Over the past two years, RWA (Real World Assets) became a hotspot as capital and institutions chased after “U.S. Treasury tokenization.” Moving into 2025, the market’s focus is shifting from on-chain Treasuries to on-chain U.S. equities — not just a continuation of TradFi + blockchain, but a new experiment in compliance, efficiency, and pricing power.

What are Tokenized Stocks?

Tokenized stocks are essentially on-chain representations of real equities:

• Real stocks are held in custody by licensed entities
• Blockchain smart contracts mint 1:1 corresponding tokens
• Prices remain pegged via oracles or arbitrage mechanisms
• Tokens can be traded, used as collateral, or borrowed/lent 24/7 on-chain

From an investment perspective, tokenized stocks combine the stability of equities with the flexibility of crypto assets, making them a key form of RWA innovation.

Two Main Models: xStocks and Robinhood

Currently, there are two representative approaches:

1. xStocks Model (Open On-chain)

• Buy real U.S. stocks → custody by Clearstream
• Mint 1:1 tokenized stocks (e.g., TSLAx) on Solana smart contracts
• Provide compliant stock token issuance for exchanges like Bybit, Kraken, Jupiter
• Some tokens support redemption for real stocks
• Advantages: Transparent compliance, globally tradable, DeFi integration supported
• Drawbacks: Custody remains a black box, no voting rights, relatively high fees

1. Robinhood Model (Semi-Closed)

• Tokenized stocks minted on Arbitrum, migrating to its own L2 in the future
• Tokens tradable only within Robinhood’s system, no external circulation (yet)
• Covers U.S. equities and some private companies (e.g., OpenAI, SpaceX)
• Advantages: Mature compliance, low barrier for existing users, wide asset coverage
• Drawbacks: Closed ecosystem, limited flexibility, mainly targeting European users

Why It Matters

• Lower barriers to entry: With just USDT, you can directly buy AAPLx, TSLAx on-chain, 24/7 trading
• Compliance + anonymity: Blockchain ensures anonymity, while offshore regulatory setups enable “compliance arbitrage”
• Richer use cases: Tokens can be collateralized, arbitraged across platforms, and give rise to new DeFi scenarios

Potential Risks

1. Off-chain custody remains opaque, requiring trust in intermediaries
2. Holding tokens ≠ shareholder rights
3. Founders’ background and token liquidity remain uncertain
4. Fees and market depth need further optimization

Conclusion: The Second Generation of RWA

If stablecoins and bond tokenization were the “first generation of RWA adoption,” tokenized U.S. stocks may well be the real starting point of second-generation financial innovation. Beyond changing investment pathways, it could reshape global capital market pricing power.

In this process, Bifu, as an all-in-one platform (Forex + Crypto + RWA), is actively exploring ways to make RWA investment more accessible to global investors. Looking ahead, more real-world assets will be tokenized, helping users seize the next wave of financial revolution.