The Japanese version is available here.

Tokenized Stocks is not simply about putting equities on a blockchain. It represents a structural redesign of the traditional equity market infrastructure, which has long relied on complex intermediaries, delayed settlement cycles, and limited trading hours. While stablecoins and tokenized U.S. Treasuries have already connected traditional finance with onchain ecosystems, the next phase of this evolution is clearly tokenized stocks. The global equity market exceeds $100T in size, yet tokenized stocks remain at a very early stage. The gap between market scale and onchain adoption highlights the magnitude of the opportunity ahead.

This report provides a structured analysis of the different models of tokenized stocks, including direct tokenization, entitlement tokenization, and indirect tokenization. It compares regulatory developments across major jurisdictions such as the United States, the European Union, Japan, and Korea. Through detailed case studies of leading platforms such as Securitize, DTCC, Robinhood, and Backed Finance, the report clarifies the legal, technical, and structural differences between tokenization approaches. Readers will gain practical insight into key questions: Which models represent true legal ownership of shares? Which structures are aligned with regulatory frameworks? How far can tokenized stocks integrate with onchain finance?

Beyond market structure and regulation, the report explores the new business opportunities unlocked by stock tokenization. Onchain IPO models, equity-backed lending, oracle and compliance infrastructure, and extended trading environments that operate around the clock all point toward a fundamental shift in capital market design.

Tokenized stocks is not a speculative trend. It is a directional transition in financial infrastructure. This report aims to serve as a strategic guide for market participants navigating this transformation.

Table of Contents

Foreword

1. 2026: The Year of Tokenized Stocks

1.1 The Acceleration of Cryptocurrency Adoption by Traditional Finance
1.2 Stablecoins, U.S. Treasuries, and Then Tokenized Stocks
1.3 Problems of the Traditional Stock Market
1.4 Previous Attempts to Address Inefficiencies
1.5 Tokenized Stocks

2. Tokenized Stock Landscape

2.1 Four Types of Tokenized Stocks
2.2 Direct Tokenization
2.3 Entitlement Tokenization
2.4 Indirect Tokenization
2.5 (Additional) Perpetual Futures
2.6 The SEC’s Position
2.7 (Additional) Korean STOs

3. Analysis of Major Tokenized Stocks Platforms

3.1 Direct Tokenization Case Studies
3.2 Entitlement Tokenization Case Studies
3.3 Indirect Tokenization Case Studies

4. Global Regulatory Framework for Stock Tokenization

4.1 Expansion of Stock Tokenization and the Onchain Ecosystem
4.2 Republic of Korea
4.3 United States
4.4 Japan
4.5 EU
4.6 Liechtenstein
4.7 United Kingdom
4.8 Switzerland
4.9 Hong Kong
4.10 Policy Implications and Recommendations

5. Business Opportunities

5.1 Tokenized Stock Lifecycle
5.2 Business Opportunities Enabled by Tokenized stocks
5.3 Takeaways

6. Tokenized Stocks, an Inevitable Future