Analysis: Tokenized Stock Demand Accelerates, Underlying Structure Determines Investor Rights

BlockBeats News, August 26th. A study shows that the recent trend of tokenized stocks is experiencing rapid growth. From 2026 to the present, the trading volume of tokenized stock perpetual contracts has surged from around $16 billion in 2025 to over $590 billion, with spot trading volume also exceeding $88 billion. However, behind the market size growth, the underlying legal and equity structure of tokenized stocks has become a core issue that investors need to pay more attention to.

Currently, the market mainly operates in three modes: issuer-backed, custodial, and synthetic. Among them, issuer-backed tokens can directly represent stock ownership, including corresponding rights such as voting, dividends, and corporate actions; custodial tokens provide the relevant economic rights through a securities intermediary; whereas synthetic tokens are essentially contractual claims on a third party and do not represent direct ownership of the underlying stock, thus they may face risks related to counterparty, tracking, and corporate action spillover.

The report suggests that as the regulatory framework gradually clarifies and the blockchain settlement infrastructure continues to mature, the demand for tokenized stocks will continue to grow. However, investors need to distinguish whether their assets represent actual stock ownership or are based on a synthetic exposure. This will directly determine their rights, risks, and legal protection.