According to Woofun AI, RWA infrastructure company Securitize (SECZ.US) has launched compliant tokenized US stock equity tokens on the Solana blockchain, drawing intense market attention. CEO Carlos Domingo emphasized that the move aims to provide legal rights that go beyond offshore synthetic wrappers, marking a new phase in the on-chain migration of traditional financial assets.
On October 8, Securitize officially launched Securitize Stocks, with the first batch of 12 stock equity tokens going live on Solana. The underlying assets include Apple (AAPL.US), Microsoft (MSFT.US), NVIDIA (NVDA.US), Google (GOOGL.US), Tesla (TSLA.US), Meta (META.US), Amazon (AMZN.US), Netflix (NFLX.US), Circle (CRCL.US), MSTR, Palantir (PLTR.US), and SPCX. Trading is conducted through its registered broker-dealer Securitize Markets, with Jump Trading providing market-making services, settled in USDC, and initially available only during extended trading hours. On the day of the announcement, SECZ shares closed up about 11% at $12.66.
The core of this market reaction is not the number of underlying assets, but the fundamental difference in legal structure. Over the past few years, most on-chain stock tokens were offshore-issued price-tracking synthetic assets, where holders only possessed contractual exposure. What Securitize offers this time, however, are rights certificates grounded in the US legal framework. Specifically, each token is backed 1:1 by one underlying share, officially defined as a security entitlement under UCC Article 8. This means the shares are held by the broker in street name, and investors receive a transferable claim on that position, along with dividend and voting instruction rights. While this adds a layer of protection compared to synthetic tokens, it still falls short of direct registration on the shareholder ledger.
To address this, Securitize introduced the CET (Convertible Entitlement Token) mechanism as a bridge to registered shares. When the issuing company accepts the tokenized form, holders can convert their on-chain certificates into direct holdings under the transfer agent's name. At the same time, the company made clear that the tokens do not involve lending of the underlying shares, and that the underlying companies have not sponsored or endorsed the product. Current trading is limited to a closed pool of KYC-verified accredited investors, not an all-weather free market open to the public. This design does not rely on exemptions, but is expected in the future to connect to tokenized securities trading venues envisioned under the SEC's Innovation Exemption introduced on September 17. That exemption is a five-year observation sandbox established by the SEC for permissioned on-chain trading venues, prohibiting synthetic trading and attaching a 30-day issuer objection right and volume caps. SEC Chairman Paul Atkins positioned it as an experiment to gather data and pave the way for future rules, rather than a license for these 12 tokens.
Currently, the all-weather digital venue being studied by the New York Stock Exchange, as well as the joint platform OKXICE between Intercontinental Exchange (ICE.US) and OKX, have not yet gone live. Therefore, whether the first phase can generate sustained trading and inventory depth becomes the primary metric to watch. It is worth noting that recent growth in stock tokens has mainly come from retail wrappers such as bStocks, xStocks, and Ondo, while Securitize has chosen a compliant but narrower path. Data compiled by Woofun AI shows that there is no public data to support the liquidity generation capacity of the closed pool, which stands in sharp contrast to the rising share price.
Fundamental data reveals a different picture. For the second fiscal quarter ended June 30, Securitize reported revenue of $14.4 million, down about 5% year-over-year, a net loss of $21.7 million, and an adjusted EBITDA loss of about $5.5 million. Tokenized assets under management at quarter-end were approximately $4.3 billion, with quarterly trading volume of $5.3 billion, up 147% year-over-year. After the earnings release, the share price fell by about 20% at one point, and the company lowered its full-year revenue guidance to $70 million to $80 million. Although it holds about $350 million in cash with no debt, providing confidence for launching new products, the competitive landscape remains severe. On October 9, the total distributed RWA market was approximately $38.9 billion, with Securitize's platform at about $4.475 billion. Although it ranks first among platforms, it declined about 11% over the past 30 days. The proliferation of categories has not brought synchronous expansion in the stock of the leading platform, and these 12 stock tokens are seen more as a new narrative rather than realized scale increment.
Sell-side views are significantly divided. Cantor Fitzgerald initiated coverage on SECZ on September 21 with an Overweight rating and a price target of about $21.20, citing the extremely low proportion of traditional assets on-chain and the enormous room for growth. Meanwhile, the aggregated analyst consensus target price is around $13.94, close to the October 8 closing price. The gap between these two figures directly reflects the market's divergence on the extent to which the narrative will materialize. From closed pool to scaled liquidity, from assets under management to revenue conversion, from extended hours to all-weather venues, three major links remain unresolved. Although the SEC sandbox points the way, issuer objection rights and volume caps constitute a potential brake. The key variables lie in first-phase trading depth, revenue recognition in the next earnings report, and issuers' true attitude toward trading on permissioned venues. The custody and pricing mechanisms for shares of private companies such as SPCX also need clarification. Domingo and Cantor envision a long-term market worth trillions of dollars, while what is being verified at present is merely the initial opening of a compliance channel.