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Tokenized stock builders clash over which model should become standard
Tokenized stocks have grown to about $2.9 billion, with Ondo leading by assets while the SEC’s mapped categories determine which securities laws apply and what holders can claim in bankruptcy.
A public dispute involving AMC Entertainment CEO Adam Aron and Robinhood over tokenized AMC shares broadened on Friday into an industry debate among tokenized-stock providers about which of three incompatible product designs should become the standard, The Defiant reported.
The competing models differ in what buyers actually own. Robinhood’s stock tokens are debt securities issued by an unregulated Jersey entity, sold only to non-US persons, that provide economic exposure without a claim on the referenced company. Other firms, including Ondo, xStocks and Dinari, use regulated intermediaries to hold the underlying shares and pass through economics, while Securitize and Superstate place a company’s own registered shares onchain with the issuer and its transfer agent inside the transaction.
The SEC’s Division of Corporation Finance mapped the three categories in a Jan. 28 statement, and the design choice determines which securities laws apply and what holders can claim in a bankruptcy, according to The Defiant. Data cited by the outlet shows tokenized stocks total about $2.91 billion, up 14.4% in 30 days across 2.67 million holders, with Ondo leading at $869.6 million.
The Defiant also said Robinhood’s tokenized-stock footprint is smaller in assets, with a book about a sixth the size of Ondo’s, while its trading activity is the largest in the group. The outlet cited DefiLlama for Robinhood Chain turnover of $1.56 billion of DEX volume in 24 hours and noted it passed Solana in tokenized stock volume in late July, alongside memecoin trading pairs.
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