SpaceX (Derivatives) (SPCX)

Tokenized stocks are now a working market on-chain, you can trade equities like $TSLA, $NVDA, $AAPL directly on crypto rails.

What matters most is the legal structure behind each token🧵 👇

There are four major tokenized stock systems shaping this space right now:

→ Backpack Securities ($SPCX)
→ Ondo Global Markets
→ xStocks (Backed Finance)
→ PreStocks
All of them track stocks, none of them represent the same legal rights.

◢ $SPCX by @Backpack Securities sits closest to real equity ownership. It is backed 1:1 with actual shares held in regulated custody.

Qualified users can redeem tokens into real shares through traditional settlement systems like ACATS/DTCC.

That creates a direct path into real-world ownership.

Once redeemed, holders gain standard equity rights:
• dividends
• corporate actions
• transfer rights

But on-chain tokens themselves still sit inside an SPV structure until redemption happens.

◢ $Ondo Global Markets uses a structured note model that each token is backed by real securities p