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Key Takeaways
- The tokenised equity market held approximately $2.93 billion in distributed on-chain value as of 9 September 2026. Tokenised stockholders reached 3.05 million, up 167% in thirty days.
- Three issuers control roughly 81% of distributed value: Ondo, Kraken and Binance’s bStocks. Issuer concentration, not just chain concentration, is the structural risk that matters.
- Derivatives dwarf spot by a factor of fifty with ten assets accounting for 76.6% of volume and more than 70% of open interest sitting on two venues.
- Abu Dhabi has become the default issuance domicile for exchange-sponsored wrappers including Binance’s bStocks and Coinbase’s tokenised stocks on Base.
Introduction
We set out the case for and against the asset class in Are Tokenised Stocks the Next Big Thing? Or the Next Big Risk? published on 10 July 2025. That piece asked whether tokenised equity works. This report starts one level deeper and asks a narrower question: how to evaluate these tokenised equities?
The answer has changed materially since July 2025, when the whole category held around $402 million of on-chain value and $268.92 million of that sat in one instrument, the Class A shares of Exodus Movement tokenised by Securitize on Algorand.
Five things happened in fourteen months since.
- SEC staff published a taxonomy of tokenised securities on 28 January 2026.
- The Depository Trust Company (DTC) began limited production trades of tokenised Russell 1000 equities, major index ETFs and US Treasuries in July 2026, under a no-action letter granted on 11 December 2025.
- The SEC approved rule changes allowing Nasdaq to trade securities in tokenised form on 18 March 2026 and the NYSE in April 2026.
- The SpaceX listing on 12 June 2026 broke the tokenised distribution chain in public, when Binance, Bybit and Bitget cancelled more than $1 billion of customer subscriptions because their shared intermediary could not source the shares.
- The three largest crypto exchanges became issuers rather than distributors:
- Payward/Kraken agreed to acquire the xStocks issuer Backed Finance AG on 2 December 2025
- Binance launched bStocks on 12 June 2026 through an Abu Dhabi SPV
- Coinbase launched stock tokens on Base on 24 August 2026.
Access is now increasingly becoming a function of four separate things:
- The investor’s classification
- The investor’s jurisdiction
- The legal wrapper the issuer chose
- The venue’s own eligibility screen.
Those four do not move together.
Jurisdiction gates bind harder than investor classification. A retail buyer in São Paulo may access Ondo Stocks. A retail buyer in Frankfurt may buy some of them, depending on the specific token. A professional investor in London may reach them only after qualifying, and a UK retail investor may not be able to reach them at all. Prospectus law and venue geoblocking drew this map, not just suitability assessment.
The Ownership Question: Five Wrappers, Five Different Claims
The SEC staff published a joint statement from the Divisions of Corporation Finance, Investment Management and Trading and Markets on 28 January 2026. It created no relief and no safe harbour, but it named the structures. The statement separates securities tokenised by or on behalf of their issuer from securities tokenised by an unaffiliated third party. It also splits the second group into custodial tokenised securities, where the token represents an indirect interest via a security entitlement in a share held in custody, and synthetic tokenised securities, where the third party issues its own instrument referencing the share. Synthetic instruments divide again into linked securities and security-based swaps formatted as crypto assets
That last branch carries consequences most material may omit. A security-based swap sold to a person who is not an eligible contract participant, outside a registered exchange, may sit on the wrong side of the Exchange Act. This is the reason no offshore synthetic equity token is available to US retail, and it is a statutory constraint rather than a commercial choice.
Four wrappers now likely carry meaningful assets, and they differ in what the holder owns on the issuer’s insolvency.
