Tokenized Stocks Face an Ownership Test as Solana and Emerging-Market Infrastructure Expand
Today’s Focus
The boundary between “economic exposure” and “actual shareholding” in tokenized stocks is being challenged head-on by a listed company, with AMC demanding that Robinhood delist its Stock Token. Infrastructure is accelerating in parallel: Solana’s RWA ecosystem surpassed $18.5 billion with non-stablecoin assets doubling to $4.23 billion, India’s REC settled the country’s first tokenized corporate bond via the central bank’s wholesale CBDC, and South Korea’s three-stage roadmap takes effect in February 2027.
Industry Flash
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AMC executive challenges Robinhood’s tokenized stocks — AMC CEO Adam Aron publicly demanded that Robinhood delist its Stock Token tracking AMC’s price, calling it “unregistered and unrelated to AMC” and threatening to file with the SEC; Robinhood refused to back down, putting the ownership gap in tokenized stocks in focus
Solana RWA ecosystem tops $18.5 billion — stablecoins reached $16.4B by May while non-stablecoin RWA rose from $2.8B to $4.23B, capturing 97% of on-chain tokenized-stock trading volume in H1, with issuers shifting from crypto-native to institutions like Western Union and SoFi
India issues its first tokenized corporate bond — state-owned power finance company REC is raising up to INR 5 billion by combining bonds with the central bank’s wholesale CBDC for near-instant atomic settlement, compressing T+1 to seconds, with secondary-market infrastructure expected by December
South Korea FSC unveils a three-stage tokenization roadmap — the Electronic Securities Registration Act amendment takes effect in February 2027, first covering institutional money-market funds and corporate bonds, then expanding to public offerings and finally introducing stablecoin on-chain settlement across a market of roughly $5.36 trillion
Polymarket launches 67 perpetual markets — the prediction-market leader jumped from binary outcomes to fully leveraged derivatives spanning crypto, stocks, and commodities; Coinbase has simultaneously filed with the SEC for stock perpetuals, splitting the field into onshore regulated and offshore permissionless tracks
Securitize teams up with Socios on sports equity tokenization — the two plan compliant tokenization of minority stakes in professional sports clubs within a global market worth roughly $500 billion, potentially among the first projects under the EU’s DLT pilot regime
Ethena extends USDe yield to stock perpetuals — basis trading expands beyond BTC/ETH/SOL as stock-perp open interest climbs from $1B in March to $6.2B, with Hyperliquid and Binance annualized funding rates running as high as 14%/17.5%
21 banks form a stablecoin joint venture — Bank of America, Citi, Goldman Sachs and 18 others plan a bank-reserve-backed dollar stablecoin in H1 2027 targeting GENIUS Act and MiCA compliance, as institutions seize control of settlement infrastructure
London Stock Exchange plans tokenized UK stocks — LSE is working with Kraken parent Payward to evaluate tokenized UK stocks that preserve shareholder rights, aiming to list xStocks on LSE 24 and begin trading in 2027
Singapore MAS proposes making its stablecoin framework law — the authority wants stablecoins 100% backed and redeemable at par with interest payments banned, with consultation on cross-border recognition and interest restrictions open until October 16
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