Tokenized equities are blockchain-issued tokens that track the price of public stocks like AAPL, TSLA, NVDA, and MSFT, backed 1:1 by the underlying shares held with a regulated custodian. As of Q1 2026, four issuers anchor the category: Backed Finance (xStocks, non-US retail), Dinari (dShares, US accredited), Robinhood (EU-listed tokenized stocks), and Kraken (xStocks via Backed partnership). Each operates under a distinct regulatory regime with different KYC tiers, settlement rails, and supported tickers.
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Tokenized equities are ERC-20 or SPL tokens that represent fractional or whole ownership of public-market shares, with a regulated custodian holding the underlying stock 1:1. Each token can be redeemed for the share value through the issuer, and prices track the reference equity through arbitrage. The structure separates settlement (onchain, 24/7) from execution (traditional brokerage hours).
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The category sits at the intersection of securities law and crypto infrastructure. In every live implementation, the token itself is a security wrapper, not a derivative. Backed Finance issues xStocks under a Liechtenstein prospectus regulated by the FMA. Dinari operates as a registered transfer agent and broker-dealer in the United States. Robinhood launched tokenized stocks in June 2025 to EU customers under its Lithuanian brokerage license, settling on Arbitrum and (planned) on its own L2 built with Arbitrum Orbit. See rwa.xyz equity tracker for live AUM.
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A tokenized stock works through a mint-and-custody loop: the issuer or its broker buys the underlying share on a traditional exchange, deposits it with a regulated custodian, and mints a corresponding token onchain. Redemptions reverse the flow. The token is fungible, transferable between whitelisted wallets, and trades 24/7 on permissioned DEXs and CEXs.
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Backed Finance describes the mechanism in its legal documentation: each xStock token is collateralized by the underlying share held with Clearstream Banking or InCore Bank. Dinari uses a similar transfer-agent model documented at dinari.com/legal. Robinhood's stock tokens are issued by Robinhood Europe UAB and described in its EU stock tokens FAQ. Token holders do not receive voting rights in any of the live implementations; dividends are passed through as cash or additional tokens depending on the issuer.
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Backed Finance is a Zug-based issuer that launched bIB01 (iShares Treasury Bond) in 2022 and expanded to equities in 2024-2025. Its xStocks line covers AAPLx, TSLAx, NVDAx, MSFTx, GOOGLx, and roughly 60 other US-listed names plus several ETFs. Backed operates under a Liechtenstein FMA prospectus and serves non-US retail through DEX partners and CEX listings.
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Backed's xStocks went live on Solana and Ethereum in June 2025 through a launch partnership with Kraken, Bybit, and several Solana DeFi venues. The Backed Token Standard wraps each share with a 1:1 collateral attestation published weekly. Custody sits with Clearstream Banking and InCore Bank per its transparency page. Minimum mint size for primary issuance is currently $100,000, with secondary-market access available on any supported DEX for retail size. KYC is required at the issuer level for primary mints but not for secondary trading, which is why Backed cannot serve US persons.
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Bond products bIB01 (1-3 year Treasuries) and bC3M (0-3 month T-Bills) remain part of the same product line, with combined AUM in the low hundreds of millions as of Q1 2026 per rwa.xyz.
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Dinari is a Delaware-registered transfer agent and SEC-registered broker-dealer that issues dShares, tokenized equivalents of US stocks and ETFs available to US accredited investors and non-US retail. Each dShare is backed 1:1 by the underlying share held with Dinari's clearing custodian. The product covers AAPL.d, TSLA.d, NVDA.d, MSFT.d, GOOGL.d, AMZN.d, and approximately 50 other tickers.
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Dinari's regulatory structure is the key differentiator: it is one of the only tokenized-equity platforms that can serve US accredited investors directly. The transfer-agent registration with the SEC means dShare holders are on the company's official shareholder ledger through Dinari's records. Dinari publishes its issuer disclosures at dinari.com/disclosures. The Dinari V2 protocol launched on Arbitrum in 2024 and added Base support in 2025.
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KYC is mandatory for all access. US users must complete accredited-investor verification under Rule 506(c). Non-US users complete standard KYC. Settlement is T+0 onchain, with the underlying share purchased at the next traditional market open if minted outside trading hours.
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Robinhood launched stock tokens in June 2025 as an EU-only product, offering tokenized exposure to more than 200 US stocks and ETFs to retail users in 30 EU/EEA countries. The tokens are issued by Robinhood Europe UAB under its Lithuanian brokerage license and settle on Arbitrum, with a planned migration to Robinhood Chain (an Arbitrum Orbit L2) announced at the same launch.
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The product is notable for three reasons. First, scale: Robinhood brought tokenized equities to a mass-retail audience for the first time, with zero-commission trading inside the existing Robinhood EU app. Second, integration: tokens move from the brokerage to a self-custody wallet, blurring the line between traditional brokerage and onchain ownership. Third, OpenAI and SpaceX tokens: Robinhood listed private-company tokens for OpenAI and SpaceX at launch, then clarified in a June 2025 statement that these are not equity in the underlying companies but rather exposure through a special-purpose vehicle. OpenAI publicly disagreed with that characterization.
