Tuesday, February 24, 2026 · U.S. Tokenization Intelligence
AMERICA TOKENIZATION
The Vanderbilt Terminal for U.S. Asset Tokenization
INDEPENDENT INTELLIGENCE FOR THE AMERICAN TOKENIZATION ECONOMY
US Tokenized RWA Market $36B+ +380% since 2022
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BUIDL Fund AUM $2.5B BlackRock · Largest tokenized fund
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SEC-Registered Platforms 12+ ATS + Transfer Agent licenses
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Tokenized US Treasuries $9B+ +256% YoY
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US VC into Tokenization $34B 2025 total · doubled YoY
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Broadridge DLR Daily Volume $384B +490% YoY · Dec 2025
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Securitize AUM $4B+ +841% revenue growth 2025
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Tokenized Private Credit $19B+ Figure Technologies leads at $15B
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US Tokenized RWA Market $36B+ +380% since 2022
·
BUIDL Fund AUM $2.5B BlackRock · Largest tokenized fund
·
SEC-Registered Platforms 12+ ATS + Transfer Agent licenses
·
Tokenized US Treasuries $9B+ +256% YoY
·
US VC into Tokenization $34B 2025 total · doubled YoY
·
Broadridge DLR Daily Volume $384B +490% YoY · Dec 2025
·
Securitize AUM $4B+ +841% revenue growth 2025
·
Tokenized Private Credit $19B+ Figure Technologies leads at $15B
·

Regulation

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.

Feb 1, 2026

SEC Digital Asset Enforcement Tracker

Every major SEC enforcement action against tokenized securities and digital asset companies — from Ripple to BlockFi — with settlement amounts and market implications.

Feb 1, 2026

State Regulation Scorecard: 50-State Crypto and Tokenization Tracker

Wyoming leads, New York restricts, Texas liberalizes — a comprehensive scorecard rating all 50 US states on their digital asset regulatory environment.

Feb 1, 2026

The Howey Test

The four-prong test from SEC v. Howey Co. (1946) that determines whether a transaction constitutes an 'investment contract' and thus a security subject to SEC registration.

Feb 1, 2026
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