Tokens as Assets: Three Models of Tokenized Stocks

Tokenized stocks are reshaping the boundary between digital assets and real equity. A recent article systematically outlines three mainstream models. The first is native on-chain equity, where complete shareholder rights (e.g., voting, dividends) are directly recorded on the blockchain, suitable for institutional long-term holding. The second is SPV-backed 1:1 spot tokens, which use a special purpose vehicle to anchor the underlying assets, offering composability but no direct ownership to holders, favored by DeFi users. The third is perpetual contracts without underlying support, completely detached from real shares, serving as pure price speculation tools for short-term traders. The article emphasizes that tokens themselves can exist as independent assets without relying on real shares, meaning the market no longer needs traditional stock backing — the asset form itself can create value.