SP500 xStock price

By Matthew Nay Compiler: Deep Tide TechFlow Key insights Real-world assets (RWAs) on Solana are worth over $418.1 million, up 140.6% year-to-date. Ondo's USDY leads with a value of $175.3 million, with a 41.9% market share, followed by other assets such as OUSG, ACRED, and BUIDL. Backed partnered with Kraken to bring tokenized shares to Solana via xStocks on June 30, 2025, allowing over 40,000 wallets to hold xStock in a week. Superstate, Ondo, and Step Finance plan to launch tokenized shares later this year. R3 plans to bring more than $10 billion in tokenized assets from its permissioned distributed ledger technology (DLT) platform, Corda, to Solana. R3 supports the issuance and transfer of tokenized assets by regulated financial institutions. Maple Finance's yielding stablecoin, syrupUSDC, quickly rose to a market cap of $60.1 million. Since its launch in June 2025, 5420 syrupUSDC tokens have been issued. Solana is home to unique RWAs such as Blackrock, Apollo, tokenized real estate, unique physical goods, and collectibles. Introduction to the basics Real-world assets (RWAs) represent a paradigm shift in decentralized finance, connecting traditional finance (TradFi) with blockchain infrastructure by tokenizing off-chain assets such as government bonds, private credit, public stocks, real estate, and even physical commodities. This shift has led to higher levels of liquidity, programmability, and global accessibility, especially for financial instruments that have been illiquid, constrained, or inefficiently distributed. Over the past year, Solana has emerged as a strong contender in the space and has become a reliable platform for institutions and retail investors to access and interact with on-chain RWAs. Solana's appeal stems from its high throughput, near-zero transaction costs, and robust developer ecosystem. Technological innovations such as the Token-2022 standard and fast block finality enable seamless compliance tools, yield distribution, and composable DeFi integration. These features make Solana ideal for hosting a wide range of RWAs, from tokenized Treasury bills to on-chain stocks and tokenized commodities. Its infrastructure is increasingly tailored to the needs of asset issuers, regulators, and users, paving the way for the adoption of RWAs at both institutional scale and community level. RWA on Solana covers four core categories: (1) yield assets, including tokenized U.S. Treasuries, agency funds, and private credit protocols such as Ondo Finance, Franklin Templeton, and Maple; (2) tokenized public stocks, with Superstate, Kraken, and Ondo Global Markets coming soon; (3) non-yield assets, such as tokenized real estate and collectibles on platforms such as Parcl and BAXUS; and (4) emerging infrastructure providers, such as R3 and Securitize, which provide support for compliance and interoperability. Through these lenses, we assess Solana's trajectory as an emerging hub for on-chain RWAs and what it means for the future of global capital markets. Yield assets Yield-based RWA is the most important and fastest-growing segment of the Solana RWA space, accounting for the vast majority of the value of non-stablecoin RWA (in USD). These assets cover everything from tokenized U.S. Treasuries to institutional funds and private credit, providing on-chain investors with direct exposure to off-chain yield streams, and they are often more composable and accessible, round-the-clock than TradFi. Disclaimer: All data in this report is current as of July 7, 2025. Tokenized U.S. Treasuries Tokenized Treasuries provide a digital wrapper for the world's most liquid and trusted yield instruments, and have become a foundational pillar of on-chain asset management, stablecoin collateralization, and DAO funding operations. Solana's tokenized treasury bond market has grown from small to include a range of products from both native and cross-chain asset issuers. Ondo Finance – OUSG & USDY (Treasury & Yield Tokens) OUSG and USDY represent Ondo Finance's dual approach to tokenizing US Treasuries. Launched in January 2023, OUSG is a tokenized fund that was initially structured with BlackRock's BUIDL fund. It is primarily intended for accredited investors. In July 2025, OUSG was the second-largest yielding asset on Solana by market capitalization, with seven holders and a market capitalization of $79.6 million. Launched in August 2023, USDY is a token backed by U.S. Treasuries and bank deposits that aims to be a yield-based stablecoin with broad accessibility. The price of USDY appreciates as interest accumulates. The token can be transferred across chains through LayerZero, making it highly composable in DeFi applications. As of July 2025, USDY is the highest-capping yielding RWA on Solana, with 6,978 holders and a market cap of $175.3 million. BlackRock – BUIDL (USD Institutional Digital Liquidity Fund) BUIDL is a tokenized U.S. dollar money market fund developed by BlackRock that holds cash and short-term U.S. Treasuries. The fund was initially launched on Ethereum in March 2024 and expanded to Solana in March 2025, marking one of the first large-scale institutional