Calma | RWA Lending

gRWA the tokenized stock infrastructure stack ━━━━━━━━━━━━━━ 1. ISSUANCE LAYER This is where tokenized stocks are created. The issuer is responsible for ensuring every token is backed by the underlying asset and that redemption mechanisms exist. Current leaders: • @DinariGlobal • @BackedFi Dinari operates one of the most unique regulatory stacks in the industry. Backed Finance has emerged as the dominant non-U.S. issuer. Without issuers, tokenized stocks do not exist. ━━━━━━━━━━━━━━ 2. DISTRIBUTION LAYER Issuing assets is one thing. Getting them into the hands of millions of users is another. This layer is responsible for user access and distribution. Current leaders: • @xStocksFi • @krakenfx • @Bybit_Official xStocks has become the most important distribution network for tokenized equities. Kraken and Bybit have become major access points for tokenized equities, helping bring stock exposure to crypto-native users globally. (Bybit) Distribution often matters more than issuance. ━━━━━━━━━━━━━━ 3. BLOCKCHAIN LAYER Tokenized stocks need somewhere to live. The blockchain layer provides settlement, ownership records, transferability, and composability. Current leaders: • @solana • @base • @ethereum • @arbitrum Solana has become the dominant chain for tokenized equity activity thanks to high throughput, low fees, exchange integrations, and deep DeFi liquidity. xStocks launched with native Solana integrations across wallets, exchanges, lending markets, and DEXs. (Solana) Ethereum continues to dominate institutional tokenization broadly, while Base and Arbitrum are becoming increasingly attractive because of lower costs and growing RWA ecosystems. Dinari already supports issuance across multiple chains including Ethereum, Base, Arbitrum, Polygon, and Plume. (Eco) ━━━━━━━━━━━━━━ 4. COMPLIANCE LAYER This is the most underrated layer. Many people assume tokenized stocks are a technology problem. In reality, they're a compliance problem. Without compliance infrastructure: • No issuers • No institutions • No regulated distribution Key players include: • @Securitize • Predicate • Transfer agents • KYC/KYB providers ━━━━━━━━━━━━━━ 5. LIQUIDITY LAYER Tokenization is easy. Liquidity is hard. The liquidity layer ensures users can actually buy and sell assets efficiently. Current leaders: • @JupiterExchange • @HyperliquidX • @Raydium • xChange Jupiter and Raydium have become important liquidity venues for tokenized equities within the Solana ecosystem. (Solana) xStocks recently introduced xChange, an execution layer designed to aggregate liquidity and connect traditional market depth with onchain trading infrastructure. (Kraken Blog) A tokenized stock with no liquidity is simply a digitized certificate. ━━━━━━━━━━━━━━ 6. CUSTODY LAYER Every serious tokenized stock platform needs custody. Someone must hold the underlying shares. Current model: Underlying equities are held by regulated custodians while tokenized representations circulate onchain. Backed's model uses regulated custodial structures where every token is backed 1:1 by underlying shares. Dinari similarly relies on regulated broker-dealer infrastructure tied to its issuance framework. (Bybit) Custody remains one of the most defensible parts of the stack. ━━━━━━━━━━━━━━ 7. DEFI COMPOSABILITY LAYER This is where tokenized stocks become more powerful than traditional stocks. Once onchain, equities can be: • Used as collateral • Lent • Borrowed against • Added to liquidity pools • Used in structured products xStocks have already been integrated into lending markets, DEXs, and wallet ecosystems, allowing stock exposure to become a building block within DeFi. (Solana) This is the layer Wall Street cannot easily replicate