If the biggest story in crypto over the past decade was “moving money onto the blockchain,”
then the next, potentially much bigger story could be:
“Moving the entire capital market onto the blockchain.”
On September 17, the U.S. Securities and Exchange Commission (SEC) suddenly sent a major signal. After progress on the CLARITY Act stalled, the SEC introduced an “Innovation Exemption,” allowing qualified Tokenized Securities Venues (TSVs)—in other words, “tokenized securities trading venues”—to trade certain tokenized U.S. stocks through permitted AMMs and liquidity pools.
This is not simply a matter of “putting U.S. stocks on-chain.”
What really matters is that, for the first time, the SEC has established a formal regulatory framework that opens a temporary, controlled, and compliant pathway for stocks to be traded on blockchain networks.
And that makes a scenario that once sounded almost science fiction increasingly realistic:
Stock → Token → Wallet → DEX → Stablecoin → DeFi → Collateralized Lending
If this entire chain eventually works, the next RWA boom may no longer be limited to “tokenized Treasury bonds.”
Instead, we could be entering a genuine:
“Crypto-Stock Bull Market.”
1. What Exactly Did the SEC Allow？ Not a Bull-Market Button, but a Five-Year “On-Chain U.S. Stock Market Stress Test”
Dont rush to declare a bull market just yet.
The SEC did not announce that “all U.S. stocks can now be tokenized.”
Nor did it announce that “DEXs can freely trade stocks from now on.”
What it actually did is much more precise.
Through a temporary, conditional exemption, the SEC allows qualified Tokenized Securities Venues (TSVs), within certain parameters, to avoid being treated as traditional “exchanges” in the conventional sense, enabling them to use innovative AMMs and liquidity pools to trade certain Tokenized NMS Stocks.
At the same time, certain qualified liquidity providers may temporarily receive exemptions related to dealer registration requirements.
And there is another critical detail:
The exemption lasts only five years.
What happens after five years？
The SEC has not provided a definitive answer.
That is because the SEC has explicitly described this period as a transitional phase designed to observe the market, conduct experiments, collect data, and provide a basis for developing longer-term regulatory rules.
So rather than saying that the SEC has “fully opened the door,” it may be more accurate to say:
U.S. regulators are beginning to allow the capital markets to undergo a real-world blockchain stress test.
The most important development is not the buzzword “stocks on-chain.”
It is that the underlying trading infrastructure may be starting to change tracks.
What does the traditional stock market look like？
Investor → Broker → Exchange → Clearing → Custody → Settlement
The system is extremely mature, but also highly complex.
Tokenization is attempting to build another route:
Wallet → Tokenized Asset → On-chain Trading → On-chain Settlement
That represents an extremely important shift.
For years, blockchain has been trying to enter traditional finance.
Now, traditional finance is beginning to actively use crypto infrastructure.
The SEC's own documents also describe tokenization as a technological pathway that could potentially transform core market infrastructure, including issuance, trading, transfer, settlement, and ownership records.
So what really matters is not how much an “Apple Token” happens to rise today.
The bigger question is:
If traditional assets worth hundreds of trillions of dollars are gradually tokenized in the future, who will build the roads？
Who will issue the assets？
Who will provide the public blockchains, pricing infrastructure, liquidity, stablecoins, lending markets, and compliant trading venues？
That is where the real wealth-creation opportunities may emerge.
But the SEC's red lines are also very clear:
Not every token can participate.
A Tokenized NMS Stock must correspond to an actual U.S. stock held in custody. In principle, holders should receive economic rights comparable to those associated with traditional securities, including dividends and voting rights.
A synthetic token that merely tracks Apple's stock price is not the same thing as a genuine Tokenized Apple Stock.
A Tokenized Security remains a security. Putting it on a blockchain does not change its legal status.
Issuing companies have the right to say “no.”
If a third party wants to tokenize a company's stock, it must notify the underlying stock issuer, and the issuer can object.
In other words, not just anyone can turn Apple, Tesla, or Nvidia into tokens and throw them into a DEX.
Traditional public companies retain an important regulatory gatekeeping role.
