# October 2026 RWA and DeFi Roundup: Tokenized Stocks Surge as Wall Street Moves Onchain > Explore October’s key RWA, DeFi, TradFi, and Solana developments, from tokenized stocks and institutional adoption to stock-backed lending and Spout Finance. Published: 2026-10-31 Categories: Market & Insights Canonical: https://spout.finance/learn/october-monthly-roundup-rwa-defi-tradfi-solana/ --- October brought significant developments across real-world assets (RWA), decentralized finance (DeFi), traditional finance (TradFi), and the Solana ecosystem. Tokenized stocks expanded across multiple platforms, institutional financial infrastructure moved further onchain, and lending protocols continued exploring how traditional assets could support borrowing in DeFi. The month also brought important regulatory discussions, particularly around issuer consent and the treatment of tokenized securities. Among the biggest developments, DTCC launched its tokenization service, Securitize introduced 12 tokenized US stocks on Solana, Binance’s bStocks surpassed $1 billion in assets, and the distributed tokenized-stock market reached $3.78 billion by October 30. Stock-backed lending also gained traction. Aave’s Coinbase Stocks market on Base recorded increased collateral deposits and borrowing activity, Robinhood stock tokens became collateral on Morpho, and Kamino introduced a new lending market for Backpack Securities assets. However, October also exposed some of the challenges facing the industry. Public companies raised objections to proposed tokenized securities venues, broader DeFi lending markets experienced declines in TVL, and a major security incident involving Binance triggered precautionary measures across several protocols. For Spout, the month brought an important funding milestone and continued progress toward building stock-backed lending infrastructure on Solana. ## RWA and Tokenized Stocks: A Growing Market Faces New Questions Tokenized stocks remained one of the biggest stories in the RWA market throughout October. The market expanded as more platforms introduced tokenized equities and ETFs, while existing products reached new asset milestones. According to RWA.xyz, distributed tokenized-stock value increased from $3.20 billion on October 3 to $3.78 billion on October 30. The market also recorded approximately 4.55 million holders. The wider RWA market stood at $39.17 billion in distributed value with 5.47 million holders on October 31, according to RWA.xyz, while stablecoins totalled $286.62 billion. Binance’s bStocks crossed $1 billion in assets on October 15, approximately four months after launch, according to Binance citing Dune data. xStocks also surpassed $1 billion in assets as of October 27, according to Payward. Coinbase reported that tokenized-stock trading volume on Base had exceeded $1 billion since launch. The Defiant reported on October 12 that Robinhood’s Stock Tokens had reached $15 billion in cumulative trading volume and about 200,000 holders. On Robinhood’s Q3 earnings call on October 27, CEO Vlad Tenev called the SEC’s Innovation Exemption “a really positive step” but said that uncertainty over what happens in five years is “likely to be an impediment.” ## Tokenized stock market distribution The October 30 platform breakdown showed: ![IMG_5843](https://axartrdqynqtfclakxru.supabase.co/storage/v1/object/public/covers/inline/1793456304472-9k84gcheixo.png) The numbers show how tokenized equities are expanding across different platforms and blockchain networks. ## Major tokenized stock launches and listings Several companies expanded their tokenized stock offerings during October. Backpack Securities listed tokenized BlackRock (BLK) and Powerus (PUSA) on Solana on October 2. It later added the iShares MSCI Brazil ETF (EWZ) on October 5. The BLK token was a third-party tokenization, not a product issued by BlackRock. BNB Chain also became the first blockchain with more than $1 billion in tokenized stocks and ETFs on October 2, representing approximately 30% of a $3.7 billion market at the time. Base added 26 Coinbase stock tokens, while Assetera listed more than 100 Ondo tokenized stocks and ETFs in the European Economic Area. On October 8, Securitize launched 12 tokenized US stocks on Solana. The assets included Apple, Microsoft, Nvidia, Alphabet, Tesla, Meta, Amazon, Netflix, Circle, SpaceX, Strategy, and Palantir. These assets are structured as security entitlements held through Securitize Markets, with Jump Trading acting as market maker and settlement taking place in USDC. The launch was followed by a difficult month for Securitize. DL News reported on October 22 that Securitize’s stock, SECZ, had fallen 38% from its close on the day of the Solana launch, and Token Terminal data cited