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An independent annual ranking of the platforms that institutions use to turn funds, bonds, shares and other assets into tokens on a blockchain, and to issue, hold and trade them. 13 platforms, six criteria, nothing paid for.
Scores out of 100. Each segment weights the criteria differently; the method is below. Facts read on 26 October 2026 from the providers' own pages.
The mean of the 3 segment scores.
| Rank and provider | Score /100 | Status | Strongest for |
|---|---|---|---|
| 1. Securitize | 83 | Tokenisation platform, broker-dealer and transfer agent | Asset managers tokenising funds for US and global investors |
| 2. Taurus | 81 | Tokenisation, custody and trading infrastructure for banks | Banks wanting tokenisation, custody and a regulated trading venue from one provider |
| 3. Tokeny | 67 | Tokenisation software platform | Issuers and fund administrators wanting published monthly prices and an open token standard |
| 4. InvestaX | 64 | Licensed tokenisation and trading platform | Asian issuers and platforms needing a licensed market for tokenised funds |
| 5. Bitbond | 60 | Tokenisation software and offering platform | Banks and issuers wanting no-code token creation with per-token prices |
| 6. Brickken | 57 | Tokenisation software platform | Smaller issuers wanting self-serve tokenisation with published prices |
| 7. Superstate | 55 | Fund and stock tokenisation platform | Asset managers and listed companies tokenising funds or shares on public networks |
| 8. 21X | 51 | Licensed trading and settlement system for tokenised securities | Issuers and investors wanting a regulated EU venue for trading tokenised securities |
| 9. Fireblocks | 51 | Tokenisation and custody technology | Institutions wanting to mint and hold tokens across many networks |
| 10. Cashlink | 47 | Licensed crypto securities registrar | European issuers and banks issuing securities under German electronic securities law |
| 11. Obligate | 45 | Digital debt securities platform | Issuers of bonds and private credit seeking on-chain distribution under Swiss law |
| 12. Kinexys by J.P. Morgan | 36 | Bank-led blockchain and tokenisation platform | Large institutions wanting tokenised funds and payments inside a global bank's network |
| 13. Zoniqx | 36 | Tokenisation software and distribution network | Real estate and private asset issuers wanting tokenisation with a distribution network |
Weighted to distribution, licences and asset coverage: a tokenised fund is only useful if investors can buy it through a regulated channel.
| Rank and provider | Score /100 | Status | Strongest for |
|---|---|---|---|
| 1. Securitize | 86 | Tokenisation platform, broker-dealer and transfer agent | Asset managers tokenising funds for US and global investors |
| 2. Taurus | 84 | Tokenisation, custody and trading infrastructure for banks | Banks wanting tokenisation, custody and a regulated trading venue from one provider |
| 3. InvestaX | 70 | Licensed tokenisation and trading platform | Asian issuers and platforms needing a licensed market for tokenised funds |
| 4. Tokeny | 66 | Tokenisation software platform | Issuers and fund administrators wanting published monthly prices and an open token standard |
| 5. Superstate | 59 | Fund and stock tokenisation platform | Asset managers and listed companies tokenising funds or shares on public networks |
| 6. Bitbond | 58 | Tokenisation software and offering platform | Banks and issuers wanting no-code token creation with per-token prices |
| 7. Brickken | 57 | Tokenisation software platform | Smaller issuers wanting self-serve tokenisation with published prices |
| 8. 21X | 55 | Licensed trading and settlement system for tokenised securities | Issuers and investors wanting a regulated EU venue for trading tokenised securities |
| 9. Fireblocks | 52 | Tokenisation and custody technology | Institutions wanting to mint and hold tokens across many networks |
| 10. Cashlink | 50 | Licensed crypto securities registrar | European issuers and banks issuing securities under German electronic securities law |
| 11. Obligate | 49 | Digital debt securities platform | Issuers of bonds and private credit seeking on-chain distribution under Swiss law |
| 12. Zoniqx | 40 | Tokenisation software and distribution network | Real estate and private asset issuers wanting tokenisation with a distribution network |
| 13. Kinexys by J.P. Morgan | 38 | Bank-led blockchain and tokenisation platform | Large institutions wanting tokenised funds and payments inside a global bank's network |
Weighted to licences and networks: banks need a regulated counterpart and support for the public and private networks they already use.
