A market-structure comment said Binance and Backpack bridge on-chain tokens to brokerage-held shares, while most other platforms issue claims rather than the underlying share.
Binance dominated flow between June 1 and June 18, holding mostly a high-30s to high-50s percentage share, in a market where platform structure appears to matter. The comment said Binance and Backpack each hold the real share in a brokerage leg and bridge an on-chain token to it, while most of the rest issue a claim rather than the share itself. That distinction points to a split between tokenized products backed by an underlying brokerage-held security and synthetic-style claims that give users exposure without directly representing the share.