RWA deployments on the Solana network. The fund has a AAA rating and maintains a stable $1 value while paying a daily dividend. Participation is restricted to accredited investors who have passed KYC verification, taking advantage of Solana's round-the-clock settlement capabilities and low transaction costs. BUIDL transforms traditional static financial instruments into highly accessible and interoperable assets. BlackRock's launch of a tokenized RWA on Solana confirms the growing credibility and interoperability of public blockchain infrastructure in the institutional finance space. As of July 2025, BUIDL is the fourth-largest yielding RWA by market capitalization on Solana, with three holders and a market cap of $25.23 million. Franklin Templeton – BENJI (On-Chain U.S. Government Money Fund, FOBXX) BENJI represents shares in the Franklin Templeton FOBXX Money Market Fund, which invests in U.S. government securities, cash, and repurchase agreements. Originally launched in 2021 as part of its multi-chain rollout, BENJI expanded to Solana in February 2025, becoming the eighth network supported by the fund. It maintains a stable value of $1 and offers a yield alternative to traditional stablecoins, with interest accruing daily. BENJI is one of the first SEC-registered on-chain mutual funds for retail investors, accessible through the Benji mobile app. As of July 2025, BENJI is the fifth-largest yielding RWA by market capitalization on Solana, with 2 holders and a market cap of $25.9 million. OpenEden – TBILL (Tokenized Treasury Bills) TBILL is a fully collateralized token backed by short-term U.S. Treasury bonds and issued through a regulated trust structure. Since its debut in 2023, TBILL has allowed users to mint and redeem tokens around the clock using stablecoins such as USDC, with the token price rising as interest accumulates. OpenEden was one of the first platforms to launch a DeFi accessible Treasury product, which is aimed at non-US investors. The product's low barrier to entry, real-time redemption, and high transparency have contributed to its success, and its popularity is growing in Asia and Europe. TBILL has been in the spotlight for receiving an "A" rating from Moody's and has been used as yield collateral for other tokens, such as Velo's USDV stablecoin. As of July 2025, TBILL is the seventh-largest yielding RWA on Solana by market capitalization, with 3 holders and a market cap of $11.7 million. VanEck – VBILL (Tokenized U.S. Treasury Fund) VBILL is a tokenized version of VanEck's short-term U.S. Treasury strategy, launched on Solana in May 2025 through a partnership with Securitize. Unlike yield tokens like OUSG and USDY, which appreciate in value, VBILL maintains a stable price of $1 and distributes earnings through daily token dividends. Hosting is provided by State Street, and real-time pricing is maintained by Redstone oracles. VBILL's standout feature is its atomic redemption through Agora's AUSD stablecoin (Deep Tide Note: completing the asset redemption process in an indivisible operation, ensuring that the entire transaction process is either completed successfully or completely unsuccessfully, avoiding partial execution), allowing investors to take advantage of AUSD's integration with Solana DeFi protocols such as Kamino to seamlessly switch between yield and liquidity. Its structure combines traditional fund management practices with on-chain efficiencies to serve institutional cash managers. As of July 2025, VBILL is the sixth-largest yielding RWA on Solana by market capitalization, with five holders and a market cap of $13.6 million. Centrifuge – deRWA and deJTRSY (on-chain Treasury bills) Centrifuge is known for its early work on tokenizing real-world loans on Ethereum and Polkadot, and in May 2025 announced an expansion into Solana with the launch of its deRWA token standard. The first token that will be deployed on Solana under this framework is deJTRSY, which represents a stake in a $400 million short-term U.S. Treasury fund managed by Anemoy. Unlike traditional security tokens, deRWA assets can be freely transferred and used immediately within Solana's DeFi ecosystem, including platforms such as Raydium, Kanime, and Lulo. The deJTRSY token will enable Solana users to earn yield from U.S. Treasuries in a fully composable manner, boosting the on-chain utility of traditional financial instruments. Centrifuge's approach removes long-standing friction in RWA token liquidity and exemplifies its strategy of connecting institutional-grade funds with high-speed DeFi infrastructure. In addition to Treasury bonds, Centrifuge also powers private credit pools on Solana, enabling asset managers to underwrite real-world loans and offer tokenized portions to on-chain investors. These pools enrich revenue streams and enhance access to credit for emerging market borrowers. Tokenized institutional funds Institutional funds on Solana represent a new wave of RWA tokenization, with a scope that goes beyond simple debt instruments to encompass a diverse range of private credit, real estate, and alternative asset strategies. Not only do these products focus on