Stocks and pre-IPOs like SpaceX and OpenAI, 24/7, with on-chain yield.
No stock exchange. No bank. No Wall Street.
We're talking about the tokenized stock market.
According to SEC chairman Paul Atkins, the entire American stock exchange could be on-chain within two years.
This means migrating a $68 trillion market to blockchain. It's not about "crypto replacing stocks."
It's about financial infrastructure being rewritten.
Tokenization allows for something unprecedented:
the best of both worlds.
• Blockchain: transparency, 24/7 liquidity, mobility, and yield via DeFi
• Stocks: exposure to real businesses that generate cash flow
Stocks cease to be just passive investments. They become productive assets. Coinbase's CEO is very bullish.
Real-world example of yield in DeFi today:
SPYx–USDC Pool
• Exposure to the S&P 500
• On-chain liquidity
• Fee generation
• APR close to 18%
Dividends don't come from the company.
They come from the DeFi infrastructure.
This simply doesn't exist in the traditional market.
And this is scaling fast.
• AUM in tokenized stocks has already surpassed US$1 billion
• Monthly volume is already close to US$800 million
• The entire RWA market has already exceeded US$20 billion
Liquidity comes before mass adoption.
It's always been that way.
We're seeing the same movie, only now with stocks.
Now comes the part that almost no one has noticed. Tokenization doesn't stop at listed stocks.
It's already reaching pre-IPO assets. Today, there's already on-chain exposure to unicorns like SpaceX and OpenAI, with 24/7 trading and secondary liquidity.
This completely rewrites the private equity market.
If equities and pre-IPOs become on-chain, the traditional model loses relevance.
• Less dependence on investment banks
• Less power of underwriters
• Fewer long and illiquid lock-ups
• More direct access to global investors
It's not just a new product. It's disintermediation of the capital market.
This is not a fringe experiment.
• Coinbase has already launched tokenized shares
• Robinhood described tokenized assets as a “freight train”
• Hyperliquid already offers tokenized shares, including leveraged ones
When infrastructure comes first, mass adoption follows. It has always been that way.
I would think that every public company would have a strong incentive to support an auditable / provable security trading mechanism.
The rehypothecation and naked shorting is very very murky and has probably caused multiple stocks to not grow as much as they should've (ie. phantom supply suppressing price).
It stands to reason that this would gain widespread support if done and pitched correctly.