by Cointelegraph showed tokenized SECZ down 51.5% from its September 28 peak. Securitize’s distributed value on RWA.xyz fell from $426.3 million on October 10 to $287.3 million on October 30, and no lending protocol had accepted its Solana stocks as collateral by the end of the month. Other developments included: - Bybit opened access to more than 1,000 US stocks and ETFs for eligible non-US users through Alpaca. This was brokerage access, not tokenized stock issuance. - Bybit also announced mStocks, 1:1 stock-backed tokens developed with Mantle and targeted for November. - Bitget introduced rToken Stock Transfer for more than 3,000 US stocks and ETFs. - EQX Labs announced 11 tokenized US stocks and ETFs as spot markets on Hyperliquid. - Ondo brought 15 tokenized stocks and ETFs to Robinhood Chain through Uniswap pools. - Robinhood added eight stock tokens to Robinhood Chain, including JPMorgan, Visa, PayPal, McDonald’s, Disney, and Uber. - Ondo introduced its seven Intelligent Portfolios to Solana for non-US investors. On the institutional side, The Block reported on October 12 that Morgan Stanley’s support for trading tokenized equities on its alternative trading system had moved to Q1 2027. The expansion shows that tokenized equities are reaching more platforms and investor groups. However, the structure behind each product still matters. Not every tokenized stock represents the same ownership rights, redemption arrangements, or legal claim on an underlying security. ## Issuer consent becomes a major issue As tokenized stock platforms expanded, questions around issuer consent became harder to ignore. On October 4, OKXICE published its first Tokenized Securities Venue notice under the SEC’s Innovation Exemption. The proposed venue included 63 symbols and planned to facilitate trading against USDC, USDG, and USDT through permissioned Uniswap v4 pools on X Layer. OKXICE is equally owned by Intercontinental Exchange, the parent company of the New York Stock Exchange, and OKX. The notice was not an SEC approval. On October 14, Perpetuals.com, which is listed on Nasdaq, published a notice for a second Tokenized Securities Venue, with trading possible from mid-November at the earliest, according to CoinDesk. The OKXICE proposal attracted objections from publicly traded companies, and the number increased throughout October. Four companies had objected by October 8. The number reached nine by October 15, 16 by October 19, 33 by October 27, and 38 by October 28. The companies included Microsoft, Alphabet, Goldman Sachs, JPMorgan, Intel, IBM, Oracle, Coca-Cola, Walmart, and Eli Lilly. ![IMG_5844](https://axartrdqynqtfclakxru.supabase.co/storage/v1/object/public/covers/inline/1793456359995-270jos3t705.png) On October 19, SIFMA asked the SEC to require issuer consent before stocks could be tokenized under the Innovation Exemption. Its recommendations also included a longer objection period and a universal opt-out. AMC’s CEO also said the company would not consent to Robinhood stock tokens in the United States. Nasdaq said it would keep its own shares out of tokenized securities venues, although its own equity token remained targeted for the first half of 2027. The SEC listed three venue notices under the Innovation Exemption on October 21: TSV LLC, OKXICE, and Perpetuals.com. Not every company stayed away. On October 29, Canton Strategic Holdings, which is listed on Nasdaq, announced plans to become the first company to list issuer-sponsored tokens of its own shares on TSV LLC’s venue, with trading expected as early as November 2. The discussion highlights an important distinction in tokenized finance. Representing a security onchain does not remove the legal rights and responsibilities associated with the underlying asset. Issuer consent, custody, investor protection, and the structure of the tokenized product remain important considerations as the market develops. ## DeFi and Stock-Backed Lending: Tokenized Equities Find New Uses October brought more activity around using tokenized stocks as collateral in decentralized finance. Stock-backed lending gives eligible holders the ability to use tokenized equity positions as collateral to borrow other assets, such as USDC. This provides access to liquidity without immediately selling the underlying exposure. However, the amount of tokenized stocks being used as DeFi collateral remains small compared with the overall market. RedStone data published on October 6 showed that approximately $81 million of a $3.16 billion tokenized-stock market was being used as DeFi collateral as of September 28. This represented roughly 2.6%. Castle Labs later estimated that just over $65 million in tokenized equities was earning yield, with much of the activity involving xStocks used