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How T7X Is Building the Infrastructure for a New Era of Capital Markets
T7X records ownership directly on-chain instead of wrapping assets held elsewhere, keeping token and asset under one legal framework.
Most tokenized stocks aren't natively issued on a blockchain. They begin as conventional shares, sit with a broker or custodian, and are then represented by tokens issued separately.
In effect, the market has largely replicated traditional securities structures on-chain instead of rethinking them from the ground up. The token "may track the value of the underlying shares," writes Ivan Kan, CMO of tokenization platform T7X, in an essay shared with Decrypt, "but the token holder is not necessarily the shareholder of record."
While the holder owns the price movement, whether they own the share is another matter altogether. The SEC set out three models in January: issuers tokenizing their own shares, third parties issuing tokens against shares held in custody, and firms issuing a separate security for synthetic exposure. Writing for Forbes' Technology Council in August, Kan cited Pantera Capital research covering 593 tokenized assets across 11 asset classes, of which 77.6% were what Pantera called "digital wrappers around traditional infrastructure" rather than securities in their own right.
Earlier coverage
Reported by Decrypt.
