Tokenized US Stocks Are Exploding: Why Is Hong Kong Staying Silent?
As the wave of US stock tokenization gradually becomes a new revolution in global finance, Hong Kong — once dubbed Asia's financial hub — has surprisingly chosen to stay silent. 🌐 The World Acts, Hong Kong Stands Still In early July 2025, major players like Robinhood and Kraken rolled out tokenized US stock products, allowing users worldwide to trade shares of Tesla, Apple, and even SpaceX and OpenAI on b
As the wave of US stock tokenization gradually becomes a new revolution in global finance, Hong Kong — once dubbed Asia's financial hub — has surprisingly chosen to stay silent.
🌐 The World Acts, Hong Kong Stands Still
In early July 2025, major players like Robinhood and Kraken rolled out tokenized US stock products, allowing users worldwide to trade shares of Tesla, Apple, and even SpaceX and OpenAI on the blockchain — no intermediaries, no mountains of paperwork, 24/7 trading.
The SEC Chair even went on television to publicly voice support for the technology's growth — a surprising move from a regulator long known for its strict approach.
Platforms like Coinbase, Solana, and Avalanche, along with numerous DeFi protocols, are also building ecosystems around the stock tokenization wave.
💸 A Trillion-Dollar Opportunity Taking Shape
According to data from TokenTerminal and DeFiLlama:
- The total market cap of the US stock market has surpassed $52 trillion.
- Meanwhile, stablecoin market cap sits at roughly $150 billion, yet has already generated a market with over $28 trillion in annual trading volume.
This shows that stock tokenization has the potential to be even larger than stablecoins, if rolled out properly.
🇭🇰 Hong Kong: Silent Amid the Storm of Innovation
Despite its regulatory advantages and blockchain infrastructure, Hong Kong crypto firms like HashKey, OSL, and BC Technology have yet to enter the stock tokenization wave.
Why?
Insiders at several companies revealed:
"HKEX holds a monopoly over securities trading in Hong Kong. Any attempt to tokenize stocks would directly threaten their core interests. Nobody wants to be the one to disrupt the rules of the game in Hong Kong."
Even early efforts by founders like Shawn Xiao (HashKey) to push for stock tokenization pilots were blocked by the existing legal framework.
⚖️ US vs. Hong Kong: A Comparison
| Factor | United States | Hong Kong |
|---|---|---|
| Regulator | SEC has publicly endorsed asset tokenization | SFC has yet to take a clear stance |
| Infrastructure | Robinhood, Coinbase, Solana… | HashKey, OSL (not yet participating in stock tokenization) |
| Target market | Global, prioritizing frictionless access | Primarily serving domestic users and professional investors |
| Legal framework | Flexible, supportive of innovation | Dominated by HKEX's monopoly over securities exchange |
📉 The Lesson from Stablecoins a Decade Ago
Ten years ago, China and Hong Kong missed the window to develop native CNY or HKD stablecoins, paving the way for USD stablecoins like USDT and USDC to dominate the global market.
Now, as tokenized stocks are shaping up to be the next mass adoption use case for Web3, Hong Kong appears to be missing the boat once again.
✍️ Closing Thoughts
Tokenized stocks aren't just a trend — they could represent a quantum leap in global financial freedom.
When investors from the Middle East, Southeast Asia, and Europe can trade US stocks directly on the blockchain, who still needs traditional exchanges?
If Hong Kong continues to stay silent, it will once again miss its chance to shape the future of global finance.
And when "everyone is buying Tesla stock with a crypto wallet," will Hong Kong even be able to catch up?