BlackRock bullish on tokenized assets: $69 trillion in U.S. stocks could go on-chain, with platforms like Ondo leading the new financial structure

March 11 News: As the integration of traditional finance and blockchain technology continues to advance, research firm Castle Labs recently stated that the approximately $69 trillion U.S. stock market could become an important testing ground for the next phase of the digital asset industry. The report points out that, with the gradual maturity of institutional infrastructure, tokenized stocks are moving from early experimental stages toward broader market applications.

Castle Labs analyst TradFiHater believes that asset tokenization not only changes the way trading is conducted but also redefines participation in financial markets. Through blockchain technology, investors can achieve 24/7 trading, cross-market liquidity, and more flexible asset allocation. For example, investors can trade tech stocks late at night, participate in DeFi yield strategies by collateralizing assets, or engage in related asset trading structures before a company goes public.

This trend has also attracted the attention of traditional financial giants. In January, at the World Economic Forum in Davos, Switzerland, BlackRock CEO Larry Fink stated that future financial systems might operate on a unified blockchain network, reducing transaction costs and increasing transparency in financial markets. Fink pointed out that a unified blockchain infrastructure could improve the efficiency of the financial system and expand global investor participation.

Castle Labs’ report mentions that projects like Ondo, xStocks, and Hyperliquid are seen as key players driving the development of stock tokenization. Ondo, founded by former Wall Street professionals, initially focused on tokenizing U.S. Treasury products. Its model involves holding real stock assets through special purpose entities and issuing tokens on the blockchain that represent economic rights.

Another platform, xStocks, uses a tracking certificate model, mapping stocks and ETFs to on-chain token assets. The system ensures a one-to-one asset mapping through oracles and segregated accounts, supporting cross-chain trading structures, thereby connecting traditional market liquidity to blockchain networks.

Additionally, Hyperliquid employs a completely different architecture, providing synthetic asset perpetual contracts through a margin engine and oracle system. This model does not require custody of real stocks but allows traders to go long or short on tech stocks, commodities, or pre-IPO assets via contracts settled in stablecoins.

The report also notes that during recent geopolitical volatility, on-chain tokenized oil assets traded volumes exceeding $1 billion, demonstrating the potential of blockchain markets to offer risk hedging tools during weekends or non-trading hours. As traditional assets gradually enter blockchain networks, the tokenized stock market may become a significant growth direction for digital finance in the future.