Table 1: Wrapper structures
| Wrapper | Non-exhaustive example | Issuing entity and domicile | Approving or supervising authority | What the holder likely owns |
|---|---|---|---|---|
| Registered security entitlement | Dinari dShares | Dinari Inc., United States | SEC-registered transfer agent and FINRA member broker-dealer | A claim on the backing security, with proxy voting and cash dividends where permissible |
| Issuer-sponsored on-ledger register | DTC tokenisation service assets; Nasdaq and NYSE tokenised order books | The listed issuer, via DTC | SEC (no-action letter to DTC dated 11 December 2025; Nasdaq rule approved on 18 March 2026; NYSE rule approved on April 2026) | The same security, with identical rights, recorded differently |
| Tracker certificate (bearer debt) | Backed xStocks | Backed Assets (JE) Limited, Jersey, held through Backed Finance AG (Zug), owned by Payward | JFSC registration with COBO and CGPO consents; base prospectus approved by the Liechtenstein FMA and passported into the EEA | A creditor claim on the SPV, with an independent security agent having visibility and control over the collateral |
| Certificate over shares / linked security | Binance bStocks; Ondo Stocks; Coinbase Base stock tokens | BTech Holdings Limited (ADGM); Ondo Global Markets (BVI); Coinbase ADGM based SPV | ADGM FSRA (bStocks, Coinbase); Liechtenstein FMA base prospectus notified to EEA states (Ondo) | Economic exposure only (bStocks, Ondo); Or Full shareholder rights with voting and cash dividends (Coinbase) |
| Tokenised debt security | Robinhood Chain Stock Tokens | Robinhood Assets (Jersey) Limited | Jersey Financial Services Commission (JFSC) | A debt claim providing economic exposure only, with no legal or beneficial rights in the underlying |
| Derivative contract | Equity perpetual futures on centralised and decentralised venues | Various | CFTC approved Kalshi’s BTCPERP, a bitcoin-referenced perpetual future on 29 May 2026, a first for the agency | A contractual payoff, no claim on any share |
Sources: SEC staff Statement on Tokenised Securities, 28 January 2026; xStocks product documentation; Binance and Ondo issuer disclosures; Robinhood Chain documentation; Federal Register and SEC release records.
The information in this table is high-level and may vary by instrument, investor category, jurisdiction, applicable law and applicable documentation, among other things. It is not legal, tax or regulatory analysis or advice; readers should consult the relevant original source materials and/or seek professional advice, as necessary.
Two distinctions in that table carry most of the credit risk. A tracker certificate makes the holder a creditor of a Jersey SPV. If that SPV fails, the holder does not own ring-fenced shares; the security agent’s power to liquidate collateral is what stands between the holder and the general estate. A registered security entitlement, by contrast, keeps the holder inside the ownership chain the US market has used for fifty years.
One further mechanic deserves attention because it changes the collateral position without changing the token. The xStocks programme may permit securities lending of the underlying at the custodian’s discretion as a programme-wide default. Lent shares leave the collateral account and are replaced by cash.
The Access Map: Jurisdiction, Classification and Venue
A retail buyer in Frankfurt may reach some tokenised equity, depending on which specific token the prospectus covers. The same buyer in São Paulo may reach considerably more. In London, a retail investor may not be able to reach any of it, while a professional investor there could, once they have qualified. None of that follows from the investors themselves. It follows from prospectus law and venue geoblocking, which drew this map without anyone consulting a suitability assessment.
The matrix below evaluates the access scenarios. Venues may add and drop jurisdictions for commercial reasons as often as regulatory ones, and what a structure permits is a separate question from what a venue will actually onboard.
