In plain English: In this model a tokenized share is the same share as the normal one. It trades on the same exchanges and only the record-keeping behind it changes.
In this model the security does not change: tokenized and traditional shares share one order book, priority, CUSIP, symbol and rights, and settle through DTC’s tokenization pilot (SEC Nasdaq approval). Components:
- DTC Tokenized Entitlements under the 11 Dec 2025 no-action letter (DTCC).
- Exchange rules: Nasdaq (approved 18 Mar 2026), NYSE. Contrast with the onchain-venue model (TSVs).
Sources
Public originals for the facts on this page.