Yes. Dividends reach tokenized stocks, and "how" has four different answers right now. The difference is large enough that you should know which one applies to the token you hold.
With three of the four issuers, a dividend arrives as arithmetic rather than money. Someone waiting for a payment to land will conclude the dividend was skipped, and they will be wrong.
The four approaches
Robinhood keeps a multiplier inside the token contract. To pass on a dividend it raises that number, and your share count is your raw token balance times it. Nothing is paid to you and no tokens move. Because the number lives on the token, a wallet shows the change by itself.
You can watch this happen. On 27 July 2026 the multiplier for ORCL rose by about 0.22 percent in a single transaction on Robinhood Chain, which is linked at the top of this page. Open it.
Ondo Global Markets uses the same idea, with the number in a separate contract rather than on the token. Ondo publishes a synthetic share value for each of its tokens, and it rises as dividends are reinvested. Ondo describes its tokens as total return trackers. Because the figure sits outside the token, a wallet balance stays put and so does the number your wallet displays. What changes is how many shares each token counts as, and you have to read Ondo's contract to see it.
Backed, through xStocks, uses a rebasing multiplier, implemented on Solana with the Scaled UI Amount extension. Same family of mechanic, and the same result: no payment to you.
Dinari is the odd one out, and the one that behaves the way most people expect. Dinari states that cash dividends are paid to your wallet as a stablecoin. Money arrives.
Why the difference exists
It follows from the wrapper, which is the legal form the issuer put around the share. Robinhood states it issues debt securities. Ondo issues through a bankruptcy-remote special purpose vehicle and states its tokens give economic exposure similar to holding the share and reinvesting dividends, rather than title to the share. Backed states its certificates are collateralized one to one by the share. Dinari states a dShare is backed one to one by a share held at a US broker-dealer.
Four structures produce four answers to "where does the cash go". All four are correct for the product they describe, which is the useful thing to take away: a tokenized stock is not one product.
How to tell which one you hold
Every stock page on this site names the issuer of each token and prints its mechanic. A page for a stock with several issuers shows several rows, because it is several products. The glossary defines the mechanics if the terms are unfamiliar, and the events page lists every corporate action we hold a transaction for.
Reasoning from "a tokenized stock" in the abstract is what goes wrong. Check the issuer, then check what that issuer says.
Every claim about an issuer above is that issuer's own description, and each is linked so you can read it in full.