The Register · tokenized BABA
What a tokenized BABA holder owns
5 tokens issued by 5 programs track Alibaba. They share a ticker and little else. 5 are on file; each row below links the file with the issuer’s own words.
What the holder owns
One version on file gives the holder a claim on a real share that a custodian holds, not the share in the holder’s own name, and no vote: bStocks. 4 versions are notes or swaps that pay like the share and carry no rights in it: Ondo Global Markets, Robinhood Stock Tokens, rTokens, Dinari dShares. None gives the holder the Alibaba 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 5 programs with a readable contract, one private key can freeze, pause, or claw back holders’ tokens, or grant that power: Robinhood Stock Tokens, Dinari dShares.
Every version, side by side
| Version | What the holder has | Control | ||||
|---|---|---|---|---|---|---|
| Token | Program | Owns | Who may hold | Exit | Freeze key held by | Market cap |
| BABAB | bStocks | Third-party custodial | Not offered to US persons | Redeem in kind | A power exists; its holder was not read | $7M |
| BABAON | 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 | $3M |
| BABA | Robinhood Stock Tokens | Third-party synthetic | Not offered to US persons | Secondary market only; no issuer redemption | A single key | $525K |
| RBABA | rTokens | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | A power exists; its holder was not read | $309K |
| BABA | Dinari dShares | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | A contract run by a single key | $3K |
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 custodial
- A custodian’s security entitlement formatted as a token; the claim runs against the intermediary. bStocks.
- Third-party synthetic
- A note or swap that pays like the security and carries no rights in it. Ondo Global Markets, Robinhood Stock Tokens, rTokens, Dinari dShares.