Securitize Alternatives in 2026: Tokenization Platforms for European Issuers

How we evaluated

Our 6 criteria, applied to every platform:

1. Regulatory route: regimes supported and licenses the provider holds.
2. Token standards: how transfer rules are enforced on-chain.
3. Chains: public and private networks supported.
4. Operating model: self-serve, white-label, enterprise software or full-service.
5. Lifecycle coverage: issuance through custody and secondary trading.
6. Track record: named deployments with dates.

Bitbond builds Token Tool and Offering Manager. We included our own products and applied the same criteria to every platform. Facts about other platforms come from their own public materials, linked in the sources, as of September 2026.

When Securitize is the right choice

Securitize is a US tokenization company listed on the NYSE as SECZ since July 2, 2026 [6]. It reported total AUM of $4.3 billion as of June 30, 2026 and works with managers including Apollo, BlackRock, BNY, Hamilton Lane, KKR and VanEck [1]. BlackRock's BUIDL fund launched on Ethereum on March 20, 2024, with Securitize as transfer agent and tokenization platform [7].

In the EU, Spain's CNMV approved SECURITIZE, a DLT trading and settlement system run by its Spanish investment firm, on November 26, 2025 [2], and Securitize chose Avalanche for the first deployment [8]. Its tokens use Securitize's own DS Protocol, an ERC-20 compatible design [9].

Choose Securitize for a tokenized fund aimed at US qualified investors when you want one regulated group across transfer agency, brokerage and trading [1]. European issuers look elsewhere when:

• they want a German eWpG crypto security, which sits on a register kept by a registrar that BaFin authorizes [10][3];
• the issue exceeds the DLT Pilot Regime's current limits, such as EUR 1 billion for a bond issue and EUR 6 billion per venue [11]; a December 2025 Commission proposal would raise the venue cap and drop the per-instrument limits, but it had not been adopted as of September 2026 [34];
• they want software they run themselves, with their own brand and distribution.

Best for EU regulatory routes

Cashlink

Best for: German issuers and banks that want an eWpG crypto security with a BaFin-authorized registrar and custodian in one provider.

Frankfurt-based Cashlink Technologies GmbH provides infrastructure for tokenized securities in Europe [12][3]; the Stellar Development Foundation invested in it in April 2026 [13].

• Standards and chains: Polygon for most issuances, with Stellar and Avalanche integrations announced in 2026 [13][14].
• Regulatory footprint: BaFin-authorized crypto securities registrar since June 26, 2024 and qualified crypto custodian since December 30, 2024 [3].
• Notable deployments: clients include KfW, NRW.BANK, Metzler and Helaba's WIBank, per Ledger Insights in April 2026 [13].
• Consider it if: you want a licensed German registrar for a bond or fund.
• Look elsewhere if: you also need a trading venue; its authorizations cover registration and custody [3].

21X

Best for: issuers that want tokenized securities traded and settled on an EU-regulated DLT venue in Germany.

Frankfurt-based 21X AG says it opened the EU's first fully regulated DLT trading and settlement system on September 8, 2025, for tokenized stocks, bonds and funds [15].

• Standards and chains: Polygon and Stellar [16].
• Regulatory footprint: BaFin-authorized to operate a DLT TSS since December 16, 2024 and as a crypto securities registrar since December 3, 2024 [4].
• Notable deployments: AMINA Bank announced on March 9, 2026 that it had joined as the first regulated bank listing sponsor [16].
• Consider it if: you want EU secondary trading that settles on public chains.
• Look elsewhere if: your bond issue is EUR 1 billion or more, above the regime's limit [11].

Best for bank-run and white-label stacks

Taurus

Best for: banks that want to run tokenization and custody on their own infrastructure, with a choice of token standards.

Geneva-based Taurus, founded in 2018 [17], sells Taurus-CAPITAL for tokenization [18] and Taurus-PROTECT for custody [19].

