Most of the market sells one piece: an issuer here, a custodian there, a chain somewhere else. We operate the layers together, under regulated control, so an asset can move through the system without leaving it.
One firm, six connected layers. Most of the market sells one. We operate the stack.
An asset can be originated and issued under a live European license, then move through custody, settlement, identity, and treasury, with asset management providing operating visibility across every layer.
Live layers are drawn solid. Layers in authorization, infrastructure-ready, or mainnet-ready are drawn outlined, never as live.
Europe reset the market. The licensed players capture the transition.
MiCA raised the bar overnight. The market went from thousands of loosely-supervised firms to a short list of authorized ones. The institutions now entering tokenization need licensed rails they do not have time to build.
Tokenized real-world assets by 2035, in the progressive scenario.
Source: Boston Consulting Group, 2026.
Of more than 1,200 firms that held pre-MiCA registrations, roughly 210 have secured MiCA CASP authorization across the EU.
Source: ESMA MiCA register, 2026.
We ran a fund on tokenization rails before it was comfortable to do so.
COSIMO X is the world's first tokenized evergreen venture fund, launched in 2019, and Securitize's first paying customer. It gives us operating visibility into every layer we now build.
From the desk.
The NAV discount problem
Why digital asset treasuries trade below their own assets, and the structural fix that closes the gap.
July 2026The equity layer: the fat protocol trade is dead
Value accrues to regulated operating companies with enforceable claims on cash flows, not to tokens.
July 2026MiFID II or MiCA?
Which license actually lets you issue tokenized securities in Europe, and why the distinction decides everything.
July 2026