WBTCEUR
Wrapped Bitcoin / Euro
crypto

**Source:** [https://x.com/toma\_adv/status/2024506842844365295](https://x.com/toma_adv/status/2024506842844365295)
https://preview.redd.it/p7u0hbtlrqkg1.png?width=680&format=png&auto=webp&s=6b758135d9abdf294ef64bafbe4e0c257dd976d3
[BitGo Holdings](https://www.bitgo.com/), the crypto custodian best known for its role supporting Wrapped Bitcoin (WBTC), listed on the New York Stock Exchange (NYSE) in late January 2026. Within hours of the IPO, Ondo Global Markets tokenized BitGo shares on Solana (BTGOon), enabling many Solana users to gain economic exposure to one of the largest digital-asset custodians. While secondary-market activity in the tokenized representation was limited, the launch is a useful proof point: tokenization can compress distribution timelines for public-market exposure and broaden access, even as liquidity and product design choices continue to shape adoption. This preview provides excerpts from the latest research report on [Lightspeed](https://www.lightspeed.vip/), with sections covering the key unlocks enabled by tokenized equities, an overview of the tokenization providers on Solana, and the current shortcomings of tokenized equities.
The value of tokenized equities on Solana has grown from virtually zero in mid-2025 to close to $250 million today.
https://preview.redd.it/pj2xsxpnrqkg1.png?width=680&format=png&auto=webp&s=59c449f4b8cad069bc70b4e9a89d3017e3bc815c
This figure represents roughly a quarter of the total value of onchain tokenized equity, with only Ethereum boasting a larger share.
https://preview.redd.it/w1y92hlorqkg1.png?width=680&format=png&auto=webp&s=7a6384b4e33494ee935619ae6d3062b363aa74c1
Since July 2025, tokenized equities on Solana have seen weekly spot DEX volumes consistently above $10 million dollars. This figure has steadily climbed over the past few weeks, reaching a peak weekly volume of roughly $49 million in early February 2026.
https://preview.redd.it/58s862kprqkg1.png?width=680&format=png&auto=webp&s=d09832e6b9b1ff6696e1bc2ef8dcfb60d87a8747
# Key Unlocks: Expanded Distribution and DeFi Composability
Tokenized equities offer two distinct value propositions: (i) expanded distribution of US equity exposure to eligible investors outside the reach of traditional brokerage infrastructure, and (ii) native composability of real-world assets within DeFi.
On distribution, tokenized equities can provide a lower-friction pathway for eligible investors in jurisdictions where access to US securities is constrained. Estimating the global share of the population with limited or unreliable access to US equities is inherently imprecise, given that access is shaped by a mix of capital controls, local regulatory regimes, intermediary risk appetite (KYC/AML), market infrastructure, and cost of FX and brokerage rails.
As a directional proxy, one can use the [Chinn–Ito capital account openness measure](https://web.pdx.edu/~ito/Chinn-Ito_website.htm), which summarizes a country’s de jure financial openness on a 0-1 scale. While this approach does not explicitly incorporate constraints such as sanctions regimes or broker-specific onboarding policies, it provides a structured way to approximate where cross-border portfolio allocation is likely to face higher friction.
Using the population-weighted distribution of the Chinn-Ito index, approximately 63% of the global population resides in countries with a score below 0.25, a range typically associated with more restrictive capital-account frameworks and higher cross-border access frictions. Interpreted conservatively, this suggests a sizable share of the world’s population lives in jurisdictions where accessing US equities through traditional channels may be meaningfully constrained or costly, underscoring the potential addressable market for tokenized equity exposure.
Beyond access, tokenized equities extend the DeFi design space by making traditional assets programmable collateral. On Solana, Kamino has launched two tokenized-asset markets: the [xStocks market](https://gov.kamino.finance/t/kamino-is-integrating-xstocks-powered-by-the-chainlink-data-standard-to-enable-tokenized-equities-lending/792) and the Superstate market. While the Superstate market has not yet enabled borrowing against equity collateral at scale, the xStocks market currently supports borrowing against QQQx, SPYx, TSLAx, and NVDAx. To date, utilization has been concentrated on the supply side: each of these assets has attracted meaningful deposits (>$1M per token), while borrowing activity remains limited.
https://preview.redd.it/6fku5bkrrqkg1.png?width=680&format=png&auto=webp&s=9032ce927816b99649f0cbcf68d492565fc2d2fe
Our full report delves into how tokenized equities could push beyond traditional margin efficiency over time, and how native spot liquidity enables cash-and-carry strategies alongside equity perps.
# Overview of Tokenization Providers on Solana
Four providers currently account for the majority of tokenized equity offerings on Solana: xStocks (Backed, acquired by Kraken), Remora (Step Labs), Opening Bell (Superstate), and Ondo Global Markets (Ondo). While implementations vary, most platforms follow a similar three-layer construct:
* Tokenizer: owns or operates the tokenization technology and token standard
* Issuer: the legal entity that issues the tokenized instrument to end users
* Custodian: safeguards the backing collateral (e.g., shares, cash equivalents, or other assets supporting the structure).
https://preview.redd.it/nmhrsqusrqkg1.png?width=680&format=png&auto=webp&s=cbc6198ff3bb3b7de6c87f13fda84cc5e725c91e
In many designs, the onchain token does not represent a direct claim on the underlying common stock. Instead, the token often references a special purpose vehicle (SPV) backed wrapper or a contractual exposure, which can isolate bankruptcy risk and simplify operational workflows.
Consider xStocks, issued by Backed Finance (acquired by Kraken in December 2025). xStocks are structured as Swiss tracker certificates, meaning investors are creditors of the issuer rather than direct owners of the underlying shares. As a result, xStocks do not confer shareholder rights such as dividends or voting. Consistent with this structure, Backed’s products are not registered with US securities regulators and are therefore unavailable to US investors. On the other hand, Superstate’s Opening Bell is differentiated in that it enables trading of SEC-registered equity directly on Solana.
Read the full report on Lightspeed:
[https://lightspeed.vip/reports/tokenized-equities-on-solana-onboarding-a-multi-trillion-dollar-market](https://lightspeed.vip/reports/tokenized-equities-on-solana-onboarding-a-multi-trillion-dollar-market)
*The information contained in this report and by Blockworks Inc. and related affiliates is for general informational purposes only and is not intended to provide legal, financial, or investment advice. The report should not be construed as an offer or solicitation to buy or sell any security, token, or financial instrument and does not represent any recommendation or endorsement of any investment or financial product or service. Blockworks Inc. and related affiliates are not registered as a securities broker-dealer or an investment advisor in any jurisdiction or country.*