as collateral on Kamino and Jupiter Lend. ## Aave, Morpho, Binance and Kamino expand lending support Several protocols introduced new ways to use tokenized equities within lending markets. On October 7, Binance added four bStocks as margin collateral at a 50% ratio. On October 13, Aave introduced USDC incentives for suppliers in its Coinbase Stocks market on Base. The programme excluded US persons, and no incentive budget was disclosed. On October 22, Robinhood stock tokens became collateral on Morpho, with markets for NVDA, GOOGL, and AAPL against USDG. On October 28, Kamino opened a Backpack Securities market on Solana. Eligible non-US users could borrow USDC against tokenized SPCX, MU, SKHY, and SNDK. Venus also ended its bStocks borrowing reward campaign on October 14 without announcing a replacement. These developments show lending protocols exploring different ways to integrate tokenized equities into DeFi. ## Aave’s Coinbase Stocks market records growth Aave’s Coinbase Stocks market on Base recorded substantial growth between October 1 and October 31. ![IMG_5846](https://axartrdqynqtfclakxru.supabase.co/storage/v1/object/public/covers/inline/1793456467041-d4ae1jv3lrg.png) Tokenized-stock collateral increased by approximately 202%, while USDC borrowing increased by approximately 355%. The figures show increased activity in this particular lending market. They also highlight the potential for tokenized equities to support borrowing and liquidity access within DeFi. However, incentives and changing market conditions need to be considered when evaluating whether this activity is sustainable. ## DeFi lending TVL declines across several protocols While stock-backed borrowing gained traction in specific markets, several major lending protocols recorded lower TVL during October. According to DefiLlama, the following changes occurred between October 1 and October 31. ![IMG_5845](https://axartrdqynqtfclakxru.supabase.co/storage/v1/object/public/covers/inline/1793456722223-9mvkn5qp8dw.png) Not every decline reflected withdrawals. Much of Aave V3’s reduction came from lower prices for weETH, wstETH, and WBTC. Kamino lost much of its USDe deposits, while changes in BNB collateral affected Lista. Aave Horizon, Aave’s market for institutional RWA collateral, fell 16.9%, and Figure Democratized Prime fell 18.8%. Lista DAO and Lista Lending report the same borrowed figure, so the two should not be added together. For Figure and Pareto, the borrowed figure is the better measure of the loan book. TVL changes therefore need to be interpreted alongside asset prices, deposits, and withdrawals. ## Binance security incident affects lending markets On October 29, Binance confirmed a security incident that affected several networks. TRM Labs valued the theft at approximately $6.36 billion and attributed it to North Korea’s TraderTraitor group. Binance suspended withdrawals on several networks while investigating the incident and stated that user funds were safe. The incident also affected lending protocols. Aave froze 175 V3 reserves across 16 networks and 117 V4 reserves after a wallet linked to the attacker borrowed against approximately $60 million in USDT. The protocol began reopening markets in stages on October 30. On Solana, Kamino paused borrowing on its SOL and BTC market. Jupiter Lend also delayed withdrawals on October 30 before restoring them. The incident demonstrated how interconnected DeFi markets can be. Security events can lead to precautionary measures across multiple protocols, even when the affected platforms operate on different networks. ## TradFi: Banks and Institutions Move Further Onchain Traditional financial institutions continued exploring blockchain infrastructure throughout October. Developments covered tokenized securities, money market funds, stablecoins, custody, deposits, and institutional settlement. ## DTCC launches its tokenization service One of the month’s biggest institutional developments came on October 28, when DTCC launched its tokenization service. The service allows tokenized representations of securities held by the Depository Trust Company. It initially operates on the Canton Network and DTCC’s private Besu network, with additional networks planned for 2027. Twenty firms signed up, including Bank of America, Citi, Citadel Securities, Fidelity, JPMorgan, Morgan Stanley, State Street, and UBS. ![IMG_5848](https://axartrdqynqtfclakxru.supabase.co/storage/v1/object/public/covers/inline/1793456764817-c1i1yysrt7.png) DTCC plays a central role in US securities market infrastructure. Its move connects tokenized securities with established systems for custody and settlement. Rather than operating entirely outside traditional financial infrastructure, the service provides a way to