Tokenized stocks are turning into a distribution business. Putting a stock onchain has become straightforward. Most issuers buy the underlying shares through a broker and mint tokens against them, which leaves buyers choosing between tokens that offer near-identical exposure. Whoever gets those tokens in front of the most investors pulls ahead. Exchanges start that race with an advantage because their traders are already there. Binance's bStocks and Kraken's xStocks are two of the three largest platforms, and together with Ondo they hold most of the wrapped stock market. Being listed everywhere only helps if the token is cheap to trade. Investors will pick whichever version gets them the best price. The issuers that win will pair the widest reach with the deepest markets.