# Ed’s Tokenized Securities Rails (all public pages) > Human-curated, LLM-maintained. Generated 2026-11-01; public data is a weekly snapshot as of 2026-10-26. CC BY 4.0. ======================================================================== # Ed’s Tokenized Securities Rails URL: https://edstokenizedsecuritiesrails.com/index description: A human-curated, LLM-maintained wiki on issuers, legal structures, custody, venues, settlement and regulation. type: home last_checked: 2026-11-01 # Ed’s Tokenized Securities Rails A human-curated, LLM-maintained, source-linked knowledge base on **tokenized securities infrastructure** Issuers, legal structures, custody, chains, venues, settlement and regulation. Every fact links to a source; unverified fields say `unknown`. - [Start with the overview](/overview) - [Try a starter prompt](/starter-prompts) - [Browse issuers, venues & infrastructure](/database) ## What is this wiki? A reference on how stocks and bonds move onto blockchains: who issues the tokens, what you legally own, where they trade, how they settle and which rules apply. It's reference information, updated weekly. What it isn't: a broker or investment advice. [![How tokenized securities work in four steps: issue, approve buyers, trade and settle, pay holders. Opens the overview](/diagrams/overview-desktop.svg)](/overview) *How it fits together, in one picture: [[overview|see the overview]].* ## Who is this for? - **Investors:** what a stock token really gives you, who can buy, the risks. Start with the [[overview|overview]] and the [[concepts/glossary|glossary]]. - **Capital-markets people:** how issuance, trading, settlement and custody map to the rails you know. Start with [[topics/settlement-and-matching|Settlement & matching]]. - **Crypto people:** the securities rules, issuers and venues behind tokenized stocks. Start with [[topics/rules-by-jurisdiction|Rules by jurisdiction]]. - **Software engineers and architects:** a design reference for building these systems, especially trading, with your AI coding agents. Start with [[build/index|Build with this wiki]]. - **AI agents:** machine-readable via [llms.txt](/llms.txt) ([[concepts/glossary#llmstxt|what's that?]]) and the [[agents|guide for AI agents]], with sources on every fact and stable page anchors. ## Why tokenize securities? - **Cash and asset swap in one step.** Both sides settle together or not at all ([ECB](https://www.ecb.europa.eu/press/key/date/2026/html/ecb.sp260826~3641116314.en.html)). - **Markets don't need to close.** Trades could clear in seconds, 24/7 ([BlackRock](https://www.blackrock.com/corporate/investor-relations/2025-larry-fink-annual-chairmans-letter)). - **Assets plug into other things,** such as collateral for futures and swaps ([CFTC](https://www.cftc.gov/PressRoom/PressReleases/9146-25)). - **It's already real:** about \$368B of repo settles daily on Broadridge's platform ([Broadridge](https://www.broadridge.com/press-release/2025/broadridge-distributed-ledger-repo-platform-november)), and about \$14.5B of tokenized Treasuries are held onchain ([rwa.xyz](https://app.rwa.xyz/treasuries)). The full case, and the catches, are in [[overview#why-tokenize-securities|the overview]]. ## Try it with your AI Point your AI assistant at this wiki and paste a prompt. More in [[starter-prompts|Starter prompts]]. ```text Read https://edstokenizedsecuritiesrails.com/llms-full.txt. Cite page URLs and say "unknown" rather than guess. Compare bStocks, xStocks and Robinhood Stock Tokens by legal structure, jurisdiction and who can buy. ``` ```text Read https://edstokenizedsecuritiesrails.com/llms-full.txt. Cite page URLs and say "unknown" rather than guess. How does Nasdaq's approved tokenized securities rule keep tokenized and traditional shares on the same order book? ``` ```text Read https://edstokenizedsecuritiesrails.com/llms-full.txt. Cite page URLs and say "unknown" rather than guess. Using /build/trading-reference-architecture, review my settlement flow and flag any way one leg could settle without the other. ``` ## How to use this wiki - **New to this?** [[overview|Overview]] → [[concepts/glossary|Glossary]] → [[topics/who-can-buy|Who can buy]] - **Looking up a company?** [[database|Issuer & platform database]] (23 entities) - **Following the rules?** [[topics/rules-by-jurisdiction|Rules by jurisdiction]] · [[concepts/innovation-exemption|Innovation Exemption (TSVs)]] · [[whats-changed|What changed, week by week]] - **Building something?** [[build/index|Build with this wiki]] · [[build/trading-reference-architecture|Reference architecture for trading]] - **Using an AI agent?** [[starter-prompts|Starter prompts]] · [[starter-prompts#prompts-for-coding-agents|Prompts for coding agents]] · [[agents|Guide for AI agents]] · [llms.txt](/llms.txt) · [llms-full.txt](/llms-full.txt) - **Going deeper?** Concepts: [[concepts/legal-taxonomy|Legal taxonomy]] · [[concepts/token-primitives|Token primitives]] · [[concepts/post-trade-reg-nms-model|Post-trade (Reg NMS) model]] · [[concepts/international|International]]. Standards: [[comparisons/implementations-by-model|Implementations by model]] · [[standards/erc-3643|ERC-3643]] · [[standards/erc-1400|ERC-1400]] · [[standards/solana-token-2022|Token-2022]] · [[standards/b20|B20]]. Topics: [[topics/legal-structures|Legal structures]] · [[topics/custody|Custody]] · [[topics/settlement-and-matching|Settlement & matching]] · [[topics/regulation|Regulation]] · [[topics/corporate-actions-and-dividends|Corporate actions & dividends]] ## Latest changes - [2026-10-31: IMF publishes the first official data on tokenized-stock trading](/changelog/2026-10-31-imf-gfsr-scaling-tokenization) - [2026-10-31: DTCC firm counts clarified](/changelog/2026-10-31-dtcc-firm-counts) - [2026-10-31: Bank of England consults on tokenised collateral at clearing houses](/changelog/2026-10-31-boe-tokenised-collateral-ccps) - [2026-10-30: All starter prompts on one page; database downloads](/changelog/2026-10-30-one-prompts-page-and-database-downloads) - [2026-10-30: 50 companies now object to OKXICE stock tokens](/changelog/2026-10-30-okxice-50-objectors) See [[whats-changed|What changed]] by week, or the full [[changelog/index|changelog]]. ## Get the weekly email A free weekly email on what changed in tokenized securities.

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*Reference information only. Not investment advice.* ======================================================================== # Tokenized securities: how it fits together URL: https://edstokenizedsecuritiesrails.com/overview description: How tokenized securities fit together (issuance, trading, settlement, custody, regulation), why tokenize, and what is new compared with traditional rails. type: overview last_checked: 2026-10-31
Explainer video (54 s, captions on): how tokenized securities work, from issuing a token to one trade, end to end.
*Video summary: a token is issued (native, or a wrapper that is a claim on a custodied share), only KYC-checked investors on the allowlist can buy, everyone works from one shared ledger, and a trade goes order, match, check, atomic swap, record. [Read the transcript (captions file)](/diagrams/explainer/edstsr-explainer.vtt) or see the [[#text-version-of-the-diagram|text version of the diagram]].* How tokenized securities work in four steps: issue, approve buyers, trade and settle, pay holders; plus native token versus wrapper *Terms in this diagram: [[concepts/glossary#native-token|native token]], [[concepts/glossary#wrapper|wrapper]], [[concepts/glossary#kyc|KYC]], [[concepts/glossary#atomic-settlement|atomic]], [[concepts/glossary#t1|T+1]], [[concepts/glossary#custodian|custodian]]. [See the detailed version](#the-full-picture)* ## What is a tokenized security? A tokenized security is an ordinary stock or bond whose ownership record lives on a shared digital ledger, so trading, settling and paying dividends can run automatically. ## Why tokenize securities? Today, buying a stock or bond goes through a chain of brokers, [[concepts/glossary#custodian|custodians]] and [[concepts/glossary#ccp|clearinghouses]]. Each one keeps its own records and has to reconcile them with the others, which is why settlement takes days and markets close at night. A token puts the asset and its ownership record on one shared ledger, so: - **Cash and asset swap in one step.** Both sides settle together or not at all ([ECB](https://www.ecb.europa.eu/press/key/date/2026/html/ecb.sp260826~3641116314.en.html)). - **Markets don't need to close.** Trades could clear in seconds, 24/7 ([BlackRock](https://www.blackrock.com/corporate/investor-relations/2025-larry-fink-annual-chairmans-letter)). - **Assets plug into other things.** Tokenized Treasuries can already be posted as collateral for futures and swaps ([CFTC](https://www.cftc.gov/PressRoom/PressReleases/9146-25)). - **More people get access.** You can own fractions, from anywhere. It's already real for big institutions, though two common numbers measure different things. About \$368B of repo trades *settle every day* on Broadridge's blockchain platform: that is a daily flow, with the same cash and bonds lent and repaid over and over ([Broadridge](https://www.broadridge.com/press-release/2025/broadridge-distributed-ledger-repo-platform-november)). Tokenized Treasuries *held* on blockchains total about \$14.5B as of Oct 2026: that is a stock of assets, like an account balance ([rwa.xyz](https://app.rwa.xyz/treasuries)). Most tokenized assets so far are bonds and [[concepts/glossary#money-market-fund|money market funds]] ([IOSCO](https://www.iosco.org/library/pubdocs/pdf/IOSCOPD809.pdf)). The IMF's October 2026 stability report puts the wider picture in one place. Public tokenized real-world assets, not counting repo, were about \$65B in July 2026, which is 0.2% of US Treasuries outstanding; tokenized stocks were only about \$2.3B, more than 70% of it from Ondo and xStocks. Over half of tokenized-stock trading happens when US markets are closed, about 80% of trades are smaller than one share, and prices still track the real share closely. The IMF says the risks to the system are limited for now, but 24/7 trading, collateral reuse and instant settlement could spread stress faster ([IMF GFSR Oct 2026, ch. 3](https://www.imf.org/-/media/files/publications/gfsr/2026/october/english/ch3.pdf), raw/164). Many stock tokens are wrappers: a third party holds the real share and gives you a token that tracks it, usually without a vote ([[overview#native-vs-wrapped|native vs wrapper]]). ## What's actually different from today's rails - **One shared record instead of many copies.** Today the official list of who owns a share sits with a [[concepts/glossary#transfer-agent|transfer agent]] or central depository, and every bank and broker in between keeps its own copy that has to be checked against the others. With tokens, everyone works from the same ledger, and the token balance can be the official record. The BIS says this joins "messaging, reconciliation and asset transfer into a single, seamless operation" ([BIS AER 2025, ch. III](https://www.bis.org/publ/arpdf/ar2025e3.htm)). A transfer agent often stays involved for regulatory reasons ([IOSCO](https://www.iosco.org/library/pubdocs/pdf/IOSCOPD809.pdf)). - **Cash and asset swap at the same moment.** If the payment is also a token on the same ledger, one transaction can move the security one way and the cash the other: both happen or neither does. This is called [[concepts/glossary#atomic-settlement|atomic]] [[concepts/glossary#dvp|delivery versus payment]] (DvP) ([BIS](https://www.bis.org/publ/arpdf/ar2025e3.htm)). The digital cash can be central bank money, tokenized bank deposits or [[concepts/glossary#stablecoin|stablecoins]] ([WEF 2025](https://www.weforum.org/publications/asset-tokenization-in-financial-markets-the-next-generation-of-value-exchange/)), and which one is used changes the risk ([FSB 2024](https://www.fsb.org/uploads/P221024-2.pdf)). More: [[topics/settlement-and-matching|Settlement & matching]]. - **The rules travel with the token.** Securities law still applies, so the token itself can refuse a transfer to a [[concepts/glossary#wallet|wallet]] that has not passed identity checks, and the issuer can freeze or recover tokens. ERC-3643 is one standard that works this way ([EIP-3643](https://eips.ethereum.org/EIPS/eip-3643)). See [[standards/erc-3643|ERC-3643]], [[standards/erc-1400|ERC-1400]], [[standards/solana-token-2022|Token-2022]]. - **Always open, and reusable.** The ledger never closes, and the same token can be plugged into other uses such as collateral or lending ([IOSCO](https://www.iosco.org/library/pubdocs/pdf/IOSCOPD809.pdf)). The flip side is that tightly linked systems can pass problems along; WEF flags the risk of "limitless composability" ([WEF](https://www.weforum.org/publications/asset-tokenization-in-financial-markets-the-next-generation-of-value-exchange/)). ## Native vs wrapped There are two ways to put a share on a ledger, and which one you hold decides what you actually own. - **Native: the token is the share.** The company, or its transfer agent, issues the security on the ledger, and your token balance is the official ownership record ([IOSCO](https://www.iosco.org/library/pubdocs/pdf/IOSCOPD809.pdf); [SEC staff, 28 Jan 2026](https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826-statement-tokenized-securities)). Examples: [[issuers/superstate-opening-bell|Superstate Opening Bell]], [[issuers/securitize|Securitize]] transfer-agent issuances. - **Wrapper: a claim on a share.** The real share stays with a custodian or broker in the traditional system, and a third party issues a token that tracks it. SEC staff split wrappers into custodial ones (a claim on the held share) and [[concepts/glossary#synthetic-wrapper|synthetic]] ones (a separate contract, such as a note or swap) ([SEC staff](https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826-statement-tokenized-securities)). Someone has to keep the number of tokens matched to the shares held, and you can only swap back through the issuer ([WEF](https://www.weforum.org/publications/asset-tokenization-in-financial-markets-the-next-generation-of-value-exchange/)). > **Downsides of holding a wrapper.** > - You own a claim on a firm that holds the share, not the share itself. > - Usually no voting rights ([SEC staff](https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826-statement-tokenized-securities)). > - You rely on that firm to keep the share safe and to [[concepts/glossary#redeem|redeem]] it ([WEF](https://www.weforum.org/publications/asset-tokenization-in-financial-markets-the-next-generation-of-value-exchange/)). If it fails, you can lose money even if the company behind the share is fine: Robinhood warns its EU stock-token buyers they could lose up to their full investment if Robinhood becomes insolvent ([Robinhood EU](https://robinhood.com/eu/en/support/articles/stock-tokens-faq/)). > - The token can trade at a different price from the share. > - The company behind the share may not have agreed: 50 companies had objected to tokens of their shares on OKXICE by 30 Oct 2026 ([[platforms-venues/okxice-tsv#issuer-objections|OKXICE objections]]). The legal wrapper decides what the holder actually owns. More: [[concepts/legal-taxonomy|Legal taxonomy]], [[topics/legal-structures|Legal structures]] and [[comparisons/implementations-by-model|implementations by model]]. ## The full picture The same four steps in detail: who does what at each step, the traditional role each part replaces, and how native and wrapped tokens differ. Detailed diagram of how tokenized securities work. 1 Issue: the issuer and transfer agent create a security token on a shared 24/7 ledger. 2 Approve buyers: an identity allowlist means only KYC'd wallets can hold it. 3 Trade + settle: 3a Match on a trading venue (order book, RFQ or an onchain pool, also called an AMM or automated market maker); 3b Check the wallet allowlist and pre-funded legs; 3c Settle by atomic DvP, swapping the security token for a cash token in one transaction; 3d Record balances and update the register. 4 Pay holders: dividends, votes and redemptions go to investor wallets. A side panel contrasts native tokens (the token is the register) with wrapped tokens (a 1:1 claim on a share held by a custodian). *Terms in this diagram: [[concepts/glossary#transfer-agent|transfer agent]], [[concepts/glossary#allowlist|allowlist]], [[concepts/glossary#kyc|KYC]], [[concepts/glossary#ats|ATS]], [[concepts/glossary#rfq|RFQ]], [[concepts/glossary#amm-automated-market-maker|onchain pool (AMM)]], [[concepts/glossary#smart-contract|smart contract]], [[concepts/glossary#prefunding|pre-funded]], [[concepts/glossary#netting|netting]], [[concepts/glossary#atomic-settlement|atomic]], [[concepts/glossary#dvp|DvP]], [[concepts/glossary#stablecoin|stablecoin]], [[concepts/glossary#tokenized-deposit|tokenized deposit]], [[concepts/glossary#t1|T+1]], [[concepts/glossary#ccp|CCP]], [[concepts/glossary#csd|CSD]], [[concepts/glossary#composability|composable]], [[concepts/glossary#custodian|custodian]], [[concepts/glossary#native-token|native]], [[concepts/glossary#wrapper|wrapped]].* ## The four steps in the diagram 1. **Issue.** The issuer, or its transfer agent, creates tokens and keeps them in sync with the official register. For wrappers, a custodian holds the underlying shares. 2. **Approve buyers.** Investors are checked once ([[concepts/glossary#kyc|KYC]]) and their wallets are added to an [[concepts/glossary#allowlist|allowlist]], and every transfer checks the list. This replaces part of what opening an account does today. See [[topics/who-can-buy|Who can buy]]. 3. **Trade + settle.** This is where tokenized rails differ most from today's, so it is broken into four parts below. 4. **Pay holders.** Dividends, splits, votes and redemptions run through the token contract or the issuer's agent. See [[topics/corporate-actions-and-dividends|Corporate actions & dividends]] and [[concepts/token-primitives|Token primitives]]. ## Inside step 3: trade and settle Tokenized securities, explained. One shared ledger: issuer / TA, KYC provider, identity registry, token contract, venue, oracle, wallet holder and cash issuer (stablecoin or tokenized deposit) all connect to it; everyone works from the same record. One trade, end to end. Order: an investor's wallet sends an order to a venue: order book, RFQ or onchain pool. Match: onchain or offchain match; the venue asks the oracle: open? Price fresh? Halted or stale: order rejected. Check: seller (token) and buyer (cash) wallets are both checked against the allowlist: both wallets eligible. Both legs usually prefunded. That costs liquidity. Swap: token and cash swap at once inside a locked contract between seller and buyer. One transaction: both legs settle, or neither does. Record: the ledger updates the register and the register reconciles with the ledger. Balances update at once. Native: that's the register. Wrapped: reconcile the books. Reference information only. Not investment advice. *Illustrated: the shared ledger and one trade, end to end. Tap the image for full size.* - **3a Match.** Orders still meet on a familiar venue, such as an exchange or [[concepts/glossary#ats|ATS]] order book or a broker's [[concepts/glossary#rfq|RFQ]], or in an [[concepts/glossary#amm-automated-market-maker|onchain pool]] or AMM, as in [[infrastructure/uniswap-permissioned-pools|permissioned pools]] and the [[concepts/innovation-exemption|onchain-venue (TSV) model]]. Matching can happen off-chain with only settlement on the ledger, or entirely on-chain. Several US models keep the traditional book and tokenize post-trade only: see the [[concepts/post-trade-reg-nms-model|post-trade / Reg NMS model]] and the [[infrastructure/dtcc-tokenization-pilot|DTC tokenization pilot]]. - **3b Check (pre-trade).** The token contract checks that the receiving wallet is eligible ([EIP-3643](https://eips.ethereum.org/EIPS/eip-3643)). Because on-ledger settlement is usually trade by trade (gross), both legs typically have to be in place up front. Projects that "eliminate principal counterparty risk" do so by requiring "high levels of liquidity, often through [[concepts/glossary#prefunding|prefunding]] on a platform" ([FSB 2024](https://www.fsb.org/uploads/P221024-2.pdf)), rather than the [[concepts/glossary#netting|netting]] and credit that today's CCPs and brokers provide. - **3c Settle.** A [[concepts/glossary#smart-contract|smart contract]] swaps the security token for the cash token in one transaction, so both legs settle or neither does ([BIS](https://www.bis.org/publ/arpdf/ar2025e3.htm)). IOSCO describes a range of settlement models. At one end the ledger is only shared books and records, and [[concepts/glossary#settlement-finality|settlement finality]] "remain[s] with the [[concepts/glossary#csd|CSD]]". At the other is DLT-native settlement, with assets and settlement instruments on the same ledger or linked ones ([IOSCO](https://www.iosco.org/library/pubdocs/pdf/IOSCOPD809.pdf)). Finality is still a legal question, not just a technical one: final settlement "is a legally defined moment" ([FSB](https://www.fsb.org/uploads/P221024-2.pdf)). - **3d Record (post-trade).** Wallet balances update at once. For [[concepts/glossary#native-token|native tokens]] that is the register update. For wrapped tokens, or where a transfer agent keeps the official register, the books must still be updated or reconciled against the ledger ([WEF](https://www.weforum.org/publications/asset-tokenization-in-financial-markets-the-next-generation-of-value-exchange/); [IOSCO](https://www.iosco.org/library/pubdocs/pdf/IOSCOPD809.pdf)). Regulatory reporting still applies. **Trade-offs.** - **Pre-funding.** It removes settlement exposure but costs liquidity. The FSB warns that higher prefunding needs at scale could weaken resilience to liquidity shocks ([FSB](https://www.fsb.org/uploads/P221024-2.pdf)). IOSCO notes that CCP functions such as netting could in time be encoded in smart contracts ([IOSCO](https://www.iosco.org/library/pubdocs/pdf/IOSCOPD809.pdf)). - **Market hours.** An always-on ledger does not make 24/7 trading automatic. WEF calls always-on infrastructure "a design choice dependent on market demand, risk tolerance and technology" ([WEF](https://www.weforum.org/publications/asset-tokenization-in-financial-markets-the-next-generation-of-value-exchange/)). - **Cash leg.** The choice of cash token matters. The CPMI-IOSCO principles favour central bank money where practical and available, as cited by [WEF](https://www.weforum.org/publications/asset-tokenization-in-financial-markets-the-next-generation-of-value-exchange/). ## Mapping to familiar roles | TradFi role | Tokenized equivalent | |---|---| | Registrar / transfer agent / CSD | Token contract (native) or custodian plus token (wrapped); transfer agent often remains ([IOSCO](https://www.iosco.org/library/pubdocs/pdf/IOSCOPD809.pdf)) | | Account opening / KYC | Identity registry and allowlist ([EIP-3643](https://eips.ethereum.org/EIPS/eip-3643)) | | Exchange / ATS / broker | Same roles, or an onchain venue | | CCP netting + T+1 settlement via CSD | Pre-funded, trade-by-trade atomic DvP on the ledger ([FSB](https://www.fsb.org/uploads/P221024-2.pdf)) | | Cash in bank or central bank accounts | Tokenized deposits, wholesale CBDC or stablecoins ([WEF](https://www.weforum.org/publications/asset-tokenization-in-financial-markets-the-next-generation-of-value-exchange/)) | | Brokerage account | Custodial or self-held wallet ([[topics/custody|Custody]]) | ## Formal definitions CPMI: "the process of generating and recording a digital representation of traditional assets on a programmable platform" ([CPMI 2024](https://www.bis.org/cpmi/publ/d225.htm)). IOSCO: the "creation, issuance, or representation of assets on a digital token ledger or a programmable platform" ([IOSCO 2025](https://www.iosco.org/library/pubdocs/pdf/IOSCOPD809.pdf)). ## Where it stands Adoption is real but early. IOSCO finds it "incipient and incremental," led by fixed income and money market funds (see the [[comparisons/buidl-precedent|BUIDL precedent]]). A lack of cross-chain interoperability and of credible settlement assets limits scale, and many participants still use traditional trading and post-trade infrastructure ([IOSCO](https://www.iosco.org/library/pubdocs/pdf/IOSCOPD809.pdf)). The FSB sees no material stability risk at today's small scale. It names liquidity and maturity mismatch, leverage, asset quality, interconnectedness and operational fragility as the vulnerabilities to watch ([FSB](https://www.fsb.org/uploads/P221024-2.pdf)). The BIS argues for a "unified ledger" with tokenised central bank reserves, commercial bank money and government bonds at its centre ([BIS](https://www.bis.org/publ/arpdf/ar2025e3.htm)). Regulators broadly apply "same activities, same risks, same regulatory outcomes" ([IOSCO](https://www.iosco.org/library/pubdocs/pdf/IOSCOPD809.pdf)). For the US and EU specifics, see [[topics/regulation|Regulation]] and [[concepts/international|International]]. ## Text version of the diagram ```mermaid flowchart LR S1[1 Issue: company or agent creates tokens on a shared ledger] --> S2[2 Approve buyers: only KYC-checked wallets can hold] S2 --> S3[3 Trade + settle: 3a match, 3b check wallet, 3c token and cash swap at once, 3d record] S3 --> S4[4 Pay holders: dividends, votes, redemptions] N[Native: the token is the share] -.- S1 W[Wrapper: a third party holds the share; the token is a claim on it] -.- S1 ``` *Reference information only. Not investment advice.* ## Sources Public originals for the facts on this page. - - - - - - - - - - - - - - - - - ======================================================================== # Guide for AI agents URL: https://edstokenizedsecuritiesrails.com/agents description: How AI agents should read, query and cite this wiki on the live site. last_checked: 2026-11-01 Ed’s Tokenized Securities Rails is a human-curated, LLM-maintained, source-linked knowledge base on tokenized securities infrastructure. This page is for AI agents reading the live site. Working from a clone of the repo? Read [AGENTS.md](https://github.com/edyavno/edstokenizedsecuritiesrails/blob/main/AGENTS.md) instead. ## Fast ways in - [`https://edstokenizedsecuritiesrails.com/llms.txt`](https://edstokenizedsecuritiesrails.com/llms.txt): one line per page with a short summary. - [`https://edstokenizedsecuritiesrails.com/llms-full.txt`](https://edstokenizedsecuritiesrails.com/llms-full.txt): every page in one plain-text file. - [[starter-prompts|Starter prompts]]: example questions this wiki can answer, plus [[starter-prompts#prompts-for-coding-agents|prompts for coding agents]]. ## URL patterns | URL | What it holds | |---|---| | `https://edstokenizedsecuritiesrails.com/issuers/` | Companies that issue tokenized securities or stock tokens | | `https://edstokenizedsecuritiesrails.com/platforms-venues/` | Exchanges, trading venues and exchange rule filings | | `https://edstokenizedsecuritiesrails.com/infrastructure/` | Settlement, oracle, DeFi and tokenization infrastructure | | `https://edstokenizedsecuritiesrails.com/standards/` | Token standards (ERC-3643, ERC-1400, Token-2022, B20) | | `https://edstokenizedsecuritiesrails.com/concepts/` | Legal and market-structure concepts | | `https://edstokenizedsecuritiesrails.com/topics/` | Cross-cutting explainers (custody, settlement, regulation, ...) | | `https://edstokenizedsecuritiesrails.com/comparisons/` | Side-by-side comparisons of models and precedents | | `https://edstokenizedsecuritiesrails.com/build/` | For engineers: reference architecture and how to build with this wiki | | `https://edstokenizedsecuritiesrails.com/changelog/` | Dated change entries | | `https://edstokenizedsecuritiesrails.com/overview` | How the pieces fit together, with a diagram | | `https://edstokenizedsecuritiesrails.com/database` | One table of all issuers, venues and infrastructure | | `https://edstokenizedsecuritiesrails.com/whats-changed` | Weekly headlines with what each change means for holders | Folder URLs (e.g. `https://edstokenizedsecuritiesrails.com/issuers/`) list their pages. Entity pages open with an **At a glance** box (type, jurisdiction, chain, status, last updated) and end with **Sources**. `unknown` means not yet verified from a public source. ## Freshness The site updates weekly, as of each Monday 00:00 ET; [[whats-changed|What changed]] lists changes by week. Check each page's *last updated* date and confirm time-sensitive facts against the linked source. ## How to cite - Cite the page URL and its last-updated (`last_checked`) date, e.g. "Ed’s Tokenized Securities Rails, *Dinari dShares*, https://edstokenizedsecuritiesrails.com/issuers/dinari (last updated 2026-10-17)". - Link to a heading for a specific point. Headings are stable anchors: lowercase, spaces become hyphens, e.g. `https://edstokenizedsecuritiesrails.com/build/trading-reference-architecture#key-rules` or `https://edstokenizedsecuritiesrails.com/concepts/glossary#dvp`. - For a specific fact, cite the original source linked on the page (regulator, filing, standard, issuer docs), not only the wiki. - If the page says `unknown`, report it as unknown; do not fill it in from elsewhere. - Changelog entries marked *unconfirmed, news report only* are single news reports; say so when you use them. ## Every page has - A clear `title`, a one-line `description` and a `last_checked` date in its YAML frontmatter. - Plain markdown with inline source links and a **Sources** section. ## Engineers and coding agents See [[build/index|Build with this wiki]] and the [[build/trading-reference-architecture|reference architecture for trading]]. ## Licence Content is CC BY 4.0: free to reuse and adapt, including commercially, with credit to "Edward Yavno, Ed's Tokenized Securities Rails". Code (Quartz, site config and tooling) is MIT. Reference information only; not investment advice. ======================================================================== # Starter prompts URL: https://edstokenizedsecuritiesrails.com/starter-prompts description: Copy-paste prompts for AI assistants: research questions answerable from this wiki, then prompts for AI coding agents building tokenized-securities systems. type: hub last_checked: 2026-10-30 Copy a prompt into your AI assistant. Research prompts come first; [[#prompts-for-coding-agents|prompts for coding agents]] are further down. ## Research prompts Each one is answerable from this wiki alone. **Building software?** Jump to [[#prompts-for-coding-agents|Prompts for coding agents]]. ### Start every session with ```text Read https://edstokenizedsecuritiesrails.com/llms-full.txt (or clone the site repo). Cite page URLs and last-updated dates, and say "unknown" rather than guess. ``` ### Structures and rights ```text Which issuers offer native shares on the issuer's register, and which offer wrapped or derivative tokens? Cite the page for each. ``` ```text Compare bStocks, xStocks and Robinhood Stock Tokens by legal structure, jurisdiction and who can buy. ``` ```text What rights does a holder of a Dinari dShare have compared with a Superstate Opening Bell holder? ``` ### Venues and settlement ```text How does Nasdaq's approved tokenized securities rule keep tokenized and traditional shares on the same order book? ``` ```text What does the DTC no-action letter allow, and which venue rules reference the DTC pilot? ``` ```text Summarize the OKXICE TSV design under the Innovation Exemption: access, pairs and custody. ``` ### Standards and infrastructure ```text Compare ERC-3643, ERC-1400 and Solana Token-2022 on how they enforce transfer restrictions. ``` ```text How do Chainlink tokenized equity feeds handle stock splits and multipliers? ``` ```text How do Uniswap v4 permissioned pools enforce issuer allowlists? ``` ### Regulation and markets ```text Which entities are US-regulated versus offered only outside the US? Build a table with jurisdiction and status. ``` ```text What does the SEC staff statement on tokenized securities say about issuer-sponsored versus third-party tokens? ``` ```text How are dividends and corporate actions handled across issuers? Note any that are `unknown`. ``` ### Tips - Ask the agent to cite page URLs and `last_checked` dates, and to say `unknown` rather than guess. - The site updates weekly; check the linked sources for anything time-sensitive. ## Prompts for coding agents Copy-paste prompts for AI coding agents building tokenized-securities systems. Each tells the agent to cite pages of this wiki. See also [[build/index|Build with this wiki]]. *In plain English: ready-made prompts for AI coding agents. Each tells the agent to read this wiki first and cite the pages it relies on. A design reference, not legal advice.