SPY tokenized stock: xStocks vs bStocks vs Ondo vs Robinhood — price, spread, liquidity, yield
SPY (SPDR S&P 500 ETF Trust) has 4 verified tokenized versions from 4 issuers on 4 chains (Solana, BSC, Ethereum, Robinhood Chain). Each row below is a separate token with its own issuer, chain and terms. Only tokens whose issuer is verified from the issuer's own published list or announcement, or from an on-chain record, are included. For the live view with every pool, open SPY in the stocks terminal.
Spread vs median of token versions compares each token with the median price per share across all token versions of SPY, after adjusting for shares per token. It is not a premium vs the real share.
Premium vs the real share compares the token price with the price of the real share. The reference price of the real share is unavailable in this build, so the premium column shows a dash instead of a number.
| Issuer | Chain | Price | Spread vs median of token versions | Premium vs the real share | Supply (USD) | Liquidity | Best yield | CEX | Structure / redemption |
|---|---|---|---|---|---|---|---|---|---|
| xStocks SPYX Backed Assets (JE) Limited, Jersey US persons: not eligible (source) | Solana | $768.01 2026-10-26 20:23 UTC 1.0000 shares per token | +0.27% | Reference price unavailable | $73,556,293 | $16,042,934 Pool TVL, 8 pools | Pillar tiers
Pillar tiers
| Kraken: $764.99 Gate: $766.28 MEXC: $769.63 | Token issued by a bankruptcy-remote SPV, 1:1 collateralised (issuer wording) (source) Mint and redeem: Issuance and redemption 24/5, aligned with U.S. equity market hours (source) |
| bStocks SPYB BTech Holdings Ltd, Abu Dhabi Global Market (ADGM) US persons: not eligible | BSC | $765.77 2026-10-26 20:23 UTC Shares per token: not published | No spread (multiplier unknown) | Reference price unavailable | Not available | $595,758 Pool TVL, 1 pool | Pillar tiers
| Binance: $766.22 | Not available |
| Ondo SPYON Ondo Global Markets (BVI) Limited, British Virgin Islands US persons: not eligible (source) | Ethereum | $772.37 2026-10-26 20:20 UTC Shares per token: not published | No spread (multiplier unknown) | Reference price unavailable | Not available | $4,170,488 Pool TVL, 1 pool | Pillar tiers
| Gate: $765.65 MEXC: $773.77 | Structured note (debt instrument issued by a BVI SPV, Swiss-law terms) (source) Mint and redeem: Sun 8:05pm ET to Fri 7:59pm ET whenever U.S. markets are open; Off-Hours session for select assets (source) Minimum redemption: $1 (source) |
| Robinhood SPY Robinhood Assets (Jersey) Limited, Jersey US persons: not eligible | Robinhood Chain | $765.19 2026-10-26 20:21 UTC 1.0017 shares per token | -0.27% | Reference price unavailable | Not available | $147,340 Pool TVL, 1 pool | Pillar tiers
| Not available | Tokenised debt security issued by Robinhood Assets (Jersey) Limited (source) Mint and redeem: Market-maker mint/burn window Mon 02:00 to Sat 02:00 CET/CEST; end users can trade on-chain at any time (source) |
Token prices are DefiLlama coins (aggregated on-chain prices). The median price per share across the token versions is $765.95. Versions with an unknown shares-per-token multiplier are shown without a spread. Supply is the token supply valued at the token price. Liquidity is DefiLlama pool TVL; ±2% depth appears only when read on-chain. Best yield is DeFi Garden's projected APY (reward emissions are discounted and the projection never exceeds the current rate), with the pool's DeFi Score rating and High / Medium / Low pillar tiers. Exchange prices are public ticker prices of the listed exchange.
What differs between versions
Facts below come from the issuers' own published documents; fields an issuer does not publish are left out.
- xStocks. Issued by Backed Assets (JE) Limited (Jersey). Structure: Token issued by a bankruptcy-remote SPV, 1:1 collateralised (issuer wording). Not offered to US persons. Mint and redeem: Issuance and redemption 24/5, aligned with U.S. equity market hours. Multiplier: 1.0000 shares per token.
- bStocks. Issued by BTech Holdings Ltd (Abu Dhabi Global Market (ADGM)). Not offered to US persons. Shares per token not published, so no spread is computed for SPYB.
- Ondo. Issued by Ondo Global Markets (BVI) Limited (British Virgin Islands). Structure: Structured note (debt instrument issued by a BVI SPV, Swiss-law terms). Not offered to US persons. Mint and redeem: Sun 8:05pm ET to Fri 7:59pm ET whenever U.S. markets are open; Off-Hours session for select assets. Shares per token not published, so no spread is computed for SPYON.
- Robinhood. Issued by Robinhood Assets (Jersey) Limited (Jersey). Structure: Tokenised debt security issued by Robinhood Assets (Jersey) Limited. Not offered to US persons. Mint and redeem: Market-maker mint/burn window Mon 02:00 to Sat 02:00 CET/CEST; end users can trade on-chain at any time. Multiplier: 1.0017 shares per token.
Sources
- xStocks: api.xstocks.fi/api/v2/public/assets · defillama.com/rwa/platform/xstocks · docs.xstocks.fi · docs.xstocks.fi/developers/multipliers
- bStocks: web3.binance.com/en/dev-docs/products/agentic-wallet/use-cases/campaigns/bstock-eligible-tokens · defillama.com/rwa/platform/bstocks
- Ondo: docs.ondo.finance/addresses · docs.ondo.finance/partner-docs/tokens · docs.ondo.finance/ondo-stocks/legal-and-regulatory.md · docs.ondo.finance/ondo-stocks/eligibility.md · docs.ondo.finance/ondo-stocks/market-hours-and-trading-availability.md
- Robinhood: docs.robinhood.com/chain/contracts · docs.robinhood.com/chain/stock-tokens · api.robinhood.com/rhj/assets
Other tokenized stocks
Back to the tokenized stocks yield terminal · How the DeFi Score works