why tokenized stocks fragment
A tokenized stock isn't the stock. It's a claim, issued by a company that holds (or hedges) the real share, on a chain the issuer chose. Each issuer picks its own legal structure, its own chains and its own rules for minting and redeeming. So when several issuers wrap the same share, you get several tokens that track the same thing but can't be swapped for one another without a trade.
the same share, many times over#
This is every Tesla wrapper in our registry today:
| token | issuer | chain | address |
|---|---|---|---|
| TSLAx | xstocks | solana | verified |
| TSLAx | xstocks | ethereum | verified |
| TSLAx | xstocks | bnb chain | verified |
| TSLAx | xstocks | arbitrum | verified |
| TSLAon | ondo | solana | verified |
| TSLAon | ondo | ethereum | verified |
| TSLAon | ondo | bnb chain | verified |
| TSLAon | ondo | robinhood chain | verified |
| TSLAB | binance | bnb chain | verified |
| TSLA·robinhood | robinhood | robinhood chain | verified |
| TSLA·dinari | dinari | ethereum | unverified |
| TSLA·dinari | dinari | base | unverified |
| TSLA·dinari | dinari | arbitrum | unverified |
Each row is its own token with its own liquidity. TSLAx on Solana and TSLAx on Ethereum are both Backed's, but they're separate deployments: a pool for one doesn't price the other. Where two issuers' symbols would collide, we add the issuer: Robinhood's token reports its symbol as TSLA, and so does Dinari's, so we show them as TSLA·robinhood and TSLA·dinari.
issuers, structures and mint windows#
| issuer | what you hold | mint window |
|---|---|---|
| xstocksBacked Assets (JE) Limited | tracker certificate (a bearer debt instrument) issued by a jersey spv, collateralised 1:1 | 24/5, business days when the us market is open |
| ondoOndo Global Markets (BVI) Limited | structured note (debt) issued by a bvi bankruptcy-remote spv under swiss law, backed 1:1 plus a buffer | sunday 8:05pm to friday 8:00pm et on us market days, with short pauses between sessions |
| binanceBTech Holdings Limited | certificate representing an interest in shares held by the issuer, under an adgm-approved prospectus | unknown: the minting and redemption product terms could not be read |
| robinhoodRobinhood Assets (Jersey) Limited | tokenised debt security issued by a jersey company, under a base prospectus approved by the liechtenstein fma | monday 02:00 to saturday 02:00 cet, for authorised participants only |
| dinariDinari, Inc. | a separate security backed by the corresponding shares held in custody; the exact instrument is not stated in the docs | sunday 8pm to friday 8pm et across overnight, extended and regular sessions; shut on us market holidays |
Those differences aren't cosmetic. A tracker certificate from a Jersey SPV, a Swiss-law structured note from a BVI company and a certificate under an ADGM prospectus are different securities with different holder protections, even when the price tracks the same share.
mint windows#
The tokens trade around the clock. The issuers don't. Most only mint and redeem on US business days, roughly when the US market is open, and Binance hasn't published its window at all. Outside those hours, nobody can create or retire tokens to close a gap, so a wrapper's price is whatever its own pool says.
That's when the gaps get large. On a Sunday in August 2026, HIMS wrappers printed 112% above the previous NYSE close. Nothing about Hims & Hers had changed; the pools were thin and no issuer was minting.
multipliers: one token isn't always one share#
Issuers reinvest dividends and apply splits by changing how many shares one token stands for, and they do it differently:
- xStocks on Solana and Ondo on Solana use the Token-2022 scaled UI amount: the raw token count stays fixed and a multiplier on the mint scales it. After Netflix's 10-for-1 split, one raw NFLXx stands for 10 NFLX shares.
- xStocks on EVM chains rebases: balances themselves change, so one token is always one share.
- Binance and Robinhood use an ERC-8056 style
uiMultiplier(): raw balances fixed, a multiplier on the contract. - Ondo on EVM chains publishes the ratio in a separate oracle (
getSValue), and the token itself has none.
A price for "one token" therefore means different things on different venues. We learned this the hard way: an early build compared a per-token price with a per-share one and put two NFLX wrappers 900% apart, which we caught before /basis went public. Now every price is converted to dollars per share at the source, using the multiplier read live from the chain, and the code that computes basis can't accept anything else. Every multiplier change we see is logged and shown on each stock's /basis page.
liquidity sits in silos#
Each wrapper has its own pools on its own chain. Very little of it is used elsewhere: only about 2.6% of tokenized stock supply is posted as collateral anywhere. A holder who wants a different wrapper, or a different chain, has to sell into one thin pool and buy from another. That round trip is what phase 0 routes, and what the roadmap wants to make unnecessary.