• Standards and chains: CMTAT, ERC-3643, ERC-1400, SPL and Canton CIP-56, among others, across 35+ chains including Ethereum, Polygon, Solana, Stellar, Hedera and Canton [18].
• Regulatory footprint: a FINMA-regulated securities firm; a CySEC MiFID license for Taurus (Europe) Ltd was announced May 6, 2026 [17].
• Notable deployments: State Street agreed to use Taurus-CAPITAL, Taurus-PROTECT and Taurus-EXPLORER, announced August 20, 2024, subject to regulatory approval [19].
• Consider it if: your bank wants keys, issuance and servicing in house.
• Look elsewhere if: you are a single issuer, since Taurus positions Taurus-CAPITAL for banks [18].

Tokeny

Best for: fund managers and distribution platforms that want ERC-3643 permissioned tokens on a white-label platform.

Luxembourg-based Tokeny created ERC-3643 in 2018 and sells the white-label T-REX Platform and the T-REX Engine [20]. Apex Group took a majority stake in May 2025, with 100% control set to follow over 3 years [21].

• Standards and chains: ERC-3643, a final Ethereum standard that checks on-chain identities before transfers [22], on EVM blockchains [23].
• Regulatory footprint: Tokeny is part of Apex Group, and Apex Group is the initial onchain transfer agent for T-REX Ledger, a Polygon-based compliance chain announced in March 2026 [24].
• Notable deployments: Fasanara's tokenized money market fund on Polygon (January 2025), administered by Apex Group using Tokeny's platform [25]; $32 billion tokenized and 120+ customers, per its site in September 2026 [20].
• Consider it if: you want ERC-3643 from its creators or already work with Apex Group.
• Look elsewhere if: you need non-EVM chains [23], or want a different standard (see our ERC-1400 vs ERC-3643 comparison).

Best for self-serve issuance

Bitbond

Best for: issuers and banks that want to deploy and manage tokens themselves, including security tokens on the EVM chains and Stellar, with offering software when needed.

Berlin-based Bitbond, founded in 2013, issued BB1 in 2019, the first BaFin-approved security token bond. Token Tool handles no-code token creation and management; Offering Manager runs primary offerings end to end, from investor onboarding with KYC to white-label checkout, multi-rail payments and document management.

• Standards and chains: 11 public blockchains. The 8 EVM chains (Ethereum, Base, BNB Smart Chain, Arbitrum, Optimism, Polygon PoS, Avalanche, peaq) support ERC-1400 style security tokens with transfer restrictions and allowlisting, asset tokens, token sales, vesting and delivery versus payment. Stellar supports security tokens, vesting and DvP. Solana supports SPL and Token-2022 tokens, and XRPL supports MPTs. EVM-compatible private chains are available on enterprise. Templates are audited by CertiK and AuditOne, with Fireblocks and Safe custody integrations.
• Regulatory footprint: software only; the legal structure and licensed roles come from counsel and licensed partners.
• Notable deployments: $1.2B+ assets tokenized, 7,000+ tokens deployed and 300+ offerings managed; customers include ABN AMRO and Raiffeisen Bank International; public cases include Vonovia's EUR 20M, 3-year registered bond of early 2021, represented by security tokens on Stellar and placed via firstwire with M.M. Warburg as investor, with Bitbond providing tokenization and custody technology per its case study, and the KlickOwn issuance with Bankhaus von der Heydt.
• Pricing: pay per use (core token $99, advanced $199, asset token for RWA $499, testnets free) or an enterprise flat license with API, dedicated contract and SLA.
• Consider it if: you want to pick your chain, including Stellar for security tokens.
• Look elsewhere if: you want one provider that is also registrar, transfer agent or venue.

Brickken

Best for: SMEs and smaller asset managers that want a ready-to-use issuance platform on a monthly plan.

Barcelona-based Brickken raised EUR 3 million in March 2026 [26]; its Issuer Studio targets SMEs and asset managers, with white-label and API options [27].

• Standards and chains: Ethereum, BNB Smart Chain, Base and Polygon [27].
• Regulatory footprint: its site lists ISO 27001 certification and EU Blockchain Sandbox participation [27].
• Track record: 150+ clients and $660M+ tokenized, per its site in September 2026 [27].
• Pricing: from EUR 299 per month (Core plan, EUR 250K issuance cap) [5].
• Consider it if: you are raising a smaller round on a fixed monthly cost.
• Look elsewhere if: you need non-EVM chains [27].

Best for UK listing and custody

Archax

Best for: issuers that want a UK-regulated trading venue, custody and investor distribution in one group.

