Securitize
RWA · Tokenization Infrastructure · SECZ
Securitize is the leading SEC-registered transfer agent for tokenized securities. It powers BlackRock BUIDL (the largest tokenized Treasury fund) plus Apollo, KKR, Hamilton Lane, and VanEck product launches. Product tokens include BUIDL, ACRED (Apollo private credit), sBUIDL, and VBILL (VanEck Treasuries).
The leading SEC-registered tokenization transfer agent.
Assets under management
$4.69B
Latest data · 15 min delay
Risks identified
- Regulatory
Securitize's entire model depends on maintaining SEC transfer-agent, broker-dealer/ATS and exempt-reporting-adviser registrations across multiple jurisdictions. Changes in securities law, enforcement posture or the classification of tokenized funds could restrict issuance, distribution or secondary trading.
- Counterparty
Value in tokenized products depends on off-chain counterparties — asset managers (BlackRock, Apollo), fund administrators, custodians and banks that hold the underlying assets. Investors rely on Securitize and these partners honoring redemption and administration obligations; a partner default or operational failure would impair token value.
- Smart Contract
The DS Protocol / DSToken contracts enforce compliance, minting, burning and transfers on-chain. Bugs such as the totalIssued burn-logic cap-lock flagged in the September 2025 Halborn audit could freeze issuance or break transfers; upgradeable proxy patterns also introduce admin-key and upgrade risk.
- Collateral
Tokenized funds like BUIDL (money-market/Treasury backed) and ACRED (private credit) are only as sound as their underlying collateral. Private credit exposure in ACRED carries default, illiquidity and valuation risk, and interval-fund redemption limits can restrict investor exits regardless of on-chain liquidity.
- Network
Products span many chains (Ethereum, Aptos, Avalanche, Polygon, Solana, BNB Chain and others) with cross-chain movement relying on Wormhole. Chain outages, reorgs or a bridge exploit could disrupt transfers or compromise assets bridged between networks.