**Source:** [https://x.com/toma\_adv/status/2024506842844365295](https://x.com/toma_adv/status/2024506842844365295)
https://preview.redd.it/p7u0hbtlrqkg1.png?width=680&format=png&auto=webp&s=6b758135d9abdf294ef64bafbe4e0c257dd976d3
[BitGo Holdings](https://www.bitgo.com/), the crypto custodian best known for its role supporting Wrapped Bitcoin (WBTC), listed on the New York Stock Exchange (NYSE) in late January 2026. Within hours of the IPO, Ondo Global Markets tokenized BitGo shares on Solana (BTGOon), enabling many Solana users to gain economic exposure to one of the largest digital-asset custodians. While secondary-market activity in the tokenized representation was limited, the launch is a useful proof point: tokenization can compress distribution timelines for public-market exposure and broaden access, even as liquidity and product design choices continue to shape adoption. This preview provides excerpts from the latest research report on [Lightspeed](https://www.lightspeed.vip/), with sections covering the key unlocks enabled by tokenized equities, an overview of the tokenization providers on Solana, and the current shortcomings of tokenized equities.
The value of tokenized equities on Solana has grown from virtually zero in mid-2025 to close to $250 million today.
https://preview.redd.it/pj2xsxpnrqkg1.png?width=680&format=png&auto=webp&s=59c449f4b8cad069bc70b4e9a89d3017e3bc815c
This figure represents roughly a quarter of the total value of onchain tokenized equity, with only Ethereum boasting a larger share.
https://preview.redd.it/w1y92hlorqkg1.png?width=680&format=png&auto=webp&s=7a6384b4e33494ee935619ae6d3062b363aa74c1
Since July 2025, tokenized equities on Solana have seen weekly spot DEX volumes consistently above $10 million dollars. This figure has steadily climbed over the past few weeks, reaching a peak weekly volume of roughly $49 million in early February 2026.
https://preview.redd.it/58s862kprqkg1.png?width=680&format=png&auto=webp&s=d09832e6b9b1ff6696e1bc2ef8dcfb60d87a8747
# Key Unlocks: Expanded Distribution and DeFi Composability
Tokenized equities offer two distinct value propositions: (i) expanded distribution of US equity exposure to eligible investors outside the reach of traditional brokerage infrastructure, and (ii) native composability of real-world assets within DeFi.
On distribution, tokenized equities can provide a lower-friction pathway for eligible investors in jurisdictions where access to US securities is constrained. Estimating the global share of the population with limited or unreliable access to US equities is inherently imprecise, given that access is shaped by a mix of capital controls, local regulatory regimes, intermediary risk appetite (KYC/AML), market infrastructure, and cost of FX and brokerage rails.
As a directional proxy, one can use the [Chinn–Ito capital account openness measure](https://web.pdx.edu/~ito/Chinn-Ito_website.htm), which summarizes a country’s de jure financial openness on a 0-1 scale. While this approach does not explicitly incorporate constraints such as sanctions regimes or broker-specific onboarding policies, it provides a structured way to approximate where cross-border portfolio allocation is likely to face higher friction.
Using the population-weighted distribution of the Chinn-Ito index, approximately 63% of the global population resides in countries with a score below 0.25, a range typically associated with more restrictive capital-account frameworks and higher cross-border access frictions. Interpreted conservatively, this suggests a sizable share of the world’s population lives in jurisdictions where accessing US equities through traditional channels may be meaningfully constrained or costly, underscoring the potential addressable market for tokenized equity exposure.
Beyond access, tokenized equities extend the DeFi design space by making traditional assets programmable collateral. On Solana, Kamino has launched two tokenized-asset markets: the [xStocks market](https://gov.kamino.finance/t/kamino-is-integrating-xstocks-powered-by-the-chainlink-data-standard-to-enable-tokenized-equities-lending/792) and the Superstate market. While the Superstate market has not yet enabled borrowing against equity collateral at scale, the xStocks market currently supports borrowing against QQQx, SPYx, TSLAx, and NVDAx. To date, utilization has been concentrated on the supply side: each of these assets has attracted meaningful deposits (>$1M per token), while borrowing activity remains limited.
https://preview.redd.it/6fku5bkrrqkg1.png?width=680&format=png&auto=webp&s=9032ce927816b99649f0cbcf68d492565fc2d2fe
Our full report delves into how tokenized equities could push beyond traditional margin efficiency over time, and how native spot liquidity enables cash-and-carry strategies alongside equity perps.
# Overview of Tokenization Providers on Solana
Four providers currently account for the majority of tokenized equity offerings on Solana: xStocks (Backed, acquired by Kraken), Remora (Step Labs), Opening Bell (Superstate), and Ondo Global Markets (Ondo). While implementations vary, most platforms follow a similar three-layer construct:
* Tokenizer: owns or operates the tokenization technology and token standard
* Issuer: the legal entity that issues the tokenized instrument to end users
* Custodian: safeguards the backing collateral (e.g., shares, cash equivalents, or other assets supporting the structure).
https://preview.redd.it/nmhrsqusrqkg1.png?width=680&format=png&auto=webp&s=cbc6198ff3bb3b7de6c87f13fda84cc5e725c91e
In many designs, the onchain token does not represent a direct claim on the underlying common stock. Instead, the token often references a special purpose vehicle (SPV) backed wrapper or a contractual exposure, which can isolate bankruptcy risk and simplify operational workflows.
Consider xStocks, issued by Backed Finance (acquired by Kraken in December 2025). xStocks are structured as Swiss tracker certificates, meaning investors are creditors of the issuer rather than direct owners of the underlying shares. As a result, xStocks do not confer shareholder rights such as dividends or voting. Consistent with this structure, Backed’s products are not registered with US securities regulators and are therefore unavailable to US investors. On the other hand, Superstate’s Opening Bell is differentiated in that it enables trading of SEC-registered equity directly on Solana.
Read the full report on Lightspeed:
[https://lightspeed.vip/reports/tokenized-equities-on-solana-onboarding-a-multi-trillion-dollar-market](https://lightspeed.vip/reports/tokenized-equities-on-solana-onboarding-a-multi-trillion-dollar-market)
*The information contained in this report and by Blockworks Inc. and related affiliates is for general informational purposes only and is not intended to provide legal, financial, or investment advice. The report should not be construed as an offer or solicitation to buy or sell any security, token, or financial instrument and does not represent any recommendation or endorsement of any investment or financial product or service. Blockworks Inc. and related affiliates are not registered as a securities broker-dealer or an investment advisor in any jurisdiction or country.*

