The Era of Stock Tokenization Begins! Ondo, Securitize, Who Are the Real Beneficiaries? | Seo Dong-ju, Kim Dong-hwan, Kim Jong-seung, CEO of Exxon Krypton [Crypto PLUS]

Summary

The CEO of Exxon Krypton, Kim Jong-seung, discusses the emerging era of stock tokenization, comparing major platforms Ondo Finance and Securitize. He explains the business models, regulatory developments, and growth drivers while analyzing the competitive dynamics between Coinbase and Robinhood. Key takeaways include Robinhood's edge in hybrid finance, Coinbase's undervaluation amid headwinds, and Securitize's growth potential despite its weak post-IPO stock performance.

• Stock tokenization is rapidly growing, with DTCC launching a tokenization pilot in October and Ondo/Securitize leading the market.
• Ondo expanded into stock tokenization, obtained custodial licensing, and reached $1B TVL, but its token value is disconnected from business success.
• Securitize holds most regulatory licenses and partners with BlackRock; upside potential exists if revenue exceeds $100M, despite a sharp post-IPO drop.
• Coinbase is undervalued relative to Robinhood but faces low crypto volatility, fee pressure, and slow expansion into traditional finance.
• Robinhood has a competitive advantage in the super-app race thanks to low crypto exposure, a successful L2 chain, and retirement account integration.
• The Clarity bill would have limited direct impact on stock tokenization players.
• Convergence of traditional finance and crypto is creating hybrid financial super-apps, benefiting firms with diversified revenue streams.