Settlement shipped. The shareholder lifecycle did not.

Stages 1 to 5 issuance | 6 to 9 trade | 10 holder. Status as of 5 Nov 2026 (v1.0).

The pipe

Select a joint to see who runs it, the fee and the rule on each rail.

1. 1
   RegisterPARTLY LIVEDetails

   Traditional rail

   Transfer agent keeps the master securityholder file. Street-name positions sit at DTC participants.

   Per-account schedules

   Computershare, Continental, Equiniti

   DGCL 219, 220, 224. UCC Article 8.

   Tokenized rail

   Issuer-sponsored: chain plus offchain data form the file. DTC tokens: the record is still DTC. Custodial tokens: a transfer agent mints.

   Not published

   Securitize TA, Oasis Pro TA, Computershare

   Transfer agent proposal of 1 Sep 2026. Not final.

2. 2
   Dividends and splitsOFFCHAIN TODAYDetails

   Traditional rail

   Board declares. Payment flows through the transfer agent and DTC to participants.

   Per-event fees

   Transfer agent, DTC

   Corporate law, Exchange Act

   Tokenized rail

   Computershare processes dividends and splits for issuer-sponsored tokens. Stablecoin dividends are described as a later step.

   Not published

   Computershare, Securitize

   Venue-traded tokens must carry the same economic rights, including dividends.

3. 3
   Proxy votingLIVE FOR ONDO USDetails

   Traditional rail

   Broadridge handles most street-name proxy distribution and tabulation.

   Not researched

   Broadridge

   Proxy rules

   Tokenized rail

   ProxyVote is live for Ondo's US tokens. Synthetic notes get no vote. Wallet-native voting is a future step.

   Not published

   Broadridge, Oasis Pro TA

   The exemption requires voting rights equal to the stock.

4. 4
   Corporate actionsONE CUSIP, ONE PROCESSDetails

   Traditional rail

   A new CUSIP needs DTC eligibility. Event processing runs through the transfer agent.

   $1,000 per new CUSIP, charged to the transfer agent

   Transfer agent, DTC

   Exchange Act Section 17A

   Tokenized rail

   Tokenized and traditional shares share a CUSIP, so one process serves both.

   One broker note flags corporate-action fee revenue as a medium-term risk

   Computershare, DTC

   Transfer agents' petition of 13 Jul 2026 is the same fight in public.

5. 5
   Collateral and lendingPILOTDetails

   Traditional rail

   Pledges and securities lending run through DTC and bilateral agreements.

   Not researched

   DTC, banks, brokers

   Bilateral agreements

   Tokenized rail

   July 2026 production trades: pledge, lending, Treasury repo DvP, equity DvP and CCP margin, with 30+ firms. The Collateral AppChain is not live.

   Not published

   DTCC, Chainlink CCIP, Broadridge

   AppChain timing: Q1 2027 in the sources I use, reports conflict. CFTC tokenized collateral pilot is live.

6. 6
   Tax reportingUNSETTLEDDetails

   Traditional rail

   Brokers report sales on Form 1099-B with cost basis and holding period.

   Not applicable

   Brokers

   Cost basis rules

   Tokenized rail

   Sources conflict. One says 1099-DA, the IRS proposed 1099-DA only, other guides say 1099-B. SIFMA asked for a choice.

   Not applicable

   Brokers, exchanges, IRS

   Open item. Onchain holder identity also complicates dividend withholding.

Sources: DTCC, Broadridge, Computershare, Ondo, SEC transfer agent proposal of 1 Sep 2026, IRS and SIFMA reporting on Form 1099-DA, a broker note on Computershare. The numbered list is on the status page.