股权代币化之战：代币化备忘录（2/2）

Gautam Chhugani+91 226 842 1416gautam.chhugani@bernsteinsg.comMahika Sapra+91 226 842 1408mahika.sapra@bernsteinsg.comSanskar Chindalia+91 226 842 1445sanskar.chindalia@bernsteinsg.comHarsh Misra+91 226 842 1457harsh.misra@bernsteinsg.com The Tokenization Memo: The battle for equity tokenization (2/n) Multiple business models are being attempted for equity/real-world asset tokenization, while the industry still awaits regulatory clarityfor securities tokenization including potential expectation of an ‘innovation exemption’. Meanwhile, industry players are laying out theirearly ‘chess moves’ with early product launches, acquisitions and strategic partnerships. Tokenized RWA Industry Metrics -Market cap of tokenized real-world assets has crossed $51Bn (up 40% YTD), demonstrating strongresilience vs broader crypto markets that are down ~20% YTD (Exhibit 1). Private credit remains the dominant asset class at ~47% of totalRWA market cap, followed by U.S. Treasuries at ~30% and commodities at ~9% (Exhibit 2). Ethereum and Provenance continue to host thebulk of onchain RWA activity, representing over 70% of total tokenized assets (Exhibit 3). Total RWA asset holders have crossed 900K, up~60% YTD (Exhibit 5). Equity tokenization continues to attract mainstream interest with tokenized equities growing 130% YTD from $0.7Bn to $1.6Bn. The currentofferings leverage existing regulatory structure to offer tokenized equities (largely restricted for US investors). However, recent SEC actionshave been encouraging for the industry. Recently, SEC proposed rescinding rule 611 and 610 (e) that would allow tokenized stocks to trademore freely on decentralized venues without mandatory trade through compliance with traditional exchanges. In Dec’25, SEC issued a noaction letter to DTC (not covered) for a tokenized equity pilot and approved NYSE’s and NASDAQ’s proposal to permit trading of tokenizedsecurities on the exchanges. The industry still awaits regulatory clarity for securities tokenization including potential expectation of an‘innovation exemption’ that could allow trading of tokenized US stocks onshore. We are seeing the tokenization industry broadly evolving across two business models - neutral infrastructure positioning (enablingtokenization for traditional financial market participants like exchanges, asset managers, loan originators) and trading model (usingtokenization to offer multi-asset class exposure on a single trading venue). •Tokenized Securities - Trading Infrastructure:In the current model, regulated broker-dealer platforms offer trading servicesin tokenized stocks, allowing global investors to access bluechip regional equities (like Robinhood offering tokenized US stocks toEU investors). The third party sponsor buys underlying shares, custodies them in a secured account and issues a blockchain tokenagainst them. The tokens can be traded on blockchain 24x7 with real time settlement, allowing platforms to earn incremental tradingcommission. However, these trading tokens operate only on blockchain rails with no reconciliation with the actual shareholder registry.The third-party sponsor (and not the tokenholder) is the registered owner of the underlying shares. Hence, tokenholders are not entitledto rights associated with ownership of the shares, such as dividend, voting, etc. •Tokenized Securities - Settlement and Exchange Infrastructure:The issuer-sponsored tokenization model uses blockchain asthe settlement layer for actual company issued shares. Shareholders benefit from faster and capital efficient settlement cycles, whilereceiving full ownership and protection rights of traditional exchange listed shares. Players like Figure, Bullish and Securitize (notcovered) are building regulated infrastructure layer for tokenized equities (compliant with existing SEC rules) using SEC-registeredtransfer agents, regulated ATS (Alternative Trading System), broker-dealers and custody solutions. Figure has already launched itsown tokenized shares on OPEN, with another listing in the pipeline. Bullish’s Equiniti acquisition allows it to operate a unified ledger fortraditional and tokenized securities, while offering services related to token design and liquidity. Securitize has partnered with NYSE (not covered) for NYSE’s tokenized securities platform, Computershare (not covered) to enable tokenized shares for US issuers and JumpTrading (not covered) to launch DEX-style onchain trading of tokenized equities. •Multi-asset single exchange:Coinbase is exploring tokenized equities including use of perpetual futures product structure to offerexposure to real-world assets. Over the past few weeks, Coinbase has launched tokenized equities, equity perpetuals, pre-IPO perpetualsfor non-US investors, and regulated crypto derivatives market for US investors. Coinbase’s tokenized stocks (backed 1:1 by underlyingshares) enable non-US investors to access US equities and ETFs, with features like automatic dividend payout and prog