The Defiant compares three tokenized-equity models: Robinhood, OKXICE and DTCC
- —Robinhood tokens are debt of Robinhood Assets (Jersey) Limited with limited recourse to collateral
- —Robinhood token holders get no voting rights; dividends are reinvested into more underlying shares via a multiplier
- —OKXICE plans to pass dividends and collect votes through a tokenizer, redeeming in cash or shares
- —DTCC keeps registered ownership with Cede & Co. and restores securities to the participant's DTC account on redemption
Why it matters: Holders should know a token tied to a stock does not make them a shareholder; rights and payouts depend on the issuer's structure.
Source: TokenPost