In addition to the continued expansion of stablecoins, a dark horse is emerging in the field of real-world asset tokens (RWA) — tokenized stocks.

According to data, the total market capitalization of tokenized stocks has already surpassed $1.2 billion, especially during the two time windows in September and December, when capital inflows created a clear upward wave. How fast is this growth? A comparison makes it clear — the current stage of tokenized stocks is like stablecoins in 2020, still in the "cradle," while stablecoins have now expanded into a colossal $300 billion market.

Some industry insiders use a more aggressive analogy, saying this looks like the early boom of decentralized finance (DeFi) in 2020. Once mainstream stocks globally gradually migrate onto the chain, the advantages of 24/7 trading, instant settlement, and fractional ownership — which traditional markets simply cannot do — will completely rewrite the rules of stock trading.

Starting from the second half of the year, large institutional investors' major deployments have become the main drivers of this trend. For example, Backed Finance launched the xStocks product suite directly on the Ethereum network in September, opening the door to on-chain equity trading for both institutional and retail users through collaborations with some mainstream crypto trading platforms. This "big players entering the market, compliance first" rhythm marks that tokenized stocks have progressed from a niche concept to a true business stage.