I almost always agree with CC, but let me give the contrarian take. Securitize (gold standard, imo), is an SEC-registered transfer agent and you're the legal owner of the stocks you hold with them. I.E., the official shareholder ledger is updated with each transfer. You get voting rights, dividends, and real ownership. NYSE also named them its first official digital transfer agent, FWIW. Ondo is definitely different. With Ondo you hold a senior secured note with a 1:1 legal claim on assets custodied by Alpaca. Since their Feb '26 SEC filing, they've moved to a reporting issuer model, which means they have to prove on a regular basis to the SEC where the underlying stocks are held and how much of them are held. xStocks (which I like, personally) uses Liechtenstein's Token Container model to issue "bearer certificates." This means you hold a legal claim to the asset against the issuer (Backed Assets JE) for the fair market value of that share according to the Liechtenstein Blockchain Act. With both Ondo and xStocks, you still retain a bankruptcy remote claim to the value of the stock (meaning that even if the issuers are bankrupt, the SPVs holding the underlying are not affected and derivative holders are the direct claimants).