| Rank and provider | Score /100 | Status | Strongest for |
|---|---|---|---|
| 1. Securitize | 92 | Tokenisation platform, broker-dealer and transfer agent | Asset managers tokenising funds for US and global investors |
| 2. Taurus | 89 | Tokenisation, custody and trading infrastructure for banks | Banks wanting tokenisation, custody and a regulated trading venue from one provider |
| 3. InvestaX | 66 | Licensed tokenisation and trading platform | Asian issuers and platforms needing a licensed market for tokenised funds |
| 4. Tokeny | 59 | Tokenisation software platform | Issuers and fund administrators wanting published monthly prices and an open token standard |
| 5. Superstate | 58 | Fund and stock tokenisation platform | Asset managers and listed companies tokenising funds or shares on public networks |
| 6. Bitbond | 53 | Tokenisation software and offering platform | Banks and issuers wanting no-code token creation with per-token prices |
| 7. 21X | 52 | Licensed trading and settlement system for tokenised securities | Issuers and investors wanting a regulated EU venue for trading tokenised securities |
| 8. Fireblocks | 50 | Tokenisation and custody technology | Institutions wanting to mint and hold tokens across many networks |
| 9. Cashlink | 49 | Licensed crypto securities registrar | European issuers and banks issuing securities under German electronic securities law |
| 10. Obligate | 46 | Digital debt securities platform | Issuers of bonds and private credit seeking on-chain distribution under Swiss law |
| 11. Brickken | 45 | Tokenisation software platform | Smaller issuers wanting self-serve tokenisation with published prices |
| 12. Kinexys by J.P. Morgan | 35 | Bank-led blockchain and tokenisation platform | Large institutions wanting tokenised funds and payments inside a global bank's network |
| 13. Zoniqx | 30 | Tokenisation software and distribution network | Real estate and private asset issuers wanting tokenisation with a distribution network |
Weighted to asset coverage and published pricing: smaller issuers need to know what they will pay and whether their asset type is supported.
| Rank and provider | Score /100 | Status | Strongest for |
|---|---|---|---|
| 1. Tokeny | 75 | Tokenisation software platform | Issuers and fund administrators wanting published monthly prices and an open token standard |
| 2. Taurus | 71 | Tokenisation, custody and trading infrastructure for banks | Banks wanting tokenisation, custody and a regulated trading venue from one provider |
| 3. Securitize | 70 | Tokenisation platform, broker-dealer and transfer agent | Asset managers tokenising funds for US and global investors |
| 4. Brickken | 70 | Tokenisation software platform | Smaller issuers wanting self-serve tokenisation with published prices |
| 5. Bitbond | 69 | Tokenisation software and offering platform | Banks and issuers wanting no-code token creation with per-token prices |
| 6. InvestaX | 56 | Licensed tokenisation and trading platform | Asian issuers and platforms needing a licensed market for tokenised funds |
| 7. Fireblocks | 50 | Tokenisation and custody technology | Institutions wanting to mint and hold tokens across many networks |
| 8. Superstate | 47 | Fund and stock tokenisation platform | Asset managers and listed companies tokenising funds or shares on public networks |
| 9. 21X | 45 | Licensed trading and settlement system for tokenised securities | Issuers and investors wanting a regulated EU venue for trading tokenised securities |
| 10. Cashlink | 41 | Licensed crypto securities registrar | European issuers and banks issuing securities under German electronic securities law |
| 11. Obligate | 41 | Digital debt securities platform | Issuers of bonds and private credit seeking on-chain distribution under Swiss law |
| 12. Zoniqx | 38 | Tokenisation software and distribution network | Real estate and private asset issuers wanting tokenisation with a distribution network |
| 13. Kinexys by J.P. Morgan | 35 | Bank-led blockchain and tokenisation platform | Large institutions wanting tokenised funds and payments inside a global bank's network |
Each criterion is scored 0 to 5 against the best published offer in this edition. 0 means not offered or not published.