* ### Start every session with ```text Read https://edstokenizedsecuritiesrails.com/llms.txt and /build/ before answering. Cite wiki page URLs with headings and last-updated dates, cite the original source for any rule, and say "unknown" rather than guess. ``` ### Design **Permissioned onchain pool under the SEC exemption** ```text Design a permissioned AMM pool for tokenized US stocks that meets the SEC Innovation Exemption venue conditions (credentialed participants, issuer notice and objection, public contracts, halt mirroring, tier caps). Use /concepts/innovation-exemption and /build/trading-reference-architecture. For each condition, name the component that enforces it and cite the SEC order. ``` **End-to-end trading system** ```text Using /build/trading-reference-architecture, propose an architecture for [my use case]. Choose onchain vs hybrid matching, the cash leg, native vs wrapper and the chain, and justify each choice with cited pages. ``` ### Implement **ERC-3643 compliance module** ```text Add an ERC-3643 compliance module that limits [rule, e.g. holders per country]. Follow /standards/erc-3643. Implement canTransfer, transferred, created and destroyed, and write property tests for key rule 1 (only allowlisted wallets receive the token) in /build/trading-reference-architecture#key-rules. ``` **Multiplier handling** ```text Make my integration multiplier-safe for stock tokens. Use /topics/corporate-actions-and-dividends: store raw amounts, display raw x multiplier, and handle scheduled updates. Add a test that a split does not change any holder's economic position. ``` **Halt controller** ```text Implement a halt controller that pauses a pool when the primary exchange halts a symbol. Use /build/trading-reference-architecture#key-rules (rule 3) and cite the SEC order's stoppage-of-trading condition. ``` ### Review **Settlement flow review** ```text Review this settlement flow against /topics/settlement-and-matching and /build/trading-reference-architecture#key-rules. List every way a leg could settle without the other, and what prefunding it needs. ``` **Mint/redeem review** ```text Review my mint and redeem service against /build/trading-reference-architecture (mint/redeem and reconciliation). Check that token supply matches the real shares held on every chain I deploy to. ``` **Key risk review** ```text List every admin key in my design and what it can do, using /topics/custody and /standards/erc-3643. Flag any single key that can move investor tokens. ``` ======================================================================== # Build with this wiki URL: https://edstokenizedsecuritiesrails.com/build/index description: How engineers and their AI coding agents can use this wiki as a design reference for tokenized-stock trading systems, starting with the trading reference architecture. type: build last_checked: 2026-10-30 *In plain English: for software engineers, architects and their AI coding agents. An overview for now; pages will be added as the roadmap ships.* ## Start here [[build/trading-reference-architecture|Reference architecture for trading tokenized securities]]: how one trade flows on tokenized rails, from [[concepts/glossary#allowlist|allowlisting]] through [[concepts/glossary#atomic-settlement|atomic settlement]] to the register. Built from public documents; a design reference, not legal advice. ## Point your coding agent here - [llms.txt](/llms.txt) ([[concepts/glossary#llmstxt|what's that?]]) for a page index, [llms-full.txt](/llms-full.txt) for everything in one file, and the [guide for AI agents](/agents) for how to cite. - Ask it to cite the wiki page and the original source (SEC order, EIP), and to say "unknown" rather than guess. ## Prompts for your coding agent Copy-paste prompts for design, implementation and review are in [[starter-prompts#prompts-for-coding-agents|Prompts for coding agents]]. ## Related [[overview|Overview]] · [[topics/settlement-and-matching|Settlement & matching]] · [[concepts/token-primitives|Token primitives]] · [[concepts/glossary|Glossary]] ## Sources Public originals for the facts on this page. - - - ======================================================================== # Glossary URL: https://edstokenizedsecuritiesrails.com/concepts/glossary description: Plain-English definitions of the jargon used on this wiki, from allowlist to wrapper. type: concept last_checked: 2026-10-30 *In plain English: short definitions of the terms this wiki uses, A to Z. Each one links to a source and to the pages that go deeper.* New to all of this? Start with the [[overview|overview]], then come back here when a word trips you up. Reference information only, not investment advice. Jump to: [A](#a) · [B](#b) · [C](#c) · [D](#d) · [E](#e) · [F](#f) · [H](#h) · [I](#i) · [K](#k) · [L](#l) · [M](#m) · [N](#n) · [O](#o) · [P](#p) · [R](#r) · [S](#s) · [T](#t) · [U](#u) · [W](#w) ## A ### Admin keys Keys that control privileged token functions, such as pausing, freezing a wallet, forcing a transfer or upgrading the contract. Who holds them, and how they are protected, is a core custody and governance question. ([EIP-3643](https://eips.ethereum.org/EIPS/eip-3643)) *Related:* [[standards/erc-3643|ERC-3643 (T-REX)]] · [[build/trading-reference-architecture|Reference architecture for trading]] ### Allowlist A list of approved wallet addresses. A permissioned token only moves to wallets on the list, which is how identity checks are enforced onchain. ([EIP-3643](https://eips.ethereum.org/EIPS/eip-3643)) *Related:* [[standards/erc-3643|ERC-3643 (T-REX)]] · [[topics/who-can-buy|Who can buy]] ### AMM (automated market maker) An onchain pool, also called a liquidity pool: a smart contract that holds two assets and sets prices by a formula, so traders swap against the pool instead of being matched with a buyer or seller. ([BIS CPMI](https://www.bis.org/cpmi/publ/d225.htm)) *Related:* [[infrastructure/uniswap-permissioned-pools|Uniswap v4 permissioned pools]] · [[concepts/innovation-exemption|Innovation Exemption and the onchain-venue (TSV) model]] · [[platforms-venues/okxice-tsv|OKXICE TSV]] ### Atomic settlement Both sides of a trade settle in one indivisible step: either everything moves or nothing does. Atomic DvP is the common case. ([BIS](https://www.bis.org/publ/arpdf/ar2025e3.htm)) *Related:* [[topics/settlement-and-matching|Settlement & matching]] ### ATS An alternative trading system: an SEC-regulated venue run by a broker-dealer that matches orders but is not a full stock exchange. ([Figure](https://investors.figure.com/news-releases/news-release-details/figure-announces-chain-public-equity-network-open-running)) *Related:* [[issuers/figure-open|Figure OPEN]] ### Authorized Participant A large firm, usually a market maker, allowed to create (mint) and redeem tokens directly with the issuer. Ordinary holders buy and sell on the market instead. ([Base docs](https://docs.base.org/build-on-base/integrate-defi/list-tokenized-stocks)) *Related:* [[standards/b20|Coinbase B20]] · [[issuers/coinbase-tokenized-stocks|Coinbase Tokenized Stocks]] ## B ### B20 The token standard on Base that Coinbase's tokenized stocks use. ([Base](https://blog.base.org/tokenized-stocks)) *Related:* [[standards/b20|Coinbase B20]] ### Bankruptcy-remote Set up so that if the parent company fails, its creditors cannot reach the assets held for token holders. ([Coinbase](https://www.coinbase.com/tokenize)) *Related:* [[topics/custody|Custody]] ### Base A layer 2 blockchain built on Ethereum and run by Coinbase. ([Base docs](https://docs.base.org/build-on-base/integrate-defi/list-tokenized-stocks)) *Related:* [[standards/b20|Coinbase B20]] · [[issuers/coinbase-tokenized-stocks|Coinbase Tokenized Stocks]] ### Broker-dealer A firm registered with the SEC to buy and sell securities for customers (broker) or for itself (dealer). Most people buy stocks through one. ([Ondo docs](https://docs.ondo.finance/ondo-stocks/legal-and-regulatory)) *Related:* [[topics/custody|Custody]] ## C ### Canton A permissioned blockchain network built for financial institutions, with privacy between parties. [[platforms-venues/tsv-llc|TSV LLC]] plans to run its tokenized stock venue on Canton ([TSV LLC](https://www.tokenizedstockvenue.com/notice.html)), and DTCC's Tokenization Service runs on it, with CIP-56 as the token standard ([DTCC tear sheet](https://dtcclearning.com/documents/dtcc-digital-assets/digital-asset-solutions/tokenization-service/5699-dtcc-tokenization-service-product-tear-sheet-and-high-level-roadmap/file.html)). *Related:* [[concepts/innovation-exemption|Innovation Exemption]] ### CIP-56 The token standard DTCC's Tokenization Service uses on the Canton Network (it uses ERC-20 on its private Besu network). ([DTCC tear sheet](https://dtcclearning.com/documents/dtcc-digital-assets/digital-asset-solutions/tokenization-service/5699-dtcc-tokenization-service-product-tear-sheet-and-high-level-roadmap/file.html)) *Related:* [[infrastructure/dtcc-tokenization-pilot|DTCC Tokenization Service]] ### CCP A central counterparty, or clearinghouse. It steps between buyer and seller so each side faces it instead of each other, and nets trades to reduce how much cash and stock must move. ([FSB 2024](https://www.fsb.org/uploads/P221024-2.pdf)) *Related:* [[topics/settlement-and-matching|Settlement & matching]] ### Cede & Co. DTC's nominee. For most US shares held through brokers, it is the holder on the company's register. ([Securitize letter](https://www.sec.gov/comments/SR-DTC-2026-012/srdtc2026012-1108719-3924407.pdf)) *Related:* [[infrastructure/dtcc-tokenization-pilot|DTCC / DTC tokenization pilot]] · [[concepts/glossary#street-name|Street name]] ### Compliance hook Code that runs on every token transfer or swap and can block it if a rule fails, such as an unverified receiver. Examples: the ERC-3643 compliance contract, Solana transfer hooks and Uniswap v4 permissioned-pool hooks. ([EIP-3643](https://eips.ethereum.org/EIPS/eip-3643); [Uniswap](https://developers.uniswap.org/docs/protocols/v4-hooks/permissioned-pools/architecture)) *Related:* [[build/trading-reference-architecture|Reference architecture for trading]] · [[standards/erc-3643|ERC-3643]] ### Composability Tokens on the same chain can plug into other apps, for example being posted as loan collateral, without special integration work. ([WEF 2025](https://www.weforum.org/publications/asset-tokenization-in-financial-markets-the-next-generation-of-value-exchange/)) *Related:* [[overview|Tokenized securities: how it fits together]] ### Corporate action An event the issuer causes that changes what a shareholder holds or gets: dividends, splits, mergers, votes. Wrapped stock tokens often handle them with a multiplier. ([xStocks](https://docs.xstocks.fi/developers/multipliers)) *Related:* [[build/trading-reference-architecture|Reference architecture for trading]] ### CSD A central securities depository: the institution that holds securities centrally and records who owns them at the top level. In the US that is DTC. ([FSB 2024](https://www.fsb.org/uploads/P221024-2.pdf)) *Related:* [[infrastructure/dtcc-tokenization-pilot|DTCC / DTC tokenization pilot]] ### CUSIP The 9-character ID code for a US security, like a serial number for a stock or bond. DTC-tokenized securities keep the same CUSIP as the book-entry security. ([SEC Nasdaq approval](https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105047.pdf); [DTCC tear sheet](https://dtcclearning.com/documents/dtcc-digital-assets/digital-asset-solutions/tokenization-service/5699-dtcc-tokenization-service-product-tear-sheet-and-high-level-roadmap/file.html)) *Related:* [[concepts/post-trade-reg-nms-model|Post-trade / Reg NMS-inside model]] ### Custodial wrapper A token backed one-for-one by a real share held at a custodian. You own a claim on that share, not the share itself. ([SEC staff statement](https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826-statement-tokenized-securities)) *Related:* [[concepts/legal-taxonomy|Legal taxonomy of tokenized securities]] · [[topics/legal-structures|Legal structures]] ### Custodian A regulated firm that holds assets for someone else. For wrapped tokens, the custodian holds the real shares behind the tokens. ([IOSCO](https://www.iosco.org/library/pubdocs/pdf/IOSCOPD809.pdf)) *Related:* [[topics/custody|Custody]] ## D ### Digital Securities Sandbox A UK Bank of England and FCA sandbox, running until January 2029, where firms can issue, trade and settle securities, native or tokenised, on new technology. ([Bank of England](https://www.bankofengland.co.uk/financial-stability/digital-securities-sandbox)) *Related:* [[topics/rules-by-jurisdiction|Rules by jurisdiction]] ### Direct Registration System (DRS) DTC's system for moving shares between its nominee [[concepts/glossary#cede-co|Cede & Co.]] and the holder's own name on the issuer's books, kept by the [[concepts/glossary#transfer-agent|transfer agent]]. DTC has proposed cutting its processing "from days to minutes". ([SEC notice](https://www.federalregister.gov/documents/2026/10/05/2026-20301/self-regulatory-organizations-the-depository-trust-company-notice-of-filing-of-proposed-rule-change)) *Related:* [[infrastructure/dtcc-tokenization-pilot|DTCC / DTC tokenization pilot]] · [[issuers/securitize|Securitize]] ### DLT Distributed ledger technology: a shared database copied across many computers. Blockchains are one type. ([IOSCO](https://www.iosco.org/library/pubdocs/pdf/IOSCOPD809.pdf)) *Related:* [[overview|Tokenized securities: how it fits together]] ### DLT Pilot Regime An EU framework that lets approved market infrastructures trade and settle tokenized securities on DLT with some rules relaxed. ([ESMA](https://www.esma.europa.eu/sites/default/files/2025-06/ESMA75-117376770-460_Report_on_the_functioning_and_review_of_the_DLTR_-_Art.14.pdf)) *Related:* [[topics/rules-by-jurisdiction|Rules by jurisdiction]] · [[concepts/international|International regimes]] ### DTC The Depository Trust Company, the US central securities depository. It runs a tokenization pilot under an SEC no-action letter. ([SEC Nasdaq approval](https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105047.pdf)) *Related:* [[infrastructure/dtcc-tokenization-pilot|DTCC / DTC tokenization pilot]] ### DTCC The Depository Trust & Clearing Corporation, parent of DTC. It provides clearing and settlement for most US stock trades. ([DTCC](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf)) *Related:* [[infrastructure/dtcc-tokenization-pilot|DTCC / DTC tokenization pilot]] ### DWAC Deposit/Withdrawal at Custodian: a DTC process for moving shares in and out of DTC through the transfer agent. Securitize asked DTC to modernize it alongside DRS. ([Securitize letter](https://www.sec.gov/comments/SR-DTC-2026-012/srdtc2026012-1108719-3924407.pdf)) *Related:* [[concepts/glossary#direct-registration-system-drs|Direct Registration System (DRS)]] ### DvP Delivery versus payment: the security is delivered only if the payment is made. Onchain, both legs can move in one transaction (atomic DvP). ([BIS](https://www.bis.org/publ/arpdf/ar2025e3.htm)) *Related:* [[topics/settlement-and-matching|Settlement & matching]] ## E ### Entitlement token A token that is a [[concepts/glossary#security-entitlement|security entitlement]] to a share held by a broker or custodian, backed 1:1. Securitize's version is a convertible entitlement token (CET): when the company adopts issuer-sponsored tokenization, holders can convert it into a share recorded on the company's register. ([Securitize](https://www.prnewswire.com/news-releases/securitize-launches-global-onchain-trading-of-us-stocks-with-security-entitlements-302902107.html)) *Related:* [[issuers/securitize|Securitize]] · [[concepts/issuer-sponsored-token-coalition|Issuer Sponsored Token Coalition]] ### ERC-1400 A draft Ethereum standard suite for security tokens, with transfer checks, documents and forced transfers. ([Spec](https://github.com/SecurityTokenStandard/EIP-Spec/blob/master/eip/eip-1400.md)) *Related:* [[standards/erc-1400|ERC-1400 / ERC-1410]] ### ERC-20 The basic Ethereum token standard. Most tokens, including many stock tokens, follow it or extend it. ([Ondo docs](https://docs.ondo.finance/ondo-stocks/overview)) *Related:* [[concepts/token-primitives|Token primitives]] ### ERC-3643 An Ethereum standard for permissioned tokens: a transfer only goes through if both wallets pass identity and compliance checks. ([EIP-3643](https://eips.ethereum.org/EIPS/eip-3643)) *Related:* [[standards/erc-3643|ERC-3643 (T-REX)]] ### ETF An exchange-traded fund: a fund whose shares trade on an exchange like a stock. ([PR Newswire](https://www.prnewswire.com/news-releases/backeds-xstocks-go-live-today-on-bybit-kraken-and-solana-defi-302494374.html)) *Related:* [[issuers/xstocks-backed|xStocks (Backed)]] ### Ethereum A public blockchain that runs smart contracts. Many token standards (ERC-20, ERC-3643) were written for it. ([EIP-3643](https://eips.ethereum.org/EIPS/eip-3643)) *Related:* [[concepts/token-primitives|Token primitives]] ### Exemptive relief Permission from the SEC to do something an existing rule would otherwise forbid, usually with conditions. ([WisdomTree](https://ir.wisdomtree.com/news-events/press-releases/detail/777/wisdomtree-to-launch-247-trading-and-instant-settlement)) *Related:* [[issuers/wisdomtree|WisdomTree tokenized funds]] · [[topics/regulation|Regulation]] ## F ### FINMA Switzerland's financial market regulator. It licenses DLT trading facilities under the DLT Act in force since 1 August 2021. ([FINMA](https://www.finma.ch/en/authorisation/fintech/dlt-handelssystem/)) *Related:* [[topics/rules-by-jurisdiction|Rules by jurisdiction]] ### FSRA (ADGM) The Financial Services Regulatory Authority of Abu Dhabi Global Market, a financial free zone in the UAE. bStocks are admitted to its Official List. ([ADGM prospectus](https://www.adgm.com/globalassets/market-disclosure/content/prospectus/btech-holdings-prospectus----11-june---nvidia-bstocks_06_11_2026_16-44-54.pdf)) *Related:* [[issuers/bstocks|bStocks]] · [[topics/rules-by-jurisdiction|Rules by jurisdiction]] ## H ### Halt A pause in trading a stock, ordered by the primary exchange or a regulator. TSVs must stop trading a token while its stock is halted. ([SEC order](https://www.sec.gov/files/rules/exorders/2026/34-106402.pdf)) *Related:* [[concepts/innovation-exemption|Innovation Exemption]] · [[build/trading-reference-architecture|Reference architecture for trading]] ### Hybrid matching Trades are matched off chain (for example on an order book) and then settled on chain, instead of being priced and settled by an onchain pool in one step. *Related:* [[build/trading-reference-architecture|Reference architecture for trading]] ## I ### Identity registry The ERC-3643 contract that records which wallets belong to verified investors; a transfer only succeeds if the receiver is verified. ([ERC-3643 docs](https://docs.erc3643.org/erc-3643/smart-contracts-library/onchain-identities/identity-registry)) *Related:* [[standards/erc-3643|ERC-3643]] ### Innovation Exemption A temporary, conditional SEC order from 17 Sep 2026 that lets approved onchain venues (TSVs) trade tokenized US stocks. ([SEC order](https://business.cch.com/srd/34-106402091726.pdf)) *Related:* [[concepts/innovation-exemption|Innovation Exemption and the onchain-venue (TSV) model]] ### Issuer-sponsored token A tokenized share that the issuing company itself sponsors, tied directly to its official shareholder register so holders keep ownership rights, votes and corporate-action entitlements. ([Bullish](https://www.bullish.com/us/news-insights/leading-market-infrastructure-firms-form-coalition-to-advance-issuer-sponsored-tokenized-securities)) *Related:* [[concepts/issuer-sponsored-token-coalition|Issuer Sponsored Token Coalition]] · [[topics/legal-structures|Legal structures]] ## K ### KYC Know your customer: identity checks a firm must run before letting you open an account or hold certain assets. ([FSB 2024](https://www.fsb.org/uploads/P221024-2.pdf)) *Related:* [[topics/who-can-buy|Who can buy]] ## L ### Layer 2 A blockchain that runs on top of another (usually Ethereum) to make transactions cheaper and faster. Base is one. Also written L2. ([Base docs](https://docs.base.org/build-on-base/integrate-defi/list-tokenized-stocks)) *Related:* [[standards/b20|Coinbase B20]] ### llms.txt A plain-text index of a website written for AI models: one line per page with a short summary. This wiki publishes one at [/llms.txt](/llms.txt). ([llmstxt.org](https://llmstxt.org/)) *Related:* [[build/index|Build with this wiki]] ## M ### MiCA The EU's Markets in Crypto-Assets Regulation. It covers crypto-assets that are not financial instruments, so tokenized shares usually fall under MiFID II instead. *Related:* [[concepts/international|International regimes]] · [[topics/rules-by-jurisdiction|Rules by jurisdiction]] ### MiFID II The EU's main law for investment firms and trading venues. Tokenized shares and derivatives such as Robinhood's EU stock tokens are covered by it. ([Robinhood EU FAQ](https://robinhood.com/eu/en/support/articles/stock-tokens-faq/)) *Related:* [[issuers/robinhood-stock-tokens|Robinhood Stock Tokens]] · [[topics/rules-by-jurisdiction|Rules by jurisdiction]] ### Mint To create new tokens. For backed stock tokens, tokens are minted when the matching shares are bought and put in custody. ([Base docs](https://docs.base.org/build-on-base/integrate-defi/list-tokenized-stocks)) *Related:* [[standards/b20|Coinbase B20]] ### Money market fund A fund that invests in very short-term, low-risk debt such as Treasury bills. Many of the largest tokenized products are money market funds. ([IOSCO](https://www.iosco.org/library/pubdocs/pdf/IOSCOPD809.pdf)) *Related:* [[issuers/wisdomtree|WisdomTree tokenized funds]] · [[comparisons/buidl-precedent|BUIDL (adjacent fund precedent)]] ### Multiplier A number that converts one token into shares of the underlying stock. It changes after splits or reinvested dividends so token balances stay the same while each token is worth more or fewer shares. Also called rebasing. ([xStocks docs](https://docs.xstocks.fi/developers/multipliers)) *Related:* [[topics/corporate-actions-and-dividends|Corporate actions & dividends]] ## N ### Native token A token that is the security itself: the token balance is the official register of who owns it. ([SEC staff statement](https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826-statement-tokenized-securities)) *Related:* [[concepts/legal-taxonomy|Legal taxonomy of tokenized securities]] · [[overview|Tokenized securities: how it fits together]] ### Netting Adding up all of a firm's trades and settling only the difference. It cuts how much cash and stock must move, but needs a central party and time. ([FSB 2024](https://www.fsb.org/uploads/P221024-2.pdf)) *Related:* [[topics/settlement-and-matching|Settlement & matching]] ### NMS stock A stock listed on a US national exchange and covered by Reg NMS, the rules that tie US stock markets together. ([SEC Nasdaq approval](https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105047.pdf)) *Related:* [[concepts/post-trade-reg-nms-model|Post-trade / Reg NMS-inside model]] ### No-action letter A letter from SEC staff saying they will not recommend enforcement if a firm does a specific thing under stated conditions. It is not a rule change. ([SEC DTC no-action letter](https://www.sec.gov/files/tm/no-action/dtc-nal-121125.pdf)) *Related:* [[infrastructure/dtcc-tokenization-pilot|DTCC / DTC tokenization pilot]] · [[topics/regulation|Regulation]] ## O ### Onchain / offchain Onchain means recorded and executed on the blockchain itself; offchain means handled in an ordinary system, such as a firm's database or matching engine, and possibly settled onchain later. ([BIS](https://www.bis.org/publ/arpdf/ar2025e3.htm)) *Related:* [[build/trading-reference-architecture|Reference architecture for trading]] ### Opt-out (issuer objection) Under the Innovation Exemption, a company's right to stop a venue (TSV) from trading a third-party token of its stock. It has 30 calendar days from the venue's notice to object, directly to that venue. Each objection covers only that venue; there is no blanket opt-out. ([Nasdaq FAQ](https://www.nasdaq.com/docs/listings/faq-sec-innovation-exemption)) *Related:* [[concepts/innovation-exemption|Innovation Exemption]] · [[platforms-venues/okxice-tsv|OKXICE TSV]] ### Oracle A service that feeds outside data into a blockchain so smart contracts can use it. For tokenized stocks that means a reference price plus market status (open, closed or halted), so a venue can stop trading when the primary market stops. ([Chainlink](https://docs.chain.link/data-feeds/tokenized-equity-feeds)) *Related:* [[infrastructure/chainlink-equity-feeds|Chainlink tokenized equity feeds]] · [[build/trading-reference-architecture|Reference architecture for trading]] ## P ### Permissioned network A blockchain where only approved operators run nodes and only approved parties join, unlike a public chain. Examples: Canton, and the Besu-based network DTCC uses for its Tokenization Service. ([DTCC](https://dtcclearning.com/documents/dtcc-digital-assets/digital-asset-solutions/tokenization-service/5699-dtcc-tokenization-service-product-tear-sheet-and-high-level-roadmap/file.html)) *Related:* [[build/trading-reference-architecture|Reference architecture for trading]] ### Permissioned pool An AMM pool that only allowlisted wallets can trade in; a hook checks eligibility on every swap. It is the model the SEC's Innovation Exemption covers for TSVs. ([Uniswap](https://developers.uniswap.org/docs/protocols/v4-hooks/permissioned-pools/architecture)) *Related:* [[concepts/innovation-exemption|Innovation Exemption]] · [[build/trading-reference-architecture|Reference architecture for trading]] ### Prefunding Putting the full cash and the full securities in place before a trade, because atomic settlement leaves no time to borrow or net. It costs liquidity. ([FSB 2024](https://www.fsb.org/uploads/P221024-2.pdf)) *Related:* [[topics/settlement-and-matching|Settlement & matching]] ### Public, permissionless ledger A blockchain anyone can read and send transactions to without asking permission. The Innovation Exemption requires TSV smart contracts to run on one but doesn't define the term; Solana Policy Institute asks the SEC to judge it by who controls transaction ordering, validation and rule changes. ([Solana Policy Institute](https://www.sec.gov/comments/4-927/4927-1106380-3893468.pdf)) *Related:* [[concepts/innovation-exemption|Innovation Exemption]] ## R ### Reconciliation Regularly checking that two records agree, for example that tokens in circulation match the real shares held, or that the share register matches the chain. ([SEC staff statement](https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826-statement-tokenized-securities)) *Related:* [[build/trading-reference-architecture|Reference architecture for trading]] ### Redeem To hand tokens back to the issuer in exchange for the underlying asset or its cash value. Usually limited to eligible holders or Authorized Participants. ([Base docs](https://docs.base.org/build-on-base/integrate-defi/list-tokenized-stocks)) *Related:* [[topics/legal-structures|Legal structures]] ### Reg NMS Regulation National Market System: SEC rules that link US stock exchanges, including best-price and order-protection rules. ([SEC Nasdaq approval](https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105047.pdf)) *Related:* [[concepts/post-trade-reg-nms-model|Post-trade / Reg NMS-inside model]] ### Registrar The firm or system that keeps the official list of who owns a security. In the US this is usually the transfer agent. *Related:* [[topics/legal-structures|Legal structures]] · [[concepts/legal-taxonomy|Legal taxonomy of tokenized securities]] ### Repo A repurchase agreement: a short-term loan where one side sells bonds and agrees to buy them back later at a slightly higher price. ([Broadridge](https://www.broadridge.com/press-release/2025/broadridge-distributed-ledger-repo-platform-november)) *Related:* [[overview|Tokenized securities: how it fits together]] ### RFQ Request for quote: you ask one or more dealers for a price and trade at the quote you accept, instead of using a public order book. ([Robinhood](https://docs.robinhood.com/chain/building-with-stock-tokens/)) *Related:* [[topics/settlement-and-matching|Settlement & matching]] ### Rule 15c3-3 The SEC customer protection rule. It requires broker-dealers to keep customers' securities in their possession or control and separate from the firm's own. ([SEC staff statement](https://www.sec.gov/newsroom/speeches-statements/trading-markets-121725-statement-custody-crypto-asset-securities-broker-dealers)) *Related:* [[topics/custody|Custody]] ### RWA Real-world asset: a traditional asset such as a bond, fund or stock represented as a token. ([rwa.xyz](https://app.rwa.xyz/treasuries)) *Related:* [[overview|Tokenized securities: how it fits together]] ## S ### Security entitlement The legal right, under UCC Article 8, of someone who holds a security through a broker or custodian rather than directly on the company's register. Securitize Stocks are security entitlements backed 1:1 by shares. ([Securitize](https://www.prnewswire.com/news-releases/securitize-launches-global-onchain-trading-of-us-stocks-with-security-entitlements-302902107.html)) *Related:* [[issuers/securitize|Securitize]] · [[topics/legal-structures|Legal structures]] ### Settlement finality The point at which a transfer can no longer be reversed and ownership has legally changed. ([BIS](https://www.bis.org/publ/arpdf/ar2025e3.htm)) *Related:* [[topics/settlement-and-matching|Settlement & matching]] ### Slippage The gap between the price you expect and the price you actually get, which grows when an order book is thin. Coinbase research flags it as higher for tokenized stocks than for the underlying shares, especially outside market hours. ([Coinbase Institutional](https://www.coinbase.com/institutional/research-insights/research/market-intelligence/major-trends-in-tokenization)) *Related:* [[topics/settlement-and-matching|Settlement and matching]] · [[issuers/coinbase-tokenized-stocks|Coinbase Tokenized Stocks]] ### Smart contract A program stored on a blockchain that runs automatically when its conditions are met, for example a swap that only completes if both sides pay. ([IOSCO](https://www.iosco.org/library/pubdocs/pdf/IOSCOPD809.pdf)) *Related:* [[concepts/token-primitives|Token primitives]] ### Solana A public blockchain known for fast, low-cost transactions. Its Token-2022 program supports compliance features. ([Solana](https://solana.com/docs/tokens/extensions)) *Related:* [[standards/solana-token-2022|Solana Token-2022 extensions]] ### Soulbound token A non-transferable token tied to one wallet, used as an access credential. OKXICE's venue notice uses soulbound tokens to control who can trade. ([OKXICE notice](https://www.okx.com/cdn/assets/files/2610/798CC1267CB56FB2.pdf)) *Related:* [[platforms-venues/okxice-tsv|OKXICE TSV]] ### SPV A special purpose vehicle: a company set up only to hold certain assets or issue certain securities, kept separate from its parent. ([Ondo docs](https://docs.ondo.finance/ondo-stocks/legal-and-regulatory)) *Related:* [[topics/legal-structures|Legal structures]] · [[issuers/ondo-global-markets|Ondo Global Markets (Ondo Stocks)]] ### Stablecoin A token designed to keep a steady value, usually one US dollar, backed by cash and short-term government debt. ([WEF 2025](https://www.weforum.org/publications/asset-tokenization-in-financial-markets-the-next-generation-of-value-exchange/)) *Related:* [[topics/settlement-and-matching|Settlement & matching]] ### Street name Holding shares through a broker, with DTC's nominee [[concepts/glossary#cede-co|Cede & Co.]] as the holder on the company's register instead of the investor. ([Securitize letter](https://www.sec.gov/comments/SR-DTC-2026-012/srdtc2026012-1108719-3924407.pdf)) *Related:* [[concepts/glossary#direct-registration-system-drs|Direct Registration System (DRS)]] · [[topics/legal-structures|Legal structures]] ### Synthetic wrapper A token that is a separate security, such as a note or swap, that tracks a stock's price. It may not be backed one-for-one by real shares. ([SEC staff statement](https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826-statement-tokenized-securities)) *Related:* [[concepts/legal-taxonomy|Legal taxonomy of tokenized securities]] · [[topics/legal-structures|Legal structures]] ## T ### T+1 Trade date plus one business day: the current US settlement cycle for most stock trades. ([FSB 2024](https://www.fsb.org/uploads/P221024-2.pdf)) *Related:* [[topics/settlement-and-matching|Settlement & matching]] ### Token-2022 Solana's newer token program, with add-ons such as transfer hooks and frozen-by-default accounts that support permissioned tokens. ([Solana](https://solana.com/docs/tokens/extensions)) *Related:* [[standards/solana-token-2022|Solana Token-2022 extensions]] ### Tokenized deposit A bank deposit represented as a token. It is a claim on a regulated bank, unlike a stablecoin. ([WEF 2025](https://www.weforum.org/publications/asset-tokenization-in-financial-markets-the-next-generation-of-value-exchange/)) *Related:* [[topics/settlement-and-matching|Settlement & matching]] ### Transfer agent The firm a company appoints to keep its official register of shareholders and record transfers. ([IOSCO](https://www.iosco.org/library/pubdocs/pdf/IOSCOPD809.pdf)) *Related:* [[topics/custody|Custody]] · [[issuers/superstate-opening-bell|Superstate Opening Bell]] · [[infrastructure/vertalo|Vertalo]] ### Transfer hook Code that runs automatically on every token transfer, for example to check the receiving wallet is allowed. ([Solana](https://solana.com/docs/tokens/extensions/transfer-hook)) *Related:* [[standards/solana-token-2022|Solana Token-2022 extensions]] ### TSV Tokenized Securities Venue: an onchain venue approved under the SEC's Innovation Exemption to trade tokenized US stocks. ([SEC order](https://business.cch.com/srd/34-106402091726.pdf)) *Related:* [[concepts/innovation-exemption|Innovation Exemption and the onchain-venue (TSV) model]] · [[platforms-venues/okxice-tsv|OKXICE TSV]] ## U ### Unified ledger A BIS proposal for one programmable platform holding tokenised central bank reserves, commercial bank money and government bonds, so payments and securities settle together. ([BIS](https://www.bis.org/publ/arpdf/ar2025e3.htm)) *Related:* [[build/trading-reference-architecture|Reference architecture for trading]] ### Uniswap v4 hooks Add-on code that a Uniswap v4 pool calls before or after swaps; used to build permissioned pools that check an allowlist. ([Uniswap](https://developers.uniswap.org/docs/protocols/v4-hooks/permissioned-pools/architecture)) *Related:* [[concepts/innovation-exemption|Innovation Exemption]] · [[build/trading-reference-architecture|Reference architecture for trading]] ## W ### Wallet Software or hardware that holds the keys controlling tokens. A custodial wallet is run by a firm; a self-custody wallet is run by you. *Related:* [[topics/custody|Custody]] ### Wholesale CBDC Central bank money in token form, used only between banks and financial firms for settlement, not by the public. ([BIS](https://www.bis.org/publ/arpdf/ar2025e3.htm)) *Related:* [[concepts/international|International regimes]] ### Wrapper A token that represents a share held by someone else, rather than being the share itself. See custodial wrapper and synthetic wrapper. ([SEC staff statement](https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826-statement-tokenized-securities)) *Related:* [[concepts/legal-taxonomy|Legal taxonomy of tokenized securities]] · [[overview|Tokenized securities: how it fits together]] ## Sources Public originals for the facts on this page. