Tokenized assets in Europe: what Tokenized Stocks are and how do I use it?
This page is for information purposes only. Certain services and features may not be available in your jurisdiction. Unified Tokenized Stocks are distributed by OKX Europe Markets Limited, which is licensed as an investment firm by the Malta Financial Services Authority under the Investment Services Act and MiFID II (Authorisation ID: OEML).
Tokenized assets use digital tokens to represent rights in, or economic exposure to, another asset. But not every tokenized asset gives you the same rights. Some structures may represent ownership rights. Unified Tokenized Stocks on OKX instead give you economic exposure to the price performance of supported stocks and ETFs without making you a direct shareholder.
Unified Tokenized Stocks are available through supported Spot flows on our platform. Depending on the asset, you can use Buy, Sell or Convert, while selected markets are also available through our order book. Supported Tokenized Stocks can trade 24 hours a day, seven days a week, including outside regular U.S. stock market hours.
Example: Suppose a stock is trading at USD 100 and you buy 0.5 share-equivalent units of the corresponding Unified Tokenized Stock on our platform.
At that point, your position has approximately USD 50 of economic exposure to the stock's price.
You haven't bought half of the actual company share. Instead, you hold a Tokenized Stock designed to give you corresponding economic exposure.
Now suppose company news breaks on Saturday. The U.S. stock market is closed, but the Tokenized Stock continues trading on our platform and moves to USD 104. Your 0.5 units would now be worth approximately USD 52.
This illustrates two important characteristics of the product: you can trade outside traditional stock market hours, and the Tokenized Stock's market price can temporarily differ from the underlying stock's latest exchange-traded price.
Overview
Tokenized assets are a broad category. The rights you receive depend on the structure of the individual token.
Tokenized equities are equity-linked tokenized instruments. Some structures may represent ownership rights, while others provide economic exposure only.
Unified Tokenized Stocks are the specific OKX product. They give you economic exposure to supported stocks and ETFs without direct ownership of the underlying shares.
“Unified” refers to the standardized OKX representation. Supported third-party issuer tokens are converted into share-equivalent units, such as xAAPL.
Trade 24/7. Supported Tokenized Stocks can trade outside normal U.S. stock market hours and on weekends.
Trading options vary by asset. Depending on the asset, you can use Buy, Sell or Convert, while selected Tokenized Stocks are also available through the our order book.
No leveraged long or short position. The Tokenized Stock itself doesn't provide leverage or short selling.
No direct shareholder rights. Holding a Tokenized Stock doesn't make you a shareholder or give you direct voting rights.
Dividends and corporate actions still matter. Their economic effect is reflected through the applicable issuer mechanism.
Liquidity can vary. When the underlying market is closed, liquidity may be lower, spreads wider and prices may differ from the underlying stock's latest exchange-traded price.
More than buy and sell. Supported Tokenized Stocks can be used with DCA and Grid bots, and selected assets can be used as collateral.
What are tokenized assets?
Tokenization uses blockchain technology to represent an asset, a right or economic exposure in digital form.
The important point is that tokenization describes how something is represented, not automatically what rights you receive.
Two products can both be called tokenized assets while working very differently.
For example, one tokenized asset may represent ownership rights in an underlying asset. Another may simply give its holder economic exposure to the asset's performance without transferring ownership.
That distinction is particularly important when talking about tokenized equities and Tokenized Stocks.
What are Tokenized Stocks and how do they work?
Unified Tokenized Stocks on our platform give you economic exposure to the price performance of an underlying stock or ETF and are available through supported Spot flows.
They are displayed in share-equivalent units.
For example, Apple-linked exposure may be displayed as xAAPL and traded through a pair such as xAAPL/USD.
One share-equivalent unit is designed to provide economic price exposure corresponding to one share of the underlying stock.
But a share-equivalent unit is not an actual share. Buying xAAPL doesn't make you an Apple shareholder.
Example:
Suppose xABC is trading at USD 200.
You buy 0.25 share-equivalent units.
Your position has approximately be:
0.25 × USD 200 = USD 50
of economic exposure at the time of purchase.
If xABC later trades at USD 220, those 0.25 units would be worth approximately USD 55.
The value follows the Tokenized Stock market. You have not acquired 0.25 of the underlying company's actual share.
What does “Unified” mean?
Tokenized Stocks can be issued by different third-party providers, and their on-chain tokens may use different quantities or conversion mechanisms.
