Three Models of Tokenized Stocks: On-Chain Equity, SPV Tokens, and Perpetual Contracts – Tokens as Independent Assets

News Editor

2026-06-29 10:31:42

This article dissects the three primary models of tokenized stocks: native on-chain equity (full shareholder rights), SPV-backed 1:1 spot tokens (composable but no direct ownership), and perpetual contracts with no underlying backing (pure price speculation). Each model caters to different user profiles: institutional long-term holders, DeFi users seeking composability, and short-term speculators. The key thesis is that tokens themselves function as independent assets, not merely derivative proxies for real shares.

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Tokenized stocks are redefining the boundaries of asset ownership. A recent analysis identifies three distinct models: native on-chain equity, SPV-backed tokens, and perpetual synthetic contracts. Each differs fundamentally in rights, liquidity, and risk profile.

Model Breakdown

1. Native On-Chain Equity: Equity tokens issued directly on a blockchain, conferring full shareholder rights (dividends, voting). Best suited for institutional long-term holding.

2. SPV-Backed 1:1 Spot Tokens: Traditional stocks mapped to the blockchain via a Special Purpose Vehicle (SPV). Tokens are 1:1 backed, composable within DeFi protocols, but holders do not possess direct ownership of the underlying shares. Ideal for DeFi users.

3. Perpetual Contracts (No Backing): Pure price speculation instruments with no tie to real assets. Price tracking is achieved via funding rates. Designed for short-term traders.

The core insight: tokens themselves are independent assets. Their value does not necessarily depend on the underlying shares but is driven by market consensus, liquidity, and use-case demand. Investors should align product selection with their risk appetite and time horizon.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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