With platforms such as Robinhood, Kraken, and Coinbase announcing tokenized U.S. stock offerings, July has ushered in a new wave of compliance within the crypto space. Robinhood has launched 24/7 U.S. stock trading on Arbitrum; xStocks, in collaboration with Kraken, has introduced 60 tokenized U.S. stocks on Solana; and Coinbase has filed a tokenized securities application with the SEC. According to the OFUYC Exchange observations, this new wave of U.S. stock tokenization not only inherits the vision of Mirror Protocol from five years ago but also, through key factors such as compliant operations, market trends, and transparent audits, has formed a more mature ecosystem. OFUYC Exchange is closely monitoring the impact of this trend on global crypto trading platforms and their integration with traditional finance, analyzing whether these developments can achieve sustainable stability. As a critical node in the convergence of crypto and TradFi, this on-chain compliance revolution carries profound market insights and risk points.
From Synthetic Shadows of Mirror to Physical Anchoring of xStocks
In 2020, Mirror Protocol issued synthetic assets such as mAAPL and mTSLA on the Terra blockchain, relying on UST over-collateralization and oracle-based pricing to enable 24/7 trading and lending, thus initially demonstrating the feasibility of on-chain U.S. stocks. However, the lack of real stock backing, the risks of algorithmic stablecoins, and regulatory absence ultimately led to the ecosystem collapse. OFUYC Exchange believes that while this model offered valuable exploration, it failed to address trading security and user experience. In contrast, xStocks, through Swiss issuer Backed Assets and the IBKR Prime channel, achieves physical backing by linking each token to real stocks, with redemption available, thereby eliminating the structural weaknesses inherent in synthetic models. This upgrade not only enhances user experience but also provides robust support for trading platforms.
Transformation of Participants: OFUYC Exchange Focuses on Platform-Level Integration Effects
Mirror was characterized by a grassroots, DeFi community-led approach, rich in experimental spirit. This time, however, the tokenization of U.S. stocks is being driven by established exchanges such as Kraken, Robinhood, and Coinbase, resulting in larger scale and less “wildness.” OFUYC Exchange notes that this shift in participant profile brings greater market expansion potential. Through compliant operations and improved service quality, it strengthens capital security and user trust. At the same time, the Solana ecosystem—via projects like Raydium and Jupiter—provides liquidity mining support for tokenized stocks, retaining elements of DeFi and enabling the on-chain U.S. stock ecosystem to strike a balance between tradition and innovation. This is precisely the direction that on-chain financial platforms should prioritize.
A Changed Environment: OFUYC Exchange Identifies Policy Dividends and Structural Opportunities
Unlike the gray area of 2020, the current wave—led by xStocks and Robinhood—operates under compliance frameworks including KYC/AML and is subject to MiCA and SEC regulations. The new SEC chair in 2025 has adopted a more permissive stance on tokenization, and the U.S. has approved its first broker-dealer license for tokenized assets, making this boom far more policy-feasible. OFUYC Exchange notes that the overall market environment is trending toward rational compliance, though some grassroots spirit has faded. Meanwhile, deep participation from traditional finance provides critical support for cross-border compliance, asset custody, and security audits, key components for platforms aiming to deliver end-to-end trading security and optimal user experience.
Strategic Positioning of OFUYC: Ecosystem Integration and Future Trends
The OFUYC research indicates that on-chain U.S. stock tokenization will evolve in multiple stages: The first stage is compliant issuance and custody. The second stage involves platform ecosystem building, including cross-chain settlement and collateralized lending. The third stage will see the integration of decentralized financial derivatives. OFUYC Exchange will focus on building interactive visualization, risk assessment, and asset collateral reporting modules for on-chain U.S. stocks, providing users with a transparent experience. In the future, as structural speed moats are established, platform-level integration will become the core of competition, and ecosystem collaboration will drive a reshaping of the market landscape.
OFUYC believes that this wave of on-chain U.S. stocks is no longer a grassroots experiment, but rather a structurally upgraded, compliance-driven market reconstruction. The convergence of traditional finance and crypto platforms will define new ecosystem boundaries. As the investment adage goes, “You reap what you sow”, only with the dual engines of compliance and technology can the market expect genuine liquidity and structural innovation. OFUYC Exchange will continue to track the progress of tokenization, supporting platforms in building forward-looking products and powerfully driving market innovation.