July—the scorching sun blazes overhead as the crypto world buzzes with the latest trend: tokenized US stocks. Robinhood made headlines by announcing European users can now trade US stocks 24/7 via Arbitrum. Meanwhile, xStocks partnered with Kraken and Solana to launch 60 tokenized equities, and Coinbase filed with the SEC to offer tokenized securities.
The crypto space, often sluggish, has latched onto this narrative—tokenized stocks dominate timelines.
But this isn’t the first rodeo.
The Ghost of Tokenized Stocks Past
Flashback to August 2020: DeFi Summer ignited crypto frenzy. Uniswap’s liquidity mining went viral, Terra’s Luna and UST skyrocketed, and Mirror Protocol introduced synthetic stock tokens (mAssets).
With just a few UST (Terra’s stablecoin) as collateral, users could mint mAAPL (Apple), mTSLA (Tesla), or mSPY (S&P 500 ETF)—no KYC, no brokers. These tokens traded on Terraswap and even served as collateral on Anchor Protocol.
Then came May 2022.
Terra collapsed. UST depegged. Luna crashed from $80 to dust. The SEC sued Mirror, labeling mAssets unregistered securities. The dream shattered—leaving only on-chain transaction hashes as relics.
Now, Robinhood, xStocks, and Coinbase revive tokenized stocks. Will history repeat?
How 2025’s Tokenized Stocks Differ
1. Product Design: From Synthetic Shadows to Real Backing
- 2020 (Mirror): mAssets were synthetic, relying on oracles and UST collateral—no real stock ownership.
- 2025 (xStocks): Each token is 1:1 backed by real stocks held in regulated custodians (e.g., Clearstream).
👉 How tokenization bridges TradFi and DeFi
2. Players: DeFi Purists vs. TradFi Hybrids
- Mirror thrived on Terra’s community-driven DeFi ethos.
- xStocks/Kraken/Robinhood blend TradFi infrastructure (e.g., Interactive Brokers) with Solana’s DeFi liquidity pools.
3. Regulation: Gray Zone to Compliance
- 2020: Mirror dodged KYC—until the SEC pounced.
- 2025: Projects enforce MiCA/SEC compliance, with Trump-era policies favoring tokenization.
FAQ: Tokenized Stocks Unpacked
Q: Can I short tokenized stocks like mAssets?
A: In 2020, yes—via Mirror’s synthetic setup. Today, platforms like xStocks may offer derivatives, but with stricter oversight.
Q: Are tokenized stocks safer now?
A: Yes. Backing assets with real equity and regulated custodians reduces Terra-style implosion risks.
Q: Will the SEC approve Coinbase’s tokenized securities?
A: Likely. The 2025 SEC chair openly endorses tokenization, and precedents like Dinari’s broker license help.
The Lingering Spirit of DeFi Summer
Tokenized stocks today are more stable, less wild—a trade-off. As BTC becomes "digital gold" and institutions flock in, the grassroots rebellion of 2020 fades.
Yet, for those who lived it, the summer of Mirror and Terra remains unforgettable—a time when crypto felt like a frontier, not a financial tool.
👉 Why institutional adoption changes crypto’s DNA
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