Social Graph Ventures: Trends and Opportunities in Stock Tokenization
Author: Social Graph Ventures
Compiled by: Jiahua, ChainCatcher
In the past sixty days, changes in the structure of the U.S. capital markets have surpassed those of the past decade. The SEC has outlined a blueprint for tokenized securities. Nasdaq has been approved for token settlement trading. DTC has received a no-action letter. The NYSE announced a partnership with Securitize to launch a tokenized platform.
The closed-end fund VCX, held by @fundrise, which owns @AnthropicAI, @OpenAI, and @SpaceX, has seen its premium soar to over 1900% of its net asset value (NAV). Retail investors are paying 26 times the actual value of the underlying assets to gain exposure.
This is not rational pricing; it is a failure of market structure. The global stock market is valued at approximately $140 trillion. And what about today's tokenized stocks? About $1 billion. The penetration rate is only 0.0007%.
How Stocks Are Tokenized: Four Models, Participants, and User Pathways
The SEC's statement in January 2026 not only reiterated that "tokenized securities are still securities," but also established precise classifications regarding how tokenization actually works. Researcher Borja Neira (@borjaneira_) created one of the clearest visualizations of this framework, illustrating the evolution from issuer-sponsored to third-party synthetic.
Model A: Issuer-Sponsored Tokenized Securities (Direct Registration)
How it works: The company itself integrates blockchain into its main securities holder registry. When tokens are transferred on-chain, ownership on the official registry is also updated. What you own is a security registered in your name, not a claim right, not an equity certificate, but real stock.
Who is doing this: Galaxy Digital is the first publicly traded company to tokenize its equity registered with the SEC. By partnering with the Opening Bell platform (acting as an SEC-registered transfer agent), GLXY shareholders can now tokenize their shares on Solana, store them in their own crypto wallets, and even use them as collateral in DeFi protocols like Kamino.
Pain points: Model A requires the issuer to actively choose to participate. Galaxy chose to do this for its stock, but Apple, Tesla, and Nvidia did not. This is the fundamental limitation: Model A is only effective when the company itself decides to participate. You cannot tokenize someone else's stock under this model.
User pathway: You need to become an investor who completes KYC (Know Your Customer) on the Superstate platform. You verify your identity, connect your wallet, and then you can tokenize the GLXY stock you already hold (or acquire). You can transfer it between whitelisted wallets and use it in permitted DeFi protocols.
Omnibus Account
Before explaining Models B, C, and D, it is essential to understand the omnibus account, as it is the core architecture underlying most tokenized stock platforms today.
What is an omnibus account? Simply put, it is a consolidation of multiple clients' assets into a single account. Brokers or intermediaries hold this mixed asset on behalf of all clients, presenting it externally (and to custodians) as a large pool of funds, while internally keeping track of each client's respective share.
Why is this important for tokenization: When platforms like @OndoFinance, @DinariGlobal, or @xStocksFi tokenize stocks, they typically purchase the underlying stocks, store them in a broker-dealer's or custodian's omnibus account, and then issue blockchain tokens representing each user's proportional indirect claim to that pool of funds.
You hold the tokens, the platform holds the stocks, and what you own is an indirect claim, not direct ownership.
Model B: Tokenized Securities Equity Certificates (Custodial / Third-Party)
How it works: A regulated third party (DTCC, broker-dealers, custodians) holds the actual shares and issues blockchain tokens representing equity certificates (referred to by the SEC as "digital custody receipts"). This token represents your indirect interest in the underlying securities through the intermediary chain.
There are two variants:
- Variant (i): The blockchain itself is the ownership record, directly integrated into the equity holder's ledger.
- Variant (ii): Records are kept in a traditional database off-chain, with tokens used to update that database.
Who is doing this: This is the direction of institutional infrastructure development. Nasdaq (approved for token settlement trading, expected to launch in Q3 2026), the NYSE (building a platform in partnership with Securitize), and DTC (received a no-action letter in December 2025) are all constructing Model B systems.
Your broker holds your stocks as usual, but the settlement layer has moved to the blockchain. The ownership structure remains unchanged, but settlement is faster.
User pathway: For institutional-level Model B, the experience will ultimately be identical to buying stocks at Schwab or Fidelity; you may not even know it is settled on the blockchain.
