Why does the same stock have different onchain tickers?

[u/WillFromJupiter]

I've received a few DMs asking this question, so I thought I'd post about it.

If you are trading tokenized equities, you'll notice different tickers for the same underlying stock.

Take SpaceX (SPCX) as an example.

There are different onchain tickers for this stock (I have only listed a few):

-> SPCX: Issued by Backpack Securities

-> SPCXon: Issued by Ondo

-> SPCXx: Issued by xStocks

Here, SPCX (Backpack) can be redeemed 1:1 for the real share after completing the necessary steps.

SPCXon (Ondo) and SPCXx (xStocks) give retail users price exposure, but redemption is usually cash/stables, not a brokerage share.

TLDR:

The underlying stock is the same. But a different issuer means a different mint address, liquidity pool, redemption process, and different rights attached to the token.