<h2 id="header-0">Key Facts</h2>
<ul>
 <li>Binance, Robinhood and Coinbase now issue their own tokenized stocks, as the category's total market cap reached $2.6 billion according to CoinMarketCap data, while Token Terminal put it at $3.6 billion, up 632% in a year.</li>
 <li>Stock tokens can be withdrawn to self-custody wallets on BNB Chain, Solana, Base and Robinhood Chain, and Binance's bStocks have reached $806 million since launching on June 11, according to CoinMarketCap data.</li>
 <li>Aave's V4 Equities Hub went live on Base on Sept. 25 and accepts seven Coinbase stock tokens as collateral for USDC loans at a maximum loan-to-value ratio of 65% to 79%, and Morpho and Kamino run similar lending markets.</li>
</ul>
Tokenized stocks let you buy a slice of Apple or Nvidia with a few dollars of <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/stablecoin">stablecoins</a>, trade it at 3 am on a Sunday, and borrow against it without selling.
Each token typically tracks a listed share held by a custodian, and you usually don’t need a US brokerage account to get started. <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/whats-the-big-deal-about-robinhood-chain">Robinhood Chain</a> and the <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/stocks-altcoins-onchain-equities-spacex-ipo">SpaceX IPO</a> pulled stock tokens into the mainstream this year.
CoinMarketCap's <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/view/tokenized-stock/">Tokenized Stock category</a> now puts the total market cap of stock tokens at $2.6 billion. Token Terminal, which counts differently, puts the market at $3.6 billion, up 632% in a year.
The industry is growing rapidly, with blockchain technology’s unique properties unlocking a range of opportunities not available through a traditional brokerage account.
<h2 id="header-1">How To Buy Tokenized Stocks on an Exchange</h2>
The simplest way in is an app you already use—if you live in the right place. Currently, almost no issuer sells to US persons, and most also exclude the UK and Canada. The SEC's <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.sec.gov/newsroom/press-releases/2026-90-sec-issues-innovation-exemption-facilitate-trading-tokenized-nms-stock-request-comment">Innovation Exemption</a>, announced Sept. 17, opened a five-year path for permissioned US venues, but none serve retail customers yet.
Each issuer also wraps the share differently. Robinhood's and Ondo Finance's stock tokens are debt notes that pass on a share's price and dividends without ownership rights. Kraken's xStocks are tracker certificates, and Coinbase's tokens carry a beneficial claim on a share held in custody. If speculation is your main priority, it usually doesn’t matter how the tokens are wrapped.
Several platforms currently offer tokenized stocks to retail:
<h3 id="binance">Binance</h3>
Binance's brokerage offers <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/%20binance-tokenized-us-stocks-launch">more than 7,000 US stocks and ETFs</a> from $5 to users outside the US. Buy a share there, and you can convert it 1:1 into a <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/view/bstocks/">bStock</a> (a <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/bep-20">BEP-20</a> token on BNB Chain) with no conversion fee. BStocks launched on June 11 with five tickers. Binance says they held $500 million by July 28, and CMC data puts them at $806 million as of writing. You can withdraw them to any BNB Chain wallet (more on this shortly).
<img src="https://academy-public.coinmarketcap.com/optimized-uploads/09e89ef83578461aa70c8510c1309472.png">
Source: CoinMarketCap

<h3 id="robinhood">Robinhood</h3>
EU customers can buy more than 200 Classic Stock Tokens in the Robinhood app, where they stay. The newer Stock Tokens live on Robinhood Chain and sit in Robinhood Wallet, its self-custody app, from the moment you buy them. They're offered in more than 120 countries, excluding the US, Canada, the UK, Switzerland and the UAE.
<tweet-embed url="https://x.com/RobinhoodApp/status/2072390893181481419"></tweet-embed>

