The Best Tokenized Stock Platforms in 2026, Compared

This guide to the best tokenized stock platforms compares seven platforms on published facts rather than a ranking. The facts are current as of September 28, 2026 and cover availability, issuer, custody, trading hours, fees and the number of assets each platform lists. The seven are our platform, Bloom, xStocks on Kraken and on Bybit, Robinhood, Ondo Stocks, Gemini and Dinari.

Our guide to what tokenized stocks are explains the asset class itself. Our comparison of five tokenized stock venues profiles Coinbase and Binance in detail, so this guide does not repeat those two. Here the focus is on the criteria, the legal structure of each token and access from India and the United Kingdom.

#How we compared the best tokenized stock platforms

We compared each platform on six criteria, using the platform's own product pages, help centers, eligibility pages and announcements. Every fact is as published on September 28, 2026, unless a different date is given next to it.

• Availability: the countries a platform excludes or restricts, as published.
• Issuer: the legal entity that creates the token.
• Custody: the firm that holds the shares or cash behind the token.
• Trading hours: when orders fill on the platform, and when tokens can move on-chain.
• Fees: the published trading fee, plus any spread or currency conversion fee the platform names.
• Number of assets: the count of stocks and ETFs the platform says it lists.

An issuer is the entity that creates a token and owes the obligations set out in the token's terms. Custody means holding assets on behalf of someone else. For tokenized stocks, the custodian is the broker-dealer or trust company that holds the underlying shares.

Why availability comes first

Each product in this guide is offered only outside the United States, and each platform publishes its own list of other excluded or restricted countries. Our service availability page states that we do not offer our product or services in the United States or other restricted jurisdictions. Kraken, Robinhood, Ondo and Gemini each publish their own restrictions.

These lists change, so the date of each list matters. Bybit's xStocks FAQ was last updated on July 30, 2026, and Robinhood's Stock Tokens terms come from its announcement dated July 1, 2026. In the SEC staff statement on tokenized securities, dated January 28, 2026, SEC staff say the format of a security, on-chain or off-chain, does not affect how the federal securities laws apply.

#Tokenized stock platforms compared side by side

The table below is the core of this comparison of the best tokenized stock platforms, with Robinhood's two products in separate rows. A tokenized stock exchange listing, such as Bybit Spot, is a secondary market where users trade tokens with each other. Other platforms, such as Ondo Stocks, let eligible users mint and redeem tokens directly with the issuer.

Note: Not stated means the sources we checked do not state it, not that the feature is absent. The current page of each platform governs, and each row uses that platform's own wording.

On our platform, each asset follows the trading session inherited from its underlying instrument. Orders placed outside market hours are queued and execute at the next open, and assets with continuous markets fill immediately at the prevailing RFQ price. Our guide on how weekend orders work for US stocks covers trading outside exchange sessions.

#Three legal structures behind the tokens

The products in this comparison share a name, tokenized stocks, but not a legal form. The sources we reviewed describe three structures.

• Backed tokens: our tokens, xStocks, Ondo Stocks and Dinari dShares are each described as backed by the underlying shares. Each of our tokens is backed 1:1 by a real share held at a regulated US broker-dealer.
• Tokenized debt securities: Robinhood's newer Stock Tokens are tokenized debt securities issued by Robinhood Assets (Jersey) Limited. They provide economic exposure without legal or beneficial rights in the underlying securities.
• Derivative contracts: Robinhood's Classic Stock Tokens are derivative contracts between the holder and Robinhood. Gemini describes the dShares it offers in the EU as unleveraged OTC financial derivative products manufactured by Dinari.

A derivative is a contract whose value is set by the price of another asset, without the holder owning that asset. Backing and holder rights are separate questions. Kraken says xStocks provide synthetic exposure with no voting rights, and Ondo says its tokens are not themselves stocks and give no right to receive the underlying assets. Investor.gov's page on tokenized securities says that in the synthetic model, the investor has no claims or rights against the issuer of the referenced security.

Key point: The word backed describes what an issuer or custodian holds. The holder's rights come from the token's terms, which each platform publishes in its disclosures.

SEC staff say holders of third-party tokenized securities may be exposed to risks of the third party, such as bankruptcy. In each structure above, that third party is the issuer or custodian named for the product, not only in the backed-token model.

