The first is “issuer-sponsored tokenized securities,” where companies directly issue their own securities in token form. The second is “third-party-sponsored tokenized securities,” where parties unaffiliated with the issuer tokenize existing securities. Mirror Protocol: The Dark PrecedentThe first large-scale experiment in what the SEC now defines as “synthetic tokenized securities” was Mirror Protocol. Robinhood Stock Tokens: A Different ApproachRobinhood already offers over 2,000 US stock tokens in Europe. Investors could self-custody their stock tokens and use them for lending and staking.