McDonald's xStock

McDonald's xStock is a tokenized-stock product for people who want the company name in a crypto wrapper. By our assessment, its main strength is straightforwardness: it is easy to read as an exposure product rather than as a new kind of coin with a complicated promise. The limit is that this still depends on tokenized-finance plumbing, so it inherits the usual questions about what exactly is being represented and how far that representation goes. In use, the experience is more like dealing with a specialized market instrument than with a normal cryptocurrency. It sits near the other tokenized equity products in the space, and it stops making much sense once someone wants the simplicity of either plain shares or plain crypto.