Democratise Exchange — Access. Empower. Progress.

Section 01

Global RWA tokenisation landscape

Issuance is no longer the constraint — liquidity is. Treasuries and private credit dominate, and the jurisdictions scaling fastest are the ones where the regulator convenes the institutions.

US$33.5b

Distributed on-chain value, ex-stablecoins

rwa.xyz, 8 July 2026

US$388.55b

Referenced / represented assets

Same snapshot

~US$26–28b

Tokenised US Treasuries

Largest single category

~56%

Large tokenised assets with zero weekly activity

Liquidity is the binding constraint

Projections

A directional, not precise, opportunity

  • BCG/ADDX (Sept 2022): US$16.1 trillion by 2030 — a ~50x rise from US$310 billion in 2022, ~10% of global GDP.
  • Ripple/BCG: ~US$18.9 trillion by 2033.
  • Standard Chartered: up to ~US$30 trillion by 2034.
  • McKinsey: ~US$2 trillion by 2030, excluding stablecoins and CBDCs.
The wide range reflects differing methodologies — asset value versus business opportunity versus inclusion of the money layer. Including fiat-backed stablecoins pushes the broader tokenised-dollar category past US$230 billion. Plan against the on-chain figure, not the headline.

Key players

Who holds the volume

PlayerProductScale
BlackRockBUIDL, tokenised by Securitize~US$2–2.9 billion
Franklin TempletonBENJI~US$1 billion
OndoOUSG / USDY~US$1.2 billion
Circle / HashnoteUSYC~US$2.3 billion
Maple FinancesyrupUSDC~US$1.75 billion
SecuritizeIssuance platform~US$200m (Q1 2023) → ~US$4.6b (Q3 2025), ~350% CAGR per SEC filing
JPMorganKinexys/Onyx TCNTokenised collateral in production
DTCCTokenised securities pilot50+ firms; possible commercial launch October 2026

Benchmark

Securitize — the reference full-stack operator

Securitize is the clearest proof that tokenisation scales through regulated infrastructure rather than around it.1,2 It runs the full lifecycle of a digital security — issuance, onboarding, recordkeeping, administration and secondary trading — inside existing securities law. It is the operating model Democratise benchmarks against, and the gap it exploits is jurisdictional, not technical.

Lifecycle

What the platform actually does

  • Token issuance: blockchain representations of funds, private equity, credit and other securities.
  • Investor onboarding: KYC, AML and compliance workflow at the point of subscription.
  • Transfer agent: shareholder registry and ownership of record for digital securities.
  • Fund administration: operational, NAV and reporting support for issuers.
  • Secondary trading: eligible investors trade certain tokens through regulated affiliates.

Regulatory posture

Inside the perimeter, by design

  • SEC-registered transfer agent — the registry itself is a licensed function.
  • SEC-registered broker-dealer operating an Alternative Trading System for secondary liquidity.
  • Additional regulated financial-services entities under the same group.
  • Regulated expansion into Europe under the EU's DLT market-infrastructure framework.
  • Tokens are treated as securities first and blockchain instruments second.

Sources2,6

Market position

Distribution through tier-1 managers

  • Issuance partner to BlackRock, Apollo, Hamilton Lane, KKR and VanEck.
  • Tokenising agent for BUIDL, the largest tokenised Treasury fund.
  • Reports more than US$4 billion of assets under management on-platform as of 2026.
  • Growth from ~US$200m (Q1 2023) to multi-billion scale in roughly three years.

Sources1,3,4

Why it matters

The thesis it validates

  • Faster settlement and reduced reconciliation across the security lifecycle.
  • Operational efficiency from a single registry of record.
  • Fractional ownership of traditionally illiquid private-market assets.
  • Programmable compliance enforced at the token-transfer layer.
  • Broader distribution of private markets — still bounded by investor-eligibility rules.

Read-across for Democratise

Securitize's advantage is a licensed stack — transfer agent plus ATS — not a chain. The Australian equivalent is an AFSL with the right authorisations, a DAP/TCP-aligned venue, and a trustee-backed registry. Its concentration in US-domiciled Treasury and credit products leaves Australian real assets, the AUD settlement corridor and FIRB-screened inbound capital unserved. Tokenisation remains an ongoing transition dependent on regulatory evolution and adoption — not a solved market.

FunctionSecuritizeDemocratise equivalent
Registry of recordSEC-registered transfer agentTrustee-backed registry (Perpetual) under the TCP pathway
Secondary marketBroker-dealer operating an ATSAFSL-authorised venue aligned to the DAP regime
OnboardingKYC / AML at subscriptionKYC, s708 accreditation and FIRB pre-screening
Asset focusUS Treasuries, credit, private fundsAustralian real assets — A-REITs, private credit, infrastructure, critical minerals
GeographyUS-centric, expanding under the EU DLT frameworkAustralia-domiciled, inbound sovereign and institutional corridor

Source: Company disclosures and third-party coverage, 2026. Figures are directional.

Sources & footnotes

  1. 1. Securitize — Company overview — tokenisation platform and regulated affiliates
  2. 2. SEC EDGAR — Securitize — registered transfer agent and broker-dealer filings
  3. 3. BlackRock — BUIDL — USD Institutional Digital Liquidity Fund, tokenised by Securitize
  4. 4. rwa.xyz — Tokenised asset market data — issuers, AUM and activity
  5. 5. Franklin Templeton — Benji Technology Platform and on-chain shareholder register
  6. 6. ESMA — DLT Pilot Regime — authorised market infrastructures register
  7. 7. Reserve Bank of Australia — Project Acacia — wholesale tokenised asset settlement

Scoring

Competitive rubric — consistent ratings, filterable

Every operator is rated 0–5 on the same three dimensions, then weighted into a single comparable score. Filter by region and by the service each one actually operates.