What the holder receives from dividends

Dividend handling is one place where the structures produce different results for the holder:

• Bloom: the dividend is used to buy more of the underlying shares, and the token's NAV rises, as set out in how dividends and corporate actions work on Bloom.
• Kraken xStocks: the payout is reinvested and the holder's xStocks balance increases to reflect the dividend.
• Bybit xStocks: dividends are not paid as cash, and corporate actions may be reflected through the token multiplier.
• Ondo Stocks: dividends are reinvested into the underlying stock, net of applicable withholding taxes.
• Robinhood Classic Stock Tokens: Robinhood passes a corresponding cash amount to eligible holders.
• Dinari dShares: the holder receives the equivalent value in stablecoins on the issuer's schedule.

#Bloom: tokens backed 1:1 and held in your own wallet

Each asset on our platform is an on-chain token backed 1:1 by a real share held in custody at a regulated US broker-dealer such as Alpaca Markets or Interactive Brokers. Customer assets are held separately from the broker's own funds, as our custody and backing doc explains. The product itself is described in how a tokenized stock works on Bloom.

Proof of reserves is a public record showing that the assets behind a token exist. Our reserves are attested in real time by Accountable, a third-party proof-of-reserves provider. For every asset, the transparency page shows live token supply, attested broker balance and backing ratio, as described in how our proof of reserves works.

The token is held in your own embedded wallet. You can export your private key at any time from Account, Security, as our embedded wallet doc describes.

Our trading fee is 0.10% to 0.20%, 0.20% by default, and it drops as 14-day trading volume grows. The quoted price already includes the trading fee, and network gas is charged per trade, as our pricing and VIP tiers show. The minimum trade is $1, with no platform maximum.

A spread is the difference between the price a platform quotes and the reference price of the asset. Some platforms include a spread in the price instead of charging a separate trading fee, so the fee column and the price paid are two separate items to compare.

Each asset follows the trading session inherited from its underlying instrument. Pre-market or after-hours orders route to the extended session and may partially fill, as our trading hours doc sets out. Our homepage lists 1,000+ stocks, and the catalog of assets we list covers US stocks on NYSE, NASDAQ and AMEX and US ETFs such as SPY, QQQ and VOO.

On Bloom: If we discontinue operations, a designated security agent, GenTwo, works directly with the custodian to redeem outstanding tokens against the underlying shares. That redemption depends on the continued operation of the broker partner.

#xStocks on Kraken and Bybit

xStocks are issued by Backed Assets (JE) Limited, a Jersey private limited company, and the xStocks site lists 100+ stocks and ETFs. The same site says xStocks are not available in the United States or to US persons, and are not currently available in the United Kingdom. Kraken and Bybit both list xStocks, but they publish different hours, fees and excluded countries.

Kraken xStocks

On Kraken, xStocks trade 24/5, and weekend trading is in development. When withdrawn to a self-hosted Solana or Ethereum wallet, xStocks can be traded 24/7 on-chain. Purchases start from $1, and there are no trading fees when buying xStocks with USDG or USD, though a spread may be included in the price. Kraken says each xStock is backed 1:1 by the underlying equity and issued as an SPL token, the Solana token standard. Kraken's xStocks FAQ says the underlying shares are held by Alpaca Securities LLC, with supplemental coverage by Lloyd's of London up to $175M aggregate.

Kraken's xStocks availability page says xStocks are not available in the United States, Australia, Canada, the UK and prohibited regions. Clients in the EEA must first pass a questionnaire and can then trade xStocks using fiat only.

Bybit xStocks

On Bybit, xStocks trade 24/7 on the Bybit Spot market. Only users who have completed Standard Identity Verification or Business Verification can trade them. Bybit serves only as a secondary market, so xStocks cannot be redeemed on Bybit, and deposits and withdrawals use the Solana and Mantle networks.

Bybit says that for every xStock token issued, the issuer holds an equivalent share of the referenced stock with a regulated, independent custodian. The trading fee follows the same structure as pairs in Bybit's Adventure Zone, and the maximum holding per token is capped at 300,000 USDT equivalent.

Bybit's xStocks FAQ, last updated July 30, 2026, lists the countries and regions where xStocks trading is not available. That list includes India, the United Kingdom and the countries of the European Economic Area.

