What you own, and whether you can get out
Eight criteria scored from public documents, weighted toward ownership and redemption, republished monthly with a change log. The grade describes the product's structure, never the stock behind it.
| Issuer | Structure | Own 20% | Redeem 20% | Custody 15% | Juris 10% | Liq 10% | Corp 10% | Transp 10% | Record 5% | Score | Grade |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Securitize | Issuer-authorized share (digital transfer agent) | 5 | 4 | 4 | 5 | 2 | 5 | 4 | 4 | 4.20 | AA |
| Superstate Opening Bell | Issuer-authorized share (transfer agent) | 5 | 4 | 3 | 5 | 2 | 5 | 3 | 3 | 3.90 | A |
| Figure (FGRS) | Blockchain-native common stock | 5 | 3 | 4 | 5 | 2 | 4 | 4 | 3 | 3.85 | A |
| Ondo Global Markets | Structured note, 1:1 backed plus buffer | 2 | 4 | 5 | 3 | 5 | 4 | 4 | 4 | 3.75 | A |
| xStocks (Backed / Kraken) | Tracker certificate, 1:1 backed, bankruptcy-remote SPV | 2 | 3 | 5 | 4 | 5 | 3 | 4 | 4 | 3.55 | A |
| Dinari dShares | 1:1 backed claim in a US transfer-agent and broker-dealer wrapper | 3 | 4 | 3 | 5 | 2 | 3 | 3 | 4 | 3.35 | BBB |
| Binance bStocks | Certificate, 1:1 backed, ADGM prospectus | 2 | 3 | 3 | 4 | 4 | 4 | 3 | 2 | 3.05 | BBB |
| Robinhood stock tokens | Derivative contract with Robinhood Europe | 1 | 2 | 2 | 4 | 3 | 4 | 2 | 3 | 2.35 | B |
Securitize
AA 4.20The token is the share: SECZ trades on NYSE and exists on chain as an equivalent primary record kept by its SEC-registered transfer agent. Thin onchain liquidity.
Superstate Opening Bell
A 3.90A registered transfer agent records legal ownership of Class A shares on Solana or Ethereum as tokens move between allowlisted wallets. Small, DEX trading arrives issuer by issuer.
Figure (FGRS)
A 3.85SEC-registered Series A Blockchain Common Stock issued natively on Provenance, with the chain as the canonical register. One venue.
Ondo Global Markets
A 3.75The largest issuer, a Swiss-law structured note from a BVI vehicle with daily Ankura attestations and a 100.5% minimum collateral; holders are not shareholders.
xStocks (Backed / Kraken)
A 3.55The most distributed product, with a continuous Chainlink Proof of Reserve feed; redemption is open to onboarded primary investors rather than every holder.
Dinari dShares
BBB 3.35The only 1:1 backed token inside a US transfer-agent and broker-dealer structure, open to eligible US investors; thin secondary liquidity and an unnamed custody chain.
Binance bStocks
BBB 3.05Certificates under an ADGM-approved prospectus, 1:1 backed in BTECH segregated custody with a proof-of-collateral dashboard; the custodian is unnamed and the product is four months old.
Robinhood stock tokens
B 2.35A MiFID II derivative between the customer and Robinhood Europe: tracks the stock, pays dividends, confers no rights to the share, cannot be withdrawn.