Which of the three major US stock tokenization platforms, StableStocks, xStocks, and ... - Odaily

BlazingKevin at Movemaker analyzes the resurgent tokenized stock market through three competing approaches as regulatory landscapes shift.

The tokenized stock market is experiencing a renaissance in 2025, moving beyond previous failed attempts through synthetic assets and centralized exchange trials. Three major players now represent distinct strategies: Robinhood's derivatives-based "walled garden" approach using controlled ecosystems, xStocks' asset-backed tokens offering full DeFi composability, and StableStocks' hybrid "DeFi-lite" model balancing compliance with innovation.

• Robinhood leverages derivatives contracts under EU MiFID II framework, creating controlled access through whitelisting while planning its own Layer 2 network for capital democratization
• xStocks provides 1:1 asset-backed tokens on Solana with Chainlink proof of reserves, enabling full DeFi integration through B2B2C distribution via major exchanges
• StableStocks uses proxy shareholding with SPV structures and licensed brokers, offering semi-open composability through internal DeFi modules on BNB Chain
• All models face structural challenges including liquidity paradoxes, centralization risks, and unclear value propositions compared to traditional brokerages

Each approach targets different market segments, with success depending on scale achievement, ecosystem development, and user experience innovation respectively.