| Provider | Asset coverage | Published pricing | Regulatory standing | Distribution and trading | Networks and standards | Track record |
|---|---|---|---|---|---|---|
| Securitize | 4 | 0 | 5 | 5 | 5 | 5 |
| Taurus | 5 | 0 | 5 | 5 | 5 | 3 |
| Tokeny | 4 | 5 | 1 | 3 | 3 | 5 |
| InvestaX | 4 | 0 | 5 | 5 | 0 | 3 |
| Bitbond | 5 | 4 | 1 | 3 | 4 | 1 |
| Brickken | 5 | 5 | 1 | 3 | 1 | 2 |
| Superstate | 3 | 0 | 4 | 4 | 1 | 3 |
| 21X | 3 | 0 | 4 | 5 | 1 | 0 |
| Fireblocks | 4 | 0 | 0 | 4 | 5 | 2 |
| Cashlink | 3 | 0 | 4 | 4 | 1 | 0 |
| Obligate | 3 | 0 | 2 | 3 | 1 | 4 |
| Kinexys by J.P. Morgan | 3 | 0 | 0 | 2 | 2 | 4 |
| Zoniqx | 4 | 0 | 0 | 3 | 0 | 3 |
6 criteria, scored only from what each provider publishes.
The types of asset the platform publishes that it can tokenise (turn into a digital token recorded on a blockchain that represents legal ownership): funds, bonds and other debt, shares, deposits or stablecoins, and real assets such as property.
Monthly, annual or per-token prices and minimum terms on a pricing page. "From" prices and price-on-request do not count.
Licences held by the platform itself to keep the register of owners, deal in securities or run a trading venue, such as an SEC transfer agent or broker-dealer registration, a BaFin registrar licence or an EU DLT Pilot Regime licence, with numbers where published. Security certifications such as ISO 27001 and SOC 2 count for less.
Whether the platform helps sell and trade the tokens: investor onboarding, a distribution network, and an own or connected regulated venue for buying and selling after issue (the secondary market).
The blockchains the platform publishes support for, public and private, and the token standards it uses, such as ERC-3643, a published set of rules for tokens that only approved investors may hold.
Published value of assets tokenised or serviced, and named institutional clients or funds.
| Criterion | Asset managers | Banks and market infrastructure | Issuers of private and real assets |
|---|---|---|---|
| Asset coverage | 20 | 15 | 25 |
| Published pricing | 10 | 5 | 25 |
| Regulatory standing | 20 | 30 | 10 |
| Distribution and trading | 25 | 15 | 20 |
| Networks and standards | 10 | 20 | 10 |
| Track record | 15 | 15 | 10 |
| Criterion | 5 | 3 | 0 |
|---|---|---|---|
| Asset coverage | Funds, debt, shares, cash-like tokens and real assets all published | Three asset types published | Not published |
| Published pricing | Full plan or per-token prices with terms on a pricing page | Some prices published, such as self-serve only | Not published, or price on request |
| Regulatory standing | Licences for the register and for dealing or a trading venue, with numbers published | One licence held in the platform's own name | Not published |
| Distribution and trading | Investor onboarding plus an own regulated venue for trading after issue | Investor onboarding or a distribution network, without an own venue | Not published |
| Networks and standards | 20 or more blockchains, or public and private networks with named token standards | Three to ten named networks | Not published |
| Track record | Published tokenised value and named institutional clients | One of the two published | Not published |
Score out of 100 is the sum of each criterion score divided by five and multiplied by its weight. The overall ranking is the mean of the segment scores. Ties are broken by regulatory standing, then track record. A provider that does not publish a price is scored as though the price were high, because a business cannot plan on an unpublished price. Prices are scored on the standard published rate, never an introductory, promotional or "from" rate, and a figure counts only when it appears on a pricing, fee or terms page rather than in a marketing line. A provider that serves one country only is scored on access for that country, and the limitation is printed in its profile.
What each provider publishes, criterion by criterion, with the date read and the source.
