Solving America's Liquidity Problem: Secondary Markets for Tokenized Securities
Tokenized securities are only as valuable as their liquidity. tZERO, INX, Vertalo, and emerging ATS platforms are building the secondary market infrastructure that will determine whether tokenization delivers on its $16 trillion promise.
ATS & Broker-Dealer License Tracker
Every SEC-registered Alternative Trading System approved for digital securities trading in the US — who's licensed, pending, and what their approval means for secondary market liquidity.
ATS Registration — Alternative Trading System
An Alternative Trading System (ATS) is an SEC-regulated trading venue that matches buyers and sellers of securities outside of national exchanges — and the only legal mechanism for secondary trading of most tokenized securities in the US.
Digital Asset Markets Association (DAMA)
DAMA is a US-based digital asset trade group focused on market structure and trading issues — representing digital asset exchanges and trading firms in SEC and CFTC proceedings on ATS regulation, broker-dealer rules, and market structure for tokenized securities.
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.
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.
Secondary Market Liquidity Tracker
Volume, spreads, and depth across US-regulated tokenized securities trading venues — tZERO, INX, Securitize Markets — with honest assessment of where liquidity remains thin.
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.
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.
Securitize: How One Platform Became the Infrastructure for BlackRock, KKR, and Apollo's Tokenization Strategies
Securitize processes $4B+ in tokenized assets for the world's largest asset managers. Its SEC-registered broker-dealer, ATS, and transfer agent combination creates an integrated compliance stack that competitors cannot easily replicate.