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ======================================================================== # What changed URL: https://edstokenizedsecuritiesrails.com/whats-changed description: Weekly headlines on tokenized securities, with a note on what each change means for holders. last_checked: 2026-11-01 The week's changes in tokenized securities, newest first. Each headline links to its changelog entry and sources; where the sources support it, a line says what the change means for people who hold the tokens. Grouped by week (weeks start Monday), newest first. Every publish shows every change recorded so far, including the current week. ## Get it by email A free weekly email with these headlines. [[subscribe|Subscribe]]. ## This week (in progress) - **[IMF publishes the first official data on tokenized-stock trading](/changelog/2026-10-31-imf-gfsr-scaling-tokenization)** - **[DTCC firm counts clarified](/changelog/2026-10-31-dtcc-firm-counts)** - **[Bank of England consults on tokenised collateral at clearing houses](/changelog/2026-10-31-boe-tokenised-collateral-ccps)** - **[All starter prompts on one page; database downloads](/changelog/2026-10-30-one-prompts-page-and-database-downloads)** - *What this means for holders:* No change to any facts. Prompts are now on one page, and the database can be downloaded as CSV or JSON. - **[50 companies now object to OKXICE stock tokens](/changelog/2026-10-30-okxice-50-objectors)** - **[New front page and a starter-prompts hub](/changelog/2026-10-30-front-page-and-starter-prompts)** - *What this means for holders:* No change to any facts. The site is easier to start with: a short front page, one place for copy-paste prompts, and the overview now covers only how it fits together. - **[Explainer video and illustrated trade diagram added](/changelog/2026-10-30-explainer-video-and-trade-diagram)** - *What this means for holders:* No change to any facts. Explainer video and illustrated trade diagram added. - **[First supportive comment letters on the Innovation Exemption](/changelog/2026-10-30-comment-letters-solana-malinova-park)** - **[Why Bullish's coalition matters](/changelog/2026-10-30-bullish-why-it-matters)** - *What this means for holders:* No new facts. Explains why the issuer-sponsored route matters, using sources already on the wiki. - **[TSV LLC names its first stock, tokenized CNTN](/changelog/2026-10-29-tsv-llc-first-stock-cntn)** - *What this means for holders:* Tokenized CNTN would be issued by the company's own transfer agent with the same rights as Nasdaq shares; nothing trades yet. See [[platforms-venues/tsv-llc|TSV LLC]]. - **[SIFMA's comment letter on the Innovation Exemption](/changelog/2026-10-29-sifma-comment-letter)** - *What this means for holders:* Wall Street's main trade group wants companies to opt in before third-party tokens of their stock can trade. See [[concepts/innovation-exemption|Innovation Exemption]]. - **[Ondo Stocks live on Robinhood Chain](/changelog/2026-10-29-ondo-stocks-robinhood-chain)** - *What this means for holders:* On Robinhood Chain you can now swap some Robinhood Stock Tokens for the matching Ondo token, which Ondo redeems 24/7, including weekends. See [[issuers/ondo-global-markets|Ondo]]. - **[OKXICE objections reach 38; how issuer opt-outs work; Better Markets letter](/changelog/2026-10-29-okxice-38-objectors-opt-out)** - *What this means for holders:* More big companies, including JPMorgan, Coca-Cola and Walmart, have blocked third-party tokens of their stock on OKXICE. An objection only covers one venue. See [[platforms-venues/okxice-tsv|OKXICE TSV]]. - **[DTCC Tokenization Service goes live](/changelog/2026-10-28-dtcc-tokenization-service-live)** - *What this means for holders:* Large brokers can now turn shares held at DTC into tokens and back, same CUSIP and same rights. See [[infrastructure/dtcc-tokenization-pilot|DTCC]]. - **[QRT, Vertalo and zerohash join the Issuer Sponsored Token Coalition](/changelog/2026-10-26-coalition-new-members)** - *What this means for holders:* More firms, including a transfer agent, now back issuer-sponsored tokens. See [[concepts/issuer-sponsored-token-coalition|Issuer Sponsored Token Coalition]]. - Database: 5 headline field updates across issuer, venue and token records. ## Week of 19 Oct 2026 - **[OKXICE objectors now 22; DTCC launch scope 34; Figure ticker FGRS; B20 spec](/changelog/2026-10-25-sources-pass)** - *What this means for holders:* Issuer objections can keep a stock off OKXICE, and 22 issuers had objected by 23 Oct 2026. See [[concepts/innovation-exemption#issuer-objection|Issuer objection]]. - **[Securitize asks DTC to link direct registration to its tokenization service](/changelog/2026-10-25-securitize-drs-comment)** - *What this means for holders:* Issuer-sponsored tokens depend on fast moves out of DTC. See [[issuers/securitize|Securitize]]. - **[DTCC launch scope; OKXICE issuer objections; Robinhood Chain volume](/changelog/2026-10-23-dtcc-okxice)** - *What this means for holders:* Companies can object to a third-party token of their stock on OKXICE; objections can keep a stock off the venue. See [[platforms-venues/okxice-tsv|OKXICE TSV]]. - **[Kraken says xStocks lineup exceeds 1,000 (unconfirmed, news report only)](/changelog/2026-10-22-kraken-xstocks-1000)** - *What this means for holders:* Unconfirmed, news report only: a news site reports more than 1,000 xStocks on Kraken; Kraken has not confirmed this on its own pages. Check Kraken's xStocks list before relying on it. - **[OCC final rule implementing the GENIUS Act](/changelog/2026-10-21-occ-genius-rule)** - **[TSV LLC revises its TSV notice](/changelog/2026-10-19-tsv-llc-revised-notice)** - *What this means for holders:* Nothing trades yet; when TSV LLC opens, pools will settle against USDC or SBC on Canton. See [[concepts/innovation-exemption|Innovation Exemption]]. - Database: 45 headline field updates across issuer, venue and token records. ## Week of 12 Oct 2026 - **[Vault seeded with 15 entities](/changelog/2026-10-17-vault)** - **[Perpetuals.com files a TSV notice](/changelog/2026-10-14-perpetuals-notice)** - Database: 68 headline field updates across issuer, venue and token records. ## Week of 5 Oct 2026 - **[EU Council agrees key elements of the market integration package](/changelog/2026-10-09-eu-council-dlt-pilot)** - **[Securitize launches tokenized US stocks on Solana](/changelog/2026-10-08-securitize-stocks)** - *What this means for holders:* Securitize's tokens are security entitlements, a direct claim on custodied shares. See [[issuers/securitize|Securitize]]. - **[Ondo tokenized stocks reach EEA investors via Assetera](/changelog/2026-10-07-assetera-ondo)** - *What this means for holders:* Eligible investors in 30 EEA countries can buy Ondo tokens through a MiFID II platform. See [[issuers/ondo-global-markets|Ondo Global Markets]]. - **[DTC proposes faster direct registration (DRS)](/changelog/2026-10-05-dtc-drs-modernization)** - *What this means for holders:* Moving shares into your own name could take minutes instead of days. See [[infrastructure/dtcc-tokenization-pilot|DTCC]]. ## Week of 28 Sep 2026 - **[OKXICE files its TSV notice](/changelog/2026-10-04-okxice-notice)** - *What this means for holders:* Companies can object to OKXICE tokens of their stock. See [[platforms-venues/okxice-tsv|OKXICE TSV]]. ## Week of 21 Sep 2026 - **[Coinbase tokenized stocks accepted as Aave collateral](/changelog/2026-09-25-aave-coinbase-stocks)** - *What this means for holders:* Eligible non-US holders of seven Coinbase stock tokens can borrow USDC against them on Aave V4 on Base. See [[issuers/coinbase-tokenized-stocks|Coinbase tokenized stocks]]. - **[Bullish and Equiniti form the Issuer Sponsored Token Coalition](/changelog/2026-09-24-issuer-sponsored-token-coalition)** - *What this means for holders:* A new industry group backs tokens tied to the company's own shareholder register, so holders keep voting and dividend rights. See [[concepts/issuer-sponsored-token-coalition|Issuer Sponsored Token Coalition]]. - **[CFTC staff FAQs allow tokenized permitted investments](/changelog/2026-09-24-cftc-tokenized-collateral-faq)** - **[First TSV notice filed with the SEC (TSV LLC)](/changelog/2026-09-23-tsv-llc-notice)** ## Week of 14 Sep 2026 - **[SEC issues the Innovation Exemption for tokenized NMS stock](/changelog/2026-09-17-sec-innovation-exemption)** - *What this means for holders:* Tokenized US stocks can trade on exempt Tokenized Securities Venues, subject to caps and issuer objection. See [[concepts/innovation-exemption|Innovation Exemption]]. - **[UK tokenisation feedback; Robinhood plans redemption and voting](/changelog/2026-09-14-fca-robinhood)** - *What this means for holders:* Robinhood Stock Tokens still give price exposure only; in-kind redemption and voting are announced, not available. See [[issuers/robinhood-stock-tokens|Robinhood Stock Tokens]]. ## Week of 7 Sep 2026 - **[Nasdaq agrees to invest in Kraken's parent for tokenized equities](/changelog/2026-09-10-nasdaq-payward)** - *What this means for holders:* Nasdaq Equity Tokens are planned, not live; Nasdaq and Payward expect them in Q2 2027. See [[platforms-venues/nasdaq-tokenized-securities|Nasdaq tokenized securities]]. ## Week of 17 Aug 2026 - **[Kraken opens US stocks and xStocks to EEA customers](/changelog/2026-08-18-kraken-eea-stocks)** - *What this means for holders:* Eligible EEA customers can hold ordinary US shares and xStocks in one Kraken account. See [[platforms-venues/kraken|Kraken]]. ## Week of 10 Aug 2026 - **[Crypto.com launches tokenized stock derivatives in the EEA](/changelog/2026-08-12-crypto-com-tokenized-stocks)** - *What this means for holders:* These are derivatives: you get price exposure only, with no shares and no votes. See [[issuers/crypto-com-tokenized-stocks|Crypto.com Tokenized Stocks]]. - **[Bullish trades its own tokenized shares on a GFSC-regulated exchange](/changelog/2026-08-12-bullish-tokenized-equity)** - *What this means for holders:* BLSH tokens are real registered shares, but only Bullish's own stock trades this way so far. See [[platforms-venues/bullish|Bullish Exchange]]. ## Week of 15 Jun 2026 - **[SEC notice: 24X Exchange tokenized trading rule (SR-24X-2026-20)](/changelog/2026-06-16-sec)** ## Week of 16 Mar 2026 - **[SEC approves Nasdaq tokenized securities rule](/changelog/2026-03-18-sec)** - *What this means for holders:* A tokenized share traded on Nasdaq keeps the same CUSIP, symbol and shareholder rights as the regular share. See [[platforms-venues/nasdaq-tokenized-securities|Nasdaq]]. ## Week of 23 Feb 2026 - **[WisdomTree announces 24x7 trading for WTGXX](/changelog/2026-02-24-wisdomtree)** - *What this means for holders:* WTGXX holders can trade fund shares around the clock with instant settlement, under SEC exemptive relief. See [[issuers/wisdomtree|WisdomTree]]. ## Week of 1 Dec 2025 - **[Kraken agrees to acquire Backed Finance AG](/changelog/2025-12-02-kraken)** ## Week of 30 Jun 2025 - **[xStocks live on Bybit, Kraken, Solana DeFi](/changelog/2025-06-30-xstocks)** - *What this means for holders:* xStocks are 1:1-backed certificates issued by Backed Assets (Jersey), not shares: no voting rights, and not offered in the US, Canada, UK or Australia. See [[issuers/xstocks-backed|xStocks]]. *Reference information only, not investment advice.* ======================================================================== # Rules by jurisdiction URL: https://edstokenizedsecuritiesrails.com/topics/rules-by-jurisdiction description: In plain English: Where tokenized securities stand under the rules in each place this wiki tracks, in one table. type: topic last_checked: 2026-10-25 *In plain English: Where tokenized securities stand under the rules in each place this wiki tracks, in one table.* Each row gives the status and the main rule or regulator guidance, linked to the regulator's own document. **Not yet collected** means this wiki has no source for that place yet; it does not mean there are no rules. 0 of 12 jurisdictions are not yet collected. | Jurisdiction | Status | Main rule or guidance | Last checked | |---|---|---|---| | United States (federal) | Rules in force | [SEC Innovation Exemption for tokenized NMS stock (Rel. 34-106402)](https://business.cch.com/srd/34-106402091726.pdf) | 2026-10-25 | | United States (states) | Rules in force | [State securities acts apply to tokenized securities; Wyoming UCC treatment of digital securities](https://www.wyoleg.gov/2019/Enroll/SF0125.pdf) | 2026-10-25 | | European Union | Pilot or sandbox | [DLT Pilot Regime (ESMA recommends making it permanent and wider)](https://www.esma.europa.eu/sites/default/files/2025-06/ESMA75-117376770-460_Report_on_the_functioning_and_review_of_the_DLTR_-_Art.14.pdf) | 2026-10-25 | | United Kingdom | Pilot or sandbox | [Digital Securities Sandbox (Bank of England and FCA)](https://www.bankofengland.co.uk/financial-stability/digital-securities-sandbox) | 2026-10-25 | | Switzerland | Rules in force | [DLT Act (FinMIA Chapter 4a, DLT trading facilities)](https://www.finma.ch/en/authorisation/fintech/dlt-handelssystem/) | 2026-10-25 | | Singapore | Regulator guidance | [MAS Guide on the Tokenisation of Capital Markets Products](https://www.mas.gov.sg/regulation/guidelines/guide-on-tokenisation-of-cmps) | 2026-10-25 | | Hong Kong | Regulator guidance | [SFC circular on tokenised securities-related activities (23EC52)](https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/doc?refNo=23EC52) | 2026-10-25 | | UAE (ADGM) | Regulator guidance | [FSRA Guidance on Regulation of Digital Securities Activities (digital securities are Securities under FSMR)](https://assets.adgm.com/download/assets/guidance-on-regulation-of-digital-securities-activities-in-adgm.pdf/f57b23cc3a0a11ef857b6e984d6ae48f) | 2026-10-25 | | UAE (Dubai and federal) | Rules in force | [Federal CMA Virtual Assets Framework (April 2026); Dubai VARA rulebooks outside DIFC](https://www.wam.ae/en/article/bzp2c5q-capital-market-authority-issues-virtual-assets) | 2026-10-25 | | Jersey | Regulator guidance | [JFSC guidance on tokenisation of real world assets (COBO consent; issuer domicile for xStocks and Robinhood Stock Tokens)](https://www.jerseyfsc.org/industry/guidance-and-policy/tokenisation-of-real-world-assets-rwas/) | 2026-10-25 | | British Virgin Islands | Rules in force | [VASP Act 2022 and SIBA (issuer domicile for Ondo Global Markets)](https://www.bvifsc.vg/news/industry-updates/virtual-assets-service-providers-act-2022) | 2026-10-25 | | Gibraltar | Rules in force | [GFSC-regulated DLT exchange (Bullish) approved for tokenized securities trading](https://investors.bullish.com/news-releases/news-release-details/bullish-launches-tokenized-equity-trading) | 2026-10-25 | **Status key.** *Rules in force*: a rule, order or licence regime that applies now. *Pilot or sandbox*: a time-limited or capped regime. *Regulator guidance*: guidance on how existing securities law applies to tokens. *Proposed*: filed or proposed, not yet approved. For the detail behind each row, see [[topics/regulation|Regulation]], [[concepts/innovation-exemption|Innovation Exemption]] and [[concepts/international|International]]. *Reference information only, not investment advice or legal advice.* ## Sources Public originals for the facts on this page. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ======================================================================== # Database of tokenized-securities issuers, venues and infrastructure URL: https://edstokenizedsecuritiesrails.com/database description: One table of the 23 issuers, venues/exchange rules and infrastructure providers covered by this wiki, with jurisdiction, legal structure, chains and who can buy. Download as CSV or JSON. last_checked: 2026-11-01 **What it is:** one row for every issuer, venue and infrastructure page this wiki covers: 23 records in total, made up of 11 token issuers, 7 trading venues and exchange rules, and 5 infrastructure providers (price oracles, a depository pilot, an AMM standard, a transfer agent and a tokenization engine). Each row gives the jurisdiction, legal structure, chains, who can buy and the date it was last checked. **Where the data comes from:** each row is generated from the headline fields of its source-linked wiki page. Follow the name to see the sources behind every field. `unknown` means not yet verified from a source. Generated on 2026-11-01. **Download:** [CSV](/database.csv) · [JSON](/database.json) (full field text, CC BY 4.0). | Name | Type | Jurisdiction | Structure | Chains | Who can buy | Checked | |---|---|---|---|---|---|---| | [bStocks](/issuers/bstocks) | Issuer | ADGM (UAE) | Certificates over shares | BNB Smart Chain | ADGM only; not US | 2026-10-17 | | [Coinbase Tokenized Stocks](/issuers/coinbase-tokenized-stocks) | Issuer | ADGM (UAE) | Beneficial claim, 1:1 | Base | Non-US (Reg S) | 2026-10-17 | | [Crypto.com Tokenized Stocks](/issuers/crypto-com-tokenized-stocks) | Issuer | Cyprus | Derivative | unknown | EEA and approved regions | 2026-10-25 | | [Dinari dShares](/issuers/dinari) | Issuer | United States | Custodial tokenized shares | Ethereum, Avalanche, Arbitrum +1 | US eligible + intl | 2026-10-17 | | [Figure OPEN](/issuers/figure-open) | Issuer | United States | Blockchain-native equity | Provenance | Venue onboarding | 2026-10-25 | | [Ondo Global Markets (Ondo Stocks)](/issuers/ondo-global-markets) | Issuer | BVI | Structured notes | Ethereum, BNB Chain, Solana | Non-US eligible, KYC | 2026-10-29 | | [Robinhood Stock Tokens](/issuers/robinhood-stock-tokens) | Issuer | Jersey | Tokenised debt securities | Robinhood Chain | Non-US; excl. CA, UK, CH | 2026-10-29 | | [Securitize (issuer-sponsored shares)](/issuers/securitize) | Issuer | unknown | Security entitlements + issue… | Algorand, Ethereum, Solana +1 | Issuer-specific | 2026-10-28 | | [Superstate Opening Bell](/issuers/superstate-opening-bell) | Issuer | unknown | Issuer shares, TA record | Ethereum, Solana | KYC'd investors | 2026-10-17 | | [WisdomTree tokenized funds](/issuers/wisdomtree) | Issuer | United States | FUNDS: tokenized '40 Act | Solana, others | Retail+inst. via apps | 2026-10-17 | | [xStocks (Backed)](/issuers/xstocks-backed) | Issuer | Jersey | Backed tracker tokens | Solana, Ethereum, TON +1 | Non-US eligible | 2026-10-25 | | [Bullish Exchange](/platforms-venues/bullish) | Venue/rule | Gibraltar | Venue (CEX), direct shares | unknown | unknown | 2026-10-30 | | [Bybit](/platforms-venues/bybit) | Venue/rule | unknown | Venue (CEX) | unknown | unknown | 2026-10-17 | | [Kraken](/platforms-venues/kraken) | Venue/rule | unknown | Venue (CEX) | unknown | Non-US eligible | 2026-10-25 | | [Nasdaq tokenized securities rule](/platforms-venues/nasdaq-tokenized-securities) | Venue/rule | United States | Same security, tokenized form | unknown | DTC pilot participants | 2026-10-17 | | [NYSE / ICE tokenized securities](/platforms-venues/nyse-ice-tokenized-platform) | Venue/rule | United States | Exchange rule + planned venue | unknown | unknown | 2026-10-17 | | [OKXICE TSV](/platforms-venues/okxice-tsv) | Venue/rule | United States | TSV, permissioned AMM | unknown | SBT-gated | 2026-10-31 | | [TSV LLC](/platforms-venues/tsv-llc) | Venue/rule | United States | TSV, permissioned AMM | Canton | Approved participants | 2026-10-30 | | [Chainlink tokenized equity feeds](/infrastructure/chainlink-equity-feeds) | Infra | unknown | Oracle / price feeds | unknown | n/a | 2026-10-17 | | [DTCC Tokenization Service (DTS)](/infrastructure/dtcc-tokenization-pilot) | Infra | United States | Depository pilot | At launch: Canton Netwo… | DTC participants | 2026-10-28 | | [Uniswap v4 permissioned pools](/infrastructure/uniswap-permissioned-pools) | Infra | unknown | AMM hook standard | unknown | Allowlisted wallets | 2026-10-17 | | [Vertalo](/infrastructure/vertalo) | Infra | United States | Transfer agent (B2B) | unknown | B2B | 2026-10-27 | | [Zerohash](/infrastructure/zerohash) | Infra | unknown | Tokenization engine (B2B) | unknown | B2B | 2026-10-27 | ======================================================================== # Changelog URL: https://edstokenizedsecuritiesrails.com/changelog/index description: Public changes, every entry in the vault as of each publish. See What changed for the week-by-week view. last_checked: 2026-11-01 Public changes, every entry in the vault as of each publish. See [[whats-changed|What changed]] for the week-by-week view. - [2026-10-31: IMF publishes the first official data on tokenized-stock trading](/changelog/2026-10-31-imf-gfsr-scaling-tokenization) - [2026-10-31: DTCC firm counts clarified](/changelog/2026-10-31-dtcc-firm-counts) - [2026-10-31: Bank of England consults on tokenised collateral at clearing houses](/changelog/2026-10-31-boe-tokenised-collateral-ccps) - [2026-10-30: All starter prompts on one page; database downloads](/changelog/2026-10-30-one-prompts-page-and-database-downloads) - [2026-10-30: 50 companies now object to OKXICE stock tokens](/changelog/2026-10-30-okxice-50-objectors) - [2026-10-30: New front page and a starter-prompts hub](/changelog/2026-10-30-front-page-and-starter-prompts) - [2026-10-30: Explainer video and illustrated trade diagram added](/changelog/2026-10-30-explainer-video-and-trade-diagram) - [2026-10-30: First supportive comment letters on the Innovation Exemption](/changelog/2026-10-30-comment-letters-solana-malinova-park) - [2026-10-30: Why Bullish's coalition matters](/changelog/2026-10-30-bullish-why-it-matters) - [2026-10-29: TSV LLC names its first stock, tokenized CNTN](/changelog/2026-10-29-tsv-llc-first-stock-cntn) - [2026-10-29: SIFMA's comment letter on the Innovation Exemption](/changelog/2026-10-29-sifma-comment-letter) - [2026-10-29: Ondo Stocks live on Robinhood Chain](/changelog/2026-10-29-ondo-stocks-robinhood-chain) - [2026-10-29: OKXICE objections reach 38; how issuer opt-outs work; Better Markets letter](/changelog/2026-10-29-okxice-38-objectors-opt-out) - [2026-10-28: DTCC Tokenization Service goes live](/changelog/2026-10-28-dtcc-tokenization-service-live) - [2026-10-26: QRT, Vertalo and zerohash join the Issuer Sponsored Token Coalition](/changelog/2026-10-26-coalition-new-members) - [2026-10-25: OKXICE objectors now 22; DTCC launch scope 34; Figure ticker FGRS; B20 spec](/changelog/2026-10-25-sources-pass) - [2026-10-25: Securitize asks DTC to link direct registration to its tokenization service](/changelog/2026-10-25-securitize-drs-comment) - [2026-10-23: DTCC launch scope; OKXICE issuer objections; Robinhood Chain volume](/changelog/2026-10-23-dtcc-okxice) - [2026-10-22: Kraken says xStocks lineup exceeds 1,000 (unconfirmed, news report only)](/changelog/2026-10-22-kraken-xstocks-1000) - [2026-10-21: OCC final rule implementing the GENIUS Act](/changelog/2026-10-21-occ-genius-rule) - [2026-10-19: TSV LLC revises its TSV notice](/changelog/2026-10-19-tsv-llc-revised-notice) - [2026-10-17: Vault seeded with 15 entities](/changelog/2026-10-17-vault) - [2026-10-14: Perpetuals.com files a TSV notice](/changelog/2026-10-14-perpetuals-notice) - [2026-10-09: EU Council agrees key elements of the market integration package](/changelog/2026-10-09-eu-council-dlt-pilot) - [2026-10-08: Securitize launches tokenized US stocks on Solana](/changelog/2026-10-08-securitize-stocks) - [2026-10-07: Ondo tokenized stocks reach EEA investors via Assetera](/changelog/2026-10-07-assetera-ondo) - [2026-10-05: DTC proposes faster direct registration (DRS)](/changelog/2026-10-05-dtc-drs-modernization) - [2026-10-04: OKXICE files its TSV notice](/changelog/2026-10-04-okxice-notice) - [2026-09-25: Coinbase tokenized stocks accepted as Aave collateral](/changelog/2026-09-25-aave-coinbase-stocks) - [2026-09-24: Bullish and Equiniti form the Issuer Sponsored Token Coalition](/changelog/2026-09-24-issuer-sponsored-token-coalition) - [2026-09-24: CFTC staff FAQs allow tokenized permitted investments](/changelog/2026-09-24-cftc-tokenized-collateral-faq) - [2026-09-23: First TSV notice filed with the SEC (TSV LLC)](/changelog/2026-09-23-tsv-llc-notice) - [2026-09-17: SEC issues the Innovation Exemption for tokenized NMS stock](/changelog/2026-09-17-sec-innovation-exemption) - [2026-09-14: UK tokenisation feedback; Robinhood plans redemption and voting](/changelog/2026-09-14-fca-robinhood) - [2026-09-10: Nasdaq agrees to invest in Kraken's parent for tokenized equities](/changelog/2026-09-10-nasdaq-payward) - [2026-08-18: Kraken opens US stocks and xStocks to EEA customers](/changelog/2026-08-18-kraken-eea-stocks) - [2026-08-12: Crypto.com launches tokenized stock derivatives in the EEA](/changelog/2026-08-12-crypto-com-tokenized-stocks) - [2026-08-12: Bullish trades its own tokenized shares on a GFSC-regulated exchange](/changelog/2026-08-12-bullish-tokenized-equity) - [2026-06-16: SEC notice: 24X Exchange tokenized trading rule (SR-24X-2026-20)](/changelog/2026-06-16-sec) - [2026-03-18: SEC approves Nasdaq tokenized securities rule](/changelog/2026-03-18-sec) - [2026-02-24: WisdomTree announces 24x7 trading for WTGXX](/changelog/2026-02-24-wisdomtree) - [2025-12-02: Kraken agrees to acquire Backed Finance AG](/changelog/2025-12-02-kraken) - [2025-06-30: xStocks live on Bybit, Kraken, Solana DeFi](/changelog/2025-06-30-xstocks) ======================================================================== # Reference architecture for trading tokenized securities URL: https://edstokenizedsecuritiesrails.com/build/trading-reference-architecture description: End-to-end reference architecture for trading tokenized stocks on tokenized rails: onboarding and allowlisting, onchain or hybrid matching, compliance hooks, atomic DvP, register sync, and oracle and halt controls. type: build last_checked: 2026-10-30 *In plain English: an overview of how a tokenized-stock trading system fits together, from letting an investor in, through the trade, to updating the official record. Deeper pages on each part will be added as the roadmap ships.* The shared ledger and one trade, end to end. One shared ledger: issuer / TA, KYC provider, identity registry, token contract, venue, oracle, wallet holder and cash issuer (stablecoin or tokenized deposit) all connect to the same ledger; everyone works from the same record. One trade in five steps: Order: order book, RFQ or onchain pool. Match: oracle: open? price fresh? Halted: rejected. Check: both wallets eligible; both legs usually prefunded. Atomic swap: token and cash swap at once: both legs or neither. Record: balances update at once; native: the register; wrapped: reconcile. Reference information only. Not investment advice. *Illustrated overview: the shared ledger and one trade, end to end. The text diagrams below give the detail.* ## End-to-end components ```mermaid flowchart LR subgraph Access["1 · Access"] KYC["KYC /
onboarding"] --> REG["Identity registry
/ allowlist"] WAL["Wallets
and keys"] end subgraph Trading["2 · Trading"] VEN["Onchain venue:
permissioned pool"] HYB["Hybrid:
offchain match"] ORA["Oracle and
halt controller"] end subgraph Asset["3 · Asset"] TOK["Token contract
+ compliance hook"] CASH["Cash token: stablecoin
or tokenized deposit"] end subgraph Records["4 · Records"] MR["Mint / redeem
+ reconciliation"] TA["Transfer agent / register
or custodian"] CA["Corporate actions:
multiplier"] end WAL --> VEN WAL --> HYB ORA --> VEN VEN --> TOK HYB --> TOK TOK --> REG VEN --> CASH TOK --> TA MR --> TOK MR --> TA CA --> TOK CA --> ORA classDef access fill:#dbeafe,stroke:#2563eb,color:#1e3a8a classDef trading fill:#fef3c7,stroke:#d97706,color:#78350f classDef asset fill:#dcfce7,stroke:#16a34a,color:#14532d classDef records fill:#ede9fe,stroke:#7c3aed,color:#4c1d95 class KYC,REG,WAL access class VEN,HYB,ORA trading class TOK,CASH asset class MR,TA,CA records style Access fill:#eff6ff,stroke:#2563eb style Trading fill:#fffbeb,stroke:#d97706 style Asset fill:#f0fdf4,stroke:#16a34a style Records fill:#f5f3ff,stroke:#7c3aed ``` Terms: [[concepts/glossary#kyc|KYC]] · [[concepts/glossary#allowlist|allowlist]] · [[concepts/glossary#wallet|wallets]] · [[concepts/glossary#admin-keys|keys]] · [[concepts/glossary#permissioned-pool|permissioned pool]] · [[concepts/glossary#hybrid-matching|hybrid matching]] · [[concepts/glossary#onchain--offchain|offchain]] · [[concepts/glossary#oracle|oracle]] · [[concepts/glossary#halt|halt]] · [[concepts/glossary#compliance-hook|compliance hook]] · [[concepts/glossary#stablecoin|stablecoin]] · [[concepts/glossary#tokenized-deposit|tokenized deposit]] · [[concepts/glossary#mint|mint]] · [[concepts/glossary#redeem|redeem]] · [[concepts/glossary#reconciliation|reconciliation]] · [[concepts/glossary#transfer-agent|transfer agent]] · [[concepts/glossary#custodian|custodian]] · [[concepts/glossary#corporate-action|corporate actions]] · [[concepts/glossary#multiplier|multiplier]] Colors: **blue** = access, **amber** = trading, **green** = asset and cash, **purple** = records. ## One trade, end to end ```mermaid sequenceDiagram autonumber participant I as Investor
wallet participant K as KYC /
registry participant O as Oracle +
halt control participant V as Venue: pool
or matcher participant T as Stock token
+ compliance participant C as Cash
token participant R as Transfer
agent rect rgb(219, 234, 254) Note over I,K: Onboard I->>K: onboard K-->>I: wallet allowlisted end rect rgb(254, 243, 199) Note over I,O: Order and pre-trade checks I->>V: order or swap V->>O: symbol open?
