Yesterday NYSE announced the opening of a new digital platform to enable 24/7 operations using blockchain based tech for post-trade systems (https://www.businesswire.com/news/home/20260119300589/en/The-New-York-Stock-Exchange-Develops-Tokenized-Securities-Platform)

They mention partnering with BNY and Citi for settlements, for cause these banks have been at the forefront of the tokenization narrative -- NYSE is looking for partners to create this they are bringing the exchange side, Citi and BNY are bringing clearing and settlement that leaves TOKENISATION up for grabs

The competitive landscape for Tokenised Equities

Ondo (lol) - $461m
xStocks - $195m
Securitize - $149m
WisdomTree - $23m
Superstate - $19m

For UStb

Securitize - $1.8b (mostly BUILD)
Ondo - $1.6b (split between USDY and OUSG)
Circle - $1.5b (USDYC)
Franklin Templeton - $880m (BENJI)
...
Superstate - $786m (USTB)

Speculating on which of those will partner with NYSE:>>
Writing off ONDO as most of their TVL is defi native and have never interacted with tradfi institutions
xStocks is allowing people to trade stocks onchain and is integrated with specific exchanges, unlikely it goes deeper in the system
SuperState has built a solid product but most of their revenue doens't come tokenisation and "AUM fees" rather from blockchain incentives -- because they are defi native -- unlikely that they get integrated in the greater tradfi realm
Securitize, my choice. Backed by BlackRock they are the only ones to have piloted tokenisation with CITI and BNY -- Fink has been hamering CNBC with the tokenisaiton narrative: increasingly likely they throw their full force behind Securitize as their defacto securitisation arm (Partnership with BNY for STAC https://x.com/Securitize/status/1983565885181673934?s=20) (Testing tokenised deposits with CITI https://x.com/Securitize/status/1783894138326339948?s=20)

Disscusing private / public blockchain
> I view it as a defacto choice to go with public blockchain as NYSE is not partnering with any bank to distribute this you want to be able to allow anyone to plug into this // not just using the Citi Private blockchain.
> What does work is a public but permissioned network which is what all the RWA providers have built towards.

The only way to speculate on tokenization, a narrative that TradFi is interested about atm is Coinbase. Didn't mention it above as their securitisation focuses on BASE Chain and being traded on their exchange similar to xStocks and Kraken.

$SECZ goes live in H1 2026 through SPAC - at a ~$1.7b valuation I think it is severely mispriced => Wouldn't we all just want to long Tether_USDT_mcap.p?

https://www.youtube.com/watch?v=rFSVD4l8vvo