Should Tokenized Stock Only Come From Issuers? Yes, Says Carlos Domingo
Wall Street's transfer agents want issuers, not outside platforms, to control tokenized stock. Securitize's CEO says the alternative invites insider trading.
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Securitize took itself public twice this year: once through a direct listing, and once by tokenizing more than $265 million of its own stock via a SPAC with Cantor Equity Partners, testing whether Wall Street lets equities trade onchain.
Carlos Domingo, founder and CEO of Securitize, joins Laura Shin to argue that much of crypto's tokenized stock boom is unauthorized, offshore paper exposing investors and issuers to real legal risk, and to make the case that transfer agents, not outside platforms, should control what gets tokenized.
They cover Rule 611, the SEC rule locking onchain and offchain share prices together, the Securities Transfer Association's push for issuer authorization, and a Netflix stock split that left an unauthorized derivative trading five times off. Domingo also lays out Securitize's NYSE partnership, launching tokenized trading in the fourth quarter.
The SEC is now weighing whether to unwind the rule that keeps those prices identical, with real stakes for how equities trade next.
Host:
Laura Shin, Host / Unchained
Guests:
Carlos Domingo - Founder and CEO of Securitize
Timestamps
🏛️ 01:09 Why Domingo took Securitize public after Circle's IPO opened the door
💹 04:12 Securitize's SPAC: tokenizing over $265M in stock with Cantor Equity Partners
📣 10:10 Cape: Get 33% off your first six months with code unchained at https://cape.co/unchained
🔗 10:24 Why Securitize tokenized SECZ on Solana for trading, Avalanche for lockup
📜 14:51 DTCC entitlement vs onchain shares: what you actually own on Robinhood
⚠️ 16:46 Why owning tokenized versus traditional shares carries real risk
⚖️ 20:53 Why Rule 611 keeps onchain and offchain share prices identical
🧩 28:37 The three models of tokenized equity, and who should authorize them
🚨 34:47 Tom Farley's insider trading warning about unauthorized stock derivatives
🏦 40:10 Why institutions still fear crypto after Celsius, BlockFi, and FTX
🗽 44:02 Inside Securitize's tokenized trading partnership with the NYSE
🪙 50:01 Why Domingo calls Robinhood a partner, not a competitor
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Securitize Just Went Public — Are We Still Tokenizing the World?
Securitize has gone public, raised $400 million and tokenized its own equity, but Carlos Domingo says the real race is only beginning. He joins David to explain how Securitize makes money, why investor demand remains tokenization’s biggest bottleneck and what separates an actual onchain share from a synthetic stock wrapper.
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TIMESTAMPS
0:00 Going Public
4:50 Demand Bottleneck
10:19 Real vs Synthetic
17:31 Liquidity Wins
23:43 First Movers
29:24 Trading SECZ
39:47 Spot and Perps
43:01 The $1T Goal
---
RESOURCES
Carlos Domingo
https://x.com/carlosdomingo
Securitize
https://securitize.io/
---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
The Largest Securities Exchange in the World is Coming Onchain | Michael Blaugrund of NYSE and Carlos Domingo of Securitize
NYSE and Securitize are laying the rails to bring real, issuer-backed securities onchain.
Michael Blaugrund of NYSE and Carlos Domingo of Securitize break down how blockchain-native equities could work in practice: transfer agents, tokenized issuance, interoperable trading infrastructure, 24/7 markets, and what it will take for public stocks to move from legacy rails to crypto rails. T
They also explore how onchain equities could unlock faster settlement, better shareholder utility, and new DeFi use cases without sacrificing regulatory compliance.
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------
TIMESTAMPS
0:00 Intro
0:52 NYSE x Securitize Partnership
4:57 Digital Transfer Agent
8:39 Blockchain Infrastructure
11:07 NYSE Alternative Trading System
17:01 Every NYSE Asset?
