CoinVoice has learned: According to The Defiant, the dispute between AMC Entertainment CEO Adam Aron and Robinhood over tokenized AMC shares has expanded into a debate among tokenized stock issuers about which model should become the industry standard.

Dinari co-founder Gabriel Otte criticized Robinhood and Ondo’s synthetic tokens as “worse than ordinary stocks for end investors,” while Uniswap founder Hayden Adams compared them to early stablecoins, saying they meet users’ needs for programmability and 24/7 trading.

At present, three models are competing in the $2.91 billion tokenized stock market: Robinhood’s stock tokens are debt securities issued by a Jersey entity and are available only to non-U.S. persons; Ondo, xStocks, and Dinari hold the underlying shares through regulated intermediaries and pass through economic benefits; Securitize and Superstate put directly on-chain company-registered shares. The U.S. SEC Division of Corporation Finance gave legal definitions for the three models on January 28. rwa.xyz data shows that the total market size of tokenized stocks has reached $2.91 billion, up 14.4% over the past 30 days, with Ondo leading at $869.6 million.

Securitize CEO Carlos Domingo also supported Aron's position, saying he does not want others to create offshore derivatives of company stock. Glider co-founder Brian Huang, on the other hand, believes the trading venue is more important than the wrapping format, and that AMMs cannot guarantee users the best execution.

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