CoinFound and ME News have jointly produced a weekly report on the stock tokenization market, reviewing noteworthy information from the past week .
Article author: CoinFound
Article source: ME News
Market Overview:
Total market capitalization: 615.55M
Transfer: 296.07M
Active URLs: 13630
Number of holders: 112,646
On-chain distribution characteristics:
As of the end of December, the distribution showed a clear "two-layer structure": Ethereum remained the "main settlement layer" for institutional assets (such as BlackRock's BUIDL and Securitize series), carrying more than 70% of the TVL; while TON and Solana, with their low fee advantages, became the main growth drivers for retail transaction activity (Volume).
Stock performance:
Volatility characteristics: During the last week of December, due to the "Christmas rally" in US stocks, the tokenized versions of NVDAx (Nvidia) and TSLAx (Tesla) saw the largest trading volumes. Although NVDAx experienced a pullback of about 5% at the end of the month, its on-chain liquidity depth was sufficient to support instantaneous transactions in the millions of dollars.
ETF hedging effect: SPYon, which is linked to the S&P 500, and QQQon, which is linked to the Nasdaq 100, have shown extremely high stability. Fund flow data shows that investors are beginning to regard tokenized ETFs as a "stable cornerstone" for on-chain asset allocation, rather than just a speculative tool.
Platform competitive landscape:
xStocks Standard Established: Backed Finance established its xStocks system as a de facto industry standard by the end of December. Through partnerships with Kraken and Bybit, it achieved "one-time issuance, multi-point distribution," a "wholesale + retail" model that gave it a competitive edge.
TradFi giants enter the market: Securitize announced a DTCC-compliant on-chain transaction pilot program during this period, marking a shift by traditional financial giants like BlackRock from "tokenized bonds" to "tokenized stocks."
Product Dimension:
24/7 Trading and Instant Settlement: The core selling point of products in this cycle is no longer just "24/7 trading," but "DeFi composability." Leading products (such as new versions of Ondo and Swarm) have allowed users to deposit tokenized shares as collateral into lending protocols, thereby unlocking liquidity.
Market Dynamics Review:
Deutsche Börse and Kraken have entered into a strategic partnership to streamline the institutional-grade equity tokenization process.
Further details of the DTCC tokenization pilot program have been disclosed: covering the Russell 1000 index and major ETFs.
STON.fi is deeply integrated with xStocks, bringing traditional US stocks fully into the TON ecosystem.
Financial services firm Clear Street released its 2026 fintech outlook, arguing that tokenization's enabling "24/7 trading" and "instant settlement" will fundamentally change brokerage firms' cost structures.
JPMorgan Chase's (JPM) plans to offer cryptocurrency trading services to institutional clients, which could reshape the competitive landscape but may not necessarily harm its competitors.
Summarize:
The stock tokenization market is exhibiting a divergence between "minor adjustments in market capitalization and increased activity." The seven-day decline in total market capitalization reflects year-end profit-taking, but the continued growth in activity and the number of holders indicates that market penetration is still expanding. Based on the strategic cooperation of Deutsche Börse and the detailed disclosures of DTCC, tokenization is no longer an "experimental plug-in" for traditional brokerages, but a core engine that is reshaping settlement and cost structures. With giants such as JPMorgan Chase providing compliant trading channels, stock tokenization will see a more profound acceleration in 2026.