Securitize tokenises funds, credit and stocks and runs the regulated pieces itself: an SEC-registered broker-dealer with its own trading system, an SEC-registered transfer agent and a Spanish investment firm. It publishes the largest track record in this edition, including BlackRock's BUIDL fund, and works across 20 or more public blockchains. It does not publish prices.
| Asset coverage | Tokenised funds, private credit ("Securitize Tokenized Apollo Diversified Credit Fund"), tokenised stocks and fund administration for "liquid and VC crypto funds". Tokenised deposits not published. |
| Pricing | Not published on the pages read. |
| Regulatory standing | "Securitize Markets, LLC, a registered broker-dealer and FINRA member that operates an SEC-registered alternative trading system (ATS). Securitize Transfer Agent, LLC is an SEC-registered transfer agent." European entity "authorized, registered and supervised by the Spanish Securities Market Commission ... (CNMV), with registration number 327." |
| Distribution and trading | Primary issuance and secondary trading on the Securitize Markets ATS; "500K+ Retail Accounts" and "1K+ Institutional Accounts"; ownership "recorded ... on the official record maintained by the transfer agent". |
| Networks and standards | "20+ Natively Integrated Public Blockchains", including Ethereum, Solana, Avalanche, Arbitrum, Aptos and Ink. |
| Track record | "$4B+ Tokenized Securities Issued across 130+ tokens", "$26B Assets Under Administration", "700+ Funds Serviced", "$2.8B+ BlackRock BUIDL AUM". Logos include BlackRock, Apollo, KKR, Hamilton Lane, VanEck and BNY. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: securitize.io.
Taurus is a Swiss provider of tokenisation, custody and trading technology to banks. It is regulated by FINMA and, in Europe, by the Cyprus Securities and Exchange Commission, operates its own organised trading facility, and publishes the widest network and token standard coverage in this edition. It names large bank clients but publishes no tokenised value or prices.
| Asset coverage | "Tokenized securities (equity, debt, structured products, funds, real estate) and digital currencies (stablecoins, ... CBDCs)". |
| Pricing | Not published on the pages read. |
| Regulatory standing | "Taurus S.A. is duly authorized and regulated to provide its services by the Swiss Financial Market Supervisory Authority (FINMA)"; "Taurus (Europe) Ltd is duly authorized and regulated ... by the Cyprus Securities and Exchange Commission (license no 465/26)". "ISO 27001, ISAE 3402 Type II". |
| Distribution and trading | "Tokenized assets: primary, secondary markets"; "TDX is an organized trading facility operated by Taurus SA, not a stock exchange." |
| Networks and standards | EVM networks (Ethereum, Polygon, Optimism, Avalanche), non-EVM (Stellar, Solana, ICP, Tezos) and permissioned (Hyperledger Besu, Canton, Quorum). Templates: CMTAT, ERC3643, ERC1400, SPL. |
| Track record | "Trusted by ... State Street, Deutsche Bank, CACEIS, KBC, Pictet, Swissquote, Zand, Amina, and Misyon Bank". No tokenised value published. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.taurushq.com, www.taurushq.com.
Tokeny, majority owned by Apex Group, sells no-code and API tokenisation software built on ERC-3643, the open token standard it created for securities. It publishes full monthly prices and terms, more than 120 customers and named clients. It holds SOC 2 Type II but no financial licence of its own on the pages read.
| Asset coverage | Pages list tokenised real estate, private equity, digital bonds (ABN AMRO), hedge funds ("SkyBridge Tokenises $300m Hedge Funds") and money market funds (Fasanara). |
| Pricing | T-REX Platform and T-REX Engine: Standard "€3,000 per month" with up to 3,000 blockchain events; Advanced "€5,000 per month" with up to 7,000; extra events "1 euro each"; "minimum period of 12 months"; custom work "€150 per hour (min 4h)". Enterprise: custom. |
| Regulatory standing | "Tokeny Achieves SOC 2 Type II Compliance"; part of Apex Group. No financial licence held by Tokeny on the pages read. |
| Distribution and trading | White-label servicing and investor apps to "launch a digital marketplace"; "Distribute to open networks" and connect to DeFi with compliance enforced on every transfer. No own trading venue. |
| Networks and standards | "Support both private and public blockchains"; creator of the open-source ERC-3643 standard; news names Avalanche and Hedera. |
| Track record | "7 years of experience and over 120 customers", "120+ successful use cases"; testimonials from Apex Group and ABN AMRO; SkyBridge $300M hedge fund tokenisation. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: tokeny.com, tokeny.com.
