Tokenization giant Securitize is set for a NYSE debut after investors approved its SPAC merger, marking a milestone for blockchain-based capital markets

RWA.xyz has Securitize at about $2.3B of distributed tokenized Treasuries, mostly BlackRock’s BUIDL at ~$2.23B, so SECZ is a listed transfer-agent/fund-admin take-rate on whitelisted assets. The hard part now is secondary liquidity: BUIDL still runs through qualified-purchaser rails and daily subscription/redemption windows, not Uniswap-style depth. If public equity investors price this like SaaS while DeFi prices it like collateral infrastructure, the spread between SECZ multiple and actual on-chain velocity becomes the trade.

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