[DigitalToday reporter Yoonseo Lee] Coinbase CEO Brian Armstrong (브라이언 암스트롱) said a full-scale shift of all assets onchain is taking shape, pointing to the spread of tokenised stocks.

Cryptopolitan, a blockchain media outlet, reported on Oct. 28 that Armstrong wrote on X, formerly Twitter, that tokenised stocks and stablecoins are growing fast and that the broader move of assets onchain will continue.

Armstrong also mentioned in September that demand for Coinbase's tokenised stocks was surging. In particular, the number of holders of related assets on the Base network rose 9,697 percent in a month. Armstrong said, "It's still early days, but the response so far is positive."

Tokenised stocks are a structure that uses blockchain-based tokens to provide exposure to stocks or stock prices. Token holders do not automatically receive the same rights as existing shareholders, and voting and dividend rights differ depending on the issuer and the legal structure of each token.

The market is also expanding. Spot trading volume in tokenised stocks in the first week of this month came to about $3 billion. Robinhood Chain, BNB Chain and Solana accounted for most of the market share. At the time, tokenised stocks made up about 5 percent of onchain finance, but total market capitalisation of tokenised stocks has since increased to $4.87 billion, an all-time high.

Some also point to the need for institutional backing through tighter rules. The U.S. Securities and Exchange Commission recently introduced an 'innovation exemption' programme, allowing limited exceptions so some tokenised U.S. stocks can be traded on distributed ledgers. Under the programme, tokenised asset platforms that meet requirements are excluded from being classified as exchanges, and automated market makers can be partially exempted from obligations applied to broker-dealers.

The move does not allow all tokenised stock platforms to operate. According to an SEC official, platforms must notify issuing companies before listing tokenised stocks, and cannot sell those stocks if the companies refuse. In practice, six listed companies including Wells Fargo, Arm Holdings and Intuit opposed tokenising their shares on a joint platform by OKX and Intercontinental Exchange (ICE).

Stablecoins also expanded rapidly. The stablecoin market totalled $313 billion in September, up 1.29 percent from the previous month, extending growth for a second straight month. But its market dominance fell to 10.5 percent from 11.3 percent as the overall cryptocurrency market rose 8.46 percent.

By token, Tether's USDT held its 58.7 percent share at $184 billion, while Circle's USDC edged up to $74.6 billion after the launch of the Arc mainnet. Ethena's USDe rose 20.2 percent to $4.9 billion, the highest growth rate among the top 10. Circle's USYC fell 13.4 percent to $2.4 billion, the biggest decline.

The composition of the real-world assets (RWA) tokenisation market also changed. Tokenised bonds and money market funds fell 8.1 percent to $17.3 billion, lowering their share to 50.5 percent. Private credit rose 7.15 percent to $5.62 billion, and tokenised commodities increased 7.43 percent to $6.43 billion. Against this backdrop, tokenised stocks continue to grow, but company consent, the scope of regulatory application and the design of investor rights are expected to be key variables for future market expansion.

All asset classes are moving onchain. Tokenized stocks and stablecoins (which are really just tokenized fiat currency) are growing fast, with more to come. We'll continue updating the financial system. https://t.co/zT54kXtsy1