Lead · Asset Types
Tokenized equities come in two legal structures: wrapped tokens make you an SPV creditor; 1:1 real-share tokens make you a beneficial shareholder. On the day the platform fails, that difference determines what you get back — yet most investors don't know which one they're buying.
David Marsh
·
June 18, 2026
In 2026, tokenized equities exploded: Kraken launched xStocks, Coinbase announced 1:1 real-share-backed tokens, Exodus and Ondo listed 200+ tokenized stocks and ETFs on Solana. To most investors, they all go by the same name — "tokenized stocks." But the underlying legal structure, risk exposure, and what you actually hold differ dramatically across products. Going in without understanding the...