People want a single sentence covering whether a tokenized stock is a security, a derivative, a share or something else. There is no single sentence, because there is no single product. Four issuers on this site have chosen three different legal structures, and each publishes its own description.
We are not lawyers, and characterising anyone's instrument for them is not something we will do. An issuer's description of its own product is the issuer's to make, and an issuer cannot object to its own disclosure. Putting the four side by side is useful, because seen together they say something the individual documents do not.
What each one says
Robinhood, issuing through Robinhood Assets (Jersey) Limited, describes its tokens as debt securities. In its framing, that is a claim on the issuer, following the share price, rather than the share or shareholder rights.
Ondo Global Markets, issuing through Ondo Global Markets (BVI) Limited via a bankruptcy-remote special purpose vehicle, states its tokens are total return trackers that give economic exposure similar to holding the share and reinvesting dividends, not title to the share or shareholder rights.
Backed, through xStocks, operating as Backed Assets (JE) Limited, states its xStocks are bearer certificates collateralized one to one by the share they track, held with a custodian, and that the certificate carries the price rather than the share itself or a shareholder vote.
Dinari, as Dinari, Inc., states a dShare is backed one to one by a real share held at a US broker-dealer, and that cash dividends are paid to the holder's wallet as a stablecoin.
What emerges from reading them together
Three things no single document says on its own.
All four decline to call it the share. Every one of them draws that line themselves, in their own words. "A stock token is not a share" is the one thing all four issuers agree on and say without being asked, which is why it belongs in the category's vocabulary rather than in ours.
None of them offers a shareholder vote. Two say so explicitly. The structures of the other two do not carry one.
The wrapper is the product. A debt security, a bearer certificate and a share held at a broker-dealer put you in three different positions, particularly if the issuer runs into trouble. The price on the screen looks identical in all three cases, which is exactly why the wrapper is worth reading.
The word this site will not use
We do not describe any outbound link or any token as "verified". We publish "link checked" with a date, because that is a fact about something a person did, and "verified" is an endorsement we have not earned and could not stand behind.
The same restraint applies here. We report what an issuer says, dated and linked, and we stop short of certifying that it is accurate, complete, or that it will hold up in a court in Jersey.
Where to read the originals
Every issuer page carries that issuer's own description and its own eligibility statement, quoted, with a link to the source document. The four documents are linked at the top of this page too.
Read them. They are short, and they are written by the people who are liable for them. This page is a reading aid.