Analysis of stock tokens, platforms, and blockchain ecosystem status that comply with SEC regulations
As the U.S. Securities and Exchange Commission (SEC) gradually clarifies the regulatory framework for tokenized securities in 2026, stock tokenization is moving from concept to real-world implementation. In particular, the employee statement in January 2026 and the “Innovation Exemption” published on September 17 have opened a compliant path for tokenized stocks representing real ownership. This policy clearly distinguishes “true stock on-chain” from “synthetic tracking products.” It requires that the tokens represent actual ownership and grants holders the same rights as traditional stocks, including dividends, voting rights, and corporate actions.
Against this backdrop, which existing stock tokens, platforms, and blockchains truly meet the SEC requirements? Which ones are actually usable by U.S. investors? Below is a breakdown based on the latest developments.
Core SEC compliance standards
What the SEC emphasizes is a “true ownership” model, mainly including two approaches: issuer-sponsored (issuer-led) or third-party custody (custodial). Token holders must have legal rights equivalent to those of the underlying stockholders, not merely price exposure. Pure synthetic or price-tracking products are explicitly excluded from the innovation waiver. In addition, the trading venue must meet requirements such as access control, publicly auditable smart contracts, issuer veto rights, and trading volume restrictions.
At present, the number of options truly open to U.S. investors and meeting these standards remains limited; most large-scale products are still mainly aimed at non-U.S. users.
Compliant platforms and tokens available to U.S. investors
Dinari is currently one of the platforms with the widest coverage in the U.S. market. Its launched dShares uses a third-party custody model, where the underlying stocks are held 1:1 by qualified custodial institutions. The platform operates via an SEC-registered Transfer Agent and a FINRA-member Broker-Dealer, and has opened 724 tokenized U.S. stocks to qualified U.S. investors, covering the entire S&P 500 constituent stocks. Investors can settle using USDC and hold tokens in their self-custody wallets, while retaining traditional shareholder rights such as dividends and voting. Supported blockchains include Ethereum, Avalanche, Arbitrum, and Base, with plans to expand to Solana and Sei as well. After Dinari officially opens to the U.S. on August 2026, it will become the most complete retail-level compliance entry point.
Securitize is a typical example of issuer-native tokenization. Its own stock, SECZ, launched tokenized versions on Solana and Avalanche on the same day it was listed on the New York Stock Exchange in July 2026. These tokens are directly recorded in the issuer’s shareholder registry and represent true native ownership, not synthetic products. As an SEC-registered Transfer Agent, Broker-Dealer, and alternative trading system (ATS), Securitize is only open to qualified investors, and currently mainly covers its own stock and a small number of other underlying assets.
Superstate provides issuer-led tokenized stock issuance via its Opening Bell platform. It currently mainly covers around five publicly traded stocks from crypto-native issuers, such as Galaxy, SharpLink, and others. Tokens are legal shares; the Transfer Agent maintains a whitelist. It supports tokenized stock circulation on Solana and Ethereum and offers access to investors from qualifying jurisdictions without needing investor identity certification. The platform also actively explores integrations with DeFi—for example, using tokenized stocks in lending scenarios.
In addition, Coinbase has publicly stated that its tokenized stocks are real, fully backed securities that are redeemable for the underlying shares; dividends have been integrated, and voting rights are also in progress. It plans to launch in the U.S. market once the rules are further clarified. At the institutional level, DTCC’s tokenization service under DTC received an SEC no-action letter in December 2025, completed production transaction testing in July 2026, and is scheduled to go live in October. The service covers Russell 1000 constituent stocks, major index ETFs, U.S. Treasuries, and more. Tokens are the digital twins held as assets by DTC, preserve all rights, mainly target institutional participants, and use a multi-chain strategy.
Primary supported compliant blockchains
Blockchains that can meet access control, auditability, and institutional-grade performance requirements are more likely to be adopted by compliant products. With its customizable L1 and Subnet architecture, Avalanche has become a key deployment target for Dinari and Securitize—especially suitable for building regulated, purpose-specific environments. Solana is widely used by Securitize and Superstate due to its high performance and Token-2022 expansion (supporting compliance hooks). Ethereum and its layer-2 networks (such as Arbitrum and Base), owing to deep liquidity and strong auditability, remain important bases for platforms such as Dinari and Superstate. DTCC is also exploring multi-chain solutions, including Canton and Stellar.
Products that do not meet the requirements for true ownership
Most products with high trading volumes are still synthetic or tracking-based, and are mainly aimed at non-U.S. users. For example, Kraken’s xStocks (issued by Backed), Ondo Global Markets, and Robinhood’s Stock Tokens for Europe. These products typically exclude U.S. investors, and would need to be restructured to include actual shareholder rights before they can take a U.S.-compliant pathway under the SEC’s innovation waiver framework.
Summary and outlook
For U.S. retail investors, the most complete choices that comply with SEC requirements still center on Dinari (with the largest number of underlying assets), as well as Securitize and Superstate (emphasizing true native ownership). The institutional side is highly focused on the official launch of DTCC’s tokenization service. All compliant products must complete KYC and AML processes and are subject to conditions such as issuer veto rights and trading volume limits.
Stock tokenization is still in an early pilot stage. Platforms, underlying assets, and available chains will evolve rapidly as regulatory details and market practices develop. Before participating, investors should directly verify the latest compliance status, availability, and risk disclosures of the platform.
This article is based solely on publicly available information and does not constitute investment advice.