22:30 Portability & KYC
33:38 RWA Decentralization Debate
38:47 New NYSE Paradigm
44:46 24/7 365 Markets
48:03 Clarity Act
52:21 Issuer Choice
57:08 Tokenized Securities vs Perpetuals
1:00:24 Securitize Going Public
1:03:20 When Launch
1:04:04 Closing & Disclaimers
------
RESOURCES
Carlos Domingo
https://x.com/carlosdomingo
Michael Blaugrund
https://x.com/mblaugrund
Securitize
https://securitize.io/
RWA Decentralization Debate
https://www.youtube.com/watch?v=m-h-PeUOvDw
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Why Apollo Created Their Onchain Credit Fund | Christine Moy, Carlos Domingo & Tarun Chitra
Gm! This week we're joined by Christine Moy, Carlos Domingo & Tarun Chitra to discuss the launch of crypto largest onchain credit fund. We deep dive into what is private credit, the future of tokenization, onchain vs tradfi risk management, finding product market fit & more. Enjoy!
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ZKsync is the pioneering zero-knowledge technology powering the next generation of builders with limitless scale. Secured by math and designed for native interoperability, ZKsync enables an elastic, ever-expanding network of customizable chains.
Deeply rooted in its mission to advance personal freedom for all, the ZKsync technology makes digital self-ownership universally available.
To learn more about ZKsync, visit http://www.zksync.io
--
Zenrock is a permissionless, decentralized custody network backed by 1RoundTable Partners, 10T, Maven11, and Spartan. Live on Jupiter, $ROCK is the native token for transactions within the Zenrock ecosystem and secures Zenrock’s decentralized custody network.
The first application launching on Zenrock is zenBTC – yield-bearing Bitcoin on Solana. zenBTC will be live in April 2025.
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Timestamps:
(00:00) Intro
(02:02) What Is Private Credit?
(06:32) The ACRED Levered RWA Strategy
(09:29) How To Bring TradFi Onchain?
(20:51) Ads (ZKSync, Zenrock)
(22:30) How Does the Levered RWA Strategy Function?
(32:14) A New Era For Tokenization
(36:32) Ads (ZKSync, Zenrock)
(38:11) Onchain vs TradFi Risk Management
(42:47) How To Avoid Leverage Unwinds
(49:36) Ads (Falcon x,Arweave, Token.com)
(51:50) Finding Product Market Fit
(01:04:57) The Future Of Tokenization
—
Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
Jesse Pollak on ‘Base Is for Everyone’ + Guy Young and Carlos Domingo on Converge - Ep. 820
This week on Unchained: two big stories, one episode.
First, Jesse Pollak, head of Coinbase’s L2 Base, joins to unpack the chaos behind the viral “Coined It” memecoin moment, a tweet-turned-token that hit $17M in an hour, crashed, then rebounded, igniting a firestorm on Crypto Twitter. Was it a media experiment or a botched launch? Was there insider trading? And why does Jesse think coins are the future of creator monetization?
Then, we dive into Converge, the recently announced chain backed by Ethena and Securitize, aiming to bridge TradFi and DeFi. Carlos Domingo and Guy Young explain what makes Converge technically novel, why they’re building on Arbitrum and Celestia, and how it could reshape the onchain landscape for institutions.
Also in this episode:
Whether Jesse regrets greenlighting the Base post
The future of creator coins and tokenized assets
How Converge plans to prevent hacks and improve UX
And why Converge isn’t just about migrating existing assets, but “expanding the pie”
Thank you to our sponsors!
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Part 1
Jesse Pollak, Head of Base and Coinbase Wallet
On Wednesday, Coinbase’s layer 2 network Base posted a tweet that
read: “Base is for everyone,” followed by a tweet: “Coined it.” That
second tweet linked to a page where the post had already been turned
into a coin.
Within an hour, the coin hit a $17 million market cap, then dropped
to under $2 million, then went back up to over $13 million. Crypto
Twitter exploded. Some called it a rug. Others accused insiders of
sniping the launch. Coinbase later issued a statement saying that Zora
auto-tokenizes content, but Jesse Pollak, head of Base, tweeted that he
personally greenlit the post.
So what really happened?
In this episode, Jesse sits down with Laura to discuss:
Whether this was a memecoin launch or a media experiment
Why he thinks the crypto community overreacted
Whether insider trading occurred
And why he believes coins, not NFTs, are the future of creator monetization
Plus, he explains why he’s okay being the “punching bag.”