For retail investors, it is not yet live. When Nasdaq launches token settlement trading in Q3 2026, it will be a seamless experience for existing brokerage clients.
Model C: Linked Securities (Omnibus Account Model / Structured Notes)
How it works: A third party issues a financial instrument, usually structured notes, debt instruments, or contract claims, whose value is linked to the referenced stock. You do not own the stock; you own a promise from the third party to pay you based on the stock's performance. There are no voting rights and no direct claim to the underlying assets.
Most of the tokenized stock platforms operating today fall into this category. They purchase stocks, store them in an omnibus fund pool, and issue tokens representing your claim to that pool.
Who is doing this:
Ondo Global Markets (@OndoFinance) is the market leader by market cap (with a total market cap exceeding $650 million across Ethereum, BSC, and Solana). It has over 200 tokenized U.S. stocks and ETFs, including Walmart, Tesla, Visa, UnitedHealth, etc.
User pathway: KYC is required, open to non-U.S. users, and the tokens are ERC-20 tokens that can be traded on DEXs and used in certain DeFi protocols. Ondo holds the underlying assets in an omnibus structure through licensed partners.
xStocks (@xStocksFi) is the second-ranked platform, with a market cap of $205 million, operated by infrastructure associated with Kraken. It has over 100 tokenized assets and has processed over $25 billion in cumulative trading volume, capturing 95-99% of all tokenized stock trading activity on Solana.
User pathway: KYC is required, using a Solana wallet to buy and sell on the Jupiter DEX.
Dinari (@DinariGlobal) is the first registered broker-dealer specifically targeting tokenized stocks. It has over 200 dShares assets and partners with Flow Traders to provide liquidity for institutions. Built on Avalanche.
User pathway: KYC, connect wallet, purchase dShares tokens, 24/7 trading.
Backed Finance (@BackedFinance) focuses on the EU and is regulated in Switzerland. It tokenizes stocks (bTSLA, bNVDA, bGOOGL) and ETFs into ERC-20 tokens on Ethereum. The target audience is institutions/qualified investors.
Robinhood EU (@RobinhoodApp) offers about 500 tokenized U.S. stocks on Arbitrum, limited to the EU region. The on-chain market cap is $11.6 million. Important Note: These are clearly classified as derivative contracts, not equity. No voting rights.
User pathway: Use the Robinhood app in Europe, and the tokens will appear in your crypto wallet.
The risks of Model C are real: if the platform collapses, you are a creditor, not an owner. Your claim is against the omnibus fund pool of the tokenized issuer.
Most of these platforms do not have SIPC (Securities Investor Protection Corporation) insurance. The SEC's statement is also clear, introducing significant counterparty risk that blockchain was supposed to eliminate.
Model D: Securities Derivative Contracts (Purely Synthetic)
How it works: A swap that provides purely synthetic exposure to the referenced securities. (Simply put, you and the counterparty agree: you receive the price appreciation of the stock, while the counterparty receives a fixed fee you pay, and both parties swap cash flows, but neither actually holds the stock.)
No ownership. No voting rights. No information access rights. No form of claim to the underlying assets. What you own is a bet on the price.
If the instrument meets the SEC's definition of a swap, it can only be offered to qualified contract participants and must be traded on a national securities exchange.
Who is doing this: Mainly offshore platforms and crypto-native derivatives protocols. Ventuals occupies this space, built on @HyperliquidX, offering perpetual contracts that track private company valuations.
User pathway for Ventuals: No KYC, no authentication required. Log in with an email or social account, automatically generate a wallet, deposit stablecoins, and trade positions with up to 10x leverage on valuations of OpenAI, SpaceX, and xAI.
Price discovery occurs through "optimistic oracles" (an optimistic oracle is a mechanism that operates on the principle of "report first, and if no one disputes it, it is taken as true": it assumes the submitted data is correct unless someone stakes a bond to challenge it during the disclosure period). Anyone can propose valuations by staking collateral. Cumulative trading volume has reached $200 million, with 5,342 independent traders.
Key warning about Ventuals, funding rates: Like all perpetual contracts, Ventuals charges funding rates to anchor the contract price to the reference valuation. When demand for long positions is overwhelmingly dominant (which is indeed the case for companies like OpenAI and SpaceX), longs must pay fees to shorts.
Based on a typical rate of 0.05% per 8-hour interval, holding a $10,000 long position costs about $15 per day, or $450 per month, which is 4.5% of your position, annualized at about 54%.
Holding a long position in private companies through Ventual
You may also like

