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Tokenized stocks and equities
Tokenized stocks are tokens that track the price of a listed share or ETF. In most current products a regulated or offshore issuer buys the underlying shares, holds them with a custodian or broker-dealer and issues tokens backed one-to-one, so holders get price exposure without being registered shareholders.
Interest has grown because tokens can trade outside exchange hours, settle on a blockchain and be combined with other on-chain assets. The trade-offs are rights and access: token holders often do not get voting rights, dividends may be passed through in different forms, and many products are closed to US persons or to retail investors in some countries.
Read each structure carefully. The comparison table shows issuer and chains; the project pages give the backing model and the date each entry was verified. Tokenized stocks are a fast-moving area, so catalogue sizes and eligibility change often.
Projects in this category (3)
| Name | Organisation | Type | Chains | Last verified |
|---|---|---|---|---|
| Dinari dShares | Dinari | Platform | – | 23 Oct 2026 |
| Ondo Stocks (formerly Ondo Global Markets) | Ondo Finance | Platform | Ethereum, BNB Chain, Solana | 23 Oct 2026 |
| xStocks | Backed Finance / Kraken | Token | Solana, Ethereum, Arbitrum, Base, Mantle, TON, Tron, Ink | 23 Oct 2026 |
- Dinari dShares: API and tokens for 1:1-backed US stocks and ETFs (dShares), available through partners in 92 jurisdictions.
- Ondo Stocks (formerly Ondo Global Markets): Tokenized US stocks and ETFs for eligible non-US investors, with a catalogue of more than 450 tokenized stocks and ETFs (Oct 2026).
- xStocks: 1:1-backed tokenized US equities and ETFs tradeable 24/7, issued by Backed Finance, acquired by Kraken in early 2026.
Every listing was checked against the official sources linked on its page. Information only, not investment advice. Eligibility, availability and supported chains change; confirm on the official site before acting. Spotted an error? Reply to any edition of the newsletter.
How to compare tokenized stocks
Behind similar tickers sit three different models: tokens issued by the company itself, tokens backed by shares in custody, and synthetic tokens that only track the price. Compare:
- What the token legally is: the share, a beneficial interest, a debt security or a derivative.
- Rights: dividends, voting and corporate actions.
- Backing and custody of the underlying shares, and any security interest for holders.
- Redemption into the underlying share or cash, and who can redeem.
- Eligible jurisdictions and investor types.
Who uses tokenized stocks
The main users are investors outside the United States seeking exposure to US shares and ETFs with round-the-clock trading and on-chain settlement, crypto exchanges and wallets adding equities to their offer, and decentralized finance protocols that accept tokenized shares as collateral. Listed companies have also begun to issue their own tokenized shares, which gives holders the same rights as ordinary shareholders.
Risks and limits
Third-party tokenized stocks add issuer and custody risk on top of market risk: if the issuer fails, holders may not have the same claim as shareholders. Trading outside exchange hours can mean wider spreads and prices that move away from the last close. Regulation is developing quickly, so eligibility and product terms can change. See the tokenized stocks guide for the models and the main regulatory developments.
Guides
Frequently asked questions
- What are tokenized stocks?
- Tokens designed to track the value of a listed share or ETF, typically backed by the real shares held by an issuer or custodian. They are not always the same as owning the share directly.
- Do tokenized stocks pay dividends or carry voting rights?
- Some pass dividends through as cash, tokens or price adjustments; voting rights are usually not included. The issuer's terms decide.
- Who can buy tokenized stocks?
- Access is restricted by jurisdiction. Many products exclude US persons and some exclude retail investors in certain countries, so eligibility must be checked with each provider.
