4.17 billion of tokens. That is roughly 91% of the market, including bStocks, Ondo, xStocks, Robinhood, Bitget, Coinbase and Dinari.
- Alpaca Securities, ~91%A US broker. It holds the shares through the normal US stock system.
- RQD ClearingHolds shares for Securitize’s stock tokens and Backpack.
- InCore Bank, Maerki BaumannTwo Swiss banks that hold some of the xStocks shares.
- No middleman, ~$250MSECZ and Superstate tokens. Holders are on the company’s own list.
Buying from different brands does not spread your risk if the same broker sits behind them all. With these tokens you get the price, but your name is not on the company’s list of owners.
This is an estimate from 5 Nov data, not an official figure. Source: TokenPost, 9 Nov 2026.
What you actually hold
| Company-issued | Backed by shares | Price only | |
|---|---|---|---|
| Your name on the company’s owner list | Yes | No | No |
| You can vote | Yes | Usually no | No |
| Dividends | Paid to you | Passed on, or added to the token’s value | Maybe a cash payment |
| Use it anywhere in DeFi | Approved wallets only | Yes | Depends |
| Company must agree first | Yes | No | No |
| What can go wrong | You lose your keys | The token firm or the firm holding the shares fails | The token firm fails |
A middle option is coming. In October 2026 Securitize launched tokens for 12 big stocks that start as “backed by shares” and can later turn into real shares, once each company agrees.
Source: TechFlow, 5 Nov 2026.
Putting a stock on-chain does not fix everything
- Companies are pushing backAMC’s boss told Robinhood to stop trading a token of AMC’s stock. Robinhood refused. These tokens do not need the company’s permission, and some companies do not like that.
- The token price can break awayDuring the AMC dispute, Securitize’s CEO pointed to an AMC-linked token that was reportedly trading far above the real share price.
- Different opening hoursTokens trade 24/7. The real stock market closes at night and on weekends, so token prices can drift and be harder to trade then.
The takeaway: more stocks on-chain is not the goal. Fair prices and real ownership rights are.
Sources: Decrypt and Gizmodo, Sep 2026 (AMC and Robinhood).
Five questions to ask about any stock token
- Whose name is on the company’s list of owners?
- What do you really own: the share, a promise from a broker, or a promise from a token firm?
- Can someone lend out your shares without asking?
- Do you get the dividends and the vote?
- If the firm in the middle goes bust, what protects you?
Source: adapted from TechFlow, “Whose name is actually on your stock?”, 5 Nov 2026.
The wallet is becoming the new brokerage account
A stock token does not live in a broker’s app. It lives in a wallet. So the wallet becomes the place where people see, hold, move and use their stocks, next to their crypto and stablecoins.
- The big wallets have already startedMetaMask added 200+ stock tokens through Ondo in February 2026 and now lists over 470. Phantom, Trust Wallet and Solflare let users hold and swap them too.
- One wallet for everythingLedger Insights called it a first look at a single wallet for cash, crypto and stocks.
Not your keys, not your money:
- On an exchange, you hold an IOUThe exchange holds the token and keeps the keys. If it freezes withdrawals or fails, you wait in line with everyone else.
- In your own wallet, you hold the tokenYou keep the keys. Nobody can move it without you, and you can use it any time, day or night.
- The honest catch with stocksYour keys control the token, not the real shares behind it. Those still sit with the token firm, which can also limit who may hold the token. So: keep your keys first, then check who stands behind the token.
- Keys are a responsibilityLose them and you lose access. A good wallet makes holding your own keys safe and simple.
How far a wallet can go, step by step:
- Show it: the real stock name, live price, token type and who issued it.
- Hold and send it safely, with a clear warning when a token can only go to approved wallets.
- Buy and sell it inside the wallet, straight from stablecoins.
- Pass the checks: ID verification and country rules, because issuers require them.
- Put it to work: collect dividends, borrow against it, and vote where the token allows.
Qore Wallet already has owners and co-owners, transaction policies and approved apps. Users keep their own keys, and no single person or mistake can move the money alone. That is the kind of control assets like stocks need.
Where a wallet stops: it cannot give a token rights it does not have, open it to blocked countries, or protect you if the token firm fails. MetaMask’s stock tokens need an ID check and are not open to US users.
Sources: Ledger Insights, 3 Feb 2026; Ondo Finance blog and MetaMask news, 2026; DeGate wallet reference, Jul 2026; 99Bitcoins via TradingView (ID check, US exclusion); Fensory, Oct 2026 (who holds the token on an exchange, issuer limits).
What this means for Qore Wallet
- Tell users what they holdShow which type of stock token it is and who is behind it, not just the ticker.
- Explain blocked sendsSome stock tokens only move between approved wallets. When a send fails for that reason, say so in plain words.
- Show honest pricesThe stock market closes; blockchains do not. Decide what price the wallet shows at night and on weekends, and how splits and dividends appear.
- Keep the keys with the userHolding your own keys is the whole reason to keep stocks in a wallet. Make it safe and simple enough that people do not run back to an exchange.
Ideas to discuss in the session, not decisions.
Is Qore Wallet ready for stock tokens?
Every stock token has to live in a wallet. Tap each line the team agrees Qore Wallet can do today.
0 of 8 ready
Show it
Hold and send it
Keep the keys safe
Use it
Every line left unticked is not a weakness. It is our to-do list for a market that could grow 40 times or more.
This checklist is a team exercise, not an audit of our products. Chain list from RWA.xyz platform pages, 2026.
Quick check
- RWA.xyz, tokenized stocks dashboard, 10 Nov 2026
- DefiLlama research, tokenized stocks volume and liquidity, Oct 2026
- Crypto Briefing, tokenized stocks above $1 million, 4 Nov 2026
- a16z crypto, 7 charts on tokenized assets, Sep 2026
- DefiLlama, stablecoin market cap, 11 Nov 2026
- Ledger Insights, tokenized stocks on MetaMask, 3 Feb 2026
- MetaMask news, RWA platforms and wallets, 2026
- DeGate, on-chain stocks for self-custody wallets, Jul 2026
- Fensory, where to buy tokenized stocks, Oct 2026
- Decrypt, Robinhood and AMC stock tokens, Sep 2026
- Gizmodo, AMC CEO on Robinhood’s tokenized stock, Sep 2026
- TechFlow, “Whose name is actually on your stock?”, 5 Nov 2026
- TokenPost, Alpaca custody estimate, 9 Nov 2026
- Bitcoin.com News, RWA market, Sep 2026
- CoinGecko, RWA Report 2026