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We propose TokenChain, a fully discrete speech chain coupling semantic-token ASR with a two-stage TTS: an autoregressive text-to-semantic model co-trained with ASR and a masked-generative semantic-to-acoustic model for synthesis only. End-to-end feedback across the text interface is enabled with straight-through argmax/Gumbel-Softmax and balanced with supervised ASR via dynamic weight averaging. Ablations examine optimal temperature schedules for in- and cross-domain transfer. 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End-to-end feedback across the text interface is enabled with straight-through argmax/Gumbel-Softmax and balanced with supervised ASR via dynamic weight averaging. Ablations examine optimal temperature schedules for in- and cross-domain transfer. 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