compliance, transparency, and DeFi composability, but they also offer more diversity and higher yield potential than tokenized Treasury bonds. Apollo – ACRED (Apollo Multi-Credit Fund) ACRED is a tokenized version of Apollo Global Management's diversified private credit fund, created in partnership with Securitize and launched on Solana in May 2025. The token represents an interest in a portfolio of corporate loans and other private credit instruments and is issued as a regulated sToken under Securitize's compliance framework. ACRED is open to accredited investors and integrates with Solana's native DeFi platforms such as Kamino and Drift Institutional. These integrations enable users to borrow stablecoins against ACRED holdings and implement leveraged strategies, effectively turning traditional illiquid assets into composable DeFi collateral. The fund brings institutional-grade credit exposure (deep tide note: the amount of potential loss that a financial institution or business would face in the event of a possible counterparty default) and capital efficiency for Solana. As of July 2025, ACRED is the third-largest yielding RWA by market capitalization on Solana, with eight holders and a market cap of $26.9 million. Libre Capital – Tokenized alternative fund Libre Capital is a platform backed by Hamilton Lane and Brevan Howard that provides institutional investors with access to tokenized alternative assets. In July 2024, Libre launched its integration with Solana, becoming the first to introduce a private market credit fund to the network. Tokenized funds currently available include Hamilton Lane's Senior Credit Opportunities Fund (SCOPE) with a target yield of 9%, the Brevan Howard Master Fund (BHM), and the Short-Term US Dollar Fund (UMA) managed by BlackRock ICS USD Liquidity Fund. Libre is a "tokenized portal" for top fund managers, bringing together a range of private credit, hedge funds, and liquid alternative strategies. The platform emphasizes permissioned access for accredited investors and aims to unlock secondary market trading capabilities on Solana for real-time liquidity in these traditionally illiquid markets. Tokenized private credit Solana's private credit agreement expands the frontiers of RWA by providing direct loans to fintech companies, SMEs, and emerging market borrowers, all backed by on-chain transparency and risk management. Maple Finance – syrupUSDC (Yield Stablecoin) syrupUSDC is Maple Finance's on-chain yield stablecoin that will go live on Solana in June 2025. The token represents the funds deposited into the Maple credit pool, which provides loans to trading firms, market makers, and fintech companies. With a target APR of 6-7%, syrupUSDC is positioned as a high-yield alternative to traditional yield stablecoins. The product is designed for DeFi applications and benefits from the composability of the Solana ecosystem, including DEXs like Orca and lending platforms like Kanami. Maple's approach blends transparency, rigorous underwriting, and real-time liquidity to transform institutional credit into a stablecoin form that can be circulated across the broader DeFi space. As of July 2025, more than 63.6 million tokens have been issued with a market cap of $70.7 million, of which $47 million is deposited in Kamino. Credix Finance – a private credit marketplace Credix Finance operates a Solana-native private credit marketplace that enables institutional investors to fund loans issued by fintech companies in emerging markets such as Brazil and Colombia. Since its inception in 2023, Credix has been driving the tokenization of accounts receivable, asset-backed loans, and revenue sharing protocols. Its pools are typically divided into priority and sub-segments to accommodate different risk-return profiles, and include features such as insurance and insolvency segregated trusts through export credit agencies. As of July 2024, the platform has financed hundreds of small and medium-sized enterprises (SMEs) in Brazil. Credix is characterized by a focus on real-world impact and localized deal processes, providing higher yields and diversified investment opportunities outside of the U.S. market. Huma Institutional - PayFi Private Credit Huma Institutional functions similarly to private license lending for Centrifuge, Maple, and Credix. Huma currently supports 12 active lending pools across four different PayFi protocols, six of which are active on Solana and run by Arf. The six lending pools disbursed more than $97 million in credit through the Huma platform. ARF is a global liquidity platform that provides USDC-based short-term financing for cross-border payments without the need for a pre-funded account. Leveraging on-chain liquidity, Arf enables fast, low-cost settlements while reducing counterparty risk. In April 2024, Arf merged with Huma to expand its liquidity solutions. Other debt-based agreements Etherfuse – Stablebonds Etherfuse is focused on bringing emerging market sovereign debt and currencies on-chain. Through products such as MXNe and Tesouro, the platform tokenizes Mexican and Brazilian government bonds and makes them available as stablecoin-like assets