Tokenized stock issuers compared: xStocks, Ondo, bStocks, Robinhood, Coinbase, Securitize
The same Tesla can exist as several tokens, and they are different legal products. Five of the six issuers below sell the issuer's own note, certificate or derivative: you get price exposure, not a share and not a vote. Only Securitize's products are built to carry the same rights as the share. Chaconne tracks xStocks, Ondo Stocks, bStocks, Coinbase and Robinhood Stock Tokens; Robinhood Classic and Securitize are here for comparison only (they cannot be freely held or traded on-chain).
Checked against the issuers' own documents on 2026-10-12; numbers in square brackets point to the sources at the end. The issuers' latest official terms prevail. The issuer card on each asset page carries the same facts.
The six issuers side by side
| Issuer | Legal form | Holder rights | Dividends | Redemption | Restricted regions | Fees |
|---|---|---|---|---|---|---|
| xStocks · Backed Assets (JE) Ltd, owned by Kraken's parent Payward · tracked here | Tracker certificate under Swiss law (bearer debt instrument), Jersey SPV [X2][X5] | Economic exposure only; contractual claim on the issuer, collateral held by a security agent [X2] | Reinvested through a multiplier, net of withholding tax [X4] | Primary market only, after KYC with the issuer; secondary buyers who fail KYC may be unable to redeem [X3][X5] | US / US persons, UK, Canada, Australia, sanctioned countries [X1][X2] | Prospectus caps: up to 5% issue/redemption surcharge, up to 5% a year management fee; actual rates not published in the docs we read [X5] |
| Ondo Stocks (formerly Ondo Global Markets) · BVI SPV · tracked here | Structured note (debt instrument), Swiss-law sales terms [O2] | Redemption at current value plus a first-priority security interest; no voting or information rights [O2] | Reinvested automatically, net of withholding tax (30% on US dividends) [O3][O12] | Mint and redeem after KYC, to USDon / USDC, $1 minimum [O1][O5] | US / US persons, Canada, sanctioned list; EEA, UK, Switzerland, HK, SG, MY, BR professional / qualified investors only [O4] | No mint or redeem fee; Ondo earns the spread between quote and execution [O3][O6] |
| bStocks · BTech Holdings Ltd (ADGM), Binance affiliate · tracked here | Certificates over shares, one ADGM FSRA prospectus per stock [B1][B2] | Beneficial interest held on trust; no voting or direct shareholder rights [B1] | Reinvested through a multiplier after 30% US withholding; no cash [B1][B2] | Into the share via Nest Trading; outside Binance, Professional Clients only [B1] | US persons; UAE outside ADGM, all EU/EEA, UK, HK, Japan, Australia, New Zealand, Thailand, Philippines, Turkey and others [B1] | No issuer fee; conversion free [B1][B3] |
| Robinhood Stock Tokens · Robinhood Assets (Jersey) Ltd, since 2026-07-01 · tracked here | Tokenised debt securities, Jersey issuer [R4][R5] | Economic exposure only; no legal or beneficial rights in the underlying [R5] | Reinvested through a multiplier [R5][R6] | Minting by the authorised participant; the FAQ says holders can redeem with the issuer after KYC [R5][R6] | US / US persons, Canada, UK, Switzerland, sanctioned list [R5] | 0% subscription; redemption 0% for 90 days, then 0.05% [R5] |
| Robinhood Classic Stock Tokens · Robinhood Europe, UAB | OTC derivative contract under MiFID II [R1][R2] | No ownership; the token is non-transferable [R1][R2] | Contractual right to dividend amounts [R2] | Cash-settled with Robinhood only; never into shares [R1][R2] | Robinhood Europe app customers in the EU/EEA [R3][R4] | Up to 0.10% on entry and on exit [R1] |
| Coinbase tokenized stocks · Coinbase Onchain SPV Ltd (ADGM), on Base · tracked here | Certificates over shares, unsponsored, one prospectus per stock [C2] | Pro-rata beneficial interest for "vested holders" only; no direct vote [C2] | Reinvested after 30% US withholding; the issuer keeps 5% of gross dividends [C2] | Vested holders only (KYC), in kind or cash [C2] | Outside the US only (Reg S), plus sanctions lists [C1][C2] | Creation 0.01%, redemption 0.05%, 5% of dividends [C2] |
| Securitize Stocks · Securitize Markets, LLC | Security entitlement under UCC Article 8 [SZ1] | Dividend and voting rights preserved through the entitlement; not a registered shareholder unless converted [SZ1] | Passed through (mechanism not detailed) [SZ1] | Conversion to direct registration "where available" [SZ1] | Eligible investors after KYC in the US, EU and other permitted places [SZ1] | Not published in the sources we read |
Chains: xStocks runs on Ethereum, Solana, BNB Chain, X Layer, Arbitrum and others [X1]; Ondo on Ethereum, BNB Chain and Solana [O1]; bStocks on BNB Chain [B1]; Robinhood Stock Tokens on Robinhood Chain [R5]; Coinbase on Base [C1]; Securitize Stocks on Solana [SZ1].