AMMs can enter the market, but this does not mean regulation disappears.
The SEC is allowing permitted AMMs, not completely permissionless DEXs where anyone with a wallet can freely trade stocks.
A potential future model could look like:
DEX trading engine + KYC/whitelist + compliant assets + on-chain settlement
In other words:
“DeFi efficiency + TradFi compliance.”
Trading volumes and eligible assets are limited.
This is a controlled experiment.
The types of stocks, trading volumes, and trading mechanisms are subject to restrictions, while transaction data must be publicly disclosed.
If the underlying stock is halted, the Tokenized Stock must also be halted.
So in the short term, this is not “moving the entire U.S. stock market onto the blockchain overnight.”
Instead, regulators are allowing the model to operate first, collecting real-world data, and then deciding how the framework should evolve.
There is also important political and regulatory context.
Congress has been attempting to advance the CLARITY Act, but the legislative process has encountered obstacles.
Rather than waiting indefinitely, the SEC is using its existing exemption authority to establish a five-year regulatory sandbox.
When the exemption expires, it will automatically lapse, and the SEC can tighten the framework at any time.
And an exemption does not mean a free-for-all.
Anti-fraud, anti-manipulation, and OFAC sanctions-compliance requirements still apply.
If participants violate the rules, enforcement actions can still follow.
2. Breaking Down the “Wealth Code”: Don‘t Just Watch Stock Tokens—The Real Money May Be Made by the People Selling the Shovels
Once you understand the above, it becomes clear that you shouldn’t focus solely on how much an “Apple Token” is gaining today.
What the SEC has approved is not a full-blown bull market. It is a controlled experiment: allowing compliant assets, permitted AMMs, and on-chain settlement to actually operate together.
Whoever can become the road builder of this new infrastructure may be the one positioned to capture the next wave of financialization.
Because what this changes may not be a single product, but an entire financial industry chain.
Potential beneficiaries include:
RWA Issuance → Public Blockchains → Oracles → Compliant Securities Infrastructure → DeFi
Put it in the simplest possible terms:
During the California Gold Rush of the 1850s, the people who made consistent money were not necessarily the ones who found gold.
Those selling shovels, selling jeans, and providing transportation could make money too.
Tokenized Stocks could work the same way.
The so-called “wealth code” is not to see “tokenized stocks” and immediately buy every stock token.
Instead, look at the industry from different layers:
Layer 1: Core Infrastructure — Issuance + Blockchains + Data
Representative projects: ONDO, ETH, SOL, LINK
Before an asset can be tokenized, someone needs to package, issue, and manage it. That is the core logic behind ONDO's asset-layer business.
Once the asset is on-chain, it needs a blockchain such as Ethereum or Solana.
And the blockchain needs to know how much Nvidia, Apple, or the S&P 500 is worth. That is where oracles such as LINK come in.
This layer captures the broader industry beta.
As the sector grows, these projects can benefit from the overall expansion. However, their relatively large market capitalizations also mean they are generally more established and may not necessarily behave like small-cap tokens capable of explosive short-term moves.
Layer 2: Institutional RWA & Compliant Access
Representative projects: AVAX, XLM, HBAR, XDC
This layer is essentially betting on banks, brokers, funds, trade finance, compliant securities, and institutional settlement gradually moving on-chain.
Potential catalysts include:
Institutional partnerships
Growth in RWA assets
On-chain settlement volume
Stablecoin adoption
Increasing adoption by traditional financial institutions
These projects may not offer the same excitement as Meme coins.
But if tokenization becomes integrated into the institutional financial system, their underlying narratives could potentially be repriced by the market.
Layer 3: DeFi Financialization
Representative project: AAVE
This is where the second-stage story begins:
Stock Tokens enter DeFi and become collateral.
For example:
Tokenized Treasuries → collateral → borrow USDC → buy BTC
Or:
Tokenized ETFs → collateral → borrow stablecoins → reinvest
The key question is no longer simply whether the stock token rises.
