After the tokenization of U.S. Treasury bonds, tokenized stocks are becoming the new battlefield for RWA

The RWA market is shifting its focus from tokenized U.S. Treasury bonds, which have stagnated at approximately $15 billion since April 2026, toward the rapidly expanding sector of tokenized stocks. Between January 2025 and mid-2026, the tokenized stock market grew 6.5-fold to reach $1.9 billion, attracting major players like Securitize, Ondo, Robinhood, and Nasdaq. The industry is currently navigating diverse tokenization models categorized by the SEC, ranging from direct issuer-sponsored securities to third-party synthetic products. Securitize leads the former category by leveraging its transfer agent status to tokenize shares that retain full legal rights, including voting and bankruptcy claims. Conversely, platforms like Ondo and xStocks utilize offshore SPVs to issue debt securities backed by underlying stocks, prioritizing accessibility and DeFi integration over the strict compliance constraints of direct tokenization. This divergence in structural approaches highlights the ongoing tension between regulatory adherence and on-chain utility. As traditional financial infrastructure providers and Web3-native firms enter the space, the market is maturing through distinct regulatory frameworks. Ultimately, this evolution signals that tokenized equities are becoming the next primary growth engine for the broader RWA ecosystem.