9 มกราคม 2569
Tokenized Stocks & Equities: A Comprehensive Overview
Tokenized stocks and tokenized equities refer to digital representations of company shares recorded on blockchain networks. Tokenized stocks typically mirror shares of publicly traded companies—for example, those listed in major indices such as the S&P 500—while tokenized equities can also cover equity in privately held firms. By putting ownership records onchain, tokenization enables 24/7 trading availability, broader global participation, instant finality, and enhanced composability with DeFi ecosystems. As a result, tokenized shares create a bridge between traditional capital markets and a new onchain financial infrastructure, improving efficiency and expanding liquidity options worldwide. Regardless of whether the shares come from public markets or private companies, tokenization is reshaping how investors gain exposure, how issuers raise capital, and how assets are settled and governed. At the same time, it introduces new considerations relating to regulatory frameworks, custodial models, and cross-chain interoperability. Chainlink provides critical middleware infrastructure to support these use cases by delivering secure data feeds, compliance tooling, and interoperability services needed for global scaling. What Are Tokenized Stocks? Tokenized stocks are blockchain-based tokens that track the price and performance of publicly traded equities. There are three primary approaches to issuing tokenized stocks: Native onchain issuance – Companies issue their shares directly on a blockchain. The blockchain acts as the main ownership ledger, and the token is the original equity rather than a wrapped representation. Wrapped token issuance – Tokens are minted onchain and backed one-for-one by real shares held with a regulated custodian or broker-dealer. The token price matches the price of the underlying security. Synthetic exposure – Synthetic tokens derive their value from oracle-based price feeds without custody of the underlying asset. These enable 24/7 onchain exposure similar to derivatives. Regardless of structure, tokenized stocks require reliable infrastructure for compliance, price data, and shareholder record-keeping. Why Tokenize Stocks? Key Benefits Tokenization can enhance how investors access equities by offering: Global accessibility: Investors in supported jurisdictions can gain exposure without requiring traditional brokerage accounts. Continuous availability: Depending on platform design, tokenized shares may trade beyond standard exchange hours, including weekends. Programmable compliance: Smart contracts can automate KYC/AML rules and jurisdiction-specific restrictions. Onchain transparency: Blockchain-based ledgers provide real-time visibility into transfers and balances. What Is Tokenized Equity? Tokenized equities extend tokenization to private market shares, which historically have been illiquid and difficult to access. Tokenizing private equity allows companies to: issue shares onchain, modernize cap table management, reduce administrative overhead. Investors, in turn, gain access to opportunities that were once gated, such as private equity exposure to firms like SpaceX or OpenAI—similar to recent offerings on platforms like Robinhood. Benefits include: Global fundraising: Startups can reach a more distributed investor base. Programmable ownership: Cap tables update automatically when tokens move. Embedded regulatory logic: Issuers can enforce accreditation or jurisdiction requirements directly in token smart contracts. As tokenized equity constitutes a security in most jurisdictions, these assets must comply with applicable laws, and new platforms are emerging to support compliant issuance and secondary trading. Tokenized Equity in Digital Markets Tokenization enables a blockchain-native trading model that runs 24/7 and reduces reliance on traditional intermediaries. Smart contracts enable peer-to-peer settlement with fewer frictions and faster clearing times. When integrated with DeFi, tokenized equities unlock additional possibilities: Collateralization: Tokenized shares can be pledged as loan collateral. Yield opportunities: Investors may earn fees or incentives through liquidity pools. Instant finality: Settlement occurs in seconds instead of days. This creates a pathway toward more inclusive and efficient capital markets—provided that regulatory and security standards are maintained. Key Advantages of Tokenizing Equities Tokenization offers several improvements over traditional equity systems, including: Global accessibility 24/7 market hours Auditability and transparency Faster settlement cycles Reduced intermediary costs Programmable regulatory controls How Chainlink Supports Scalable Tokenization For tokenized markets to function, they require verified data, secure automation, and interoperability across blockchain networks. Chainlink offers infrastructure to enable these capabilities, including: Automated Compliance Engine (ACE): Real-time policy enforcement, identity verification, and access control using global identity standards like vLEI and ERC-3643. Cross-Chain Interoperability Protocol (CCIP): Secure cross-chain messaging for asset transfers and atomic settlement, enabling cross-chain compliance checks. Proof of Reserve: Ensures custodians hold the real assets backing wrapped tokens, enabling secure minting. SmartData: Provides tamper-proof NAV data for tokenized funds. Price Feeds: Deliver real-time stock prices from reputable data sources. Real-World Implementations Several platforms use Chainlink to support tokenized stock and equity use cases: Backed: Issues onchain tokens backed 1:1 by equities, commodities, and ETFs. Chainlink provides price feeds, Proof of Reserve, and CCIP. As of mid-2025, its products (bCSPX, bCOIN, bNVDA) represent nearly 90% of tokenized stock market value. xStocks: A Backed product suite bringing equities like Apple and Amazon onchain, tradable on major CEXs (Kraken, Bybit) and DeFi ecosystems such as Solana. 21X: The first EU-regulated DLT trading and settlement system, using Chainlink for price feeds and CCIP-based interoperability. Aktionariat: A Swiss tokenized equity platform enabling compliant issuance for private companies using CCIP for multi-chain treasury operations. Swarm Markets: Tokenizes U.S. stocks and other RWAs with CCIP-enabled cross-chain transfers. Conclusion Tokenized stocks and equities combine traditional regulatory structures with blockchain efficiency. While still early, regulated issuers, trading venues, and custodial platforms are emerging, and adoption is accelerating.
