Anchorage Digital — America's Only Federally Chartered Crypto Bank
Anchorage Digital Bank received the only federal OCC national bank charter for a crypto institution in January 2021, holding $50B+ in custody for institutional clients including banks, hedge funds, and sovereign wealth funds.
Apollo Global Management — Tokenized Credit and the Private Wealth Channel
Apollo Global Management, with $733B AUM, is pursuing tokenized credit distribution to access $60 trillion in private wealth currently underallocated to alternatives.
BitGo — The Qualified Custodian for Digital Assets
BitGo is the oldest dedicated crypto custodian, holding $64B+ in assets for 1,500+ institutional clients, and processes over 20% of global Bitcoin transaction volume through client wallets.
BlackRock — BUIDL and the Institutionalization of Tokenized Finance
The world's largest asset manager at $11.5T AUM launched BUIDL in March 2024, crossing $2.5B in tokenized Treasury assets by February 2026.
BNY Mellon Digital Assets — The World's Largest Custodian Goes On-Chain
BNY Mellon, custodian of $46.7T in assets, became the first US bank approved by both the SEC and NY DFS to hold Bitcoin and Ethereum for institutional clients in October 2022.
Broadridge DLR — $384 Billion Daily and the Future of Repo Settlement
Broadridge's Distributed Ledger Repo processed a record $384B in notional in a single day in December 2024, with all major US broker-dealers participating in T+0 repo settlement.
CFTC — Commodity Tokens, DeFi Enforcement, and the $10 Trillion Derivatives Market
The CFTC regulates commodity tokens including Bitcoin and Ethereum, has conducted landmark DeFi enforcement actions including the Ooki DAO case, and would receive expanded jurisdiction over digital commodities under FIT21.
Citi Token Services — Tokenizing Cross-Border Payments
Citi Token Services launched in 2023 to tokenize bank deposits for instant cross-border payments, piloted with Maersk for trade finance and operating with regulatory approval in the US and UK.
Coinbase Prime — Institutional Access to the Coinbase Infrastructure
Coinbase Prime provides institutional custody, trading, and staking through a NYDFS-chartered trust company, serving as custodian for BlackRock's iShares Bitcoin ETF and holding $400B+ in total platform assets.
Copper — Institutional Custody with ClearLoop Settlement
Copper provides MPC-based institutional custody for $30B+ in assets and operates ClearLoop, a settlement network enabling institutional traders to settle exchange trades without moving assets off custody — directly addressing the counterparty risk exposed by the FTX collapse.
Figure Technologies — $15 Billion in Tokenized HELOCs
Figure Technologies has originated and securitized $15B+ in home equity loans entirely on Provenance Blockchain, reducing loan origination cost from $1,500 to $30 and processing time from six weeks to days.
FinCEN — AML, KYC, and the Travel Rule for Tokenized Assets
FinCEN governs AML and KYC compliance for crypto money services businesses and proposed Travel Rule implementation requiring sender and receiver information for crypto transfers over $3,000, directly shaping compliance infrastructure for tokenized assets.
FINRA — Broker-Dealer Oversight for Digital Securities Trading
FINRA, the SEC-authorized self-regulatory organization overseeing US broker-dealers, requires all digital securities ATS operators to be FINRA members and has issued regulatory guidance on crypto due diligence standards and AML programs.
Fireblocks — The Institutional Digital Asset Network
Fireblocks serves 1,800+ institutional clients including BNY Mellon and Revolut as the digital asset transfer network and MPC infrastructure layer, valued at $8B+ after its 2022 Series E.
Franklin Templeton — FOBXX and the On-Chain Money Market Revolution
Franklin Templeton's FOBXX became the first SEC-registered mutual fund using blockchain for transaction records in 2021, with $700M+ AUM by 2025.
Goldman Sachs GS DAP — Digital Bond Issuance at Institutional Scale
Goldman Sachs's Digital Asset Platform has led digital bond issuances for the European Investment Bank, World Bank, and Hong Kong Monetary Authority, settling complex structured transactions in hours rather than weeks.
Hamilton Lane — Infrastructure Intelligence for Tokenized Alternatives
Hamilton Lane has raised $150M+ via tokenized fund issuances and estimates that 90% of global wealth currently has zero access to institutional alternatives.
INX Limited — The First SEC-Registered Digital Securities IPO
INX Limited completed the first SEC-registered IPO of a digital security token in 2021, raising $83M from retail investors, and operates a dual-regulated platform for both crypto and digital securities trading.
JPMorgan Kinexys — The $1 Trillion Tokenization Engine
JPMorgan's Kinexys platform has processed over $1 trillion in notional transactions, operating JPM Coin at $10B+ daily volume across 200+ corporate clients.
KKR — Tokenizing Private Equity for Accredited Investors
KKR became the first major private equity firm to tokenize a fund when it placed its Health Care Strategic Growth Fund II on the Avalanche blockchain via Securitize in 2022.
New York DFS — BitLicense and America's Strictest Digital Asset Regime
The New York Department of Financial Services administers BitLicense, the US's most stringent state digital asset regulatory framework, with approximately 30 licensees including Coinbase, Gemini, Circle, and Ripple as of 2026.
OCC — National Bank Digital Asset Activities and the SAB 121 Reversal
The OCC granted the only federal bank charter to a crypto institution (Anchorage Digital, 2021) and issued landmark interpretive letters in 2020-2021 authorizing national banks to provide crypto custody, hold stablecoin reserves, and use blockchain for payment activities.
Ondo Finance — The DeFi-Native Treasury Tokenization Leader
Ondo Finance has accumulated $700M+ in TVL across OUSG (tokenized US Treasuries) and USDY (yield-bearing stablecoin alternative), creating the primary bridge between TradFi Treasury yields and DeFi liquidity infrastructure.
SEC — Digital Assets Division and the US Tokenization Regulatory Framework
The SEC is the primary regulator for tokenized securities in the US, with a 2025 policy shift toward industry engagement, a dedicated Crypto Task Force, and $0 in approved tokenized security issuances via S-1 registration as of 2026.
Securitize — America's Dominant Tokenization Platform
Securitize holds over $4B in AUM across tokenized assets, received a $47M strategic investment from BlackRock in 2024, and reported 841% revenue growth in 2025.
State Street Digital — Custody, Funds, and the Institutional Build-Out
State Street Digital, launched in 2021 with $43.7T in assets under custody, is building institutional blockchain infrastructure across custody, fund administration, and digital transfer agency for 70+ clients.
tZERO — America's Original Digital Securities Exchange
tZERO is the first SEC-approved digital securities ATS, launched in 2019 after raising $134M in its own 2018 security token offering, and currently hosts secondary trading for 15+ tokenized assets.
Vertalo — Cap Table Management for the Tokenization Era
Vertalo is an SEC-registered transfer agent and ATS operator specializing in digital cap table management and token issuance across Ethereum, Tezos, Algorand, and Avalanche for real estate and venture capital STOs.
WisdomTree — Tokenized Funds and the Blockchain-Native ETF Pioneer
WisdomTree manages $100B+ in AUM and has built WisdomTree Prime, a consumer-facing blockchain investment platform offering SEC-registered tokenized funds.
Wyoming Division of Banking — America's Most Digital Asset-Friendly Regulator
Wyoming pioneered US digital asset banking law through the Special Purpose Depository Institution (SPDI) charter, DAO LLC recognition, and a comprehensive suite of digital asset property rights legislation driven by Caitlin Long and legislators starting in 2019.