The Ownership Map: One Stock, Every Wrapper

The same company can exist on crypto venues as five or six entirely different financial instruments at once. Apple is a tracker certificate issued in Jersey, a Certificate over shares issued in Abu Dhabi, a security token issued by a second Abu Dhabi vehicle, a total-return token issued in the British Virgin Islands, a cash-settled perpetual future, a contract for difference, and — on a growing number of venues — an actual share. They quote roughly the same price. They confer completely different rights.

Market-data sites publish the sizes of these markets, and each issuer documents its own product. Nobody lines the wrappers up against a single underlying so you can see what actually changes. That is what this page does: our ownership taxonomy applied to five widely held underlyings, with the legal form, dividend treatment, redemption right, venue and access rules normalised into the same columns.

The seven wrapper families

Before the per-stock grid, the wrappers themselves. Everything on this page collapses into seven families, and the differences between them are legal, not cosmetic.

Redemption is the line that actually separates them

If you read one row of that table, read the redemption column. Four products describe themselves in near-identical language — a token backed 1:1 by a real share — and then diverge completely on the one question that decides what the backing is worth to you personally.

With a bStock, a retail holder can convert 1:1 into the actual share on Binance, at no fee, in either direction. With an xStock, redemption exists but is a qualified-investor process with a 5,000 USD minimum — for a retail holder the practical exit is selling the token, not claiming the share. With Ondo Stocks, the issuer states plainly that holders have no right to receive the underlying asset at all; redemption returns cash value after the broker-dealer sells the stock. With Coinbase Tokenized Stocks, redemption and voting are reserved for “vested” holders — the subset recorded in the legal register after KYC and AML checks — and even then you need a brokerage or bank account able to receive the shares or the proceeds. A token sitting in a self-custodied wallet is not, by itself, a claim you can exercise.

All four are honestly described by their issuers, in prospectuses and product pages that say exactly this. But “backed 1:1” is doing very different work in each case, and no comparison we could find states that difference plainly. It is the single most consequential fact on this page.

The map: five underlyings, every wrapper

Tickers below were confirmed at issuer or venue level on the verification date. Per-venue listing varies and changes often — treat this as the shape of the market, and check the issuer's live page before acting on any single symbol.

What this means in practice

The grid looks like abundance, and in one sense it is — a trader outside the US now has more routes to Tesla exposure than a US retail investor does. But the routes are not interchangeable, and the differences bite in predictable places.

If you wanted income, none of the tokens deliver it. All four tokenized wrappers reinvest rather than pay, net of withholding tax that you cannot reclaim the way a treaty-eligible brokerage client sometimes can — and at least one issuer also charges a fee on the distribution before it is reinvested. Your position grows; your cash balance does not. Perps and CFDs pass nothing through at all.

If you wanted the share, read the redemption column first. Two of the three tokenized wrappers will not hand you a share under any realistic retail scenario.

If you wanted leverage, you left the ownership question behind entirely. Perps and CFDs are positions, not holdings. Both can be liquidated. The caps are also lower than the category's reputation suggests: on the venues we checked, single-stock exposure is capped far below the headline numbers those venues advertise for forex or gold — roughly 5x for HIP-3 equity perps and for stock CFDs, and about 20x for stock perpetuals on Bybit. The equity perps also have a structural quirk worth knowing: when the underlying market closes, the oracle price freezes at the closing print while the perpetual keeps trading, so funding rates absorb the overnight directional view. That is not a flaw, but it means weekend price action on an equity perp is not the stock — it is the market's guess about the stock.

And across every row: these are products where your counterparty is an issuer, a broker or a protocol rather than a stock exchange with a compensation scheme behind it. That is the trade the whole category is making, and it applies just as much to the well-regulated wrappers as to the loosely regulated ones.

Market context, and why we keep it short

Size data belongs to the people who compute it continuously, and duplicating it here would rot within days. For orientation only, as reported by The Block on 17 August 2026 from RWA.xyz data: tokenized stocks stood at roughly $2.8bn, about 15% of the real-world-asset market and triple their January share, with Ondo near $957m, Binance bStocks near $622m and Kraken xStocks near $600m — the three of them about 77% of the category.

Treat any single share-of-market figure with care. Re-checking in September 2026 we found trackers putting Ondo's share of tokenized equities at anywhere from roughly a third to over 60% in the same period, because they scope the category differently — some count only dedicated equity issuers, some count every equity-linked token. The spread between those numbers is larger than most of the moves being reported on.

The structural point outlasts the numbers: this is a concentrated market where a handful of issuers set the terms, and they have made materially different choices about what a holder is owed. For live figures, go to RWA.xyz or Token Terminal directly rather than to any write-up, including this one.