According to Woofun AI, RWA infrastructure company Securitize (SECZ.US) launched a compliant US equity token on the Solana chain, which attracted great attention from the market. CEO Carlos Domingo emphasized that the move was aimed at providing legal rights beyond offshore synthetic packaging and marked a new stage in the on-chain of traditional financial assets.
On October 8, Securitize officially launched Securitize Stocks. The first batch of 12 stock equity tokens was listed on Solana. The targets 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 carried out through its registered brokerage dealer Securitize Markets. Jump Trading provides market making services and is settled in USDC. The first installment is only open during an extended trading period. On the day the news was announced, SECZ shares closed up about 11% to $12.66.
The core of this market response is not the quantity of the target, but the fundamental difference in its legal structure. In the past few years, most of the on-chain stock tokens were price-tracking synthetic assets issued offshore, and holders only had contract exposure; what Securitize now provided was a certificate of rights based on the US legal framework. Specifically, each token is backed 1:1 by an underlying share, officially defined as a security interest under UCC Article 8.
This means that the stock is held by the broker under a street name, and the investor receives a transferable right to claim this portion of the position, with dividends and voting instructions. Although this is an additional layer of protection than synthetic tokens, it is still far from holding shares directly recorded in the shareholders' register. To this end, Securitize introduced the CET (Convertible Equity Token) mechanism as a bridge to registered shares. When the issuing company accepts the tokenized form, the holder can convert the on-chain certificate into direct shareholding under the name of the transfer agent.
At the same time, the government made it clear that the token does not involve the loan of underlying shares, and that the underlying company did not sponsor or endorse the product. Currently, trading is limited to a closed pool of qualified KYC certified investors and is not an all-weather free market open to the public. The design does not rely on exemptions, but it is expected to be able to access the tokenized securities trading venue envisaged by the SEC's Innovation Exemption on September 17. The exemption is a five-year observation sandbox set up by the SEC for licensed on-chain trading venues. Synthetic trading is prohibited, and comes with issuers' 30-day objection rights and transaction volume limits. 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 and OKXICE, a joint venture platform between the Intercontinental Exchange (ICE.US) and OKX, have yet to go online. Therefore, whether the first installment can form continuous transactions and inventory depth has become the primary observation indicator.
Notably, recent stock token increases mainly come from retail packages such as bStocks, xStocks, and Ondo, while Securitize chose a compliant but narrower path. According to data compiled by Woofun AI, the ability of closed pools to generate liquidity is not yet supported by public data, which is in stark contrast to rising stock prices.
Fundamental data reveals a different picture. Securitize's revenue for the second fiscal quarter ended June 30 was $14.4 million, down about 5% year over year, with a net loss of $21.7 million, and an adjusted EBITDA loss of approximately $5.5 million. The tokenized management scale at the end of the quarter was approximately $4.3 billion, and the volume of transactions during the quarter was 5.3 billion US dollars, an increase of 147% over the previous year. After the financial report was released, the stock price fell by about 20%, and the company lowered its annual revenue guidance to 0.70 to 80 million US dollars.
Despite having about $350 million in cash on book and no debt, which provided the motivation to launch new products, the competitive landscape of the industry remains tough. On October 9, the market-wide distributed RWA scale was about 38.9 billion US dollars, and the Securitize platform was about 4.475 billion US dollars. Although it ranked first among the platforms, it fell by about 11% in the past 30 days. The spread of categories has not brought about a simultaneous expansion in the stocks of leading platforms. These 12 stock tokens are seen more as a new story rather than an increase in scale that has already been implemented. The views of the sellers were markedly divided. Cantor Fitzgerald covered SECZ for the first time on September 21, giving an increase rating. The target price is about $21.20. The reason is that the share of traditional assets on the chain is extremely low and there is huge space. Aggregate analysts agree that the target price is around $13.94, which is close to the closing price on October 8. The gap between these two numbers intuitively reflects the market's disagreement over the extent to which the story is realized.
From closed pools to large-scale liquidity, from management scale to revenue conversion, from extended time periods to all-weather locations, three major aspects are still undecided. While the SEC sandbox points the way, issuers' objections and volume caps are a potential brake. The key variables are the depth of the first transaction, revenue reflection in the next financial report, and the issuer's real attitude towards licensed venue transactions. The escrow and pricing mechanism for shares of private companies such as SPCX also needs to be clarified. Domingo and Cantor are looking forward to a trillion-dollar long-term market, and what they are currently verifying is only the initial completion of a compliance channel.