You can buy NVIDIA with USDT on a CEX now. But do you actually own the stock?
We audited the plumbing behind tokenized US stocks. 94% of clearing runs through a single broker (Alpaca). Voting rights evaporate, dividends become contractual IOUs, SIPC protection stops at the issuer.
What you hold isn’t equity. It’s a digital IOU tracking a price.
New IOSG research 🧵👇
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