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A Cointelegraph Magazine analysis said Ondo Finance (ONDO), Coinbase and Uniswap (UNI) could benefit relatively after the U.S. SEC introduced a five-year temporary exemptive framework allowing on-chain trading of stock tokens that provide the same dividends, voting rights and other rights as actual shares.
The analysis said Ondo holds underlying shares with traditional custodians, reflects investor rights in tokens, and has broker-dealer licensing infrastructure. Coinbase also pays dividends on stock tokens backed by underlying shares. Uniswap already operates v4 Permissioned Pools, which can restrict users and liquidity providers, meaning the system could be used as trading infrastructure under the new rules.
By contrast, Robinhood’s Stock Tokens and Kraken’s xStocks do not provide the same rights as actual shares, leaving them outside the scope of the rules under their current service structures.