Six issuers, one NVIDIA: the big four tokens agree within 0.12%

01 · The issuersSearch "NVIDIA" in a wallet and you get seven answers

Type NVIDIA into a crypto wallet's token search and you get a list. Six issuers sell an NVIDIA token. Robinhood has one on its own chain, and Backed sells an xStock on Solana. Coinbase has one on Base and Binance a bStock on BNB Chain. Ondo has versions on Ethereum, Solana and BNB Chain, and Reality lists one on Arbitrum.

Each one is a tokenized stock: a token that follows a real stock, backed by shares the issuer holds in custody. You can trade it from a wallet at any hour, including nights and weekends when Nasdaq is shut. We pulled a month of on-chain trading for every version to see whether the versions really trade like the same stock.

Robinhood Chain takes most of the money, with 60% of all NVIDIA token volume. Coinbase and Binance together take 22%, more than Solana. The first version of this article missed both of them. Reality's token on Arbitrum and Backed's copy on Base did not trade at all in the month.

One month of pool trades, each counted once. Ondo's Solana and BNB Chain tokens mostly trade against other tokens, so we skip their trade size.

02 · The priceFour NVIDIA tokens, one price per share

Each of these tokens comes from a different issuer on a different chain. No bridge connects them, and you cannot swap one for another at the issuer. Some also stand for a little more than one share, because the issuer pays dividends by adding shares to each token, so we compare the tokens per share. Counted that way, the four busiest NVIDIA tokens sat within 0.12% of each other on the median day, whichever pair you compare. Single days could run wider. On October 7, Binance's token sat 0.81% above Backed's.

Every pair of the four busiest NVIDIA tokens, compared per share over the month. The widest, Backed's Solana token against Binance's, is 0.1225%. That rounds to the 0.12% in our title.

Two things hold these tokens together. Anyone can hold two versions at once, so when one drifts cheap, a trader buys it and sells the pricier one. And every issuer mints and redeems its own tokens against real shares, which ties each token back to the same stock. A gap lasts only until someone bothers to close it.

The pattern holds well beyond NVIDIA. On the median day, the Solana and Robinhood Chain versions of all six assets sat within 0.2% of each other. Ondo's Ethereum tokens sit further off, at 0.24% to 0.38%, and their pools are thin. Ondo also builds dividends into its token prices, so its S&P 500 fund token traded above Solana's on every day of our month, by a median of about 1%. Take the dividends out and most of that gap disappears.

Tesla and SpaceX pay no dividend, so their bars do not move. For the S&P 500 fund, most of the gap was dividends the price already includes. NVIDIA pays a smaller dividend, so less of its gap goes away.

The ticker alone tells you almost nothing. Most of the other CRCLs are memecoins called "Just a Circle" that trade at fractions of a cent, and some of their pools are priced in the real CRCL token. One even copies the real token's full name. Anything that matches on the ticker alone will mix those memecoins into Circle's numbers, and an earlier version of this article did exactly that. Memecoins priced in stock tokens have become a market of their own. Our pump.fun study counted $5.97 billion of trading in those coins over 31 days. Check the contract address before you trade. Circle's is 0xdf0992e440dd0be65bd8439b609d6d4366bf1cb5. You can check any token's contract and trades in Claude with the Bitquery MCP server.

03 · The flowSame stock, different crowds

The crowds look nothing alike. On Solana, half the money in the NVIDIA token moves in trades of $359 or more. On Robinhood Chain that size is $1,589, more than four times higher, and Coinbase's token sits higher still. We weigh by money here, because millions of tiny bot trades drag a plain average down. The plain average shows the same gap.

Solana's stock-token market runs on bots. We sorted every account that traded xStocks by how many swaps it made. A small group, each with ten thousand swaps or more, moved 39% of the volume. Half a million small accounts moved 21%. The single busiest account moved $62 million, and the ten busiest accounts moved a quarter of the volume.

04 · Robinhood ChainA late-summer rush, then a fade

Stock-token trading on Robinhood Chain peaked at $2.19B in the week of August 31. Five weeks later it was down to a fifth of that. In October, daily volume ran 61% below September's, and the number of wallets trading each week was 79% below the peak.

