The Register · tokenized APP
What a tokenized APP holder owns
4 tokens issued by 4 programs track AppLovin. They share a ticker and little else. 4 are on file; each row below links the file with the issuer’s own words.
What the holder owns
Every version on file (4) are notes or swaps that pay like the share and carry no rights in it: xStocks, Ondo Global Markets, rTokens, Robinhood Stock Tokens. None gives the holder the AppLovin share itself, and none carries SIPC protection in the wallet.
Who may hold it
No version on file is offered to US persons.
Who can freeze it
In 2 of the 4 programs with a readable contract, one private key can freeze, pause, or claw back holders’ tokens, or grant that power: xStocks, Robinhood Stock Tokens.
Every version, side by side
| Version | What the holder has | Control | ||||
|---|---|---|---|---|---|---|
| Token | Program | Owns | Who may hold | Exit | Freeze key held by | Market cap |
| APPX | xStocks | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | A single key | $669K |
| APPON | Ondo Global Markets | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | An account only a program can sign for | $454K |
| RAPP | rTokens | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | A power exists; its holder was not read | $259K |
| APP | Robinhood Stock Tokens | Third-party synthetic | Not offered to US persons | Secondary market only; no issuer redemption | A single key | $23K |
Market cap is CoinGecko’s figure on 2026-09-24, for the token itself, not the share it tracks. “Freeze key held by” names the weakest key that can freeze, pause, or claw back a holder, or grant that power, read from the chain.
What the difference means
- Third-party synthetic
- A note or swap that pays like the security and carries no rights in it. xStocks, Ondo Global Markets, rTokens, Robinhood Stock Tokens.