Lifecycle services · weight 40%

How much of issuance → onboarding → registry → admin → secondary is run in-house?

  • 0 — None operated
  • 1 — Single function, outsourced elsewhere
  • 2 — Issuance only
  • 3 — Issuance + onboarding
  • 4 — Adds registry or fund administration
  • 5 — Full lifecycle including secondary venue

Regulatory posture · weight 35%

Are the licensed functions held directly, and how deep is the perimeter?

  • 0 — Unregulated
  • 1 — Relies wholly on third-party licences
  • 2 — Sandbox or exemptive relief only
  • 3 — One core licence held directly
  • 4 — Multiple licences across functions
  • 5 — Licensed registry + licensed venue, multi-jurisdiction

Market traction · weight 25%

Assets on-platform, tier-1 counterparties and observable secondary activity.

  • 0 — Pre-launch
  • 1 — Pilot only
  • 2 — <US$100m
  • 3 — US$100m–1b
  • 4 — US$1–4b with tier-1 partners
  • 5 — >US$4b, category-defining mandates

Adjust rubric weights

40%
35%
25%

Weights are normalised to 100% before scoring, so any combination re-ranks the table live.

Region
Service

Showing 12 of 12 operators · sorted by Weighted descending

Securitize

SEC transfer agent + broker-dealer ATS; >US$4b on-platform; EU DLT expansion.

Issuance · Transfer agent / registry · Secondary trading

US5555.00

Franklin Templeton (BENJI)

Registered fund with an on-chain shareholder register maintained in-house.

Issuance · Transfer agent / registry

US4544.35

Figure

Broker-dealer and ATS for tokenised private credit and HELOC pools.

Issuance · Secondary trading

US4444.00

Archax

FCA-regulated exchange, broker and custodian for digital securities.

Issuance · Transfer agent / registry · Secondary trading

EU4433.75

ADDX

MAS-licensed exchange and custodian for private-market securities.

Issuance · Secondary trading

APAC4433.75

Democratise (target state)

Trustee-backed registry, DAP-aligned venue, FIRB-screened inbound corridor.

Issuance · Transfer agent / registry · Secondary trading

AU5413.65

21X

Licensed DLT trading and settlement system under the EU DLT Pilot Regime.

Secondary trading · Transfer agent / registry

EU3523.45

Ondo Finance

Tokenised Treasury products distributed via regulated partners; registry outsourced.

Issuance · Secondary trading

US3343.25

ASX / Project Acacia participants

RBA/Treasury-convened pilots on wholesale tokenised settlement; not commercial.

Issuance · Transfer agent / registry · Secondary trading

AU3412.85

Zerocap

AFSL-backed digital-asset custody and structured products; no registry or venue.

Issuance

AU2332.60

Monochrome / DigitalX

Regulated fund issuance in AU; tokenised real assets not yet in scope.

Issuance

AU2322.35

Tokeny

ERC-3643 tokenisation software; licensing sits with the issuer and its agents.

Issuance

EU2232.25

Weighted score = lifecycle 40% + regulatory 35% + traction 25%, each rated 0–5 on the rubric above. Select any row for the full breakdown and sources. Ratings are Democratise assessments of public disclosures, not advice.

Jurisdictions

Lessons worth copying

Singapore

Project Guardian + GL1

40+ participants across fixed income, FX and asset/wealth management; Global Layer 1 shared-ledger infrastructure; BLOOM cross-border settlement (Oct 2025). Live participants include Apollo, DBS, Franklin Templeton, Hamilton Lane, UBS and JPMorgan. The template for regulator-convened, institution-led scaling.

Hong Kong

Project Ensemble / EnsembleTX

Live from 13 Nov 2025 with 7 banks and 13 industry participants settling tokenised money-market-fund trades with tokenised deposits. A HK$10 billion tokenised green bond settled in both e-HKD and e-CNY. The SFC treats tokenisation as a wrapper and waived the 12-month track-record requirement.

UAE

VARA, ADGM and DIFC

VARA's Asset-Referenced Virtual Asset framework (May 2025) is the backbone in Dubai; ADGM/FSRA has run an institutional digital-securities regime since 2018; DIFC launched a tokenisation sandbox in 2025. Dubai Land Department targets 7% (~US$16 billion) of Dubai real estate tokenised by 2033.

Taiwan / EU / UK

Earlier-stage pilots

Taiwan's FSC RWA Tokenisation Task Force (June 2024, led by TDCC with six financial institutions) requires VASP registration, with a bank crypto-custody pilot in 2025 and retail access via TWEX from ~US$3. EU MiCA harmonises crypto-assets while security tokens stay under MiFID; the UK FCA participates in Project Guardian.

Asset classes

Where the assets actually are

  • Treasuries and private credit dominate; tokenised private credit is the largest non-Treasury segment.
  • Real estate, commodities, infrastructure and green bonds, funds and tokenised equities are all growing.
  • Persistent weakness: ~56% of tokenised assets over $100,000 showed zero weekly on-chain activity in a recent snapshot.