On our platform, supported issuer tokens are standardized into a consistent share-equivalent representation.
For example, a supported Apple-linked issuer token may be converted into xAAPL share-equivalent units when deposited to us.
This means you trade and view your position using the economic exposure represented in share-equivalent units rather than needing to interpret the issuer token's raw on-chain quantity.
Example:
Suppose,
1 issuer token = economic exposure equivalent to 1.5 shares
If you deposit one token, our display:
1.5 share-equivalent units
Nothing has been added to the economic value of your position. The same exposure is simply being expressed using our standardized unit.
At launch, the supported product structure includes xStocks issued by Backed. The Unified Tokenized Stocks model can support additional third-party providers in the future.
What is the difference between Unified Tokenized Stocks and tokenized equities?
Tokenized equity is a broad term. It can describe tokenized instruments linked to equity, but what the holder actually receives depends on the individual legal and product structure.
Some tokenized instruments may represent ownership rights in underlying equity. Others provide economic exposure without making the holder a shareholder.
Unified Tokenized Stocks are the specific OKX product for supported stock and ETF-linked exposure.
They provide economic exposure, are represented on our platform in standardized share-equivalent units and don't give you direct ownership or voting rights in the underlying company.
Tokenized equity | Unified Tokenized Stocks | |
|---|---|---|
What it means | Broad category | Specific OKX product |
Exposure | Equity-linked | Supported stocks and ETFs |
Ownership rights | Depend on the product structure | No direct share ownership |
Voting rights | Depend on the product structure | No direct voting rights |
Representation | Depends on issuer | Standardized share-equivalent units |
Issuer | Varies | Supported third-party issuers |
Trading on OKX | Not necessarily | Available through supported OKX Spot flows |
Example:
Imagine two different products are both described as tokenized equities:
Product A legally gives its holder certain rights in the underlying shares.
Product B only gives its holder economic exposure to changes in the share price.
Both involve tokenization, but they don't give the holder the same rights.
Unified Tokenized Stocks on our platform belong to the second type: economic exposure without direct share ownership or voting rights.
What's the difference between Tokenized Stocks vs traditional stocks?
A Tokenized Stock can provide economic exposure similar to a traditional stock, but the instruments are different.
When you buy traditional stock through a broker, you acquire an interest in the underlying security according to the applicable brokerage and custody structure.
When you buy a Unified Tokenized Stock, you hold a separate stock-linked product that gives you economic exposure without direct ownership of the underlying share.
Traditional stock | Unified Tokenized Stock | |
|---|---|---|
What you hold | An interest in the underlying security | Stock-linked economic exposure |
Direct ownership | Subject to the brokerage/custody structure | No |
Voting rights | May apply | No direct voting rights |
Dividend treatment | Through the shareholding and brokerage structure | Economic effect reflected through the issuer mechanism |
Trading hours | Generally tied to exchange and broker sessions | 24/7 on OKX |
Price formation | Underlying stock market | Separate Tokenized Stock market |
Fractional amounts | Depends on broker | Supported |
On-chain transfer | Generally not applicable | Supported for eligible issuer tokens and networks |
Leverage through the product | Depends on product/account | No leveraged long or short position |
Example:
You buy one traditional share of Company ABC through a broker.
Your rights are linked to the actual security and the applicable brokerage structure.
If you instead buy 1 xABC share-equivalent unit, you receive economic exposure to ABC's price but don't become a direct shareholder.
The price exposure may be similar. The instrument and the rights attached to it are different.
How do I trade Tokenized Stocks?
Unified Tokenized Stocks can be traded 24 hours a day, seven days a week, including outside regular U.S. market hours and on weekends.
The available trading flow depends on the asset. Some Tokenized Stocks may be available through Buy, Sell or Convert, while selected markets also support order-book trading.
Buy, Sell and Convert function
For a simpler flow, use Buy, Sell or Convert where available.
You receive a quote for the transaction rather than placing an order directly into the order book.
Exchange mode
Selected Unified Tokenized Stocks can also be traded through the OKX Spot order book.
Supported order types include market and limit orders.
Order-book markets are quoted in USD. We use a unified order book for USD, USDC and USDG, meaning supported balances can be used to trade eligible USD-quoted pairs.
Fractional share-equivalent amounts are supported, subject to the minimum order size displayed on the trading page.
Example:
Suppose one xABC share-equivalent unit trades at USD 250.If the applicable minimum order size allows it, you could buy:
0.2 × USD 250 = USD 50
of exposure rather than buying a whole unit.
