Tokenized US stocks and ETFs
Tokenized US stocks are blockchain tokens issued by a regulated issuer against listed shares it holds, so the token tracks the share price and settles to a wallet you control. Fensory carries tokens from both Ondo Global Markets and xStocks. The same account also reaches stock perpetual futures, which give price exposure and convey no share.
What to ask your assistant
Use these examples to frame the comparison, then check the named products and live data in the app. They do not imply MCP execution for app-only products.
Show me the Apple perpetual future and its current funding rate.
Data firstCompare tokenized Tesla in the app with the Tesla perpetual future, including custody, fees and liquidation risk.
Compare instrumentsPrepare a $500 Nvidia perpetual-futures order without placing it.
Prepare onlySchedule a Nvidia perpetual-futures order using TWAP.
Scheduled
Two issuers, one account
Venues that carry tokenized equities usually carry one issuer. Fensory carries tokens from both, which matters because the two are not interchangeable.
| Ondo Global Markets | xStocks by Backed | |
|---|---|---|
| Symbol convention | TSLAon, AAPLon | TSLAx, AAPLx |
| Structure | Set by the issuer, documented in its own terms | Set by the issuer, documented in its own terms |
| Corporate actions | Handled per issuer policy | Handled per issuer policy |
| On Fensory | Available | Available |
Legal structure, dividend treatment and redemption belong to the issuer, not to Fensory. Read the issuer documentation for the asset you are buying; the two differ, and either can change its terms.
When tokenized stocks trade
Secondary trading and direct minting are separate clocks. A platform may keep a market open while the issuer window is closed, using the liquidity available on that platform.
| Issuer | Secondary trading | Direct mint and redeem |
|---|---|---|
| Ondo Stocks | Can run 24/7 where the exchange, wallet or DeFi venue supports it. | 24/5 for the full catalogue; live status showed 32 off-hours symbols when checked. |
| xStocks | Kraken Pro lists ten xStocks for 24/7 trading; the rest trade 24/5 there. | 24/5, aligned with the underlying market. |
Issuer documentation checked 2026-10-19. Platform availability, liquidity and temporary halts can still differ.
See the full hours, settlement and redemption datasetWhat you hold, and what you do not
A tokenized stock is a token issued against shares the issuer holds. It is not the share. It tracks the share price and it settles to a wallet you control, which is what removes the need for a brokerage account.
That means the rights attached to a share do not automatically come with it. Voting, dividend pass-through and redemption are set by the issuer and differ between them. Tokenizing a security does not change its legal status.
A stock perp is a different instrument on the same ticker, and the distinction matters more than it sounds. It is a perpetual future: it tracks the price with no expiry, conveys no share and no dividend, and it can be leveraged, which means the position can be closed out against you. Nothing settles to your wallet. You have price exposure and nothing else.
Issuer references
The issuer or contract provider decides what the instrument is, what rights it carries, when it can be redeemed and where it can be held. The first two products below are available in Fensory; the other two are included for comparison.
- xStocks by BackedAvailable in the Fensory app
- Ondo StocksAvailable in the Fensory app
- Dinari dSharesReference only. Not available through Fensory
- Robinhood Classic Stock TokensReference only. Not available through Fensory
The essentials
- Issuers
- Ondo Stocks and xStocks by Backed
- Chains
- Ethereum, Solana and BNB Chain
- Tokenized share
- A token the issuer mints against shares it holds. It settles to a wallet you control, and Fensory never holds it.
- Stock perp
- A perpetual future on the same ticker. Price exposure only: no share, no dividend, and leverage carries liquidation risk.
- Hours
- Secondary trading can run 24/7. Direct mint and redemption follow each issuer schedule.
- Agent access
- The MCP path reaches stock perpetual futures. Tokenized equities are selected in the app.
Questions people ask
- What is a tokenized stock?
- A token issued against a real share held by a regulated issuer, tracking that share price on-chain. It gives you the price exposure without a US brokerage account, and it settles to a wallet you control rather than to a broker.
- What is the difference between a tokenized stock and a stock perp?
- A tokenized stock is a token backed by shares the issuer holds, and it settles to your wallet. A stock perp is a perpetual future: it tracks the same price with no expiry, conveys no share and pays no dividend, and it can be leveraged, which means a position can be liquidated. Both reach Tesla. Only one of them is a claim on anything.
- Do tokenized stocks pay dividends?
- Treatment depends on the issuer. Ondo Stocks reinvests dividends into the underlying security, while xStocks reflects the economic benefit through rebasing. Both apply their own terms, taxes and timing. Stock perps do not pass a dividend through because there is no share behind them.
- Can I trade tokenized stocks outside market hours?
- Secondary trading can run 24/7 when the platform supports it, but prices and liquidity can differ while the underlying stock market is closed. Direct minting and redemption follow a separate issuer window. Stock perps trade continuously.
- Do I own the underlying share?
- No, under either instrument. A tokenized stock is a token issued against shares the issuer holds, and the legal structure is set by the issuer: tokenizing a security does not change its legal status. A stock perp is a derivative and carries no claim on a share at all.