InvestaX is a Singapore platform licensed by the Monetary Authority of Singapore to deal in securities and to run an organised market. It has issued and settled tokenised funds, private credit, Treasuries and commodities, including access to a Franklin Templeton money market fund. It does not publish prices, networks or a tokenised value.
| Asset coverage | "Issued and settled tokenized real-world assets across funds, private credit, treasuries, and commodities"; products include an exposure to BlackRock's iShares SHYG ETF and Wave Kentucky Whiskey digital funds. |
| Pricing | Not published on the pages read. |
| Regulatory standing | Capital Markets Services licence "No. CMS100635" to deal in securities; licensed "as a recognised market operator to operate an organised market"; exempt financial adviser. Regulator: Monetary Authority of Singapore. |
| Distribution and trading | Primary offer and issuance as an intermediary between issuers and investors; secondary trading on its recognised market. |
| Networks and standards | Not published on the pages read. |
| Track record | Named products: Franklin OnChain U.S. Dollar Short-Term Money Market Fund, Methodic CoinDesk ETH Staking Fund, TradeFlow Capital Management eNote. No tokenised value published. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.investax.io.
Bitbond, a German firm, sells Token Tool for no-code token creation and Offering Manager for investor onboarding and payments. It publishes per-token prices for self-serve use and states that it received the first BaFin-approved prospectus for a tokenised bond in Europe. It holds no licence of its own on the pages read and publishes no tokenised value.
| Asset coverage | Bonds and SME debt, real estate, funds, commodities, art, private credit and infrastructure; MiCA tokens including e-money tokens. |
| Pricing | Token Tool pay-per-use: "Create Core Token $99", "Create Advanced Token $199", "Create Asset Token $499", each "irrespective of token supply", plus gas fees; custom contract name "$50 on top of base fee". Enterprise: flat licence fee on request. |
| Regulatory standing | "Bitbond was the first company in Europe to receive a BaFin-approved prospectus for a tokenized bond (the BB1 token)"; has supported issuers under eWpG, Luxembourg fund regimes and the EU DLT Pilot Regime. No licence held by Bitbond on the pages read. |
| Distribution and trading | Offering Manager: investor onboarding, KYC/AML, "card / stablecoin / bank payments" and cap table management. No own trading venue. |
| Networks and standards | "Mint and configure tokens across 11+ supported chains", plus "EVM-compatible private chains, subnets, app-chains and permissioned equivalents"; ERC-20, ERC-1400 and ERC-721. |
| Track record | Quotes from an unnamed bank and issuer; BB1 bond. No tokenised value published. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.bitbond.com, tokentool.bitbond.com.
Brickken is a Spanish tokenisation platform for equity, debt, funds and real-world assets. It publishes full plan prices with issuance caps and per-check fees, and holds ISO/IEC 27001. It holds no financial licence of its own on the pages read and publishes no tokenised value.
| Asset coverage | Plans cover "Equity, debt instruments, private credit, RWA backed tokens", plus funds and stablecoins on higher plans; homepage adds real estate and commodities. |
| Pricing | Core "€299/month" or "€3,000/year" (issuance cap €250K); Advanced €499/month or €5,000/year (cap €5M); Professional €899/month or €9,000/year; Enterprise €1,999/month or €22,000/year. Extra KYCs "€3.50/each"; extra assets €200 or €100 a month each. |
| Regulatory standing | "ISO/IEC 27001"; "Selected for the European Blockchain Sandbox and PwC Scale cohorts in 2024; favorable preliminary assessment in Spain's Financial Sandbox in 2021." No financial licence on the pages read. |
| Distribution and trading | Branded investor portal, fiat and crypto payments, earnings distribution, a marketplace module and P2P transfers. |
| Networks and standards | "Multichain": one chain included on Core, three on Advanced, "All chains supported by Brickken" on higher plans. No network count published. |
| Track record | Client quotes from CONSA (Chilean mining) and the Broadway show Kowalski. No tokenised value published. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.brickken.com, www.brickken.com.
Superstate tokenises funds and listed company shares on Ethereum and Solana, with an SEC-registered transfer agent and an SEC-registered investment adviser in its group. It names fund partners such as Invesco and Bitwise. It does not publish prices, a trading licence or tokenised value.
| Asset coverage | Funds ("private funds, mutual funds"), including Invesco Short Duration US Government Securities Fund and Bitwise Crypto Carry Fund, and tokenised company shares through Opening Bell. |
| Pricing | Not published on the pages read. |
| Regulatory standing | "Superstate Services LLC is a registered transfer agent with the SEC." "Superstate Advisers LLC is a registered investment adviser under the Investment Advisers Act of 1940." |
| Distribution and trading | "Direct Issuance Program" for companies to raise capital; "24/7 onchain decentralized trading" and peer-to-peer transfer. No registered trading venue stated. |
| Networks and standards | "Tokenize stock and raise capital on Ethereum and Solana." |
| Track record | Named funds from Invesco and Bitwise. No tokenised value published. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: superstate.com.