For detailed instructions on individual order fields and trading flows, see the Unified Tokenized Stocks guide.
How pricing, liquidity and order books work for Tokenized Stocks
24/7 trading doesn't mean the underlying stock itself trades 24/7.
During regular U.S. market hours, active trading in the underlying stock provides a current exchange-traded price.
When that market closes, Unified Tokenized Stocks can continue trading on our platform.
During these periods:
liquidity may be lower
spreads may widen
fewer orders may be available near the current price
larger orders may have greater price impact
the Tokenized Stock price may differ from the underlying stock's latest exchange-traded price
How does an order book work?
For Tokenized Stocks available through Exchange mode, the order book shows prices and quantities that buyers and sellers are currently willing to trade.
The highest available buy price is the best bid.
The lowest available sell price is the best ask.The difference between them is the spread.
Example:
Suppose the sell side of the order book contains:
10 units at USD 10020 units at USD 101
If you submit a market order to buy five units, there may be enough liquidity to fill the whole order around USD 100.
If you buy 25 units, only the first 10 are available at USD 100. The remaining 15 may be executed at USD 101.
Your average execution price will therefore be higher than the first price you saw.That difference is an example of slippage.
Market order or limit order?
A market order prioritizes execution against the best available prices.
A limit order lets you choose the maximum price you are willing to pay when buying or the minimum price you are willing to accept when selling.
Limit orders can provide more price control when liquidity is lower, but they are not guaranteed to execute.
Why can the Tokenized Stock price differ from the underlying stock?
A Unified Tokenized Stock trades in its own market.
It is designed to provide economic exposure to the underlying stock or ETF, but the price at any moment is still determined by the buyers, sellers and available liquidity in the Tokenized Stock market.
This becomes particularly important when the underlying stock exchange is closed.
Example:
Company ABC closes at USD 100 on Friday.On Saturday, the company announced unexpectedly strong results.
There is no new exchange-traded ABC share price because the underlying market is closed.
The Tokenized Stock can still trade. Buyers and sellers might start trading it at USD 104 based on the new information.
That doesn't mean the underlying share has officially traded at USD 104. It means the Tokenized Stock market is already pricing in information before the underlying market reopens.
Ownership, dividends and custody: understanding Tokenized Stocks
Understanding what you actually hold is important because a Tokenized Stock is not the same as the underlying share.
Do you own the underlying stock?
No.
Buying a Unified Tokenized Stock doesn't make you a direct shareholder of the underlying company.
You don't receive direct ownership of the underlying shares or direct voting rights.
How are dividends handled?
You don't receive a conventional shareholder dividend directly from the underlying company.
For the currently documented xStocks issuer structure, the applicable issuer reinvests the net economic value of an eligible dividend and adjusts the multiplier. We'll then reflect that change in your share-equivalent balance.
Any amount reflected is net of applicable withholding taxes. The tax rate and withholding treatment are determined at issuer or underlying share-custodian level rather than by OKX.
Simple example
Suppose you hold 100 share-equivalent units.
After applicable withholding tax, the issuer has an amount equivalent to USD 0.50 per share available for reinvestment.
If the reinvestment price is USD 100:
USD 0.50 ÷ USD 100 = 0.005 additional share-equivalent exposure per unit
Across 100 units, that corresponds to:
0.5 additional share-equivalent units
The economic effect of the dividend is therefore reflected through your position instead of arriving as a conventional cash dividend from the company.
Who issues and backs Tokenized Stocks?
Unified Tokenized Stocks can support products from third-party issuers. At launch, supported xStocks are issued by Backed.
Backed's documentation states that each xStocks product is intended to be collateralised 1:1 by the corresponding underlying security. The legal, custody and backing arrangements are managed through the issuer and its service providers and may change over time.
Because a Unified Tokenized Stock isn't the underlying share itself, these issuers and custody arrangements are an important part of the product's risk.
What is the multiplier?
An on-chain issuer token and the corresponding Unified Tokenized Stock balance shown on our platform don't necessarily use the same unit.
The on-chain asset is recorded in token quantity.
We display your position in share-equivalent quantity.
The conversion is:
Share-equivalent quantity = on-chain token quantity × multiplier
On-chain token quantity = share-equivalent quantity ÷ multiplier
Example:
Suppose the multiplier is 1.5.
