tZERO Outpaces Legacy Banks
tZERO
The real advantage for blockchain native firms is speed of product change, not just blockchain expertise. tZERO already runs tokenization, transfer agent, custody, and ATS trading in one stack, so it can change issuer workflows, settlement, and compliance tools without waiting for old custody and brokerage systems to catch up. Large banks are building tokenized asset products, but many are layering them onto existing custody and cash management infrastructure designed for slower, more controlled rollouts.
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tZERO’s product is built around a single digital securities workflow. An issuer can tokenize an asset, run a Reg D, A+, or CF offering, maintain the shareholder register, custody the token, and support secondary trading inside one system. That kind of vertical integration is harder for incumbents that split these functions across separate legacy platforms and internal teams.
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The incumbents are moving, but mostly through institution first extensions of existing rails. BNY positions custody as the base layer for tokenization, Goldman worked with BNY on tokenized money market fund ownership records, and Citi built token services into its existing cash and trade network. That is powerful for trust and distribution, but it usually means slower product iteration.
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Meanwhile, newer competitors are pushing faster on market structure. Securitize has tokenized more than $3.3 billion in assets and administers $38 billion across 715 funds, while Kraken has rolled out 24/7 tokenized U.S. equity exposure for European clients and vertically integrated further through Backed Finance. That raises the pace incumbents have to match.
The market is heading toward bundled tokenization stacks that combine issuance, compliance, custody, and trading in near real time. Incumbents will remain strong where trust, balance sheet, and distribution matter most. But the companies shaping product standards will be the ones that can ship new compliance logic, settlement flows, and investor features fastest.