US Tokenization Series
How a US share is born, traded, cleared, settled and serviced, on the traditional rail and the tokenized rail side by side. Four parts, one running example, one status board, updated as the rules change.
← Back to YuktiNexusFour token models, the S-1 to IPO close, and the first delivered share.
Open the plumbing →Venues, clearing, settlement, custody and the cash leg.
Open the plumbing →Register, dividends, votes, corporate actions, collateral and tax.
Open the plumbing →Fee stack, players, guardrails and the watch list.
Open the plumbing →Each part opens with where we are and closes with what the next part relies on. Read in order, or open any part on its own.
7 live or approved 4 staff view, no-action or announced 8 proposed or pending 2 stalled or unsettled
Counts across the 21 tracked items, as of 5 November 2026. Open the full status board.
| Term | Meaning |
|---|---|
| DTC entitlement token (Model A) | A token representing the participant's securities entitlement held at DTC, one for one, convertible both ways [S9]. |
| Issuer-sponsored token (Model B) | The blockchain is the master securityholder file, or a token drives updates to an offchain file kept by the transfer agent [S22]. |
| Third-party custodial token (Model C) | An unaffiliated party mints tokens one for one against shares held in the regulated custody chain, as in Ondo's US launch [S28]. |
| Synthetic token (Model D) | The third party's own instrument, such as a loan note or swap, tracking a price. No ownership or vote. Outside the Innovation Exemption [S4]. |
| Master securityholder file | The issuer's official record of who owns what, kept by the issuer or its transfer agent [S21]. |
| TSV (tokenized securities venue) | A permissioned venue using AMM liquidity pools under the Innovation Exemption. Neither an exchange nor an ATS [S4]. |
| Covered Firm | A liquidity provider exempt from dealer registration only for TSV pool activity, with conditions [S7]. |
| DvP and atomic settlement | Delivery versus payment: security and cash move together. Atomic means in one indivisible step. |
| Deposit token | A token that is a claim on a bank deposit, for example JPM Coin [S42]. |
| Permitted payment stablecoin | A stablecoin issued under the GENIUS Act regime [S44]. |
If one of these changes, part of the map changes. Joint numbers refer to the ten lifecycle stages.
| Version | Date | Change |
|---|---|---|
| 1.0 | 5 Nov 2026 | Initial four-part series and status board. |
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