Tokenized stocks are not as simple as imagined. Anyone who understands stocks knows that there are several real situations involved. Let alone tokenized stocks, even well-known traditional financial brokers find it challenging to handle these corporate actions.
1️⃣
Dividends
Cash dividends: Pay users in USDT?
Stock dividends: Airdrop tokens or modify balances?
→ These operations require on-chain or off-chain collaboration; they are by no means a one-click solution.
2️⃣
Stock Splits / Reverse Splits
1 becomes 2, 10 becomes 1, looks simple?
→ Smart contracts must support precise adjustments to user holdings, rounding errors, historical records, and interface compatibility are all pitfalls.
3️⃣
Delisting & Mergers
If the stock is delisted, what happens to the tokens?
→ Typically, it involves forced redemption, freezing of trading, or even conversion to a new token.
4️⃣
Shareholder Voting
In reality, there is Proxy Voting; do token holders have governance rights?
→ Many platforms circumvent this; either the platform votes on behalf or does not support it.
On-chain governance mechanisms are a new direction, but they are still in an early stage.
⚠️
Many people think "tokenized stocks = true decentralization + automatic synchronization with the real world," but the truth is: the vast majority of platforms rely on off-chain custody + manual synchronization of corporate action data streams.
Transparency and trust mechanisms are key.