on Solana and other networks. For example, MXNe is a stablecoin denominated in the Mexican peso that is fully backed by short-term government CETES bonds. This structure enables users to earn the yield of sovereign debt while transacting in their local currency on-chain. Etherfuse launched a stable bond product in 2024 and has since been targeting the remittance market and domestic financial institutions seeking foreign exchange-denominated digital instruments. By combining bond-backed stability with DeFi liquidity, Etherfuse introduces a new low-volatility, yield-oriented asset class that extends RWA's accessibility beyond dollar-centric instruments. On-chain stocks Tokenized shares on Solana represent a new evolution in the capital markets, enabling 24/7 trading, fractional ownership, and seamless integration with DeFi protocols. Although still in its infancy, the space is rapidly maturing thanks to advancements in compliance, transfer agent technology, and cross-chain infrastructure. Superstate – Opening Bell (On-Chain Public Equity Platform) Opening Bell is an equity tokenization platform developed by Superstate, an asset management firm founded by Robert Leshner. Opening Bell was announced in May 2025 in partnership with and aims to enable SEC-registered companies to issue and trade common stock directly on public chains such as Solana. These shares are recorded through compliant digital transfer agents and are expected to become fully regulated securities under U.S. law. Also in May 2025, the team, along with the Solana Policy Institute and Orca, submitted a proposal to the SEC, called Project Open, that lays out how securities can be issued and traded on public blockchain infrastructure, enabling a more efficient, transparent, and effective way. The first company planned to list on the platform is SOL Strategies (CYFRF), a $280.6 million Solana money management tool that also participates in the network by running its own validator. Opening Bell's on-chain trading is expected to begin later in 2025. The project aims to shorten the traditional T+2 settlement cycle to near-instant execution and make stocks fully programmable and composable in DeFi. This move embodies a broader vision of transforming stock exchanges into blockchain-native protocols and giving global investors access to regulated shares 24/7. Backed & Kraken – xStocks (Tokenized Stocks & ETFs) xStocks is a collection of tokenized US stocks and ETFs launched by regulated Swiss issuer Backed in partnership with Kraken. The product was announced in May 2025 and officially launched on June 30, 2025. The product line has launched more than 60 products, covering everything from Apple and Tesla to a wide range of index funds, and will be available to non-US customers. The tokens will be issued on Solana as a fully collateralized representation of the underlying stock and held in escrow by a regulated institution. Kraken users can trade these assets on exchanges or withdraw them for on-chain applications in DeFi protocols. xStocks is unique in its compliance-first structure, which is backed by a European prospectus and integrates seamlessly with the Kraken exchange and Solana DeFi infrastructure. The platform aims to democratize access to U.S. stocks, especially for users in regions where traditional brokerage services are underserved. As of July 7, 2025, there are more than 45,700 xStocks holders with a total market capitalization of $51.7 million. SPYx (S&P 500 xStock) is the most valuable stock with 9,692 holders and a market cap of $6.8 million. TSLAx (Tesla xStock) is the second-most valuable stock with 9,914 holders and a market capitalization of $6.2 million. Ondo – Global Marketplace Platform Ondo Global Markets is an upcoming product suite from Ondo Finance designed to provide non-US investors with direct access to tokenized public stocks and ETFs. Rather than issuing synthetic assets or ETFs, the Ondo platform acts as an on-chain broker interface that secures real stocks and links them to onTokens such as onTSLA held in wallets. These tokens will serve as programmable ownership representations that can be used as collateral or transferred between whitelisted users. Ondo's architecture will allow trade orders to be executed off-chain on traditional exchanges, with instant on-chain settlement. Ondo Global Markets is currently under development and is scheduled to go live by the end of 2025. It is unique in that it treats tokens as messaging infrastructure rather than a new asset class, enabling compliance and liquidity without compromising on-chain programmability. Once launched, it is expected to bring thousands of traditional equity assets to the Solana ecosystem. Republic - Mirror Tokens (Pre-IPO Equity Investment) In June 2025, investment platform Republic announced the launch of Mirror Tokens, a new asset class designed to provide economic exposure to high-value private companies, with the first token, rSpaceX, minted on Solana. These tokens are designed to "mirror" the performance of private company shares in the event of a liquidity event such as an IPO or acquisition, without the need to grant direct