Tokenized debt security

A tokenised debt security is a token that represents a debt claim tracking an asset's economics rather than direct ownership of that asset. Robinhood's Stock Tokens use this structure: each is a debt instrument issued by Robinhood Assets (Jersey) Limited that pays out to mirror an underlying share's price and dividends, while leaving shareholder rights with the issuer's arrangements. The wrapper is what makes 24/7 onchain trading of equity exposure legally workable outside the US.