You deposit:2 issuer tokens
Your OKX balance becomes:
2 × 1.5 = 3 share-equivalent units
This doesn't create an additional gain. The same economic exposure is simply being measured using a different unit.
How can the multiplier change?
The multiplier can change when events alter the relationship between the issuer token and its referenced stock exposure.The documented reasons include:
dividend reinvestment
stock splits
reverse stock splits
other corporate actions
management fees specified by the issuer
What happens during a stock split or other corporate action?
For larger dividends, stock splits and reverse stock splits, the issuer may adjust the multiplier.
We will then adjust the share-equivalent quantity and price according to the corporate-action ratio.
Example:
Suppose you hold:
10 units × USD 200 = USD 2,000
The underlying company completes a 2-for-1 stock split.
After the adjustment:
20 units × USD 100 = USD 2,000
The number of units changes, but the adjustment itself is designed to preserve equivalent economic exposure immediately across the event.
For corporate actions that require a rebase, trading may temporarily pause. Open limit orders can be adjusted or cancelled, while TP/SL, trigger and strategy orders may also be affected.
The Unified Tokenized Stocks guide explains the detailed treatment of individual order and strategy types.
Can Tokenized Stocks be transferred on-chain?
At launch, supported xStocks can be deposited and withdrawn on xLayer and Solana using their corresponding issuer tokens.
When an issuer token is deposited, its on-chain quantity is converted into the corresponding share-equivalent quantity using the applicable multiplier.
When you withdraw, the process works in reverse. Your share-equivalent balance is converted into the corresponding issuer-token quantity before being sent to the compatible wallet.
Check the deposit or withdrawal page for the currently supported network and assets before making a transfer.
Why should I use Tokenized Stocks?
Trade beyond traditional market hours
Supported Tokenized Stocks trade 24/7.
This gives you the ability to respond to company news, earnings developments and other events even when the underlying stock market is closed.
Keep stock and crypto exposure on one account
Tokenized Stocks let eligible users access stock and ETF-linked exposure alongside crypto on our platform.
This can reduce the need to maintain completely separate crypto and stock-linked trading workflows.
Use order-book trading
Selected Unified Tokenized Stocks can be traded through the OKX order book rather than being limited to a simple buy-and-sell interface.
That gives active traders greater control over order type and execution.
Use trading bots
Supported Tokenized Stocks can be used with DCA and Grid bots.
Corporate actions can temporarily affect bot strategies. The detailed product guide explains how Spot Grid, Spot DCA, Iceberg and TWAP are handled during these events.
Use selected Tokenized Stocks as collateral
Selected Unified Tokenized Stocks may be used as collateral in Multi-Currency Margin or Portfolio Margin accounts, subject to eligibility, liquidity requirements, collateral limits and an applicable risk-based haircut.
The discounted collateral value, rather than the asset's full market value, is used when calculating available margin.
Example:
Suppose an eligible Tokenized Stock is worth USD 5,000.
If its applicable collateral haircut were 20%, the amount counted toward available margin would be:
USD 5,000 × 80% = USD 4,000
This is only an illustrative example. Actual collateral eligibility and haircuts depend on the asset and current risk parameters.
Using Tokenized Stocks as collateral also introduces liquidation risk. If the collateral value falls and your account no longer meets its margin requirements, positions may be liquidated.
What is the difference between Tokenized Stocks and TradFi X-Perps?
Both products can provide exposure to publicly traded companies, but they're designed for different uses.
Unified Tokenized Stocks | TradFi X-Perps | |
|---|---|---|
Trading structure | Available through Spot flows | X-Perp derivative |
Direction | Buy, sell or hold | Long or short |
Built-in leverage | No | Yes, subject to contract specifications |
Funding fee | No X-Perp funding mechanism | Funding applies |
Direct share ownership | No | No |
Typical use | Unleveraged economic exposure | Leveraged directional trading |
Tokenized Stocks may suit users looking for unleveraged stock-linked exposure without an X-Perp funding mechanism, while TradFi X-Perps provide leveraged long or short exposure.
What are the risks of using Tokenized Stocks?
You don't own the underlying stock
Economic exposure doesn't give you the same rights as owning the underlying share.
Unified Tokenized Stocks don't provide direct share ownership or voting rights.
The Tokenized Stock price can differ from the underlying stock
The Tokenized Stock trades in its own market.
Its price may differ from the latest exchange-traded price of the underlying stock, particularly when the underlying market is closed.
Liquidity varies
24/7 availability doesn't mean liquidity is constant 24/7.
