Wall Street moved onchain. A cat got there first.
Tokenized stocks just crossed $3.1 billion in onchain market cap, an all-time high. For context, the whole category was worth less than $20 million at the end of 2024. Trading volume did something even wilder: $29.5 billion moved in the 30 days to late August, up 415% in a month, with 2.36 million wallets now holding at least one tokenized share.
So where do you actually find them?
Kraken's xStocks is the OG. Live since June 2025, 100+ US stocks and ETFs, $30 billion in cumulative volume, and a roadmap to 500 tickers by year end. Then there's Robinhood, which didn't just list stock tokens, it built an entire blockchain for them. Robinhood Chain went live on July 1 as an Arbitrum-based L2. Binance answered with bStocks in June. Coinbase joined on August 24 with 13 tickers on Base, and
Crypto.com dropped 1,500 stocks and ETFs starting at $1 in August. Even the London Stock Exchange announced last week it's launching tokenized UK shares with Kraken's parent company in 2027.
Now the fun part.
Robinhood Chain was built for equities. Within days, it was running on memecoins. CASHCAT, a token named after Robinhood's retired cat mascot, pumped 2,158% in a week and hit $156 million in value. Tokenized stocks on the same chain: $12.8 million. Vlad Tenev had just told CNBC that "assets without utility do not serve a lasting purpose." A few days later he posted "it works great for memes too" and followed the cat. To be fair, the stocks did catch up: over $1 billion in cumulative volume by mid-August, with GameStop (of course) leading at $26 million a day.
Meanwhile on Ink, Kraken's own Ethereum L2, something quietly big happened. xStocks holders can now vote at real shareholder meetings. Your instruction gets recorded on Ink, aggregated, and Backed Assets casts the actual vote. It arrived not as a launch, but as a change in the custody terms. Zero hype, real ownership.
Two more for the road. Securitize, the company that tokenizes other people's stocks, went public on the NYSE on July 2 and tokenized $266 million of its own shares on Solana and Avalanche the same day. And in July someone found that a wrapped tokenized Google stock could be inflated 7,700% inside a DeFi lending protocol, borrowing $403k against phantom collateral. The share price never moved. The wrapper did.
The takeaway: the rails are here, the money is arriving, and the small print still matters. Most stock tokens are economic exposure, not shares in your name. Coinbase's tokens carry dividends and voting rights, Kraken just added the vote, Robinhood's do not. Onchain, "owning" only means something when the asset actually sits in your wallet. Sounds familiar.