Trading platforms and crypto exchanges are vying for share in equities trading in token form, but there are meaningful differences between the ones on the market and the securities they try to mime.

XRPL tokenized assets grew from $24.7M to $567.9M in 2025 but still trails Ethereum’s tens of billions. Ripple’s RLUSD stablecoin reached $1.3B market cap and became the third-largest U.S.-regulated ...