Inside Securitize’s Big Week: Tokenized Private Credit on TRON and the Road to SECZ

The launch also illustrates how institutional asset managers are treating blockchain not just as an experimentation layer but as a production distribution network.

Wormhole: The Interoperability Layer Underneath

HLSCOPE’s multichain capability — including the new TRON deployment — runs on Wormhole. Securitize selected Wormhole as its official interoperability provider in September 2024, and the integration went live in late 2025 . The partnership is exclusive: Wormhole powers cross-chain transfers for all current and future Securitize-tokenized assets under a unified interoperability framework .

As a result, tokenized funds including Apollo’s ACRED, VanEck’s VBILL, and BlackRock’s BUIDL can move between Ethereum, Arbitrum, Avalanche, Polygon, Solana, Optimism, Sei, BNB Chain, Aptos, Ink by Kraken, and now TRON . Wormhole has processed over $55 billion in cross-chain transactions since 2020, and Securitize’s integration lets it connect tokens to 32 blockchains available on Wormhole’s infrastructure . The design goal is straightforward: institutional investors should be able to hold a tokenized fund on one chain and transfer it to another without friction or liquidity fragmentation.

The Road to SECZ: A $1.25B Public Listing

While the TRON launch extends Securitize’s product distribution, the company’s corporate structure is also undergoing a fundamental change. In October 2025, Securitize entered into a business combination agreement with Cantor Equity Partners II, a Nasdaq-listed SPAC sponsored by an affiliate of Cantor Fitzgerald . The deal values Securitize at a $1.25 billion pre-money equity value and is expected to deliver at least $225 million in new proceeds at closing, with up to $465 million in gross proceeds if there are no redemptions from the SPAC trust .

Key milestones in the process:

• October 27, 2025 – Definitive business combination agreement announced .
• January 28, 2026 – Registration statement on Form S-4 publicly filed with the SEC .
• Q1 2026 – Securitize reported $19.5 million in total revenue, a 39% year-over-year increase .
• May 2026 – Disclosures show assets under management had grown to approximately $4 billion .
• June 2, 2026 – Latest Rule 425 SEC filing related to the merger .

If completed — expected in the first half of 2026, subject to regulatory and shareholder approvals — the combined company will be renamed Securitize Corp. and trade on Nasdaq under the ticker “SECZ” . CEO Carlos Domingo has indicated that the company plans to issue both traditional equities and a tokenized version of its shares on blockchain rails .

The revenue trajectory supports the valuation narrative: Q1 2026’s $19.5 million follows an 841% revenue increase reported for the first nine months of 2025, when the company reached $55.6 million . The combination of distribution expansion, interoperability infrastructure, and a public listing gives Securitize a capital and credibility advantage as institutional tokenization matures.

The Broader Tokenized Asset Landscape

Securitize isn’t the only firm building bridges between traditional securities and blockchain networks. On the same day HLSCOPE launched on TRON, Backpack Exchange introduced Backpack Securities, a regulated platform that lets investors buy, hold, and sell real U.S. stocks and tokenize them for use across blockchain networks . The platform launched on Solana via Sunrise and gives tokenized equities native on-chain liquidity . Backpack also opened a waitlist for IPOs Onchain, a product that would provide retail investors with pre-listing IPO allocations in tokenized form .

Backpack’s institutional engagement is deepening. On May 8, 2026, the company joined the DTCC Tokenization Working Group, an industry effort convened by the Depository Trust & Clearing Corporation to build production-grade infrastructure for tokenized securities . A DTCC working group membership signals intent to integrate with the plumbing of U.S. market settlement — the same infrastructure that processes trillions in traditional securities transactions.

Beyond Backpack, the tokenized equities space remains unevenly distributed. Circle’s activity in tokenized equities has not been a near-term focus; its public work centres on USDC, yield-bearing stablecoins, and cross-chain settlement infrastructure. Cardano’s Midnight chain, designed for data privacy and smart contracts, has not announced concrete tokenized-equity launches in 2025–2026 within the scope of available information.

What These Moves Signal

Securitize’s simultaneous distribution expansion and public listing bid is an important signal for the tokenized asset industry. Launching a private credit fund on TRON demonstrates that regulated fund products can operate on blockchains with large retail user bases; filing for a Nasdaq listing shows that the company expects institutional capital markets to accept this business model.

Whether the SPAC closing proceeds smoothly will affect how the wider industry is priced. A successful listing could accelerate tokenized securities adoption and attract additional large asset managers, while delays or valuation repricing would test the thesis that public markets are ready for an on-chain-native securities platform.

What’s already clear is that tokenization is moving from proof-of-concept to production. Private credit funds, U.S. equities, and the interoperability infrastructure connecting them are now live across multiple blockchains, with regulated structures and public-market ambitions following close behind.