{"id":58806,"date":"2026-08-15T02:06:25","date_gmt":"2026-08-15T02:06:25","guid":{"rendered":"https:\/\/www.vtmarkets.com\/en-ca\/uncategorized\/tokenised-equities-are-solving-access-before-ownership\/"},"modified":"2026-08-15T02:06:25","modified_gmt":"2026-08-15T02:06:25","slug":"tokenised-equities-are-solving-access-before-ownership","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/en-ca\/featured\/tokenised-equities-are-solving-access-before-ownership\/","title":{"rendered":"Tokenised Equities Are Solving Access Before Ownership"},"content":{"rendered":"
\"Pastel<\/figure>\n\n\n

Three tokenised equity launches landed within a week.<\/p>\n\n\n\n

Crypto.com opened tokenised stocks on 12 August, offering exposure to 1,500 underlying stocks and funds<\/a>. The same day, Bullish became the first NYSE-listed company to tokenise its own shares<\/a>, bringing its stock on-chain. The SEC also met on 14 August to consider a framework for certain crypto-based investment<\/a> products.<\/p>\n\n\n\n

The pitch behind all of it is simple. Put equities on blockchain rails, speed up settlement, and remove the limits imposed by traditional market hours.<\/p>\n\n\n\n

But the market\u2019s early behaviour points somewhere else. Most activity has not flowed into tokenised share ownership. It has moved into products that track share prices instead. The market built a new ownership system. Traders are using it to build a more flexible trading system.<\/p>\n\n\n\n

One demand, three market designs<\/h2>\n\n\n\n

Tokenisation is often described as putting stocks on-chain. In practice, several different products sit under the same description.<\/p>\n\n\n\n

Format<\/td>What it provides<\/td>What it does not provide<\/td><\/tr>
Tokenised share<\/td>Exposure linked to an underlying security<\/td>Depends on custody and redemption structure<\/td><\/tr>
Tokenised derivative<\/td>Price exposure to a stock or fund<\/td>Direct ownership, voting rights or shareholder benefits<\/td><\/tr>
Equity perpetual<\/td>Leveraged exposure to price movements<\/td>Ownership, dividends or expiry-based settlement<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

A tokenised share is designed to represent ownership of a real asset. Backpack, which opened round-the-clock tokenised US equity trading across more than 150 markets<\/a> in July, says users receive exposure linked to underlying securities rather than synthetic products. The DTCC has also tested tokenised stocks, ETFs and Treasurys, with a service launch planned for October<\/a>.<\/p>\n\n\n\n

Derivative-based products work differently. Crypto.com describes its tokenised stocks as derivative instruments that track price performance without transferring legal or beneficial ownership of the underlying shares. The assets remain held through a regulated broker-dealer structure.<\/p>\n\n\n\n

Equity perpetuals go further. They do not represent shares at all. They provide continuous price exposure through contracts settled in stablecoins, with funding payments linked to an oracle reference price.<\/p>\n\n\n\n

The ownership model receives most of the attention because it represents a change to market infrastructure. The trading model is where activity is concentrated.<\/p>\n\n\n\n

The unresolved issue is not whether markets can trade 24\/7. They can. The harder problem is whether those markets can produce reliable prices when the underlying exchange is closed.<\/p>\n\n\n\n

Derivatives can capture early demand<\/h2>\n\n\n\n

The difference comes down to how each product is built.<\/p>\n\n\n\n

A token representing ownership needs a real share behind it. Someone must source the security, hold it in custody, manage issuance and redemption, and maintain the link between the token and the underlying asset.<\/p>\n\n\n\n

A derivative requires something simpler: a price reference and a market willing to trade it.<\/p>\n\n\n\n

That difference determines which model can scale faster.<\/p>\n\n\n\n

The gap is visible in current market activity. Real-world asset perpetual volume on Hyperliquid has grown rapidly, rising from roughly $85 billion in January to above $470 billion by June. Single stocks and pre-IPO names have been among the strongest contributors.<\/p>\n\n\n\n

But volume alone does not show ownership demand.<\/p>\n\n\n\n

Derivatives naturally generate more turnover because the same capital can be traded repeatedly. Oil futures volume exceeds physical oil purchases. FX derivatives exceed actual currency exchange. Crypto perpetuals have long outpaced spot trading.<\/p>\n\n\n\n

The volume shows demand for trading exposure. It does not necessarily show demand to hold the underlying asset.<\/p>\n\n\n\n

The difference is also visible in market size. Tokenised equities outstanding are worth around $900 million against trillions<\/a> in listed equity. Venues have multiplied, but the amount of stock actually represented on-chain remains small.<\/p>\n\n\n\n

The gap exists for structural reasons:<\/p>\n\n\n\n