T7X Equities is pursuing “native issuance,” in which a token is part of a security’s authorized issuance and the transfer agent keeps the official ownership record. Its first example is Tranquil Healthcare Fund I, a Regulation A+ offering of up to $75 million that the SEC qualified on June 29. T7X said it issues tokens representing the fund’s shares and delivers them to investors’ wallets.
The model differs from tokenized stocks backed by shares held with a broker or custodian: holders of those tokens are not necessarily shareholders of record. SEC qualification of the offering does not establish that every tokenized stock gives its holder legal ownership of the underlying shares.
