“Tokenisation is … the defining infrastructure trend of the next 25 years.”

This was Bullish CEO Thomas Farley's statement after digital asset platform Bullish acquired global transfer agent Equiniti for $4.2 billion. In the same week, Securitize, Jump, and Jupiter Exchange launched fully onchain regulated trading for tokenised equities, and Republic Crypto launched tokenised Animoca Brands equity on Solana, custodied by BitGo and facilitated through INX Group.

Each of these creates a new route to access tokenised equity onchain that was previously unavailable. We all know tokenisation is coming, and that RWA charts have been up and to the right, but tokenised equity has been lagging behind.

Stocks and private equities have struggled to keep pace with the rest of the RWA category to date

These three announcements show that the infrastructure required for mass growth is being put in place at several layers, particularly in the US, a critical region that current implementations have avoided. To date, xStocks, whilst crossing $25B in total transaction volume, and Ondo Finance have avoided US access.

Bullish's acquisition of Equiniti is designed to create a transfer agent for tokenised securities and “position Bullish to lead the shift toward blockchain-native capital markets infrastructure.” Transfer agents maintain records of security owners, track stock ownership, and facilitate dividends, serving as intermediaries between companies and their shareholders.

The Securitize / Jump / Jupiter partnership brings together Securitize’s regulatory infrastructure, Jump’s liquidity through its prop AMM, and Jupiter's distribution via its interfaces to offer an equity trading experience that rivals traditional brokers. "The question is no longer whether assets can be issued onchain, but whether they can trade at scale in a way that meets the standards of public markets," said Carlos Domingo, CEO and Co-Founder of Securitize. Securitize is itself the SEC-registered transfer agent, so the onchain token serves as the legal record of ownership where owners receive voting rights and dividends, unlike existing offerings.

The launch of Animoca Brands tokenised equity is through Republic's secondary marketplace, using regulated securities-market infrastructure rather than a simple blockchain issuance layer. The move aims to broaden investor access and open secondary trading for existing Animoca Brands shareholders.

It should be noted that both of these offerings will likely require KYC and whitelisting, ensuring regulated execution and legally recognised ownership. However, these steps are necessary to ensure these offerings are fully regulated and compliant with the SEC.

But why does each matter?

• Securitize / Jump / Jupiter: Until this week, every credible onchain equity venue excluded US users by design, so this is the first US-accessible path where the onchain token is the legal share rather than a wrapper or derivative claim
  
• Bullish / Equiniti: Bullish controlling Equiniti means tokenised representations of companies can be wired directly into the official register without friction, paving the way for representations that are the legal share, rather than wrappers or derivative claims.
  
• Republic / Animoca: The majority of the focus on bringing equity onchain to date has been on public stocks, but this targets shares that never had a public market in the first place, closing a different access gap and targeting a different audience.
  

These three join two embedded players in the tokenised equity arena:

• Ondo Global Markets is the dominant offshore platform crossing $1B TVL yesterday, with 260+ tokenised US stocks and ETFs across Solana, Ethereum, and BNB Chain, with bridges to HyperEVM (where Felix Protocol is the primary distribution route). Each token is a senior secured structured note issued by Ondo Global Markets (BVI) Limited, with underlying shares custodied at Alpaca.
  
• xStocks (Backed Finance, now Kraken-owned) has been live since June 2025 and is now multi-chain across six networks, including Ethereum, BNB Chain, Solana, Ink, TON, and Mantle. $424M in AUM and 120,743 onchain holders, and accounts for 8 of the top 11 tokenised equities by unique holders. Each xStock is a bearer debt instrument issued by Backed Assets (JE) Limited, a Jersey SPV, under a prospectus approved by the Liechtenstein FMA. Holders are creditors with a bankruptcy-remote claim to the fair market value of the underlying shares, which are custodied at Alpaca and InCore Bank.
  

All of the growth in the last year in this sub-category can be attributed to public equities (stocks).

We wrote about these and the wider tokenisation landscape in a recent report. Check out our coverage here:

https://x.com/castle_labs/status/2031029936832536806?s=20 

Source: https://x.com/castle_labs/status/2054522064199917925?s=20