Japan’s Three Megabanks Plan Joint Stablecoin Issuance in Fiscal 2026
MUFG, SMBC, and Mizuho reportedly plan to jointly issue fiat-pegged stablecoins in fiscal 2026, signaling Japan’s growing push into bank-led digital payment infrastructure.

Humanity Discloses H Token Dual-Chain Attack Details, With Losses on Ethereum and BSC Exceeding $36 Million
Humanity said the H token attack across Ethereum and BSC caused more than $36 million in losses after leaked ProxyAdmin keys enabled malicious contract upgrades and token minting.

White House Discusses CLARITY Act With Law Enforcement Ahead of Senate Vote
The White House discussed the CLARITY Act with law enforcement ahead of a Senate vote, focusing on illicit finance risks and developer protections.

$75 billion in foreign capital has fled, and South Korean retail investors have absorbed it all using leverage

Bitcoin Trading Guide 2026: Strategies for Experienced Traders

What Is XAUT and PAXG? Why Tokenized Gold Is Booming in 2026

Cryptocurrency CEXs are flocking to sell US stocks, and traditional brokerages are facing an "uninvited guest."

Will the SpaceX IPO Hurt Bitcoin? Here's What Traders Are Watching

Foreign selling in the South Korean stock market accelerates, with cumulative net sales reportedly reaching $75 billion this year
On June 9, The Kobeissi Letter, citing Goldman Sachs data, reported that global investors are selling South Korean stocks at an unusually rapid pace. In the latest trading session, foreign investors sold about $801 million worth of Kospi constituent stocks again; total foreign outflows last week reached about $10 billion, and the market has been in net foreign selling on nearly every trading day over the past month. According to the data cited in the report, foreign investors have sold about $75 billion worth of South Korean stocks so far this year. Meanwhile, South Korean retail and institutional investors together recorded roughly $69 billion in net buying over the same period, suggesting that the market’s main buying support has come from domestic capital rather than returning overseas funds. The information currently disclosed still mainly comes from The Kobeissi Letter’s retelling and Goldman Sachs data summaries, while public details on the statistical period and the specific definition of “selling” remain relatively limited.

Fortune Warns of Strategy’s Financing Structure Risks as Bitcoin Premium Narrows
Fortune warned that Strategy’s Bitcoin treasury model faces growing financing risks as MSTR’s net asset premium narrows and preferred stock dividend pressure increases.

Ferrari Challenge Le Mans: Carl Moon to Dominate in WEEX Livery

Sahara AI Responds to SAHARA’s Sharp Drop: No Contract or Product Security Issues Found, Internal Investigation Underway
Sahara AI responded to SAHARA’s 60% price drop, saying no token contract or product security issues have been found and an internal investigation is underway.

