I estimate that many friends will ask whether the US stocks purchased on-chain count as tokenized assets and whether they could potentially serve as collateral for derivatives.
In my personal understanding, all "US stocks" sold on current on-chain platforms are not true US stocks. Even if some platforms claim to offer redemption, 1:1 exchange, or even assert that they correspond to real stock positions, this does not mean they are US stocks in the true sense.
The reason is simple: most platforms are not registered with the US clearing systems (DTCC, NSCC, DTC) as regulated securities, nor are they held by compliant brokers or custodians through formal securities accounts. Of course, this is limited to the current situation.
Most on-chain US stocks are essentially just a named mapping or contractual substitute for US stocks, at most representing the price fluctuations of the corresponding assets. They are not legally "stocks," do not have direct voting rights, do not have direct agency rights, do not have legal ownership, and cannot enter the margin and collateral systems of the US regulatory market.
To truly serve as collateral for derivatives, the following conditions must be met:
It must be a regulated security, meaning it is a stock registered and held in DTCC under the SEC and FINRA systems. It must be held by compliant custodians, such as banks, regulated trusts, or custodians at the clearinghouse level.
The collateral must be recognized by the clearing, regulatory, and risk control systems. Each unit of collateral must be traceable, freezeable, and clearable within the clearing chain. The underlying asset cannot be a token issued by the platform itself; currently, the vast majority of on-chain US stocks fall into this category.
Therefore, while most on-chain US stocks may look like stocks and their prices may be linked to stocks, they are not securities, do not represent ownership, and are not collateral that can enter the traditional financial system. Truly compliant tokenized stocks must be those that bring "real stocks" on-chain, rather than simulating stocks on-chain.
Currently, in the US, there is actually only one company that is compliant and can sell to retail users, which has publicly announced obtaining FINRA Broker-Dealer permission and is allowed to provide Tokenized Securities services to US retail users. This company is one that almost all of our friends do not know about and is not any of the platforms we commonly use on-chain.
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