FundSmart RWA Intelligence — Deep Dive Report

Securitize — The Infrastructure Layer Behind BUIDL

Report Date: July 26, 2026 Analyst: FundSmart RWA Intelligence Classification: Independent Market Research — Not Investment Advice

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Executive Summary

Securitize is the world's leading RWA tokenization platform, with $4B+ in tokenized AUM (as of April 2026). The company is the critical infrastructure layer behind BlackRock's BUIDL, Apollo's ACRED, and other major tokenized funds. Unlike most RWA projects, Securitize is not a DeFi protocol — it is an SEC-registered transfer agent providing regulated tokenization infrastructure for traditional finance issuers. The company went public on NYSE in 2025.

FundSmart Risk Rating: Low-Moderate (as a business; not a token) Confidence Score: 8/10 Infrastructure Importance Score: 9/10

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1. Company Overview

Founding & Team

• Founded: 2017 by Carlos Domingo (CEO), Jamie Finn (President), and Shay Finkelstein
• CEO: Carlos Domingo — 25+ years in innovation and digital transformation, PhD in Computer Science, Stanford graduate
• Headquarters: San Francisco, USA
• Status: Publicly traded on NYSE (2025)

Carlos Domingo's background is in enterprise innovation and digital transformation, not crypto. This matters — Securitize was built from a regulatory-first perspective, not a DeFi-first perspective. They understood that the biggest barrier to RWA tokenization was not technology but compliance.

Funding History

| Round | Year | Amount | Lead Investor | |-------|------|--------|---------------| | Seed/Early | 2017-2019 | Multiple rounds | Various | | Strategic | 2021-2023 | Multiple rounds | Various | | Series B (Strategic) | 2023 | $47M | BlackRock | | Total Raised | | $47M+ | 20+ investors |

The BlackRock-led $47M round is the key signal. BlackRock doesn't invest in infrastructure it doesn't plan to use. This investment preceded BUIDL's launch by about a year.

Key Metrics (Mid-2026)

| Metric | Value | |--------|-------| | Tokenized AUM | $4B+ | | Tokenized Funds | BUIDL, ACRED, VBILL, others | | Partnerships | BlackRock, Apollo, VanEck, Computershare | | NYSE Listing | Yes (2025) | | SEC Registered Transfer Agent | Yes (since 2019) | | Accounts (via acquisition) | 1.2M+ |

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2. What Securitize Does

Core Services

Securitize is not a blockchain project trying to do finance. It is a regulated financial services company that uses blockchain. The difference is critical.

1. Transfer Agent Services — SEC-registered since 2019. Acts as the official keeper of ownership records for tokenized securities. This is a legally mandated role in traditional finance.
2. Tokenization Platform — Issues and manages ERC-20 (and other) tokens representing fund shares, equities, or other securities on public blockchains.
3. Investor Onboarding — Handles KYC/AML verification, accreditation checks, and compliance screening for investors.
4. Compliance Engine — Enforces transfer restrictions, whitelist management, and regulatory compliance on-chain.
5. Secondary Market Infrastructure — Supports peer-to-peer transfers and integration with DeFi protocols (UniswapX, Binance).

The BUIDL Pipeline

Securitize's role in BUIDL demonstrates their full-stack value:

1. Investor onboards through Securitize (KYC, accreditation, compliance)
2. Securitize issues BUIDL tokens on the investor's preferred blockchain
3. BNY Mellon holds the underlying Treasury assets
4. BlackRock manages the investment strategy
5. Securitize handles all token lifecycle events: issuance, transfers, redemptions, yield distribution
6. Monthly yield distributed as new BUIDL tokens via Securitize's smart contracts

Without Securitize, BUIDL would be an idea. With Securitize, BUIDL is a compliant, regulated, operational fund.

Strategic Acquisitions & Partnerships

• Acquired a traditional transfer agent (joining the top 10 globally with 1.2M+ accounts)
• Partnership with Computershare (world's largest transfer agent) for native issuance of stock tokens
• Partnership with Continental Stock Transfer & Trust as preferred tokenization provider
• Partnership with Uniswap Labs for DeFi liquidity integration

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3. Competitive Position

Why Securitize Is Hard to Compete With

1. SEC-registered transfer agent — This is a regulatory moat. Becoming a registered transfer agent takes years. Most DeFi protocols cannot replicate this.
2. BlackRock relationship — The $47M investment and BUIDL partnership create a deep strategic alignment. BlackRock is unlikely to switch tokenization providers.
3. Multi-product platform — Not just one fund. Securitize tokenizes funds for Apollo, VanEck, and others. Diversified revenue.
4. NYSE listing — Public company status provides transparency, liquidity for investors, and credibility.
5. Traditional finance integration — Partnerships with Computershare and Continental Stock Transfer create a bridge between traditional and tokenized securities.
6. First-mover in regulated tokenization — Since 2017, with SEC registration since 2019.

