arbitrage

A stock token has no automatic link to the share it names. The price holds because someone can profitably move between the two, and the explainer is really about who that someone is and what stops them.

Every tokenized equity is a claim that depends on one queue: the redemption window where tokens go back to the issuer and shares or cash come out. Here is how that window works, what closes it, and what your token trades on when it is shut.

A tokenized share is not the share. It is a claim that a market maker can usually, but not always, convert back into one. The size of the gap between the two prices is a readout on how hard that conversion is at any given moment.

A trading halt is a feature of a specific venue, not a property of a company. Tokenized equities sit outside that venue, which creates a market that keeps quoting a price nobody can hedge.