redemption
Every story this desk has filed under redemption, most recent first.
Redemption is the pipe that connects a token's price to a share price. It is also the pipe most retail holders will never be allowed to use, and understanding why explains most of what a stock token is.
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.
Secondary trading in tokenized equities is visible on any block explorer. The primary market that mints and burns the tokens is not, and it is the mechanism that decides whether the price on the screen means anything.
Every issuer says the tokens are fully backed. The question worth asking is what the backing is, who holds it, who checks, and what you can do if the answer turns out to be wrong.