price fresh? O-->>V: open / halted end alt halted or stale V-->>I: reject else open rect rgb(220, 252, 231) Note over V,C: Settle: atomic DvP, both legs or neither V->>T: canTransfer
(seller, buyer)? T->>K: both verified? K-->>T: yes V->>T: deliver stock token V->>C: deliver cash end rect rgb(237, 233, 254) Note over T,R: Record T-->>R: transfer event Note over R: update
register,
reconcile end end ``` Terms: [[concepts/glossary#dvp|DvP]] · [[concepts/glossary#atomic-settlement|atomic settlement]] · [[concepts/glossary#oracle|oracle]] · [[concepts/glossary#halt|halted]] · [[concepts/glossary#compliance-hook|compliance]] · [[concepts/glossary#transfer-agent|transfer agent]] · [[concepts/glossary#reconciliation|reconcile]] Phases: **blue** = onboard, **amber** = order and checks, **green** = atomic settlement, **purple** = record. Same colors as the component map above. ## Components | Component | What it does | |---|---| | Token contract + [[concepts/glossary#compliance-hook|compliance hook]] | Only eligible wallets can hold or receive | | [[concepts/glossary#mint|Mint]] / [[concepts/glossary#redeem|redeem]] + [[concepts/glossary#reconciliation|reconciliation]] | Supply matches real shares | | Venue ([[concepts/glossary#permissioned-pool|permissioned pool]] or [[concepts/glossary#hybrid-matching|hybrid]]) | Matches and settles trades | | [[concepts/glossary#oracle|Oracle]] + [[concepts/glossary#halt|halt]] control | Fresh prices; stop when the stock is halted | | [[concepts/glossary#transfer-agent|Transfer agent]] / register | The official record stays in sync with the chain | ## Key rules 1. Only allowlisted wallets ever receive the stock token ([ERC-3643](https://eips.ethereum.org/EIPS/eip-3643)). 2. Both legs of a trade settle or neither does ([[concepts/glossary#atomic-settlement|atomic settlement]]). 3. No trading while the primary exchange has the stock halted ([SEC order](https://www.sec.gov/files/rules/exorders/2026/34-106402.pdf)). > [!note] vs traditional trading infrastructure > Traditional trading uses broker order routing, exchange order books or RFQ, CCP netting and T+1 settlement at DTC, with eligibility enforced by brokers and the transfer agent. Tokenized rails move eligibility into the token, settle atomically and run 24/7. See [[topics/settlement-and-matching|Settlement & matching]] and [[concepts/post-trade-reg-nms-model|Post-trade (Reg NMS) model]]. ## Sources Public originals for the facts on this page. - - - - - - - - ======================================================================== # Innovation Exemption and the onchain-venue (TSV) model URL: https://edstokenizedsecuritiesrails.com/concepts/innovation-exemption description: In plain English: The SEC now lets a few approved onchain venues trade tokens of US stocks, for a limited time and under conditions. type: concept last_checked: 2026-10-30 *In plain English: The SEC now lets a few approved onchain venues trade tokens of US stocks, for a limited time and under conditions. This page explains how that works and who objects.* On 17 Sep 2026 the SEC issued an order (Rel. 34-106402, File 4-927) granting temporary, conditional section 36(a)(1) relief ([SEC order](https://business.cch.com/srd/34-106402091726.pdf); [press release](https://business.cch.com/srd/SECgov_SECIssuesInnovationExemptiontoFacilitatetheTradingofTokenizedNMSStockandRequestforComment091726.pdf)): - **Tokenized Securities Venues (TSVs)** operating permissioned [[concepts/glossary#amm-automated-market-maker|AMM]] liquidity pools are exempt from the definition of "exchange". - **Covered Firm** liquidity providers are exempt from the definition of "dealer". - **Conditions** include U.S. person and OFAC compliance, a 30-day public notice, issuer notice and objection for third-party tokens, same rights as the underlying, public auditable [[concepts/glossary#smart-contract|smart contracts]] on a permissionless ledger, and synchronized halts ([SEC order](https://business.cch.com/srd/34-106402091726.pdf)). - **Caps**: Tier 1 cannot exceed 75 symbols and 0.25 percent of prior-month average daily share volume; Tier 2 cannot exceed 250 symbols and 2.5 percent ([SEC order](https://business.cch.com/srd/34-106402091726.pdf); [Skadden](https://www.skadden.com/insights/publications/2026/09/sec-innovation-exemption-establishes)). - Synthetics are excluded; the order expires five years after publication ([SEC order](https://business.cch.com/srd/34-106402091726.pdf)). Chairman Atkins framed it as a bridge to durable rulemaking ([statement](https://business.cch.com/srd/SECgov_StatementontheInnovationExemption_ABridgeTowardDurableRulemaking091726.pdf)). Law-firm analyses: [Skadden](https://www.skadden.com/insights/publications/2026/09/sec-innovation-exemption-establishes), [Davis Polk](https://www.davispolk.com/insights/client-update/sec-s-innovation-exemption-opens-path-tokenized-stock-trading), [WilmerHale](https://www.wilmerhale.com/en/insights/client-alerts/20261005-the-innovation-exemption-arrives-sec-clears-a-conditional-path-for-onchain-trading-of-tokenized-nms-stocks). ## TSV notices The SEC lists three TSV notices: TSV LLC (23 Sep 2026), OKXICE TSV (4 Oct 2026) and Kephas Corporation d/b/a Perpetuals.com (14 Oct 2026) ([SEC](https://www.sec.gov/about/divisions-offices/division-trading-markets/innovation-exemption)). None had started trading by 25 Oct 2026 per their notices and the SEC page. TSV LLC revised its notice on 19 Oct (v1.1) and 23 Oct 2026 (v1.2): it will run on Canton with USDC and SBC as paired assets at commencement, and the issuer's transfer agent handles participant verification and minting ([TSV LLC](https://www.tokenizedstockvenue.com/notice.html)). Version 1.3 (29 Oct 2026) names its first stock, tokenized Canton Strategic Holdings (Nasdaq: CNTN), with Fairmint TA LLC as transfer agent; because the issuer's own transfer agent tokenizes the shares with the issuer's authorization, the third-party objection window does not apply ([TSV LLC notice v1.3](https://www.tokenizedstockvenue.com/notice.html), raw/160). CNTN's 8-K press release says trading is expected as early as 2 Nov 2026 ([CNTN 8-K](https://www.sec.gov/Archives/edgar/data/1861657/000149315226049196/ex99-1.htm), raw/161). See [[platforms-venues/tsv-llc|TSV LLC]]. ## Issuer objection For third-party tokens, the issuer gets notice and can object during the 30-day window ([SEC order](https://business.cch.com/srd/34-106402091726.pdf)). Explainer applied to the first notice: [Dida Labs](https://didalabs.com/tokenized-stock-objection/) (analysis). First test: by 21 Oct 2026, 16 issuers, including Goldman Sachs, Microsoft, Alphabet and McDonald's, had objected to OKXICE listings ([CNBC](https://www.cnbc.com/2026/10/21/tokenized-stocks-us-companies-object.html), news). By OKXICE's 28 Oct notice the count was 38, including JPMorgan, Coca-Cola, Walmart and Eli Lilly ([OKXICE notice, 28 Oct](https://www.okx.com/cdn/assets/okfe/web3-activities/okxicetsv/notices/OKXICE_Tokenized_Securities_Venue_Public_Notice_26.10.28.pdf)); by its 30 Oct notice it was 50, adding NVIDIA, Costco, Micron and NIKE among others ([OKXICE notice, 30 Oct](https://www.okx.com/cdn/assets/okfe/web3-activities/okxicetsv/notices/OKXICE_Tokenized_Securities_Venue_Public_Notice_26.10.30.pdf)). How the opt-out works for issuers, per Nasdaq's FAQ ([Nasdaq](https://www.nasdaq.com/docs/listings/faq-sec-innovation-exemption), last updated 29 Sep 2026): the TSV must send notice to the address of the issuer's principal executive offices on its Exchange Act reports; the issuer has 30 calendar days from receipt to object; the objection goes directly to that venue, and Nasdaq can't file it for them. Notices and [[concepts/glossary#opt-out-issuer-objection|opt-outs]] are per TSV, with no blanket opt-out. Nasdaq says it intends to opt Nasdaq, Inc. out of TSVs, and warns that TSVs don't have to show best prices or report trades until 10 minutes after they happen. The contrast CNBC draws: offshore volume is mostly perps and [[concepts/glossary#wrapper|wrapped]] tokens that never needed issuer permission, while the US path gives issuers a say ([CNBC](https://www.cnbc.com/2026/10/21/tokenized-stocks-us-companies-object.html)). See [[platforms-venues/okxice-tsv]]. ## Industry response A week after the order, Bullish and Equiniti formed the [[concepts/issuer-sponsored-token-coalition|Issuer Sponsored Token Coalition]], citing the requirement that venues verify a token gives holders the same rights as the traditional share ([Bullish](https://www.bullish.com/us/news-insights/leading-market-infrastructure-firms-form-coalition-to-advance-issuer-sponsored-tokenized-securities)). ## Comment file (4-927) Better Markets, an investor advocacy nonprofit, filed a 13-page letter on 22 Oct 2026. It calls TSVs and the dealer exemption the largest rewrite of secondary equity trading rules since [[concepts/glossary#reg-nms|Reg NMS]], argues such changes need APA notice-and-comment rulemaking (with cost-benefit analysis) rather than an order, and urges the SEC to withdraw or rescind the order. It also asks that third-party tokens require the issuer's affirmative consent instead of an opt-out ([Better Markets](https://bettermarkets.org/wp-content/uploads/2026/10/Better-Markets-Comment-Letter-SEC-Innovation-Exemption.pdf), raw/155). SIFMA, the broker-dealer and asset manager trade group, filed an initial letter on 19 Oct 2026 (signed by CEO Kenneth Bentsen). Unlike Better Markets it does not ask for withdrawal; it asks the SEC to amend the order and answer operational questions. Its asks: trading of third-party tokens only with the issuer's affirmative consent (opt-in); failing that, an official SEC- or FINRA-run portal listing TSVs, their notices and issuer elections, a 90-day objection period from confirmed receipt, and a single universal issuer opt-out; and the right to object at any time, even after trading starts. It also asks about surveillance (CAT, ISG), volume limits across venues, beneficial ownership and corporate actions, and says it would support the SEC giving venues more time before they begin operating ([SIFMA](https://www.sifma.org/wp-content/uploads/2026/10/SIFMA-Innovation-Exemption-Initial-Letter-10-19-2026.pdf), raw/158). Solana Policy Institute filed the first clearly supportive letter on 22 Oct 2026 (signed by CEO Miller Whitehouse-Levine and General Counsel Patrick Wilson). It commends the order and makes one ask: define "public, permissionless distributed ledger" with a functional, control-based test, drawing on the Senate draft of the Clarity Act. Its five factors: open-source code; anyone can read and submit transactions without individual authorization; pre-set, transparent protocol rules; no person or group with persistent or exclusive power to order or validate transactions, decide inclusion, control finality or change the rules; and no unilateral power to censor or grant preferential treatment. It also asks that disclosed, temporary incident responses (such as a network pause or emergency patch) not disqualify a ledger. SIFMA asked for a similar definition ([Solana Policy Institute](https://www.sec.gov/comments/4-927/4927-1106380-3893468.pdf), raw/159). Katya Malinova (McMaster) and Andreas Park (Toronto), market-structure academics, filed on 23 Oct 2026 against the volume caps. Their argument: arbitrage trades that keep pool prices in line with the main market count toward the cap, so the cap limits the very thing that fixes price gaps; and capping volume caps the fee income that pays liquidity providers, so costs rise. In their model the lowest attainable trading cost scales with 1/√s for a cap at share s of market volume: about 20 times at the 0.25 percent cap and about 6 times at 2.5 percent. They ask the SEC to remove the caps, or set them per stock, and to study AMM effects on market quality ([Malinova and Park](https://www.sec.gov/comments/4-927/4927-1107499-3908312.pdf), raw/162). DeFi Education Fund (16 Oct 2026) also welcomed the order, but notes it covers only intermediated, permissioned venues and asks for rulemaking with safe harbors for developers of decentralized exchanges and their user interfaces ([DeFi Education Fund](https://www.sec.gov/comments/4-927/4927-1096319-3852226.pdf)). ## Stablecoin legs TSV pools pair against payment [[concepts/glossary#stablecoin|stablecoins]]; the GENIUS Act (S.1582, P.L. 119-27) defines permitted payment stablecoins and 1:1 reserves ([GENIUS Act](https://www.congress.gov/119/bills/s1582/BILLS-119s1582enr.htm)). The Act takes effect on 18 Jan 2027; the OCC's final rule for issuers under its jurisdiction takes effect the same day ([OCC](https://www.occ.gov/news-issuances/bulletins/2026/bulletin-2026-50.html); [Federal Register](https://www.federalregister.gov/documents/2026/10/23/2026-21706/implementing-the-guiding-and-establishing-national-innovation-for-us-stablecoins-act-for-the), FR Doc. 2026-21706). First notice: [[platforms-venues/okxice-tsv|OKXICE TSV]]. Primitive: [[infrastructure/uniswap-permissioned-pools|Uniswap permissioned pools]]. ## Sources Public originals for the facts on this page. - - - - - - - - - - - - - - - - - - ======================================================================== # International regimes URL: https://edstokenizedsecuritiesrails.com/concepts/international description: In plain English: How rules for tokenized securities differ outside the US, region by region. type: concept last_checked: 2026-10-31 *In plain English: How rules for tokenized securities differ outside the US, region by region.* **EU [[concepts/glossary#dlt|DLT]] Pilot Regime**: ESMA's 2025 review found low uptake, with only [[concepts/glossary#csd|CSD]] Prague, 21X and 360X authorised; barriers include thresholds, interoperability, central-bank money and legal uncertainty. ESMA recommends making the regime permanent and wider ([ESMA report](https://www.esma.europa.eu/sites/default/files/2025-06/ESMA75-117376770-460_Report_on_the_functioning_and_review_of_the_DLTR_-_Art.14.pdf); [ESMA press](https://www.esma.europa.eu/press-news/esma-news/esma-suggests-amendments-dlt-pilot-regime-make-it-permanent)). **UK tokenised collateral at CCPs**: on 29 Oct 2026 the Bank of England consulted on draft supervisory expectations for clearing houses (CCPs) that want to accept tokenised versions of collateral they can already take. It says current rules are no barrier and creates no new regime; the token must still be valued, moved and sold when needed, including in stress. Responses close 12 Feb 2027 ([Bank of England CP](https://www.bankofengland.co.uk/paper/2026/cp/supervisory-expectations-for-ccps-seeking-to-accept-tokenised-collateral)). **Offshore issuer domiciles** in this wiki: Jersey (xStocks, Robinhood), BVI (Ondo), ADGM (bStocks, Coinbase). See [[topics/regulation|regulation]]. Not yet collected: MiCA/[[concepts/glossary#mifid-ii|MiFID II]] detail, UK [[concepts/glossary#digital-securities-sandbox|Digital Securities Sandbox]], Swiss DLT Act, Singapore, Hong Kong. For one table of rules by country, see [[topics/rules-by-jurisdiction|Rules by jurisdiction]]. ## Sources Public originals for the facts on this page. - - - ======================================================================== # Issuer Sponsored Token Coalition URL: https://edstokenizedsecuritiesrails.com/concepts/issuer-sponsored-token-coalition description: Industry working group formed by Bullish and Equiniti in Sep 2026 to set standards for issuer-sponsored tokenized securities. type: concept last_checked: 2026-10-28 *In plain English: A group of exchanges, brokers and market firms working on rules and plumbing so companies can put their own shares onchain, with holders keeping the same rights as normal shareholders.* Bullish and Equiniti formed the Issuer Sponsored Token Coalition on 24 Sep 2026, a week after the SEC's [[concepts/innovation-exemption|Innovation Exemption]] ([Bullish](https://www.bullish.com/us/news-insights/leading-market-infrastructure-firms-form-coalition-to-advance-issuer-sponsored-tokenized-securities)). It backs the [[concepts/glossary#issuer-sponsored-token|issuer-sponsored token]] model, where the token is tied to the company's official shareholder register kept by its [[concepts/glossary#transfer-agent|transfer agent]] ([Bullish](https://www.bullish.com/us/news-insights/leading-market-infrastructure-firms-form-coalition-to-advance-issuer-sponsored-tokenized-securities)). ## Members - **Founding (24 Sep 2026):** Bullish and Equiniti, with Alpaca, Apex Fintech Solutions and DriveWealth ([Bullish](https://www.bullish.com/us/news-insights/leading-market-infrastructure-firms-form-coalition-to-advance-issuer-sponsored-tokenized-securities)). - **Joined 26 Oct 2026:** Qube Research & Technologies (QRT), [[infrastructure/vertalo|Vertalo]] and [[infrastructure/zerohash|zerohash]] ([Bullish](https://www.bullish.com/us/news-insights/issuer-sponsored-token-coalition-gains-momentum-as-qrt-vertalo-and-zerohash-join)). Membership is open, non-exclusive and non-binding: joining does not commit a firm to issue, list, provide liquidity or support any product ([Bullish](https://www.bullish.com/us/news-insights/leading-market-infrastructure-firms-form-coalition-to-advance-issuer-sponsored-tokenized-securities)). Founding members Alpaca, Apex (as Apex Clearing Corporation) and DriveWealth are also among the 20 DTC participants signed for the DTCC Tokenization Service at its 28 Oct 2026 launch ([[infrastructure/dtcc-tokenization-pilot|DTCC]]; [DTCC](https://www.dtcc.com/press-releases/2026/dtcc-tokenization-service-goes-live)). ## Focus areas 1. Keep issuer and shareholder rights, including [[concepts/glossary#corporate-action|corporate-action]] entitlements. 2. Interoperability across traditional clearing and settlement, blockchains, [[concepts/glossary#wrapper|wrapped]]-token models and emerging [[concepts/glossary#entitlement-token|entitlement-token]] frameworks. Example: Securitize's convertible entitlement token, which converts to a registered share once the issuer sponsors tokenization ([[issuers/securitize|Securitize]]). 3. Infrastructure for issuance, transfer, settlement, custody and trading. 4. An open ecosystem of issuers, brokers, exchanges, transfer agents, custodians and market makers. ([Bullish](https://www.bullish.com/us/news-insights/leading-market-infrastructure-firms-form-coalition-to-advance-issuer-sponsored-tokenized-securities)) ## Getting shares onto the register Issuer-sponsored tokens need shares moved out of [[concepts/glossary#dtc|DTC]]'s nominee [[concepts/glossary#cede-co|Cede & Co.]] and into the holder's own name, via the [[concepts/glossary#direct-registration-system-drs|Direct Registration System (DRS)]]. DTC has proposed cutting DRS processing "from days to minutes", expected 13 Nov 2026 and no later than January 2027 ([SEC notice](https://www.federalregister.gov/documents/2026/10/05/2026-20301/self-regulatory-organizations-the-depository-trust-company-notice-of-filing-of-proposed-rule-change)). Securitize's comment letter asks DTC to link DRS to its own tokenization service and publish processing times ([[issuers/securitize|Securitize]]; [Securitize letter](https://www.sec.gov/comments/SR-DTC-2026-012/srdtc2026012-1108719-3924407.pdf)). ## What's next Members were due to meet issuers at the New York Stock Exchange on 27 Oct 2026 ([Bullish](https://www.bullish.com/us/news-insights/issuer-sponsored-token-coalition-gains-momentum-as-qrt-vertalo-and-zerohash-join)). More members and initiatives were promised "in the coming weeks" ([Bullish](https://www.bullish.com/us/news-insights/leading-market-infrastructure-firms-form-coalition-to-advance-issuer-sponsored-tokenized-securities)). Why Bullish is backing this: see [[platforms-venues/bullish#why-it-matters|Bullish: Why it matters]]. Related: [[platforms-venues/bullish|Bullish]] · [[topics/legal-structures|Legal structures]] · [[topics/corporate-actions-and-dividends|Corporate actions & dividends]] *Reference information only, not investment advice.* ## Sources Public originals for the facts on this page. - - - - - ======================================================================== # Legal taxonomy of tokenized securities URL: https://edstokenizedsecuritiesrails.com/concepts/legal-taxonomy description: In plain English: The SEC sorts tokenized stocks into a few legal types. This page explains each one, because the type decides what you actually own. type: concept last_checked: 2026-10-17 *In plain English: The SEC sorts tokenized stocks into a few legal types. This page explains each one, because the type decides what you actually own.* The SEC staff statement of 28 Jan 2026 ([SEC](https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826-statement-tokenized-securities)) is the vocabulary used throughout this wiki: - **Issuer-sponsored tokenization**: the issuer (or its agent) integrates [[concepts/glossary#dlt|DLT]] into its securityholder records; the onchain record is, or feeds, the master securityholder file. Examples: [[issuers/superstate-opening-bell|Superstate Opening Bell]], [[issuers/securitize|Securitize]] transfer-agent issuances. - **Third-party tokenization**, split into: - **Custodial / security entitlement**: a third party holds the security and the token evidences an entitlement (e.g. UCC Article 8). Examples: Securitize Stocks, Coinbase [[concepts/glossary#b20|B20]], [[concepts/glossary#dtc|DTC]] Tokenized Entitlements ([[concepts/post-trade-reg-nms-model|post-trade model]]). - **Synthetic / linked**: the token is a separate security (e.g. a note) or security-based swap referencing the stock. Examples: Ondo Stocks (notes), Robinhood Stock Tokens (debt securities), bStocks (certificates). - Format does not change legal obligations ([SEC](https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826-statement-tokenized-securities); analysis: [Sidley](https://www.sidley.com/en/insights/newsupdates/2026/01/sec-staff-unveils-a-playbook-for-tokenized-securities), [Jones Day](https://www.jonesday.com/en/insights/2026/02/sec-staff-provides-its-views-on-taxonomies-associated-with-tokenized-securities)). ## Broker-dealer custody [[concepts/glossary#rule-15c3-3|Rule 15c3-3]] possession-and-control applies to crypto asset securities. The 2020 special-purpose [[concepts/glossary#broker-dealer|broker-dealer]] statement is not mandatory ([SEC TM FAQ](https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions/frequently-asked-questions-relating-crypto-asset-activities-distributed-ledger-technology)). The 17 Dec 2025 TM statement describes how a broker-dealer establishes physical possession. It covers: - the ability to transfer the asset - private-key protections - network risk assessment - contingency plans Sources: [SEC](https://www.sec.gov/newsroom/speeches-statements/trading-markets-121725-statement-custody-crypto-asset-securities-broker-dealers); [Sidley](https://www.sidley.com/en/insights/newsupdates/2025/12/sec-issues-further-crypto-asset-security-guidance-addresses-broker-dealer-physical-possession). See also [[comparisons/implementations-by-model|implementations compared by model]]. ## Sources Public originals for the facts on this page. - - - - - - ======================================================================== # Post-trade / Reg NMS-inside model URL: https://edstokenizedsecuritiesrails.com/concepts/post-trade-reg-nms-model description: In plain English: In this model a tokenized share is the same share as the normal one. type: concept last_checked: 2026-10-17 *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 [[concepts/glossary#dtc|DTC]]'s tokenization pilot ([SEC Nasdaq approval](https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105047.pdf)). Components: - **DTC Tokenized Entitlements** under the 11 Dec 2025 [[concepts/glossary#no-action-letter|no-action letter]] ([[infrastructure/dtcc-tokenization-pilot|DTCC]]). - **Exchange rules**: [[platforms-venues/nasdaq-tokenized-securities|Nasdaq]] (approved 18 Mar 2026), [[platforms-venues/nyse-ice-tokenized-platform|NYSE]]. Contrast with the [[concepts/innovation-exemption|onchain-venue model]] ([[concepts/glossary#tsv|TSVs]]). ## Sources Public originals for the facts on this page. - - - ======================================================================== # Token primitives URL: https://edstokenizedsecuritiesrails.com/concepts/token-primitives description: In plain English: The basic technical building blocks that tokenized stocks are made of, and which projects use which. type: concept last_checked: 2026-10-17 *In plain English: The basic technical building blocks that tokenized stocks are made of, and which projects use which.* The building blocks used by tokenized-stock implementations: - **Identity-gated transfers**: [[standards/erc-3643|ERC-3643]] (identity registry + compliance), [[standards/erc-1400|ERC-1400]] (transfer validation, partitions), [[standards/solana-token-2022|Token-2022 transfer hooks]]. - **Plain ERC-20** with offchain eligibility: Robinhood Stock Tokens are standard ERC-20s ([Robinhood](https://docs.robinhood.com/chain/building-with-stock-tokens/)); Ondo uses ERC-20 on Ethereum/BNB Chain ([Ondo](https://docs.ondo.finance/ondo-stocks/overview)). - **[[concepts/glossary#multiplier|Multipliers]] for corporate actions**: build transactions in raw amounts, display raw x multiplier (xStocks, [docs](https://docs.xstocks.fi/developers/multipliers)); [[concepts/glossary#solana|Solana]] scaled UI amount; see [[topics/corporate-actions-and-dividends|corporate actions]]. - **Permissioned [[concepts/glossary#amm-automated-market-maker|AMMs]]**: [[infrastructure/uniswap-permissioned-pools|Uniswap v4 permissioned pools]]. - **[[concepts/glossary#oracle|Oracles]]** for a 24/5 underlying traded 24/7: [[infrastructure/chainlink-equity-feeds|Chainlink]]. ## Sources Public originals for the facts on this page. - - - ======================================================================== # Corporate actions & dividends URL: https://edstokenizedsecuritiesrails.com/topics/corporate-actions-and-dividends description: In plain English: How dividends, stock splits and votes reach you depends on how the token is built. This page compares the approaches. last_checked: 2026-10-27 *In plain English: How dividends, stock splits and votes reach you depends on how the token is built. This page compares the approaches.* How a dividend or split reaches a token holder depends on the model (see [[overview|the overview]]). ## Multiplier (rebasing) model [[concepts/glossary#wrapper|Wrapped]] tokens usually reinvest dividends and raise a multiplier rather than pay cash. - **xStocks**: dividends are reinvested net of withholding; splits and reverse splits scale the multiplier ([xStocks docs](https://docs.xstocks.fi/docs/dividends-and-stock-splits)). Kraken computes the change as the net dividend (after 30% US withholding) divided by the prior close, and updates it around 8 p.m. EST the day before the ex-date ([Kraken FAQ](https://support.kraken.com/articles/xstocks-faq)). Holders get no voting rights. - **Coinbase on Base ([[standards/b20|B20]])**: cash dividends are converted to shares and reflected in the multiplier (e.g. 1.02 means one token [[concepts/glossary#redeem|redeems]] for 1.02 shares). Scheduled updates give advance onchain notice via ERC-8056 ([Base docs](https://docs.base.org/build-on-base/integrate-defi/list-tokenized-stocks)). - Robinhood also uses multipliers that reflect reinvested dividends ([Zerion](https://zerion.io/blog/best-tokenized-stock-platforms/), secondary). ## Issuer-sponsored and fund tokens The token is the share, so corporate actions follow the register (Superstate). Exodus's tokens carry no economic rights of their own; those attach to the Class A share ([Exodus offering circular](https://www.sec.gov/Archives/edgar/data/1821534/000114036121012255/nt10013846x18_253g2.htm)). WisdomTree's WTGXX accrues income daily and pays monthly in cash or [[concepts/glossary#stablecoin|stablecoin]], or reinvests it ([WisdomTree FAQ](https://dataspanapi.wisdomtree.com/pdr/documents/WEBSITE_FUND_DETAILS/WDT/US/EN-US/WTGXX_3/)). [[infrastructure/vertalo|Vertalo]], a [[concepts/glossary#transfer-agent|transfer agent]] in the [[concepts/issuer-sponsored-token-coalition|Issuer Sponsored Token Coalition]], says [[concepts/glossary#issuer-sponsored-token|issuer-sponsored tokens]] work because the shareholder records and the token agree, and that agreement drives corporate actions ([Bullish](https://www.bullish.com/us/news-insights/issuer-sponsored-token-coalition-gains-momentum-as-qrt-vertalo-and-zerohash-join)). ## DTC At launch, [[concepts/glossary#dtc|DTC]] pays Treasury distributions in fiat to participants' traditional accounts. Equity and [[concepts/glossary#etf|ETF]] corporate actions on tokens are on the 2027+ roadmap ([DTCC tear sheet](https://dtcclearning.com/documents/dtcc-digital-assets/digital-asset-solutions/tokenization-service/5699-dtcc-tokenization-service-product-tear-sheet-and-high-level-roadmap/file.html)). ## What this means for holders - Wrapped tokens often reflect dividends and splits through a [[concepts/glossary#multiplier|multiplier]] instead of cash; native shares and DTC-based tokens follow the normal share's corporate actions. - Voting rights usually stay with the [[concepts/glossary#custodian|custodian]] or issuer for wrapped tokens; check each issuer page. - Where a field says `unknown`, the sources so far do not say how that issuer handles it. *Reference information only, not investment advice.* ## Sources Public originals for the facts on this page. - - - - - - - - ======================================================================== # Custody URL: https://edstokenizedsecuritiesrails.com/topics/custody description: In plain English: Who holds the real share, and who controls the token, differs by model. This page shows who keeps what. last_checked: 2026-10-28 *In plain English: Who holds the real share, and who controls the token, differs by model. This page shows who keeps what.* Who holds the real share, and who holds the keys, differs by model (see [[overview|the overview]]). ## Backed (third-party) models Backed models hold the underlying shares with a [[concepts/glossary#custodian|custodian]] or broker-dealer (Ondo: US broker-dealers; Dinari: registered US broker-dealer; Coinbase: bankruptcy-remote structure) ([Zerion](https://zerion.io/blog/best-tokenized-stock-platforms/), secondary; [Fensory](https://fensory.com/best/tokenized-stocks-platforms), secondary). SEC staff note that holders of third-party tokens may face risks, such as the third party's bankruptcy, that holders of the underlying share would not ([SEC staff statement, 28 Jan 2026](https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826-statement-tokenized-securities)). ## Issuer-sponsored models These replace custody with a transfer-agent register: the token is the ownership record (see [[issuers/securitize|Securitize]], [[issuers/superstate-opening-bell|Superstate]]). ## DTC tokenized entitlements Tokens are backed 1:1 by securities held at [[concepts/glossary#dtc|DTC]], and DTC keeps the official books and records ([[infrastructure/dtcc-tokenization-pilot|DTCC Tokenization Service]]; [DTCC tear sheet](https://dtcclearning.com/documents/dtcc-digital-assets/digital-asset-solutions/tokenization-service/5699-dtcc-tokenization-service-product-tear-sheet-and-high-level-roadmap/file.html)). The service went live on 28 Oct 2026, delivering tokens to participants' wallets of choice ([DTCC](https://www.dtcc.com/press-releases/2026/dtcc-tokenization-service-goes-live)). ## Broker-dealer custody of tokens SEC staff will not object to a broker-dealer treating itself as having "physical possession" of a crypto asset security under Rule 15c3-3(b)(1) if conditions are met, chiefly control of the private keys and safeguards against their theft or loss ([SEC staff statement, 17 Dec 2025](https://www.sec.gov/newsroom/speeches-statements/trading-markets-121725-statement-custody-crypto-asset-securities-broker-dealers)). This is a staff statement, not a rule. ## Vendors [[infrastructure/zerohash|Zerohash]] markets a tokenization engine to brokerages ([Zerohash](https://zerohash.com/industries/brokerages)). ## What this means for holders - With a [[concepts/glossary#wrapper|wrapper]], your protection depends on the issuer's [[concepts/glossary#custodian|custodian]] and whether the structure is [[concepts/glossary#bankruptcy-remote|bankruptcy-remote]]. - Platform custody and token custody are separate questions: a venue can list a token without holding it (e.g. [[platforms-venues/okxice-tsv|OKXICE]]). *Reference information only, not investment advice.* ## Sources Public originals for the facts on this page. - - - - - - - ======================================================================== # Legal structures URL: https://edstokenizedsecuritiesrails.com/topics/legal-structures description: In plain English: Tokenized stocks come in a few legal forms. Some are the real share; others are a claim or a note that tracks it. last_checked: 2026-10-28 *In plain English: Tokenized stocks come in a few legal forms. Some are the real share; others are a claim or a note that tracks it.