Kraken and Bitget set the pace in the early innings of tokenized stock trading
Kraken and Bitget dominate the nascent tokenized stock market, concentrating most activity outside of regulatory-hesitant U.S. platforms.Summary
Tokenized stocks, representing nearly $850 million in blockchain value, are consolidating around centralized venues like Kraken's xStocks and Bitget's platform powered by Ondo. Kraken launched xStocks in June of the previous year, allowing non-U.S. users to trade tokenized U.S. equities with extended hours, and previously held about 97% of tracked tokenized stock value before Bitget's entry. Bitget, partnering with Ondo Finance, has rapidly captured significant volume, accounting for roughly 89% of global trading volume for Ondo-issued tokens in November. While Ondo now leads in total value issued across all tokenized stocks, U.S.-based platforms like Robinhood have faced regulatory scrutiny, and Coinbase's planned offering remains contingent on compliance. Experts suggest that once major U.S. exchanges like Robinhood and Coinbase launch tokenized stocks for their large user bases, trading volumes and total value locked could significantly increase.
(Source：The Block)