Tokenized stocks challenge Europe's fragmented exchange landscape

Europe's stock market remains highly fragmented with approximately 30 trading venues and 20 central securities depositories, compared to the single depository system in the United States. This inefficiency contributes to an estimated 300 billion euros in European savings flowing to foreign markets annually. While European regulators work on market consolidation, tokenized U.S. stocks offered by platforms like Robinhood, Kraken, and Gemini are already trading 24/7 across the European Economic Area, bypassing traditional national infrastructure constraints. The MiCA regulation provides a passportable crypto license across the 27 member states, highlighting the contrast with traditional equities that remain tied to national systems.