Woofun AI reports that the State Council issued the "Regulations of the State Council on Overseas Investment" on June 1, 2026, mandating approval, registration, and information reporting for all overseas investment activities. This regulatory shift effectively eliminated gray-area channels for purchasing U.S. equities, forcing capital toward tokenized real-world asset (RWA) solutions. The market has subsequently stratified into four distinct operational models, each offering different levels of ownership, compliance, and liquidity.

The True Shareholding Model represents the highest tier of compliance, where investors directly hold stocks and retain full voting rights alongside economic benefits. Projects in this category, including Securitize, Superstate, and Centrifuge, require strict adherence to SEC-registered transfer agent protocols for Know Your Customer (KYC) verification. Access is restricted exclusively to users with U.S. citizenship, and wallet addresses must be pre-approved on a whitelist. Securitize maintains on-chain shareholder registries and facilitates trading via Jupiter, while Superstate's Opening Bell initiative, launched in partnership with Galaxy, utilizes Broadridge for voting administration to ensure legal enforceability.

A more critical variable is the Equity Certificate Model, which utilizes an offshore Special Purpose Vehicle (SPV) to purchase stocks and issue tokens representing contractual claims rather than direct ownership. While users receive dividends and enjoy 24/7 trading, they forfeit voting rights. Ondo leads this segment with ABCon tokens issued by a British Virgin Islands SPV governed by Swiss law, holding underlying assets with third-party agents.

Woofun AI data shows Ondo has generated nearly $20 billion in trading volume across platforms such as Binance Alpha, Bitget, and Gate.io, supporting 440 stocks. Backed Finance, now acquired by Kraken and regulated in Jersey, employs Chainlink for proof of reserves in a structure resembling bearer bonds, achieving a total historical trading volume of $25 billion on Kraken and Bybit within the Solana ecosystem. Other notable issuers include Binance bStocks, backed by an Abu Dhabi SPV and classified as a financial instrument certificate on the main platform, and Bitget rToken, which uses the Reality platform with Alpaca providing clearing and custody for over 500 assets. StableStock operates on BNB Chain with support for over 1,600 stocks despite a smaller scale, while EX.IO functions as a Hong Kong-compliant exchange connecting to liquidity via an Anchored market maker network with T+2 settlement.

The Brokerage Tokenization Model bridges traditional finance and blockchain by allowing investors to trade real U.S. stocks through regulated brokers before tokenizing them for on-chain circulation. Backpack executes trades through Backpack Securities, enabling tokenized stocks to circulate on the Solana chain, where SPCX stands as one of the highest-volume tokens in this category. MSX utilizes Payment for Order Flow (PFOF) execution, restricting tokenized stock circulation to within its own platform while leaving architectural room for future DeFi integration. This model prioritizes regulatory alignment over the open composability found in other structures.

Finally, the On-Chain Perpetual Contract Model operates without underlying assets, relying entirely on smart contracts and oracles to track stock prices with liquidity supplied by market makers. These instruments are designed for leveraged speculation but carry inherent risks of price disconnection from actual stock values. Hyperliquid, operating via trade.xyz, serves as a leader in on-chain contract trading, filling liquidity gaps during traditional market closures and providing robust price discovery. Ostium, a platform deployed on Arbitrum focused on RWA perpetual contracts, secured $20 million in Series A funding led by General Catalyst and Jump Crypto. It employs a Request for Quote (RFQ) model and maintains a high proportion of open gold contracts, distinguishing itself from equity-focused perpetuals.

The divergence between these four models highlights a market adapting to rigid regulatory frameworks while seeking liquidity efficiency. As the State Council's June 1 regulations tighten control over direct overseas investment, the structural complexity of tokenized equities will likely increase to balance compliance with accessibility. This marks a definitive transition from informal gray channels to a stratified, regulated digital asset landscape.