The bigger question is whether it creates demand for:
Collateral + Lending + Leverage + Liquidity + Stablecoins
That is how RWA could evolve from simply “turning assets into tokens” into a:
Tokenized Capital Market + DeFi
Layer 4: Small-Cap High Beta
Representative project: POLYX
This category can potentially experience the most explosive upside—but also the sharpest downside.
Small market cap does not mean low risk.
These projects can face:
Thin liquidity
Extreme volatility
Intense competition
Uncertain value capture
Greater downside when the narrative fails
They may be suitable for high-risk research and speculation, but they should not automatically be treated as core holdings.
So, dont see “tokenized stocks” and immediately rush into every stock-token project.
The real questions are:
Who can generate sustainable business demand from asset tokenization？
Who is selling the shovels？
Who is collecting the tolls？
Who provides something the ecosystem actually needs？
3. 10 Projects Worth Researching
The following 10 projects are not the 10 coins guaranteed to rise, nor are they simply ranked according to recent performance.
They are selected because they occupy important positions across key parts of the ecosystem:
Issuance, data, public blockchains, institutional RWA, and DeFi.
In other words, they sit at some of the potential toll booths of an on-chain capital market.
01. ONDO: The Asset Mover
Sector: RWA / Tokenized Securities
ONDO focuses on tokenizing real-world assets, expanding from tokenized Treasuries toward U.S. stocks and ETFs.
Its Tokenized Stocks/ETFs ecosystem has surpassed $1 billion in assets and covers more than 400 assets.
The basic thesis is:
Tokenized Stocks growth → Ondo product growth → Potential revaluation of its infrastructure value
The risk is straightforward:
ONDO is not an Apple stock.
Buying ONDO is not the same as buying U.S. equities.
The investment thesis is ultimately a bet on whether ONDO can become an important piece of the tokenized-asset infrastructure.
02. LINK: The Data Shovel
Sector: Oracle / Financial Data
If ONDO represents the asset layer, LINK represents the data layer.
If stock tokens eventually enter DeFi, one fundamental question must be answered:
Where does the stock price come from？
As more assets move on-chain—from stocks, ETFs, and bonds to Treasuries, funds, real estate, and private-market assets—the need for reliable oracle infrastructure could increase.
The risk:
There is significant competition in the oracle sector, while LINK already has a relatively large market capitalization and substantial market expectations priced in.
03. ETH: The Financial Highway
Sector: Layer 1 / DeFi / RWA
ETH is not a pure RWA token.
Its broader ecosystem includes:
DeFi + Stablecoins + RWA + Layer 2 + Institutional Infrastructure
The core thesis is:
As more financial assets move on-chain, can Ethereum continue to serve as an important settlement network？
ETH is better viewed as a form of “financial tokenization infrastructure beta.”
It does not necessarily need to surge simply because of one SEC announcement. The longer-term story is whether the expansion of tokenized finance continues to increase demand for Ethereum-based infrastructure.
04. SOL: The Speed Player
Sector: Layer 1 / DEX / High-Frequency Trading
If stock tokens become mainstream, why should they only trade during traditional market hours？
On-chain markets can potentially operate 24/7.
That makes several factors important:
TPS + Gas Fees + DEXs + Stablecoins + Wallets + Liquidity
Ondo plans to expand its Global Markets product to Solana, while DEXs and stock-linked assets on Solana are beginning to create new use cases.
The risk:
Competition is intense, and the actual scale of tokenized-stock adoption remains at an early stage.
05. AVAX: The Institutional Custom-Chain Player
Sector: Institutional RWA / Layer 1
Ethereum can be viewed as a public financial infrastructure layer, while Avalanche places greater emphasis on customized blockchain environments for institutions.
Banks, brokers, funds, and asset managers may eventually require relatively independent and customized on-chain environments.
The thesis is:
If institutions increasingly put financial assets on-chain, demand for customized financial blockchains could grow.
06–08. The Institutional RWA Trio: XLM, HBAR & POLYX
XLM:Payments + RWA + Financial Institutions
XLM has long positioned itself around connecting blockchain infrastructure with traditional financial institutions.
