The wave of "selling U.S. stocks" has swept across the entire cryptocurrency industry.

According to the author's incomplete statistics, over 30 crypto trading platforms have started "selling U.S. stocks," with as many as 10 platforms boasting over 10 million users. For example, Bybit (70 million users), Gate (30 million users), Kraken (15 million users), OKX Wallet (55 million users), Phantom (15 million users), Robinhood (27 million users), and Moonshot (20 million users). Bitget and Trust Wallet each have over 100 million users.

The CEO of Coinbase, the largest U.S. cryptocurrency exchange, also announced that a "hybrid product combining cryptocurrency and U.S. tech stocks" will be launched on September 22.

In just three months, "selling U.S. stocks" has become a standard feature for almost all mainstream CEXs and DEXs. Cryptocurrency exchanges have begun experimenting with "selling tokenized U.S. stocks."

On September 3, 2025, Ondo Global Markets officially launched, marking the entry of Ondo, the world's largest RWA platform, into the tokenized U.S. stock market. The release of this product has been highly anticipated by industry professionals.

According to the author's research, there are currently over 8 "crypto trading platforms" in the Ondo ecosystem, including Bitget Wallet, Trust Wallet, Gate, Bitget, MEXC, and LBank. The xStocks ecosystem has over 10 "crypto trading platforms," including Kraken, Bybit, Bitmart, Moonshot, Phantom, Particle, UXUY, and Kamino.

Without exception, users can purchase "tokenized U.S. stocks" on these platforms using stablecoins.

According to the latest data from Dune, the tokenized stock platform xStocks has been operational for three months, with a total trading volume of $3.782 billion, including $3.612 billion from CEXs and $170 million from DEXs. Ondo Global Markets, which launched just two days ago, has already achieved a trading volume of $65 million, with 253 unique holders.

Beyond xStocks and Ondo, more tokenized stock platforms are actively entering the market, such as Multiply, MyStonks, and StableStock. Some even offer more diverse services, such as trading stocks of non-listed companies like SpaceX and OpenAI, as well as contract and derivative services for tokenized stocks.

Disrupting Traditional Brokerages? Who Will Be the Next Robinhood?

Although the U.S. stock market is the largest capital market in the world, it has fewer than 180 million actual participants. This means that over 5 billion internet users globally have never engaged in U.S. stock trading.

The last entities to eye the U.S. stock business and achieve significant success were Robinhood and Futu. By leveraging the普及 of internet technology, they successfully disrupted the traditional brokerage model, enabling more people to access U.S. stock trading.

For example, Futu, China's largest U.S. stock brokerage, was founded in 2011. Riding the "tailwind" of the internet, it allowed users to open accounts online and disrupted the convention that ordinary users of traditional Chinese brokerages could only trade A-shares. This enabled many ordinary Chinese users to cross borders and purchase U.S. stocks. By 2025, Futu had over 26 million registered U.S. stock users and a market capitalization of approximately $26 billion. However, in late 2022, during Futu's most rapid growth period, China promptly banned its mainland new users from trading U.S. and Hong Kong stocks, slowing its user growth and shifting its focus to overseas global markets.

Robinhood, the largest U.S. internet brokerage and a hub for retail investors, was founded in 2013. It directly matches orders online and introduced commission-free U.S. stock trading, disrupting the fee structure of the U.S. brokerage industry. It now has over 23 million users and a market capitalization of nearly $100 billion.

The rise of internet brokerages like Robinhood and Futu was inseparable from the internet wave. With the development of stablecoins and cryptocurrency technology, "crypto brokerages" have begun to challenge this market.

Among them, xStocks and Ondo are standout examples. Particularly Ondo, as the world's largest RWA platform, boasts strong financial resources and connections, having secured three major U.S. compliance licenses, making it highly notable.

"Unlike traditional brokerage platforms, no KYC is required. This is one of the reasons we partnered with Ondo," said Hayley, an employee of a cryptocurrency trading platform collaborating with Ondo.

Unlike brokerages like Robinhood and Futu, which also provide U.S. stock trading services, Ondo requires no KYC, meaning users can trade U.S. stocks without any identity verification. Industry insiders point out that this breakthrough, along with new玩法 derived from tokenized U.S. stocks, could attract tens of millions of new users to the U.S. stock market.

The author personally tested the "tokenized stock functionality" of Bitget Wallet and Trust Wallet, both part of the Ondo ecosystem, and successfully purchased tokenized U.S. stocks like Apple and Tesla.

"Crypto Brokerages": The Birth of a New Species

Before the advent of internet brokerages, traditional brokerages offered a completely different experience from today.

Traditional brokerages centered around physical branches and offices. Investors wanting to open an account had to bring their ID cards and household registration books to a counter. To buy or sell stocks, they either called a broker or placed orders in person at a branch, typically paying 1% or even higher fees per transaction.

Internet brokerages changed this. People no longer needed to open accounts offline or call to trade stocks. Even fees could be waived, as Robinhood did with its commission-free U.S. stock trading, disrupting the fee model of the traditional U.S. brokerage industry.

Today, all brokerages have essentially become "internet brokerages."

Crypto brokerages are another new species. They aim to go a step further than internet brokerages.

First, crypto brokerages aim to enable all global users to buy U.S. stocks without identity verification. While internet brokerages significantly lowered the barrier to opening accounts online, they still required identity verification. "Crypto brokerages," however, allow users to buy and sell U.S. stocks without KYC or other identity verification processes.

Second, tokenized stocks can be transferred across different platforms. Due to the nature of blockchain, ordinary users can directly transfer tokenized stocks from one platform to another. This is currently impossible with traditional brokerages. You cannot directly transfer your Apple stocks from Futu to a friend or to the Robinhood platform. But on crypto brokerage platforms, this must be achievable.

Third, crypto brokerage platforms can enable more types of trades that are currently impossible on traditional brokerage platforms. For example, users can buy stocks of non-listed companies or engage in derivative trading of stocks to meet the needs of more users.

Just as internet brokerages like Robinhood and Futu solved different problems to achieve growth of tens of millions of users, crypto brokerages are doing the same. Whether they can become the next Robinhood depends on their ability to solve new problems through stablecoin and cryptocurrency technology, thereby enabling more people who previously had no access to U.S. stocks to trade them.

As for whether tokenized U.S. stocks are real U.S. stocks? This question may become like whether USD stablecoins are real USD—no one will care anymore.