StoneX says DTCC's tokenization launch supports, not threatens, Securitize

StoneX sees DTCC's tokenization launch as validation for Securitize

The Depository Trust & Clearing Corporation (DTCC) has launched a new tokenization service, and StoneX analysts said the move supports rather than threatens Securitize's business. Tokenization means placing ownership of an asset, such as a stock or a fund, on a blockchain as a digital token.

In a note to clients written on Monday, the analysts said the two platforms serve different markets. DTCC's service is permissioned, meaning it is open only to approved participants, and it is initially limited to certain securities, participants and blockchain networks, according to the note.

How the two platforms differ

• DTCC's service is described as permissioned and narrow in scope at launch.
• Securitize (SECZ) focuses on tokenization on public blockchains, including tokenized funds, equities and assets that can be used in decentralized finance, or DeFi — financial services run by software rather than a central company.
• StoneX said Securitize holds an SEC-registered transfer agent, broker-dealer and ATS. An ATS is a regulated electronic venue for matching trades.

What analyst Mark Palmer wrote about the regulatory stack

Analyst Mark Palmer wrote in the Monday note that DTCC has "opened a debate about where tokenized U.S. equities should ultimately be anchored." He added that the firm believes SECZ is well positioned to come out ahead in that debate because, in its view, it is the only tokenization platform that already holds the full regulatory stack an issuer needs to sponsor its own on-chain shares: an SEC-registered transfer agent, broker-dealer and ATS.

That view is StoneX's own assessment, not a confirmed outcome.

Securitize adds 13 stocks to reach 25 tokenized equities

On Monday, Securitize expanded its tokenized U.S. stock offering to 25 equities by adding 13 companies, including ExxonMobil, GameStop, Salesforce and Disney. The tokens trade on Solana, a public blockchain, and are backed 1:1 by the underlying shares. Eligible investors receive the related economic benefits and rights, including dividends and voting rights where applicable.

Tokenized private credit is already used as collateral

According to The Block's latest Tokenization Briefing, tokenized private credit on Solana reached $1.44 billion, with credit tokens from Securitize and Maple accepted as collateral in lending markets such as Kamino. Collateral is an asset a borrower pledges to a lender as backing for a loan.

Buy rating and $18 price target kept

StoneX repeated its buy rating and its $18 price target on SECZ. The article states that the stock traded around $7.30 at publication time, down 24% since it went public in July 2025. A price target is the analyst's own estimate, not a guarantee of future performance.

StoneX said last month that Securitize Stocks could help the company move beyond integration fees and generate transaction and servicing revenue, with collateral-related revenue seen as a possible longer-term opportunity.

What is confirmed

• DTCC has launched a tokenization service that is initially limited in securities, participants and networks, as described in the supplied material.
• Securitize added 13 companies to its tokenized U.S. stock lineup on Monday, bringing the total to 25 equities.
• StoneX reiterated a buy rating and an $18 price target on SECZ shares.
• Tokenized private credit on Solana reached $1.44 billion, with Securitize and Maple credit tokens used as collateral on Kamino, according to The Block's Tokenization Briefing.

What is still unclear

The supplied material does not say when or whether DTCC's service will expand beyond its initial scope, or how large it will become. It also does not establish that Securitize will win the debate over where tokenized U.S. equities are anchored; that is StoneX's opinion. The material does not give a date for the $1.44 billion tokenized private credit figure.

Why tokenized collateral matters

StoneX argued that tokenized assets could be used as collateral across markets, and that the ability to move tokenized Treasuries around the clock could increase demand for tokenized fund shares and equities as collateral. The firm said Securitize is positioned to benefit, citing its regulatory infrastructure and its role as a transfer agent for a large pool of tokenized assets. That is the firm's argument, based on the supplied material.

Sources

• The Block