If the market shifts from Crypto Native → TradFi + Crypto, its positioning could potentially receive renewed attention.
HBAR:Enterprise Tokenization
HBAR focuses on enterprise applications, financial institutions, and distributed ledger technology.
If Tokenized Securities eventually move deeper into banks, brokers, and funds, enterprise-grade distributed ledgers could have additional room to grow.
POLYX:Compliant Securities + RWA
POLYX focuses specifically on tokenized securities and compliant RWA infrastructure.
Its smaller market capitalization means it could theoretically offer higher beta if RWA becomes a dominant market narrative.
But that also comes with greater risks involving:
Liquidity
Competition
Execution
Actual value capture
The distinction is important:
ONDO = core RWA beta
POLYX = small-cap high beta
Do not treat the two as the same type of investment thesis.
09. AAVE: The Second-Stage Player
DeFi Lending / RWA
Aave does not need to issue stock tokens itself. It can simply wait for Tokenized Assets to enter DeFi.
For example:
$1 million in Tokenized Treasuries → use as collateral → borrow USDC → reinvest
At that point, the asset evolves from a “digitalized asset” into a financial collateral asset.
That is the real transformation.
10. XDC: Trade Finance RWA
Trade Finance / RWA
RWA is not limited to stocks, Treasuries, and ETFs.
It can also include:
Trade contracts, accounts receivable, invoices, credit, and financing
—all of which can potentially be tokenized.
ONDO = Capital Markets
XDC = Trade Finance
The underlying logic is different.
The one-line map:
ONDO moves assets.
LINK tells the blockchain what those assets are worth.
ETH / SOL / AVAX provide the infrastructure for those assets to run on-chain.
XLM / HBAR / XDC / POLYX help bring traditional finance into the ecosystem.
AAVE allows those assets to become collateral and start generating financial activity.
So instead of asking:
“Which coin will double tomorrow？”
A better question is:
“If the global capital market eventually moves onto the blockchain, who will collect the tolls？”
The Most Exciting—and Most Dangerous—Part: “Crypto-Stock Memes” That Can Flip Between Getting Rich and Getting Liquidated
Now we come to the most exciting category:
The “Crypto-Stock Meme” representatives:
PONS, STONK, HOOD, CRCL, and AI
First, one important clarification:
Stock Tokens ≠ Stock Memes.
For example, STONK does not represent ownership or economic rights in SPY.
PONS
Meme Launchpad Token
PONS is the token associated with a Meme launchpad and one of the largest Meme launch platforms on Robinhood Chain.
Its V2 version allows newly launched tokens to be directly paired with stock tokens.
The main drivers include:
Platform revenue
Daily trading fees, which at one point reached approximately $11.4 million
Number of tokens launched
Growth of the Robinhood Chain ecosystem
STONK
Solana Stock-Meme Pairing Launchpad
STONK is the platform token associated with StonkFun, a stock-Meme pairing launchpad on Solana.
It can be paired with SPY stock tokens.
Public interactions involving Solana and its co-founder Toly have also contributed to market expectations around ecosystem support, while the broader Solana ecosystem recovery narrative can influence sentiment.
HOOD
Robinhood-Themed Community Meme Coin
HOOD is a community-driven Meme coin built around the Robinhood theme.
Its price is primarily driven by:
Community consensus + Meme narrative + Robinhood Chain ecosystem momentum
AI
A Leading Stock-Meme Pairing Token
AI, known as Artificial Inu on Robinhood Chain, is paired with Nvidia (NVDA) stock tokens.
It combines three highly marketable narratives:
AI + Nvidia + Inu/Dog-Meme culture
CRCL
Ticker-Driven Meme
CRCL capitalizes on the popularity of the stock ticker associated with stablecoin issuer Circle (CRCL).
It has been framed as a symbolic Meme representing the broader “tokenization of stocks” narrative.
The five assets above have one thing in common:
High volatility + High beta + Narrative-driven price action
But they are fundamentally different from infrastructure projects such as ONDO, LINK, and AAVE.
The former are bets on short-term liquidity, community sentiment, and narrative momentum.
