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 the overview and legal structures).
Offshore wrapped tokens
Most offshore products exclude US persons (xStocks, Ondo, Coinbase, Robinhood) (Zerion, secondary; Fensory, secondary). 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).
US routes
- Broker-dealer model: 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 transfer agent’s AML/KYC and were whitelisted (Exodus offering circular). WisdomTree’s WTGXX allows transfers only between verified, whitelisted wallets (WisdomTree FAQ).
- Tokenized Securities Venues under the Innovation Exemption are permissioned: access is limited to approved participants (SEC order 34-106402).
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 broker-dealer, Superstate as transfer agent for native shares, or exchange-listed tokenized shares via the DTC pilot.
- Where you can buy is a property of the issuer and the platform together: see Rules by jurisdiction.
Reference information only, not investment advice.
Sources
Public originals for the facts on this page.
- https://zerion.io/blog/best-tokenized-stock-platforms/
- https://fensory.com/best/tokenized-stocks-platforms
- https://support.kraken.com/articles/xstocks-faq
- https://www.sec.gov/files/rules/exorders/2026/34-106402.pdf
- https://dataspanapi.wisdomtree.com/pdr/documents/WEBSITE_FUND_DETAILS/WDT/US/EN-US/WTGXX_3/
- https://www.sec.gov/Archives/edgar/data/1821534/000114036121012255/nt10013846x18_253g2.htm