This. Get either WBTC or cbBTC and swap using an aggregator

I think you're using the wrong ones, firstly every swap/bridge protocol specialises for route, no one protocol is best for every route of assets.
3 Seconds routes are possible and honestly people should get used to lesser time bridging, I use Garden Finance, they enable sub seconds BTC <> SOL, WBTC, L2s, routes, in a trustless and fastest manner.

Bridging shouldn't take more than few minutes at most without compromising security, that's something I will consider as a success.

In 2026, I think I have been using Garden Finance. I got to know they are integrated in almost all of the biggest bridge aggregator in Web3 Lifi, Rango, etc.
The reason I chose them is because they are cheapest for Stables, SOL, WBTC, L2s <>BTC, but I use them for every route is because they are atomic bridge (trustless) there is no angle of trust in between, and your assets will always be in you control, either your swap will go through or you will get your fund back there is no 3rd case scenario.
and best part is, if going from EVM to BTC they are fastest, compared to other alternatives available i.e. near intents, chainflip, and thorswap.
I have been an avid user in web3 eco, and have used tens of bridges, DEXs, CEXs if not hundreads. For me fund safety, and cost is priority and if you can add speed in that cocktail, it becomes a perfect solution.
Feel free to suggest if you found any better alternatives that satisfies the above given condition or even if you're building something like this.