equity or ownership. For the first time, the rSpaceX token gives global non-accredited investors access to pre-IPO investment opportunities, with a minimum subscription amount of as little as $50 and a maximum subscription amount of $5,000. The program leverages Solana's high-performance infrastructure to democratize access to traditionally illiquid private market assets. Republic plans to expand the Mirror Token program to include other well-known private companies. Step Finance – Remora Markets (Tokenized Stock Exchange) Remora Markets was acquired by Step Finance in December 2024 and plans to allow users to trade fractional shares on Solana. Remora will embed Step Finance's broader portfolio management interface, prioritizing a user-friendly design, small transaction sizes, and minimal fees. All revenue generated by Remora will be used for STEP token buybacks, aligning protocol incentives with token holders. The platform will operate under the regulatory license it received after its acquisition and will support 24/7 trading and instant settlement. Taking a retail-first approach to investing in tokenized stocks, Remora positions itself as an alternative to institution-oriented platforms like Opening Bell and xStocks. The platform is currently still under development and is scheduled to be fully live later in 2025. Non-yielding assets While yielding assets dominate Solana's gross RWA value (TVL), non-yielding products play a key role in expanding the range of assets and demonstrating the flexibility of Solana's infrastructure. These products include tokenized real estate, unique physical goods, and collectibles. Tokenized real estate Parcl :P arcl enables users to invest in the price movements of a specific geographic real estate market, such as the real estate market in major U.S. cities, without the need to own a physical property. By tracking price indices (prices per square foot) and creating tradable markets for these metrics, Parcl provides a liquid, convenient, and inexpensive way to understand real estate trends. Homebase: Homebase issues tokenized NFTs that represent fractional ownership of single-family leased properties in the U.S. and focus on regulatory compliance (KYC: A series of processes and mechanisms for banks and other financial institutions to verify customers' identities and understand business practices, often associated with anti-money laundering, corruption prevention, and financial security systems. ), escrow, lock-up period). Investors can buy and sell shares directly on the Homebase platform, lowering barriers to entry and increasing market liquidity while ensuring legal enforceability. MetaWealth: MetaWealth is a Solana-based investment platform focused on decentralized real estate ownership in the European market. Since its launch, MetaWealth has facilitated over $36 million in tokenised real estate investments across assets in countries such as Romania, Spain, Greece and Italy, with a user base spanning over 50,000 investor accounts and 138 tokenised assets. Tokenize physical goods and collectibles BAXUS: BAXUS operates a peer-to-peer trading platform for premium rare spirits, where bottles are certified, priced, and tokenized as NFTs on Solana. Users can trade, store, and insure their collectibles, while NFTs serve as proof of ownership and a redemption mechanism for physical assets. CollectorCrypt: CollectorCrypt brings real-world collectibles, such as Pokémon trading cards, to Solana, allowing users to deposit items for identity verification, tokenization, and DeFi integration. This model expands the use of NFTs as a representation of physical value. AgriDex: AgriDex tokenizes agricultural products on the Solana platform, enabling crops to be bought and sold in the form of NFTs, which contain key transaction details. By partnering with agricultural organizations and leveraging DeFi tools, AgriDex aims to increase transparency and efficiency in the commodity market. RWA infrastructure Solana's RWA ecosystem is built on a rapidly evolving set of technology standards, data oracles, compliance tools, and market infrastructure. R3 R3 is a UK-based fintech company that provides enterprise-grade distributed ledger solutions to regulated financial institutions. While R3 is not a direct issuer or investor in RWA, it acts as a technology enabler. It provides middleware and compliance tools to support the issuance of tokenized assets and the transfer from permissioned environments to high-performance public networks such as Solana. Its flagship product, Corda, is a permissioned distributed ledger technology (DLT) platform for capital markets, payments, and central bank digital currency (CBDC) projects. Designed for a regulated environment, Corda facilitates direct transactions with privacy and compliance first. R3's clients include top financial institutions such as HSBC, Bank of America, and Bank of Italy. As of June 2025, R3 supports more than $10 billion in tokenized assets across asset classes. Drift Institutional Drift Institutional was announced in May 2025 by Drift to help institutions bring RWA to Solana. The product simplifies the tokenization