Ether.fi announced on November 12 that Eligible users can now mint and redeem more than 1,500 tokenized stocks and ETFs through its app using xStocks, the tokenized securities framework developed by Payward.
The upgrade removes the previous reliance on wrapped tokens and secondary-market trading routes. Transactions can now take place natively on OP Mainnet without passing through Ethereum mainnet.
The development follows Ether.fi’s August expansion into tokenized equities, precious metals and decentralized lending. The protocol has been evolving from a liquid staking platform into a broader self-custodial financial application.
More Than 1,500 Tokenized Equities Available
The announcement confirms that xStocks’ catalog has been deployed natively on OP Mainnet for several months. Direct minting and redemption through Ether.fi became available on November 12.
The catalog covers the Russell 1000 and includes tokenized representations of Nvidia (NVDAx), Tesla (TSLAx), Invesco QQQ (QQQx) and SPDR S&P 500 (SPYx).
Each xStock is backed 1:1 by its underlying equity. Backed Assets (JE) Limited issues the instruments, while Payward entities distribute them to eligible customers.
However, these instruments do not confer direct ownership of the underlying shares or shareholder voting rights. They are legally structured as tracker certificates providing economic exposure to publicly traded securities.
Users must complete identity verification and comply with applicable geographic restrictions. xStocks remain unavailable to US persons, UK residents and customers in other restricted jurisdictions.
Native deployment also allows developers to integrate tokenized equities with lending markets, decentralized exchanges and other applications on OP Mainnet, subject to issuer and regulatory restrictions.
xStocks Transaction Volume Surpasses $46 Billion
The expansion follows significant growth in xStocks’ global distribution.
xStocks has processed more than $46 billion in cumulative transaction volume since launching in June 2025. Its products are deployed across 12 blockchains.
Payward reported on November 11 that xStocks had surpassed $1.1 billion in assets under management and attracted more than 550,000 holders worldwide. The company also introduced more than 200 UK- and EU-listed equities, expanding its catalog beyond 1,500 assets.
For Optimism, the integration adds tokenized securities to an ecosystem already supporting stablecoin payments and decentralized lending.
“OP Labs is building toward a million chains, and the question is always what that looks like in practice. Today it looks like xStocks running natively on OP Mainnet for months, and Ether.Fi giving consumers direct access to the full catalog. Equities, stablecoins, and lending on the same open rails is how finance stops being locked inside individual institutions,” Jing Wang, CEO and co-founder of OP Labs, said in a statement shared with AlexaBlockchain.
Competition Intensifies in Tokenized Stock Markets
Ether.fi faces growing competition from cryptocurrency trading platforms and established financial institutions.
Ondo Finance has emerged as a major competitor. Its tokenized securities platform surpassed $1 billion in total value locked and expanded distribution to Uniswap in June, making more than 430 tokenized stocks and ETFs accessible through the decentralized exchange.
Robinhood has also expanded its blockchain-based equity offerings. The total value of tokenized assets on Robinhood Chain increased from $11.9 million in July to $149.4 million by September 4, with tokenized equities representing 77.1% of that value.
Traditional exchanges are entering the market.
OKXICE, a joint venture between cryptocurrency exchange OKX and New York Stock Exchange parent Intercontinental Exchange, plans to launch round-the-clock trading in tokenized US securities on November 23. Its initial offering is expected to include more than 70 assets, with shareholder rights retained under its regulatory framework.
Why It Matters
Ether.fi’s integration addresses a persistent obstacle to blockchain-based securities trading: the complexity of moving assets between issuance, secondary trading and self-custodial systems.
Direct minting and redemption could simplify execution and improve interoperability with decentralized financial applications.
However, easier access does not eliminate issuer risk, custody exposure or regulatory restrictions. While secondary-market trading can operate around the clock, xStocks’ primary issuance and redemption generally remain limited to a 24-hour, five-day schedule.
Read Also: This is the First U.S.-Chartered Depository Bank to Offer Stablecoin Invoicing
Disclaimer: The information provided on AlexaBlockchain is for informational purposes only and does not constitute financial advice. Read complete disclaimer here.