The latter are more directly tied to the broader thesis of long-term growth in on-chain capital markets.
If liquidity dries up or the narrative loses momentum, these Meme tokens can potentially fall just as quickly as they rose.
They should therefore be treated as high-risk research/speculative assets, rather than core holdings.
4. If You Really Want to Capture This Opportunity, What Should You Do？
Seeing the SEC news and immediately buying the tokens mentioned above is not research.
It is wishful thinking.
What the SEC has provided is a five-year temporary exemption, not permanent legislation.
If you want to identify potential opportunities, analyze the market through four layers.
Layer 1: First, Determine Whether the Policy Is Actually Being Implemented
Monitor:
Subsequent SEC rules and guidance
Number of TSV applications
Number of approved venues
Actual trading volume of Tokenized Stocks
Participation by underlying stock issuers
Whether the regulatory scope expands
The door being opened does not mean everyone will walk through it.
Layer 2: Watch Real Business Data—Not Just “Some Coin Is Up 30%”
For RWA, monitor:
TVL
Tokenized asset value
On-chain trading volume
Active users
Number of assets issued
For DEXs, monitor:
Trading volume
Liquidity
Fees
Active addresses
For Oracles, monitor:
Data sources
Supported assets
Total value secured
Institutional customers
For DeFi, monitor:
RWA collateral
Lending volume
Stablecoin supply
Protocol revenue
Price is the result. Business activity is the process.
Layer 3: Determine Whether the Token Actually Captures Value
A good project does not automatically mean its token will rise.
Ask:
Does protocol revenue flow into the token economy？
Is there a buyback mechanism？
Can holders earn staking revenue？
Does the token have meaningful governance rights？
How large are upcoming unlocks？
How different are FDV and circulating market capitalization？
Can business growth actually translate into token value？
This is the key question.
Layer 4: Only Then Look at Price
A simple framework is:
Policy Catalyst × Real Adoption × Token Value Capture × Liquidity × Valuation
If the only things rising are policy headlines and social-media attention, while actual business activity remains stagnant, be cautious of a situation where:
“The narrative rises first, but the fundamentals never arrive.”
Do not interpret favorable policy developments as meaning:
“Every RWA token is going up.”
The SEC has established numerous requirements, including:
Permissioned access
Trading-volume restrictions
Limits on the number of eligible stocks
Issuer objection rights
Smart-contract audits
Public disclosure of trading data
Synchronized halts when the underlying stock is suspended
OFAC sanctions compliance
Actual trading volume could therefore be far smaller than market expectations in the short term.
Greater regulatory certainty ≠ a successful business model.
One More Major Variable: Real Stock Tokens vs. Synthetic Stock Tokens
This distinction could eventually trigger a major reshuffling of the market.
Real stock tokens represent actual securities and bring genuine securities rights on-chain.
Synthetic stock tokens merely track the price of an underlying stock.
They are not the same thing.
When researching a project, ask at least these 10 questions:
Who issues the token？
Who holds the underlying assets？
Where are the underlying assets actually held？
Is the token backed 1:1？
Do holders receive dividends？
Do holders have voting rights？
Who is responsible for redemption？
Which jurisdiction governs the asset？
Who handles disputes？
What happens if the underlying stock is suspended or the issuer fails？
These questions matter far more than a candlestick chart.
From Crypto Bull Market to On-Chain Capital Market
The previous Crypto bull-market progression looked something like:
BTC → ETH → DeFi → Meme
If tokenization succeeds in the next cycle, the progression could potentially evolve into:
BTC → RWA → Tokenized Stocks → DeFi → On-Chain Capital Market
The SEC has merely opened a door.
It has not declared the finish line.
Ultimately, the market will have to validate the thesis through:
Real asset value + Real trading volume + Real users + Real revenue + Real token value capture
So instead of asking:
“Which coin can double tomorrow？”
Start asking:
“If part of the global capital market really moves onto blockchain, who will collect the tolls？ Who is selling the shovels？”That is the question most worth researching in this new “Crypto-Stock Bull Market.”