This is a general announcement. The products and services mentioned herein may not be available in your region.
Key Takeaway
- The UMX front end displays the equivalent share count, not the on-chain token count.
- Equivalent share count = On-chain token count × UI Multiplier.
- Stock-to-token and token-to-stock conversions are executed at a 1:1 ratio based on the page-displayed equivalent share count.
- The UI Multiplier is maintained by the stock token issuer; users do not need to calculate or adjust it manually.
- During corporate actions processed via the multiplier mechanism (such as stock splits or reverse splits), the on-chain token count remains unchanged while the page equivalent share count updates automatically.
Three Key Concepts
Term | Definition |
|---|---|
Equivalent Share Count | The quantity displayed on the user's asset page, equivalent to the number of underlying shares the user actually holds. |
On-Chain Token Count | The original quantity recorded in the token contract for on-chain accounting; remains unchanged in the multiplier adjustment scenarios described in this document. |
UI Multiplier | Maintained by the UMX RWA stock token issuer; used to convert the on-chain token count into the page equivalent share count. |
On-Chain Token Count vs. Page Share Count
Stock tokens involve two distinct quantity concepts:
- The on-chain token count recorded in the token contract
- The equivalent share count displayed on the platform page
The two are related by the UI Multiplier:
On-Chain Token Count × UI Multiplier = Page Equivalent Share Count
- When the UI Multiplier equals 1, the on-chain token count and the page equivalent share count are identical.
- After a corporate action processed via the multiplier mechanism (such as a stock split or reverse split), the two values may diverge — but the user's underlying share entitlement is not affected.
Why the UI Multiplier Is Needed
The UI Multiplier ensures that stock tokens continue to display the correct share count on the page after corporate actions (such as stock splits or reverse splits) are processed via the multiplier mechanism.
- The stock token issuer is responsible for updating the UI Multiplier.
- In the multiplier adjustment scenarios described in this document, the on-chain token count remains unchanged.
- The page equivalent share count updates automatically; no action is required from the user.
Example: 1 Share Split into 2
Item | Before Adjustment | After Adjustment | Change |
|---|---|---|---|
On-Chain Token Count | 100 tokens | 100 tokens | Unchanged |
UI Multiplier | 1 | 2 | Updated by issuer |
Page Equivalent Share Count | 100 shares | 200 shares | Auto-updated by UMX |
- Before adjustment: the user holds 100 tokens on-chain, displayed as 100 equivalent shares on the page.
- After adjustment: the issuer updates the multiplier from 1 to 2; the on-chain token count remains 100, and the page equivalent share count automatically updates to 200 — consistent with how a traditional brokerage account reflects a 2-for-1 stock split.
Note: The multiplier update only adjusts the displayed share count to reflect the post-corporate-action basis. It does not mean the on-chain token count becomes 200, nor does it create value out of thin air.
Why Stock-Token Conversion Is Still 1:1
Both stock-to-token and token-to-stock conversions use the page-displayed equivalent share count at a 1:1 ratio.
- Stock to token: depositing 1 share of the underlying stock yields a token position displayed as 1 equivalent share on the page.
- Token to stock: a token position displayed as 1 equivalent share on the page can be redeemed for 1 share of the underlying stock.
- The conversion between the on-chain count and the UI Multiplier is handled by the system; users do not need to calculate anything.
Note: The "1:1" here refers to the exchange ratio between equivalent share count and actual share count. It does not mean the on-chain token count must always equal the share count.
Quantity and Value Displayed on the Asset Page
In the stock token holdings list:
- "Amount" shows the equivalent share count after applying the multiplier.
- The USD value shown below the amount (or in the "Value" column) represents the market value of that stock token position.
- Summary figures at the top of the page — "Funding Account," "Total Crypto Assets," and "Trading Account" — are also calculated based on this position value.
Navigation Path
Assets → Crypto → Spot
What Are In-Transit Assets
Stock-to-token and token-to-stock conversions may require some processing time. During processing, the asset page splits the relevant holdings into two parts:
- Settled assets: the portion that has already been processed.
- In-transit assets: the portion involved in a stock-to-token or token-to-stock conversion that is still being processed.
How In-Transit Assets Work
In-transit assets are part of the current holdings — they are not an additional position. Once a conversion succeeds or fails, the page automatically updates the relevant quantities.
- Initiate a stock-to-token or token-to-stock conversion.
- Processing: the page displays settled assets and in-transit assets separately.
- Conversion complete or failed: in-transit assets update automatically.
- When all pending conversions are complete and there are no other in-transit orders, the in-transit quantity returns to zero or is no longer shown.
Navigation Path
Asset page → specific token → In-Transit Assets
Where to Find Stock-Token Conversion Records
In the stock-token conversion records, you can view: conversion status, conversion direction, stock name, stock token name, the amount transferred out and in for this conversion, the transfer-out and transfer-in accounts, and the conversion time.
The quantities shown in the records are for reconciling individual conversions. They should not be interpreted as the current equivalent share count displayed on the asset page, nor as the current on-chain token total balance.
Navigation Path
Asset page → Order icon (top right) → Token Conversion → Conversion History
Terms and Conditions
The products referenced herein are solely intended for investors who qualify as a "professional investor" or satisfy the equivalent classification, including but not limited to an “accredited investor”, a “qualified investor”, a “sophisticated investor” or a “wholesale client”, under applicable laws, rules, and regulations. Stock tokens are tokenized securities representing synthetic economic exposure to the underlying shares. They do not represent direct ownership of the relevant stock, and holders do not have voting rights. Conversion operations are subject to the platform's Terms of Service and the issuer's relevant RWA Terms of Service. A user's country or region of residence may affect their access to this feature. Users must complete account verification and satisfy the applicable eligibility requirements of the platform before using this feature.