represent securities held within DTCC’s systems as digital assets. ## Banks expand tokenized financial services Several banks and financial institutions announced new blockchain initiatives. On October 12, Standard Chartered launched custody for Ripple’s RLUSD stablecoin through its DIFC branch. The following day, BNY and Citadel Securities completed a tokenized Treasury triparty repo transaction. BNY described it as the first use of tokenized assets on a major triparty repo platform. On October 19, JPM Coin went live on Ethereum after its earlier deployment on Base. Standard Chartered agreed to acquire all of Zodia Custody on October 21. Ant International also used HSBC tokenized deposits to subscribe to Franklin Templeton’s Benji money market fund. On October 22, SoFi launched SOFIE, which it described as the first tokenized consumer deposit from a US national bank. The product carried a variable APY of 4.40%. HSBC launched RedCoin, a Hong Kong dollar stablecoin, through PayMe on October 23. On October 26, Hong Kong’s Securities and Futures Commission approved secondary trading of tokenized money market funds on a licensed platform. One of the month’s more notable transactions came on October 30, when Uber purchased a Franklin Templeton tokenized money market fund using HSBC tokenized deposits on Canton, earning yield over the weekend. The transaction demonstrated how tokenized deposits and money market funds can work together within institutional financial operations. ## Tokenized funds, credit and government bonds October also brought new developments across investment products and institutional credit. On October 5, Ondo launched Ondo Private Markets, offering tokenized notes linked to private-company valuations for non-US investors. These notes are not shares and do not carry shareholder rights. On October 6, DigiFT listed tokenized interests in a Fidelity Treasury money market fund. On October 13, Federated Hermes and Prometheum announced plans for tokenized funds, with the first product expected in Q1 2027. On October 14, Luxembourg issued a €1.7 billion, 10-year sovereign bond natively on distributed ledger technology through LuxCSD on Clearstream’s D7 platform. WisdomTree’s WTGXX tokenized money market fund also received an AAA rating from Particula, with approximately $1.2 billion in assets. On October 15, Iberdrola, BBVA, and Santander completed a €150 million syndicated loan using a blockchain platform. Victory Park Capital and Tradable launched VALTS, a tokenized feeder into an asset-backed credit fund on Stellar. On October 27, Janus Henderson, Anemoy, and Centrifuge launched JQQQ, a tokenized Nasdaq-100 index fund on Stellar for non-US investors. On October 28, Clearstream was authorised as a control agent under Luxembourg’s Blockchain Law IV, allowing it to support tokenized fund share classes. WisdomTree reported $1.27 billion in onchain assets as of September 30, up from $761 million at the end of June. Tokenization infrastructure also attracted new funding. On October 15, Multiliquid announced a seed round led by Polychain, with Circle Ventures participating, bringing its total funding to $8 million. Fission raised a $10 million Series A led by Pantera. These developments show that institutional tokenization is expanding beyond equities into money market funds, private credit, government bonds, and other financial products. ## Solana: Network Upgrades and Institutional Adoption Solana recorded developments across network infrastructure, tokenized assets, stablecoins, and institutional finance during October. The ecosystem continued building infrastructure for financial applications while attracting more tokenized investment products. ## Alpenglow goes live on mainnet On October 9, Solana’s 200-millisecond slot time went live. On October 21, Alpenglow went live on mainnet. The new consensus system took over at slot 459,653,000 in epoch 1064, with no incidents reported. These upgrades form part of Solana’s ongoing work on network performance and transaction infrastructure. ## Orca and Loopscale merge into Formation On October 7, Solana trading platform Orca and lending protocol Loopscale merged into Formation, a New York company that plans to operate a tokenized securities venue under the SEC’s Innovation Exemption. Orca’s exchange and Loopscale’s lending products continue to operate, and ORCA becomes Formation’s token. No venue notice from Formation had been published by the end of October. ## Solana expands its tokenized asset ecosystem Securitize introduced 12 tokenized US stocks on Solana on October 8, including Apple, Microsoft, Nvidia, Alphabet, Tesla, Meta, Amazon, Netflix, Circle, SpaceX, Strategy, and Palantir. JPMorgan Asset Management made its MONY and JLTXX money market