CoinDesk
Securitize CEO Carlos Domingo told an ETHConf panel in New York that tokenized equities and ETFs — not Treasuries or private credit — are the asset class that will drive the real-world asset market from its current $30 billion to as much as $5 trillion. His math: the global equities and ETF market sits at roughly $150 trillion, and even a 2-3% migration onchain clears the $5 trillion threshold.
Why it matters
Domingo's argument reframes the RWA conversation at a critical moment. Tokenized Treasuries have dominated the sector for two years, but Domingo contends they are a warm-up act. Securitize — which counts BlackRock among its institutional clients and is preparing to list on the NYSE — has already announced partnerships with the New York Stock Exchange and transfer agent Computershare to enable onchain trading and settlement of equities. That pipeline gives the thesis operational weight beyond a conference panel.
Domingo also drew a sharp distinction between genuine tokenized equities and the synthetic or derivative-backed stock products proliferating outside the U.S. True tokenization, he argued, must preserve direct ownership, voting rights and dividends — not just price exposure. He maintained that public blockchains, particularly Ethereum, are the preferred infrastructure for institutional tokenization, with smart contracts used to restrict ownership to approved investors while assets move on permissionless rails.
Market impact
If even a fraction of Domingo's projection materialises, the knock-on effect for Ethereum — the primary settlement layer Securitize is building on — would be substantial in terms of fee revenue, TVL and institutional legitimacy.
Frequently asked questions
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Why does Securitize's CEO favour equities over Treasuries as the next big RWA category?
Carlos Domingo argues the global equities and ETF market at $150 trillion dwarfs the Treasury market in scale, meaning even a small percentage migrating onchain produces a far larger absolute market than Treasury tokenization can deliver.
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What distinguishes a 'real' tokenized equity from the synthetic products Domingo criticised?
Domingo defines genuine tokenized equities as those that preserve direct ownership of the underlying shares along with voting rights and dividends, contrasting them with derivative or synthetic structures that offer only price exposure.
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How does Securitize plan to bring institutional equities onchain while meeting compliance requirements?
Securitize uses smart contracts to restrict asset ownership to approved investors, allowing securities to move on permissionless public blockchains — primarily Ethereum — while satisfying regulatory ownership controls. It has also partnered with the NYSE and Computershare for onchain trading and settlement.
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