A tokenized Apple share bought on one platform can entitle the holder to dividends, voting rights and redemption for the underlying stock. The same ticker on another platform can convey none of those things.
Both are marketed as tokenized equities. Neither description is false. The difference sits entirely in the legal structure underneath, and it is not visible from the ticker.
That gap has become material as the sector has grown. Tokenized equity value rose from roughly $346 million to about $2.6 billion over twelve months, and three distinct models are now operating in different jurisdictions simultaneously. CoinDesk warned this month that two tokens can trade under the same ticker while granting entirely different rights.
Understanding which model you are buying determines what you own.
The four models at a glance
| Coinbase (Base) | Robinhood Chain | South Korea (Feb 2027) | Binance options | |
|---|---|---|---|---|
| Structure | 1:1 backed by shares in regulated trust | Derivative contract under MiFID II | Tokenized trust-beneficiary security | Conventional brokerage, no token |
| Do you own the share? | Yes, via trust | No | Beneficiary interest in trust | Yes, directly |
| Redemption for stock | Yes | No underlying to redeem | Not yet specified | Physical settlement on exercise |
| Dividends | Automatic pass-through | Reflected in price only | Not yet specified | Yes, as shareholder |
| Voting rights | Not offered | No | Not yet specified | Yes |
| Trading hours | 24/7 | 24/7 | Not yet specified | US market hours |
| DeFi composability | Yes, ~50 protocols | Limited | No | None |
| Custodian | Regulated trust | Robinhood as counterparty | Korea Securities Depository | Alpaca Securities (FINRA) |
| Available to | Launched August 2026 | EU customers | Korea, from Feb 2027 | Non-US users |
| Coverage | Apple, Nvidia, Meta, Alphabet | 2,000+ US stocks and ETFs | Unlisted equities first | 1,000+ US stocks and ETFs |
Model one: backed one-to-one, with redemption
Coinbase launched tokenized stocks on its Base network on 24 August, covering Apple, Nvidia, Meta and Alphabet.
Each token is backed one-to-one by a real share held in a regulated trust. Holders can transfer tokens on-chain, redeem them for the underlying shares, and receive dividends passed through automatically by smart contract.
The tokens use B20, a standard Base developed for real-world assets, with Chainlink oracles supplying price data. Roughly 50 DeFi protocols committed to supporting them at launch, meaning the tokens can function as collateral or feed automated strategies. Bitwise announced portfolios built from them within a day.
This is the fullest version of the concept. The token is a claim on a specific share, and the holder can exercise that claim.
The trade-off is custodial. The shares sit with a trust rather than with the holder, so the token’s value depends on that trust operating correctly and remaining solvent. Redemption rights are only as good as the entity honouring them.
Model two: derivative contracts with price exposure only
Robinhood Chain launched on 1 July and now covers more than 2,000 US stocks and ETFs for EU customers.
Its tokens operate as derivative contracts under the EU’s MiFID II framework. Holders receive price exposure to the underlying equities. They do not own the shares, do not hold shareholder rights and cannot vote.
The structural distinction matters in practice. A derivative contract is a claim against the issuer rather than a claim on an asset. Its value tracks the stock, but the holder is exposed to the counterparty rather than to the company.
The advantage is speed to market. Derivative structures are simpler to build and authorise, which is why Robinhood launched months ahead of Coinbase. Real-world asset volume on the chain reached roughly $390 million, with a dozen tokenized stocks each clearing $500,000 daily and GameStop, Nvidia and SpaceX leading.
One caveat worth tracking: 90-day gas subsidies run until early October, so current volume figures carry a tailwind that will end.
Model three: tokenized trust-beneficiary securities
South Korea’s Financial Services Commission published a three-stage roadmap on Friday, with the first phase beginning 4 February 2027 when amendments to the Act on Electronic Registration of Stocks and Bonds take effect.
Unlisted equities will be tokenized through a trust structure. The shares remain on the existing system, and investors receive a tokenized trust-beneficiary security representing a claim on them.
This sits between the first two models. The holder has a legal interest in the underlying share, unlike a derivative, but holds a beneficiary interest in a trust rather than the share itself. Korea’s central securities depository sits at the centre of the arrangement rather than a private issuer.
Existing licensed brokers can offer these products without new authorisation, provided they build distributed ledgers connecting to the depository. Issuers managing their own accounts need at least $3 million in equity capital.
The counter-example: no blockchain at all
Binance took a different route entirely on 1 September, launching physically settled options on more than 1,000 US stocks and ETFs for non-US users.
Exercising a contract delivers actual shares rather than cash. Orders route through Nest Trading, Binance’s Abu Dhabi-regulated broker-dealer, to Alpaca Securities, a US-registered FINRA member handling execution, clearing, settlement and custody.
No token represents the share and no blockchain is involved. Binance moved its users into conventional equity markets rather than moving equities on-chain.
The demand behind it was substantial. Binance’s traditional finance perpetual volume reached $433.4 billion in August against $29.5 billion in January, with equity-linked contracts accounting for roughly 79% of the August figure.
It is included here because it clarifies what tokenization actually adds, and what it costs. Binance offers unambiguous legal ownership under established securities law, with no composability, no continuous trading and no self-custody.
Risks that apply regardless of model
Every structure carries custodial exposure. The shares sit with a trust, a broker or a depository, and the holder depends on that entity.
Regulatory treatment is unsettled. The SEC has been clear that tokenized stocks remain securities regardless of format, and enforcement approaches differ by jurisdiction.
Scale remains small. Tokenized stocks accounted for just 2.5% of tokenized real-world assets at the end of the first quarter of 2026, well behind Treasuries at 67%. Fairmint’s chief executive has warned the sector risks repeating Wall Street’s 1960s paper crisis if record-keeping does not keep pace with issuance.
The practical step for anyone buying is to read the issuer’s documentation on three points: whether the token is backed by a share or references its price, whether redemption is available, and who holds the underlying asset. Those three answers identify the model. The ticker will not.
FAQ
Do tokenized stocks give voting rights?
Currently, none of the major models deliver shareholder voting, including fully backed versions. Coinbase’s tokens offer redemption and dividend pass-through, but voting is not among the disclosed features.
What is the difference between backed and derivative tokens?
A backed token represents a claim on a specific share held in custody and can typically be redeemed for it. A derivative token, such as Robinhood’s under MiFID II, tracks the price without conveying ownership, so the holder is exposed to the issuer rather than to the company.
Are these available in the US?
Coinbase’s tokenized stocks launched on Base in August. Robinhood’s derivative tokens are available in the EU. Binance’s physically settled options exclude US users entirely. Availability varies by jurisdiction and platform.
Disclaimer: This article is for informational purposes only and does not constitute financial or legal advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making any investment decisions.