funds available on Solana on October 22 for qualified US investors. Ondo brought its seven Intelligent Portfolios to Solana on October 29 for non-US investors. These launches expanded the range of investment products available within the ecosystem. ## Solana DvP introduces new settlement infrastructure On October 6, the Solana Foundation launched Solana DvP, an open-source atomic delivery-versus-payment programme developed with design input from JPMorgan. Delivery-versus-payment links the delivery of an asset with its corresponding payment, helping reduce settlement risk. The programme adds another building block for financial applications that require coordinated asset and payment settlement. ## Stablecoin adoption expands Samsung Wallet announced USDC transfer support on Solana for US users, with availability planned for the final week of October. Anchorage Digital’s USDGO stablecoin also went live on Jupiter Lend’s AMM on October 12. These developments added to Solana’s stablecoin infrastructure and the range of financial applications operating across the ecosystem. ## SOL and Solana DeFi market performance Despite infrastructure and institutional developments, Solana’s market performance weakened during October. According to CoinGecko, SOL declined from $118.04 on October 1 to $95.84 on October 31, a decrease of approximately 18.8%. Solana DeFi TVL also fell from $6.40 billion to $5.42 billion, down approximately 15.4%, according to DefiLlama. Solana spot ETFs recorded ten consecutive trading days of net outflows between October 5 and 16, totalling approximately $50.5 million, according to Farside Investors. The contrast shows that ecosystem development and market performance do not always move together. ## Regulation and Policy: Tokenized Securities Face Closer Scrutiny Regulation remained a major part of the conversation around RWA and digital assets during October. Authorities across the United States, Europe, the United Kingdom, Australia, and Asia introduced proposals, consultations, and decisions affecting tokenized securities, stablecoins, custody, and crypto markets. In the United States, the SEC proposed custody rules for investment advisers and funds on October 1, explicitly covering tokenized securities. Comments are due December 7. On the same day, Korea’s Financial Services Commission proposed rules for tokenized securities, with the framework expected to take effect on February 4, 2027. On October 2, Commissioner Hester Peirce, who had led the SEC’s Crypto Task Force, left the agency. The CFTC proposed rules for retail leveraged crypto trading on October 5, with comments due December 14. The IMF’s October 8 Global Financial Stability Report examined tokenization. It found that tokenized shares were approximately 1.5 times as volatile as their underlying stocks, with around 80% of trades smaller than one share. On October 9, ESMA requested evidence on tokenized collateral at clearing houses. On October 14, Jamie Selway, Director of the SEC’s Division of Trading and Markets, described tokenization as “a promising technology in early days of limited deployment.” The European Banking Authority designated USDC as the first significant e-money token under MiCA on October 14, with EBA supervision scheduled to begin November 12. Australia’s ASIC consulted on rules for digital asset and tokenized custody platforms on October 15. On October 21, the OCC finalised its GENIUS Act stablecoin rule, effective January 18, 2027. The UK FCA also opened a consultation on cryptoasset perimeter guidance. On the same day, the ECB’s Piero Cipollone said Pontes, the Eurosystem’s link between DLT platforms and central bank settlement, had been live since September 21, with the blueprint for its longer-term Appia project due by 2028. The Solana Policy Institute submitted comments to the SEC on October 22, asking the regulator to define public, permissionless ledgers by who controls them. The SEC included tokenization in its 2027 examination priorities on October 23. On October 28, the CFTC scheduled a December 15 roundtable on 24/7 trading, including tokenization. On October 29, Selway emphasised that financial firms must meet their regulatory responsibilities regardless of whether activities take place onchain or offchain. These developments show regulators paying closer attention to custody, trading, settlement, collateral, and the responsibilities of platforms offering tokenized financial products. ## Macro and Market Conditions Broader economic conditions continued influencing financial markets throughout October. According to US Treasury data, the 13-week Treasury bill yield started the month at 4.10%, reached 4.20% in mid-October, and ended at 4.08%. September CPI, released by the Bureau of Labor Statistics