of traditional assets such as credit, real estate, and commodities through DeFi-native tools, enabling leverage and composability, enabling more efficient capital utilization, automated yield strategies, and transparent risk management. Drift Institutional's debut is the introduction of Apollo's $1 billion Diversified Credit Fund (ACRED) to Solana through a partnership with Securitize. The integration allows verified institutional investors to deposit sACRED into the institutional liquidity pool (ACRED-USDC/ACRED-USDT) and borrow stablecoins from their positions. Kamino Finance Kamino Finance is a Solana-based lending protocol that provides users with automated strategies for borrowing and lending and providing liquidity. As a key platform for RWA integration, Kamino allows investors to use tokenized real-world assets as on-chain collateral. A notable use case is that investors who hold shares in the Apollo Tokenized Credit Fund (ACRED) can deposit it into Kamino to borrow stablecoins such as USDC as collateral. This feature unlocks the liquidity of traditional illiquid assets and deepens their integration with the Solana DeFi ecosystem. Fiserv In June 2025, payments and fintech company Fiserv announced a strategic partnership with Circle to enhance its customers' stablecoin payment capabilities. The partnership integrates Circle's USDC infrastructure with Fiserv's vast global network, which spans thousands of financial institutions and millions of merchants. This will enable Fiserv to leverage the Solana blockchain to enable high-speed, low-cost USDC payment settlements, connecting traditional business and banking systems to the modern internet-native financial layer. The move marks a significant step forward for blockchain payment technology in mainstream financial infrastructure. Other infrastructure Token Standards: The SPL token and the Token-2022 standard provide the foundation for both fungible and non-fungible assets on Solana. Token-2022 introduces expanded features tailored to RWA, such as confidential transfers, interest accumulation, programmable transfer limits, and compliance enforcement pegs. Oracles: The Pyth Network provides high-frequency, decentralized price feeds for assets on Solana, supporting everything from real estate indices through Parcl to yielding Treasury bonds. Switchboard and Redstone provide additional oracle options, enhancing data redundancy and reducing the risk of manipulation. Bridges: Wormhole and Chainlink's CCIP facilitates seamless cross-chain transfers and settlements of RWAs, enabling composability with Ethereum, Polygon, Avalanche, and other ecosystems. Projects like Centrifuge and Backed utilize Wormhole to bring institutional-grade assets into Solana's DeFi stack. Compliance & Identity Solutions: Securitize provides KYC/AML execution, investor onboarding, and transfer agent services to ensure regulatory compliance for tokenized funds and stocks. summary Solana's RWA ecosystem has undergone significant expansion, evolving from a handful of experimental projects to a robust, diverse, and institutionally credible market segment. Yield-based products, especially tokenized treasuries and institutional funds, form the cornerstone of the ecosystem, while composable DeFi integration and programmable compliance make Solana stand out. The simultaneous rise of tokenized stocks, real estate derivatives, and physical commodities demonstrates the network's flexibility and innovation, supported by its advanced infrastructure and growing institutional partners. Looking to the future, Solana, with its unique speed, composability, and developer-driven innovation, is a powerful platform for the next wave of RWA applications. With the launch of new asset classes and deepening partnerships, Solana is poised to not only compete with Ethereum in the institutional RWA market, but also to define the standard for programmable, globalized, and democratized finance in the blockchain era.

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By JE Labs In July 2025, Robinhood announced that users can trade U.S. stocks 24 hours a day, 5×24 hours on the Arbitrum chain; Bybit and Kraken Announce the Listing of xStocks Powered by Backed Finance, a Swiss-compliant asset tokenization platform; Coinbase has applied to the SEC to issue tokenized securities. The market has been hotly discussed for a while, and speculating on U.S. stocks on the chain has become the focus of users' attention. Is this the first time that U.S. stocks have been put on the chain? As early as the summer of DeFi in 2020, Mirror Protocol launched mAssets, a synthetic asset on the Terra chain, which enables "holding" U.S. stocks such as Apple and Tesla without KYC or opening an account with a brokerage. At that time, Mirror was in high spirits, but it eventually disappeared with the collapse of Luna and the heavy supervision of the SEC. Five years later, a new generation of U.S. stock tokenization products such as xStocks made a comeback. How do they differ from Mirror in terms of asset structure, compliance, technology stack, etc.? Can U.S. stock tokenization go further this time? 1. Comparison