The Largest Securities Exchange in the World is Coming Onchain | Michael Blaugrund of NYSE and Carlos Domingo of Securitize
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The the tokenized treasury space that the where Biddle plays, which is still the largest asset, I think it's worth 2,200,000,000.0 or something now, it was like 300,000,000 two years ago, and now it's 11,000,000,000. I don't think there's any any part of crypto that has grown that fast. So it kind of feels that way for tokenization that we're at the end of the beginning. Now the beginning has happened. Now we need to get into the real growth because the the space is so massive. As we discussed before, just taking, you know, 1% of, or 2% of stocks on chain doubles the size of crypto. So so that
Banklessation, I'm here with Carlos Domingo from Securitize and Michael Blogrin from the New York Stock Exchange. Carlos, welcome back to Bankless, and Michael, welcome to Bankless for the first time.
Great to be here. Thanks for having me.
There was a, announcement out of both of your guys' neck of the woods from the securitized New York Stock Exchange neck of the woods at the last week about a partnership between your guys' two companies about getting tokens, securities tokenized on public blockchains. Now I want to drill down into the details of that announcement because I just want to learn a little bit more about what this partnership means, how it works, and like some of the net products are at the end of it. And so we're going go line by line, I just want to start reading off some of the the first lines in this announcemen
I I guess I can take that one since it's about securitized. Yeah. So a trend every publicly traded company or every ETF, anything that trades on a national exchange has a transfer agent, which is responsible for keeping the the books and records of who holds the securities, which in publicly traded companies, most of the the only thing you see is DTCC because all the shares are are under DTCC. Most people don't realize that when you are when you hold shares on Robinhood, you actually don't own the shares. The shares are under the central securities depository. But in any case, you need a trans
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No. Transfer agents are transfer agents. We in the industry, in general, refers to blockchain based transfer agents or digital transfer agents.
Okay. And, Carlos, just so we understand, because we don't have this concept with our crypto native assets, of course. Right? There's no transfer agent. So what data does the transfer agent have? Is that sort of like an ownership cap table of who owns what?
Well, basically, the the regulate we are the transfer agent for for Bitauto, BlackRock, and for other products. So it's basically the regulated it's an SEC registered entity, and that basically manages the securities on behalf of an issuer. So you you basically issue securities. You, you know, control transfers to update the cap table. You pay dividends. You do, you know, conduct votes if you need to. You do sort of asset servicing if there's a any type of I don't know. Somebody needs to move their shares or somebody lost access to their shares. In the ca
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