21X operates a trading and settlement system for tokenised stocks, bonds and fund units under the EU DLT Pilot Regime, the EU's trial licence for blockchain-based market infrastructure, licensed in December 2024. It also offers tokenisation and registry. It does not publish prices, listed volumes or clients.
| Asset coverage | "Trading of all DLT financial instruments such as stocks, bonds and fund tokens." |
| Pricing | Not published on the pages read. |
| Regulatory standing | "In late 2024, 21X became the first company to receive a license to operate the first-ever, fully regulated exchange for trading and settlement of digital assets under the European Union's groundbreaking DLT Regime"; licence awarded December 2024. Licence number not published. |
| Distribution and trading | Secondary market with "atomic, multilateral trade between investors, institutions and market makers"; settlement between e-money tokens and DLT financial instruments; described as "offering asset tokenization, issuance and distribution, through to listing and trading, all on a single platform". |
| Networks and standards | "Public permissionless blockchain infrastructure"; Stellar named. |
| Track record | Not published on the pages read. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.21x.eu.
Fireblocks supplies wallet and tokenisation technology to mint, hold and move tokens across more than 35 blockchains, with a network of more than 2,400 institutions to transfer with. Its tokenisation page does not publish prices, licences or tokenised value.
| Asset coverage | "Tokenize fiat, money market funds, digital currencies, real-world assets, and loyalty programs. From stablecoins to tokenized bonds and beyond." |
| Pricing | Not published on the pages read. |
| Regulatory standing | Not published on the tokenisation page read. |
| Distribution and trading | "From primary issuance and settlement to secondary trading"; the Fireblocks Network connects "more than 2,400 of the largest banks, exchanges, liquidity providers, lending desks, and market makers". No own trading venue. |
| Networks and standards | "Pre-built smart contracts and robust APIs for customized solutions across 35+ blockchains"; clients can deploy their own contracts. |
| Track record | Network of 2,400+ institutions; testimonial from an unnamed institution. No tokenised value published. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.fireblocks.com.
Cashlink is a German registrar for securities that exist only on a blockchain, licensed by BaFin as a crypto securities registrar and qualified crypto custodian. It connects issuers to European settlement and trading venues and to central bank money settlement trials. It does not publish prices, networks or issuance figures.
| Asset coverage | Token-based bonds, structured retail products and alternative assets for wealth managers under the German Electronic Securities Act (eWpG). |
| Pricing | Prices page: "Request your individual price offer". No amounts published. |
| Regulatory standing | "Cashlink is a regulated financial institution and holds BaFin licenses as a crypto securities registrar and qual. crypto custodian." No register number on the pages read. |
| Distribution and trading | "Issuers leverage Cashlink to distribute tokenized securities across all major European settlement and trading infrastructures"; integrates the Eurosystem 'Pontes' gateway for settlement in central bank money. |
| Networks and standards | "Issuance of token-based securities on a limited set of compliant blue-chip DLT-networks"; networks not named. |
| Track record | Issuance and transaction counters on the homepage did not display values when read. No named clients. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.cashlink.de, cashlink.de.
Obligate, based in Zurich, issues bonds, commercial paper and structured debt as ledger-based securities under the Swiss DLT Act. It publishes a $200m trade finance product and named partners, and distributes to qualified investors and on-chain lending markets. Its regulatory status is membership of an anti-money laundering self-regulatory body, and it does not publish prices.
| Asset coverage | "Tokenizing bonds, commercial paper, and structured debt under the Swiss DLT Act"; private credit and asset-backed securities. |
| Pricing | Pages state issuance costs are reduced "by 80%"; no prices published. |
| Regulatory standing | "Obligate AG is a member of VQF, a Swiss FINMA regulated AML SRO, and a financial intermediary according to article 2 paragraph 3 ff. of the Swiss Anti-Money Laundering Act." |
| Distribution and trading | Distribution to "institutional investors, qualified investors, and professional clients"; oTFY product live on the Kamino lending market. |
| Networks and standards | "Multi-blockchain support"; Solana named. |
| Track record | "Obligate Brings $200m Trade-Finance RWA Product oTFY to Solana"; issuance with XBTO, IQ-EQ and Eiffel Investment Group. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.obligate.com.
