The End of Synthetic Tokenisation and the Beginning of the Real Thing
Updated: Oct 7
Securitize's 'Stocks on Securitize!
The phrase "tokenised stocks" has been used loosely in crypto markets for years to describe instruments that range from genuine regulatory innovation to barely-disguised price trackers. Securitize's Q1 2026 launch of "Stocks on Securitize" is something different, and the distinction matters enormously for anyone building or investing in this space.
What Happened
Securitize, the SEC-registered transfer agent and broker-dealer that manages tokenised products for BlackRock's BUIDL fund and several other institutional issuers, announced the launch of "Stocks on Securitize" in late 2025 with a Q1 2026 go-live. The product issues natively tokenised public company shares, not synthetic wrappers, not price trackers, not IOUs against a custodian.
Under this model, Securitize acts as the SEC-registered transfer agent. The blockchain, rather than a legacy DTCC-linked ledger, serves as the authoritative record of share ownership. Transfers are executed through Securitize Markets (its SEC-registered broker-dealer) or Securitize Europe Brokerage & Markets. The token is the legally recognised share, with full shareholder rights including dividends and proxy voting.
The Critical Distinction
To understand why this matters, it helps to understand what most existing tokenised equity products are not.
Most so-called "tokenised stocks", including some popular DeFi products, are synthetic: a token whose price tracks an underlying stock, backed by some form of collateral or contractual claim. The actual shares sit in a brokerage account somewhere; the token is a derivative. This creates counterparty risk, limited regulatory clarity, and constrained shareholder rights.
Under Securitize's model, there is no synthetic layer. Settlement happens on-chain instantly, utilising appropriate regulatory exemptions for real-time blockchain settlement while maintaining compliance with US National Market System (NMS) rules. The blockchain record is not a copy of the share register; it is the share register.
This mirrors, at the public equity level, what Lise is doing for IPOs in France: eliminating the parallel legacy infrastructure and treating the blockchain as the primary system of record.
Market Context
Securitize's launch comes as tokenised equities approach $1 billion in total on-chain value. Ondo Finance's Global Markets platform, which opened in September 2025 and brought tokenised US stocks and ETFs to non-US investors, captured roughly 60% of the tokenised equities market within 48 hours of launch, with over $650 million in TVL and $12 billion in cumulative trading volume.
The Ondo and Securitize approaches are complementary rather than competitive. Ondo focuses on access for non-US investors to existing tokenised representations of US equities. Securitize is creating the infrastructure for natively tokenised equities (the on-chain share register model) that could eventually replace the legacy transfer agent system entirely.
What This Means for Tokenising Startups
For UK startup founders and early-stage investors, the "Stocks on Securitize" launch is a directional signal rather than an immediately applicable tool. The product focuses on public company equities, not private shares.
But the technology and regulatory framework being developed here (on-chain share registers, instant settlement, smart-contract-enforced compliance) are the same building blocks that private company tokenisation platforms like Tokeny, Brickken, DigiShares, Stobox, and Bitbond are deploying at the venture end of the market. As Securitize demonstrates that the model works at scale for public equities, it de-risks the equivalent argument for private company shares.
In a world where the DTCC is running a tokenisation pilot, Lise is listing on-chain IPOs, and Securitize is issuing natively tokenised public stocks, the question for UK startup founders is no longer "will tokenised equity be taken seriously?" It is "how do we position ourselves to benefit when the infrastructure matures?"
Key Takeaways
Securitize launched "Stocks on Securitize" in Q1 2026: natively tokenised public company shares where the blockchain is the authoritative share register.
This is fundamentally different from synthetic tokenised stocks: no counterparty between token holder and share ownership, with full dividend and voting rights.
Settlement is instant on-chain, using regulatory exemptions while maintaining NMS compliance.
The launch complements Ondo Finance's $650M+ tokenised equities platform and the approaching DTCC tokenisation pilot (H2 2026).
The infrastructure being proven for public equities (on-chain share registers, smart-contract compliance) directly applies to private company tokenisation.
How we got here
Securitize first put a listed company's equity onchain in December 2024, when Exodus Movement, Inc., which trades on NYSE American, became the first public company to issue its shares natively on a blockchain with Securitize as transfer agent. The company announced Stocks on Securitize on 16 December 2025, with trading planned for the first quarter of 2026.
The mechanics show how a native model fits US market structure. During regular US market hours, trades must follow Regulation NMS, including execution at the national best bid and offer. When US markets are closed, smart contracts adjust prices based on trading activity. Buyers connect a wallet, complete Securitize's identity checks once and pay in stablecoins. Existing shareholders of participating issuers can convert their holdings to onchain form through the Direct Registration System. Each stock needs the issuer's participation, so the initial list was expected to be selective.
What happened next
In March 2026 Securitize partnered with the New York Stock Exchange to create tokenised assets for the exchange's planned tokenised securities platform. On 2 July 2026 Securitize itself listed on the NYSE under the ticker SECZ, after merging with a Cantor Fitzgerald-backed special purpose acquisition company. It raised 400 million dollars at a valuation above 1 billion dollars and, on the same day, issued tokenised versions of its own common stock on Solana and Avalanche for eligible US investors. The company described these as issuer-sponsored tokens of the same shares that trade on the NYSE, not synthetic or offshore wrapped versions. Token Terminal data cited at the time put tokenised stocks at about 1.6 billion dollars.
What it means for UK founders
The pattern to note is issuer sponsorship. Native tokenised shares only exist when the company itself chooses to put its register onchain and works with a regulated transfer agent to do it. Third parties cannot create them on a company's behalf. For a UK private company, that means the decision sits with the board and shareholders, and it touches the company's articles, share register and any investor rights agreements. Founders considering it may want to take professional advice before committing to a platform.
The UK routes are different from the US model. Firms testing onchain settlement for securities do so through the Digital Securities Sandbox run by the Bank of England and the FCA, while secondary trading in private company shares has its own framework under PISCES.
Sources
Frequently asked questions
What is Stocks on Securitize?
Stocks on Securitize is a product that issues natively tokenised public company shares, announced in late 2025 with a Q1 2026 go-live. The blockchain serves as the authoritative record of share ownership, with Securitize acting as the SEC-registered transfer agent.
What is a synthetic tokenised stock?
A synthetic tokenised stock is a token whose price tracks an underlying stock, backed by collateral or a contractual claim, while the actual shares sit in a brokerage account. This creates counterparty risk, limited regulatory clarity and constrained shareholder rights.
Do natively tokenised shares on Securitize carry shareholder rights?
Yes. Under the Stocks on Securitize model the token is the legally recognised share, with full shareholder rights including dividends and proxy voting.
How does Stocks on Securitize differ from Ondo Global Markets?
Ondo focuses on giving non-US investors access to existing tokenised representations of US equities. Securitize is building infrastructure for natively tokenised equities using an on-chain share register, so the two approaches are complementary.
Can UK startups use Stocks on Securitize for private shares?
No. The product focuses on public company equities, not private shares. It is a directional signal for UK founders, as the same building blocks are being used by private company tokenisation platforms such as Tokeny, Brickken, DigiShares, Stobox and Bitbond.
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