This article dissects the US stock trading products offered by crypto exchanges (CEX), revealing that users do not hold real stock ownership. It outlines three paths: tokenized spot, synthetic perpetual contracts, and traditional API routing. The tokenized model relies on Alpaca for 94% of clearing, creating a monopoly. A five-layer structure leads to rights evaporation—voting rights are voided, dividends become contractual, and SIPC protection is absent. The upcoming compliant tokenization service by DTCC could reshape the industry.
Tokenized US Stocks: The Truth Behind Three Paths
US stock trading products offered by crypto exchanges (CEX) are not real equity ownership. They are split into three paths: tokenized spot, synthetic perpetual contracts, and traditional API routing. The tokenized model is most popular but relies on Alpaca for clearing, which monopolizes approximately 94% of the clearing share, creating a highly concentrated risk.
Rights Evaporation Under Five Layers and a New Regulatory Variable
Behind tokenized US stocks lies a five-layer structure that severely erodes user rights: voting rights are completely voided, dividends become contractual terms, and SIPC protection (Securities Investor Protection Corporation) is absent. This is a classic case of 'buying the box and returning the pearl.' Notably, the compliant tokenization service soon to be launched by DTCC (Depository Trust & Clearing Corporation) could fundamentally reshape the industry structure, pushing the market toward formalization.
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