Timeline
- 7.5
Robinhood Reports $15B in Stock Token Trading as Chain Passes 100 Days
Robinhood says its stock tokens have crossed $15 billion in cumulative trading volume and reached 200,000 holders, as its chain passes the 100-day mark. Morpho's dashboard shows about $1.1 billion deposited on the network. The figures are among the largest quantified milestones disclosed so far for tokenized equities, and the Morpho deposit number indicates the Robinhood chain is already hosting third-party DeFi lending activity. Robinhood's stock tokens are tokenized debt securities issued by Robinhood Assets (Jersey) Limited that provide economic exposure to the underlying securities without granting legal or beneficial rights in the issuers, and more than 190 are available, including those linked to NVIDIA, Google, Apple and Invesco QQQ. The roughly $1.1 billion figure comes from Morpho's own dashboard rather than from Robinhood.
- 7.0
Tokenized Stocks Show Real Demand But Remain Volatile and Illiquid, IMF Finds
The IMF's latest Global Financial Stability Report found that more than 50% of tokenized stock trading occurs outside regular U.S. market hours and that about 80% of trades are for less than a full share, while tokenized equities were roughly 1.5 times more volatile and less liquid than the underlying stocks. The report, covering the five most liquid tokenized U.S. equities across 11 trading venues over 365 days, says systemic risks remain limited for now and urges regulators to consider circuit breakers for 24/7 trading. The IMF said it urged regulators to consider circuit breakers for 24/7 trading and to monitor links between tokenized and traditional markets more closely, while noting that systemic risks remain limited for now. It also said its findings "should be interpreted with caution" given the market's early stage. The tokenized equity market is worth about $2.3 billion and highly concentrated, with Ondo Finance and Backed Finance's xStocks accounting for more than 70% of it; both issue synthetic tokens offering price exposure without direct share ownership. When traditional markets reopened, conventional shares absorbed 87% to 99% of the overnight price moves their tokenized counterparts had made, and tokenized prices on decentralized exchanges strayed further from traditional markets.