Kinexys is J.P. Morgan's blockchain business for payments and asset tokenisation on a private network run by the bank. It publishes more than $3 trillion in transaction volume since launch. Its tokenisation pages do not publish prices, licences, named networks or asset clients.
| Asset coverage | "Tokenize assets like money market funds to enable fractional ownership, 24/7 trading, near real-time settlement"; programmable payments and collateral from "assets already on your balance sheet". |
| Pricing | Not published on the pages read. |
| Regulatory standing | Not published on the Kinexys pages read. |
| Distribution and trading | "Kinexys private-permissioned asset platform" for servicing and settlement; no investor distribution or trading venue described. |
| Networks and standards | Private-permissioned platform that bridges to "public financial ecosystems"; no networks named. |
| Track record | ">$3 trillion in transaction volume across Kinexys since inception" and ">$7 billion in average daily transaction volume", across payments and assets; "10+ years developing institutional-grade blockchain solutions". |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.jpmorgan.com.
Zoniqx sells tokenisation software for real-world assets and a network that routes tokenised assets to broker-dealers and other buyers. It publishes deal sizes for real estate, equity and bank deposit tokenisation, but names no clients and publishes no prices, licences or networks.
| Asset coverage | Commercial real estate, real estate funds, company equity, bank deposits and private credit portfolios. |
| Pricing | Not published on the pages read. |
| Regulatory standing | Not published on the pages read. |
| Distribution and trading | "zConnect aggregates them across the connected distribution network", connecting "tokenized asset supply to broker-dealers, and vault strategies". |
| Networks and standards | Not published on the pages read. |
| Track record | Customer pages: "Tokenizing $3.2B in Commercial Real Estate", a "$500M" real estate project, a "$100M Real Estate Fund" and "$10M in Equity"; clients not named. |
| Date read | Read 26 October 2026 |
Facts read on 26 October 2026 from: www.zoniqx.com, www.zoniqx.com, www.zoniqx.com.
The index is paid for by nobody.
No provider pays to be assessed, listed or ranked, and there are no sponsored places. Providers do not apply: BCC selects the providers a business is likely to consider and scores them from their own pages. Any provider may ask to be assessed; the request changes nothing about the score.
Every figure is read from the provider's own pricing, product, legal or help page on the date shown. Providers may send corrections to [email protected]; a correction changes the page only where the provider's own page supports it. Every provider is re-read monthly and a new edition is published each October.
Asset managers and issuers that tokenise only their own products, such as Ondo and Franklin Templeton, are left out, as are crypto exchanges, stablecoin issuers (ranked in the Stablecoin Issuers Index) and consumer investment apps. Archax and Libeara are not assessed in this edition: Archax's pages load only in a browser and could not be read, and Libeara's pages did not publish enough to score. HSBC Orion is not assessed because its product page could not be found. Platforms that sell only smart contract code or wallet custody without a tokenisation product page are left out.
Ranked providers may show the index badge on their own site.
The badge is free. The one condition is that it links to this page, so that a reader can check the score and the method behind it. It is withdrawn if the link is removed or the provider leaves the index.
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Nobody. No platform pays to be assessed, listed or ranked.
Recording ownership of a real asset, such as a fund unit, bond or share, as a digital token on a blockchain, so it can be transferred and settled directly between holders. The legal asset still exists; the token is the record of who owns it.
Because a tokenised security is still a security. Someone must keep the legal register of owners and someone must be licensed to deal in or trade it. A platform that holds those licences itself can be checked on a public register; one that relies on partners adds a contract and a gap.
Because issuing a token is the easy part. Investors want to sell later, and only a licensed venue for trading after issue (the secondary market) gives them that route under the rules.
No regulator requires a particular standard. A published standard makes it easier to move tokens between platforms and to enforce who may hold them, so it counts towards the networks criterion.
No. The index compares published facts and is not a recommendation to use a particular platform.
Tell us what you need and where you operate.