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Who issues tokenized stocks
Backed, Ondo Global Markets and Dinari — the legal entity, the backing model and the chains, as each issuer describes them.
Who issues tokenized stocks
Three issuers dominate the tokens this index can price. They are not interchangeable: different entity, different jurisdiction, different backing mechanics, different exclusions.
Backed / xStocks
Backed issues the xStocks family. The tokens are backed 1:1 by the underlying share or ETF bought and held in custody before issuance, and Backed publishes a proof-of-reserves dashboard. The tokens are deployed on Solana, Ethereum, Arbitrum, BNB Smart Chain, Mantle and TON.
Backed is an issuer, not a shop: the tokens are *"now live on multiple venues"*, in its own words. What you pay depends on the venue — the same xStock can have a different all-in cost at a different seller, which is why the venue layer matters more than the issuer layer for cost.
Ondo Global Markets
Ondo Global Markets (BVI) Limited issues Ondo tokenized stocks. Two properties make them different from the xStocks model:
- They are total-return trackers. Dividends are reinvested net of withholding tax, so the token's price is meant to drift above the raw share price over time. A positive gap against the share is therefore not proof of a fee.
- They settle in USDon, Ondo's own stablecoin, which the platform swaps 1:1 to USDC when liquidity allows. Minimum is $1.
Ondo's documentation is unusually explicit that the quote you get may differ from the price at which Ondo itself trades the underlying, and that the difference — plus any fees — is retained by Ondo. It also publishes the prohibited-jurisdiction list, which includes the United States and Canada.
Dinari
Dinari issues dShares. The backing model is order-linked: a token is minted only after a buy order fills in Dinari's brokerage account, and burned only after a sell fills. That makes the supply auditable against the brokerage position rather than against a periodic attestation.
dShares run on Ethereum, Arbitrum, Avalanche, Base, HyperEVM, HyperCore and Plume. Retail access is through partners, and Dinari's published fee page is a contact-sales page for its enterprise API — so there is no retail fee number to compare.
How they differ, in one table
| # | Backed / xStocks | Ondo Global Markets | Dinari |
|---|---|---|---|
| Legal entity | Backed Assets (JE) Limited, Jersey | Ondo Global Markets (BVI) Limited | Dinari Inc., US |
| Backing | 1:1 share in custody, proof-of-reserves | securities held via issuer, total-return tokens | 1:1, minted per filled brokerage order |
| Dividends | passed through or reflected per terms | reinvested net of withholding | depends on partner/terms |
| Settlement | via the selling venue | USDon (1:1 to USDC) | via partner |
| Minimum | set by venue | $1.00 | set by partner |
| US persons | excluded | prohibited persons list includes US | partner-dependent |
What this means for a buyer
The issuer determines what you own if something goes wrong. The venue determines what you pay today. Those are two different decisions, and a site that only compares fees hides half of it — which is why every ticker page here lists both.
Written for this index. Fee and eligibility statements are quoted from the issuer or venue and dated on /venues and /method. Not investment or tax advice.