Stock tokenization: from “custody mapping” to “on-chain native”—a dual-track evolution during the transition period
The tokenization of stocks is currently advancing in parallel along two distinctly different paths. One is the “custody-mapping” model represented by Dinari and Ondo, where real stocks are held in custody and then mapped to tokenized receipts issued on-chain. The other is the “on-chain native” model represented by Figure and Securitize, where listed companies issue shares directly on-chain, and the on-chain record is the official record. These two approaches are not competing with each other; rather, they represent the evolutionary paths of stock tokenization as it moves from a transition phase toward a final endpoint.
1. Custodial mapping model: the current mainstream playbook
Custodial mapping is currently the most mature path for tokenizing stocks. The core mechanism is: the issuer holds and custodies real shares off-chain, and then issues tokens on-chain that represent the rights to those shares. The tokens are not issued directly by the company; instead, a third-party platform “wraps” them and maps them onto the blockchain.
Dinari’s dShares
Dinari is an SEC-registered transfer agent, and its dShares product covers 724 U.S. stocks and ETFs, including the entire S&P 500 index. Each dShare is 1:1 supported by the corresponding real U.S. stock held in a qualified third-party custodian. The underlying assets are real securities, not synthetic products. Token minting or burning occurs only after the corresponding trade settlement is completed in the real brokerage accounts, ensuring that the on-chain token supply always stays synchronized with the off-chain custodial assets.
Qualified users can trade these tokenized shares directly using self-custody wallets and USDC. Dividends can also be paid directly in USDC to on-chain wallets, preserving shareholder rights such as NBBO execution, dividends, voting rights, and company actions. Dinari is already live in the U.S. and globally across more than 85 jurisdictions.
Ondo Finance’s DTCC digital twins
Ondo Finance goes further. In July 2026, Ondo launched its first batch of on-chain tokens based on DTCC digital twins. The underlying assets are generated via DTCC tokenization services into digital twins representing DTC custodial security interests. These digital twins carry the same CUSIP codes as the underlying securities and can be delivered to DTC participant wallets. Ondo connected to the DTC participant network via Alpaca Markets, enabling two-way conversion between traditional securities and their tokenized forms.
Ondo also introduced a new feature that allows qualifying institutions to directly convert their held stocks and ETFs into on-chain tokens. It is already live on Ethereum and BNB Chain. This mechanism provides institutions a direct path from existing stock holdings to the on-chain market.
2. On-chain native model: moving from concept to reality
There is a fundamental difference between the on-chain native model and custodial mapping: the listed company issues tokenized shares directly; on-chain registration is the official record; and the issuer controls the entire issuance and registration process.
Figure’s OPEN network
In February 2026, Figure, a blockchain capital markets company, issued a tokenized version of its common stock (FGRS) on the Provenance blockchain. On its Onchain Public Equity Network (OPEN), it issued, traded, and settled without relying on traditional clearing and custody systems. Holders of tokenized shares can borrow via Figure’s DeFi marketplace. At the same time, Figure completed a secondary stock issuance of $150 million. moomoo became the first U.S. broker to provide retail investors with access to Figure’s native blockchain-based stock issuance.
Securitize’s SECZ tokenization
In July 2026, on the first day of Securitize’s listing on the NYSE, it simultaneously natively tokenized $295 million worth of its own common stock on Solana and Avalanche, setting the largest on-chain stock issuance record to date globally led by the issuer. Securitize’s CEO said that token holders can enjoy instant settlement, efficient distribution, and 24/7 trading. Notably, Securitize kept both the traditional DTCC-track version of the shares and the on-chain token version, creating a parallel dual-track structure.
Superstate’s Opening Bell platform
Superstate operates a SEC-registered transfer agent via its Opening Bell platform, supporting SEC-registered public companies to issue and sell tokenized shares directly on the blockchain to investors without going through underwriters. Shares tokenized and issued on Opening Bell are native tokenized shares; the on-chain shareholdings are real legal shares, not wrapped or third-party structures. Token ownership is directly recorded in the official shareholder registry.
Superstate has partnered with CoinList. Users can purchase newly issued shares directly with stablecoins and hold true equity natively on-chain. Its planned direct on-chain issuance supports issuance on Solana and Ethereum.
3. Regulatory framework: the innovation exemption opens the door to two paths at once
On September 17, 2026, the SEC issued a five-year “innovation exemption,” allowing tokenized securities trading venues that meet conditions to conduct tokenized NMS stock trading through permissioned AMMs and liquidity pools, without needing to register as an exchange. Key conditions of the exemption include: tokens must grant holders the same rights as traditional shares; listed companies may object to third-party tokenized tokens within 30 days; only approved wallet addresses are allowed to trade; the underlying ledger must be public and permissionless, but participant access must be permissioned.
SEC Chair Paul Atkins defined it as a transitional arrangement during which the committee will assess whether further pushing on-chain securities trading is necessary. This exemption is based on a policy statement jointly released by the SEC and the CFTC earlier this year in January,明确 that “tokenization only changes the form of a security’s presentation and does not affect its legal attributes.”
4. Current on-chain trading landscape: Solana leads, with multi-chain segmentation
Based on actual trading data, Solana has become the de facto dominant platform for on-chain stock trading. Since 2026, Solana has accounted for 85% to 95% of global on-chain tokenized stock trading activity. After tokenized stock (DKNG) from DraftKings launched on Solana, it recorded a trading volume of $39 million within 3 hours. In September 2026, the total value of tokenized stocks on Solana reached a historic high of $684 million. At one point, daily DEX trading volume exceeded $321 million.
Meanwhile, Injective upgraded via IIP-677 to launch Injective Mint, achieving a 99% approval rate through governance voting. It became a platform that can simultaneously issue tokenized stocks and bonds that comply with both SEC and MiCA requirements, though it has not yet disclosed the specific issuers or launch dates. Injective itself holds an SEC transfer agent license, and its on-chain status can serve as the primary official security-holder document.
5. Core differences between the dual tracks and the end-state judgment
The value of the custodial mapping model lies in expanded access and DeFi composability—users worldwide do not need U.S. broker accounts; they only need self-custody wallets and USDC to trade U.S. stocks. Tokenized shares can also be used as DeFi collateral to enter on-chain credit markets. But its limitations are also obvious: the underlying stocks are still custodied at third-party institutions; trading still requires KYC/AML; dividends still require withholding taxes; and company actions still rely on off-chain coordination. In essence, it adds a layer of on-chain mapping on top of the traditional financial system.
The on-chain native model points to true structural change: on-chain records are official records, settlement is the final settlement, and there is no “mapping” layer. SEC staff have confirmed that transfer agents can use the blockchain as their official primary security holder document, clearing key legal hurdles for native issuance. Figure, Securitize, Superstate, and others have completed or are advancing native issuance. Cantor Fitzgerald and Securitize are collaborating to drive tokenized allocations for the IPO era, and industry alliances are also drafting standards for issuer-led tokenized securities.
The current custodial mapping model may seem like “extra steps,” because the issuer is not the company itself but a third-party platform. However, as on-chain native models mature, these transitional layers will be gradually removed. The end state of stock tokenization is not to move shares onto the chain, but to enable shares to be issued, registered, and settled directly on-chain. The current custodial mapping, cross-chain settlement, and permission modules are all building compliance infrastructure for that end state.