WEEX Deposit/Withdrawal Dynamic Island: Your Asset Status, Always in Sight

Scaling Crypto Derivatives: The Digital Asset Infrastructure Behind High-Volume Trading
In the fast-moving digital asset ecosystem, derivatives platforms face an extreme architectural test. High-leverage futures markets demand more than just standard security—they require absolute operational precision, zero-latency matching engines, and ironclad structural scalability, all while navigating intense market volatility.
As global platforms scale to meet these demands, the industry is shifting away from rigid, monolithic setups toward a more agile, "decoupled" infrastructure philosophy.
The Blueprint for High-Volume Copy TradingFor elite global exchanges like WEEX (founded in 2018), this architectural choice becomes critical when scaling high-volume retail features like social copy trading. When thousands of users automatically mirror the real-time strategies of elite traders simultaneously, it triggers sudden, monumental spikes in concurrent transactional volume.
To prevent execution latency or settlement bottlenecks during these peak volatility events, a platform's primary engine must remain entirely dedicated to risk management, copy-trade synchronization, and order matching.
The Architectural Rule: New-generation platforms must separate front-end user execution engines from heavy backend infrastructural overhead to eliminate operational friction.
By separating these layers, platforms can maintain complete sovereignty over their trading environments and user experiences while strategically aligning with institutional-grade infrastructure ecosystems. This strategic framework allows modern exchanges to leverage advanced Digital Asset Custody infrastructure such as Cobo’s behind the scenes, ensuring that backend wallet management scales elastically alongside trading spikes.
Capitalizing on Market Momentum and 400× LeverageIn a derivatives arena where platforms offer up to 400× leverage on perpetual contracts, capital efficiency and market agility are core business metrics. To capture market momentum, an exchange needs the ability to rapidly expand its asset offerings, supporting everything from legacy crypto assets to sudden, trending altcoins across a massive library of trading pairs.
Adopting a flexible, scalable Wallet-as-a-Service (WaaS) solution such as Cobo’s could completely rewrite the development timeline for high-growth exchanges. Instead of spending months of engineering capital building out custom backend wallet architectures for every new blockchain network, platforms can deploy localized infrastructure in days.
This agility allows platforms to instantly scale their listings to over a thousand trading pairs without compromising security or delaying time-to-market. It mirrors the exact operational advantages seen during high-velocity market events, similar to how advanced wallet infrastructure empowers platforms during sudden asset surges; allowing exchanges to pass that speed and liquidity directly to their global user base.
A Mature Foundation for GrowthThe synergy between trusted infrastructure ecosystems and global trading platforms represents the natural evolution of a maturing crypto market. As WEEX continues to scale its global spot and derivatives offerings for over 6 million users, adopting robust backend paradigms proves that platforms no longer have to compromise between cutting-edge trading velocity and uncompromised structural security.

Morning Report | BitMine increased its holdings by 126,971 ETH last week; trader Eugene announced his exit from the crypto market

Wang Chuan: How can one not feel anxious after the neighbor Old Wang made thirty times profit by investing in storage stocks? (Seven) - A quarter-century cycle

Get Paid to Onboard? Try WEEX’s New Homepage with Rewards for Registration, Deposit & Trade

WEEX Custom Layout: Build Your Perfect Trading Workspace in Seconds
Japan’s Three Megabanks Plan Joint Stablecoin Issuance in Fiscal 2026
MUFG, SMBC, and Mizuho reportedly plan to jointly issue fiat-pegged stablecoins in fiscal 2026, signaling Japan’s growing push into bank-led digital payment infrastructure.
Humanity Discloses H Token Dual-Chain Attack Details, With Losses on Ethereum and BSC Exceeding $36 Million
Humanity said the H token attack across Ethereum and BSC caused more than $36 million in losses after leaked ProxyAdmin keys enabled malicious contract upgrades and token minting.
White House Discusses CLARITY Act With Law Enforcement Ahead of Senate Vote
The White House discussed the CLARITY Act with law enforcement ahead of a Senate vote, focusing on illicit finance risks and developer protections.


