Ciao and welcome to the 3rd episode of Tokenized Monday.
The newsletter keeps growing faster than I expected, and I want to thank all of you who trusted me and read it every Monday.
Tokenization is the most transformative technologies finance has experienced in decades, and understanding it early will give you a big advantage over the next years.
I spent a lot of time scrolling X this week and distilled the best of what happened for you.
I also have an investment thesis on a project that is going live next month and is really worth watching closely.
Without further ado, let’s start.
Top X Posts of the Week
This week, Ondo was on fire as they announced:
Intelligent Portfolios in collaboration with BlackRock
Institutions can now convert existing shares into Ondo Stocks
Ondo Stocks are now live on NEAR
As a result of all these announcements, ONDO pumped to $0.59 (+56% this month)
Robinhood continues to lead tokenized stock adoption, with 81k new onchain stockholders this week.
Having a strong distribution channel is the most valuable assets in the tokenization race.
Meanwhile, Morpho introduced stock-backed loans on Base using Coinbase Tokenized Stocks.
Same for Aave, which now allows users to deposit AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc, and TSLAc as collateral and borrow USDC against them.
Coinbase stocks are finally finding real usage and adoption (remember these two news about Coinbase stocks for later).
Tokenized stocks are also coming to Sei, powered by Dinari.
Ethena extended USDe backing to equity perpetuals on Binance via bStocks. This is:
a massive distribution channel for Binance Stocks
a massive opportunity to increase the USDe APY for Ethena.
Now, let’s focus on what institutions are doing.
Blockchain.com, partnered with the New York Stock Exchange to explore 24/7 tokenized US stocks and ETFs.
Securitize brought the ARK Venture Fund onchain.
This is ARK’s flagship venture fund, which invests in private and public companies including OpenAI, Anthropic, Stripe, Databricks, Tesla, SpaceX, Coinbase, and Tempus AI.
Actionable — The Oura Ring IPO
Kraken is offering access to the $OURAx IPO through xStocks.
Coinbase is also offering it, but NOT in a tokenized version. You have time to apply until tomorrow.
The Project Of The Week — AERO, the Everything DEX for Tokenized Stocks
Over the past few weeks, we’ve seen a clear trend: tokenized stocks are driving a surge in volume across DEXs.
Uniswap is currently leading tokenized stock volume over the last 30 days, controlling over 60% of the overall market.
As a result, UNI token has been one of the best-performing in September, now up 103% over the last month.
The same thing happened with Backpack DEX on Solana.
The DEX saw a surge in tokenized stock volume, followed by a surge in its token price, now up 218% over the month.
Same situation on BNB chain, where PancakeSwap lead the volume of tokenized stocks.
As a result, Cake is up 55% this month.
Now we have Coinbase and its tokenized stocks.
Coinbase is late compared to competitors like Robinhood and Binance, with only $21.5M worth of tokenized stocks on Base.
But both adoption and utility are growing fast (remember the Aave and Morpho news from earlier).
The question is: which DEX is going to capture Coinbase’s tokenized stock trading volume?
The answer is most probably Aerodrome ($AERO).
Aero is already positioning itself as the main liquidity venue for Coinbase Tokenized Stocks on Base.
Aero’s is also releasing a new architecture, that will launch on October 21.
The token is already live and currently trades at a $756M market cap.
If you believe tokenized stocks will reach mass adoption, then AERO is most probably one of the best ways to get exposure to this trend (NFA).
Some Extra Content
If you are interested in the Robinhood Chain and their next plans, this is your video.
Everything about Solana, Tokenized Stocks, and Backpack DEX.
Canton’s 10-year journey. Really interesting, even if I’m not sure their approach will win over time.
Finally, CoinGecko launched a new dashboard for tokenized assets.
And that’s everything for this week.
Grazie mille for your attention and see you next Monday.
Ciao👋
Diego