of asset structure: from on-chain mapping to real anchoring Mirror Protocol's mAssets are essentially on-chain price synthetic assets. It does not represent any real-world shareholding or asset ownership, but only synchronizes the real U.S. stock price through an oracle to simulate a "price-pegged but de-anchored" synthetic target with a smart contract. The issuance of mAssets relies on the over-collateralized algorithmic stablecoin UST, and once there is a systemic risk in the underlying stability mechanism, such as the collapse of the Terra ecosystem in May 2022 (UST de-anchoring), the entire asset system will immediately fall into a chain reaction of value zero. The core problem with this structure is that it is anchored to a "price" rather than an "equity" or "asset", and its essence is closer to a derivative than a certificate of ownership. In contrast, xStocks uses a completely different asset-anchoring structure. Initiated by Swiss compliance agency Backed Assets, it has a clear underlying asset structure and verifiable off-chain: real shares are purchased through brokerages such as Interactive Brokers, and then held in custody by regulated custodians such as Clearstream, InCore Bank, Maerki Baumann, etc. The generation of tokens adopts the method of "buy first, then put on the chain", so that each xStock token corresponds to the real stock position, ensuring that each token corresponds to the real position 1:1. In short, every on-chain purchase made by a user is anchored by a real stock transaction. xStocks' tokens are issued on the Solana public chain using the SPL standard, supporting 5×24-hour on-chain trading and instant settlement, breaking the limitations of the traditional securities market on working days and trading hours. More importantly, compared to the vulnerability of DeFi synthetic asset system such as Mirror in extreme market conditions, xStocks' asset structure introduces real assets, compliant custody and on-chain auditable mechanisms, getting rid of the bubble of DeFi synthetic assets that can be broken at the first poke. 2. Comparison of compliance logic: from gray area to compliance The birth of Mirror Protocol coincided with the window period of the DeFi explosion in 2020, when the on-chain ecological regulatory vacuum and experimental frenzy coexisted. At that time, KYC/AML was not common, but instead defaulted to anonymous, non-censorship, borderless transactions. It was at this time that Mirror was born, where users can mint mAssets by staking UST or LUNA without identity verification, and freely trade TSLA, AAPL and other U.S. stock mapping assets, enabling global users to trade U.S. stocks 24/7. However, this model based on synthetic assets + algorithmic stablecoin support lacks supervision and real assets, which also lays hidden dangers in the future. In 2022, as the LUNA/UST crash caused a global shock, the SEC filed charges against Mirror and Terraform Labs, explicitly characterizing mAssets as "unregistered securities." Since then, on-chain synthetic assets have faced a regulatory winter, and the Mirror model has become a typical example of experimental failure, which also marks the end of the first generation of Web3's path to real-world financial mapping. Today, xStocks is driven by TradFi + Web3 hybrids such as Kraken, Robinhood, and Backed Finance, which have compliance resources and traditional financial backgrounds. Kraken complies with the European Union's MiFID II directive, and both Backed Assets and Dinari are licensed to issue securities tokens; Transactions require KYC/AML verification, and the off-chain settlement process can be traced. In 2025, Paul Atkins, chairman of the new US SEC, called tokenization a "financial digital revolution", and the policy wind has also shifted from suppression to guidance. It's important to know that xStocks is not an equity token, but a bond-structured tracker asset that is essentially closer to a transferable stablecoin + certificate of income. Although this structure can circumvent the high barriers to the regulation of securities attributes, it also leads to the fact that it does not have voting rights and corporate governance rights, and involves a more complex structure involving dividends and distribution, which needs to be distributed through an intermediary entity (such as Kraken's Bermuda subsidiary PDSL), and although the bond model brings compliance advantages in terms of tax and registration (such as no stamp duty and bearer), it also distances xStocks from the narrative of "on-chain ownership of U.S. stocks", and some users said, " On-chain stock tokens are more like castrated stocks for tax avoidance" 3. Comparison of technology stacks: ecological closure vs protocol integration Mirror Protocol is built on the Terra chain, and the ecosystem mainly relies on the internal circulation of LUNA and UST. Although the functions of Terraswap and Anchor Protocol were relatively mature at that time, they were limited by the single ecology and it was difficult to achieve cross-chain collaboration. xStocks chooses to be deployed on multi-chain high-performance public chains (such as