Tokenization companies build the software, and often hold the licenses, that put funds, loans and stocks on a blockchain. This guide compares six of them: Securitize, Ondo, Superstate, Centrifuge, Tokeny and Figure. It uses only what each company, the SEC or FINRA publishes. It is a list of published facts, not a ranking, and the order carries no meaning.
What these companies do
Tokenization is the process of recording ownership of an asset as a token on a blockchain. A tokenization company supplies some or all of the pieces that make that work: the smart contracts, the investor checks, the transfer agent record, the trading venue and the link to custody. For the basics of how the stack fits together, see our explainer on RWA tokenization.
Three US registrations come up again and again. Each is explained here once.
- Transfer agent. A firm registered with the SEC to keep the official record of who owns a security. In tokenized funds, the transfer agent often runs the blockchain record too.
- Broker-dealer. A firm registered with the SEC and a member of FINRA that may sell securities to investors. FINRA’s BrokerCheck shows its status.
- Alternative trading system (ATS). A trading venue for securities run by a broker-dealer under SEC rules, used here for secondary trading of tokens.
In the EU, the DLT Pilot Regime lets authorized firms run trading and settlement systems for securities recorded on distributed ledgers.
Comparison table
| Company | What it tokenizes | US registrations (as published) | Outside the US | Chains named | Notable products |
|---|---|---|---|---|---|
| Securitize | Funds and equities for asset managers | Securitize Transfer Agent, LLC (SEC transfer agent, file 084-06638); Securitize Markets, LLC (broker-dealer, FINRA member since 2016, runs an ATS) | Securitize Europe Brokerage and Markets, S.A., an investment firm running a trading and settlement system under the EU DLT Pilot Regime (company statement) | Ethereum (BUIDL launch) | BlackRock BUIDL; says it works with Apollo, BlackRock, Hamilton Lane, KKR and VanEck |
| Ondo | Treasury exposure (OUSG, USDY) and tokenized exposure to US stocks and ETFs (Ondo Stocks) | Oasis Pro Markets (broker-dealer and ATS) and Oasis Pro TA, LLC (SEC transfer agent), acquired October 2025 | Ondo Stocks are issued by Ondo Global Markets (BVI) Limited and offered only outside the US | Ethereum at the Ondo Stocks launch, with BNB Chain and Solana announced | OUSG, USDY, Ondo Stocks |
| Superstate | Fund shares and public company stock | Superstate Services LLC, which Superstate describes as an SEC-registered transfer agent | Not published | Ethereum and Solana (Opening Bell) | USTB, USCC, Opening Bell |
| Centrifuge | Funds for asset managers, via its protocol | Not published | Anemoy funds are approved and regulated by the BVI Financial Services Commission | Ethereum, Base, Arbitrum and others (Anemoy fund pages) | Janus Henderson Anemoy Treasury Fund (JTRSY), Janus Henderson Anemoy AAA CLO Fund (JAAA) |
| Tokeny | Securities issued by its clients, using permissioned tokens | Not published | Tokeny sàrl, Luxembourg; majority owned by Apex Group since May 2025 | Not published | ERC-3643 token standard; white-label issuance software |
| Figure | Home equity lines of credit (HELOCs) and other loans; public equity through OPEN | Nasdaq-listed company filing a 10-K; its 10-K refers to “our ATS” | Not published | Provenance Blockchain | DART registry, Figure Connect, OPEN, YLDS |
“Not published” means we did not find the fact in the company’s own pages or a regulator’s register on the check date.
Company notes
Securitize
Securitize is the transfer agent, tokenization platform and placement agent for BlackRock’s BUIDL fund, which launched on Ethereum on March 20, 2024. SEC EDGAR lists Securitize Transfer Agent, LLC, formerly Securitize LLC, under file 084-06638. FINRA BrokerCheck shows Securitize Markets, LLC registered with the SEC and FINRA since September 28, 2016. In a May 2026 announcement filed with the SEC, Securitize said FINRA had approved its broker-dealer to custody tokenized securities and to underwrite tokenized offerings. The same filing states more than $4 billion in assets under management as of November 2025. That is a company figure, not an audited one.
Ondo
Ondo said on October 6, 2025, that it had completed its purchase of Oasis Pro, including its broker-dealer, ATS and transfer agent. In an April 13, 2026 letter to SEC staff, Ondo names Oasis Pro Markets as a registered broker-dealer running an ATS and Oasis Pro TA, LLC as a registered transfer agent. Ondo’s disclosures say its tokenized stocks and USDY are not registered under the Securities Act and may not be sold to US persons unless an exemption applies. The tokens give economic exposure only. They are not the stocks themselves.
Superstate
Superstate’s Opening Bell page says public companies can tokenize their stock on Ethereum and Solana with Superstate as the SEC-registered transfer agent. Its asset page lists tokenized funds, including USTB, now named the Invesco Short Duration US Government Securities Fund, and USCC. The USTB page states that the fund is not registered under the Investment Company Act.
Centrifuge
Centrifuge describes itself as a tokenization platform for asset managers. Its asset management arm, Anemoy, runs funds with Janus Henderson as sub-investment manager. The JTRSY page says the token is prima facie evidence of ownership under British Virgin Islands law. Janus Henderson announced the partnership on September 13, 2024.
Tokeny
Tokeny created ERC-3643, an open-source set of smart contracts for permissioned tokens, formerly called T-REX. Permissioned means only approved wallets can hold or receive them. Apex Group announced a majority stake on May 21, 2025, with full control expected over three years. Both companies state that Tokeny’s solutions have been used to tokenize over $32 billion in assets.
Figure
Figure’s 10-K for 2025 says every asset passing through its system is recorded on the Provenance Blockchain. It says 87% of loans originated through its loan origination system in 2025 used DART, its lien and eNote registry. In February 2026 it launched OPEN, a network for issuing public equity natively on Provenance, with secondary trading on its ATS.
How to use this list
A comparison of published facts is a starting point, not a verdict. Before a deeper look, it helps to ask each firm for:
- The exact legal entity that will act as transfer agent, broker-dealer or custodian, and its registration number.
- Which chains it supports today, not on a roadmap.
- Who holds the underlying assets, and under which law holders’ rights sit.
- Which investors it may serve: US, non-US, accredited or qualified purchasers.
Tokenization platforms are a different layer from bank partnerships and account programs. If the project also needs deposit accounts, the bank-side choices are covered in embedded finance vs banking as a service. None of this is investment or legal advice.