Part 2
A month ago, Converge was announced as the new chain backed by Ethena and Securitize, aiming to become a home for tokenized assets and institutional capital.
On Thursday, the teams behind it released the full technical specs. From validator-triggered circuit breakers to 100ms block times and support for yield-generating private credit, Converge is pitching itself as the chain for both TradFi and DeFi.
In this episode, Securitize’s Carlos Domingo and Ethena’s Guy Young join Unchained to explain what’s actually novel in this architecture, why they chose Arbitrum and Celestia, and what it will take for institutions to get comfortable onchain.
Plus:
What Converge means for Ethereum and other L2s
Whether gas tokens like USDe and USDtb solve real UX problems
How they plan to prevent bridge-based hacks
And why this isn’t just about migrating existing assets, but “expanding the pie”
Guest
Carlos Domingo, co-founder and CEO of Securitize
Guy Young, founder of Ethena Labs
Links
Previous coverage of Unchained on Ethena:
After an Incredible 2024 for USDe, Ethena Plans to Supercharge Growth
Ethena’s USDe Grew to $2 Billion in 7 Weeks. Is It Safe?
How Ethena’s USDe Challenges Traditional Stablecoin Models
Unchained:
Tokenized T-Bills Grow Despite Trump Tariffs Causing U.S. Treasuries Sell-off
Tokenized Treasuries Grow 20X Faster Than Stablecoins as Crypto Market Languishes
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Tokenized treasuries will dethrone stablecoins as the institutional collateral of choice: Securitize
Carlos Domingo is the founder and CEO at Securitize.
Earlier this year, Securitize partnered with BlackRock to launch the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
In this episode recorded live at last week's SALT Conference, Domingo discusses the successful launch of BUIDL and highlights the growing institutional adoption of tokenized treasuries over stablecoins.
OUTLINE
00:00 Introduction
01:03 Blackrock & BUIDL
02:13 Strengthening Crypto Collateral
05:50 Tokenization Evolution
09:04 Crypto UX
11:16 BUIDL Target Audience
13:53 TradFi in Crypto
17:03 Tokenization Value Prop
19:05 Securitize Roadmap
This episode is brought to you by our sponsor Polkadot
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BlackRock's BUIDL | Creating The Largest Tokenized Treasury Fund With Securitize
Carlos Domingo is the founder and CEO of Securitize, a platform for issuing and trading security tokens or digital securities on the blockchain. Securitize aims to modernize the traditional financial markets by leveraging blockchain technology to provide greater accessibility, efficiency, and transparency in securities trading. Securitize recently partnered up with BlackRock to explore innovations in tokenizing assets and broadening access to the private capital markets. In today's podcast, we uncover all the details behind this collaboration and explore what the future holds for tokenized innovation.
0:00 Intro
1:09 BlackRock BUIDL Fund
3:22 Onchain vs Offchain
5:01 Institutional Investors
5:36 Secondary Market
7:26 Carlos Domingo & Securitize
12:10 Future of Tokenization
15:35 BlackRock's Impact
22:15 Use Cases
30:12 Investors
33:19 Tokenized Innovation
37:53 Real World vs Crypto Economy
47:27 Web2 vs Web3
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BUIDL: Blackrock's $10T Bet on Ethereum | Carlos Domingo
Earlier this month the largest asset manager in the world released its first tokenized fund on Ethereum called the BlackRock BUIDL fund.
We knew this was big… but after recording this episode we’re realizing this is an even bigger deal than we initially thought. Tokenized treasuries on chain Tokenized securities on chain.
The largest institutions in the world are here and they’re tokenizing their assets.
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------ TIMESTAMPS 00:00:00 Intro 00:06:46 What Just Happened Last Week? 00:09:09 What Composes This Fund? 00:15:01 Onchain Dividends 00:20:02 Is BUIDL a Security? 00:22:56 Is It Permissionless? 00:26:02 Redeem Function 00:30:47 What Assets Come Next? 00:39:55 Securitize's Role In This 00:42:39 Size of Inflows 00:47:09 Total Market Size 00:50:46 Yield Accounts 00:53:01 Onboarding New Users 00:55:41 When Central Bank Involvement? 00:59:49 Where Do We Go From Here? 01:02:14 Legitimizing Our Case 01:05:04 Next Blackrock Product
------
Carlos Domingo https://twitter.com/carlosdomingo Check out the fund contract on Etherscan: https://etherscan.io/token/0x7712c34205737192402172409a8F7ccef8aA2AEc
------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures
How BlackRock’s New Fund on Ethereum Got a Very Crypto Welcome - Ep. 623
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
On Wednesday, BlackRock, the world's leading asset management firm, announced the launch of a tokenized investment fund, the BlackRock USD Institutional Digital Liquidity (BUIDL) Fund, developed in collaboration with Securitize.