* Tokenized stocks fall into distinct legal models ([Zerion](https://zerion.io/blog/best-tokenized-stock-platforms/)): - **Debt security / certificate** backed by shares (Robinhood, bStocks, xStocks). - **Beneficial claim** on custodied shares (Coinbase [[concepts/glossary#b20|B20]]; Securitize Stocks as [[concepts/glossary#security-entitlement|security entitlements]], convertible to registered shares). - **Issuer-sponsored shares** recorded by a [[concepts/glossary#transfer-agent|transfer agent]] (Securitize, Superstate Opening Bell). - **Blockchain-native equity** (Figure FGRS). - **Same security, tokenized form** inside the US market structure (Nasdaq / [[concepts/glossary#dtc|DTC]] pilot, [SEC](https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105047.pdf)). Rights differ: backing does not automatically confer shareholder rights. In the [[concepts/glossary#issuer-sponsored-token|issuer-sponsored]] model the token is tied to the company's official shareholder register, so voting, dividend and corporate-action rights carry over; wrapped and synthetic tokens only track the share. Most US shares sit in [[concepts/glossary#street-name|street name]], registered to DTC's nominee [[concepts/glossary#cede-co|Cede & Co.]]; moving them into the holder's own name runs through the [[concepts/glossary#direct-registration-system-drs|Direct Registration System (DRS)]], which DTC has proposed to speed up "from days to minutes" ([SEC notice](https://www.federalregister.gov/documents/2026/10/05/2026-20301/self-regulatory-organizations-the-depository-trust-company-notice-of-filing-of-proposed-rule-change)). Since Sep 2026 the [[concepts/issuer-sponsored-token-coalition|Issuer Sponsored Token Coalition]] has pushed this model ([Bullish](https://www.bullish.com/us/news-insights/leading-market-infrastructure-firms-form-coalition-to-advance-issuer-sponsored-tokenized-securities)). ======================================================================== # Regulation URL: https://edstokenizedsecuritiesrails.com/topics/regulation description: In plain English: The main US and international rule changes for tokenized securities, in date order. last_checked: 2026-10-29 *In plain English: The main US and international rule changes for tokenized securities, in date order.* Key US milestones: [[concepts/glossary#dtc|DTC]] [[concepts/glossary#no-action-letter|no-action letter]] (11 Dec 2025) and SEC approval of Nasdaq's tokenized trading rule (18 Mar 2026) ([SEC](https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105047.pdf)); WisdomTree's [[concepts/glossary#exemptive-relief|exemptive relief]] for 24/7 fund-share trading (Feb 2026, [WisdomTree](https://ir.wisdomtree.com/news-events/press-releases/detail/777/wisdomtree-to-launch-247-trading-and-instant-settlement)). Non-US issuers sit in Jersey, BVI and ADGM ([Zerion](https://zerion.io/blog/best-tokenized-stock-platforms/)). Recent changes (Sep to Oct 2026): the SEC's [[concepts/innovation-exemption|Innovation Exemption]] for tokenized NMS stock (17 Sep 2026, [SEC](https://www.sec.gov/newsroom/press-releases/2026-90-sec-issues-innovation-exemption-facilitate-trading-tokenized-nms-stock-request-comment)), which Better Markets' 22 Oct comment letter urges the SEC to withdraw in favor of notice-and-comment rulemaking ([Better Markets](https://bettermarkets.org/wp-content/uploads/2026/10/Better-Markets-Comment-Letter-SEC-Innovation-Exemption.pdf)), while SIFMA's 19 Oct letter asks for amendments such as issuer opt-in consent and a 90-day objection period ([SIFMA](https://www.sifma.org/wp-content/uploads/2026/10/SIFMA-Innovation-Exemption-Initial-Letter-10-19-2026.pdf)), Solana Policy Institute's 22 Oct letter backs the order and asks the SEC to define "public, permissionless" ledgers by who controls them ([Solana Policy Institute](https://www.sec.gov/comments/4-927/4927-1106380-3893468.pdf)), and Malinova and Park (23 Oct) argue the volume caps block arbitrage and raise trading costs ([Malinova and Park](https://www.sec.gov/comments/4-927/4927-1107499-3908312.pdf)); CFTC staff FAQs on tokenized permitted investments (24 Sep 2026, [CFTC](https://www.cftc.gov/PressRoom/PressReleases/9303-26)); the OCC's final GENIUS Act rule, effective 18 Jan 2027 (21 Oct 2026, [OCC](https://www.occ.gov/news-issuances/bulletins/2026/bulletin-2026-50.html)); the FCA and Bank of England feedback statement FS26/1 (14 Sep 2026, [FCA](https://www.fca.org.uk/publications/feedback-statements/fs26-1-tokenisation-wholesale-markets)); and EU Council agreement on key elements of the market integration package, which would widen the DLT Pilot Regime (9 Oct 2026, [Council](https://www.consilium.europa.eu/en/press/press-releases/2026/10/09/savings-and-investments-union-council-agrees-key-elements-of-crucial-measures-to-deepen-eu-capital-markets/)). Country-by-country status: [[topics/rules-by-jurisdiction|Rules by jurisdiction]]. ======================================================================== # Settlement & matching URL: https://edstokenizedsecuritiesrails.com/topics/settlement-and-matching description: In plain English: How tokenized stock trades get matched and settled, and how that differs from today's next-day settlement. last_checked: 2026-10-31 *In plain English: How tokenized stock trades get matched and settled, and how that differs from today's next-day settlement.* Tokenized stocks trade and settle in several ways (see [[overview|the overview]]). ## Venue models - **Centralized exchanges** list tokens: Kraken trades most xStocks 24/5, with 10 trading 24/7 on Kraken Pro; withdrawn tokens can trade 24/7 on DEXs ([Kraken FAQ](https://support.kraken.com/articles/xstocks-faq)). - **Onchain DEXs**: [[concepts/glossary#wrapper|wrapped]] tokens trade permissionlessly in DeFi pools. - **Tokenized Securities Venues** run permissioned [[concepts/glossary#amm-automated-market-maker|AMM]] pools under the [[concepts/innovation-exemption|Innovation Exemption]]. Conditions include symbol and volume caps, a 30-day issuer objection window, and trading halts in step with the primary market ([SEC order 34-106402](https://www.sec.gov/files/rules/exorders/2026/34-106402.pdf)). See [[platforms-venues/okxice-tsv|OKXICE TSV]] and [[infrastructure/uniswap-permissioned-pools|Uniswap permissioned pools]]. - **[[concepts/glossary#ats|ATS]]**: Figure's blockchain stock settles on Provenance in YLDS ([Figure 424(b)(4)](https://www.sec.gov/Archives/edgar/data/2064124/000162828026008786/figure-blockchain424b4.htm)); see [[issuers/figure-open|Figure OPEN]]. - **National exchanges** trade tokenized and traditional shares on one order book with equal priority, settled through [[concepts/glossary#dtc|DTC]] ([[platforms-venues/nasdaq-tokenized-securities|Nasdaq]]; [SEC](https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105047.pdf)). ## Post-trade DTC's Tokenization Service went live on 28 Oct 2026 with 20 signed participants ([DTCC](https://www.dtcc.com/press-releases/2026/dtcc-tokenization-service-goes-live)). It converts book-entry positions into tokens and back, 2 a.m.-6 p.m. ET on business days, targeting 15 minutes or less. Tokens then move peer-to-peer 24/7 between registered [[concepts/glossary#wallet|wallets]] ([DTCC tear sheet](https://dtcclearning.com/documents/dtcc-digital-assets/digital-asset-solutions/tokenization-service/5699-dtcc-tokenization-service-product-tear-sheet-and-high-level-roadmap/file.html)). On-chain netting and digital cash are on the 2027+ roadmap. ## Collateral and clearing The Bank of England's 29 Oct 2026 consultation says UK [[concepts/glossary#ccp|CCPs]] can already accept tokenised forms of eligible collateral (cash, bonds and other instruments, gold) under existing rules. Its draft expectations cover liquidity, valuation and interoperability, settlement finality, credit and concentration risk, operational resilience, and custody. Liquidity must be judged separately from the underlying asset, since trading hours and conversion can affect a forced sale. It also asks about wider collateral such as stablecoins and tokenised money market funds. Closes 12 Feb 2027 ([Bank of England CP](https://www.bankofengland.co.uk/paper/2026/cp/supervisory-expectations-for-ccps-seeking-to-accept-tokenised-collateral)). ## Liquidity and price risk Coinbase Institutional's research team noted that tokenized-stock order books remain thin, with [[concepts/glossary#slippage|slippage]] and volatility significantly higher than in the underlying equity, especially post-market or under stress. It also flagged [[concepts/glossary#oracle|oracle]] errors or lags as a risk to token/collateral equivalence ([Coinbase Institutional](https://www.coinbase.com/institutional/research-insights/research/market-intelligence/major-trends-in-tokenization), 10 Jan 2026). ## Sources Public originals for the facts on this page. - - - - - - - - ======================================================================== # Who can buy URL: https://edstokenizedsecuritiesrails.com/topics/who-can-buy description: In plain English: Whether you can buy a given stock token depends on where you live and how the token is structured. last_checked: 2026-10-25 *In plain English: Whether you can buy a given stock token depends on where you live and how the token is structured.* Who can hold a tokenized stock depends on the structure (see [[overview|the overview]] and [[topics/legal-structures|legal structures]]). ## Offshore wrapped tokens Most offshore products exclude US persons (xStocks, Ondo, Coinbase, Robinhood) ([Zerion](https://zerion.io/blog/best-tokenized-stock-platforms/), secondary; [Fensory](https://fensory.com/best/tokenized-stocks-platforms), secondary). [[issuers/xstocks-backed|xStocks]] are offered to eligible non-US clients in 110+ countries and are not available in the US, Canada, the UK or Australia ([Kraken FAQ](https://support.kraken.com/articles/xstocks-faq)). ## US routes - [[concepts/glossary#broker-dealer|Broker-dealer]] model: [[issuers/dinari|Dinari]] documents a US broker-dealer route. - Issuer-sponsored shares can admit eligible US investors, usually behind KYC and a transfer-agent whitelist. Exodus token holders can only trade with holders who passed the [[concepts/glossary#transfer-agent|transfer agent]]'s AML/KYC and were whitelisted ([Exodus offering circular](https://www.sec.gov/Archives/edgar/data/1821534/000114036121012255/nt10013846x18_253g2.htm)). WisdomTree's WTGXX allows transfers only between verified, whitelisted [[concepts/glossary#wallet|wallets]] ([WisdomTree FAQ](https://dataspanapi.wisdomtree.com/pdr/documents/WEBSITE_FUND_DETAILS/WDT/US/EN-US/WTGXX_3/)). - Tokenized Securities Venues under the [[concepts/innovation-exemption|Innovation Exemption]] are permissioned: access is limited to approved participants ([SEC order 34-106402](https://www.sec.gov/files/rules/exorders/2026/34-106402.pdf)). ## What this means for holders - Most offshore tokens (xStocks, Ondo, Robinhood, Coinbase, bStocks) exclude US persons; check the issuer page for the exact country list. - US routes run through registered firms: Dinari as [[concepts/glossary#broker-dealer|broker-dealer]], Superstate as [[concepts/glossary#transfer-agent|transfer agent]] for native shares, or exchange-listed tokenized shares via the [[concepts/glossary#dtc|DTC]] pilot. - Where you can buy is a property of the issuer and the platform together: see [[topics/rules-by-jurisdiction|Rules by jurisdiction]]. *Reference information only, not investment advice.* ## Sources Public originals for the facts on this page. - - - - - - ======================================================================== # Coinbase B20 URL: https://edstokenizedsecuritiesrails.com/standards/b20 description: In plain English: B20 is the token format Coinbase uses for its tokenized stocks on Base. type: standard last_checked: 2026-10-25 *In plain English: B20 is the token format Coinbase uses for its tokenized stocks on Base.* B20 is the Base-native token standard that Coinbase's tokenized stocks use ([Base](https://blog.base.org/tokenized-stocks); [Base docs](https://docs.base.org/build-on-base/integrate-defi/list-tokenized-stocks)). It is designed to work for any asset; stocks are one use case. ## Design - A superset of [[concepts/glossary#erc-20|ERC-20]], built as Rust precompiles and shipped in Base's Beryl upgrade ([Base docs](https://docs.base.org/upgrades/beryl/b20)). Standard ERC-20 methods and events work. - Two variants: **Asset** (6-18 decimals, with a [[concepts/glossary#multiplier|multiplier]]) and **[[concepts/glossary#stablecoin|Stablecoin]]** (6 decimals) ([Base docs](https://docs.base.org/upgrades/beryl/b20)). - Built-in controls: transfer policies, freeze-and-reissue, roles, memos, supply caps and permit ([Base docs](https://docs.base.org/upgrades/beryl/b20)). - Audited by Base and Spearbit, per the docs ([Base docs](https://docs.base.org/upgrades/beryl/b20)). ## Tokenized stocks on B20 - **Multiplier**: one token does not always equal one share. Cash dividends are converted to shares and the multiplier rises (e.g. 1.02) ([Base docs](https://docs.base.org/build-on-base/integrate-defi/list-tokenized-stocks)). Scheduled changes use ERC-8056 `updateUIMultiplier`; the instant `updateMultiplier` is deprecated and kept as a failsafe. - **Identification**: integrators should identify tokens by contract address, not ticker, and watch the `B20Created` event. A public, keyless API returns addresses, supply, multipliers, ISINs and Chainlink reference values ([Base docs](https://docs.base.org/build-on-base/integrate-defi/list-tokenized-stocks)). - **Access**: secondary transfers are permissionless; [[concepts/glossary#kyc|KYC]] applies to Authorized Participants who [[concepts/glossary#mint|mint]] and [[concepts/glossary#redeem|redeem]] ([Base docs](https://docs.base.org/build-on-base/integrate-defi/list-tokenized-stocks)). See [[issuers/coinbase-tokenized-stocks|Coinbase tokenized stocks]], [[topics/corporate-actions-and-dividends|corporate actions]] and [[standards/erc-3643|ERC-3643]] for a permissioned alternative. ## Sources Public originals for the facts on this page. - - - ======================================================================== # ERC-1400 / ERC-1410 URL: https://edstokenizedsecuritiesrails.com/standards/erc-1400 description: In plain English: ERC-1400 is an older, draft set of Ethereum rules for security tokens that can block or force transfers. type: standard last_checked: 2026-10-17 *In plain English: ERC-1400 is an older, draft set of Ethereum rules for security tokens that can block or force transfers.* ERC-1400 (draft, 2018) is an umbrella suite: ERC-1594 (transfer validation, off-chain data), ERC-1643 (documents), ERC-1644 (controller/forced transfers) and ERC-1410 (partitions) ([spec](https://github.com/SecurityTokenStandard/EIP-Spec/blob/master/eip/eip-1400.md)). ERC-1410 defines balanceOfByPartition, transferByPartition and operator transfers, i.e. "partially fungible" balances useful for lockups and share classes ([ERC-1410](https://github.com/SecurityTokenStandard/EIP-Spec/blob/master/eip/eip-1410.md)). ConsenSys UniversalToken is a reference implementation with certificate-based validation ([GitHub](https://github.com/ConsenSys/ERC1400)). ## Sources Public originals for the facts on this page. - - - ======================================================================== # ERC-3643 (T-REX) URL: https://edstokenizedsecuritiesrails.com/standards/erc-3643 description: In plain English: ERC-3643 is an Ethereum token standard that only lets approved, identity-checked wallets hold or receive the token. type: standard last_checked: 2026-10-17 *In plain English: ERC-3643 is an Ethereum token standard that only lets approved, identity-checked wallets hold or receive the token.* ERC-3643 is a final EIP. It extends the basic [[concepts/glossary#erc-20|ERC-20]] token with permissions: transfers can be conditional, paused or frozen, forced, or recovered. A transfer only goes through if two checks pass ([EIP-3643](https://eips.ethereum.org/EIPS/eip-3643)): - the **Identity Registry** confirms both parties hold valid ONCHAINID claims, and - the modular **Compliance** contract approves it. Compliance modules cover limits such as country, holder count and balances ([ERC-3643 docs](https://docs.erc3643.org/erc-3643/smart-contracts-library/permissioned-tokens)). Reference implementation: [GitHub](https://github.com/ERC-3643/ERC-3643). ## Sources Public originals for the facts on this page. - - - ======================================================================== # Solana Token-2022 extensions URL: https://edstokenizedsecuritiesrails.com/standards/solana-token-2022 description: In plain English: Token-2022 is Solana's token program with optional add-ons that tokenized stocks use for compliance and splits. type: standard last_checked: 2026-10-17 *In plain English: Token-2022 is Solana's token program with optional add-ons that tokenized stocks use for compliance and splits.* Token-2022 adds extensions including transfer hook, permanent delegate, default account state, scaled UI amount and metadata ([Solana](https://solana.com/docs/tokens/extensions)). - **Transfer hook**: a custom program runs on every transfer; ExtraAccountMetaList resolves extra accounts. This is Solana's equivalent of identity-gated compliance checks ([Solana](https://solana.com/docs/tokens/extensions/transfer-hook)). - **Scaled UI amount**: a [[concepts/glossary#multiplier|multiplier]] changes the displayed balance without changing raw balances; used for splits and reinvested dividends ([Solana](https://solana.com/docs/tokens/extensions/scaled-ui-amount)). Used by Ondo Stocks on Solana ([Ondo](https://docs.ondo.finance/ondo-stocks/overview)). ## Sources Public originals for the facts on this page. - - - - ======================================================================== # BUIDL (adjacent fund precedent) URL: https://edstokenizedsecuritiesrails.com/comparisons/buidl-precedent description: In plain English: BlackRock's tokenized money market fund, BUIDL, is an early example that later stock-token projects copied. type: comparison last_checked: 2026-10-17 *In plain English: BlackRock's tokenized money market fund, BUIDL, is an early example that later stock-token projects copied.* BlackRock's BUIDL fund (launched 20 Mar 2024) used Securitize as [[concepts/glossary#transfer-agent|transfer agent]], tokenization platform and placement agent ([Nasdaq PR](https://www.nasdaq.com/press-release/blackrock-launches-its-first-tokenized-fund-buidl-on-the-ethereum-network-2024-03-20)). Adjacent to equities: a fund, not a stock. See also [[issuers/wisdomtree|WisdomTree]] (funds). ## Sources Public originals for the facts on this page. - ======================================================================== # Implementations compared by model URL: https://edstokenizedsecuritiesrails.com/comparisons/implementations-by-model description: In plain English: A side-by-side table of tokenized stock projects, grouped by legal model. type: comparison last_checked: 2026-10-17 *In plain English: A side-by-side table of tokenized stock projects, grouped by legal model.* Classification follows the [[concepts/legal-taxonomy|SEC staff taxonomy]]. Details and sources are on each linked page. | Implementation | Model | Key mechanism | |---|---|---| | [[issuers/superstate-opening-bell\|Superstate Opening Bell]] | Issuer-sponsored | SEC-registered transfer agent; onchain cap table | | [[issuers/securitize\|Securitize (issuer shares)]] | Issuer-sponsored | Transfer agent book entry | | [[issuers/securitize\|Securitize Stocks]] | Custodial entitlement | UCC Art. 8 via broker-dealer; Solana PropAMM | | [[issuers/coinbase-tokenized-stocks\|Coinbase B20]] | Custodial claim | Beneficial claim; Alpaca custody | | [[issuers/dinari\|Dinari dShares]] | Broker-dealer mirror record | Tokens mirror off-chain brokerage books | | [[infrastructure/dtcc-tokenization-pilot\|DTC Tokenized Entitlements]] | Custodial entitlement (post-trade) | DTC participants; NAL | | [[issuers/ondo-global-markets\|Ondo Stocks]] | Synthetic / note | BVI SPV notes; economic exposure | | [[issuers/robinhood-stock-tokens\|Robinhood Stock Tokens]] | Synthetic / debt security | Jersey issuer; no rights in underlying | | [[issuers/bstocks\|bStocks]] | Synthetic / certificate | ADGM certificates over shares | | [[issuers/xstocks-backed\|xStocks]] | Backed tracker | Jersey issuer; multiplier | | [[platforms-venues/okxice-tsv\|OKXICE TSV]] | Venue (TSV) | Permissioned [[concepts/glossary#amm-automated-market-maker\|AMM]] under Innovation Exemption | | [[concepts/post-trade-reg-nms-model\|Nasdaq / NYSE]] | Venue (exchange) | Same book, DTC settlement | ## Sources Public originals for the facts on this page. - ======================================================================== # bStocks URL: https://edstokenizedsecuritiesrails.com/issuers/bstocks description: In plain English: bStocks are certificates backed one-for-one by real US shares held at a custodian. type: issuer jurisdiction: Abu Dhabi Global Market chain: BNB Smart Chain status: live (admitted to FSRA Official List) last_updated: 2026-10-17 last_checked: 2026-10-17 > [!info] At a glance > **Type:** issuer > **Jurisdiction:** Abu Dhabi Global Market > **Chain:** BNB Smart Chain > **Status:** live (admitted to FSRA Official List) > **Last updated:** 2026-10-17 | Field | Value | |---|---| | name | bStocks | | jurisdiction | Abu Dhabi Global Market | | product_name | bStocks certificates | | structure | Certificates over Shares (FSMR Sch.1 para 92); beneficial interest, not direct share ownership | | chains | BNB Smart Chain | | who_can_buy | Offer made only in ADGM; not to US persons (Reg S) | | num_assets | 95 on RWA.xyz (third-party tracker, Oct 2026) | *In plain English: bStocks are certificates backed one-for-one by real US shares held at a custodian.* bStocks are certificates issued by BTECH Holdings Ltd, each backed 1:1 by a US share at a regulated [[concepts/glossary#custodian|custodian]], admitted to the FSRA Official List ([Binance](https://www.binance.com/my-MM/square/post/332985202800018)). Each ticker has its own FSRA-approved prospectus, e.g. [NVIDIA bStocks, 11 Jun 2026](https://www.adgm.com/globalassets/market-disclosure/content/prospectus/btech-holdings-prospectus----11-june---nvidia-bstocks_06_11_2026_16-44-54.pdf). ## What this means for holders - bStocks are certificates from BTECH Holdings backed 1:1, admitted to the ADGM FSRA Official List ([ADGM prospectus](https://www.adgm.com/globalassets/market-disclosure/content/prospectus/btech-holdings-prospectus----11-june---nvidia-bstocks_06_11_2026_16-44-54.pdf)). - The offer is made only in ADGM and not to US persons ([ADGM prospectus](https://www.adgm.com/globalassets/market-disclosure/content/prospectus/btech-holdings-prospectus----11-june---nvidia-bstocks_06_11_2026_16-44-54.pdf)). - How dividends reach holders is `unknown` in the sources so far. *Reference information only, not investment advice.* ## Sources Public originals for the facts on this page. - - - *Last checked 2026-10-17. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # Coinbase Tokenized Stocks URL: https://edstokenizedsecuritiesrails.com/issuers/coinbase-tokenized-stocks description: In plain English: Coinbase's stock tokens on Base are each backed by a real share held in custody. type: issuer jurisdiction: Abu Dhabi Global Market (FSRA-authorized, per Coinbase via Zerion) chain: Base status: live last_updated: 2026-10-17 last_checked: 2026-10-17 > [!info] At a glance > **Type:** issuer > **Jurisdiction:** Abu Dhabi Global Market (FSRA-authorized, per Coinbase via Zerion) > **Chain:** Base > **Status:** live > **Last updated:** 2026-10-17 | Field | Value | |---|---| | name | Coinbase Tokenized Stocks | | jurisdiction | Abu Dhabi Global Market (FSRA-authorized, per Coinbase via Zerion) | | product_name | B20 stock tokens | | structure | Beneficial claim on backing shares | | chains | Base | | who_can_buy | Eligible jurisdictions outside the US; offered under Regulation S | | num_assets | 58 prospectuses listed on coinbase.com/tokenize (2026-10-17) | *In plain English: Coinbase's stock tokens on Base are each backed by a real share held in custody.* Each [[concepts/glossary#b20|B20]] token on Base is a beneficial claim on a real share in [[concepts/glossary#bankruptcy-remote|bankruptcy-remote]] custody ([Coinbase](https://www.coinbase.com/tokenize); [Base](https://www.base.org/stocks)). Coinbase holds an [[concepts/glossary#fsra-adgm|FSRA]] permission in ADGM ([ADGM](https://www.adgm.com/media/announcements/coinbase-establishes-its-tokenization-hub-in-abu-dhabi-with-financial-services-permission-from-the-financial-services-regulatory-authority)). A public read-only API publishes records, [[concepts/glossary#multiplier|multipliers]] and prospectuses ([Base docs](https://docs.base.org/sdks/tokenized-stocks/overview)). [[concepts/glossary#authorized-participant|Authorized participants]] (institutional market makers) buy the shares, which go to Alpaca, a regulated broker and [[concepts/glossary#custodian|custodian]] ([Base](https://blog.base.org/tokenized-stocks); [CoinDesk](https://www.coindesk.com/business/2026/08/24/coinbase-debuts-tokenized-stocks-on-base-network-joining-race-to-bring-equities-on-blockchain), news). Token format: [[standards/b20|B20]]. Since 25 Sep 2026, seven Coinbase tokenized stocks (AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc, TSLAc) can be posted as collateral to borrow USDC on Aave V4 on Base ([Aave](https://www.aave.com/blog/coinbase-tokenized-stocks)). John D'Agostino, head of strategy at Coinbase Institutional, said the initial offering covers about seven stocks and is planned to grow to 2,000 (a stated plan, not a launched figure) ([TheStreet via Yahoo Finance](https://finance.yahoo.com/markets/crypto/articles/tokenized-stocks-turn-share-collateral-165759306.html), news, 27 Oct 2026). ## Coinbase research view (Jan 2026) Coinbase Institutional's research team wrote that tokenized public equities were still under \$1B, versus about \$28B for tokenized Treasuries and private credit ([Coinbase Institutional, Major Trends in Tokenization](https://www.coinbase.com/institutional/research-insights/research/market-intelligence/major-trends-in-tokenization), 10 Jan 2026). It flagged three risks: - **Market depth:** order books for tokenized stocks remain thin; [[concepts/glossary#slippage|slippage]] and volatility can be significantly higher than in the underlying stock, especially post-market or under stress. - **[[concepts/glossary#oracle|Oracle]] risk:** off-chain prices must be brought onchain; errors, lags or manipulation can break the equivalence between token and underlying collateral. - **Regulatory fragmentation:** jurisdictions differ on who can own what and how secondary transfers work. The note says that if freely transferable designs are permitted, tokenized stocks could serve as collateral in lending markets; otherwise, with thin books, extended hours don't yet offset lower depth and higher friction ([Coinbase Institutional](https://www.coinbase.com/institutional/research-insights/research/market-intelligence/major-trends-in-tokenization)). ## What this means for holders - A B20 stock token is a beneficial claim on a share held in [[concepts/glossary#bankruptcy-remote|bankruptcy-remote]] custody, not a share on the company's register ([Coinbase](https://www.coinbase.com/tokenize); [Base](https://www.base.org/stocks)). - Offered outside the US only; dividends are reinvested through a [[concepts/glossary#multiplier|multiplier]] ([Base](https://www.base.org/stocks)). - [[concepts/glossary#redeem|Redemption]] terms are set in the issuer documents; check them before relying on redemption ([Base docs](https://docs.base.org/sdks/tokenized-stocks/overview)). *Reference information only, not investment advice.* ## Sources Public originals for the facts on this page. - - - - - - - - *Last checked 2026-10-17. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # Crypto.com Tokenized Stocks URL: https://edstokenizedsecuritiesrails.com/issuers/crypto-com-tokenized-stocks description: In plain English: Crypto.com sells tokens that follow US stock prices, but they are contracts, not shares. type: issuer jurisdiction: Cyprus (EEA offering); other approved jurisdictions chain: unknown status: live (launched 2026-08-12) last_updated: 2026-10-25 last_checked: 2026-10-25 > [!info] At a glance > **Type:** issuer > **Jurisdiction:** Cyprus (EEA offering); other approved jurisdictions > **Chain:** unknown > **Status:** live (launched 2026-08-12) > **Last updated:** 2026-10-25 | Field | Value | |---|---| | name | Crypto.com Tokenized Stocks | | jurisdiction | Cyprus (EEA offering); other approved jurisdictions | | product_name | Tokenized Stocks | | structure | Derivative tracking the price of the underlying | | chains | unknown | | who_can_buy | Eligible users in the EEA and other approved jurisdictions | | num_assets | 1,500 stocks and ETFs at launch | *In plain English: Crypto.com sells tokens that follow US stock prices, but they are contracts, not shares.* Crypto.com launched Tokenized Stocks on 12 Aug 2026 with exposure to 1,500 US stocks and ETFs from US\$1, traded 24/7 in the Crypto.com App ([Crypto.com](https://crypto.com/us/company-news/tokenized-stocks-eea-launch)). ## What this means for holders - These are derivative contracts issued by Foris Capital CY Limited: no legal or beneficial ownership, no voting or shareholder rights ([Crypto.com](https://crypto.com/us/company-news/tokenized-stocks-eea-launch)). - Dividend-equivalent adjustments may apply but are not guaranteed; hedging assets sit with Alpaca ([Crypto.com](https://crypto.com/us/company-news/tokenized-stocks-eea-launch)). *Reference information only, not investment advice.* ## Sources Public originals for the facts on this page. - *Last checked 2026-10-25. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # Dinari dShares URL: https://edstokenizedsecuritiesrails.com/issuers/dinari description: In plain English: Dinari issues tokens backed by US stocks and offers them to eligible US investors. type: issuer jurisdiction: United States (+85 jurisdictions per Fensory) chain: Ethereum, Avalanche, Arbitrum, Base, (Sei, Solana announced) status: live (US launch 2026-08-04) last_updated: 2026-10-17 last_checked: 2026-10-17 > [!info] At a glance > **Type:** issuer > **Jurisdiction:** United States (+85 jurisdictions per Fensory) > **Chain:** Ethereum, Avalanche, Arbitrum, Base, (Sei, Solana announced) > **Status:** live (US launch 2026-08-04) > **Last updated:** 2026-10-17 | Field | Value | |---|---| | name | Dinari dShares | | jurisdiction | United States (+85 jurisdictions per Fensory) | | product_name | dShares | | structure | Tokens backed by custodied securities; jurisdiction-specific rights | | chains | Ethereum, Avalanche, Arbitrum, Base, (Sei, Solana announced) | | who_can_buy | Eligible US investors (since 2026-08-04); international per Fensory (secondary) | | num_assets | 724 at US launch | *In plain English: Dinari issues tokens backed by US stocks and offers them to eligible US investors.* On 4 Aug 2026 Dinari launched 724 dShares, including the full S&P 500, to eligible US investors ([Dinari](https://dinari.com/blog/dinari-launches-724-tokenized-stocks-available-to-u-s-investors-and-businesses)). Dinari Inc. is the [[concepts/glossary#transfer-agent|transfer agent]]; Dinari Securities LLC is the [[concepts/glossary#broker-dealer|broker-dealer]] ([GlobeNewswire](https://www.globenewswire.com/news-release/2026/08/04/3338495/0/en/dinari-inc-opens-platform-licenses-to-u-s-financial-institutions.html)). In its input to the SEC Crypto Task Force, Dinari describes tokens as secondary, non-transferable records mirroring authoritative off-chain brokerage books ([SEC](https://www.sec.gov/files/ctf-written-input-dinari-inc-040226.pdf)). US clearing is through Alpaca Securities LLC ([Dinari](https://docs.dinari.com/docs/us)). See [What is a dShare](https://docs.dinari.com/docs/what-is-dshare). ## What this means for holders - Eligible US investors can buy dShares since 4 Aug 2026 ([Dinari](https://dinari.com/blog/dinari-launches-724-tokenized-stocks-available-to-u-s-investors-and-businesses)). - Dinari describes its tokens as records that mirror its brokerage books, so your claim runs through Dinari as [[concepts/glossary#broker-dealer|broker-dealer]] ([Dinari SEC input](https://www.sec.gov/files/ctf-written-input-dinari-inc-040226.pdf)). - Dividends are paid in cash, with [[concepts/glossary#stablecoin|USDC]] support ([Dinari](https://dinari.com/blog/dinari-launches-724-tokenized-stocks-available-to-u-s-investors-and-businesses)). *Reference information only, not investment advice.