Issuers side by side

Issuer	Value	In DeFi	Holders	Gets paid on	What it does with the shares	Works against you if you...
Ondo	$1,042M	$17MAMM poolsPancakeSwap, Uniswap$3MLendingFrankencoin, Native$6MOrder booksCoW Protocol, Other DEXs<$1MWrappers and launchpadsRing Few, dStock$2MVaultsReserve, dHEDGE$7M	60,760	The spread at mint and redeem	Held at its broker; Ankura has first claim for holders	Mint and redeem often
xStocks	$885M	$77MAMM poolsRaydium, Orca$28MLendingKamino, Jupiter$40MWrappers and launchpadsxStocks$10M	259,959	~1% when bought through Kraken's app (Kraken owns xStocks); no fee to mint or redeem directly	Terms let it lend them out; doesn't say if it does	Buy through Kraken's app
bStocks	$868M	$41MAMM poolsPancakeSwap, Uniswap$26MLendingLista, Native$11MOrder booksOther DEXs, Aster$1MWrappers and launchpadsFlap, dStock$2MVaultsOther vaults<$1M	7,949	Nothing on the token, Binance earns on the trading	Binance's clearing house borrows extra shares from Alpaca to seed liquidity	Want to take it off Binance
Securitize	$414M	$2MAMM poolsBisonFi$2MLendingLoopscale<$1M	3,390	It's its own stock; 0.10% to redeem through its platform	It's its own stock	Want to move it freely
Reality	$162M	<$1MAMM poolsUniswap<$1MLendingNative<$1M	760	Nothing on the token, Bitget earns on the trading	Held at Alpaca; nothing more disclosed	Want to take it off Bitget
Robinhood	$162M	$91MAMM poolsUniswap, Ramses$76MLendingMorpho$4MOrder booksLighter$9MWrappers and launchpadsdStock, Doppler$2MVaultsBeefy, Other vaults<$1M	69,521	0.05% to redeem; a holding fee of up to 0.50%/yr is allowed, none now	Terms let it lend them out; no borrower appointed as of Jun 2026	Redeem
Figure	$70M	n/a	188	It's its own stock	It's its own stock	Want to move it freely
WisdomTree	$29M	n/a	576	Fund fees	Held by the fund	Want to move it freely
Coinbase	$27M	$6MAMM poolsAerodrome, Uniswap$3MLendingAave, Morpho$2MOrder booksOther DEXs<$1MWrappers and launchpadsDoppler<$1MVaultsSuperform, Reserve<$1M	377	5% of every dividend, 0.01% to mint, 0.05% to redeem	Held in trust at Alpaca; fees are its only stated revenue	Hold for the dividends
Dinari	$20M	~$0	313	Platforms pay from $2,000/month for its API	Held at Alpaca; keeps the interest on its cash reserves	Buy through a platform that marks it up

Ondo$1,042M
In DeFi
$17MAMM poolsPancakeSwap, Uniswap$3MLendingFrankencoin, Native$6MOrder booksCoW Protocol, Other DEXs<$1MWrappers and launchpadsRing Few, dStock$2MVaultsReserve, dHEDGE$7M
Holders
60,760
Gets paid on
The spread at mint and redeem
With the shares
Held at its broker; Ankura has first claim for holders
Against you if
Mint and redeem often
xStocks$885M
In DeFi
$77MAMM poolsRaydium, Orca$28MLendingKamino, Jupiter$40MWrappers and launchpadsxStocks$10M
Holders
259,959
Gets paid on
~1% when bought through Kraken's app (Kraken owns xStocks); no fee to mint or redeem directly
With the shares
Terms let it lend them out; doesn't say if it does
Against you if
Buy through Kraken's app
bStocks$868M
In DeFi
$41MAMM poolsPancakeSwap, Uniswap$26MLendingLista, Native$11MOrder booksOther DEXs, Aster$1MWrappers and launchpadsFlap, dStock$2MVaultsOther vaults<$1M
Holders
7,949
Gets paid on
Nothing on the token, Binance earns on the trading
With the shares
Binance's clearing house borrows extra shares from Alpaca to seed liquidity
Against you if
Want to take it off Binance
Securitize$414M
In DeFi
$2MAMM poolsBisonFi$2MLendingLoopscale<$1M
Holders
3,390
Gets paid on
It's its own stock; 0.10% to redeem through its platform
With the shares
It's its own stock
Against you if
Want to move it freely
Reality$162M
In DeFi
<$1MAMM poolsUniswap<$1MLendingNative<$1M
Holders
760
Gets paid on
Nothing on the token, Bitget earns on the trading
With the shares
Held at Alpaca; nothing more disclosed
Against you if
Want to take it off Bitget
Robinhood$162M
In DeFi
$91MAMM poolsUniswap, Ramses$76MLendingMorpho$4MOrder booksLighter$9MWrappers and launchpadsdStock, Doppler$2MVaultsBeefy, Other vaults<$1M
Holders
69,521
Gets paid on
0.05% to redeem; a holding fee of up to 0.50%/yr is allowed, none now
With the shares
Terms let it lend them out; no borrower appointed as of Jun 2026
Against you if
Redeem
Figure$70M
In DeFi
n/a
Holders
188
Gets paid on
It's its own stock
With the shares
It's its own stock
Against you if
Want to move it freely
WisdomTree$29M
In DeFi
n/a
Holders
576
Gets paid on
Fund fees
With the shares
Held by the fund
Against you if
Want to move it freely
Coinbase$27M
In DeFi
$6MAMM poolsAerodrome, Uniswap$3MLendingAave, Morpho$2MOrder booksOther DEXs<$1MWrappers and launchpadsDoppler<$1MVaultsSuperform, Reserve<$1M
Holders
377
Gets paid on
5% of every dividend, 0.01% to mint, 0.05% to redeem
With the shares
Held in trust at Alpaca; fees are its only stated revenue
Against you if
Hold for the dividends
Dinari$20M
In DeFi
~$0
Holders
313
Gets paid on
Platforms pay from $2,000/month for its API
With the shares
Held at Alpaca; keeps the interest on its cash reserves
Against you if
Buy through a platform that marks it up

From each issuer's prospectus or terms: Robinhood base prospectus (25 Jun 2026), xStocks Final Terms, Coinbase prospectus (2 Oct 2026), BTech prospectus (8 Sep 2026), Dinari T&Cs (26 Dec 2025).

Updated Oct 6, 2026Sumcap tokenized stocks dashboardSumcap Research