Table 2: Who can buy them: access by jurisdiction and investor type
| Jurisdiction and investor type | What may be accessible | Issuer and regulator | Dividends and corporate actions | General tax considerations | Exit and redemption |
|---|---|---|---|---|---|
| US retail | Dinari dShares (724 tickers, from 4 August 2026); tokenised Russell 1000 names and major index ETFs through an ordinary broker under the DTC pilot | Security entitlement in a share in qualified custody. Dinari Inc., SEC-registered transfer agent and FINRA member broker-dealer. DTC routes the security itself, under the SEC no-action letter of 11 December 2025. | Cash dividends paid natively in USDC to the holder’s wallet; stock splits and proxy votes passed through. | US-source dividend to a US person: ordinary dividend rules, qualified-dividend rates where holding-period tests are met. | Redemption at NBBO through the issuer; secondary sale on supported venues: Avalanche, Ethereum, Arbitrum, Base. |
| US institutional or regulated entity | DTC tokenisation service (Russell 1000, index ETFs, US Treasuries), full launch scheduled October 2026 after limited production trades from July 2026 with more than 50 firms; Dinari API licensing for broker-dealers | The underlying security, unchanged; DTC under SEC no-action relief and exchange trading under approved Nasdaq and NYSE rules | Identical to conventional security | No new tax characterisation or recordkeeping method | Ordinary settlement, blockchain available inside the pilot |
| EU and EEA retail | Ondo-linked Stocks tokens covered by the Liechtenstein FMA base prospectus notified to EEA states, retail eligibility depends on the specific token and jurisdiction; Robinhood Europe Classic Stock Tokens | Ondo: linked security giving economic exposure, not a direct shareholder right; Robinhood Europe: MiFID II derivative contract within the EU entity | Ondo: dividends reinvested into token value, not paid out; Robinhood Europe: cash equivalent credited in-app | The wrapper is a debt-like or derivative claim, so income may be treated in the holder’s hands; tax treatment is driven by the custody chain, not the holder | Secondary sale on the distributing venue; retail holders generally have no direct redemption right |
| EU and EEA professional client | The above, plus Ondo tokenised notes restricted to professional investors | As above; Ondo’s debt apply where the instrument is a MiFID II financial instrument, and ESMA treats the notes as residual securities law | As above | As above, with entity-level considerations for corporates and funds | As above, plus issuer onboarding where offered |
| Switzerland, professional client | Ondo Stocks (professional clients only); xStocks, subject to the venue’s own eligibility screen | Ondo: linked security; xStocks: tracker certificate under Swiss DLT law and the FMA, issued from Jersey under a Liechtenstein prospectus | xStocks: rebasing multiplier, dividends reinvested net of withholding; Ondo: reinvested net of withholding | Swiss holders should consider whether a rebasing accrual is income on receipt or is deferred into basis, among other things. The answer is not settled and depends on the instrument’s classification. | xStocks: issuer redemption after KYC, minimum USD 5,000; otherwise secondary sale |
| UK retail | Possibly closed. Backed’s offering documents exclude UK retail, Ondo offers only to qualified investors, and the FCA retains a retail ban on crypto derivatives. | Not applicable | Not applicable | Not applicable | Not applicable |
| UK professional or institutional | Ondo Stocks are offered only to UK qualified investors or professional clients. | A qualifying DSS instrument remains a security under the applicable UK framework. | Per the instrument. | Section 21 financial promotion restrictions apply to any communication to UK persons. | DSS venue rules; secondary sale otherwise. |
| UAE, ADGM | bStocks admitted to trading on Binance’s ADGM MTF; Ondo tokens, the first tokenised securities admitted for trading in ADGM; Coinbase tokenised stocks issued from its ADGM entity | Certificates over shares under the ADGM Financial Services and Markets Regulations; FSRA supervised, under English common law | bStocks and Coinbase tokens: dividends passed through net of US withholding | The UAE may not levy personal income tax, so the binding constraint is US withholding at source and the holder’s own residence rules | bStocks: 1:1 conversion back into shares held with Binance’s brokerage entity.
