Tokenized stocks

A tokenized stock is almost never the stock. It is a claim on whoever holds the share — so the issuer, not the ticker, is the thing to analyse. Every issuer below is compared on legal wrapper, custody, votes, dividends and redemption.

Tokenized equity tracked

$523.05M

Issuers covered

Tokens with live data

Tokenized stock market map

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Issuers

Backed Finance (xStocks)

Collateralised note

A tracker certificate issued under a Swiss DLT-law structure, fully collateralised by the underlying share held with a regulated custodian.

“You own a debt-like certificate that tracks the share price — not the share itself.”

Regulator: Swiss framework with a published base prospectus
Custody: Underlying shares held by a regulated third-party custodian, bankruptcy-remote SPV
Voting rights: No
Dividends: Reinvested into the token's reference value rather than paid out
Corporate actions: Splits and other corporate actions are reflected by adjusting the tracker certificate's reference value; no separate holder action is required.
Redemption: Qualified investors can redeem with the issuer; retail exits on the secondary market
Eligibility: Non-US investors; distribution restricted in several jurisdictions
Chains: Solana, Ethereum, Base, BNB Chain
Trading hours: 24/7 on-chain, priced against the underlying's market hours

AAPLxNVDAxTSLAxSPYxCOINxMSTRx

· No voting rights and no direct dividend payment
· Retail redemption is indirect, so the price depends on market makers staying active

Verified 2026-08

Dinari (dShares)

SEC-registered representation

A transfer-agent-registered digital share representation backed 1:1 by shares held with a US broker-dealer.

“You own a digital representation of a specific share held for you at a US broker-dealer.”

Regulator: SEC-registered transfer agent, US broker-dealer partner
Custody: Shares held at a US broker-dealer in segregated accounts
Voting rights: No
Dividends: Cash dividends distributed to holders in stablecoin
Corporate actions: Splits, mergers and spin-offs are passed through to the digital share 1:1, mirroring what a broker would do for a real shareholder.
Redemption: Holders can redeem for cash through the platform during market hours
Eligibility: Non-US retail plus eligible US institutions, KYC required
Chains: Ethereum, Arbitrum, Base
Trading hours: Order execution tied to US market hours

AAPL.dMSFT.dTSLA.dGOOGL.d

· Execution is bound to US market hours, so 24/7 pricing is not truly continuous
· KYC and eligibility gating limits who can hold

Verified 2026-08

Ondo Global Markets

Custodial claim

A token representing a claim on shares held by the issuer's custodian, with mint and redeem at NAV for verified users.

“You own a token redeemable at NAV for a claim on shares held by an institutional custodian.”

Regulator: Broker-dealer partnerships, offshore distribution wrapper
Custody: Shares held with institutional custodians
Voting rights: No
Dividends: Reflected in the token value or distributed, depending on instrument
Corporate actions: Corporate actions are absorbed into the NAV calculation used for minting and redemption.
Redemption: Mint and redeem at NAV for eligible verified users
Eligibility: Non-US persons, institutional focus
Chains: Ethereum, Solana, BNB Chain
Trading hours: 24/7 secondary trading, primary mint/redeem on business days

oAAPLoNVDAoSPY

· Access to primary redemption is restricted, so retail depends on secondary depth
· Cross-jurisdiction structure adds legal complexity in a default

Verified 2026-08

Swarm Markets

Collateralised note

BaFin-regulated tokenized securities backed by the underlying held in segregated custody.

“You own a BaFin-regulated tokenized security backed by segregated custody of the underlying share.”

Regulator: BaFin (Germany)
Custody: Segregated custody under German securities rules
Voting rights: No
Dividends: Passed through to holders
Corporate actions: Handled by the custodian and reflected in the tokenized security under German securities rules.
Redemption: Available to verified users on the platform
Eligibility: EEA users, KYC required
Chains: Ethereum, Polygon
Trading hours: Continuous on-chain, primary activity in market hours

TSLAAAPLSPY

· Small liquidity relative to Solana-based issuers
· EEA-only access

Verified 2026-08

Synthetic equity protocols

Synthetic / derivative

Price exposure created by an on-chain derivative or over-collateralised synthetic, with no share held anywhere.

“You own a derivative bet on a price feed, with no claim on any company or share.”

Regulator: None
Custody: No underlying custody — collateral is crypto
Voting rights: No
Dividends: None; dividends are not replicated
Corporate actions: Not replicated — synthetic price feeds rarely adjust cleanly for splits or spin-offs, which is a recurring source of tracking error.
Redemption: Settlement against protocol collateral, not against a share
Eligibility: Permissionless where accessible
Chains: Various
Trading hours: 24/7

various

· No claim on any real share whatsoever — this is the category that failed in 2021–22
· Oracle failure and collateral shortfalls break the peg to the underlying price
· Regulatory action has repeatedly shut down synthetic equity products

Verified 2026-08

Largest tokenized equities by market cap

Largest tokenized equity tokens
Token	Issuer	Price	Market cap	Chains
XSTOCKSxStocks	xStocks	$0.00	$383.13M	Solana, Arbitrum
MI4Mantle Index Four Fund	Mantle Index Four Fund	$0.00	$119.29M	Mantle
VESTA EQUITYVesta Equity	Vesta Equity	$0.00	$20.63M	Algorand

Tokenized stocks, answered

+ Are tokenized stocks real stocks?

Usually not. Most are a note or a claim issued against shares that someone else custodies, which means you have credit exposure to the issuer on top of price exposure to the company. Dinari's transfer-agent model is the closest to real share ownership; synthetic protocols are the furthest, holding no shares at all.

+ Do you get dividends and votes?

Votes, almost never — the custodian is the registered holder. Dividends vary: some issuers pass cash through in stablecoins, others reinvest the value into the token's reference price, and synthetics ignore dividends entirely.

+ What happens if the issuer goes bankrupt?

This is the question that matters and the answer is structural. A bankruptcy-remote SPV with segregated custody should leave holders with a claim on the shares; an unsegregated issuer balance sheet leaves you as an unsecured creditor. Check the wrapper before the ticker.

+ Why does the token price drift from the real stock price?

Because the underlying market closes and the token does not. Weekend and overnight prices are market-maker opinion, not the exchange price, and gaps of a percent or more around earnings are common.

Informational only, not financial advice. Terms, fees and availability change frequently — always verify on the provider's own site before committing funds. Some outbound links may be partner links; they never affect ranking or scoring.