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What a token actually represents, and what your users can do with it after they buy, both depend on who issued it. Two tokens tracking the same stock can carry meaningfully different rights depending on which platform issued them, so this page covers each partner’s ownership model alongside the lifecycle of its assets.

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Partner profiles at a glance

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Superstate

  • What they support: tokenized US equities through the Opening Bell platform. Users purchase shares directly from the company (for example Tesla or NVIDIA), often at a discount to the traded price.
  • Ownership model: direct ownership. The token represents real ownership of the underlying share, so holding the token means owning the equity itself. Owners receive dividends directly and can vote shares. Ownership is recorded in the name of the investor.
  • How users buy: an instant swap, so the user receives the asset in the same transaction.
  • What users can do with it: hold it and use it in permissioned DeFi. Tokenized stock can be redeemed directly for shares offline. Superstate assets are allowlisted, which is what makes permissioned Uniswap pools and RWA lending markets available to your users. Passage registers the wallet.

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Centrifuge (coming soon)

  • What they support: tokenized funds managed by traditional asset managers including Janus Henderson and Apollo. Passage supports the wrapped versions (de-assets). The best known is deJAAA, a debt product linked to the tokenized Janus Henderson Anemoy AAA CLO Fund, whose underlying assets are a portfolio of high-quality CLOs (collateralized loan obligations).
  • Ownership model: wrapped as a debt instrument through the deRWA standard. A deRWA token is a freely transferable, fully onchain wrapper of the underlying fund token. Centrifuge also issues fully direct versions of these assets for institutional investors. Passage does not support those for now.
  • How users buy: asynchronous minting and redemption. Investments are priced as the NAV of the fund is struck, usually daily.
  • What users can do with it: hold it, trade it, or post it as collateral to borrow and lend. Free transferability is the point of the deRWA format, so these assets are composable across DeFi rather than allowlist-gated, with integrations across venues including Aerodrome and Sushi.

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Ondo

  • What they issue: a broad catalog of hundreds of assets, spanning equities, yield products, and index products.
  • Ownership model: wrapped exposure. The token tracks the value of the underlying asset but confers different rights than direct share ownership.
  • How users buy: an instant swap, the same as Superstate. The user receives the asset in the same transaction.
  • What users can do with it: buy, sell, and hold it for exposure, and earn yield where the product accrues it.

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WisdomTree (coming soon)

  • What they issue: tokenized funds including their flagship tokenized US Treasury fund at launch, with index products expected to follow.
  • Ownership model: direct ownership. The token represents a direct fund interest held in the name of the investor. Owners receive yield directly.
  • How users buy: minting, and redemption for sales. Purchases happen asynchronously as the fund is priced, and the tokenized asset is delivered directly to the user’s wallet post-sale.
  • What users can do with it: hold it and accrue yield, or mint and redeem shares directly with the issuer. Use the asset in DeFi pools as collateral.

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CoinList

  • What they support: token sales. CoinList is the token sale partner, and Passage embeds those sales inside your app.
  • Ownership model: direct token allocation on the terms of each sale.
  • How users buy: they contribute during the sale window, with eligibility set per sale.
  • What users can do with it: receive distributions on the sale’s configured schedule, including any vesting or lockups that apply.

Next: Use cases

The integration shapes Passage supports, and what each one takes to build.