Carlos Domingo, founder and CEO of Securitize, discusses the launch of the fund, which is native to the public Ethereum blockchain and aims to bring an institutional-grade cash management product to crypto institutions, offering faster token issuance, redemption, and transferability.
Learn more: What Is Real-World Asset (RWA) Tokenization? A Beginner's Guide
He also talks about how Blackrock has embraced crypto, how the launch of the fund was “front run” by crypto Twitter, and how Blackrock will deal with issues such as the fund being dusted with ETH tainted by sanctioned Tornado Cash ETH.
Show highlights:
What the BUIDL fund is, its essence and objectives
How the fund rewards its users, with a system similar to crypto airdrops
Whether they were worried about regulatory aspects of bringing this product onchain
Securitize's role in the partnership with BlackRock
How much money flowed into the fund on the first day and who the target investor is
Why BlackRock decided to build this product on Ethereum
What BlackRock's attitude towards crypto is, according to Carlos
How the launch of the fund was frontrun by crypto insiders
How a wallet associated with the fund received unintended funds from North Korean tied wallets and whether Ethereum should implement a mechanism for addresses to approve funds that are sent to it
Whether the contract is secure and what steps Securitize is taking to increase the safety of the users
The roadmap for the partnership between BlackRock and Securitize
Thank you to our sponsors!
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Guest
Carlos Domingo, Founder and CEO of Securitize
Previous appearance on Unchained: Could Securitize Democratize Access to Different Asset Classes?
Links
Previous coverage on Unchained of real world assets:
The Catalysts for This Crypto Bull Market: AI, DeFi, Real World Assets?
The Chopping Block: Will Tokenizing RWAs Finally Click This Time?
MakerDAO Has Brought in Real World Assets. Is It Worth the Risk?
BlackRock USD Institutional Digital Liquidity (BUIDL) Fund
The Block: BlackRock to launch tokenized investment fund with Securitize
Unchained:
BlackRock's Institutional Fund Wallet Receives Unsolicited ETH From Tornado Cash Within Hours of Launch
BlackRock Receives Memecoins and NFTs After Putting $100 Million USDC Onchain
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Here’s how financial giants like KKR and Hamilton lane are diving into crypto
Carlos Domingo is the founder and CEO of Securitize — a compliance platform for trading security tokens or digital securities on the blockchain used by the likes of KKR and Hamilton Lane.
In this episode, Domingo explains how blockchain technology can be used to unlock broader access to alternative investments and how regulatory clarity in the U.S. could help trillions of dollars of real world assets be tokenized on-chain.
Outline:
1:17 - About Securitize
2:32 - Market Evolution
7:22 - Tokenization
8:07 - Transfer Agent License
9:58 - Broker Dealers
12:00 - Prometheum
13:04 - Special Purpose Broker Dealer
16:38 - Alternative Trading Systems
19:05 - Second Order Effects of Regulation
21:30 - Tokenization of Real World Assets
28:02 - What’s Next for Securitize
31:32 - Closing Thoughts
A Conversation with Carlos Domingo, Founder and CEO at Securitize
In this episode of The Scoop, Frank Chaparro and Teo Leibowitz interview Carlos Domingo, CEO and Co-founder of Securitize. Carlos touches on what securities have to gain from being tokenized, the future of the tokenized security platform landscape and the advantage of taking tokenized security route vs. traditional finance. Frank, Teo and Carlos also touch on what separates Securitize from their competitors.
For the transcript and additional reading materials: https://www.theblockcrypto.com/2019/06/04/a-conversation-with-carlos-domingo-ceo-and-co-founder-securitize/