People traded $25B of crypto stock tokens that do not make them stockholders
Over $25 billion in stock-like crypto tokens have been traded, but these tokens don't grant traditional shareholder rights like dividends or voting.Summary
Nasdaq is pushing for tokenized stocks that represent actual shares with full legal rights, contrasting with the popular “wrapper” tokens like xStocks which offer synthetic exposure without shareholder benefits. While xStocks have seen $25 billion in transactions, Nasdaq aims to build a system where tokens are legally equivalent to shares, granting voting rights, dividends, and corporate action access. The SEC has distinguished between issuer-sponsored tokenization (favored by Nasdaq) and third-party models, emphasizing the risks associated with the latter. Nasdaq’s plan, targeting operational readiness in 2027, seeks to preserve existing market infrastructure while adding the benefits of blockchain technology. The key battleground is whether the official ownership record will remain with issuers or migrate to easier-to-distribute, but rights-limited, wrappers. The success of Nasdaq’s approach hinges on making the rights-preserving version accessible and appealing to investors, and on issuers actively sponsoring tokenized shares.
(Source：CryptoSlate)