AMC Tokenized Stock Dispute Sparks Debate Over Three Issuance Models

ChainCatcher report, according to The Defiant, the dispute between AMC Entertainment CEO Adam Aron and Robinhood over tokenized AMC shares has escalated into a broader debate among tokenized stock issuers regarding which model should become the industry standard. Gabriel Otte, co-founder of Dinari, criticized Robinhood and Ondo’s synthetic tokens as “worse for end investors than regular stocks,” while Uniswap founder Hayden Adams compared them to early stablecoins, noting they fulfill user demand for programmability and 24/7 trading. Three models are currently competing in the $2.91 billion tokenized stock market: Robinhood’s share tokens are debt securities issued by a Jersey-based entity, available only to non-U.S. persons; Ondo, xStocks, and Dinari hold the underlying stocks through regulated intermediaries and pass through economic returns; Securitize and Superstate directly tokenize company-registered shares on-chain. The U.S. SEC’s Division of Corporation Finance issued legal guidance on all three models on January 28. Data from rwa.xyz shows the total value of tokenized stocks has reached $2.91 billion, a 14.4% increase over 30 days, with Ondo leading at $869.6 million. Securitize CEO Carlos Domingo also supports Aron’s position, stating he does not want others creating offshore derivatives of company shares. Brian Huang, co-founder of Glider, argues that trading venues matter more than packaging formats, noting that AMMs cannot guarantee users optimal execution.