Much of the RWA tokenization news is focused upon the actual asset itself (e.g., which fund manager launched which product, which blockchain has the largest number of wallets on it, and how many billions of dollars are currently being held in Treasury bonds), with very little focus on the underlying infrastructure (Tokeny and Securitize). Both companies are not competing for the same clients and do not provide the same service. The approach each company takes to compliance is completely different (one uses an institutional licensed stack to manage the complete issuance; the other utilizes a token standard that travels with the asset), and both companies are successful. The other's model would not work for the other.<h2>Securitize: Compliance as a Licensed Business</h2>Securitize operates within the regulated financial infrastructure of the United States — an area most tokenization systems don't have access to. The company is a registered broker-dealer with FINRA, a transfer agent registered with the SEC and an EU MiFID; this is what we call our licensing stack. Having these licenses at scale is the foundation for everything else — from onboarding investors to administering cap tables and issuing tooling. You can see the impact of the customers on the outcome. The BUIDL asset manager, who is the world's largest tokenized RWA, now has a tokenized money market fund with<a href="https://www.coindesk.com/business/2025/11/14/blackrock-s-usd2-5b-tokenized-fund-gets-listed-as-collateral-on-binance-expands-to-bnb-chain" rel="noopener noreferrer" target="_blank"> </a><a href="https://www.coindesk.com/business/2025/11/14/blackrock-s-usd2-5b-tokenized-fund-gets-listed-as-collateral-on-binance-expands-to-bnb-chain" rel="noopener noreferrer" target="_blank">more than $2.24 billion under management</a>. BlackRock chose to work with Securitize to issue their token. KKR used Securitize for tokenization of their funds. Hamilton Lane leveraged the Securitize platform to enable more investors to enter into the private market. These clients have not been experimenting with blockchain; they were able to allocate funds through a regulated partner that could facilitate their existing compliance framework without needing legal work for new structures. Securitize has an ATS license that separates it from every other player. Investors do not want positions in their tokenized assets that they cannot liquidate, so with no access to a secondary market, issuance comes to a grinding halt. The ATS provides a compliant alternative for trading assets post-issuance. Securitize was built around the asset from inception, thus allowing an investor to move assets without leaving the confines of the regulatory framework. With tokenized U.S. Treasuries, this end-to-end control from mint-level access to secondary transactions, makes us responsible for<a href="https://www.xbto.com/resources/tokenization-platforms-explained-technology-custody-compliance" rel="noopener noreferrer" target="_blank"> </a><a href="https://www.xbto.com/resources/tokenization-platforms-explained-technology-custody-compliance" rel="noopener noreferrer" target="_blank">42% of the entire market</a>. The infrastructure phase is nearing completion and the monetization phase has begun with the<a href="https://www.theblock.co/post/393044/goldman-sachs-top-xrp-etf-holder-wave-super-fans-analysts" rel="noopener noreferrer" target="_blank"> </a><a href="https://www.theblock.co/post/393044/goldman-sachs-top-xrp-etf-holder-wave-super-fans-analysts" rel="noopener noreferrer" target="_blank">NASDAQ listing as part of a SPAC merger</a> at a pre-money valuation of $1.25 billion. The trains will be operating on time when the railroad company goes public.<h2>Tokeny: Compliance Embedded in the Standard</h2>In October 2022 Tokeny launched a new Ethereum token standard for regulated security tokens,<a href="https://eips.ethereum.org/EIPS/eip-3643" rel="noopener noreferrer" target="_blank"> </a>ERC-3643, formerly T-REX. It is the first and only permissioned token standard appointed by the Ethereum community as an ERC standard, which is important because it shows that the compliance architecture created by Tokeny is an open system and not proprietary middleware. Therefore, anyone (issuer or custodian or exchange) can build upon this open infrastructure without being restricted to a specific platform. Programmable identity is the primary component of the compliance architecture. The confirmed claims of a token holder are stored in<a href="https://github.com/TokenySolutions/T-REX" rel="noopener noreferrer" target="_blank"> </a>ONCHAINID which is an on-chain decentralized identity system that can be linked to ERC-3643 tokens. ONCHAINID records are based on the holder's jurisdiction, investor type, accreditation level and KYC status. Whenever a token holder wishes to transfer his token the ONCHAINID (i.e. the smart contract) will automatically verify that the token holder has complied with all of the issuer's requirements for the transfer. If for some reason (e.g. wrong jurisdiction, unverified identity, restricted investor category) the recipient wallet does not meet the issuer's compliance requirements the transfer will fail at the contract level before it reaches the compliance officer's desk for further consideration. The automation of transfers of cross-border securities has had a long standing historically; most often requiring jurisdictional-specific legal approvals for each transfer. For example, to invest in a fund domiciled in Luxembourg, an authorized investor from Germany would have to meet MiFID guidelines, and similarly, a buyer from the United States participating in the same fund would have to comply with Rule D of SEC Regulation D. With Tokeny's system, these applicable legal/regulatory requirements are embedded directly into the token itself and enforced automatically. The asset of the offering does not exist outside of compliance; rather, it moves through compliance. Presently, the standard for representing digital assets using tokens is the result of the<a href="https://www.erc3643.org/" rel="noopener noreferrer" target="_blank"> </a>ERC-3643 Association (an association of actors from the banking industry such as custodians, exchanges and infrastructure providers). The ERC-3643 Association will continue to develop the ERC-3643 specification as regulation evolves over time. While Tokeny is not a governing body for the ERC-3643 standard, the company is taking an active role in driving the adoption of the standard through "governance by consensus." Governance by consensus typically yields a more rapid adoption of open standards as compared to proprietary standards.<h2>Where They Overlap and Where They Don't</h2>KYC, limitations on transferring funds and investment eligibility will be managed by the platforms, however, who will enforce the compliance is where structural differences play a role. Securitize utilizes its licensed infrastructure (broker-dealer relationships, transfer agent, and alternative trading system) to ensure compliance. If a company issues using Securitize, they are part of the chain. Companies that operate in 20 jurisdictions but cannot afford to maintain separate licensed relationships in each of those jurisdictions have a friction point with Securitize's model because they must have a designated counterpart. Tokeny's approach is to use the standard to ensure compliance. An intermediary does not need to be specified at the time of the transfer; compliance is ensured by code. This allows for the use of the same compliance mechanism on a global basis without adding institutional counterparties at each border. Therefore it does not create broker-dealer relationships under the FINRA rules; it is just a trade. Both approaches are necessary due to the size of the RWA market. The Securitize's licensed stack supports institutional financing in the U.S., and international multi-jurisdiction issuers that create programmable securities prefer using the<a href="https://www.chainalysis.com/blog/introduction-to-erc-3643-ethereum-rwa-token-standard/" rel="noopener noreferrer" target="_blank"> </a>built-in compliance layer of the ERC-3643 standard. Neither platform is anticipating customer overlap.

Securitize and Tokeny provide compliant infrastructure for RWAs: Securitize uses licensed US/EU frameworks, Tokeny embeds compliance in ERC-3643 tokens for global automated transfers.

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