Nasdaq on stock tokens: Tracking a share price doesn’t make you a shareholder
On October 30, Nasdaq officially explained the differences among three models. The distinction is not just in the name of the token, but in the rights behind it:
Custodial: A third party holds the actual securities, and the token represents a related ownership interest in the underlying asset.
Synthetic: Replicates the price performance of a security but does not represent direct ownership of the underlying security.
Issuer-led: Nasdaq’s stock token design aims to make the transfer of a token equivalent to the transfer of the underlying security, with on-chain records linked to the issuer’s official shareholder register.
So when I see “a certain stock moving on-chain,” I first look at who holds the underlying securities, whether transferring the token changes ownership of the securities, and whether the records are entered in the official shareholder register—not just whether the price tracks the stock.
This is an official explanation published today, not a new product approved and launched today; the related design was announced in March this year. The rights associated with any specific product must still be checked in its legal documents. Nasdaq’s design should not be assumed to apply to all stock tokens.
Source: Nasdaq Newsroom, 2026-10-30 09:30 EDT:
https://www.nasdaq.com/newsroom/nasdaq-explains-what-is-tokenization
#热币雷达 #RWA #StockTokenization
The accompanying image is an original conceptual illustration, not a securities certificate. This is not investment advice.
On October 30, Nasdaq officially explained the differences among three models. The distinction is not just in the name of the token, but in the rights behind it:
Custodial: A third party holds the actual securities, and the token represents a related ownership interest in the underlying asset.
Synthetic: Replicates the price performance of a security but does not represent direct ownership of the underlying security.
Issuer-led: Nasdaq’s stock token design aims to make the transfer of a token equivalent to the transfer of the underlying security, with on-chain records linked to the issuer’s official shareholder register.
So when I see “a certain stock moving on-chain,” I first look at who holds the underlying securities, whether transferring the token changes ownership of the securities, and whether the records are entered in the official shareholder register—not just whether the price tracks the stock.
This is an official explanation published today, not a new product approved and launched today; the related design was announced in March this year. The rights associated with any specific product must still be checked in its legal documents. Nasdaq’s design should not be assumed to apply to all stock tokens.
Source: Nasdaq Newsroom, 2026-10-30 09:30 EDT:
https://www.nasdaq.com/newsroom/nasdaq-explains-what-is-tokenization
#热币雷达 #RWA #StockTokenization
The accompanying image is an original conceptual illustration, not a securities certificate. This is not investment advice.
