Tokenised stock trading is rising quickly in overseas markets, but in the United States, major listed companies are opposing the tokenisation of their own shares, putting the brakes on adoption within the established system. Despite advantages such as longer trading hours via blockchain and a broader investor base, questions over issuer control and protection of rights have emerged as key issues.

CNBC reported on Oct. 21 that major companies including Goldman Sachs, Microsoft, Qualcomm, Caterpillar, McDonald's, Western Digital and Alphabet expressed opposition to tokenised versions of their shares being traded on the OKXICE platform. As of Oct. 21, the number of opposing companies rose to 16.

Tokenised stocks involve issuing and trading traditional financial assets such as equities in the form of blockchain-based digital tokens. They are drawing attention because they can improve trading and settlement efficiency and offer distribution channels different from existing securities markets.

In overseas markets, related trading is expanding rapidly. Bitwise Asset Management's latest quarterly staking report showed tokenised stock trading volume on the Robinhood Chain surged to $11.31 billion in September from $526 million in July and $2.21 billion in August.

On Hyperliquid, the share of non-cryptocurrency markets in perpetual futures trading volume rose to 36.5 percent in the third quarter. That was up from 32.7 percent in the previous quarter. On Solana, tokenised stocks were also tallied as the fastest-growing area.

In the United States, by contrast, whether issuers consent has emerged as an obstacle to adoption within the established system. OKXICE, a tokenised securities platform jointly launched by OKX and Intercontinental Exchange, the parent of the New York Stock Exchange, disclosed an additional list of opposing companies on Oct. 20. Earlier, CoreWeave, UnitedHealth, Broadcom, Applied Digital, AppLovin and Cerebras also stated opposition.

An analysis has emerged that the difference stems from different tokenisation trading structures overseas and in the United States. Mirza Uddin (미르자 우딘), chief operating officer at Injective, explained that overseas, trading is mainly in on-chain perpetual futures or wrapped tokens that are exposed to underlying price movements without issuer permission. The U.S. model, he said, places actual shares on-chain, directly tying in issuer interests.

Companies are concerned about control and shareholder rights. Uddin assessed that companies such as Goldman Sachs and Microsoft recognise the risks of tokenisation but do not see enough potential benefits. Concern factors include tokens that companies do not control trading around the clock and shareholder rights such as voting rights becoming unclear.

He forecast that until the industry persuades companies of the advantages of expanding the global investor base and a market without trading-hour constraints, growth in the tokenised stock market will continue overseas.

Some observers also say it is difficult to conclude that listed companies' opposition will persist long term. Owen Lau (오언 라우), an analyst at Clear Street, predicted that some companies could participate in tokenisation because of benefits such as a broader investor base, access to 24-hour trading and more diverse distribution channels. Stocks with low trading volume or weak share-price performance could be potential candidates, he said.

Tokenisation can increase a company's visibility and provide opportunities to pay dividends directly or reduce related costs. For investors, tokenised assets can be used as collateral on decentralised finance (DeFi) platforms, potentially increasing flexibility in asset management.

OKXICE said it designed its platform so issuers can choose whether to participate. Andrew Cuomo (앤드루 쿠오모), co-chair of OKXICE, said many companies are expected to watch market conditions rather than join from the outset. He said a model prepared by the U.S. Securities and Exchange Commission is also designed to accommodate both companies that choose to participate and those that do not. He added that there are limits on the number of eligible companies and trading volume.

The SEC last month announced an innovation exemption scheme that temporarily opens the way for tokenised stocks. Under the scheme, platforms must notify issuers in advance when pursuing stock tokenisation, and trading can begin only after 30 days have passed following notification. OKXICE disclosed on Oct. 4 that it plans to trade more than 60 tokenised stocks on its platform.

Ultimately, an analysis has emerged that what will determine the spread of tokenised stocks is not only regulatory differences between countries but also alignment of interests between investors and issuers. Lau emphasised that the industry needs to present more clearly the tangible benefits issuers can gain through tokenisation.