Archax Ltd (FCA reference number 838656) is authorized to operate a multilateral trading facility, run as an SME Growth Market [28]. The group also offers a multi-chain tokenization engine on public and permissioned blockchains and, separately, custody of digital assets built on Fireblocks technology [29].

• Standards and chains: public and permissioned blockchains [29].
• Regulatory footprint: on the FCA's cryptoasset register [28]; Archax Markets Europe is a CNMV-authorized MiFID II investment firm whose EU services were marked pre-launch in September 2026 [30][31].
• Track record: its UK Invest platform listed 24 funds in September 2026, mostly money market funds from managers such as BlackRock, Fidelity and State Street [32].
• Consider it if: your investors are in the UK.
• Look elsewhere if: you need live EU distribution now [31].

How to choose

• If you need a German eWpG crypto security, shortlist a BaFin-authorized registrar such as Cashlink or 21X. Our eWpG bond guide covers the steps.
• If you need EU secondary trading, compare 21X with Securitize's Spanish TSS after checking the DLT Pilot Regime limits.
• If you are a bank building in house, shortlist Taurus, Tokeny's T-REX Engine and Token Tool's enterprise license, alongside custody providers.
• If you want published self-serve pricing, compare Token Tool and Brickken.
• If your investors are in the UK, shortlist Archax.
• If you need US qualified investors, Securitize remains the closest fit.
• If you are still building a long list, start with our guide to the best tokenization platforms, which covers the wider market.

Comparison table

FAQ

What is the best Securitize alternative for European issuers?

It depends on the route. For a German eWpG crypto security, use a BaFin-authorized crypto securities registrar such as Cashlink or 21X [3][4]. For EU trading under the DLT Pilot Regime, 21X runs a BaFin-authorized DLT trading and settlement system [4]. Banks building in house often pick Taurus or Tokeny; self-serve issuers pick Bitbond Token Tool or Brickken.

Does Securitize operate in the EU?

Yes. On November 26, 2025, Spain's CNMV approved SECURITIZE, a DLT trading and settlement system operated by Securitize Europe Brokerage and Markets, S.V., S.A., under the EU DLT Pilot Regime [2]. Securitize chose Avalanche for the initial deployment [8]. In the US it runs an SEC-registered broker-dealer with an ATS, a transfer agent and an investment adviser [1].

What is the difference between the eWpG and the DLT Pilot Regime?

The eWpG is a German law that lets bearer bonds, registered shares, and bearer shares entered in a central register exist as electronic securities, including crypto securities kept on a registrar's register [10]. The DLT Pilot Regime, an EU regulation applying since March 23, 2023, lets authorized DLT venues trade and settle tokenized instruments within size limits [11]. One governs how the security exists; the other, where it trades.

Does MiCA apply to tokenized bonds?

Generally no. MiCA, Regulation (EU) 2023/1114, does not apply to crypto-assets that qualify as financial instruments [33], so tokenized bonds typically fall under securities rules such as MiFID II and, in Germany, the eWpG. MiCA covers other crypto-assets, including e-money tokens and asset-referenced tokens [33]. Our MiCA stablecoin guide covers that side.

Is there a self-serve alternative to Securitize?

Yes. Bitbond Token Tool creates and manages tokens without code on 11 public blockchains, with ERC-1400 style security tokens on its 8 EVM chains and security tokens on Stellar. Pay per use starts at $99 for a core token, with free testnets. Brickken's Issuer Studio starts at EUR 299 per month [5]. Counsel and licensed parties still provide compliance.

Comparing Securitize with a European route? Bitbond's team has supported 300+ token offerings since issuing the first BaFin-approved security token bond in 2019. Talk to us about your structure, or try Token Tool on a testnet for free.

