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Tokenized securities, explained

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1 Issue. Native: the token is the share. Wrapper: a custodian holds the share; the token is a claim on it. A wrapper is a claim on the share, not the share.

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2 Approve buyers. KYC, then the allowlist. Only KYC-checked investors.

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One shared ledger. Issuer / TA, KYC provider, identity registry, token contract, venue, oracle, wallet holder and cash issuer (stablecoin or tokenized deposit) all write to it. Everyone works from the same record.

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Rules travel with the token. Identity registry and compliance checks: an approved wallet receives, an unchecked wallet is refused. Permissioned tokens can refuse unchecked wallets.

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Always open. The ledger never closes. An always-on ledger doesn't make 24/7 trading automatic.

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One trade, end to end. Order: order book, RFQ or onchain pool.

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Match: onchain or offchain. The venue asks the oracle: open? Price fresh? Halted or stale: order rejected.

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Check: both wallets eligible. Both legs usually prefunded. That costs liquidity.

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Swap: token and cash swap at once. One transaction: both legs settle, or neither does.

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Record: balances update at once. Native: that's the register. Wrapped: reconcile the books.

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4 Pay holders: dividends, votes, redemptions.

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Adoption is early. Finality is a legal question. Reference information only. Not investment advice.