The token itself represents a legally recognized share of the public company.

B · Custodied Equity Interest

The underlying shares are held by a broker or custodian, while the token represents a beneficial interest or security entitlement. Full rights may require KYC, vesting, or whitelisting.

C · 1:1 Note or Certificate

The issuer holds the underlying shares, but users own a structured note, tracker certificate, or tokenized debt instrument instead. You are typically not a direct shareholder of the underlying company.

D · Derivative Exposure

The token represents a price-tracking contract with the issuer. You get exposure to the stock’s price, but do not own the underlying shares.

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Overview

Tokenized

Tokenized Stocks · One-page Comparison

Review issuer, chain, contract address and legal structure before yield and liquidity.

Tokenized stocks compared by legal structure, backing, rights, access and on-chain value
#	Product / Representative Ticker	Issuer	What the Token Holder Owns	Backing / Bankruptcy Remoteness	Dividends & Voting	Redemption / KYC / Whitelist	Chain / Primary Venues	On-chain Value / Assets	Key Caveat
1	Ondo Stocks Global AAPLon	Ondo Global Markets (BVI) Ltd.	Claim against a BVI SPV stock total-return exposure, not equity ownership	1:1 shares + buffer bankruptcy-remote SPV / segregated assets	Dividends and corporate actions flow into total return voting preference only	Cash / stablecoin redemption direct mint/redeem requires KYC secondary transfer usually open	Ethereum Solana BNB Chain Ondo Chain Ondo · CEX · DEX	$872.7M 406 RWA records · 440+ products	1:1 backing ≠ equity ownership
2	xStocks AAPLx	Backed Assets (JE) Ltd.	Bearer debt / tracker certificate no shareholder rights	1:1 shares segregated collateral + security agent	Net dividends reinvested via rebasing / multiplier no voting rights	KYC redemption typically $5,000 minimum in-kind may be available	Ethereum Solana Arbitrum Mantle Base Ink Kraken · CEX · DEX · DeFi	$596.99M 733 multichain RWA records	733 records ≠ 733 unique stocks
3	bStocks AAPLB	BTech Holdings Ltd.	ADGM certificate representing issuer-held securities not direct equity	1:1 shares regulated custody + proof of collateral	Net dividends after tax reinvested via multiplier no direct voting	1:1 conversion through Binance / CSD subject to eligibility on-chain return restricted	BNB Chain Binance Spot · Convert · BNB DeFi	$552.70M 67 assets	Holder owns a certificate, not the underlying shares
4	Coinbase Tokenized Stocks AAPLc	Coinbase Onchain SPV Ltd. and other ADGM entities	Beneficial interest in 1:1 custodied shares partial rights after vesting	Alpaca holds underlying shares regulated, segregated, bankruptcy-remote	Dividends reinvested into more shares voting limited to vested holders	Vested holders may redeem into shares, cash, or stablecoins vesting + KYC required	Base Base DEX · Wallets · DeFi	New launch Apple · Nvidia · Meta · Alphabet	Free wallet transfer ≠ full shareholder rights
5	Robinhood Stock Tokens AAPL Token	Robinhood Assets (Jersey) Ltd.	Robinhood-issued tokenized debt security no legal or beneficial ownership of the underlying	1:1 shares held in custody security-agent structure	Dividends reflected via multiplier no underlying voting rights	Redeem via AP / issuer KYC or sell in secondary markets generally not broker-held shares	Robinhood Chain Robinhood Wallet · On-chain ecosystem	$37.56M ~192 Robinhood network stock records	Brokerage branding ≠ equity ownership
6	Dinari dShares AAPL.d	Dinari Securities, LLC	Street-name-like economic interest protected claim on the backing security	1:1 shares held by Alpaca operating-account segregation	Cash dividends paid as stablecoin equivalents voting where applicable	Burn token → sell underlying → return stablecoins token-level hard whitelist	Arbitrum Ethereum Base Plume Verified wallets · Regional limits	$24.38M ~723–724 assets	Not a fully permissionless ERC-20
7	Crypto.com Tokenized Stocks AAPL / ETF	Foris Capital CY Ltd. and regional entities	Derivative contract with Foris price and defined corporate-action exposure only	Advertised 1:1 reserves issuer and counterparty risk remain	Contractual dividend-equivalent payout no voting rights	Sell in app or settle contract no share delivery app-level KYC	Cronos Crypto.com App · Cronos ecosystem	Not disclosed ~1,500 stocks and ETFs	A derivative remains a derivative even with 1:1 reserves
8	Backpack Securities SPCX · MU	Backpack Securities / related tokenization structure	Token convertible into a real UCC Article 8 security entitlement in Backpack	1:1 underlying securities broker, clearing, custody and transfer rails	Usually reinvested at token stage cash dividends and actions after entitlement conversion	1:1 redemption into real security entitlement wallet-to-wallet transfer KYC for redemption	Solana Backpack · Jupiter · Raydium	~$22.1M* Asset count increasing	Token and security entitlement are distinct legal states
9	Ondo U.S. Custodial Securities MU · IVV	U.S. broker-dealer / transfer agent / custodian	Brokerage-style securities entitlement mapped on-chain by the transfer agent	1:1 shares held in U.S. regulated custody	Full economic shareholder rights Broadridge proxy voting, issuer communications and disclosures	Return to brokerage / custody record strictly permissioned	Ethereum Regulated broker / custody network	New launch 2 initial assets	Strongest shareholder rights, lowest openness
10	Superstate Opening Bell —	Underlying listed issuer · Superstate Services transfer agent	Token itself is the issuer’s legal share not a wrapper or derivative	No third-party backing layer token itself is the share	Same legal rights as traditional shares issuer / TA handle dividends and voting	On-chain ↔ book-entry / brokerage transfer KYC + allowlisted wallet	Ethereum Solana Opening Bell · Approved protocols	$37.79M 3 RWA records	Clearest legal rights; composability depends on the allowlist
11	Securitize Onchain Equities SECZ · EXOD	Listed issuer · Securitize Transfer Agent	SECZ = on-chain form of the same NYSE common stock EXOD = native on-chain Class A	Token itself is the share no third-party wrapper layer	Same common-stock rights issuer / TA handle corporate actions	Compliant rails manage on-chain and traditional records KYC / AML + qualified wallets	Avalanche Solana Algorand Securitize platform / ATS	≥$226.02M* SECZ $158.63M + EXOD $67.39M	Do not treat platform-wide fund AUM as tokenized-stock market cap
12	Figure Blockchain Stock FGRS · OPEN	Figure Technology Solutions, Inc.	Real Blockchain common stock in a separate share class	Token itself is the share each whole share may convert 1:1 to Class A	Rights attach to the Blockchain common-stock class subject to charter / prospectus	1:1 conversion to Nasdaq Class A traded through Figure / OPEN	Provenance Figure ATS · OPEN	$92.12M 2 RWA records	Real equity, but not Nasdaq Class A itself

* Backpack ($22.1M) uses the CoinGecko ecosystem market cap; Securitize (≥$226.02M) is the sum of the SECZ and EXOD public stocks. Neither matches RWA.xyz platform-level Distributed Asset Value exactly, so figures are not directly comparable across platforms.