Arbitrum, Solana, Base) with cross-chain asset circulation, and the tokens of xStocks can be used for lending and LP mining of the Solana DeFi protocol, gradually moving closer to on-chain composability. However, the trading experience of xStocks still suffers from illiquidity. At present, its on-chain liquidity is highly concentrated in a very small number of targets, such as TSLAx, SPYx, etc., with a large number of asset pool transactions less than 20, serious slippage, and a lack of liquidity support mechanism. Further, xStocks still lacks a deep integration mechanism similar to perp DEX on the chain, resulting in a significant gap between the overall trading experience and contracts on CEXs and CFD products on US stocks, which is difficult to meet the needs of large-scale traffic migration or high-frequency trading in the short term. According to DeFioasis on-chain data, on June 30, 2025, the first day of the product's launch, the on-chain transaction volume was $1.338 million, the number of independent trading users was 1,225, and the number of transactions was 2,510. Despite the significant increase in volume on July 1, with the volume rising to $6.64 million, the number of new unique traders reaching 6,565, and the number of transactions jumping to 17,879, the number of transactions is still concentrated in a small number of targets. The transactions are mainly distributed in TSLAx ($1.71 million), SPYx ($1.53 million), CRCLx ($940,000) and other head assets, and most of the rest of the underlying transactions are extremely limited, and some asset pools even have zero liquidity, which is difficult to support effective matchmaking. Fourth, the current ecological picture of U.S. stock tokenization StableStocks: StableStocks is a CeDeFi company focusing on the onchain stock ecosystem, and is committed to bridging the complete closed loop of the onchain stock ecosystem. Its tokenization path relies on its self-built compliant brokerage system and asset mapping technology to provide users with the ability to directly invest in real-world high-quality stocks through stablecoins. Its core goal is to realize the holding, lending, trading and derivatives construction of traditional stock assets on the chain, and open up the cross-platform liquidity of the same Onchain Stock, so as to improve the depth and efficiency of on-chain assets. Its product structure allows users to enter the U.S. stock market in the form of stablecoins, and plans to cover a variety of underlying assets including blue chips, ETFs and thematic assets in the future. xStocks: xStocks is currently the largest U.S. stock trading volume on the chain, carrying nearly 90% of on-chain liquidity. Its compliance structure is based on the Swiss DLT Act and the dual SPV (Special Purpose Vehicle) structure in Liechtenstein and Jersey to ensure legal compliance on the issuing side. xStocks' tokens are based on the Solana public chain, adopt the SPL standard, and introduce the Chainlink price feed mechanism, which enables high-frequency synchronization of prices with the off-chain market. Robinhood: As a representative of traditional brokerages entering Web3, Robinhood focuses on the "compliance first" and "ecological closed-loop" model. Its European operations are regulated by the Central Bank of Lithuania and have obtained the MiFID II and MiCAR cryptoasset licenses, and are qualified to issue security tokens within the EU. Robinhood currently deploys a stock tokenization prototype on the Arbitrum layer 2 network, and plans to launch its self-developed proprietary L2 in the future to achieve a closed technology loop under regulatory compliance. Coinbase: As the infrastructure leader in the U.S. market, Coinbase's tokenization path is directly influenced by the pace of SEC policy advancement. At present, Coinbase is waiting for regulatory exemptions to activate its licensed subsidiaries to carry out clearing, custody, compliance reporting and other business links, with the goal of achieving native and compliant issuance of U.S. stock assets on the chain. Coinbase's tokenization module is deployed on its self-developed Base layer 2 network, and the first batch of 50–100 U.S. stocks and ETFs is expected to be listed, covering standard blue chips and some thematic assets, and will support dividend distribution and on-chain settlement. In the context of the gradual implementation of the stablecoin bill, the market has paid great attention to compliance and tokenization. While stock tokenization is not meant to replace the traditional stock market, the greatest value of stock tokenization lies in the connection, opening the door to the crypto world for traditional investors, and also providing crypto users with tools to anchor real-world assets. Just as the launch of Bitcoin and Ethereum ETFs has made it possible for mainstream capital to enter the crypto market, stock tokenization is also expected to be an important channel for the next round of capital inflows.

Probably one of the most bullish things to be happening on Solana right now. Tokenization is part one. Leverage is the second part of the puzzle. Now, we wait for part 3.