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KYC follows Robinhood's standard EU broker onboarding. Settlement is 24/5 (matching US market hours) for public stocks. Tokens are transferable to external Arbitrum wallets after a holding period. Per the Robinhood tokenization page, the company plans to expand to additional asset classes and migrate to its own L2 in 2026.
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Kraken xStocks is not a separate issuance program. Kraken acts as the primary CEX distribution partner for Backed Finance's xStocks line, listing AAPLx, TSLAx, NVDAx, and other Backed-issued tokens for non-US Kraken customers. The underlying tokens are identical to those traded on Solana DEXs; Kraken provides a familiar CEX trading interface plus fiat on-ramps.
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The partnership launched alongside Backed's June 2025 multi-chain expansion. Kraken added xStocks to its non-US client offering, with KYC handled by Kraken at the venue level. Users in the US, UK, Canada, and several other jurisdictions are blocked from the product. See Kraken's xStocks explainer for the supported list. Bybit added a parallel listing the same month.
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Each platform targets a different user. Backed serves non-US retail through DEXs and CEX partners. Dinari is the only option for US accredited investors. Robinhood reaches EU retail at consumer scale. Kraken is a CEX surface for Backed's tokens. The table below summarizes the four side by side on regulatory framework, supported markets, settlement rails, KYC, and access geography.
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The choice depends on jurisdiction more than features. A US accredited investor has effectively one option (Dinari). An EU retail user gets the broadest catalog through Robinhood. A non-US trader who wants self-custody and DEX access uses Backed directly. A non-US trader who wants a CEX interface uses Kraken or Bybit on top of Backed.
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Tokenized equities are securities under nearly every major regulator's framework, which means each issuer must operate under a securities prospectus, broker-dealer license, or transfer-agent registration in its home jurisdiction. There is no general "crypto exemption" for tokenized stocks; the wrapper does not change the underlying classification.
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In the EU, MiCA covers most crypto-asset issuance but explicitly excludes tokenized securities, which fall under MiFID II and the Prospectus Regulation. Backed Finance operates under a Liechtenstein FMA-approved prospectus that passports across the EEA. Robinhood Europe UAB operates as a MiFID II investment firm. In the US, tokenized stocks are securities under the 1933 Act; Dinari registered as both a transfer agent and a broker-dealer to issue and distribute them lawfully under Rule 506(c) for accredited investors. The SEC's tokenization policy page and the December 2024 staff statement clarified that tokenized securities are subject to the same rules as their underlying.
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Across the four platforms, the most consistently available tokenized stocks are the largest US tech and consumer names: AAPL, TSLA, NVDA, MSFT, GOOGL, AMZN, META, and a handful of ETFs including SPY, QQQ, and TLT. Robinhood has the broadest catalog at 200+ tickers. Backed and Dinari each list approximately 50-60 of the most liquid US names plus several major ETFs.
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Coverage of European stocks is limited. Backed has added a handful of EU-listed ADRs but does not directly tokenize European primary listings. Asian stocks are not yet available on any of the four platforms. Private-company tokens exist only through Robinhood's SPV-backed OpenAI and SpaceX tokens, and the company has been explicit that these are not equity claims on the underlying companies.
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Liquidity is concentrated in the top 20 names. AAPLx and TSLAx on Solana DEXs see daily volumes in the low single-digit millions per Dune dashboards. Tail tickers can have wide spreads and thin orderbooks, which is one reason Robinhood's centralized brokerage model has caught on faster than DEX-native tokens for retail use.
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Tokenized equities live on multiple chains: Backed deploys on Solana, Ethereum, and Base; Dinari on Arbitrum and Base; Robinhood on Arbitrum and (planned) Robinhood Chain. A user wanting to move USDC from one chain to another to buy a tokenized stock on a DEX needs cross-chain settlement that is fast, cheap, and deterministic. Eco Routes provides intent-based USDC and USDT routing across 15 supported chains using Hyperlane and CCTP as the underlying transport, settling in seconds rather than the minutes typical of message-passing bridges.
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Yes, but distribution is limited. Dinari is the only major issuer that can serve US users directly, and only accredited investors under Rule 506(c). Backed Finance and Robinhood Europe both block US persons. Trading Backed's xStocks on a non-US DEX from a US IP is generally not compliant with the issuer's terms.
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Dividends yes, voting rights no in all live implementations. Backed, Dinari, and Robinhood pass through cash dividends to token holders as either USDC or additional tokens. None of the four programs currently passes voting rights to token holders; the custodian votes the underlying shares or abstains.
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They are the same token. Kraken xStocks is a CEX distribution of Backed Finance's xStocks line. The token contract addresses on Solana and Ethereum are identical whether bought on Kraken, Bybit, or a Solana DEX. The difference is the trading interface, KYC venue, and fiat on-ramp.
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Yes, after a holding period. Robinhood Europe allows users to transfer stock tokens from the in-app brokerage to an external Arbitrum wallet. The migration to Robinhood Chain in 2026 will preserve self-custody options. The OpenAI and SpaceX SPV tokens have additional transfer restrictions.
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Sources and methodology. Issuer details verified against backed.fi, dinari.com, and robinhood.com/eu on May 25, 2026. AUM and supported-ticker counts cross-checked against rwa.xyz. Regulatory framing reflects MiFID II, MiCA, and Rule 506(c) as of Q1 2026.
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