Today I saw a private message from a friend. This is a topic I haven't discussed before. Although many platforms have tokenized stock trading based on U.S. stocks like Nvidia, Tesla, or Apple, the corresponding tokenized stocks issued by each platform are unrelated. For example, the on-chain Tesla issued by Ondo and the on-chain Tesla issued by Xstocks are not the same product and naturally cannot be interchanged.

Of course, currently, products on the same platform can still be interchanged. For instance, Xstocks tokenized stocks can circulate across different exchanges. For example, Tesla based on Backed.fi purchased on Bybit can be transferred to Kraken (with certain KYC restrictions), but this is limited to the same platform.

If you buy Tesla on Ondo, you cannot transfer it to the Xstocks platform. However, even though it cannot be transferred, it does not mean that swaps cannot be made. This field is still somewhat of a semi-vacuum. If there could be a dedicated swap to facilitate the transfer of tokenized stocks across different protocols, it would be a good thing, though there are many pitfalls here.

Additionally, some friends may ask if transfers after settlement would be more convenient. The reality is that settlement can be even more difficult. Even for some platforms that claim to support settlement, when it comes time to settle, both KYC and AML requirements, as well as minimum settlement values and settlement periods, may deter people.

PS: If a platform is not a registered broker-dealer, not a transfer agent, and does not connect to clearing/settlement systems like DTC (U.S.), CHESS (Australia), or CREST (UK/EU), it cannot legally settle real stocks (i.e., physical or electronic registered shares) to retail investors.

In simpler terms:

United States: Legal tokenized stock platforms generally only provide cash equivalent/economic rights settlement, rather than registering real stocks in the names of retail investors; directly "settling real stocks to retail investors" is considered illegal securities business in the U.S., unless holding broker-dealer, custody, and clearing qualifications.

EU/Switzerland: DLT regulations allow for on-chain registration and mapping to real equity, theoretically allowing direct settlement to retail investors, but this is currently rare and only licensed institutions can operate it.

Therefore, if you really want to buy tokenized stocks, the best choice is still a larger platform that is as compliant as possible and has a broker-dealer license.

This article is sponsored by #Bitget ｜ @Bitget_zh

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