Coinbase: redemption reported to require a broker relationship rather than wallet-only action |
| Singapore | Ondo Stocks to qualified investors or professional clients only | MAS applies a technology-neutral test: if the token represents a capital markets product under the Securities and Futures Act, the existing rules apply without separate pre-approval | Per the issuer | Singapore may not tax most capital gains, so US withholding at source is usually the live question | Issuer redemption where eligible; otherwise secondary sale |
| Hong Kong | Tokenised SFC-authorised investment products, tradable in the secondary market on SFC-licensed VATPs following the two circulars of 20 April 2026. The initial batch focuses on tokenised money market funds. | The authorised product itself, recorded on a ledger. SFC-supervised. | Per the fund. | Hong Kong may not tax capital gains for most holders; US withholding applies at source on US equity income. | Primary dealing plus secondary trading on a licensed VATP, subject to case-by-case SFC engagement. |
| Rest of the world | xStocks, bStocks, Ondo Stocks, Robinhood Chain Stock Tokens, Coinbase Base stock tokens, plus equity perpetual futures | Whichever wrapper the issuer chooses; none confers shareholder rights except the Dinari route, which is not offered in this case | Rebasing for xStocks and Ondo; pass-through net of withholding for bStocks | US withholding may be deducted before the value reaches the holder, generally at 30% absent treaty relief. Whether the holder can reclaim depends on their own residence and on documentation the wrapper may not generate. | Issuer redemption where the holder is onboarded and clears the minimum; otherwise the order book |
Sources: issuer legal documentation (xStocks, Ondo, Binance, Robinhood Chain, Dinari); SEC staff statement of 28 January 2026; SEC no-action letter to DTC of 11 December 2025; SFC circulars of 20 April 2026; FCA and Bank of England joint call for input of 18 May 2026; ADGM FSRA guidance of March 2026.
Information provided herein is for education purposes only. The position may vary depending on the instrument, investor category, jurisdiction, applicable law, and relevant regulatory approvals, licenses or other regulatory actions, among other things. It does not constitute legal, tax or regulatory analysis or advice. Readers should consult the relevant original source materials and obtain professional advice where appropriate.
A pattern runs across the rows. The wrappers carrying most of the value give the holder a creditor claim and no vote. An allocator choosing on rights and an allocator choosing on executable size will likely evaluate this differently.
Dividends, corporate actions and taxes
Three distribution mechanics are live, and they are not equivalent.
Rebasing. xStocks handle corporate events through an on-chain multiplier. Every xStock could launch at 1.0. When the underlying pays a dividend, the custodian may receive cash for all shares held, and the dividend is reinvested into more shares of the same stock rather than distributed. The multiplier rises accordingly, and it is published on-chain before the event, activating at 00:30 UTC on the day after the ex-date. Splits move the multiplier proportionally. Ondo Stocks use the same reinvestment logic through a total-return design. Robinhood’s Stock Tokens scale a displayed amount through the ERC-8056 standard, leaving raw balances untouched.
Cash. Dinari pays cash dividends natively in USDC to the holder’s wallet. Robinhood Europe’s Classic Stock Tokens credit a cash equivalent inside the app.
Pass-through net of withholding. bStocks pass dividends through, net of US withholding tax, which is typically 30% for a non-US holder before any treaty relief.
In a conventional brokerage account, the investor receives the dividend directly, with the applicable withholding rate determined by the investor’s tax status and treaty position. In a rebasing wrapper, the custodian receives the dividend and the investor receives the economic benefit through an increase in token balance or token value. How that increase is taxed depends on the investor’s jurisdiction and how the wrapper is legally classified, for example as debt, equity or a derivative.
One further operational point that has cost holders’ money: tokenised equity deposited into a lending market or a liquidity pool may not receive its distribution if the wrapping contract does not implement the issuer’s distribution hook. The value can end up at a contract address and require recovery. Composability and corporate-action integrity are not yet the same thing.
Conclusion
Whether the two US paths converge or compete is unsettled. The DTC route puts tokenised and conventional shares on the same order book with identical rights. The offshore wrapper route creates a separate instrument with separate credit risk.
Leverage against these instruments is untested. Multiple venues now accept tokenised equities as collateral for margin and lending, and none has faced a forced liquidation cascade during a weekend when the underlying market was closed and no hedge was available. Published loan-to-value ratios and haircuts are sparse.
Whether participation converts into capital is the last one. Holders of tokenised stocks rose 167% in a month while distributed value rose 1.45%. Transfer volume of $29.5 billion against $2.54 billion of outstanding value describes a market where the same small pool of assets moves repeatedly, not one where new money is arriving at the rate the headlines imply. That will show up in average position size long before it shows up in a press release.
No consolidated venue covers tokenised equity venues and no best-execution obligation may discipline them. Until one exists, a quoted tokenised price is a venue observation rather than a valuation.
Disclaimer, Research and Educational Content
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