US Tokenization Series | Part 4 of 4
The whole line from S-1 to shareholder. Switch the view to see what each joint does, what it costs, who runs it or which rule binds it.
← Series indexStages 1 to 5 issuance | 6 to 9 trade | 10 holder. Status as of 5 Nov 2026 (v1.0).
Select a joint to see who runs it, the fee and the rule on each rail.
Company or agent keeps a stock ledger; transfers by board or agent action.
About $1 per shareholder tabulation, $45 rush transfer (illustrative small-cap schedule)
Company counsel, cap-table vendors, private transfer agents
Securities Act exemptions, Delaware ledger rules, UCC Article 8
Delaware lets a distributed ledger be the stock ledger, since 1 Aug 2017. Exodus issued stock natively onchain in late 2024.
Not published
Securitize TA (SEC-registered, 21 chains)
Still subject to the 1933 and 1934 Acts. Outside the Innovation Exemption, which covers NMS stock only.
Draft registration, staff comments, effectiveness, Rule 424(b) prospectus, Form 8-A.
SEC fee about $138.10 per $1M, so about $13,810 on $100M
Issuer counsel, auditors, financial printers, EDGAR agents
Securities Act Section 5, Regulation S-K
The law is unchanged. My inference: the S-1 should describe the token form, the ledger and the transfer agent.
Same registration fee
Plus the tokenization platform and transfer agent. Securitize filed its own S-1 in 2026.
No primary issuance on a tokenized venue. Regulation Crypto Assets (proposed) is not the route for equity.
Firm-commitment syndicate, roadshow, bookbuilding, pricing, over-allotment.
Spread 4% to 7%, 7% for mid-size deals. $7.0M on $100M. Common split 20/20/60.
Lead bookrunners and syndicate members
Securities Act, FINRA underwriting rules, Regulation M
Securitize and Cantor Fitzgerald announced a framework to run IPOs and follow-ons onchain (15 Jul 2026). No deal named.
No pricing disclosed. My analysis: the 60% selling concession is the exposed slice.
Cantor Fitzgerald, Securitize Markets
Same. The deal must be registered or exempt.
Issuer gets a CUSIP, appoints a transfer agent. Underwriter sponsors DTC eligibility.
$1,000 per new CUSIP at DTC, charged to the transfer agent
Computershare (about 58% of S&P 500 per one aggregator), Continental, Equiniti, DTC
Exchange Act Section 17A
Same CUSIP and symbol on Nasdaq (approved Mar 2026). For issuer-sponsored tokens the transfer agent keeps the register and mints the token.
No incremental CUSIP fee. DTC tokenization fees not published.
Securitize TA, Computershare issuer-sponsored tokens, Oasis Pro TA
Transfer agent proposal of 1 Sep 2026 (blockchain as official record, Form TA-2). Not final.
Net proceeds to the issuer, shares delivered through DTC. T+1, with a T+2 allowance for late-priced deals.
Wire
Underwriters, DTC
Rule 15c6-1, prospectus delivery
Shares enter DTC book entry first, then convert to tokens within the 34-security list. Onchain primary delivery is not yet demonstrated.
Wire today
DTC participants. Securitize placed its own stock on Avalanche and Solana.
The exemption bars primary issuance on a tokenized venue.
Order to a broker, routed to exchanges, ATSs and wholesalers. Rule 611 bars trade-throughs.
$0 commission. Section 31 $0.206 on $10,000. CAT about $0.000003 per share.
Nasdaq, NYSE, Cboe, Texas Stock Exchange, 24X, wholesalers, retail brokers
Regulation NMS, FINRA Rule 5310, CAT
Three routes: Nasdaq (same book), tokenized venues under the exemption, and the NYSE digital venue (pending).
Same on Nasdaq. Venue fees not published.
Securitize Markets, Dinari, venue operators, Covered Firms
75 Tier 1 and 250 Tier 2 symbols, 0.25% and 2.5% of prior-month volume. Rule 611 rescission proposed 11 Jun 2026.
NSCC becomes counterparty to both sides, nets into Continuous Net Settlement and guarantees. 24x5 since June 2026. T+1.
$0.44 per $1M of value into the net, about $0.0044 on $10,000
NSCC, DTCC
Exchange Act Section 17A. The 24x5 filing was approved 27 May 2026.
Nasdaq tokenized trades still clear at NSCC. Venue designs describe atomic settlement on Canton, with no central counterparty described.
DTC tokenization pricing not published
DTCC, Digital Asset (Canton)
SEC no-action letter to DTC, 11 Dec 2025, three-year service period
DTC book-entry settlement. Brokers hold fully paid securities by possession or control.
Bundled into brokerage
DTC, carrying broker-dealers, bank custodians
Rule 15c3-3, Net Capital Rule, SIPA
Tokens move between registered wallets around the clock. Conversion back is designed to take about 15 minutes.
Not published
20 DTC participants including JPMorgan, Citi, Fidelity, Citadel Securities, State Street, UBS
Staff statement of 17 Dec 2025 (interim): exclusive key control and reconciliation to the firm's books.
Cash settles through banks and Fedwire on bank business hours.
Wire and Fedwire fees (not researched)
Federal Reserve, commercial banks
Regulation J, Fed account policy
JPMD deposit token on Base, Canton in phases through 2026. ICE tokenized deposits with BNY and Citi. CFTC collateral pilot.
Inside bank pricing, not published
JPMorgan Kinexys, Citi, BNY. Circle, Coinbase, Kraken and Block seek Fed access.
GENIUS Act effective on the earlier of 18 Jan 2027 or 120 days after final rules. Fed payment account proposed May 2026.
Transfer agent file, dividends through TA and DTC, Broadridge proxy, Form 1099-B.
$1,000 per new CUSIP. About $1 per account (small-issuer schedule).
Transfer agents, Broadridge, DTC
Delaware DGCL 219, 220, 224, UCC Article 8
Dividends processed offchain. ProxyVote live for Ondo US tokens. Onchain dividends and wallet voting are later steps.
No sourced figure
Computershare, Broadridge, Securitize
Tax form unsettled, 1099-B or 1099-DA. Transfer agent proposal not final.
Sources: SEC releases, DTCC, Nasdaq, NSCC, PwC IPO study, OCC, Federal Reserve, CFTC, IRS, Securities Transfer Association petition. The numbered list is on the status page.
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