* ## Sources Public originals for the facts on this page. - - - - - - - *Last checked 2026-10-17. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # Figure OPEN URL: https://edstokenizedsecuritiesrails.com/issuers/figure-open description: In plain English: Figure lets companies issue their shares directly on a blockchain, so the token is the real share. type: issuer jurisdiction: United States chain: Provenance status: live last_updated: 2026-10-25 last_checked: 2026-10-25 > [!info] At a glance > **Type:** issuer > **Jurisdiction:** United States > **Chain:** Provenance > **Status:** live > **Last updated:** 2026-10-25 | Field | Value | |---|---| | name | Figure OPEN | | jurisdiction | United States | | product_name | Series A Blockchain Common Stock (FGRS; launched as FGRD, renamed March 2026) | | structure | Blockchain-native equity | | chains | Provenance | | who_can_buy | unknown | | num_assets | 1 tracked | *In plain English: Figure lets companies issue their shares directly on a blockchain, so the token is the real share.* Figure's OPEN lets companies issue equity [[concepts/glossary#native-token|natively]] on Provenance, trading via Figure's ATS ([Figure](https://investors.figure.com/news-releases/news-release-details/figure-announces-chain-public-equity-network-open-running)); registration filing announced Nov 2025 ([Figure](https://investors.figure.com/news-releases/news-release-details/figure-announces-public-filing-registration-statement-proposed)). The 18 Feb 2026 prospectus offered up to 4,375,000 shares of Series A Blockchain Common Stock, each convertible into one Class A share; the stock is recorded on Provenance and bought with YLDS from self-custodial [[concepts/glossary#wallet|wallets]] ([424(b)(4)](https://www.sec.gov/Archives/edgar/data/2064124/000162828026008786/figure-blockchain424b4.htm)). The prospectus does not state a ticker. Figure's launch announcement uses **FGRS** ([Figure](https://www.figure.com/newsroom/announcement/figure-launches-fgrs-first-sec-registered-blockchain-native-stock/)); launch coverage used FGRD, and Figure changed it to FGRS in March 2026 to match its final SEC registration ([Gate News](https://www.gate.com/news/detail/figure-tokenized-stock-ticker-changed-from-fgrd-to-fgrs-19721680), news). The Figure announcement page blocked retrieval, so only its headline was checked. ## What this means for holders - Figure's Series A Blockchain Common Stock is SEC-registered stock on the Provenance blockchain, convertible 1:1 into Class A common stock ([424(b)(4)](https://www.sec.gov/Archives/edgar/data/2064124/000162828026008786/figure-blockchain424b4.htm)). - It is bought with YLDS, Figure's [[concepts/glossary#stablecoin|stablecoin]]-like token, per the [prospectus](https://www.sec.gov/Archives/edgar/data/2064124/000162828026008786/figure-blockchain424b4.htm). *Reference information only, not investment advice.* ## Sources Public originals for the facts on this page. - - - - - - *Last checked 2026-10-25. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # Ondo Global Markets (Ondo Stocks) URL: https://edstokenizedsecuritiesrails.com/issuers/ondo-global-markets description: In plain English: Ondo's stock tokens are notes that track US stocks, backed by shares held at US brokers. They are not the shares themselves. type: issuer jurisdiction: British Virgin Islands chain: Ethereum, BNB Chain, Solana status: unknown last_updated: 2026-10-29 last_checked: 2026-10-29 > [!info] At a glance > **Type:** issuer > **Jurisdiction:** British Virgin Islands > **Chain:** Ethereum, BNB Chain, Solana > **Status:** unknown > **Last updated:** 2026-10-29 | Field | Value | |---|---| | name | Ondo Global Markets (Ondo Stocks) | | jurisdiction | British Virgin Islands | | product_name | Ondo stock/ETF tokens | | structure | Structured notes giving economic exposure; no shareholder voting/information rights | | chains | Ethereum, BNB Chain, Solana | | who_can_buy | Excludes US persons and several jurisdictions; some require qualified/professional status | | num_assets | 450+ advertised (per Zerion) | *In plain English: Ondo's stock tokens are notes that track US stocks, backed by shares held at US brokers. They are not the shares themselves.* Ondo stock tokens are structured notes issued by Ondo Global Markets (BVI) Limited, backed 1:1 plus a buffer by securities held through US custodial [[concepts/glossary#broker-dealer|broker-dealers]] ([Ondo docs](https://docs.ondo.finance/ondo-stocks/legal-and-regulatory); [trust & transparency](https://docs.ondo.finance/ondo-stocks/trust-and-transparency)). Eligibility: [Ondo docs](https://docs.ondo.finance/ondo-stocks/eligibility). [[concepts/glossary#redeem|Redemption]]: [Ondo docs](https://docs.ondo.finance/ondo-stocks/investing-and-redeeming). Asset count (450+) is from Zerion (secondary). The issuer is a [[concepts/glossary#bankruptcy-remote|bankruptcy-remote]] BVI [[concepts/glossary#spv|SPV]]; assets are held at U.S. broker-dealers, overcollateralized, with Ankura as security agent ([Ondo](https://docs.ondo.finance/ondo-stocks/legal-and-regulatory)). Tokens are [[concepts/glossary#erc-20|ERC-20]] on [[concepts/glossary#ethereum|Ethereum]] and BNB Chain and [[concepts/glossary#token-2022|Token-2022]] on [[concepts/glossary#solana|Solana]] ([Ondo](https://docs.ondo.finance/ondo-stocks/overview)). [[concepts/glossary#mint|Mint]] and redeem use signed quotes through IGMTokenManager ([Ondo API](https://docs.ondo.finance/api-reference/overview)). On 7 Oct 2026 Assetera, an Austrian MiFID II firm, listed 100+ Ondo tokenized stocks and ETFs for eligible investors in 30 EEA countries, widening to 450+ through Q4 2026 ([Assetera](https://www.assetera.com/media/assetera-x-ondo)). On 27 Oct 2026 Ondo put 15 Ondo Stocks on [[issuers/robinhood-stock-tokens|Robinhood Chain]] via the Ondo Bridge (minting and redemption stay on Ethereum and BNB Chain). 11 of them, including NVDAon, SPYon, TSLAon and QQQon, sit in Uniswap v4 StablePair pools against the matching Robinhood Stock Token, with dynamic LP fees when the pair drifts from its expected rate. Ondo pitches this as a weekend supply and exit route while Robinhood's mint and redeem window is closed. Ondo also says it has \$1.3B in total value locked and over 450,000 cumulative holders (issuer claims) ([Ondo](https://ondo.finance/blog/ondo-stocks-live-on-robinhood-chain-and-uniswap)). ## What this means for holders - You hold a structured note from a BVI [[concepts/glossary#spv|SPV]], described as [[concepts/glossary#bankruptcy-remote|bankruptcy-remote]] and overcollateralized by assets held at US [[concepts/glossary#broker-dealer|broker-dealers]] ([Ondo docs](https://docs.ondo.finance/ondo-stocks/legal-and-regulatory)). - Not offered to US persons; buying requires [[concepts/glossary#kyc|KYC]] ([eligibility](https://docs.ondo.finance/ondo-stocks/eligibility)). - How minting and [[concepts/glossary#redeem|redemption]] work is set out in [Ondo's docs](https://docs.ondo.finance/ondo-stocks/investing-and-redeeming). *Reference information only, not investment advice.* ## DTCC ecosystem Ondo is named among the collaborators and partners in DTCC's Tokenization Service ecosystem at its 28 Oct 2026 launch ([[infrastructure/dtcc-tokenization-pilot|DTCC]]; [DTCC](https://www.dtcc.com/press-releases/2026/dtcc-tokenization-service-goes-live)). ## Sources Public originals for the facts on this page. - - - - - - - - *Last checked 2026-10-29. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # Robinhood Stock Tokens URL: https://edstokenizedsecuritiesrails.com/issuers/robinhood-stock-tokens description: In plain English: Robinhood's stock tokens are debt securities that track a stock's price. They give you no shareholder rights. type: issuer jurisdiction: Jersey chain: Robinhood Chain status: live last_updated: 2026-10-29 last_checked: 2026-10-29 > [!info] At a glance > **Type:** issuer > **Jurisdiction:** Jersey > **Chain:** Robinhood Chain > **Status:** live > **Last updated:** 2026-10-29 | Field | Value | |---|---| | name | Robinhood Stock Tokens | | jurisdiction | Jersey | | product_name | Stock Tokens | | structure | Debt securities | | chains | Robinhood Chain | | who_can_buy | Not US, Canada, UK, Switzerland; other restrictions apply | | num_assets | 190+ (Robinhood) | *In plain English: Robinhood's stock tokens are debt securities that track a stock's price. They give you no shareholder rights.* Stock Tokens are tokenised debt securities issued by Robinhood Assets (Jersey) Limited under a [base prospectus](https://cdn.robinhood.com/assets/robinhood/legal/rhj_base_prospectus.pdf); they give economic exposure without rights in the underlying ([docs](https://docs.robinhood.com/chain/stock-tokens/); [product page](https://robinhood.com/rhj/stocktokens/)). Separately, EU **Classic** Stock Tokens are MiFID II derivatives ([FAQ](https://robinhood.com/eu/en/support/articles/stock-tokens-faq/)). On Robinhood Chain, trading at launch is via [[concepts/glossary#rfq|RFQ]] plus [[concepts/glossary#amm-automated-market-maker|AMMs]] and Lighter, with onchain price feeds ([Robinhood](https://docs.robinhood.com/chain/building-with-stock-tokens/)). Mainnet announcement: [Arbitrum](https://blog.arbitrum.io/robinhood-chain-mainnet/). ## Adoption Bitwise's Q4 2026 staking report says average daily Stock Token volume on Robinhood Chain rose 22x from July to September 2026, and that the chain earned over \$50M in fees in its first quarter ([Bitwise](https://bitwiseinvestments.com/crypto-market-insights/the-bitwise-staking-report-q4-2026), analysis; summary page only, the full report was not retrieved). Monthly volumes of \$526M (July), \$2.21B (August) and \$11.31B (September) come from [CNBC](https://www.cnbc.com/2026/10/21/tokenized-stocks-us-companies-object.html) citing Bitwise (news; unverified, not on Bitwise's summary page). On 14 Sep 2026 Robinhood's CEO said in-kind redemption and voting are coming for Robinhood Stock Tokens; neither was available as of 25 Oct 2026 ([CoinDesk](https://www.coindesk.com/business/2026/09/14/robinhood-plans-share-redemptions-voting-rights-for-stock-tokens-after-criticism), news). Since 27 Oct 2026, 11 Robinhood Stock Tokens (e.g. NVDArh) have Uniswap v4 StablePair pools against the matching [[issuers/ondo-global-markets|Ondo]] token on Robinhood Chain. Ondo notes that when Robinhood's mint and redeem window is closed, Stock Tokens keep trading onchain but supply can't expand and holders can't redeem, which can cause price gaps; the pools give an exit through Ondo's 24/7 redemption ([Ondo](https://ondo.finance/blog/ondo-stocks-live-on-robinhood-chain-and-uniswap), issuer blog). ## What this means for holders - Robinhood Stock Tokens are tokenised debt securities from Robinhood Assets Jersey: you get economic exposure to the stock, with no rights in the underlying share ([Robinhood](https://robinhood.com/rhj/stocktokens/); [docs](https://docs.robinhood.com/chain/stock-tokens/)). - In the EU, Classic Stock Tokens are MiFID II derivative contracts with Robinhood Europe inside Robinhood's app ([Robinhood EU FAQ](https://robinhood.com/eu/en/support/articles/stock-tokens-faq/)). - Not offered to US persons ([Robinhood](https://robinhood.com/rhj/stocktokens/)). *Reference information only, not investment advice.* ## Sources Public originals for the facts on this page. - - - - - - - - - *Last checked 2026-10-29. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # Securitize (issuer-sponsored shares) URL: https://edstokenizedsecuritiesrails.com/issuers/securitize description: In plain English: Securitize acts as transfer agent and tokenization platform for funds and companies that issue tokens. type: issuer jurisdiction: unknown chain: Algorand (Exodus), Ethereum (per Zerion, secondary), Solana (per Zerion, secondary), Avalanche (per Zerion, secondary) status: live (Securitize Stocks launched 2026-10-08) last_updated: 2026-10-28 last_checked: 2026-10-28 > [!info] At a glance > **Type:** issuer > **Jurisdiction:** unknown > **Chain:** Algorand (Exodus), Ethereum (per Zerion, secondary), Solana (per Zerion, secondary), Avalanche (per Zerion, secondary) > **Status:** live (Securitize Stocks launched 2026-10-08) > **Last updated:** 2026-10-28 | Field | Value | |---|---| | name | Securitize (issuer-sponsored shares) | | jurisdiction | unknown | | product_name | Securitize Stocks; issuer-sponsored tokenized shares | | structure | Securitize Stocks: UCC Article 8 security entitlements, 1:1 backed, via Securitize's broker-dealer; also issuer-sponsored shares | | chains | Algorand (Exodus), Ethereum (per Zerion, secondary), Solana (per Zerion, secondary), Avalanche (per Zerion, secondary) | | who_can_buy | unknown | | num_assets | 12 companies at launch (CoinDesk) | *In plain English: Securitize acts as transfer agent and tokenization platform for funds and companies that issue tokens.* Example: Exodus Class A common stock tokens on Algorand, with Securitize as [[concepts/glossary#transfer-agent|transfer agent]] ([PR Newswire](https://www.prnewswire.com/news-releases/exodus-issues-security-token-on-algorand-expanding-access-to-the-growing-digital-security-ecosystem-301304582.html)); trading began on Securitize Markets in March 2022 ([Securitize](https://securitize.io/press-releases/exodus-begins-trading-on-securitize-markets)). ## Securitize Stocks (8 Oct 2026) Launched stocks as UCC Article 8 security entitlements, 1:1 backed, on [[concepts/glossary#solana|Solana]], settled in USDC, through Securitize's [[concepts/glossary#broker-dealer|broker-dealer]]; Jump makes markets on the PropAMM; conversion to direct registration where available; NYSE and OKXICE venues planned ([PR Newswire](https://www.prnewswire.com/news-releases/securitize-launches-global-onchain-trading-of-us-stocks-with-security-entitlements-302902107.html); [RQD](https://rqdclearing.com/securitize-launches-global-onchain-trading-of-u-s-stocks-with-security-entitlements/)). The structure is called a convertible [[concepts/glossary#entitlement-token|entitlement token]] (CET). Securitize says it is open to eligible investors in the US, EU and other permitted jurisdictions, the backing shares will not be lent out, and lending and collateral use on markets like Aave is planned ([PR Newswire](https://www.prnewswire.com/news-releases/securitize-launches-global-onchain-trading-of-us-stocks-with-security-entitlements-302902107.html)). CoinDesk reported 12 companies at launch ([CoinDesk](https://www.coindesk.com/business/2026/10/08/securitize-brings-apple-nvidia-and-tesla-to-solana-with-nyse-trading-in-the-works), news). ## What this means for holders - Securitize Stocks are UCC Article 8 security entitlements backed 1:1, held through Securitize's broker-dealer, on Solana and settled in USDC ([PR Newswire](https://www.prnewswire.com/news-releases/securitize-launches-global-onchain-trading-of-us-stocks-with-security-entitlements-302902107.html)). - Where available, holders can convert to direct registration, i.e. hold the share on the company's register ([PR Newswire](https://www.prnewswire.com/news-releases/securitize-launches-global-onchain-trading-of-us-stocks-with-security-entitlements-302902107.html)). - Eligible investors in the US, EU and other permitted jurisdictions, subject to local rules ([PR Newswire](https://www.prnewswire.com/news-releases/securitize-launches-global-onchain-trading-of-us-stocks-with-security-entitlements-302902107.html)). - The shares backing the tokens are not lent out ([PR Newswire](https://www.prnewswire.com/news-releases/securitize-launches-global-onchain-trading-of-us-stocks-with-security-entitlements-302902107.html)). *Reference information only, not investment advice.* ## DTC direct-registration comment letter (25 Oct 2026) Securitize's issuer-sponsored tokens (ISTs) record the investor, not [[concepts/glossary#cede-co|Cede & Co.]], as the registered holder on the issuer's books ([Securitize letter](https://www.sec.gov/comments/SR-DTC-2026-012/srdtc2026012-1108719-3924407.pdf)). To turn an existing brokerage position into an IST, the shares must first leave [[concepts/glossary#dtc|DTC]] through the [[concepts/glossary#direct-registration-system-drs|Direct Registration System (DRS)]], which today can take several days ([Securitize letter](https://www.sec.gov/comments/SR-DTC-2026-012/srdtc2026012-1108719-3924407.pdf)). Securitize supports DTC's proposal to cut DRS processing "from days to minutes" ([SEC notice](https://www.federalregister.gov/documents/2026/10/05/2026-20301/self-regulatory-organizations-the-depository-trust-company-notice-of-filing-of-proposed-rule-change)) but asked the SEC for more ([Securitize letter](https://www.sec.gov/comments/SR-DTC-2026-012/srdtc2026012-1108719-3924407.pdf)): - One instruction that burns a DTC-tokenized position and starts the DRS withdrawal, with a real-time completion message to the transfer agent ("Instant Burn-and-Notify"). - Published DRS processing targets and operating hours, reporting of actual times by stage, and the same modernization for [[concepts/glossary#dwac|DWAC]]. - A timing expectation for brokers to submit customer withdrawal requests, or letting the transfer agent start one on the investor's documented authorization. - An equally fast path back to [[concepts/glossary#street-name|street name]]. - The tokenization link live by the commercial launch of DTCC's tokenization service, or a published timeline or follow-on filing within three months. See [[infrastructure/dtcc-tokenization-pilot|DTCC / DTC tokenization pilot]]. Context: Brett Redfearn's [LinkedIn post](https://www.linkedin.com/pulse/time-dtc-modernization-now-brett-w-redfearn-a3tse) (28 Oct 2026, opinion). ## Sources Public originals for the facts on this page. - - - - - - - - *Last checked 2026-10-28. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # Superstate Opening Bell URL: https://edstokenizedsecuritiesrails.com/issuers/superstate-opening-bell description: In plain English: Superstate's Opening Bell puts real company shares on a blockchain, with Superstate keeping the official shareholder register. type: issuer jurisdiction: unknown chain: Ethereum, Solana status: live last_updated: 2026-10-17 last_checked: 2026-10-17 > [!info] At a glance > **Type:** issuer > **Jurisdiction:** unknown > **Chain:** Ethereum, Solana > **Status:** live > **Last updated:** 2026-10-17 | Field | Value | |---|---| | name | Superstate Opening Bell | | jurisdiction | unknown | | product_name | Tokenized company shares (e.g. GLXY) | | structure | Actual company shares (e.g. Galaxy Class A common) | | chains | Ethereum, Solana | | who_can_buy | KYC-verified investors in self-custody wallets | | num_assets | 3 on RWA.xyz | *In plain English: Superstate's Opening Bell puts real company shares on a blockchain, with Superstate keeping the official shareholder register.* Galaxy (GLXY) Class A common stock is tokenized on [[concepts/glossary#solana|Solana]] via Opening Bell; Superstate, an SEC-registered [[concepts/glossary#transfer-agent|transfer agent]], updates ownership records ([Galaxy](https://www.galaxy.com/newsroom/galaxy-superstate-launch-glxy-tokenized-public-shares); [Superstate docs](https://docs.superstate.com/investors/tokenized-equities)). Superstate acts as SEC-registered transfer agent and keeps the cap table onchain ([Superstate](https://www.superstate.com/opening-bell)). Galaxy's research describes [[concepts/glossary#allowlist|allowlisted]] self-custody and transfer-agent mechanics ([Galaxy](https://www.galaxy.com/insights/research/tokenized-glxy)); launch exhibit on EDGAR ([SEC](https://www.sec.gov/Archives/edgar/data/1859392/000185939225000052/galaxyxsuperstateoblaunchf.htm)). ## What this means for holders - Tokenized GLXY is the actual Class A share recorded by Superstate as SEC-registered [[concepts/glossary#transfer-agent|transfer agent]]: a [[concepts/glossary#native-token|native token]], not a [[concepts/glossary#wrapper|wrapper]] ([Galaxy](https://www.galaxy.com/newsroom/galaxy-superstate-launch-glxy-tokenized-public-shares)). - You need [[concepts/glossary#kyc|KYC]] and a self-custody [[concepts/glossary#wallet|wallet]] ([Superstate docs](https://docs.superstate.com/investors/tokenized-equities)). *Reference information only, not investment advice.* ## Sources Public originals for the facts on this page. - - - - - - - - *Last checked 2026-10-17. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # WisdomTree tokenized funds URL: https://edstokenizedsecuritiesrails.com/issuers/wisdomtree description: In plain English: WisdomTree tokenizes its registered funds rather than single stocks. type: issuer jurisdiction: United States chain: Solana, others (multi-chain) status: live (tokenized registered funds) last_updated: 2026-10-17 last_checked: 2026-10-17 > [!info] At a glance > **Type:** issuer > **Jurisdiction:** United States > **Chain:** Solana, others (multi-chain) > **Status:** live (tokenized registered funds) > **Last updated:** 2026-10-17 | Field | Value | |---|---| | name | WisdomTree tokenized funds | | jurisdiction | United States | | product_name | Tokenized registered funds (e.g. WTGXX) | | structure | Tokenized registered fund shares (FUNDS, not single stocks) | | chains | Solana, others (multi-chain) | | who_can_buy | unknown | | num_assets | 6 on RWA.xyz stocks view | *In plain English: WisdomTree tokenizes its registered funds rather than single stocks.* WisdomTree tokenizes registered funds, not single stocks; in Feb 2026 it obtained SEC exemptive relief for 24/7 trading of WTGXX ([WisdomTree](https://ir.wisdomtree.com/news-events/press-releases/detail/777/wisdomtree-to-launch-247-trading-and-instant-settlement)). ## What this means for holders - WisdomTree's tokenized funds are SEC-registered funds; WTGXX, a [[concepts/glossary#money-market-fund|money market fund]], can trade 24/7 with instant settlement under SEC [[concepts/glossary#exemptive-relief|exemptive relief]] ([WisdomTree](https://ir.wisdomtree.com/news-events/press-releases/detail/777/wisdomtree-to-launch-247-trading-and-instant-settlement)). - Who can buy and how [[concepts/glossary#redeem|redemption]] works are `unknown` in the sources so far. *Reference information only, not investment advice.* ## Sources Public originals for the facts on this page. - - - *Last checked 2026-10-17. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # xStocks (Backed) URL: https://edstokenizedsecuritiesrails.com/issuers/xstocks-backed description: In plain English: xStocks are tokens backed one-for-one by US stocks and ETFs. type: issuer jurisdiction: Jersey chain: Solana, Ethereum, TON, Ink, (Tron, Mantle, BNB Chain announced as coming, Dec 2025) status: live (since 2025-06-30) last_updated: 2026-10-25 last_checked: 2026-10-25 > [!info] At a glance > **Type:** issuer > **Jurisdiction:** Jersey > **Chain:** Solana, Ethereum, TON, Ink, (Tron, Mantle, BNB Chain announced as coming, Dec 2025) > **Status:** live (since 2025-06-30) > **Last updated:** 2026-10-25 | Field | Value | |---|---| | name | xStocks (Backed) | | jurisdiction | Jersey | | product_name | xStocks | | structure | Tokenized certificates/tracker tokens backed by custodied securities | | chains | Solana, Ethereum, TON, Ink, (Tron, Mantle, BNB Chain announced as coming, Dec 2025) | | who_can_buy | Eligible non-US persons; excluded in US, UK, Canada, Australia and sanctioned jurisdictions | | num_assets | 131 (Kraken FAQ, 2026-10-25; 100 stocks, 27 ETFs, 4 specialist) | *In plain English: xStocks are tokens backed one-for-one by US stocks and ETFs.* xStocks are stock and ETF tokens issued by Backed Assets (JE) Limited, backed 1:1 by the underlying asset. They launched on Bybit, Kraken and [[concepts/glossary#solana|Solana]] DeFi on 30 June 2025 ([PR Newswire](https://www.prnewswire.com/news-releases/backeds-xstocks-go-live-today-on-bybit-kraken-and-solana-defi-302494374.html)). On 2 December 2025 Kraken announced it **agreed to acquire** Backed Finance AG ([Kraken](https://blog.kraken.com/news/backed-acquisition); [Business Wire](https://www.businesswire.com/news/home/20251202666578/en/Kraken-to-Acquire-Backed-Accelerating-xStocks-Expansion-and-Unlocking-Global-Demand-for-Tokenized-Equities)); completion status not confirmed here. At that date xStocks offered more than 60 assets, live on Solana and [[concepts/glossary#ethereum|Ethereum]]. xStocks are not available in the US ([Kraken press release](https://www.payward.com/press-release/kraken-acquires-backed-xstocks-expansion)). Kraken's xStocks FAQ now lists 131 assets (100 stocks, 27 ETFs, 4 specialist assets) on Solana, Ethereum, TON and Ink, for eligible non-US clients in 110+ countries; not the US, Canada, the UK or Australia ([Kraken FAQ](https://support.kraken.com/articles/xstocks-faq)). A figure of 1,100 assets advertised elsewhere ([Zerion](https://zerion.io/blog/best-tokenized-stock-platforms/), secondary) is unverified and not used. Corporate actions use a [[concepts/glossary#multiplier|multiplier]] ([xStocks docs](https://docs.xstocks.fi/developers/multipliers)): dividends are reinvested net of withholding and raise the multiplier ([xStocks docs](https://docs.xstocks.fi/docs/dividends-and-stock-splits)); holders get no voting rights ([Kraken FAQ](https://support.kraken.com/articles/xstocks-faq)); see [[topics/corporate-actions-and-dividends|corporate actions]]; exchange integration and API: [integration](https://docs.xstocks.fi/docs/exchange-integration), [OpenAPI](https://docs.xstocks.fi/apis/openapi.md). ## What this means for holders - You hold a 1:1-backed [[concepts/glossary#wrapper|wrapper]] certificate issued by Backed Assets (Jersey), not the share itself ([Kraken FAQ](https://support.kraken.com/articles/xstocks-faq)). - Dividends and splits are reflected by adjusting the token's [[concepts/glossary#multiplier|multiplier]] ([xStocks docs](https://docs.xstocks.fi/docs/dividends-and-stock-splits)). - Not offered in the US, Canada, the UK or Australia ([Kraken FAQ](https://support.kraken.com/articles/xstocks-faq)). - Tokens can be withdrawn to a self-custody [[concepts/glossary#wallet|wallet]] ([PR Newswire](https://www.prnewswire.com/news-releases/backeds-xstocks-go-live-today-on-bybit-kraken-and-solana-defi-302494374.html)). *Reference information only, not investment advice.* ## Sources Public originals for the facts on this page. - - - - - - - - - - *Last checked 2026-10-25. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # Bullish Exchange URL: https://edstokenizedsecuritiesrails.com/platforms-venues/bullish description: In plain English: Bullish runs a crypto exchange in Gibraltar where its own shares now trade as tokens that are real, registered shares. type: venue jurisdiction: Gibraltar chain: unknown status: live (first trades 2026-08-12) last_updated: 2026-10-30 last_checked: 2026-10-30 > [!info] At a glance > **Type:** venue > **Jurisdiction:** Gibraltar > **Chain:** unknown > **Status:** live (first trades 2026-08-12) > **Last updated:** 2026-10-30 | Field | Value | |---|---| | name | Bullish Exchange | | jurisdiction | Gibraltar | | product_name | Tokenized BLSH shares | | structure | Issuer-sponsored shares recorded at the registry level | | chains | unknown | | who_can_buy | unknown | | num_assets | 1 (BLSH) at launch | *In plain English: Bullish runs a crypto exchange in Gibraltar where its own shares now trade as tokens that are real, registered shares.* On 12 Aug 2026 market participants traded Bullish's tokenized BLSH shares on Bullish Exchange, settled against a USD stablecoin; Bullish says this was the first tokenized equity traded on a Gibraltar Financial Services Commission (GFSC) regulated digital asset exchange ([Bullish](https://investors.bullish.com/news-releases/news-release-details/bullish-launches-tokenized-equity-trading)). Bullish says it received GFSC approval for tokenized securities trading in June 2026 (not confirmed on a GFSC page), and the registry side depends on its pending acquisition of Equiniti ([Bullish](https://investors.bullish.com/news-releases/news-release-details/bullish-launches-tokenized-equity-trading)). On 24 Sep 2026 Bullish and Equiniti formed the [[concepts/issuer-sponsored-token-coalition|Issuer Sponsored Token Coalition]] to set standards for [[concepts/glossary#issuer-sponsored-token|issuer-sponsored tokens]]. Bullish expects its \$4.2B Equiniti acquisition, agreed in May 2026, to close in January 2027 ([Bullish](https://www.bullish.com/us/news-insights/leading-market-infrastructure-firms-form-coalition-to-advance-issuer-sponsored-tokenized-securities)). ## Why it matters - **The register.** Bullish is buying Equiniti, a transfer agent that keeps companies' official shareholder records, for \$4.2B. The deal is expected to close in January 2027 ([Bullish](https://www.bullish.com/us/news-insights/leading-market-infrastructure-firms-form-coalition-to-advance-issuer-sponsored-tokenized-securities)). Once it closes, Bullish will own the business that records who holds the shares. - **The model the rules favor.** The SEC's [[concepts/innovation-exemption|Innovation Exemption]] requires a tokenized stock to carry the same rights as the share, and lets issuers object to tokens made without them ([SEC order](https://www.sec.gov/files/rules/exorders/2026/34-106402.pdf)). Through the [[concepts/issuer-sponsored-token-coalition|Issuer Sponsored Token Coalition]], Bullish pushes tokens issued by the company itself and tied to its register ([Bullish](https://www.bullish.com/us/news-insights/leading-market-infrastructure-firms-form-coalition-to-advance-issuer-sponsored-tokenized-securities)). - **No objection problem.** Third-party tokens can be blocked: 50 issuers had objected to [[platforms-venues/okxice-tsv|OKXICE]] by 30 Oct 2026 ([OKXICE notice](https://www.okx.com/cdn/assets/okfe/web3-activities/okxicetsv/notices/OKXICE_Tokenized_Securities_Venue_Public_Notice_26.10.30.pdf)). Issuer-sponsored tokens skip that step. - **First live example.** Canton Strategic Holdings (CNTN) is sponsoring its own token on [[platforms-venues/tsv-llc|TSV LLC]], with Fairmint as transfer agent ([CNTN 8-K](https://www.sec.gov/Archives/edgar/data/1861657/000149315226049196/ex99-1.htm); [TSV notice](https://www.tokenizedstockvenue.com/notice.html)). That deal doesn't involve the coalition. - **Nothing issued yet that we've found.** We haven't found any security issued through the coalition so far. It's a non-binding working group ([Bullish](https://www.bullish.com/us/news-insights/leading-market-infrastructure-firms-form-coalition-to-advance-issuer-sponsored-tokenized-securities)). - *Analysis, not reported fact:* if issuer-sponsored tokens catch on, Bullish could earn twice, from register and tokenization work through Equiniti and from trading on its exchange. Bullish hasn't said this. ## What this means for holders - The tokens are issuer-sponsored and recorded at the share registry, so holders own shares directly, not a wrapper or derivative ([Bullish](https://investors.bullish.com/news-releases/news-release-details/bullish-launches-tokenized-equity-trading)). - Only BLSH trades this way so far; trading runs 24/7 with near-instant settlement ([Bullish](https://investors.bullish.com/news-releases/news-release-details/bullish-launches-tokenized-equity-trading)). *Reference information only, not investment advice.* ## Sources Public originals for the facts on this page. - - - - *Last checked 2026-10-30. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # Bybit URL: https://edstokenizedsecuritiesrails.com/platforms-venues/bybit description: In plain English: Bybit is a crypto exchange that lists xStocks for trading. type: venue jurisdiction: unknown chain: unknown status: live (xStocks listed 2025-06-30) last_updated: 2026-10-17 last_checked: 2026-10-17 > [!info] At a glance > **Type:** venue > **Jurisdiction:** unknown > **Chain:** unknown > **Status:** live (xStocks listed 2025-06-30) > **Last updated:** 2026-10-17 | Field | Value | |---|---| | name | Bybit | | jurisdiction | unknown | | product_name | xStocks spot listing | | structure | unknown | | chains | unknown | | who_can_buy | unknown | | num_assets | unknown | *In plain English: Bybit is a crypto exchange that lists xStocks for trading.* Bybit listed xStocks on its spot platform on 30 June 2025 ([PR Newswire](https://www.prnewswire.com/news-releases/backeds-xstocks-go-live-today-on-bybit-kraken-and-solana-defi-302494374.html)). ## What this means for holders - Bybit lists xStocks, so what you hold is an xStock with Backed's terms: see [[issuers/xstocks-backed|xStocks]] ([PR Newswire](https://www.prnewswire.com/news-releases/backeds-xstocks-go-live-today-on-bybit-kraken-and-solana-defi-302494374.html)). - Who can buy, withdrawals and fees on Bybit are `unknown` in the sources so far. *Reference information only, not investment advice.