The Register · tokenized SPY
What a tokenized SPY holder owns
8 tokens issued by 8 programs track State Street SPDR S&P 500 ETF Trust, and each gives the holder something different. Ketju has a file on 8 of them; each row below links to the file, which quotes the issuer.
What the holder owns
One version on file gives the holder the State Street SPDR S&P 500 ETF Trust share itself: DTC-tokenized shares, once DTC’s service launches. 2 versions on file give the holder a claim on a real share that a custodian holds in its own name, with no vote:bStocks, Anchored aStocks. 5 versions are notes or swaps that pay like the share and carry no rights in it: xStocks, Ondo Global Markets, Robinhood Stock Tokens, rTokens, Dinari dShares.
Who may hold it
One version on file is offered to US persons: DTC-tokenized shares (not live until DTC launches its service). The other 7 on file are not.
Who can freeze it
In 3 of the 7 programs with a readable contract, one private key can freeze, pause, or claw back holders’ tokens, or grant that power: xStocks, Robinhood Stock Tokens, Dinari dShares.
Every version, side by side
| Version | What the holder has | Control | ||||
|---|---|---|---|---|---|---|
| Token | Program | Owns | Who may hold | Redemption | Freeze key held by | Market cap |
| SPYx | xStocks | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | A single key | $67M |
| SPYon | 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 | $45M |
| SPY | Robinhood Stock Tokens | Third-party synthetic | Not offered to US persons | Secondary market only; no issuer redemption | A single key | $23M |
| SPYB | bStocks | Third-party custodial | Not offered to US persons | Redeem in kind | Ketju found a freeze power but not who holds it | $14M |
| RSPY | rTokens | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | Ketju found a freeze power but not who holds it | $1M |
| SPY | Dinari dShares | Third-party synthetic | Not offered to US persons | Redeem with the issuer in its window | A contract run by a single key | $309K |
| ASPY | Anchored aStocks | Third-party custodial | Not offered to US persons | Redeem with the issuer in its window | Ketju found no freeze or claw-back power | $531 |
| SPY | DTC-tokenized shares | DTC-tokenized (same CUSIP) | US retail investors Not live yet | Sell on the listing exchange, T+1 through DTC | DTC’s root wallet; no contract is public yet | Not listed |
Market cap is CoinGecko’s figure on 2026-09-24, for the token itself and not for the share it tracks. The “Freeze key held by” column shows the weakest key that can freeze, pause, or claw back a holder, or grant that power, as Ketju read it from the chain.
Kinds of claim
- Third-party synthetic
- A note or swap that pays like the security and carries no rights in it. xStocks, Ondo Global Markets, Robinhood Stock Tokens, rTokens, Dinari dShares.
- Third-party custodial
- A custodian’s security entitlement in the form of a token; the holder’s claim is against the custodian. bStocks, Anchored aStocks.
- DTC-tokenized (same CUSIP)
- The listed share itself, held through DTC under the same CUSIP. DTC-tokenized shares.