If the real share is held by a custodian, why isn't the custodian the issuer of the bStock?

At first, I assumed the institution holding the underlying share was basically the institution behind the token.

But those are two different roles.

The custodian holds the underlying share.

BTech Holdings Limited issues the bStock.

And the market where the bStock trades is another layer again.

That made me look at the structure differently.

I used to think:

real share → custodian → bStock

as if those were all parts of the same role.

They're not.

Custody ≠ issuance.

The institution holding the underlying asset isn't necessarily the institution creating the product that represents exposure to it.

So when I look at a bStock, I think there are actually three different questions:

Who holds the underlying?
Who issues the product?
Where does it trade?

For me, that's a much more useful way to think about tokenized stocks.

The institution holding the underlying isn't necessarily the institution creating the product.

#bstockscis @BinanceCIS