Two kinds of token: same rights vs price exposure
On 2026-09-17 the SEC exempted "tokenized securities venues" from the definition of an exchange, until 2031-09-17, so they can trade tokenized US stocks under conditions [E1][E2]. It is not an approval of tokenized stocks: it covers venues, not issuers, and caps the number of stocks and the volume.
The venues may only trade tokens that give the same rights and privileges as the share: the same dividends, votes and claim in liquidation [E1]. The order expressly excludes tokens where a third party issues its own security giving synthetic price exposure, such as a linked note or a security-based swap [E1][E3].
By their own documents, xStocks, Ondo and Robinhood Stock Tokens are on the price-exposure side; bStocks and Coinbase certificates carry beneficial interests without a direct vote. Securitize's products are designed for the same-rights side. This is our reading of the documents, not an SEC finding. All of the price-exposure products exclude US persons.
Why dividend mechanics matter most
- Multiplier products (xStocks, bStocks, Robinhood, Coinbase): dividends after tax are added through a multiplier, and each token keeps tracking one share's price. To judge the premium, compare token price with stock price.
- Total-return products (Ondo Stocks): dividends are reinvested into the token itself, so one token gradually outgrows one share. A year-old token trading 2% above the stock may simply carry 2% of accrued dividends.
Mistaking accrued dividends for a premium is the most common error in this field. We estimate an accrual factor r̂ for every total-return token and compute premium as token price ÷ (r̂ × stock price) − 1; see the methodology.
How to choose between versions
Open Compare: every version of one stock side by side, with after-fee net edge, volume and depth.
- Prefer the better net edge — more share-value for the same money;
- Depth must fit your size — check the $1k / $10k impact on the asset page;
- Know the structure — who the issuer is, whether you could ever redeem, and whether your region is allowed.
Sources
Opened 2026-10-12.
- [E1] SEC Order, Release No. 34-106402 (2026-09-17) · [E2] Chair Atkins statement · [E3] SEC staff Statement on Tokenized Securities (2026-01-28)
- [X1] xstocks.fi · [X2] xStocks product legal overview · [X3] Issuance and redemption · [X4] Dividends and stock splits · [X5] Backed Assets (JE) legal documentation and base prospectus
- [O1] Ondo Stocks · [O2] Legal and regulatory · [O3] Fees and taxes · [O4] Eligibility · [O5] Investing and redeeming · [O6] Overview · [O12] Corporate actions
- [B1] BTech Holdings prospectus, Salesforce bStocks (2026-09-08) · [B2] Binance: bStocks · [B3] Binance press release (2026-06-12)
- [R1] Robinhood Europe KID (2026-07-01) · [R2] Description of services, financial instruments and risks · [R3] Robinhood newsroom (2025-06-30) · [R4] Robinhood newsroom (2026-07-01) · [R5] Robinhood Assets (Jersey) · [R6] Robinhood Chain stock tokens
- [C1] base.org/stocks · [C2] Coinbase Onchain SPV prospectus, Apple (2026-08-04)
- [SZ1] Securitize announcement (2026-10-08)
FAQ
- Can tokens from different issuers be swapped into each other?
- Not directly. They are separate products from separate issuers; you sell one and buy the other, paying trading costs on both legs.
- Does owning a tokenized stock make me a shareholder?
- Usually not. xStocks, Ondo Stocks, bStocks, Robinhood and Coinbase give price exposure or a beneficial interest without a direct vote. Securitize's entitlement tokens are designed to keep dividend and voting rights.
- Why is it normal for Ondo tokens to trade slightly above the stock?
- Ondo Stocks are total-return: reinvested dividends make each token worth more than one share over time. After our r̂ correction, only the residual counts as a real premium.