Daya, a Nigerian startup that builds stablecoin-powered payment infrastructure for African businesses, has launched tokenised stocks, enabling users to buy and sell digital versions of US-listed equities on the blockchain.

The company now joins a growing field of Nigerian and Africa-focused fintechs—including NectarFi, Luno, Blockchain.com, and Roqqu—that have either launched or are preparing similar offerings.

Tokenised equities are proliferating across Nigeria's crypto sector as startups seek to extend blockchain applications beyond digital currencies into traditional finance. The expansion comes as the naira has depreciated sharply following exchange rate reforms that began in mid-2023, with dollar-denominated assets drawing growing interest from Nigerian investors seeking exposure beyond local markets. For firms originally built around stablecoins and cryptocurrency trading, tokenised stocks open a new revenue stream while providing retail investors with fractional access to global financial markets without relying on conventional brokerages.

Daya Stocks, which is already live in a testing phase, will offer more than 400 US-listed stocks and exchange-traded funds (ETFs), including shares in Nvidia and Tesla as well as the S&P 500 ETF, with a minimum investment of $1, according to Paul Joe, Daya's co-founder. The startup said trading will be available 24/7 and users will be charged a 0.25% transaction fee.

The launch also reflects a broader trend of stablecoin infrastructure providers expanding into investment products. Daya, which has focused on helping African businesses make cross-border payments using stablecoins, views tokenised securities as a natural extension of its existing business. The move aligns with Nigeria's status as one of the world's most active cryptocurrency adoption markets, a position that has endured through shifting regulatory approaches—the Central Bank of Nigeria lifted its prohibition on banks servicing crypto-related accounts in December 2023, while the Securities and Exchange Commission has continued developing its digital asset rules.

"Tokenised stocks are going to do to US stocks what stablecoins did to US dollars: make them more accessible," Joe told TechCabal in an emailed response on Wednesday. "We are following this natural next step: using the same infrastructure to expand access from global money movement to global wealth creation, with fractional ownership, faster settlement, and 24/7 investing."

Globally, the market for tokenised financial assets could reach $2 trillion by 2030, excluding cryptocurrencies and stablecoins, according to consulting firm McKinsey. Much of that value is expected to accrue to the infrastructure providers and fund managers powering the ecosystem, including firms such as Ondo Finance and Backed Finance, which are positioned to capture a growing share of the market by supplying the rails and underlying assets that fintech platforms distribute.

Daya issues its tokenised stocks through Ondo Global Markets (BVI) Limited, a token issuer backed by US-based Ondo Finance. The issuer purchases the underlying securities through the US brokerage platform Alpaca and records them through the Depository Trust Company (DTC), according to the startup. Daya said the issuer maintains collateral worth at least 100.5% of outstanding tokens.

Unlike direct share ownership through a traditional brokerage account, investors receive blockchain-based tokens representing economic exposure to the underlying securities. Dividends are automatically reinvested after applicable withholding taxes, and stock splits are passed through to token holders.

The startup said the tokens will initially remain within the Daya platform and cannot be transferred to external crypto wallets, a limitation shared by most early-stage tokenised stock offerings where secondary market liquidity and cross-platform interoperability are still developing.

The move comes as tokenisation gains momentum worldwide. Crypto firms contend that representing financial assets on blockchains can reduce settlement times, lower investment minimums, and make markets accessible beyond traditional trading hours. The sector has expanded rapidly over the past year as major financial institutions and crypto companies continue to explore blockchain-based versions of stocks, bonds, and other real-world assets (RWAs).

Daya plans to monetise the product primarily through transaction fees and intends to serve both retail investors directly and businesses through application programming interfaces (APIs). In the long term, Joe said the company hopes to support tokenised Nigerian securities for global investors, subject to regulatory approval—a step that would place Daya within the scope of Nigerian regulators who are still defining permissible digital asset activities.