What are the differences between assets on Base, Robinhood, and BSC, also known as RWA? Why is the stock directory of Base shorter, Robinhood covers more targets, and there are multiple versions of the same company's stock on BSC when they are both listed on the stock chain? To understand these differences, three things need to be considered: ▪ Who issued it? ▪ What assets are behind it? ▪ What benefits does the holder receive? This article focuses on equity RWAs and does not cover treasury bond, gold, credit and other categories. ━━━━━━━━━━━━━━ ① Base Coinbase issuance, supported by real stocks The stock assets that have received attention in this round of Base are mainly Coinbase tokenized stocks. According to the official introduction, this token is supported 1:1 by real stocks, with the underlying stocks managed by Alpaca and adopting a bankruptcy isolation structure under the ADGM framework. The official emphasizes that holders have direct claims to the custody stocks. The core feature is that the token corresponds to the equity of the custodial stock. These assets adopt the B20 standard, but B20 is only a technical standard, and the stock attributes of the assets come from the issuance arrangement and underlying support. ━━━━━━━━━━━━━━ ② Robinhood Debt securities backed by real stocks Robinhood's Stock Tokens are issued by Robinhood Assets (Jersey) Limited, a Jersey based entity, and are officially defined as tokenized debt securities. They are also supported 1:1 by the corresponding underlying stocks, but the holders receive economic exposure linked to the stocks or ETFs and do not have shareholder rights of the underlying company. Economic exposure "can be understood as obtaining economic benefits linked to the performance of related stocks through this set of securities products. There are two issues that need to be clarified here: ▪ Are there real stocks behind it? ▪ Is the holder a shareholder of the underlying company? Robinhood has real stock support, but the token itself is a debt security issued by it. ━━━━━━━━━━━━━━ ③ BSC Coexistence of stock products from multiple issuers The RWA of stocks on BSC includes multiple products such as bStocks, Ondo Global Markets, xStocks, etc., and cannot all be understood as "stocks issued by Binance". Among them, bStocks is issued by BTech Holdings Limited, an affiliated entity of Binance, and is a certificate representing specific financial instruments. It is supported 1:1 by real stocks under custody, but does not grant holders direct ownership of the underlying listed company's shares. Ondo and xStocks have their own distribution arrangements and product terms. Therefore, stocks of the same company may correspond to multiple different versions of tokens on BSC. Linking to the same company does not mean it is the same type of on chain asset. The issuance responsibilities, asset arrangements, and shareholder equity of different versions need to be examined separately. ━━━━━━━━━━━━━━ ④ Why are there so many differences in asset types and quantities? The main difference lies in the scope of issuance and the pace of new releases. ▪ Coinbase and Robinhood Each has its own stock issuance catalog. ▪ BSC full chain Collect multiple products, and count multiple token versions corresponding to the same company separately.