Tokenized Stocks Explained: xStocks, Ondo Global Markets and More
Tokenized stocks are tokens that track the price of a listed share or ETF: Tesla, Nvidia, Apple, the S&P 500 and so on. Each token is backed by the real share, held by the issuer or a custodian, so the token’s price follows the stock. They trade on crypto exchanges and in DeFi, often around the clock.
How they work
- An issuer buys the underlying shares through a broker and holds them with a custodian.
- It mints tokens one-to-one against those shares on one or more blockchains.
- Authorized participants keep prices in line: when a token trades away from the stock price, they mint or redeem to close the gap.
- Dividends may be reinvested into the token or paid out, depending on the product.
Who issues them
- xStocks by Backed: tokenized stocks and ETFs launched in 2025 on Solana and other chains, listed on several large crypto exchanges.
- Ondo Global Markets: tokenized US stocks and ETFs from Ondo Finance, for investors outside the US.
- Other platforms issue their own versions; many of the smaller tokens on the tokenized stocks page are the same stock from different issuers.
What you do and don’t get
You get price exposure and, depending on the product, dividends. You usually don’t get voting rights, and you hold a claim on the issuer rather than a share registered in your name. If the issuer fails, your recovery depends on how the shares are held and the legal structure in the issuer’s jurisdiction.
Trading hours and price gaps
Tokens can trade when the stock market is closed, but the underlying shares can’t. Outside market hours, token prices are set only by token traders, so they can drift from where the stock opens. Liquidity is also usually much thinner than on a stock exchange.
Current figures
The live table ranks tokenized stocks and ETFs by value. Many tokenized stocks are small, so the category page lists far more than appear here.
Largest tokenized stocks & etfs right now
See allTokenized Stocks & ETFs total: $3.02B as of Oct 5, 2026.
| # | Asset | Issuer | Value | 7D | 30D |
|---|---|---|---|---|---|
| 1 |  Strategy PP Variable xStockSTRCX | - | $146M mc | +1.2% | -5.3% |
| 2 |  Circle Internet Group (bStocks Tokenized Stock)CRCLB | - | $142M mc | +21.8% | +37.0% |
| 3 |  MicroStrategy xStockMSTRX | - | $118M mc | +16.7% | +63.2% |
| 4 |  Circle Internet Group (Ondo Tokenized Stock)CRCLON | - | $100M mc | -4.9% | -18.9% |
| 5 |  SpaceX (bStocks Tokenized Stock)SPCXB | - | $91.8M mc | +12.0% | +42.0% |
| 6 |  Circle xStockCRCLX | - | $87.0M mc | +9.9% | +5.5% |
| 7 |  Strategy Stretch Preferred (Ondo Tokenized)STRCON | - | $74.8M mc | +408% | +420% |
| 8 |  Tesla xStockTSLAX | - | $72.7M mc | +2.9% | +3.7% |
| 9 |  iShares Core S&P 500 ETF (Ondo Tokenized ETF)IVVON | - | $71.2M mc | - | - |
| 10 |  Bending Spoons xStockBSPX | - | $69.9M mc | +4.1% | -15.8% |
| 11 |  SP500 xStockSPYX | - | $63.6M mc | - | - |
| 12 |  Strategy (bStocks Tokenized Stock)MSTRB | - | $59.9M mc | - | - |
| 13 |  SpaceX xStockSPCXX | - | $48.8M mc | - | - |
| 14 |  SecuritizeSECZ | - | $47.1M mc | - | - |
| 15 |  SPDR S&P 500 ETF (Ondo Tokenized ETF)SPYON | - | $46.5M mc | - | - |
FAQ
Do tokenized stocks give you shareholder rights?
Usually not directly. Most tokenized stocks give economic exposure to the share price (and sometimes dividends) through a claim on shares held by the issuer or a custodian, but not voting rights. Check each product's terms.
Can US investors buy tokenized stocks?
Most tokenized stock products are offered only to investors outside the United States, because selling them to US persons would require registration with the SEC.
Are tokenized stocks the same as onchain equity?
No. Tokenized stocks track shares that are issued and held in the traditional system. Onchain equity is stock issued natively on a blockchain, where the token itself is the legal share record.
Assets in this guide
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This guide is general information, not investment advice. Check an issuer's own documents before investing.