DTCC's tokenization launch could accelerate adoption and boost Securitize, StoneX says

The Depository Trust & Clearing Corporation's (DTCC) new tokenization service validates rather than threatens Securitize's business model, according to StoneX analysts, who argue that the two platforms serve different markets.

While DTCC's permissioned service is initially limited to certain securities, participants and blockchain networks, Securitize (SECZ) focuses on public-blockchain tokenization, including tokenized funds, equities and assets that can be used in decentralized finance.

"We acknowledge that DTCC has opened a debate about where tokenized U.S. equities should ultimately be anchored," analyst Mark Palmer wrote Monday in a note to clients. "At the same time, we believe SECZ is well positioned to emerge as a winner of that debate because it is the only tokenization platform that already holds the full regulatory stack that an issuer needs to sponsor its own on-chain shares, an SEC-registered transfer agent, broker-dealer and ATS."

StoneX also pointed to the potential for tokenized assets to serve as collateral across markets, arguing that the ability to move tokenized Treasuries around the clock could drive demand for tokenized fund shares and equities as collateral. Securitize is well positioned to benefit, the analysts said, given its regulatory infrastructure and role as a transfer agent for a large pool of tokenized assets.

Expand Chart

That use case is already developing in decentralized finance. Tokenized private credit on Solana reached $1.44 billion, with credit tokens from Securitize and Maple being accepted as collateral in lending markets such as Kamino, according to The Block's latest Tokenization Briefing.

Securitize is also expanding its tokenized equity business. On Monday, the company expanded its tokenized U.S. stock offering to 25 equities, adding 13 companies, including ExxonMobil, GameStop, Salesforce and Disney, to its existing lineup. The tokens trade on Solana and are backed 1:1 by underlying shares, providing eligible investors with associated economic benefits and rights, including dividends and voting rights where applicable.

Last month, StoneX argued that Securitize Stocks could help the company move beyond integration fees and generate transaction and servicing revenue, with collateral-related revenue a potential longer-term opportunity.

The firm reiterated its "buy" rating and $18 price target on SECZ shares. The stock traded around $7.30 at publication time, down 24% since going public in July 2025.