Securitize CEO Carlos Domingo: Tokenized Capital is More Resilient During Crypto Downturns
Securitize CEO Carlos Domingo was asked in a podcast whether he was surprised by the popularity of tokenization. He stated that what surprised him was the resilience of this capital during the crypto downturn: while some withdrew from crypto assets, they allocated more funds into real-world assets.
Securitize provides regulated token issuance and trading infrastructure, including transfer agency, broker-dealer, alternative trading systems, and fund administration. By mid-2026, the scale of tokenized asset management is expected to exceed $4 billion, with about 650 active funds; U.S. Treasury products once accounted for about 60% of demand, with BlackRock's tokenized Treasury fund being one of the flagship offerings.
The company went public on July 2 under the ticker SECZ, claiming to achieve simultaneous listings on the New York Stock Exchange and on-chain. First-quarter revenue was $19.5 million, a year-on-year increase of about 40%. In August, it launched a high-yield tokenized fund in partnership with Neuberger Berman, distributing on Avalanche, Ethereum, Solana, and Sui. It has registered as an investment advisor and holds relevant licenses from the Financial Industry Regulatory Authority (FINRA).
Domingo co-founded the company in 2017, initially focusing on tokenized venture capital funds before building out the compliance stack. Institutional funds are writing Treasury and credit into on-chain shares, separating them from speculative positions that tokenize risk assets.
In terms of market mechanics, buyers are institutions that want to park their principal in Treasuries and credit amidst crypto volatility, while sellers are purely token beta. The events are driven by podcast statements and product launches, with funds shifting from crypto risk assets to tokenized fixed income; benefiting are licensed issuance platforms, while under pressure are purely crypto channels that rely on token price fluctuations to attract clients during downturns.
Source: Public Information
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What surprised him was not the narrative heating up, but the money switching tracks in a bear market without exiting. The outflow from crypto accounts and inflow into Treasury token accounts indicate that the same group of institutions treats the blockchain as a settlement layer, not as an asset itself. Securitize sells licenses layered on transfer agency, not the next coin that will rise. More than half of the $4 billion is in Treasuries, with the focus on interest rates and compliance, not on memes.
The capital path involves writing cash and short-term debt from traditional portfolios into on-chain shares, which can then be used for collateral and transferred 24/7. Money flows from BlackRock and Neuberger's management fees and subscriptions into Securitize's issuance and administrative fees. Going public turns this fee pipeline into tradable equity. Multi-chain distribution is aimed at ensuring that the same fund shares appear on the settlement networks already connected by institutions.
The benchmark is the electronicization of money market funds and using Treasuries as collateral for derivatives. Tokenization is at the stage of "first bringing the most boring assets to the forefront, then discussing stocks and private equity": boring assets determine scale, while stock tokens determine imagination. In 2021, while others focused on the growth of trading platforms, he looked at whether those platforms could survive the next day. Surviving are the channels that can transfer, clear, and report net values.
Structurally, this belongs to the reconstruction of the industry chain. The mechanism is: when the crypto downturn washes out speculative capital, the remaining allocation requires auditable returns, not the next narrative. Resilience comes from the underlying being Treasuries, not from the word "token." Exiting crypto and increasing holdings in real-world assets is a rerouting of the same risk budget on two tracks.
ABAB News · Cognitive Laws
- Money added during a bear market often does not buy the next narrative.
- The blockchain can serve solely as a settlement layer without being an asset itself.
- The most boring shares scale first, while lively shares are priced later.