Sources

1. Securitize Reports Second Quarter 2026 Results, Securitize via PR Newswire, https://www.prnewswire.com/news-releases/securitize-reports-second-quarter-2026-results-302850119.html (accessed 2026-09-29)
2. The CNMV grants approval to Securitize, the first trading and settlement system (TSS) based on distributed ledger technology (DLT), CNMV, https://www.cnmv.es/webservices/verdocumento/ver?t=%7Bde28b83c-ac59-4c2e-b228-68bbcf50e2d4%7D (accessed 2026-09-29)
3. Company database entry: CASHLINK Technologies GmbH, BaFin, portal.mvp.bafin.de, institution ID 160302 (accessed 2026-09-29)
4. Company database entry: 21X AG, BaFin, portal.mvp.bafin.de, institution ID 162185 (accessed 2026-09-29)
5. Brickken Plans, Brickken, https://www.brickken.com/plans (accessed 2026-09-29)
6. Securitize Corp. Form 8-K reporting completion of the business combination, filed July 8, 2026, U.S. Securities and Exchange Commission, EDGAR, https://www.sec.gov/Archives/edgar/data/0002094496/000121390026076444/ea0297239-8k_securitize.htm (accessed 2026-09-29)
7. BlackRock Launches Its First Tokenized Fund, BUIDL, on the Ethereum Network, Securitize Investor Relations, https://investors.securitize.io/news/news-details/2024/BlackRock-Launches-Its-First-Tokenized-Fund-BUIDL-on-the-Ethereum-Network-03-20-2024/default.aspx (accessed 2026-09-29)
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9. DSToken: The DS Protocol implementation (README), Securitize on GitHub, https://github.com/securitize-io/dstoken (accessed 2026-09-29)
10. Gesetz über elektronische Wertpapiere (eWpG), sections 1 and 16, gesetze-im-internet.de, Federal Ministry of Justice, https://www.gesetze-im-internet.de/ewpg/ (accessed 2026-09-29)
11. Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on distributed ledger technology, document information and text, EUR-Lex, https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX:32022R0858 (accessed 2026-09-29)
12. The infrastructure for tokenized assets (homepage), Cashlink, https://cashlink.de/en/ (accessed 2026-09-29)
13. Stellar DF invests in German tokenization firm Cashlink, Ledger Insights, https://www.ledgerinsights.com/stellar-df-invests-in-german-tokenization-firm-cashlink/ (accessed 2026-09-29)
14. Cashlink integrates institutional securities infrastructure with Avalanche, Crypto Briefing, https://cryptobriefing.com/cashlink-avalanche-institutional-securities-integration/ (accessed 2026-09-29)
15. 21X rings the bell as trading starts on the world's first blockchain-based exchange for tokenized securities and stablecoins, 21X, https://21x.eu/21x-rings-the-bell/ (accessed 2026-09-29)
16. AMINA Becomes First Regulated Bank on 21X, Europe's First Fully Regulated DLT Trading and Settlement Venue, AMINA Bank, https://aminagroup.com/press/amina-becomes-first-regulated-bank-on-21x-europes-first-fully-regulated-dlt-trading-and-settlement-venue/ (accessed 2026-09-29)
17. Taurus Secures MiFID Investment Firm License to Expand Regulated Digital Asset Services in the EU, Taurus, https://www.taurushq.com/blog/taurus-secures-mifid-investment-firm-license-to-expand-regulated-digital-asset-services-in-the-eu/ (accessed 2026-09-29)
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19. State Street announces agreement with Taurus to deliver full-service digital platform for institutional investors, Taurus, https://www.taurushq.com/blog/state-street-announces-agreement-with-taurus-to-deliver-full-service-digital-platform-for-institutional-investors/ (accessed 2026-09-29)
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24. Apex Group unit Tokeny taps Polygon for its interoperable tokenization platform T-REX Ledger, The Block, https://www.theblock.co/post/394284/apex-group-taps-polygon-trex-ledger (accessed 2026-09-29)
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26. Brickken secures €3M to expand tokenisation infrastructure, Tech.eu, https://tech.eu/2026/03/31/brickken-secures-eur3m-to-expand-tokenization-infrastructure/ (accessed 2026-09-29)
27. RWA Tokenization Platform for Institutions (homepage), Brickken, https://www.brickken.com/ (accessed 2026-09-29)
28. Regulatory Permissions, Archax, https://uk.archax.com/regulatory-permissions (accessed 2026-09-29)
29. Archax homepage, Archax, https://www.archax.com/ (accessed 2026-09-29)
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34. Proposal COM(2025) 943 amending, among others, the DLT Pilot Regime (4 December 2025), European Commission via EUR-Lex, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52025PC0943 (accessed 2026-09-29)