The public fight between AMC Entertainment Chief Executive Adam Aron and Robinhood over tokenized AMC shares spilled on Friday into a dispute among the companies that build the instruments, over which of three incompatible designs should become the standard.
The models differ in what the holder actually owns. Robinhood's stock tokens are debt securities issued by an unregulated Jersey entity, sold only to non-US persons, that pay economic exposure and confer no claim on the referenced company. Ondo, xStocks and Dinari hold the underlying shares through regulated intermediaries and pass the economics through, with Dinari the only one of the three selling to US investors. Securitize and Superstate put a company's own registered shares onchain, with the issuer and its transfer agent inside the transaction. The SEC's Division of Corporation Finance mapped the three categories in a statement on Jan. 28, and the model determines which securities laws apply and what a holder can claim in a bankruptcy.
Tokenized stocks hold $2.91 billion, up 14.4% in 30 days across 2.67 million holders, rwa.xyz data shows. Ondo leads with $869.6 million, followed by bStocks at $659.4 million, xStocks at $633.7 million, Securitize at $274.1 million, Bitget at $170.5 million, Robinhood at $133.2 million, Figure at $84.7 million, Superstate at $46.4 million and Dinari at $11.2 million.