Lower liquidity can mean wider spreads, less order-book depth and greater slippage.
For assets available only through Buy, Sell or Convert, quote availability and pricing may also vary.
Issuer and custody risk
Unified Tokenized Stocks depend on third-party issuer and custody arrangements.
The relevant backing, custody and legal arrangements are determined by the applicable issuer and its service providers and may change over time.
Review the applicable issuer documentation for current information about backing, custody, reserve verification and related risks.
Corporate actions can affect your balance and trading
Dividends, stock splits, reverse splits and other corporate actions may change the multiplier and your share-equivalent balance.
Certain events can also temporarily affect trading, deposits, withdrawals, open orders and trading bots.
Using Tokenized Stocks as collateral adds risk
If you use an eligible Tokenized Stock as collateral, a fall in its value can reduce your available margin.
If your account no longer meets its margin requirements, positions may be liquidated.
What do you need before you start?
Availability depends on your region, account status and eligibility.
Before trading Unified Tokenized Stocks in the EEA, you need to review and accept the applicable risk disclosure and complete the required appropriateness assessment, which consists of assessing your investment experience and Knowledge Test.
Before trading, make sure you understand:
what the Tokenized Stock represents
that you don't directly own the underlying share
how 24/7 pricing can differ from underlying market pricing
liquidity and slippage
issuer and custody risk
dividend and corporate-action mechanics
the additional risks of using an asset as collateral
How are tokenized assets treated in Europe?
Putting an asset or financial instrument on a blockchain doesn't automatically change its regulatory classification.
Under EU rules, tokenized financial instruments continue to be treated as financial instruments where their characteristics bring them within that framework. MiCA doesn't apply to crypto-assets that qualify as financial instruments.
This is why the rights and legal structure of a tokenized product matter.
Two products can both use blockchain technology while being treated differently because they represent different rights or claims.
FAQ
1. Are Unified Tokenized Stocks the same as tokenized equities?
No.
Tokenized equity is the broader category. The rights attached to a tokenized equity depend on its individual structure.
Unified Tokenized Stocks are the specific OKX product for supported stock and ETF-linked economic exposure. They're represented in standardized share-equivalent units and don't provide direct ownership or voting rights in the underlying company.
2. Why are they called “Unified”?
On our platform, supported third-party Tokenized Stocks are standardized into a common share-equivalent representation.
The issuer token may be measured differently on-chain, while we display the corresponding economic exposure in share-equivalent units such as xAAPL.
3. Are Unified Tokenized Stocks actual shares?
No.They give you economic exposure to an underlying stock or ETF but don't give you direct ownership of the underlying shares or direct voting rights.
4. Can I trade Tokenized Stocks 24/7?
Yes.
Supported Unified Tokenized Stocks can trade 24 hours a day, seven days a week.
However, the underlying U.S. stock market is not open continuously. Outside regular market hours, liquidity may be lower, spreads wider and the Tokenized Stock price may differ from the underlying stock's latest exchange-traded price.
5. Are all Tokenized Stocks available through the order book?
No.
Trading availability depends on the asset. Some Tokenized Stocks may be available through Buy, Sell or Convert, while selected markets also support order-book trading.
6. Why can a Tokenized Stock price differ from the underlying share?
Because the Tokenized Stock trades in a separate market.
When the underlying exchange is closed, buyers and sellers on our platform can continue reacting to new information even though there's no new exchange-traded share price is available.
7. Do I receive dividends?
You don't receive a conventional shareholder dividend directly from the underlying company.
For the currently documented xStocks issuer structure, the net economic effect of an eligible dividend is reinvested by the applicable issuer and reflected through the multiplier and your share-equivalent balance.
8. Can I short positioned Tokenized Stocks?
Not through the Tokenized Stock itself.Unified Tokenized Stocks don't provide leveraged short positions.
9. Can I move Tokenized Stocks on-chain?
Yes. At launch, supported xStocks can be deposited and withdrawn on xLayer and Solana.
OKX converts between the on-chain token quantity and share-equivalent quantity using the applicable multiplier.
10. Can I use Tokenized Stocks with trading bots?
Supported Tokenized Stocks can be used with DCA and Grid bots. Corporate actions may temporarily affect active strategies.
11. Can Tokenized Stocks be used as collateral?
Selected Unified Tokenized Stocks can be used as collateral in supported margin account modes, subject to eligibility, collateral limits and risk-based haircuts.