What is tokenized stock? Are xStocks and Robinhood's tokenized equities compliant?

Tokenized stock maps the ownership or economic rights of listed equities onto on-chain tokens. Representative products include xStocks (issued by Backed), Robinhood's tokenized equities in Europe, Dinari and Swarm. Legally they are usually a security or a derivative (a rights certificate), so securities law applies: licensed distribution, investor-eligibility limits, and in most cases no voting rights or direct shareholder rights. Compliance depends on the issuer, the jurisdiction and the distribution channel — you cannot judge it from "it is listed on a well-known platform"; the same product name can have a completely different compliance status across jurisdictions.