Is RWA moving towards the "Equity Era"? The behind-the-scenes of Securitize, Ondo, and Coinbase taking action simultaneously

Article: RWA Knowledge Circle

Author: RWA Knowledge Circle

Introduction

Recently, a phenomenon has emerged repeatedly in the RWA community. Securitize, the number one in market share; Ondo, ranked third; and Coinbase, a leading digital asset exchange, all focused on the same issue—equity tokenization (Equity RWA)—almost simultaneously.

If this had happened a year or two ago, such “coincidence” would be uncommon.

Securitize and Ondo both started with compliant financial asset RWAs, mainly focusing on U.S. Treasuries and cash-like assets; Coinbase has long been regarded as a foundational platform in the crypto market, expanding from exchanges and public chains to application layers.

But recently, all three institutions have coincidentally begun to move toward bringing stocks onto the chain, which is clearly not a coincidence.

1. Not “brainstorming” by platforms, but regulatory guidance setting the direction

Timing is crucial. On December 7, 2025, SEC Chairman Paul Atkins publicly stated:

In the next two years, the U.S. financial markets will migrate entirely onto blockchain.

The SEC (U.S. Securities and Exchange Commission) is the core regulatory body overseeing securities issuance, exchange regulation, and market order in the U.S. capital markets. The public statements from the SEC chairman are often not personal opinions but a concentrated signal of future regulatory trends.

Almost simultaneously, Nasdaq also announced that it is advancing plans for on-chain stock trading.

These signals together are quite clear: equity on-chain is evolving from an “exploratory direction in Web3” into a recognized institutional migration path in traditional finance.

Against this backdrop, platforms like Securitize and Ondo, which are compliant RWA platforms, and infrastructure providers like Coinbase, are entering equity tokenization not as radical innovation but as a natural progression.

2. Industry consensus is converging towards “on-chain capital markets”

Beyond regulation, industry judgment is also rapidly aligning.

On December 21, Sid Powell, co-founder and CEO of Maple Finance, ranked second in RWA market share, stated:

In a few years, institutions will no longer distinguish between DeFi and TradFi; ultimately, all capital market activities will be conducted on-chain.

Earlier, on October 8, Binance founder CZ also expressed a similar view, believing that RWAs are one of the most promising directions for Web3 in the coming years because they truly enable a systemic connection between blockchain and real-world assets.

From a market structure perspective, this consensus is not accidental.

Currently, in the RWA market, private credit and government bonds still dominate, for very practical reasons:

• Not all real-world assets require high-frequency trading
• Low volatility limits on-chain liquidity
• Regulatory recognition of RWAs varies significantly across countries, with whitelist, KYC, and permissioned issuance still not unified

In contrast, the legal and regulatory pathways for financial assets are highly mature, with clear ownership and trading logic, making them more suitable for early scaling.

Therefore, a clear trend emerges:

Larger institutions tend to follow the mature path of government bonds → stocks when advancing RWAs, rather than starting with complex SME assets.

3. Different approaches to “stock RWA” from three companies

Interestingly, although their goals are aligned, the three institutions have completely different implementations.

1. Ondo: Bringing the “real stock market” onto the chain

Ondo Global Markets launched in September this year, offering over 100 tokenized stocks on-chain, allowing non-U.S. investors to settle via blockchain and participate in the U.S. stock market around the clock.

Its biggest feature is: liquidity does not come from AMM pools but directly from Nasdaq and NYSE.

In other words, Ondo’s stock tokens are not “exchanged on-chain,” but each is backed 100% by real custodial shares. This model is closer to a reserve mechanism similar to stablecoins. This allows for almost no slippage during large transactions. On the compliance front, Ondo has received approval from the FMA to offer tokenized U.S. stocks and ETFs in 30 European countries.

Data is also straightforward:

In the first week of December, Ondo stock tokens on Bitget traded over $87 million, with a market share of 73%. Currently, Ondo Global Markets has accumulated over $2 billion in trading volume on Ethereum and BNB Chain, with a TVL exceeding $350 million.

On December 18, Ondo partnered with LayerZero to launch Ondo Bridge, supporting 1:1 cross-chain transfer of over 100 stocks and ETFs across multiple chains.

2. Securitize: Native chain stocks, more institutional and closed structure

Securitize chose the most complex but also the most “institutionally native” path.

On December 17, Securitize announced plans to launch native on-chain stock products in Q1 2026, with key features:

• Real shares issued directly on-chain
• Synchronously recorded in the issuer’s official share register
• Tokens represent full shareholder rights (dividends, voting, etc.)

More importantly, Securitize itself is a registered transfer agent with the SEC, ensuring that token holders are legally direct shareholders, not via SPV or intermediaries. However, it’s important to note that this model does not mean “unlimited fractionalization and free circulation.”

In practice, whether tokens are open for trading, whether whitelists are set, or transfer restrictions are imposed can all be controlled through compliant structures and corporate bylaws. This is why this approach is more suitable for institutional issuers, private placements, or targeted equity arrangements.

3. Coinbase: Embedding stocks into a “financial super app”

Coinbase’s approach is more platform-oriented.

On December 18, Coinbase announced plans to introduce trading of stocks, prediction markets, and other assets; on December 20, CEO Brian Armstrong announced that stock trading within Coinbase is now live. Currently, Coinbase supports:

• 24-hour stock trading
• Crypto assets and perpetual contracts
• Prediction markets (in partnership with Kalshi)
• Integration of decentralized exchange functions

It also plans to launch Coinbase Tokenize, a service for institutional RWA, early next year. Its goal is very clear: one account, all assets; one interface, all financial operations.

4. On-chain equity is becoming an unavoidable long-term variable

Stocks are one of the most core asset classes in modern finance, and on-chain equity is moving from marginal exploration to a mainline direction driven by both institutional and industry efforts. Whether it’s Ondo’s market-driven path, Securitize’s institutional-native approach, or Coinbase’s platform integration, they all fundamentally answer the same question:

When capital markets migrate on-chain, in what form should stocks exist?

Understanding this change does not mean immediately participating, but it helps build a cognitive framework for future financial structures.

As RWAs gradually evolve from “concepts” to “infrastructure,” equity tokenization is likely to be one of the most emblematic nodes.