People want a single sentence covering whether a tokenized stock is a security, a derivative, a share or something else. There is no single sentence, because there is no single product. Five issuers on this site describe their instruments in five different ways, and each publishes its own description.
We are not lawyers, and characterising anyone's instrument for them is not something we will do. An issuer's description of its own product is the issuer's to make, and an issuer cannot object to its own disclosure. Putting them side by side is useful, because seen together they say something the individual documents do not.
What each one says
Robinhood, issuing through Robinhood Assets (Jersey) Limited, describes its tokens as debt securities. In its framing, that is a claim on the issuer, following the share price, rather than the share or shareholder rights.
Ondo Global Markets, issuing through Ondo Global Markets (BVI) Limited via a bankruptcy-remote special purpose vehicle, states its tokens are total return trackers that give economic exposure similar to holding the share and reinvesting dividends, not title to the share or shareholder rights.
Backed, through xStocks, operating as Backed Assets (JE) Limited, describes its xStocks as tracker certificates. Its product and legal overview, read on 13 Sep 2026, says an xStock "does not confer shareholder voting rights".
Dinari, as Dinari, Inc., describes its tokens as dShares, and states that cash dividends are paid to the holder's wallet as a stablecoin.
Coinbase issues its tokens on Base through Coinbase Onchain SPV Ltd., a company incorporated in the Abu Dhabi Global Market. Its prospectuses, approved by the ADGM Financial Services Regulatory Authority and linked from coinbase.com/tokenize, read on 14 Sep 2026, name the instrument a CB Certificate, a "Certificate over Shares", and state that the securities "do not constitute direct investments in the Underlying" and that holders "do not have direct voting rights in respect of the Underlying". Its developer documentation describes them as B20 tokens whose multiplier reflects corporate actions.
Several of these issuers also publish statements about what is held behind each token. This page does not repeat them. A statement about backing is the one most likely to change without notice, and a copy that has gone stale looks exactly like a current one. Each issuer page links to the issuer's own documentation.
What emerges from reading them together
Three things no single document says on its own.
None of them calls it the share. "A stock token is not a share" is the one thing these issuers' descriptions agree on, which is why it belongs in the category's vocabulary rather than in ours.
None of them says it offers a shareholder vote. Four say in their own terms that it does not. Dinari does not address it either way.
The wrapper is the product. A debt security, a tracker certificate, a certificate over shares and a dShare put you in different positions, particularly if the issuer runs into trouble. The price on the screen looks identical in every case, which is exactly why the wrapper is worth reading.
The word this site will not use
We do not describe any outbound link or any token as "verified". We publish "link checked" with a date, because that is a fact about something a person did, and "verified" is an endorsement we have not earned and could not stand behind.
The same restraint applies here. We report what an issuer says, dated and linked, and we stop short of certifying that it is accurate, complete, or that it will hold up in a court in Jersey.
Where to read the originals
Every issuer page carries a short description of that issuer's wrapper and a link to the issuer's own rule on who may buy. The five documents are linked at the top of this page.
Read them. They are short, and they are written by the people who are liable for them. This page is a reading aid.