* ## Sources Public originals for the facts on this page. - - *Last checked 2026-10-17. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # Kraken URL: https://edstokenizedsecuritiesrails.com/platforms-venues/kraken description: In plain English: Kraken is a crypto exchange that lists xStocks for trading. type: venue jurisdiction: unknown chain: unknown status: live (xStocks listed 2025-06-30) last_updated: 2026-10-25 last_checked: 2026-10-25 > [!info] At a glance > **Type:** venue > **Jurisdiction:** unknown > **Chain:** unknown > **Status:** live (xStocks listed 2025-06-30) > **Last updated:** 2026-10-25 | Field | Value | |---|---| | name | Kraken | | jurisdiction | unknown | | product_name | xStocks listing | | structure | unknown | | chains | unknown | | who_can_buy | Eligible non-US clients; EEA clients after a questionnaire, fiat-only via Convert | | num_assets | unknown | *In plain English: Kraken is a crypto exchange that lists xStocks for trading.* Kraken listed xStocks on 30 June 2025 with 24/5 trading and withdrawals ([PR Newswire](https://www.prnewswire.com/news-releases/backeds-xstocks-go-live-today-on-bybit-kraken-and-solana-defi-302494374.html)). On 18 Aug 2026 Kraken opened 7,000+ US-listed stocks to eligible EEA customers under MiFID II through Payward Europe Digital Solutions (CY) Limited, next to 700+ xStocks in the same account ([Kraken](https://blog.kraken.com/product/equities/announcing-us-listed-stock-trading-for-eea-customers)). EEA clients must pass a questionnaire and can trade xStocks only with fiat via Convert, not on Pro order books or the API ([Kraken support](https://support.kraken.com/articles/xstocks-availability)). Kraken said on 22 Oct 2026 that its xStocks lineup exceeds 1,000 tokenized instruments ([The Defiant](https://thedefiant.io/news/cefi/kraken-says-its-xstocks-lineup-now-exceeds-1-000), news; not yet confirmed on a Kraken page). ## What this means for holders - Kraken lists xStocks, so what you hold is an xStock with Backed's terms: see [[issuers/xstocks-backed|xStocks]]. - Trading is 24/5 and tokens can be withdrawn to a self-custody [[concepts/glossary#wallet|wallet]] ([PR Newswire](https://www.prnewswire.com/news-releases/backeds-xstocks-go-live-today-on-bybit-kraken-and-solana-defi-302494374.html)). *Reference information only, not investment advice.* ## Sources Public originals for the facts on this page. - - - *Last checked 2026-10-25. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # Nasdaq tokenized securities rule URL: https://edstokenizedsecuritiesrails.com/platforms-venues/nasdaq-tokenized-securities description: In plain English: Nasdaq can now trade tokenized versions of the same stocks it already lists, settled through DTC's pilot. type: venue jurisdiction: United States chain: unknown status: rule approved by SEC 2026-03-18 last_updated: 2026-10-17 last_checked: 2026-10-17 > [!info] At a glance > **Type:** venue > **Jurisdiction:** United States > **Chain:** unknown > **Status:** rule approved by SEC 2026-03-18 > **Last updated:** 2026-10-17 | Field | Value | |---|---| | name | Nasdaq tokenized securities rule | | jurisdiction | United States | | product_name | SR-NASDAQ-2025-072 | | structure | Same security, tokenized form; same CUSIP/ticker/rights, same order book | | chains | unknown | | who_can_buy | DTC Pilot eligible participants | | num_assets | Russell 1000 constituents + certain ETPs | *In plain English: Nasdaq can now trade tokenized versions of the same stocks it already lists, settled through DTC's pilot.* The SEC approved Nasdaq's rule on 18 March 2026, enabling tokenized trading during [[concepts/glossary#dtc|DTC]]'s tokenization pilot ([SEC](https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105047.pdf)). Original notice: [SEC Rel. 34-103989](https://www.sec.gov/files/rules/sro/nasdaq/2025/34-103989.pdf). The approval keeps tokenized shares on the same book with the same priority, [[concepts/glossary#cusip|CUSIP]], symbol and rights, settling through the DTC pilot; see [[concepts/post-trade-reg-nms-model|post-trade / Reg NMS model]]. On 10 Sep 2026 Nasdaq agreed to invest \$100M in Payward, Kraken's parent, to build Nasdaq Equity Tokens (NETs) linked to xStocks; NETs are expected in Q2 2027 ([Nasdaq](https://www.nasdaq.com/press-release/nasdaq-deepens-relationship-payward-advance-tokenized-equities-and-always)). ## What this means for holders - A tokenized share on Nasdaq trades on the same order book, with the same [[concepts/glossary#cusip|CUSIP]], symbol and shareholder rights as the regular share ([SEC](https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105047.pdf)). - Settlement runs through the [[concepts/glossary#dtc|DTC]] tokenization pilot, so the token is an entitlement recorded via DTC ([SEC](https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105047.pdf)). *Reference information only, not investment advice.* ## Sources Public originals for the facts on this page. - - - - *Last checked 2026-10-17. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # NYSE / ICE tokenized securities URL: https://edstokenizedsecuritiesrails.com/platforms-venues/nyse-ice-tokenized-platform description: In plain English: NYSE has a rule, like Nasdaq's, to trade tokenized versions of listed stocks through DTC's pilot. type: venue jurisdiction: United States chain: unknown status: rule filed; platform in development last_updated: 2026-10-17 last_checked: 2026-10-17 > [!info] At a glance > **Type:** venue > **Jurisdiction:** United States > **Chain:** unknown > **Status:** rule filed; platform in development > **Last updated:** 2026-10-17 | Field | Value | |---|---| | name | NYSE / ICE tokenized securities | | jurisdiction | United States | | product_name | SR-NYSE-2026-17; planned 24/7 platform | | structure | Same security, tokenized form (DTC pilot); planned 24/7 venue | | chains | unknown | | who_can_buy | unknown | | num_assets | unknown | *In plain English: NYSE has a rule, like Nasdaq's, to trade tokenized versions of listed stocks through DTC's pilot.* NYSE filed SR-NYSE-2026-17 (Rel. 34-105260), an immediately effective rule along the lines of Nasdaq's and tied to the [[concepts/glossary#dtc|DTC]] pilot ([NYSE](https://www.nyse.com/publicdocs/nyse/markets/nyse/rule-filings/sec-approvals/2026/%28SR-NYSE-2026-17%29_34-105260.pdf)). Separately, ICE announced on 19 Jan 2026 that NYSE is developing a platform for 24/7 trading of tokenized equities and [[concepts/glossary#etf|ETFs]] with instant settlement and [[concepts/glossary#stablecoin|stablecoin]] funding, subject to approval and DTC readiness ([ICE](https://ir.theice.com/press/news-details/2026/The-New-York-Stock-Exchange-Develops-Tokenized-Securities-Platform/)). No technical spec or launch date was found. ## What this means for holders - NYSE's rule SR-NYSE-2026-17 follows Nasdaq's and is tied to the [[concepts/glossary#dtc|DTC]] pilot ([NYSE](https://www.nyse.com/publicdocs/nyse/markets/nyse/rule-filings/sec-approvals/2026/%28SR-NYSE-2026-17%29_34-105260.pdf)). - The planned 24/7 tokenized platform is subject to regulatory approval, so holders cannot use it yet ([ICE](https://ir.theice.com/press/news-details/2026/The-New-York-Stock-Exchange-Develops-Tokenized-Securities-Platform/)). *Reference information only, not investment advice.* ## Sources Public originals for the facts on this page. - - *Last checked 2026-10-17. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # OKXICE TSV URL: https://edstokenizedsecuritiesrails.com/platforms-venues/okxice-tsv description: In plain English: OKXICE is the first onchain venue to publish plans under the SEC's Innovation Exemption, using Uniswap pools. type: venue jurisdiction: United States (TSV Exemption) chain: unknown status: TSV notice published 2026-10-04 last_updated: 2026-10-31 last_checked: 2026-10-31 > [!info] At a glance > **Type:** venue > **Jurisdiction:** United States (TSV Exemption) > **Chain:** unknown > **Status:** TSV notice published 2026-10-04 > **Last updated:** 2026-10-31 | Field | Value | |---|---| | name | OKXICE TSV | | jurisdiction | United States (TSV Exemption) | | product_name | Tokenized Securities Venue | | structure | Permissioned AMM (Uniswap v4 hook) | | chains | unknown | | who_can_buy | Holders of access soulbound tokens; U.S. person conditions per order | | num_assets | 63 symbols listed in notice | *In plain English: OKXICE is the first onchain venue to publish plans under the SEC's Innovation Exemption, using Uniswap pools.* The first public [[concepts/glossary#tsv|TSV]] notice under the [[concepts/innovation-exemption|Innovation Exemption]], dated 4 Oct 2026 ([OKXICE notice](https://www.okx.com/cdn/assets/files/2610/798CC1267CB56FB2.pdf)). Design per the notice: Uniswap v4 pools with an OKXICE TSV hook, access via soulbound tokens, pairs against USDC/USDG/USDT, no order book and no custody; it describes admin-key governance. The notice lists 63 symbols for 62 companies, since Alphabet has two share classes (GOOG and GOOGL) (counted from the [OKXICE notice, 4 Oct](https://www.okx.com/cdn/assets/files/2610/798CC1267CB56FB2.pdf), raw/04). Cerebras is not among them; OKXICE's own notices list it as an objector (see below). Coverage: [Ledger Insights](https://www.ledgerinsights.com/ice-okx-venture-plans-trading-of-tokenized-us-stocks-via-uniswap-pools/), [Crypto Briefing](https://cryptobriefing.com/okx-ice-uniswap-v4-hooks-tokenized-stocks/) (news). ## Issuer objections OKXICE's public notice of 30 Oct 2026 lists **50** issuers that objected, up from 38 on 28 Oct. New since 28 Oct: CrowdStrike, Corning, Micron, IREN, USA Rare Earth, Bloom Energy, NIKE, NVIDIA, Palo Alto Networks, Costco, Reddit and Hewlett Packard Enterprise. The notice still gives no trading start date ([OKXICE notice, 30 Oct](https://www.okx.com/cdn/assets/okfe/web3-activities/okxicetsv/notices/OKXICE_Tokenized_Securities_Venue_Public_Notice_26.10.30.pdf), raw/163). OKXICE's public notice of 28 Oct 2026 lists **38** issuers that objected, up from 22 on 23 Oct. New since 23 Oct: IBM, IonQ, Oracle, Intel, JPMorgan, AMD, Applied Materials, Coca-Cola, Adobe, Dell, Sandisk, Eli Lilly, Carnival, Arcos Dorados, Walmart and Cigna. The notice still gives no trading start date ([OKXICE notice, 28 Oct](https://www.okx.com/cdn/assets/okfe/web3-activities/okxicetsv/notices/OKXICE_Tokenized_Securities_Venue_Public_Notice_26.10.28.pdf), raw/154). OKXICE's public notice of 23 Oct 2026 lists **22** issuers that objected: Cerebras (CBRS), AppLovin, Applied Digital, Rocket Lab, CoreWeave, Verizon, Applied Optoelectronics, Broadcom, UnitedHealth, Goldman Sachs, Microsoft, Qualcomm, Caterpillar, McDonald's, Western Digital, Alphabet (GOOG/GOOGL), Arm, Wells Fargo, Moderna, Cisco, Intuit and Marvell ([OKXICE notice, 23 Oct](https://www.okx.com/cdn/assets/okfe/web3-activities/okxicetsv/notices/OKXICE_Tokenized_Securities_Venue_Public_Notice_26.10.23.pdf)). The first 16 were already on its 19 Oct notice; Arm, Wells Fargo, Moderna, Cisco, Intuit and Marvell are new ([OKXICE notice, 19 Oct](https://www.okx.com/cdn/assets/okfe/web3-activities/okxicetsv/notices/OKXICE_Tokenized_Securities_Venue_Public_Notice_26.10.19.pdf)). Wells Fargo and Arm were not on the 4 Oct list, so not every objection removes a listed stock (raw/04; raw/106). CNBC's 21 Oct count of 16 matches the 19 Oct notice ([CNBC](https://www.cnbc.com/2026/10/21/tokenized-stocks-us-companies-object.html), news). Cerebras appears as an objector even though it was not among the 63 symbols in the 4 Oct notice; neither notice says why (possibly an objection filed ahead of a listing; unverified). Under the [[concepts/innovation-exemption|Innovation Exemption]] the venue must notify each issuer and wait 30 days after receipt before trading ([CNBC](https://www.cnbc.com/2026/10/21/tokenized-stocks-us-companies-object.html)). Per Nasdaq's issuer FAQ, objections go directly to the venue that sent the notice and count only for that venue; there is no blanket opt-out across all TSVs ([Nasdaq FAQ](https://www.nasdaq.com/docs/listings/faq-sec-innovation-exemption), raw/156). ## What this means for holders - OKXICE is a [[concepts/glossary#tsv|TSV]] under the [[concepts/glossary#innovation-exemption|Innovation Exemption]]: access is controlled through non-transferable access tokens, and trading pairs are [[concepts/glossary#stablecoin|stablecoins]] (USDC, USDG, USDT) ([OKX](https://www.okx.com/cdn/assets/files/2610/798CC1267CB56FB2.pdf)). - The venue does not hold your tokens ([OKX](https://www.okx.com/cdn/assets/files/2610/798CC1267CB56FB2.pdf)). - Issuers can object to third-party tokens of their stock: 50 had objected by 30 Oct 2026, which can keep those stocks off the venue ([OKXICE notice](https://www.okx.com/cdn/assets/okfe/web3-activities/okxicetsv/notices/OKXICE_Tokenized_Securities_Venue_Public_Notice_26.10.30.pdf)). *Reference information only, not investment advice.* ## Sources Public originals for the facts on this page. - - - - - - *Last checked 2026-10-31. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # TSV LLC URL: https://edstokenizedsecuritiesrails.com/platforms-venues/tsv-llc description: In plain English: TSV LLC is a planned onchain venue on Canton under the SEC's Innovation Exemption. type: venue jurisdiction: United States (TSV Exemption) chain: Canton status: TSV notice v1.3 published 2026-10-29; not yet operating last_updated: 2026-10-30 last_checked: 2026-10-30 > [!info] At a glance > **Type:** venue > **Jurisdiction:** United States (TSV Exemption) > **Chain:** Canton > **Status:** TSV notice v1.3 published 2026-10-29; not yet operating > **Last updated:** 2026-10-30 | Field | Value | |---|---| | name | TSV LLC | | jurisdiction | United States (TSV Exemption) | | product_name | Tokenized Securities Venue on Canton | | structure | Permissioned concentrated-liquidity AMM (Tradecraft, Uniswap v3-style) | | chains | Canton | | who_can_buy | Approved Canton parties verified by the issuer's transfer agent plus TSV LLC screening | | num_assets | 1 named (CNTN) in notice v1.3 | *In plain English: TSV LLC is a planned onchain venue on Canton under the SEC's Innovation Exemption. Its first stock is Canton Strategic Holdings, tokenized by the company's own transfer agent.* TSV LLC (organized in Puerto Rico) filed the first [[concepts/glossary#tsv|TSV]] notice under the [[concepts/innovation-exemption|Innovation Exemption]] on 23 Sep 2026 ([SEC](https://www.sec.gov/about/divisions-offices/division-trading-markets/innovation-exemption), raw/117). Founders: Ali Abrar (CEO) and Ryan Trinkle ([CNTN 8-K](https://www.sec.gov/Archives/edgar/data/1861657/000149315226049196/ex99-1.htm), raw/161). ## How it works - Permissioned [[concepts/glossary#amm-automated-market-maker|AMM]] pools on [[concepts/glossary#canton|Canton]]; at commencement a concentrated-liquidity, Uniswap v3-style design using Tradecraft software licensed from its affiliate Obsidian Software LLC. Only TSV LLC creates pools and sets their parameters ([TSV LLC notice v1.3](https://www.tokenizedstockvenue.com/notice.html), raw/160). - Paired assets at commencement: USDC (Circle) and SBC (Brale), as issued on Canton ([TSV LLC notice v1.3](https://www.tokenizedstockvenue.com/notice.html)). - Settlement is atomic: both sides of a trade move together or neither does ([CNTN 8-K](https://www.sec.gov/Archives/edgar/data/1861657/000149315226049196/ex99-1.htm)). - The issuer's [[concepts/glossary#transfer-agent|transfer agent]] verifies participants and keeps the register; TSV LLC adds its own screening. Neither TSV LLC nor any affiliate trades for its own account at commencement ([TSV LLC notice v1.3](https://www.tokenizedstockvenue.com/notice.html)). - Service providers named: IntellectEU (Canton node hosting), AWS (cloud), Alpaca (market data, also used for the volume caps), Halborn (security audit of Tradecraft) ([TSV LLC notice v1.3](https://www.tokenizedstockvenue.com/notice.html)). ## First stock: CNTN Version 1.3 of the notice (29 Oct 2026) names tokenized Canton Strategic Holdings, Inc. (Nasdaq: CNTN) as the stock it will make available, with Fairmint TA LLC, an SEC-registered transfer agent, as transfer agent ([TSV LLC notice v1.3](https://www.tokenizedstockvenue.com/notice.html), raw/160). Shares are tokenized only voluntarily, by the issuer's transfer agent with the issuer's authorization, so this is an [[concepts/glossary#issuer-sponsored-token|issuer-sponsored token]] and the 30-day third-party objection process that has hit [[platforms-venues/okxice-tsv|OKXICE TSV]] does not apply to it ([TSV LLC notice v1.3](https://www.tokenizedstockvenue.com/notice.html)). CNTN's press release (filed with its 8-K, 29 Oct 2026) says Fairmint will issue the tokenized shares, keep the official onchain ownership record and run compliance on every transfer; holders would get the same rights as holders of CNTN on Nasdaq; trading is expected "as early as Monday, November 2" ([CNTN 8-K](https://www.sec.gov/Archives/edgar/data/1861657/000149315226049196/ex99-1.htm), raw/161). Fairmint TA LLC's SEC transfer-agent file number is 084-06901 ([CNTN 8-K](https://www.sec.gov/Archives/edgar/data/1861657/000149315226049196/ex99-1.htm)). The notice itself still said on 29 Oct that operations had not commenced and no assets were available for trading ([TSV LLC notice v1.3](https://www.tokenizedstockvenue.com/notice.html)). ## Notice versions - v1.0, 23 Sep 2026: initial notice. v1.1, 19 Oct: affiliate, liquidity, verification, paired assets and other changes. v1.2, 23 Oct: ledger disclosures. v1.3, 29 Oct: names CNTN and Fairmint TA LLC ([TSV LLC notice v1.3](https://www.tokenizedstockvenue.com/notice.html)). Earlier text: raw/143 (v1.2). ## What this means for holders - Tokenized CNTN would be issued by the company's own transfer agent, and the press release says it carries the same rights as Nasdaq-held shares ([CNTN 8-K](https://www.sec.gov/Archives/edgar/data/1861657/000149315226049196/ex99-1.htm)). - Only approved, verified participants can trade, against USDC or SBC stablecoins ([TSV LLC notice v1.3](https://www.tokenizedstockvenue.com/notice.html)). - As of 29 Oct 2026 nothing trades yet; the start date is the company's expectation, not a confirmed launch ([TSV LLC notice v1.3](https://www.tokenizedstockvenue.com/notice.html)). - Reference information only, not investment advice. ## Sources Public originals for the facts on this page. - - - *Last checked 2026-10-30. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # Chainlink tokenized equity feeds URL: https://edstokenizedsecuritiesrails.com/infrastructure/chainlink-equity-feeds description: In plain English: Chainlink supplies stock prices to blockchains so apps can value stock tokens, including outside market hours. type: infrastructure jurisdiction: unknown chain: unknown status: live last_updated: 2026-10-17 last_checked: 2026-10-17 > [!info] At a glance > **Type:** infrastructure > **Jurisdiction:** unknown > **Chain:** unknown > **Status:** live > **Last updated:** 2026-10-17 | Field | Value | |---|---| | name | Chainlink tokenized equity feeds | | jurisdiction | unknown | | product_name | Tokenized Equity Feeds; Data Streams | | structure | Oracle | | chains | unknown | | who_can_buy | n/a | | num_assets | unknown | *In plain English: Chainlink supplies stock prices to blockchains so apps can value stock tokens, including outside market hours.* Feeds combine the underlying 24/5 equity price with the issuer's [[concepts/glossary#multiplier|multiplier]] and respect issuer-controlled oracle pauses; issuer-specific pages exist for Coinbase [[concepts/glossary#b20|B20]] and Robinhood ([Chainlink](https://docs.chain.link/data-feeds/tokenized-equity-feeds)). Data Streams price regular, extended and overnight sessions with market-status flags and staleness checks ([Chainlink](https://docs.chain.link/data-streams/rwa-streams/24-5-us-equities-user-guide)). For splits: pause the feed, stage the new multiplier, unpause; the issuer coordinates timing and Chainlink provides no corporate-action calendar ([Chainlink](https://docs.chain.link/data-streams/tokenized-asset-streams/handling-stock-splits)). ## Sources Public originals for the facts on this page. - - - *Last checked 2026-10-17. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # DTCC Tokenization Service (DTS) URL: https://edstokenizedsecuritiesrails.com/infrastructure/dtcc-tokenization-pilot description: In plain English: DTC, the US central securities depository, is testing tokenized versions of shares it already holds. type: infrastructure jurisdiction: United States chain: At launch: Canton Network, Besu (DTCC private network); 2027: Stellar, Arc (Circle) status: pilot (SEC no-action letter 2025-12-11) last_updated: 2026-10-28 last_checked: 2026-10-28 > [!info] At a glance > **Type:** infrastructure > **Jurisdiction:** United States > **Chain:** At launch: Canton Network, Besu (DTCC private network); 2027: Stellar, Arc (Circle) > **Status:** pilot (SEC no-action letter 2025-12-11) > **Last updated:** 2026-10-28 | Field | Value | |---|---| | name | DTCC Tokenization Service (DTS) | | jurisdiction | United States | | product_name | DTCC Tokenization Service (DTS; Tokenized Entitlements) | | structure | Security entitlements recorded on DLT | | chains | At launch: Canton Network, Besu (DTCC private network); 2027: Stellar, Arc (Circle) | | who_can_buy | DTC participants (20 signed at launch, 28 Oct 2026) | | num_assets | 34 securities at launch (~\$30T eligible): select Russell 1000 equities, ETFs, Treasuries | *In plain English: DTC, the US central securities depository, is testing tokenized versions of shares it already holds.* DTC operates a tokenization pilot under a 11 Dec 2025 SEC no-action letter ([SEC](https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105047.pdf)); 24X Exchange filed rules referencing it ([SEC](https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/sr-24x-2026-20)). ## DTC no-action letter (11 Dec 2025) Staff relief lets DTC participants record security entitlements on [[concepts/glossary#dlt|DLT]] ("Tokenized Entitlements") for Russell 1000 stocks, major-index [[concepts/glossary#etf|ETFs]] and Treasuries; tokens have no collateral or settlement value for Net Debit Cap / Collateral Monitor ([SEC NAL](https://www.sec.gov/files/tm/no-action/dtc-nal-121125.pdf); [Mayer Brown](https://www.mayerbrown.com/-/media/files/perspectives-events/publications/2025/12/sec-staff-no-action-relief-for-dtc-pilot-provides-a-pathway-for-tokenized-securities.pdf)). The letter is withdrawn three years from the date DTC launches the service ([SEC NAL](https://www.sec.gov/files/tm/no-action/dtc-nal-121125.pdf)). ## Live (28 Oct 2026) DTC launched the DTCC Tokenization Service (DTS) on 28 Oct 2026 ([DTCC](https://www.dtcc.com/press-releases/2026/dtcc-tokenization-service-goes-live)). Tokenized security entitlements convert between traditional and tokenized form and go to users' wallets of choice, keeping the ownership rights, investor protections and economic entitlements of the traditional securities ([DTCC](https://www.dtcc.com/press-releases/2026/dtcc-tokenization-service-goes-live)). - **Participants:** 20 DTC participants have signed agreements: Alpaca, Apex Clearing Corporation, Barclays, Bank of America, BNP Paribas, Brown Brothers Harriman, Citadel Securities, Citi, Clear Street, DriveWealth, Edward Jones, Fidelity Investments, Interchange Clearing, J.P. Morgan, Marex, Mirae Asset Securities (USA) Inc., Morgan Stanley, State Street, UBS and Velocity Capital LLC. More will be onboarded on a rolling basis ([DTCC](https://www.dtcc.com/press-releases/2026/dtcc-tokenization-service-goes-live)). - Participant Interchange Clearing runs execution, clearing and custody on one real-time platform with direct DTC and NSCC links ([Interchange](https://www.interchange.com/blog/interchange-clearing-to-access-the-dtcc-tokenization-service)). - **Networks:** Canton Network and DTCC's private Besu network today, with more networks in 2027 ([DTCC](https://www.dtcc.com/press-releases/2026/dtcc-tokenization-service-goes-live)). - **Ecosystem:** collaborators and partners include BitGo Bank & Trust, Blockdaemon, Broadridge, DFNS, DRW, Fireblocks, HIFI, Kaleido, Matter Labs, [[issuers/ondo-global-markets|Ondo]], Prometheum Capital, Talos, Taurus, Temple Digital Group, Tradeweb, Transcend and Virtu ([DTCC](https://www.dtcc.com/press-releases/2026/dtcc-tokenization-service-goes-live)). - **Design input:** more than 150 firms in the DTC Digital Assets Solutions Industry Working Group ([DTCC](https://www.dtcc.com/press-releases/2026/dtcc-tokenization-service-goes-live)). - **Scale:** DTC has more than \$114T in assets under custody ([DTCC](https://www.dtcc.com/press-releases/2026/dtcc-tokenization-service-goes-live)). Scope at launch follows the Day 1 tear sheet below (raw/104). ## Progress DTCC said the service was designed with feedback from more than 50 firms, with limited production trades planned for July 2026 and launch in October 2026 ([DTCC](https://www.dtcc.com/press-releases/2026/dtcc-advances-development-of-new-tokenization-service)). About 40 firms took part in live production trades; the 28 Oct go-live release says "more than 30 firms" completed the initial limited-production trades ([DTCC](https://www.dtcc.com/digital-assets/tokenization/live-production-trades); [DTCC press](https://www.dtcc.com/news/2026/july/15/dtcc-turns-tokenization-into-reality)). On 23 Oct 2026 DTCC posted a Day 1 product tear sheet and an online user guide to its Learning Center ([DTCC tear sheet](https://dtcclearning.com/documents/dtcc-digital-assets/digital-asset-solutions/tokenization-service/5699-dtcc-tokenization-service-product-tear-sheet-and-high-level-roadmap/file.html)). Before launch, no go-live date was public; The Block (8 Oct 2026) reported launch was expected that month ([The Block](https://www.theblock.co/newsletters/tokenization-briefing/2026-10-08-dtcc-brings-tokenization-us-markets-417839), secondary). ## Scope at launch (Oct 2026) DTCC's Day 1 tear sheet (23 Oct 2026) says **34** securities are available to tokenize at launch ([DTCC tear sheet](https://dtcclearning.com/documents/dtcc-digital-assets/digital-asset-solutions/tokenization-service/5699-dtcc-tokenization-service-product-tear-sheet-and-high-level-roadmap/file.html)); its earlier at-a-glance sheet said 25 ([DTCC](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf)), and DTCC does not explain the change. Other launch terms in the at-a-glance sheet, unchanged in the tear sheet: about \$30T eligible, backed 1:1 by securities held at DTC, same [[concepts/glossary#cusip|CUSIP]] and the same rights and investor protections as book-entry securities, and 24/7 peer-to-peer transfers between DTC-registered [[concepts/glossary#wallet|wallets]] on the same chain ([DTCC](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf)). Live at launch: Canton Network (CIP-56) and Besu, DTCC's private network ([[concepts/glossary#erc-20|ERC-20]]); Stellar and Circle's Arc are anticipated in 2027 ([DTCC](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf)). Eligible assets start with select large-cap Russell 1000 equities, select ETFs and a select set of Treasury bills, notes and bonds ([DTCC](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf)). Conversion orders run 2 a.m.-6 p.m. ET on business days, targeting 15 minutes or less; tokens carry transfer restrictions; official books and records stay with DTC; Treasury distributions and maturities pay in fiat to participants' traditional accounts ([DTCC](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf)). Roadmap for 2027 and beyond (indicative): equity/ETF corporate actions, a consolidated stock record, on-chain [[concepts/glossary#netting|netting]] and digital cash ([DTCC](https://communications.dtcc.com/rs/669-QIL-921/images/DTCC%20Tokenization%20Service%20At-a-Glance.pdf)). Coverage: [Crypto Briefing](https://cryptobriefing.com/dtcc-tokenization-service-launch-october/) (news). Firm counts differ by stage, and all of them come from DTCC: more than 50 firms gave design feedback; its July live-trades page says about 40 firms took part; its 28 Oct go-live release says "more than 30 firms" completed the initial limited-production trades. DTCC doesn't explain the gap, so both figures are shown with their source. ## DRS modernization (SR-DTC-2026-012) DTC filed on 29 Sep 2026 to modernize the [[concepts/glossary#direct-registration-system-drs|Direct Registration System (DRS)]], which moves shares between [[concepts/glossary#cede-co|Cede & Co.]] and the holder's own name on the issuer's books; the SEC published notice on 5 Oct 2026 (Release 34-106552) ([SEC notice](https://www.federalregister.gov/documents/2026/10/05/2026-20301/self-regulatory-organizations-the-depository-trust-company-notice-of-filing-of-proposed-rule-change)). The aim is to cut processing "from days to minutes" by retiring legacy terminal and batch-file methods, offering DRS through DTC's SPA screens plus API and MQ messaging, automating the Deliver Order after a transfer agent approves a deposit, and adding status tracking and an audit trail ([SEC notice](https://www.federalregister.gov/documents/2026/10/05/2026-20301/self-regulatory-organizations-the-depository-trust-company-notice-of-filing-of-proposed-rule-change)). Only a DTC participant can start a withdrawal ([SEC notice](https://www.federalregister.gov/documents/2026/10/05/2026-20301/self-regulatory-organizations-the-depository-trust-company-notice-of-filing-of-proposed-rule-change)). DTC expects to implement on 13 Nov 2026, and no later than January 2027 ([SEC notice](https://www.federalregister.gov/documents/2026/10/05/2026-20301/self-regulatory-organizations-the-depository-trust-company-notice-of-filing-of-proposed-rule-change)). Securitize's 25 Oct comment letter notes the filing does not mention DTC's tokenization service, and asks for a one-step burn-and-withdraw instruction, published processing times, [[concepts/glossary#dwac|DWAC]] modernization, a broker timing expectation, and a fast return to [[concepts/glossary#street-name|street name]] ([[issuers/securitize|Securitize]]; [Securitize letter](https://www.sec.gov/comments/SR-DTC-2026-012/srdtc2026012-1108719-3924407.pdf)). ## Watch - Go-live: done, 28 Oct 2026 ([DTCC](https://www.dtcc.com/press-releases/2026/dtcc-tokenization-service-goes-live)). Next: new participants, added securities beyond the launch 34, and 2027 networks (Stellar, Arc). - DRS modernization: confirm whether it went live 13 Nov 2026 or the later date in a DTC Important Notice, whether the SEC approved SR-DTC-2026-012, and whether DTC responds to the Securitize letter ([SEC notice](https://www.federalregister.gov/documents/2026/10/05/2026-20301/self-regulatory-organizations-the-depository-trust-company-notice-of-filing-of-proposed-rule-change)). - First named users: 20 participants named 28 Oct 2026 (see Live). Watch for which ones actually tokenize client positions. ## Sources Public originals for the facts on this page. - - - - - - - - - - - - - - - *Last checked 2026-10-28. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # Uniswap v4 permissioned pools URL: https://edstokenizedsecuritiesrails.com/infrastructure/uniswap-permissioned-pools description: In plain English: Uniswap's permissioned pools let only approved wallets trade a token, so regulated assets can use onchain pools. type: infrastructure jurisdiction: unknown chain: unknown status: unknown last_updated: 2026-10-17 last_checked: 2026-10-17 > [!info] At a glance > **Type:** infrastructure > **Jurisdiction:** unknown > **Chain:** unknown > **Status:** unknown > **Last updated:** 2026-10-17 | Field | Value | |---|---| | name | Uniswap v4 permissioned pools | | jurisdiction | unknown | | product_name | PermissionedHooks | | structure | Permissioned AMM hook | | chains | unknown | | who_can_buy | Allowlisted addresses (issuer-defined) | | num_assets | unknown | *In plain English: Uniswap's permissioned pools let only approved wallets trade a token, so regulated assets can use onchain pools.* An open-source Uniswap v4 hook standard for compliant trading of tokenized [[concepts/glossary#rwa|RWAs]] and equities; issuer [[concepts/glossary#allowlist|allowlists]] are enforced on every swap and liquidity [[concepts/glossary#mint|mint]] ([Uniswap](https://blog.uniswap.org/introducing-permissioned-pools-on-uniswap-v4)). A Permissions Adapter holds the real asset and issues a virtual token to PoolManager; PermissionedHooks checks an IAllowlistChecker ([architecture](https://developers.uniswap.org/docs/protocols/v4-hooks/permissioned-pools/architecture); [source](https://github.com/Uniswap/v4-hooks-public/blob/main/src/permissioned-pools/PermissionedHooks.sol)). It is the [[concepts/glossary#amm-automated-market-maker|AMM]] primitive used by the first [[concepts/glossary#tsv|TSV]] notice ([[platforms-venues/okxice-tsv|OKXICE]]). ## Sources Public originals for the facts on this page. - - - *Last checked 2026-10-17. