Tokenized stock trading is surging in international markets, even as major U.S. companies resist its introduction domestically. The latest quarterly report from Bitwise Asset Management highlights this trend, showing a dramatic increase in trading volume for tokenized stocks on platforms like Robinhood Chain. Volume on this network jumped from $526 million in July to $11.31 billion in September. Meanwhile, tokenized equities were the fastest-growing category on Solana, and non-crypto markets made up 36.5% of Hyperliquid's perpetuals volume in the latest quarter.
Despite this growth, several prominent U.S. companies, including Goldman Sachs, Microsoft, and Alphabet, have objected to having tokenized versions of their shares traded on the OKXICE platform. OKXICE, a joint venture between crypto exchange OKX and Intercontinental Exchange, disclosed these objections in a public notice. The companies join earlier objectors like CoreWeave and UnitedHealth, highlighting a broader debate about the benefits and risks of tokenization.
The debate centers on whether tokenized stocks should provide the same rights as traditional shares, particularly voting rights. This issue gained attention in September following a public dispute between the CEOs of Robinhood and AMC over Robinhood's stock-token model. Industry experts note that trading of tokenized equities is currently concentrated overseas, where regulatory frameworks differ from those in the U.S.
Analysts suggest that companies may not yet fully understand the potential benefits of tokenization, such as expanded investor bases and 24/7 market access. ClearStreet analyst Owen Lau believes some companies will eventually embrace tokenization, particularly those with low trading volumes. Andrew Cuomo, co-chairman of OKXICE, emphasized that the SEC's innovation exemption allows companies to opt in or out, accommodating different approaches.