> ## Documentation Index
> Fetch the complete documentation index at: https://docs.jup.ag/llms.txt
> Use this file to discover all available pages before exploring further.

# Tokenized Stocks

> Trading tokenized equities on Jupiter Spot — how they work, issuers, trading hours, and risks.

Tokenized stocks are onchain tokens that represent traditional equities (e.g. TSLAx, SPYx). You can buy and sell them on Jupiter Spot like any other Solana token. Browse the full list on the [Stocks screener](https://jup.ag/spot/stocks) or the **Stocks** tab in [Discover](/user-docs/trade/spot/discover#stocks-screener).

## How tokenized stocks work

Tokenized stocks are issued by **third parties**, not by Jupiter. Jupiter curates the list of available tokenized stocks and routes trades through all available liquidity sources for best execution — there is no special partnership or custom integration; routing works the same as for any other token.

<Warning>
  Jupiter does not issue, back, or guarantee any tokenized stock. What the token represents — its backing, redemption rights, and structure — **varies by issuer**. Review the issuer's terms before trading. See [Risks and Limitations](/user-docs/trade/spot/risks-and-limitations).
</Warning>

## Issuers and availability

Tokenized stocks on Jupiter come from several issuers. By trading volume, the largest are typically **Backpack** and **xStocks**, followed by **Ondo** and **PreStocks**, with additional issuers such as **Superstate** and (upcoming) **Securitize**.

| Issuer         | Notes                                                                                           |
| -------------- | ----------------------------------------------------------------------------------------------- |
| **Backpack**   | Among the highest-volume issuers. {/* TODO: backing / redemption / KYC specifics */}            |
| **xStocks**    | Among the highest-volume issuers. {/* TODO: backing / redemption / KYC specifics */}            |
| **Ondo**       | 24/5 trading with RFQ liquidity (see below). {/* TODO: backing / redemption / KYC specifics */} |
| **PreStocks**  | {/* TODO: backing / redemption / trading hours / KYC specifics */}                              |
| **Superstate** | Requires KYC. {/* TODO: confirm KYC process and eligibility */}                                 |
| **Securitize** | Upcoming. {/* TODO: confirm availability, KYC, and terms */}                                    |

<Note>
  The issuer list and relative volumes change over time. {/* TODO: confirm the current issuer list and volume order with the team before publishing */}
</Note>

## Trading hours

Most tokenized stocks are tradeable **24/7**. Some issuers differ:

* **Ondo (Ondo Stocks)** — operates on a **24/5** schedule, generally available from Sunday 8pm ET until Friday 8pm ET, and may have additional trading pauses, shown in the UI. The Ondo Stocks secondary market is powered by a just-in-time (JIT) liquidity mechanism: liquidity is provided on demand through a **Request-for-Quote (RFQ)** mechanism rather than sitting in a standard AMM pool, so liquidity may be significantly lower outside traditional U.S. market hours, leading to wider spreads and higher price impact. Ondo Stocks are currently only tradeable against **USDC**: switch the Buy/Sell side to USDC to trade them.

## KYC and eligibility

Some issuers require identity verification (KYC) or restrict eligibility by jurisdiction.

* **Superstate** — requires KYC. {/* TODO: confirm the process */}
* **Securitize** — upcoming; expected to require KYC. {/* TODO: confirm */}

## Risks

<Danger>
  * Tokenized stocks are **not** the same as traditional stocks. They are onchain tokens issued by third parties.
  * Check the regulations in your jurisdiction around investing in stocks.
  * Tokenized stocks often trade at a **premium** compared to their traditional counterparts.
  * Unlike traditional stocks, tokenized stocks generally do **not** pay dividends. {/* TODO: confirm whether any issuer passes through dividends / corporate actions */}
  * Backing, redemption rights, and structure vary by issuer — review the issuer's terms.
  * Do your own research before investing.
</Danger>

***

<CardGroup cols={2}>
  <Card title="Discover — Stocks" icon="magnifying-glass" href="/user-docs/trade/spot/discover#stocks-screener">
    Browse and filter all available tokenized stocks.
  </Card>

  <Card title="Risks and Limitations" icon="triangle-exclamation" href="/user-docs/trade/spot/risks-and-limitations">
    Understand the risks before trading.
  </Card>
</CardGroup>