In the US, the role of the central securities depository is done by the DTCC.[0] But the registered holder (nominee) of the DTCC is a separate legal entity known as Cede & Co. [1] (I recommend reading Matt Levine's article for further discourse) So basically, the concept of ownership of a financial asset (which is itself, an abstraction) is further abstracted, for the purpose of making the system more efficient. Fun…
Fun fact, if you're fired by a startup and own explicitly own stock (not a vested option, but a vested and exercised option) and they are Delaware C corp which has not been explicitly "uncertificated", you can demand a stock certificate for your shares. Really annoying for the people who fired you.
My last startup sent me a stock certificate upon exercise, without even asking. I've had this happen a few times, all east coast startups. Maybe it's an east coast thing?