Crypto exchanges launch 24/7 trading of US stocks

Digital technologies continue to blur the lines between traditional and decentralized markets. The next big move in this direction is the tokenization of major US company stocks and their round-the-clock trading on crypto exchanges. Now users can buy tokenized shares of Apple, Microsoft, or the S&P 500 index not only through traditional brokerage accounts but also via crypto platforms and DeFi applications.

How stock tokenization works on the blockchain

In practice, a tokenized stock is a digital asset issued by a specially created company. Each token is linked to a real stock held by the issuer and gives its holder the right to redeem it at the market price. To access this tool, a trader must pass identity verification, for example, on the Kraken exchange. After that, the token can be used freely — transferred to a DeFi wallet, used as collateral, added to yield farming, or simply held as an investment.

The xStocks project by Backed Finance has already been implemented on platforms like Kraken, Bybit, and within the Solana ecosystem. According to Dune analytics, on June 1 alone, tokenized stocks on Solana saw a trading volume of around $8 million with nearly 8,000 active users.

Advantages and disadvantages of this approach

The main advantage of tokenization is flexibility and round-the-clock accessibility. While traditional markets operate on weekdays and during fixed hours, tokenized assets can be traded 24/7, from anywhere in the world. Moreover, they become part of the decentralized economy — tokens can be used in DeFi protocols, enhancing their functionality.

Still, despite its promising nature, the technology has several limitations. Many of them are still fundamental and may prevent widespread adoption in the near term.

Here are the main issues experts highlight:

• Tokens can only be issued and redeemed during the operating hours of traditional stock markets, making arbitrage impossible outside those hours.
• Market makers must carry price risks over weekends, which can lead to sharp fluctuations.
• Tokens are traded at blockchain prices but redeemed at off-chain valuations, leading to potential price discrepancies.
• Using tokens as collateral may trigger cascading liquidations during sharp market moves.
• Regulatory uncertainty remains, especially in the US, where the SEC could challenge DeFi projects and token issuers.

These factors make the technology promising but still too raw for the mass market.

What major players are planning

US-based platform Robinhood has announced the launch of its own blockchain network to support trading of tokenized stocks and ETFs. However, due to regulatory uncertainty, the company will start in Europe, postponing its US rollout. Robinhood representatives openly admit that without clear legal frameworks in the US, such products can’t be offered to American clients.

Johann Kerbrat, head of crypto at Robinhood, emphasized that in the long run, the company wants tokenized assets to be available in all regions. But only after the regulatory landscape becomes more defined.

Tokenized stocks are not just a trend, but a natural evolution of markets that seek greater accessibility, speed, and transparency. While the process still faces numerous challenges, overcoming those barriers could dramatically reshape the global trading infrastructure. For now, the technology remains experimental — but it's already giving us a glimpse of what the financial world of the near future might look like.