Tokenized Stocks and The ve(3,3) Opportunity

By now, the institutionalization of crypto should come as no surprise. From onchain money market funds to compliant privacy chains, the connections between crypto and traditional finance are becoming more concrete than ever before. One expression of this shift is tokenized stocks, which can be simply described as blockchain-based instruments that provide exposure to publicly traded shares. Although arguably still nascent, tokenized stocks have experienced significant growth in recent years, rising from a market capitalization of ~$278.48M at the start of 2025 to almost $2.65B by the end of Q3 2026.

This expansion has been supported by an ecosystem of participants spanning crypto-native firms, retail brokerages, and TradFi infrastructure operators. Among these are tokenization providers, specialist platforms that issue tokenized instruments linked to traditional assets. Despite their growing number, these providers seem to be competing largely over the same set of underlying assets, with almost 2,600 tokenized stocks representing just 913 companies, equivalent to only ~1.5% of the ~60K publicly traded companies globally. This overlap has done little to resolve crypto’s well-documented fragmentation struggles: across competing wrappers, chains, and trading venues, exposure to the same underlying stock is spread across separate pools of inventory and order flow.