People traded $25B of crypto stock tokens that do not make them stockholders

Nasdaq’s latest tokenization push is another attempt to bring stocks onto blockchain rails. Yet the real significance lies more in the structure. Rather than endorsing the offshore model of stock wrappers and synthetic equity exposure, Nasdaq is trying to build a version where the token is the share. As a result, the token shares the same legal status, a direct link to the issuer’s ownership record, and a path to vot…