Memecoins paired against Robinhood’s tokenized stocks generated $217 million in trading volume on September 2, outpacing the $127 million traded through direct stock token markets. The BONER memecoin accumulated 53% of HIMS token supply, amassing 31,198 tokens out of 58,714 outstanding, pushing the wrapped token price to $132.64, roughly 4.6 times the underlying stock’s $28.84 Friday close. Only BBVI, the single authorized participant, can mint new tokens, creating a structural vulnerability during weekend market stress. The SEC stated in January that representing a security through a crypto network does not change which federal securities laws apply, raising questions about responsibility when security-linked tokens behave like permissionless crypto assets.
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