A tokenized stock is a blockchain token designed to track the price of a share or an ETF, such as the stock of a US company. You hold the token in a crypto wallet and get price exposure to the stock, but in most cases you are not a registered shareholder.
How a tokenized stock works
An issuer creates the token. In the common model, the issuer or its partners hold the underlying shares, or an equivalent position, and issue tokens against them. Each token is meant to follow the price of the underlying share. Where the issuer reinvests dividends, as Ondo does, one token comes to stand for slightly more than one share over time, so its price can differ from the share price.
When you buy, tokens are created or transferred to your address. When you sell, they are transferred back or redeemed. Because the token lives on a blockchain, it can sit in a self-custody wallet and can trade outside the opening hours of a stock exchange.
The token follows the stock because the issuer creates and redeems tokens at a price tied to the real market. How closely it tracks depends on the issuer's design and on how actively the token is traded.
Who issues it
The tokenized stocks described here are not issued by the listed companies themselves. A company's shares exist on its share register. The token is a separate financial product made by a third party.
That makes the issuer the most important thing to check. Its terms define what backs the token, where the underlying assets are held, who may buy, how redemption works and what happens if the issuer fails. Two tokens that track the same stock from two issuers are different products with different terms.
What you own and what you do not
| You typically get | You typically do not get |
|---|---|
| Price exposure to the stock or ETF | A place on the company's share register |
| A token you hold in your own wallet | Voting rights at shareholder meetings |
| Trading outside regular exchange hours | A direct claim on the listed company |
| Whatever the issuer's terms say about dividends | The protection schemes that may apply to a brokerage account |
Dividends show why the terms matter. Some issuers pass on the economic value of dividends in some form. Others handle them differently. Do not assume. Read the product terms for the specific token.
Trading hours and price behaviour
Stock exchanges open for a fixed session on weekdays. Tokenized stocks can trade for longer. Many offerings run around the clock on weekdays and pause on weekends, which is written as 24/5.
Longer hours are convenient. But the price behaves differently outside the main session.
- Fewer participants are active, so the gap between buy and sell prices can widen.
- News that breaks overnight can move the token before the main market opens.
- When trading is paused, you cannot exit until it resumes.
If you trade outside the main session, look closely at the amount you receive and the slippage tolerance before you confirm. A trade at the current quote takes what the market offers at that moment.
Who can buy
Tokenized stocks are financial products, and the rules for them differ by country. Issuers therefore restrict who may buy. Many offerings exclude US persons, and some countries are not served at all. Expect an eligibility check, and often identity verification, before your first purchase.
Check your own situation before you buy. Whether a product is open to you is a legal question, and so is how any gain is taxed where you live. This guide does not answer either one.
Risks
- Market risk. The stock can fall, and the token falls with it.
- Issuer risk. Your claim is on the issuer and its structure, not on the listed company. If the issuer fails, what you recover depends on its legal setup.
- Tracking and liquidity risk. The token can trade away from the stock's price, especially outside main market hours, and large orders can move the price.
- Regulatory risk. Rules can change, and an offering can be restricted or withdrawn in your country.
- Technical risk. Tokens rely on smart contracts and blockchains. A transaction signed in error cannot be reversed.
- Currency risk. US stocks are priced in dollars, which matters if you think in another currency.
- Wallet risk. In a self-custody wallet, you are responsible for your keys. What is a self-custody wallet explains what that involves.
Tokenized stocks can lose value. Nothing in this guide is investment advice.
Compared with a brokerage account, the appeal is practical: one wallet, longer hours and the ability to move between crypto and stock exposure without a second platform. The cost is that you take on the issuer's structure and give up shareholder rights. Whether that trade suits you depends on why you want the exposure.
Tokenized stocks in THORWallet
THORWallet offers tokenized US equities and ETFs issued by Ondo Global Markets. You can see them on the stocks page.
- Trading runs 24 hours a day, five days a week. It is paused on weekends.
- The product is not available to US persons, and not in every country.
- An eligibility check runs before your first purchase.
THORWallet is the wallet you use to reach the product. The tokens are issued by Ondo Global Markets, so the issuer questions above apply to its terms: what backs each token, how dividends are treated and what rights you hold. Read them before you buy. This is not investment advice.
How to do it in THORWallet
Step-by-step articles from the help center, checked against the current app.
- Tokenized stocks in THORWalletWhat tokenized stocks are, who issues them, when they trade, who can buy them, what they cost and what you actually hold in your wallet.
- How to buy and sell tokenized stocksStep by step: buy a tokenized US stock or ETF with stablecoins in THORWallet, pass the eligibility check, and sell it again.
Sources
- Ondo docs: Global Markets overview
- Ondo docs: eligibility
- Ondo docs: legal and regulatory structure
- Ondo docs: token and quote pricing
- SEC staff: statement on tokenized securities
- NYSE: holidays and trading hours
Reviewed on 12 Nov 2026. Statements about THORWallet were checked against the help center, and the sources above were opened on that day. This guide explains how things work. It is not financial advice.