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # Vertalo URL: https://edstokenizedsecuritiesrails.com/infrastructure/vertalo description: In plain English: Vertalo keeps companies' official shareholder records and links tokens to them, so token holders get dividends and votes. type: infrastructure jurisdiction: United States chain: unknown status: operating (platform since 2019) last_updated: 2026-10-27 last_checked: 2026-10-27 > [!info] At a glance > **Type:** infrastructure > **Jurisdiction:** United States > **Chain:** unknown > **Status:** operating (platform since 2019) > **Last updated:** 2026-10-27 | Field | Value | |---|---| | name | Vertalo | | jurisdiction | United States | | product_name | Transfer agency and tokenization platform | | structure | SEC-registered transfer agent | | chains | unknown | | who_can_buy | unknown | | num_assets | unknown | *In plain English: Vertalo keeps companies' official shareholder records and links tokens to them, so token holders get dividends and votes.* Vertalo is an SEC-registered [[concepts/glossary#transfer-agent|transfer agent]] whose platform links tokenized securities to the shareholder records that carry a holder's dividends and votes ([Bullish](https://www.bullish.com/us/news-insights/issuer-sponsored-token-coalition-gains-momentum-as-qrt-vertalo-and-zerohash-join)). It launched its platform in 2019 and is led by founder and CEO Dave Hendricks ([Bullish](https://www.bullish.com/us/news-insights/issuer-sponsored-token-coalition-gains-momentum-as-qrt-vertalo-and-zerohash-join)). On 26 Oct 2026 it joined the [[concepts/issuer-sponsored-token-coalition|Issuer Sponsored Token Coalition]]. Hendricks said [[concepts/glossary#issuer-sponsored-token|issuer-sponsored tokens]] work because the shareholder records and the token agree, and that this agreement drives routine [[concepts/glossary#corporate-action|corporate actions]] ([Bullish](https://www.bullish.com/us/news-insights/issuer-sponsored-token-coalition-gains-momentum-as-qrt-vertalo-and-zerohash-join)). *Reference information only, not investment advice.* ## Sources Public originals for the facts on this page. - *Last checked 2026-10-27. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # Zerohash URL: https://edstokenizedsecuritiesrails.com/infrastructure/zerohash description: In plain English: Zerohash sells brokerages the plumbing to offer tokenized assets to their customers. type: infrastructure jurisdiction: unknown chain: unknown status: unknown last_updated: 2026-10-27 last_checked: 2026-10-27 > [!info] At a glance > **Type:** infrastructure > **Jurisdiction:** unknown > **Chain:** unknown > **Status:** unknown > **Last updated:** 2026-10-27 | Field | Value | |---|---| | name | Zerohash | | jurisdiction | unknown | | product_name | Tokenization Engine | | structure | B2B infrastructure for compliant digital securities | | chains | unknown | | who_can_buy | unknown | | num_assets | unknown | *In plain English: Zerohash sells brokerages the plumbing to offer tokenized assets to their customers.* Zerohash markets a Tokenization Engine to brokerages ([Zerohash](https://zerohash.com/industries/brokerages)). Bullish describes zerohash as regulated onchain infrastructure powering Morgan Stanley, Interactive Brokers, Public, tastytrade, OnePay and Visa. It joined the [[concepts/issuer-sponsored-token-coalition|Issuer Sponsored Token Coalition]] on 26 Oct 2026 and says it plans to extend its stack, with 10 million onboarded customers, to meet the coalition's token standards ([Bullish](https://www.bullish.com/us/news-insights/issuer-sponsored-token-coalition-gains-momentum-as-qrt-vertalo-and-zerohash-join)). ## Sources Public originals for the facts on this page. - - *Last checked 2026-10-27. Headline fields only; `unknown` means not yet verified from a source.* ======================================================================== # 2026-10-31: IMF publishes the first official data on tokenized-stock trading URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-31-imf-gfsr-scaling-tokenization description: holders: Tokenized stocks track the real share closely, but more than half of trading happens while US markets are closed, so prices can move before the… last_checked: 2026-10-31 holders: Tokenized stocks track the real share closely, but more than half of trading happens while US markets are closed, so prices can move before the market opens. - The IMF's October 2026 Global Financial Stability Report (ch. 3) puts public tokenized assets, not counting repo, at about \$65B and tokenized stocks at about \$2.3B, with Ondo and xStocks over 70% of that. About 80% of tokenized-stock trades are smaller than one share. The IMF calls the risks to the system limited for now ([IMF GFSR Oct 2026, ch. 3](https://www.imf.org/-/media/files/publications/gfsr/2026/october/english/ch3.pdf)). See [[overview|Overview]]. ======================================================================== # 2026-10-31: DTCC firm counts clarified URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-31-dtcc-firm-counts description: holders: No change for holders; this fixes how the page reports how many firms tested DTCC's service. last_checked: 2026-10-31 holders: No change for holders; this fixes how the page reports how many firms tested DTCC's service. - DTCC gives two counts for its test trades: about 40 firms on its July page and "more than 30 firms" in its 28 Oct go-live release. The page now shows both, each with its source ([DTCC](https://www.dtcc.com/digital-assets/tokenization/live-production-trades)). See [[infrastructure/dtcc-tokenization-pilot|DTCC Tokenization Service]]. ======================================================================== # 2026-10-31: Bank of England consults on tokenised collateral at clearing houses URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-31-boe-tokenised-collateral-ccps description: holders: No direct change for token holders yet; it could make tokenised bonds and funds more usable as margin in UK clearing over time. last_checked: 2026-10-31 holders: No direct change for token holders yet; it could make tokenised bonds and funds more usable as margin in UK clearing over time. - On 29 Oct 2026 the Bank of England consulted on what it expects from UK clearing houses (CCPs) that want to accept tokenised versions of collateral they can already take. It says current rules are no barrier and proposes no new regime; responses close 12 Feb 2027 ([Bank of England CP](https://www.bankofengland.co.uk/paper/2026/cp/supervisory-expectations-for-ccps-seeking-to-accept-tokenised-collateral)). See [[topics/settlement-and-matching|Settlement & matching]] and [[concepts/international|International regimes]]. ======================================================================== # 2026-10-30: All starter prompts on one page; database downloads URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-30-one-prompts-page-and-database-downloads last_checked: 2026-10-30 - [[starter-prompts|Starter prompts]] is now one page: research prompts first, then [[starter-prompts#prompts-for-coding-agents|prompts for coding agents]]. Old links redirect. - The [[database|database]] page now says what it holds, where the data comes from, and offers CSV and JSON downloads. ======================================================================== # 2026-10-30: 50 companies now object to OKXICE stock tokens URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-30-okxice-50-objectors description: holders: If you were hoping to buy a token of NVIDIA, Costco or NIKE on OKXICE, those companies have now said no, so those tokens can't trade there. last_checked: 2026-10-30 holders: If you were hoping to buy a token of NVIDIA, Costco or NIKE on OKXICE, those companies have now said no, so those tokens can't trade there. - OKXICE's 30 Oct notice lists 50 objecting companies, up from 38 on 28 Oct. The 12 new ones are CrowdStrike, Corning, Micron, IREN, USA Rare Earth, Bloom Energy, NIKE, NVIDIA, Palo Alto Networks, Costco, Reddit and Hewlett Packard Enterprise ([OKXICE notice, 30 Oct](https://www.okx.com/cdn/assets/okfe/web3-activities/okxicetsv/notices/OKXICE_Tokenized_Securities_Venue_Public_Notice_26.10.30.pdf)). There is still no trading start date. See [[platforms-venues/okxice-tsv|OKXICE TSV]]. ======================================================================== # 2026-10-30: New front page and a starter-prompts hub URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-30-front-page-and-starter-prompts last_checked: 2026-10-30 - The front page now gives short answers to what the wiki is, who it's for and why tokenize, with three copy-paste prompts and one "How to use this wiki" section. See the [[overview|overview]] for the full explanation. - [[starter-prompts|Starter prompts]] is now one hub with research questions and 8 new [[starter-prompts#prompts-for-coding-agents|prompts for coding agents]]. Each prompt has a copy button. - The [[overview|overview]] now covers only how tokenized securities fit together. "Who is this for?" and "How to use this wiki" moved to the front page. ======================================================================== # 2026-10-30: Explainer video and illustrated trade diagram added URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-30-explainer-video-and-trade-diagram last_checked: 2026-10-30 - Explainer video and illustrated trade diagram added. The [[overview|overview]] now opens with a 54-second captioned explainer video and shows an illustrated, tap-to-enlarge diagram of one trade in "Inside step 3". - The [[build/trading-reference-architecture|reference architecture for trading]] now opens with a wide illustrated diagram of the shared ledger and one trade, end to end. The text diagrams stay. ======================================================================== # 2026-10-30: First supportive comment letters on the Innovation Exemption URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-30-comment-letters-solana-malinova-park last_checked: 2026-10-30 - Solana Policy Institute (22 Oct 2026) backs the order and asks the SEC to define "public, permissionless distributed ledger" by who controls ordering, validation, finality and rule changes ([Solana Policy Institute](https://www.sec.gov/comments/4-927/4927-1106380-3893468.pdf)). - Academics Katya Malinova and Andreas Park (23 Oct 2026) say the volume caps block the arbitrage that keeps token prices in line and raise trading costs; they ask for the caps to be removed or set per stock ([Malinova and Park](https://www.sec.gov/comments/4-927/4927-1107499-3908312.pdf)). - DeFi Education Fund (16 Oct 2026) welcomes the order and asks for safe harbors for decentralized exchange developers ([DeFi Education Fund](https://www.sec.gov/comments/4-927/4927-1096319-3852226.pdf)). - Updated: [[concepts/innovation-exemption|Innovation Exemption]], glossary (Public, permissionless ledger). ======================================================================== # 2026-10-30: Why Bullish's coalition matters URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-30-bullish-why-it-matters last_checked: 2026-10-30 - [[platforms-venues/bullish#why-it-matters|Bullish]] has a new "Why it matters" section covering the Equiniti register, the issuer-sponsored model, the OKXICE objections and CNTN on TSV. It also has one clearly labeled line of analysis. - The [[concepts/issuer-sponsored-token-coalition|Issuer Sponsored Token Coalition]] page links to it. ======================================================================== # 2026-10-29: TSV LLC names its first stock, tokenized CNTN URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-29-tsv-llc-first-stock-cntn last_checked: 2026-10-29 - TSV LLC's notice v1.3 (29 Oct 2026) names tokenized Canton Strategic Holdings (Nasdaq: CNTN) as its first stock, with Fairmint TA LLC as transfer agent. It is issuer-sponsored, so the 30-day third-party objection window doesn't apply ([TSV LLC](https://www.tokenizedstockvenue.com/notice.html)). - CNTN's 8-K press release says Fairmint keeps the official onchain ownership record, holders get the same rights as Nasdaq holders, and trading on Canton is expected as early as 2 Nov 2026 ([CNTN 8-K](https://www.sec.gov/Archives/edgar/data/1861657/000149315226049196/ex99-1.htm)). - New page: [[platforms-venues/tsv-llc|TSV LLC]]. ======================================================================== # 2026-10-29: SIFMA's comment letter on the Innovation Exemption URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-29-sifma-comment-letter last_checked: 2026-10-29 - SIFMA (19 Oct 2026) asks the SEC to amend the order: issuer opt-in consent for third-party tokens or, failing that, a 90-day objection period, a universal opt-out and an official TSV portal ([SIFMA](https://www.sifma.org/wp-content/uploads/2026/10/SIFMA-Innovation-Exemption-Initial-Letter-10-19-2026.pdf)). ======================================================================== # 2026-10-29: Ondo Stocks live on Robinhood Chain URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-29-ondo-stocks-robinhood-chain last_checked: 2026-10-29 - Ondo bridged 15 Ondo Stocks to Robinhood Chain on 27 Oct 2026; 11 have Uniswap v4 StablePair pools against the matching Robinhood Stock Token ([Ondo](https://ondo.finance/blog/ondo-stocks-live-on-robinhood-chain-and-uniswap)). ======================================================================== # 2026-10-29: OKXICE objections reach 38; how issuer opt-outs work; Better Markets letter URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-29-okxice-38-objectors-opt-out last_checked: 2026-10-29 - OKXICE TSV: 38 issuers have objected as of its 28 Oct notice, up from 22 on 23 Oct; new names include JPMorgan, AMD, Coca-Cola, Dell, Eli Lilly and Walmart. Still no trading start date ([OKXICE notice](https://www.okx.com/cdn/assets/okfe/web3-activities/okxicetsv/notices/OKXICE_Tokenized_Securities_Venue_Public_Notice_26.10.28.pdf)). - Innovation Exemption: issuers have 30 calendar days from a venue's notice to object, directly to that venue; opt-outs are per venue with no blanket option. Nasdaq says it intends to opt itself out of TSVs ([Nasdaq FAQ](https://www.nasdaq.com/docs/listings/faq-sec-innovation-exemption)). - Comment file 4-927: Better Markets calls the order the biggest rewrite of equity trading rules since Reg NMS and urges the SEC to withdraw it and use notice-and-comment rulemaking ([Better Markets](https://bettermarkets.org/wp-content/uploads/2026/10/Better-Markets-Comment-Letter-SEC-Innovation-Exemption.pdf)). ======================================================================== # 2026-10-28: DTCC Tokenization Service goes live URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-28-dtcc-tokenization-service-live last_checked: 2026-10-28 - DTC launched the DTCC Tokenization Service with 20 signed DTC participants, on Canton and DTCC's private Besu network; more networks in 2027 ([DTCC](https://www.dtcc.com/press-releases/2026/dtcc-tokenization-service-goes-live)). - Day 1 scope: 34 securities, 1:1 backed by DTC holdings, conversions 2 a.m.-6 p.m. ET business days targeting 15 minutes or less, 24/7 transfers between registered wallets ([DTCC tear sheet](https://dtcclearning.com/documents/dtcc-digital-assets/digital-asset-solutions/tokenization-service/5699-dtcc-tokenization-service-product-tear-sheet-and-high-level-roadmap/file.html)). ======================================================================== # 2026-10-26: QRT, Vertalo and zerohash join the Issuer Sponsored Token Coalition URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-26-coalition-new-members last_checked: 2026-10-26 - Qube Research & Technologies (QRT), [[infrastructure/vertalo|Vertalo]] and [[infrastructure/zerohash|zerohash]] joined the [[concepts/issuer-sponsored-token-coalition|Issuer Sponsored Token Coalition]] ([Bullish](https://www.bullish.com/us/news-insights/issuer-sponsored-token-coalition-gains-momentum-as-qrt-vertalo-and-zerohash-join)). - Members were due to meet issuers at the NYSE on 27 Oct 2026. ======================================================================== # 2026-10-25: OKXICE objectors now 22; DTCC launch scope 34; Figure ticker FGRS; B20 spec URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-25-sources-pass last_checked: 2026-10-25 - OKXICE: 22 issuers have objected to tokenized listings, per OKXICE's 23 Oct 2026 public notice (16 on its 19 Oct notice). - DTCC Tokenization Service: Day 1 tear sheet (23 Oct 2026) lists 34 securities at launch, up from 25 in the earlier at-a-glance sheet. No go-live release yet. - Figure: blockchain stock ticker is FGRS (launched as FGRD, renamed March 2026). - xStocks: Kraken lists 131 assets (100 stocks, 27 ETFs, 4 specialist). - Robinhood Chain: Bitwise reports average daily Stock Token volume up 22x from July to September 2026. - New detail on B20, who can buy, custody, settlement and corporate actions, from SEC, Base, xStocks, Kraken, DTCC, Exodus and WisdomTree primary sources. ======================================================================== # 2026-10-25: Securitize asks DTC to link direct registration to its tokenization service URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-25-securitize-drs-comment last_checked: 2026-10-25 - [[issuers/securitize|Securitize]] backed DTC's [[concepts/glossary#direct-registration-system-drs|Direct Registration System (DRS)]] upgrade but asked for a one-step burn-and-withdraw from DTC tokens, published processing times, [[concepts/glossary#dwac|DWAC]] modernization, a broker timing expectation and a fast return to [[concepts/glossary#street-name|street name]] ([Securitize letter](https://www.sec.gov/comments/SR-DTC-2026-012/srdtc2026012-1108719-3924407.pdf)). ======================================================================== # 2026-10-23: DTCC launch scope; OKXICE issuer objections; Robinhood Chain volume URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-23-dtcc-okxice last_checked: 2026-10-23 - DTCC Tokenization Service: launch scope added from DTCC's at-a-glance sheet (25 securities, ~\$30T eligible, Canton and DTCC's private Besu network, 24/7 transfers between registered wallets). - OKXICE: 16 issuers had objected to tokenized listings by 21 Oct 2026 (CNBC). - Robinhood Chain: tokenized stock volume \$526M (Jul) to \$11.31B (Sep), per Bitwise via CNBC. ======================================================================== # 2026-10-22: Kraken says xStocks lineup exceeds 1,000 (unconfirmed, news report only) URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-22-kraken-xstocks-1000 last_checked: 2026-10-22 - **Unconfirmed, news report only.** Kraken said its xStocks lineup exceeds 1,000 tokenized instruments, per The Defiant ([The Defiant](https://thedefiant.io/news/cefi/kraken-says-its-xstocks-lineup-now-exceeds-1-000)); not yet confirmed on a Kraken page. ======================================================================== # 2026-10-21: OCC final rule implementing the GENIUS Act URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-21-occ-genius-rule last_checked: 2026-10-21 - The OCC issued its final GENIUS Act rule for payment stablecoin issuers under its jurisdiction, effective 18 Jan 2027, the Act's effective date ([OCC](https://www.occ.gov/news-issuances/bulletins/2026/bulletin-2026-50.html)). Published in the Federal Register on 23 Oct 2026 as FR Doc. 2026-21706, 12 CFR Part 15 ([Federal Register](https://www.federalregister.gov/documents/2026/10/23/2026-21706/implementing-the-guiding-and-establishing-national-innovation-for-us-stablecoins-act-for-the)). - Stablecoins are the cash leg of TSV pools; other regulators' rules are not collected. ======================================================================== # 2026-10-19: TSV LLC revises its TSV notice URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-19-tsv-llc-revised-notice last_checked: 2026-10-19 - TSV LLC published version 1.1 of its notice (19 Oct 2026) and 1.2 (23 Oct 2026): paired assets at commencement are USDC and SBC on Canton; the issuer's transfer agent handles verification and minting; operations have not commenced ([TSV LLC](https://www.tokenizedstockvenue.com/notice.html)). ======================================================================== # 2026-10-17: Vault seeded with 15 entities URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-17-vault description: Vault seeded with 15 entities. last_checked: 2026-10-17 Vault seeded with 15 entities. ======================================================================== # 2026-10-14: Perpetuals.com files a TSV notice URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-14-perpetuals-notice last_checked: 2026-10-14 - Kephas Corporation d/b/a Perpetuals.com filed a Tokenized Securities Venue notice on 14 Oct 2026, the third on the SEC's list ([SEC](https://www.sec.gov/about/divisions-offices/division-trading-markets/innovation-exemption); [Perpetuals](https://www.perpetuals.com/perpetuals-moves-to-offer-tokenized-u-s-stocks-under-sec-innovation-exemption.html)). ======================================================================== # 2026-10-09: EU Council agrees key elements of the market integration package URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-09-eu-council-dlt-pilot last_checked: 2026-10-09 - The Council agreed key elements of the savings and investments union measures, which include changes to the DLT Pilot Regime; not yet adopted ([Council](https://www.consilium.europa.eu/en/press/press-releases/2026/10/09/savings-and-investments-union-council-agrees-key-elements-of-crucial-measures-to-deepen-eu-capital-markets/)). ======================================================================== # 2026-10-08: Securitize launches tokenized US stocks on Solana URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-08-securitize-stocks last_checked: 2026-10-08 - Securitize launched onchain trading of US stocks as security entitlements through its broker-dealer, with plans for NYSE and OKXICE access once those venues launch ([Securitize](https://investors.securitize.io/news/news-details/2026/Securitize-Launches-Global-Onchain-Trading-of-U-S--Stocks-with-Security-Entitlements/default.aspx); [CoinDesk](https://www.coindesk.com/business/2026/10/08/securitize-brings-apple-nvidia-and-tesla-to-solana-with-nyse-trading-in-the-works)). ======================================================================== # 2026-10-07: Ondo tokenized stocks reach EEA investors via Assetera URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-07-assetera-ondo last_checked: 2026-10-07 - Assetera listed 100+ Ondo tokenized US stocks and ETFs for 30 EEA countries, widening to 450+ through Q4 2026 ([Assetera](https://www.assetera.com/media/assetera-x-ondo)). - Assetera says Ondo Stocks passed \$1B TVL and \$27B cumulative volume since September 2025 (Assetera). ======================================================================== # 2026-10-05: DTC proposes faster direct registration (DRS) URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-05-dtc-drs-modernization last_checked: 2026-10-05 - DTC filed SR-DTC-2026-012 to modernize the [[concepts/glossary#direct-registration-system-drs|Direct Registration System (DRS)]], cutting processing "from days to minutes"; expected 13 Nov 2026, no later than January 2027 ([SEC notice](https://www.federalregister.gov/documents/2026/10/05/2026-20301/self-regulatory-organizations-the-depository-trust-company-notice-of-filing-of-proposed-rule-change)). ======================================================================== # 2026-10-04: OKXICE files its TSV notice URL: https://edstokenizedsecuritiesrails.com/changelog/2026-10-04-okxice-notice last_checked: 2026-10-04 - OKXICE TSV filed its notice with the SEC on 4 Oct 2026 ([SEC](https://www.sec.gov/about/divisions-offices/division-trading-markets/innovation-exemption); [OKXICE notice](https://www.okx.com/cdn/assets/files/2610/798CC1267CB56FB2.pdf)). - Design: Uniswap v4 pools with an OKXICE hook, pairs against USDC/USDG/USDT. No trading start date announced. ======================================================================== # 2026-09-25: Coinbase tokenized stocks accepted as Aave collateral URL: https://edstokenizedsecuritiesrails.com/changelog/2026-09-25-aave-coinbase-stocks last_checked: 2026-09-25 - Seven Coinbase Tokenized Stocks (AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc, TSLAc) went live as collateral on Aave V4 on Base, collateral-only ([Aave](https://www.aave.com/blog/coinbase-tokenized-stocks)). - Prices come from Chainlink 24/5 feeds and are held over weekends (Aave). ======================================================================== # 2026-09-24: Bullish and Equiniti form the Issuer Sponsored Token Coalition URL: https://edstokenizedsecuritiesrails.com/changelog/2026-09-24-issuer-sponsored-token-coalition last_checked: 2026-09-24 - Bullish and Equiniti formed the [[concepts/issuer-sponsored-token-coalition|Issuer Sponsored Token Coalition]] with Alpaca, Apex Fintech Solutions and DriveWealth, a week after the SEC's [[concepts/innovation-exemption|Innovation Exemption]] ([Bullish](https://www.bullish.com/us/news-insights/leading-market-infrastructure-firms-form-coalition-to-advance-issuer-sponsored-tokenized-securities)). - Focus: shareholder rights, interoperability, infrastructure and an open ecosystem for [[concepts/glossary#issuer-sponsored-token|issuer-sponsored tokens]]. ======================================================================== # 2026-09-24: CFTC staff FAQs allow tokenized permitted investments URL: https://edstokenizedsecuritiesrails.com/changelog/2026-09-24-cftc-tokenized-collateral-faq last_checked: 2026-09-24 - CFTC staff updated FAQs to address investing customer funds in tokenized forms of permitted investments and blockchain recordkeeping ([CFTC](https://www.cftc.gov/PressRoom/PressReleases/9303-26)). ======================================================================== # 2026-09-23: First TSV notice filed with the SEC (TSV LLC) URL: https://edstokenizedsecuritiesrails.com/changelog/2026-09-23-tsv-llc-notice last_checked: 2026-09-23 - TSV LLC submitted a Tokenized Securities Venue notice to the SEC on 23 Sep 2026 ([SEC](https://www.sec.gov/about/divisions-offices/division-trading-markets/innovation-exemption)). ======================================================================== # 2026-09-17: SEC issues the Innovation Exemption for tokenized NMS stock URL: https://edstokenizedsecuritiesrails.com/changelog/2026-09-17-sec-innovation-exemption last_checked: 2026-09-17 - The SEC issued an order (Rel. 34-106402) exempting Tokenized Securities Venues from the exchange definition and certain liquidity providers from the dealer definition; it expires five years after publication ([SEC](https://www.sec.gov/newsroom/press-releases/2026-90-sec-issues-innovation-exemption-facilitate-trading-tokenized-nms-stock-request-comment)). - Published at 91 FR 60168 on 22 Sep 2026; comments go to File 4-927 ([Federal Register](https://www.federalregister.gov/documents/2026/09/22/2026-19388/order-granting-temporary-conditional-exemptive-relief-pursuant-to-section-36a1-of-the-securities)). ======================================================================== # 2026-09-14: UK tokenisation feedback; Robinhood plans redemption and voting URL: https://edstokenizedsecuritiesrails.com/changelog/2026-09-14-fca-robinhood last_checked: 2026-09-14 - FCA and Bank of England published FS26/1 on tokenisation in wholesale markets (123 responses); a joint roadmap is due later in 2026 ([FCA](https://www.fca.org.uk/publications/feedback-statements/fs26-1-tokenisation-wholesale-markets)). - Robinhood's CEO said in-kind redemption and voting are coming for Robinhood Stock Tokens, after AMC's CEO objected to AMC tokens ([CoinDesk](https://www.coindesk.com/business/2026/09/14/robinhood-plans-share-redemptions-voting-rights-for-stock-tokens-after-criticism)). - Coinbase's CEO said voting rights are coming to Coinbase tokenized stocks (CoinDesk). ======================================================================== # 2026-09-10: Nasdaq agrees to invest in Kraken's parent for tokenized equities URL: https://edstokenizedsecuritiesrails.com/changelog/2026-09-10-nasdaq-payward last_checked: 2026-09-10 - Nasdaq Ventures agreed to invest \$100M in Payward, Kraken's parent ([Nasdaq](https://www.nasdaq.com/press-release/nasdaq-deepens-relationship-payward-advance-tokenized-equities-and-always)). - The partners will build distribution, trading and post-trade infrastructure for Nasdaq Equity Tokens (NETs), linked to xStocks; NETs are expected in Q2 2027 (Nasdaq). ======================================================================== # 2026-08-18: Kraken opens US stocks and xStocks to EEA customers URL: https://edstokenizedsecuritiesrails.com/changelog/2026-08-18-kraken-eea-stocks last_checked: 2026-08-18 - Kraken launched 7,000+ US stocks for eligible EEA customers under MiFID II via Payward Europe Digital Solutions (CY) Limited, alongside 700+ xStocks ([Kraken](https://blog.kraken.com/product/equities/announcing-us-listed-stock-trading-for-eea-customers)). - EEA clients trade xStocks with fiat via Convert after a questionnaire ([Kraken support](https://support.kraken.com/articles/xstocks-availability)). ======================================================================== # 2026-08-12: Crypto.com launches tokenized stock derivatives in the EEA URL: https://edstokenizedsecuritiesrails.com/changelog/2026-08-12-crypto-com-tokenized-stocks last_checked: 2026-08-12 - Crypto.com launched Tokenized Stocks in its app: price-tracking derivatives on 1,500 US stocks and ETFs, from US\$1, for eligible EEA and other users ([Crypto.com](https://crypto.com/us/company-news/tokenized-stocks-eea-launch)). - Holders get no ownership or voting rights; issuer Foris Capital CY Limited; hedging assets custodied at Alpaca ([Crypto.com](https://crypto.com/us/company-news/tokenized-stocks-eea-launch)). ======================================================================== # 2026-08-12: Bullish trades its own tokenized shares on a GFSC-regulated exchange URL: https://edstokenizedsecuritiesrails.com/changelog/2026-08-12-bullish-tokenized-equity last_checked: 2026-08-12 - Bullish's issuer-sponsored BLSH tokens, recorded at the share registry, traded on Bullish Exchange against a USD stablecoin ([Bullish](https://investors.bullish.com/news-releases/news-release-details/bullish-launches-tokenized-equity-trading)). - Bullish says it received GFSC approval for tokenized securities trading in June 2026 ([Bullish](https://investors.bullish.com/news-releases/news-release-details/bullish-launches-tokenized-equity-trading)). ======================================================================== # 2026-06-16: SEC notice: 24X Exchange tokenized trading rule (SR-24X-2026-20) URL: https://edstokenizedsecuritiesrails.com/changelog/2026-06-16-sec description: SEC notice: 24X Exchange tokenized trading rule (SR-24X-2026-20). last_checked: 2026-06-16 SEC notice: 24X Exchange tokenized trading rule (SR-24X-2026-20). Source: https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/sr-24x-2026-20 ======================================================================== # 2026-03-18: SEC approves Nasdaq tokenized securities rule URL: https://edstokenizedsecuritiesrails.com/changelog/2026-03-18-sec description: SEC approves Nasdaq tokenized securities rule. last_checked: 2026-03-18 SEC approves Nasdaq tokenized securities rule. Source: https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105047.pdf ======================================================================== # 2026-02-24: WisdomTree announces 24x7 trading for WTGXX URL: https://edstokenizedsecuritiesrails.com/changelog/2026-02-24-wisdomtree description: WisdomTree announces 24x7 trading and instant settlement for WTGXX. last_checked: 2026-02-24 WisdomTree announces 24x7 trading and instant settlement for WTGXX. Source: https://ir.wisdomtree.com/news-events/press-releases/detail/777/wisdomtree-to-launch-247-trading-and-instant-settlement ======================================================================== # 2025-12-02: Kraken agrees to acquire Backed Finance AG URL: https://edstokenizedsecuritiesrails.com/changelog/2025-12-02-kraken last_checked: 2025-12-02 Source: https://blog.kraken.com/news/backed-acquisition ======================================================================== # 2025-06-30: xStocks live on Bybit, Kraken, Solana DeFi URL: https://edstokenizedsecuritiesrails.com/changelog/2025-06-30-xstocks description: xStocks live on Bybit, Kraken, Solana DeFi. last_checked: 2025-06-30 xStocks live on Bybit, Kraken, Solana DeFi. Source: https://www.prnewswire.com/news-releases/backeds-xstocks-go-live-today-on-bybit-kraken-and-solana-defi-302494374.html