Tokenized Equities on Track for 25x Growth, Predicts Archetype’s Dmitriy Berenzon
TREE NEWS reports: Roughly 4 million people currently hold tokenized stocks, a figure that could swell to 100 million within three years, a partner at crypto venture firm Archetype. The projection implies a 25-fold increase in the holder base by 2028, a pace that would make tokenized equities one of the fastest-growing segments in the real-world asset (RWA) sector.
From Niche Experiment to Retail Phenomenon
Tokenized stocks — blockchain-based representations of publicly traded equities — have quietly moved from proof-of-concept to production over the past two years. Platforms including Backed, Dinari, and Ondo Global Markets now issue tokenized exposure to US-listed shares, while exchanges such as Kraken and Bybit have listed tokenized equity products for non-US users. The current 4 million holders sit mostly outside the United States, reflecting the fact that tokenized equities are primarily a vehicle for investors who lack easy access to US brokerage accounts.
That geographic skew is central to the bull case. Hundreds of millions of investors in Latin America, Southeast Asia, Africa, and the Middle East hold local-currency savings but have limited or expensive access to dollar-denominated equity exposure. Tokenized stocks, settled on public blockchains and tradable 24/7, lower both the cost and the friction of accessing those markets.
What Needs to Go Right
- Regulatory clarity: Tokenized equities sit at the intersection of securities law and crypto rules. Clear frameworks in major jurisdictions would unlock distribution through regulated brokers and fintech apps.
- Distribution: Reaching 100 million holders requires embedded finance channels — neobanks, wallets, and remittance apps — not crypto-native exchanges alone.
- Liquidity and market hours: Genuine 24/7 secondary markets depend on market makers willing to quote outside US trading hours, a problem that tokenized treasury products have already begun to solve.
- Interoperability: Issuance is fragmenting across chains; shared standards and cross-chain settlement will determine whether tokenized equities become a unified market or a patchwork of walled gardens.
The Bigger Picture
Tokenized stocks are arguably the most consequential test case for RWA tokenization because the underlying asset — public equity — is the world’s most liquid and most heavily regulated security. If tokenization can work for Apple or Nvidia shares, it can work for almost anything. Conversely, a high-profile failure — a custody breach, a redemption freeze, or a regulatory crackdown — would set the sector back years.
The 100 million figure is aggressive but not implausible. Tokenized treasury funds grew from near zero to tens of billions in assets in under three years, and stablecoin holders already number in the hundreds of millions. If tokenized equities follow a similar adoption curve and gain a handful of mainstream distribution partners, the holder base could compound quickly. The question is less whether the technology works — it does — and more whether regulators, brokers, and issuers can align on rules that let ordinary investors participate safely.
