Ethereum’s ERC-8415 tests tokenization’s ownership gap

Detailed summary

On November 23, OKXICE, a joint venture between crypto exchange OKX and New York Stock Exchange owner Intercontinental Exchange, plans to let eligible US investors trade tokenized…

On November 23, OKXICE, a joint venture between crypto exchange OKX and New York Stock Exchange owner Intercontinental Exchange, plans to let eligible US investors trade tokenized securities around the clock.

Most of the companies in its original proposed stock lineup have objected to inclusion. The resistance is a reminder that putting a share on a blockchain involves more than making it tradable.

For investors, a basic question follows: when a token changes hands, what rights pass to the buyer — and how is that transfer reflected in the records that establish those rights?

Consider a warehouse receipt for 25 tonnes of copper. Its corresponding token might change hands three times while the warehouse register still names the first buyer. The transaction history is intact. The metal has not moved. But what, exactly, has the last person who paid acquired?

The example illustrates a problem that real-world asset tokenization, or RWA, must address wherever trading and registration operate separately. A blockchain can record a transfer quickly.

Warehouses, custodians and registrars follow their own procedures to confirm rights. Buyers and sellers need to know how far the trading has progressed and how far registration has caught up.

RWA is already a working market. Tokenized Treasury products, money market funds and gold are in circulation. DTCC launched its securities tokenization service in October 2026, allowing eligible participants to convert rights in DTC-custodied securities between traditional and tokenized forms.

Hong Kong’s HK$20 billion digital green bond issuance in September incorporated tokenized deposits into primary settlement for its Hong Kong dollar tranche.

NFTs have found a more specific role in physical markets. Platforms such as Courtyard hold trading cards and watches in custody while corresponding tokens are traded, with physical delivery available under their terms.

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