The rush was broad. In September the ten biggest wallets moved only 5% of the volume, so this was no single whale. As the crowd thinned in October, the top ten's share rose to 18%. We count wallets, and one person can run many of them. The weekly series comes from our Robinhood Chain data.

05 · The clockMost xStock trading happens while Nasdaq sleeps

Stock tokens never close, and traders use that. In the 90 days to October 7, 59% of xStock volume on Solana traded while Nasdaq was shut, and weekends carried 16%. The busiest hour is still the one when Nasdaq opens, as the market catches up on the night's news. Our weekend study found that by Sunday evening, the tokens had priced in only a small part of Monday's move. Stock perps trade through the weekend as well. On a Saturday evening in October, Hyperliquid's memory-chip perps fell 6% in ten minutes with every stock exchange shut, as our Hyperliquid study found.

Month to month, the Solana market is spiky. It ran at a few hundred million dollars per month through the spring, then jumped in June and again in September. One token, the S&P 500 fund, carried three quarters of June's volume. For scale, xStocks were about 1% of all Solana pool volume over the month.

06 · What it meansOne stock, many wrappers

If you trade these tokens, the big versions of a stock cost about the same per share, so the choice comes down to the chain you already use and how much size you need. Size is the limit. Our depth study found that few pools can take a $10,000 order without moving the price. Before you trade, check the contract address against the issuer's own list.

Also check how each issuer pays dividends before you compare prices. A raw price can look 1% off when the token is simply worth a little more than one share.

Our earlier pieces cover each venue on its own: xStocks on Solana, Robinhood Chain, Binance's bStocks and Coinbase's stock tokens.

07 · MethodWhat we counted

We read every pool trade in these tokens from Bitquery's own trade data for Solana, Base, BNB Chain, Ethereum, Arbitrum and Robinhood Chain. Each trade counts once, and volume includes both buys and sells. We only kept trades priced in dollar stablecoins or a chain's main coin, so a memecoin cannot inflate a total. We also left out failed swaps and a handful of trades with clearly broken prices. A daily price is the average of that day's trades, weighted by size.

We compare prices per share. Some issuers pay dividends by adding shares to each token, and Ondo builds dividends into the price. We take the dividends out using each issuer's own numbers on chain. Coinbase and Backed sometimes add a dividend weeks late, so we count it from the day the stock went ex-dividend. Binance's tokens trade against USDT, which we value at its market price.

The full trade history behind this piece is also sold as files: Solana, Robinhood Chain, Base, BNB Chain and Ethereum. Holders, transfers and supply for tokenized assets like these are in our RWA and tokenization data API. We drafted this piece with AI help on top of our own data. Then we checked every figure against raw trades, and a separate check repeated the main numbers.

FAQ

Do all tokenized versions of a stock trade at the same price?

Close to it. In our month of data, the four busiest NVIDIA tokens stayed within 0.12% of each other on the median day. Ondo's thinner Ethereum tokens sat further off, up to 0.38% for SpaceX, once each price is counted per share.

Do tokenized stocks pay dividends?

The ones we measured pass dividends on through the token. Robinhood, Coinbase, Binance and Backed add shares to each token, so one token comes to stand for slightly more than one share. Ondo adds the dividend to the token's price instead. Coinbase and Backed can add a dividend weeks after the stock goes ex-dividend. So a raw token price can look about 1% off when the token is simply worth a little more than one share.

What is NVDAx?

NVDAx is Backed's NVIDIA token on Solana, sold under the xStocks name. In our month it traded $294M on Solana pools, and half that money moved in trades of $359 or more. Per share, its median daily gap to the Robinhood, Coinbase and Binance tokens was 0.08% to 0.12%.

Can I swap one issuer's tokenized stock for another's?

Not directly. Each issuer's token is its own contract, backed by its own shares, and no bridge links the tokens. Prices stay close because traders hold several versions, and each issuer mints and redeems its tokens against real shares.

Which NVIDIA token has the most trading?

Robinhood's NVIDIA token on its own chain, with 60% of the volume we measured over the month. Backed's NVDAx on Solana came next, then Coinbase's NVDAc on Base and Binance's NVDAB on BNB Chain.

How do I tell a real stock token from a fake one?

Check the contract address against the issuer's own list. On Robinhood Chain, 95 traded tokens use the ticker CRCL and only one is Circle's stock. Names can be copied too, so the ticker and the name prove nothing on their own.