Odaily News: According to Token Terminal data on September 15, over the past 30 days, the cumulative trading volume of xStocks tokenized stocks on DEXs was approximately $1 billion.Among them, Raydium accounted for 80.5% of the market share with approximately $805.2 million in trading volume; Byreal ranked second with approximately $107.9 million in trading volume; Orca followed with approximately $72.5 million.On-chain tokenized stock trading activity has notably increased recently. As more stock-related assets and liquidity enter on-chain markets, DEXs are gradually becoming one of the important trading and liquidity venues for tokenized stocks.

Odaily News: On September 10, according to the latest data from CoinMarketCap, as of last week, the total value locked (TVL) in the global tokenized stock market reached $2.55 billion, the number of holders surpassed 1 million, on-chain trading volume reached $1.7 billion, and active traders increased to 235,000.Among them, bStocks, with 26% of TVL, contributed 88% of the entire market's on-chain trading volume, making it one of the most actively traded platforms in the current tokenized stock market. Ondo accounted for 42% of TVL, corresponding to 2% of trading volume; xStocks accounted for 32% of TVL, with a trading volume share of 10%.Data shows that nearly 90% of global tokenized stock trading volume comes from bStocks, reflecting that users' actual participation in on-chain stock trading is increasing.

Odaily reported that Pump.fun announced the launch of its Custom Pairs feature on Wednesday, allowing creators to choose tokenized stocks, wrapped Bitcoin, Ethereum, and metals as quoted assets when issuing tokens, no longer limited to SOL and USDC trading pairs. The number of supported quoted asset pairs has now reached 93, covering tokenized Nvidia, Tesla, and S&P 500, among others. Custom Pairs has been rolled out in the token creation form, with bonding curve and PumpSwap protocol fees consistent with standard issuance, of which 50% of the revenue will flow into the PUMP buyback and burn contract.

Odaily News: The system allows traders to request quotes for any supported xStock, with market makers competing on bids, and the final executed orders are settled on-chain, without restrictions on time or single-trade size. Through the RFQ mechanism, xStocks can complete matching without requiring a dedicated order book; tokens with sufficient trading activity can later be migrated to a standalone HyperCore market.

Odaily News - The London Stock Exchange (LSE) has announced that it is evaluating the launch of tokenized UK stocks to expand capital market access while preserving shareholder rights, protections, and governance standards. The LSE will establish a partnership with Payward, the parent company of Kraken, to explore ways in which regulated market infrastructure and digital-native distribution can support the development of a tokenized public stock market. The work will consider the support of LSEG's Digital Securities Depository for settlement and asset services, all subject to regulatory approval. As part of its market infrastructure modernization program, LSEG will also advance its 24-hour trading platform LSE 24, Digital Securities Depository, and Digital Settlement House. Subject to regulatory approval, the LSE plans to list xStocks on LSE 24 and begin trading in 2027.

Odaily News, HyperliquidNews stated on the X platform that xStocksFi's assets have now been added to the strict list.

Odaily reported that xStocks announced on X that MUx, SKHYx, NVDAx, QQQx, and SPYx are now live as native spot markets on Hyperliquid, supporting 24/7 trading. Each asset has approximately $1 million in liquidity, with an average spread of 8 to 12 basis points. More assets will be listed gradually.xStocks reminds that these tokens only represent economic exposure to the corresponding assets, not direct ownership, and are not available to U.S. persons, subject to geographical restrictions.

Odaily News, Blockworks analyst Shaunda Devens stated on the X platform that Kraken may be testing Hyperliquid's HIP-3 (Builder-Deployed Perpetuals) new compliant deployment feature, potentially becoming one of the first centralized exchanges to explore this mechanism. BlockworksData shows that a deployer named "Kraken HIP-3 test DEX" has enabled permission management functionality (Star gating) on the Hyperliquid testnet and went live for testing on August 19. Currently, this test DEX has completed whitelist settings for 10 wallets, tested 3 of the 5 compliance control features, and registered a "Kraken Exchange Validator."Shaunda Devens noted that Hyperliquid has been continuously adding testnet features to support regulatory-compliant HIP-3 deployments, including whitelist management, canceling user orders, closing positions via reduce-only orders, and moving collateral. These capabilities are similar to the risk control mechanisms required by traditional financial institutions' compliant trading platforms.Although this is still in the testing phase, and any user could deploy a test DEX with a similar name, making it impossible to confirm it definitively belongs to Kraken, combined with Hyperliquid's recent expansion of xStocks functionality and Kraken's parent company Payward's involvement in related business initiatives, analysts believe Kraken may be testing HyperCore's new infrastructure targeting institutional and compliant markets.HIP-3 is a third-party deployed perpetual contract market framework introduced by Hyperliquid, allowing eligible developers to create independent perpetual trading markets on HyperCore's order book infrastructure. It is considered a key upgrade direction for Hyperliquid to expand into traditional assets and institutional trading scenarios. If large compliant exchanges like Kraken enter the HIP-3 ecosystem, it could further drive the integration of on-chain derivatives markets with traditional financial trading systems.

Odaily News – According to the latest report by The Economist Enterprise, after 13 years of development and multiple strategic upgrades, Gate is gradually evolving from a traditional crypto asset trading platform into a comprehensive financial infrastructure connecting digital assets with traditional financial markets. The report notes that as more traditional financial products — including stocks, ETFs, tokenized assets, forex, and metals — enter the digital asset ecosystem, Gate is leveraging its multi-asset product layout and global infrastructure development to further bridge the gap between crypto finance and TradFi. In the interview, Gate Founder and CEO Dr. Han stated that as the industry evolves, digital asset platforms are no longer facing only technical challenges, but also risk management, user protection, and industry regulation.In terms of TradFi integration, Gate has established a multi-layered framework spanning tokenized assets, derivatives, and native stock trading, successively launching products and services such as xStocks, Ondo, Gate TradFi, Pre-IPOs, Direct IPO Access, and Gate Stocks. Among these, Gate Stocks now supports stock trading in the U.S., Hong Kong, and South Korea, significantly lowering the barrier for global users to participate in traditional financial markets. Meanwhile, Gate continues to enhance its 24/7 trading and liquidity infrastructure to meet the cross-market asset allocation needs of users worldwide.The Economist Enterprise also pointed out that as the digital asset market moves further toward institutionalization, compliance, transparency, and infrastructure capabilities are becoming key components of platform competitiveness. Gate continues to advance its compliance framework across multiple global jurisdictions and has provided third-party audits and open-source Proof of Reserves since 2020. In addition, Gate is introducing AI infrastructure into Web3, connecting AI with trading, wallets, and more services through products such as Gate AI, Gate MCP, and GateClaw, driving the platform's evolution from a traditional trading venue into a comprehensive financial infrastructure that connects digital assets, traditional finance, and AI applications.

Odaily News Tokenized stocks' market share has risen from 5% at the start of the year to 15%, with a total market cap of approximately $2.8 billion, making it one of the few RWA categories to achieve growth. In August, RWA transfer volume doubled to $20 billion, up from $9 billion in July. Ondo Finance, Binance (bStock), and xStocks collectively hold a 77% market share, with Ondo Finance leading at $957 million, followed by bStock at $622 million and xStocks at $600 million. All three use synthetic asset structures to track the performance of underlying stocks; other projects such as Securitize and Superstate are focused on bringing actual equity on-chain, granting on-chain issued shares the same rights as traditional shares.