<h3 id="coinbase">Coinbase</h3>
The largest US cryptocurrency exchange issues its stocks straight onto Base, its <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/layer-2">layer-2</a> network. Ten are live, from AAPLc to TSLAc, each backed by a share that the broker Alpaca holds in custody. They are tradeable on-chain, not on Coinbase's order book, so eligible non-US users buy them on a <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/decentralized-exchange-dex">DEX</a> such as Aerodrome. Once minted, they move between wallets without an allowlist.
<h3 id="kraken-and-bybit">Kraken and Bybit</h3>
Both Kraken and Bybit sell xStocks, one of the three biggest issuers. Kraken sells them from $1 in more than 110 countries and lets you withdraw them to Solana, Ethereum, TON or its own L2 called <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/ink-token/">Ink</a>.
<h2 id="header-2">How To Self-Custody Tokenized Stocks in Your Own Wallet</h2>
A token in your own wallet can't be frozen by an exchange, and you can move it into any app on its chain. <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/self-custody">Self-custody</a> also makes you responsible for the keys, so three habits matter:
<ol>
 <li>Match the chain. bStocks run on BNB Chain, most xStocks on Solana, Coinbase's tokens on Base, and Robinhood's on Robinhood Chain. MetaMask needs Robinhood Chain added as a custom network.</li>
 <li>Keep <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/gas">gas</a>. Hold a little <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/bnb/">BNB</a>, <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/solana/">SOL</a>, or <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/ethereum/">ETH</a> to pay transaction fees. You won’t be able to do anything with your stock tokens without gas.</li>
 <li>Check the contract. Copy the address from the issuer or the token's CoinMarketCap page, and send a small test first. Base publishes an official list and says any token not on it isn't from Coinbase itself.</li>
</ol>
You can also skip the exchange and buy inside a wallet. MetaMask offers more than 200 Ondo stocks, ETFs, and commodities on Ethereum and BNB Chain, paid for in USDC and traded 24 hours a day, five days a week (there are currently no quotes on weekends).
Guardis, a non-custodial Solana trading platform with social sign-in, added xStocks and Ondo stocks and commodities on Sept. 24. These are ranked by volume and liquidity, alongside its smart-money and scam-scoring tools.
Phantom lists xStocks, Ondo tokens, and pre-IPO PreStocks in its Explore tab. You can find these by searching for the stock ticker or issuer name. Trust Wallet also offers bStocks with no <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/kyc">KYC</a>.
Each wallet has its own country availability list, so check yours before you fund it.&nbsp;
<h2 id="header-3">How To Earn Yield on Tokenized Stocks in DeFi</h2>
Once the token sits in your wallet, you can plug it into <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/defi">DeFi</a> and unlock options not available through your brokerage account.
<h3 id="borrow-against-them">Borrow Against Them</h3>
Aave's V4 Equities Hub on Base went live on Sept. 25. It accepts seven Coinbase stocks as <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/collateral">collateral</a> for USDC loans, at a maximum <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/loan-to-value-ltv">loan-to-value</a> ratio of 65% to 79% depending on the stock. Its collateral cap started at about $29 million.&nbsp;
A week earlier, Morpho opened fixed and variable-rate markets for five Coinbase stocks. If you prefer to use Solana, Kamino accepts xStocks. Bear in mind that if the stock falls far enough, the protocol will <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/liquidation">liquidate</a> your position, even on the weekends.<tweet-embed url="https://x.com/aave/status/2103490003460313153"></tweet-embed>
<h3 id="provide-liquidity">Provide Liquidity</h3>
Pair a stock token with USDC in a <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/liquidity-pool">liquidity pool</a> on Aerodrome, <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/raydium/">Raydium</a>, or <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/uniswap/">Uniswap</a>, and you earn a share of trading fees. Aerodrome handled about three-quarters of tokenized stock DEX volume on Base in the 30 days preceding Sept. 12, according to Token Terminal.
A sharp move in the share leaves you with <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/impermanent-loss">impermanent loss</a>. It’s a good idea to understand how this works before opening large LP positions.
<h3 id="trade-outside-market-hours">Trade Outside Market Hours</h3>
On-chain venues stay open after Nasdaq closes, though liquidity usually thins out. Ondo, for example, mints and redeems most of its tokens only on weekdays, with a couple dozen names open over the weekend. Expect wider spreads on Saturday and a price gap when Monday's open reprices the share.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/14b947cfe7014507a4426b843b0c989c.png">
Source: Merkl
Going one step further, platforms like Merkl can be used to find incentivized tokenized stock opportunities, though these opportunities vary considerably in risk profile.
Further reading: <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/whats-the-big-deal-about-robinhood-chain">What's the Big Deal About Robinhood Chain?</a>

How To Buy Tokenized Stocks, Self-Custody Them, and Earn Yield

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