Potential Competitors

| Competitor | Approach | Threat Level | |-----------|---------|-------------| | Securitize | Regulated transfer agent + tokenization | N/A (is the leader) | | Archax | UK-regulated digital securities exchange | Low (different jurisdiction) | | Tokeny | European tokenization platform | Low-Moderate | | Polymesh | Purpose-built blockchain for securities | Low-Moderate (different approach) | | Traditional transfer agents (in-house) | Building own tokenization | Moderate (long-term threat) |

The biggest long-term threat is traditional transfer agents (Computershare, BNY Mellon) building their own tokenization capabilities. However, Securitize's partnerships with these exact companies suggest they're choosing to work with Securitize rather than compete — at least for now.

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4. Risk Assessment

Regulatory Risk — LOW

• Securitize IS the regulatory standard. SEC-registered transfer agent.
• As a regulated entity, regulatory changes are more likely to benefit than harm them.
• If anything, increasing regulation of RWA tokenization would drive more business to Securitize (the compliant option).

Business Risk — LOW-MODERATE

• Revenue depends on AUM of tokenized funds — if funds lose assets, fees decline
• Concentration risk: BUIDL is the largest client; losing BlackRock would be devastating
• However, the $47M BlackRock investment creates strong alignment
• Growing client base (Apollo, VanEck) reduces concentration over time

Technology Risk — LOW-MODERATE

• Multi-chain deployment (BUIDL on 9 chains) increases complexity
• Smart contract vulnerabilities could affect multiple funds simultaneously
• However, contracts are relatively simple (token issuance/transfer) compared to DeFi protocols
• Regular audits and regulatory oversight provide additional security

Competition Risk — MODERATE

• Traditional finance players could build in-house capabilities
• Other regulated tokenization platforms are emerging
• However, the regulatory moat and BlackRock relationship are strong
• The market is growing fast enough for multiple players

Key Person Risk — LOW-MODERATE

• Carlos Domingo is the public face and strategic leader
• However, as a public company with 1.2M+ accounts and institutional clients, the business is not dependent on one person
• Strong team and institutional relationships

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5. Business Model & Revenue

How Securitize Makes Money

1. Tokenization fees — Charged to fund issuers for creating and managing tokens
2. Transfer agent fees — Ongoing fees for maintaining ownership records
3. Compliance/onboarding fees — Per-investor KYC/AML and accreditation costs
4. Platform fees — Recurring fees based on AUM of tokenized funds

The revenue model is B2B — Securitize charges fund managers, not investors. This is smart: the people paying are the ones who benefit from lower operational costs through tokenization.

Growth Drivers

1. More funds being tokenized (BUIDL grew 870% in 18 months)
2. More asset managers choosing tokenization (Apollo, VanEck, others)
3. Traditional transfer agent business acquired (1.2M accounts)
4. New asset classes being tokenized (equities, private credit, real estate)
5. Geographic expansion (EU MiCA creating demand for regulated tokenization)

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6. Investment Thesis Summary

Bull Case

• The picks-and-shovels play for RWA tokenization — don't bet on which fund wins, bet on the infrastructure
• SEC-registered transfer agent creates a regulatory moat
• BlackRock as investor and client provides institutional credibility
• Public company (NYSE) provides transparency and liquidity
• Diversified client base (BlackRock, Apollo, VanEck, Computershare)
• Market growing rapidly — more funds = more revenue
• Traditional finance partnerships create a bridge to mainstream adoption

Bear Case

• Revenue depends on continued growth in tokenized fund AUM
• If RWA tokenization momentum slows, revenue slows
• BlackRock concentration risk (largest client)
• Traditional transfer agents could eventually build in-house
• Public company means quarterly earnings pressure
• Relatively small company competing in a space that could attract much larger players
• No governance token — investors buy equity, not crypto

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7. FundSmart Verdict

Securitize is the most important company in RWA tokenization that most people have never heard of. While the market focuses on BUIDL, Ondo, and Maple, Securitize is the infrastructure layer that makes all of it possible. The analogy: if BUIDL is the iPhone, Securitize is the App Store infrastructure.

For investors looking at the RWA space, Securitize represents a different kind of exposure — not to a specific tokenized asset or DeFi protocol, but to the growth of the entire tokenization market. If you believe RWA tokenization will grow (and the data strongly supports this), Securitize is the safest way to gain exposure because it doesn't matter which fund or protocol wins — they all need infrastructure.

The regulatory moat is real. You cannot build an SEC-registered transfer agent overnight. And the BlackRock relationship creates a strategic moat that's hard to replicate.

For equity investors: Securitize (NYSE-listed) offers regulated exposure to RWA infrastructure growth. The main risk is that it's a small company in a space that could attract larger competitors. But the first-mover advantage and regulatory moat are meaningful.

For the RWA ecosystem: Securitize's success validates the regulated approach to tokenization. Every fund that chooses Securitize over a DeFi-native platform sends a signal: institutional money wants compliance, not just efficiency.

For DeFi-native competitors: The threat from Securitize is existential. If every major fund tokenizes through a regulated transfer agent rather than a DeFi protocol, the value capture shifts from DeFi to TradFi infrastructure. The question for Ondo, Maple, and Centrifuge is: what can you offer that Securitize can't?

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Disclaimer: This report is independent market research and commentary for informational purposes only. It is not personalized investment advice and does not constitute a recommendation to buy, sell, or hold any security or token. FundSmart RWA Intelligence is not licensed by the SFC or any other regulatory authority to provide investment advice. All readers should conduct their own due diligence.

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