What you actually own when a real-world asset goes on-chain
Topic
Equity tokens and stock tokens: dividend pass-through, missing voting rights, price drift from the underlying share, and venue differences.
On Solana a token's symbol is metadata that anyone can set, and sixteen different tokens currently call themselves TSLAx. Here are the verified mint addresses for the main xStocks, how to check what you are actually holding, and what your options are if you already bought the wrong one.
You open your wallet and the number of tokens is different from the number you bought. In most cases this is a rebase doing its job, but four different things can produce it and they have different consequences. How to work out which one happened, and what to record before the evidence is gone.
Luno reached 50 000 tokenised stock customers in under a year, using xStocks. Binance offers bStocks. The two routes differ in rand funding, product range and — the part nobody mentions — what you legally hold.
You get price exposure and usually dividends. Depending on the issuer you may not get voting rights, share ownership, redemption, or the same tax treatment. Here is the full inventory of what transfers to a tokenised stock and what stays behind.
These three products control roughly three quarters of the tokenised equity market and track the same shares. One makes you a shareholder, one makes you a creditor, one makes you a rights holder against an SPV. A structural comparison, not a feature list.
Tokenised equities trade 24/7 but the underlying market does not, and retail cannot arbitrage the gap. Where drift comes from, when it is worst, when a discount is information rather than noise, and how to avoid trading into it.
A complete walkthrough from eligibility check to exit plan — including the four checks to run before funding anything, why your first order should be a limit order, and the record-keeping that saves you at tax time.