#Robinhood Stock Tokens and Classic Stock Tokens

Robinhood now offers two different tokenized stock products. On July 1, 2026, Robinhood announced its new Stock Tokens in the Robinhood Wallet, available in more than 120 countries, although availability varies by jurisdiction. The tokens can trade 24/7 on Robinhood Chain, a Layer 2 blockchain built using the Arbitrum Platform, through decentralized exchanges such as Uniswap and 1Inch.

Robinhood's disclosure says Stock Tokens are tokenized debt securities issued by Robinhood Assets (Jersey) Limited. They provide economic exposure to the underlying securities but grant no legal or beneficial rights in them. Stock Tokens are not available in the US or to US persons, and they are restricted in other jurisdictions, including Canada, the United Kingdom, Switzerland and the UAE. The Robinhood Wallet is a self-custody wallet offered through Robinhood Non-Custodial, Ltd.

The first generation of the product, now called Classic Stock Tokens, remains in the Robinhood Europe app. Robinhood's EU investing page lists 2,000+ Classic Stock Tokens linked to US stocks and ETPs, with a 0.1% FX fee on each order and no other fees charged by Robinhood. They trade from Monday 2 AM to Saturday 2 AM CET/CEST, and orders placed outside those hours can be queued for the reopening.

Classic Stock Tokens are derivative contracts between the holder and Robinhood, and they can't be sent to other wallets or platforms at this time. The underlying assets are owned by Robinhood and held with a US-licensed institution. Robinhood Europe, UAB is authorized and regulated by the Bank of Lithuania.

Important: Robinhood's Stock Tokens and Classic Stock Tokens have different issuers, legal forms, hours and transfer rules. Robinhood says Classic Stock Token investors may lose up to the full amount of their invested capital due to market conditions or the insolvency of Robinhood.

#Ondo Stocks and the apps that list it

Ondo Stocks, previously known as Ondo Global Markets, is issued by Ondo Global Markets (BVI) Limited. Ondo says it lists 450+ tokenized stocks and ETFs. All underlying holdings are held with one or more US-registered broker-dealers or US-chartered national trust companies.

A security agent is an independent party that holds a legal claim over the backing assets on behalf of token holders. Ondo says an independent Verification Agent reviews the backing daily, while a Security Agent holds the security interest for the benefit of token holders.

Minting and redeeming directly on the Ondo Stocks platform is available 24/5, from Sunday 8:00 pm ET to Friday 7:59 pm ET. Six of the most actively traded assets can be minted and redeemed 24/7. The tokens can be transferred and traded peer-to-peer 24/7 on Ethereum, BNB Chain and Solana, subject to jurisdictional and other restrictions.

Ondo's eligibility page lists prohibited jurisdictions that include the United States and Canada. In the United Kingdom and in the EEA, Ondo Stocks are offered only to investors who qualify as professional clients or qualified investors. The Ondo pages we reviewed do not state a trading fee for the Ondo Stocks app.

Ondo Stocks in MetaMask and other apps

Ondo launched the product on September 3, 2025 with over 100 tokenized US stocks and ETFs on Ethereum. Its launch partners included Bitget Wallet, Trust Wallet, OKX Wallet, Gate and MEXC, among other wallets, exchanges and protocols.

On February 3, 2026, MetaMask added 200+ Ondo tokenized stocks, ETFs and commodities for eligible mobile users in supported non-US jurisdictions. Trading through MetaMask Swaps runs 24 hours a day, five days a week, from Sunday 8:05 PM ET to Friday 7:59 PM ET, and the tokens can be transferred around the clock.

MetaMask's announcement lists excluded regions that include the European Economic Area, the United Kingdom, Canada, Singapore and Switzerland. India is not on that list.

#Gemini and Dinari dShares

Gemini tokenized stocks in the EU

Gemini offers tokenized US stocks to customers in the EU through Gemini Intergalactic EU Artemis, Ltd., which is regulated by the Malta Financial Services Authority. The tokens are dShares made by Dinari, and Gemini says they correspond 1:1 to an underlying listed stock.

Gemini charges no trading fee on tokenized stocks and includes a spread in the price instead. It says the tokenized shares can be bought and sold around the clock. dShares bought through Gemini can generally only be redeemed or sold back to Dinari as the counterparty, and Gemini EU services are not available where local laws restrict them, including the US.