on October 14, increased 0.6% month over month and 3.7% year over year. Core CPI increased 0.3% month over month and 2.6% year over year. On October 28, the Federal Reserve held interest rates between 3.75% and 4.00%. The decision passed by a 10 to 2 vote, with two members preferring a 25-basis-point increase. On October 29, the Bureau of Economic Analysis reported Q3 GDP growth at an annualised rate of 3.4%. September PCE inflation was 3.6% year over year, while core PCE inflation stood at 3.1%. ## Onchain dollar yields As of October 31, reported onchain dollar yields included: ![IMG_5847](https://axartrdqynqtfclakxru.supabase.co/storage/v1/object/public/covers/inline/1793456827657-qvz20ca7ka.png) These figures are estimates and change over time. The comparison highlights the range of yield opportunities across onchain lending markets, savings products, and structured strategies. Understanding how each yield is generated remains important when evaluating these products. ## Spout Finance: Strategic Funding and Stock-Backed Lending on Solana We enable individuals to borrow against their stocks at 0% interest. Spout democratises prime brokerage. October was an important month for Spout as we continued working toward our goal of bringing stock-backed lending to Solana. On October 6, our co-founder and general counsel, Paul Jan Reijn, spoke at Solana Summit Singapore. The event brought together participants across the Solana ecosystem to discuss tokenized securities, liquidity, and financial infrastructure. On October 15, we announced our strategic funding round, backed by Draper Dragon, Anchorage Digital, Flow Traders, Taisu Ventures, Vessel Capital, Solayer, 2Square Capital, Bering Waters Ventures, and Blockstreet Capital, with strategic backing from Solana Labs. Angel investors included Anatoly Yakovenko, Raj Gokal, J. Christopher Giancarlo, Eric Chen, Dean Swennumson, and Anna Yuan. ![IMG_5849](https://axartrdqynqtfclakxru.supabase.co/storage/v1/object/public/covers/inline/1793456919148-rkp3dwfx7w.png) The funding supports our work toward building stock-backed lending infrastructure on Solana. ## How Spout’s lending model works Our product is designed to let eligible users borrow USDC against tokenized US equities at a flat 50% loan-to-value ratio and 0% interest. For borrowers, this provides a way to access liquidity without selling their underlying stock exposure. For lenders, yield comes from systematic covered-call premiums written against the collateral. This means lender yield is based on an options strategy rather than token emissions or temporary lending incentives. Our beta is currently running on Solana Devnet, with a private beta planned as we continue developing the product. ## Where stock-backed lending fits October’s RWA and DeFi developments show why stock-backed lending is becoming an important area of financial infrastructure. Tokenized stocks are expanding across platforms, and lending protocols are beginning to explore how these assets can support borrowing. However, only a small percentage of the overall tokenized-stock market is currently being used as DeFi collateral. At Spout, we’re working toward making eligible tokenized US equities useful beyond holding and trading. Borrowing against these assets introduces another way to access liquidity while maintaining underlying exposure. For this model to work effectively, collateral arrangements, custody, liquidation mechanics, and the source of lender yield all need to be clearly defined. These are important parts of the infrastructure we’re building. ## The Bigger Picture October showed how quickly the relationship between traditional finance and blockchain infrastructure is developing. Tokenized stocks expanded across platforms. DTCC brought its tokenization service online. Banks and asset managers continued testing blockchain-based financial products, while DeFi protocols explored new collateral opportunities. At the same time, issuer objections, regulatory questions, liquidity pressures, and security incidents showed that the market still has important challenges to address. The next stage of tokenized finance will depend on more than the number of assets issued or the value of tokens distributed. It will depend on how effectively these assets can be held, transferred, settled, financed, and used across financial applications. For us at Spout, this is where stock-backed lending fits into the wider development of the RWA market. We’re building toward a financial system where eligible tokenized US equities can support access to onchain liquidity through transparent borrowing and lending infrastructure. October brought further progress across the industry. The focus now is on turning that progress into practical financial utility.