Indicator Plan

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US STOCKS ONCHAIN: TOKENIZATION EXPANDS TAM AND RESHAPES MARKET INFRASTRUCTURE

6. Moving Toward a Near-24/7 Market

On September 17, 2026, the SEC held a dedicated roundtable on expanding the U.S. equity market toward 24-hour trading.

After-hours trading currently accounts for less than 1% of total NMS stock trading, but the U.S. market is gradually moving toward a more continuous trading model.

Blockchain is naturally compatible with this direction because smart contracts, AMMs, and liquidity pools do not technically need to shut down at the end of the trading day or over the weekend.

However, an important distinction must be made: blockchain’s technical ability to operate 24/7 does not mean that all tokenized stocks are currently legally permitted to trade 24/7.

7. Even a Small Onchain Share of the Market Would Be Enormous

There is no need to assume that tens of trillions of dollars in new capital are simply “waiting” to buy U.S. stocks.

It is enough to consider what would happen if blockchain became the infrastructure for only a small portion of the existing market:

1% × $75 trillion = $750 billion

5% × $75 trillion = $3.75 trillion

10% × $75 trillion = $7.5 trillion

Compared with the current tokenized stock market of approximately $3.1 billion:

A 1% scenario would represent approximately 242 times the current market size.
A 5% scenario would represent approximately 1,210 times the current market size.
A 10% scenario would represent approximately 2,419 times the current market size.

These figures are scenario-based TAM calculations, not forecasts of future market value.

8. And Equities Could Be Only the Beginning

If the same infrastructure eventually supports:

Stocks → ETFs → U.S. Treasuries → Bonds → Funds → Commodities → Real Estate → RWA

the TAM of onchain capital markets could become significantly larger than the tokenized equity market alone.

At that point, blockchain would no longer represent an isolated asset market. It could evolve into a financial settlement layer connecting multiple asset classes across global markets.

9. The SEC Is Enabling an Important Structural Shift

The Innovation Exemption issued by the SEC on September 17, 2026, allows conditional experimentation with tokenized NMS stock trading on Tokenized Securities Venues using AMMs and liquidity pools.

Importantly, the SEC distinguishes between tokenized real securities and synthetic products that merely track the price of an underlying stock.

Tokenized NMS stocks covered by this framework must provide holders with rights and privileges equivalent to those of the corresponding traditional shares, including dividend and voting rights.

This means the narrative is gradually shifting from:

“A token that tracks the price of a stock”

to:

“A real stock that can be owned and traded through blockchain infrastructure.”

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The greatest value of tokenization is not simply turning a stock into a token.

Its real value lies in creating a bridge between two capital markets that have historically operated relatively separately: Crypto and TradFi.

When capital can move seamlessly across:

Crypto ↔ Stablecoin ↔ Stock ↔ ETF ↔ RWA

blockchain has the potential to evolve from an infrastructure primarily built for crypto into a global distribution, trading, and settlement layer for capital markets.

[Indicator Plan @indicator_plan]

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US STOCKS ONCHAIN: TOKENIZATION EXPANDS TAM AND RESHAPES MARKET INFRASTRUCTURE

Tokenization is not simply about putting stocks on the blockchain. Its greater value lies in its potential to expand the Total Addressable Market (TAM), connect crypto liquidity with traditional finance, and create a new infrastructure layer for global capital markets.

1. The Market Is Still at a Very Early Stage

By early September 2026, the total onchain value of tokenized stocks had reached approximately $3.1 billion, up from less than $1 billion at the beginning of the year.

Meanwhile, the U.S. equity market is valued at approximately $75 trillion.
This means tokenized stocks currently represent only:

$3.1 billion / $75 trillion = 0.0041%
of the U.S. equity market.

This enormous gap illustrates the significant room for growth, although it does not imply that the entire $75 trillion U.S. stock market will eventually be tokenized.

2. U.S. Stocks Could Be Distributed Through a New Global Infrastructure

The traditional model typically requires investors to go through multiple layers:

Bank → Fiat → Broker → Exchange → Clearing → Custody → Stock

Tokenization has the potential to shorten parts of this intermediary chain by using blockchain as an infrastructure layer for issuance, trading, transfer, settlement, and ownership records.
The SEC has also identified tokenization as having the potential to modernize core market functions such as issuance, trading, transfer, settlement, and ownership records, while potentially reducing costs, increasing transparency, and expanding liquidity.
This is particularly important for international investors. Instead of relying on separate brokerage infrastructure in each country, part of the market could potentially be distributed through shared blockchain infrastructure.

3. Stablecoins Could Become the “Cash Leg” of Onchain Equity Markets

This could be one of the most significant changes.

Instead of:

Crypto → Sell Crypto → Bank → Fiat → Broker → Stock

onchain infrastructure could move toward:

Crypto → USDT/USDC → Tokenized Stock

or more directly:

Crypto ↔ Stablecoin ↔ Stock ↔ ETF ↔ RWA

The entire process could potentially take place within the same blockchain ecosystem.
This is particularly significant because the stablecoin market alone has already reached approximately $300 billion in size. Stablecoins could therefore evolve beyond being primarily a medium for crypto trading and become a cash and settlement layer connecting crypto liquidity with traditional capital markets.

4. Crypto Liquidity and TradFi Could Begin to Converge

This is where the major expansion of TAM could occur.

Today, holders of Bitcoin, Ethereum, USDT, or USDC who want to allocate capital into U.S. equities typically need to move through multiple systems and intermediaries.

If tokenized securities become widely adopted, investors could potentially keep their assets within blockchain infrastructure while reallocating portfolios from:

BTC → USDT → NVIDIA

or:

ETH → USDC → S&P 500 ETF

without necessarily routing the entire flow of capital back through the traditional banking system.

Blockchain would then no longer function solely as an infrastructure for crypto trading. It could become a multi-asset distribution and settlement layer where crypto assets and traditional financial assets coexist.

This is the fundamental difference between simply “tokenizing stocks” and building an onchain capital market.

5. Fractional Ownership Lowers the Barrier to Entry

Tokenization also makes fractional ownership more natural from a technical perspective.
Investors do not necessarily need to purchase an entire share. Instead, they can potentially own very small fractions of an asset.
This is particularly relevant to the global retail market, where hundreds of millions of investors may individually control relatively small amounts of capital but collectively represent a significant potential source of liquidity.