Dinari dShares through partner platforms

Dinari distributes dShares through partner platforms and says dShares are available in 85+ jurisdictions outside the US. Dinari Securities, LLC, an SEC-registered FINRA-member broker-dealer, buys the underlying security, and custody is at Alpaca Securities LLC. A 1:1 token is then minted to the buyer's verified wallet.

dShares trade 24/5 on integrated marketplaces, or they can be burned for direct redemption, with proceeds returned in stablecoins. Dinari says reserve audits are performed by an independent Big 4 accounting firm to confirm 1:1 backing, and its smart contracts are audited by Hacken and other blockchain security firms.

#Availability from India and the United Kingdom

Availability is the criterion where the platforms in this guide differ most for readers in India and the UK. Each statement below is limited to what the platform's published list says.

Tokenized stock platforms for investors in India

We publish a country guide for investors in India, which says investors in India can buy US stocks and ETFs backed 1:1 by real shares, funded with stablecoins, from $1. Because we settle in USD stablecoins, an investor in India also holds INR/USD exchange-rate exposure.

Bybit's xStocks FAQ lists India among the regions where xStocks trading is not available. The Kraken, Robinhood Stock Tokens, Ondo and MetaMask lists we reviewed do not name India, and Gemini offers its tokenized stocks in the EU.

The Liberalised Remittance Scheme (LRS) lets resident individuals remit up to USD 250,000 per financial year, April to March, for permissible current or capital account transactions. Investment is a capital account transaction, as the RBI's LRS FAQ sets out.

Tax collected at source (TCS) is tax that a bank collects on an LRS remittance. From April 1, 2026, banks apply TCS on other LRS purposes, such as investment, at nil up to ₹10 lakh and 20% above ₹10 lakh, according to a bank's notice on the 2026 TCS rates.

Schedule FA is the foreign assets schedule of the Indian income tax return. The CBDT's reminder on foreign asset reporting states that accurate Schedule FA reporting is mandatory under the Black Money Act, 2015. Our guide to investing in US stocks from India compares other routes.

Important: The LRS limit, TCS and Schedule FA reporting apply to the resident individual who remits and holds the assets, on any platform in this guide. A tokenized product does not change these obligations.

Tokenized stock platforms for investors in the UK

We publish a country guide for investors in the United Kingdom, which says investors in the UK can buy US stocks and ETFs backed 1:1 by real shares, funded with stablecoins, from $1. The other platforms publish these UK restrictions.

Kraken and Bybit exclude the UK from xStocks trading, and the xStocks site says xStocks are not currently available in the United Kingdom. Robinhood lists the UK among the jurisdictions where Stock Tokens are restricted. Ondo sells Ondo Stocks in the UK only to professional clients or qualified investors, and MetaMask's Ondo integration excludes the UK.

#Risks that apply on every platform

The legal structures differ, but several risks apply to every entry in this comparison of the best tokenized stock platforms.

• Halts: Ondo says minting and redemption may be temporarily halted due to corporate actions, market conditions or system risk controls.
• Price gaps: Bybit says xStocks trade 24/7, so their price movements may not always align with the underlying assets during off-market hours.
• Smart contract errors: ESMA's Trends, Risks and Vulnerabilities report No. 2, 2026, dated September 10, 2026, says errors in smart contract code can result in erroneous transfers or misallocation of rights.
• Fragmented liquidity: the same ESMA report says that where tokenized equities are not fully fungible, liquidity may become fragmented across venues and legal frameworks.
• Liquidity withdrawal: liquidity providers may withdraw liquidity in extreme conditions, and on our platform no quote returns until liquidity returns.

Our risk disclosure lists market risk, smart contract risk, custody risk, bridging risk and liquidity risk. It also states that investor-protection arrangements apply within each broker's limits and are not unlimited.

Why it matters: The legal structure behind a token decides which issuer, custodian or counterparty a holder depends on.

#Where to go next

Bloom is not available in the United States or other restricted jurisdictions, as our legal page sets out.

This review of the best tokenized stock platforms uses each platform's published pages as of September 28, 2026, and those pages change. The live list of tokenized US stocks and ETFs we offer is on our markets page.