Tokenized Stocks Grew 30x in 1 Year... But Why Is the Market Leader in the Red? | Seo Dong-ju, Kim Dong-hwan, Ham Ji-hyun Blockmedia Reporter

Summary

Choi Yun-yeong of Hanwha Investment Securities discusses tokenized stocks, their rapid growth, and why Securitize fell after earnings. The conversation covers RWA market size, synthetic versus custodial token structures, platform competition, and Securitize's need to convert partnerships into revenue. The main market implication is that tokenized stocks are early and fast-growing but still unproven; investors should watch monetization and custodial/rights trends.

• Tokenized stocks grew rapidly in H1 but remain a small part of RWA at around $2.8B.
• Demand is mainly from non-US retail investors with limited access to US equities.
• Ondo and Binance lead tokenized stock platforms, but rankings are volatile and no clear winner exists.
• Market structure is shifting from synthetic products toward custodial/rights-backed tokenized stocks.
• Securitize's first post-listing earnings disappointed as record platform activity did not translate into revenue.
• Securitize's H2 partnerships and custody approvals are not yet reflected in earnings, making revenue conversion the key watch point.