Overview Securitize is a regulated tokenization and digital securities infrastructure provider operating across private markets. Rather than focusing on retail investing or open liquidity venues, Securitize provides compliant systems for issuing, administering, and controlling tokenized financial products. While Securitize is not a real estate platform, it provides regulated tokenization and fund infrastructure that can be used by real estate asset managers issuing private re

Executive Summary Securitize represents one of the more institutionally embedded approaches to blockchain-based tokenization within regulated financial markets. Its primary advantage does not lie in creating new investor experiences or open liquidity venues, but in providing compliant infrastructure for issuing, administering, and controlling digital representations of traditional financial assets. In Securitize’s model, blockchain functions as a regulated ownership and lif

Overview Figure is a blockchain-enabled loan originator operating in regulated credit markets, with a primary focus on home equity and other secured lending products. Rather than positioning blockchain as a consumer-facing feature, Figure uses a permissioned ledger as internal and inter-institutional infrastructure  to improve settlement, reconciliation, and capital efficiency across the loan lifecycle. What Figure Is Actually Doing Figure integrates blockchain into loan orig

Executive Summary Figure represents one of the more operationally mature applications of blockchain within regulated credit markets. Its primary advantage does not stem from consumer-facing innovation or decentralization, but from using a permissioned ledger to compress reconciliation, settlement, and custody functions between origination and institutional capital. Blockchain in Figure’s model functions as an inter-institutional coordination layer, enabling shared verifica

Executive Summary RealT represents one of the most operationally mature implementations of tokenized real estate, demonstrating that property-level tokenization can function within existing legal and regulatory frameworks. The platform’s core strength lies in its tight coupling of on-chain tokens to off-chain legal entities and real cash flows, prioritizing durability and compliance over rapid scale or financial abstraction. RealT’s model exhibits clear structural tradeoffs.

Executive Summary Tangible’s collapse demonstrates the central failure mode of early RWA protocols: pairing slow-moving collateral with fast-moving liabilities. The project executed well in acquisition, UX, and narrative, but relied on short-term debt incompatible with real estate liquidity. The migration to an immature L2 added systemic risk without offsetting benefits. Ultimately, the mismatch between obligations and asset timelines created a liquidity trap that USDR could

Overview Tangible aimed to merge tokenized real estate with DeFi through property-backed assets and a partially collateralized stablecoin, USDR. Strong early interest demonstrated market appetite, but a combination of strategic and liquidity challenges led to a structured wind-down beginning in 2025. Key Strategic Decision In 2024, Tangible secured short-term loans  against its UK property portfolio to accelerate USDR buybacks and reduce supply. While intended to restore conf