Key Results
The collaboration between Securitize and RedStone is not just an integration; it is the creation of a new financial primitive. Here are the key breakthroughs:
- $580M of BlackRock’s BUIDL fund live on Ethereum as of February 2026, with daily on-chain valuation and interest accrual supported by RedStone oracle feeds
- Institutional-grade RWAs operating under Ethereum’s execution and security model, enabling them to participate in DeFi with the same reliability as crypto-native assets
- RedStone pioneered the daily NAV on-chain updates for tokenized private credit assets, such as Securitize Tokenized Apollo Diversified Credit Fund (ACRED) and Hamilton Lane Senior Credit Opportunities Securitize Fund (HLSCOPE), that historically relied on quarterly cycles
- Standardized oracle inputs were adopted for attestation-based RWAs on Ethereum, reducing integration complexity for DeFi protocols and creating a universal framework
- A scalable foundation established for expanding institutional RWAs across Ethereum DeFi, with tight cooperation with Securitize, using TSSO as the reference oracle architecture, and enabling repeatable onboarding processes
Partner Perspective
“Tokenization is the first step. The next breakthrough comes when regulated assets gain meaningful utility inside DeFi. The future is not just assets onchain, but assets at work inside open, programmable financial systems. Our partnership with RedStone allows us to not only transact with tokenized securities on-chain, but also integrate them into existing DeFi infrastructure and develop entirely new DeFi primitives, marrying traditional finance giants and crypto native applications.”
- Carlos Domingo, Co-founder and CEO of Securitize
Challenge: Scaling Tokenized Assets on Ethereum
Tokenization of real-world assets has moved from theory to production. Regulated funds from some of the world’s largest asset managers are now being issued on public blockchains.
Estimates from the Securities Industry and Financial Markets Association show that global equity markets alone exceeded $126 trillion in 2024, with U.S. equities and fixed-income securities together exceeding $117 trillion in outstanding value. These figures help illustrate the scale of traditional capital markets relative to the current size of decentralized finance. The bottleneck is no longer institutional interest; it is the maturity of the underlying infrastructure.
The critical question is not whether assets can be issued on-chain, but whether they can be used safely and credibly inside Ethereum’s financial system, with its permissionless liquidity, automated execution, and composable smart contracts. This is where the real value lies, in permissionless liquidity, automated execution, and composable smart contracts.
The Role of Securitize in the New Financial Stack
Securitize has emerged as the world’s largest tokenization platform, working with institutions such as BlackRock, Apollo, BNY, VanEck, and Hamilton Lane. Operating within regulated infrastructure, including an SEC-registered transfer agent, a FINRA-member broker-dealer, and a regulated alternative trading system, Securitize is the comprehensive, regulated bridge between Wall Street and DeFi.
This positioning allows Securitize to issue regulated, institution-grade assets directly on Ethereum, the most credible neutral settlement layer for programmable finance. For these assets to function safely inside Ethereum-based markets, they must be supported by a reliable, verifiable on-chain valuation infrastructure.
The Valuation Bottleneck
For any asset to function inside DeFi, it needs a reliable on-chain price feed or NAV attestation. Lending markets, collateral systems, and automated strategies all depend on valuation data to manage risk.
Tokenized funds such as BlackRock’s BUIDL or Apollo’s ACRED do not trade on open markets. Their value is determined by Net Asset Value, calculated off-chain by a single, authoritative source, typically via a fund administrator, such as Securitize Fund Services. Unlike ETH or BTC, there is no continuous market price to aggregate. This creates a structural paradox.
DeFi systems are built on trust-minimized assumptions and verifiable data. NAV-based assets rely on a single authoritative source of truth. Legacy oracle architectures, designed for liquid markets and multi-source aggregation, are not equipped to validate or safely deliver this type of data at Ethereum scale. It’s like using a seismograph to measure the temperature; the tool is wrong for the job.
Without reliable daily on-chain valuations, tokenized funds cannot be used as collateral, integrated into money markets, or embedded into automated risk frameworks.
Why Lack of Trusted Oracle Became the Blocking Layer
At this stage, tokenization was no longer the limiting factor. The constraint was data infrastructure.
To move from issuance to utility via compatibility, Securitize needed an oracle partner capable of delivering single-source valuation data with institutional-grade precision and cryptographic assurance. They needed a partner who understood that you can’t fit a square peg (NAV) into a round hole (legacy oracles).
Without this layer, tokenized funds would remain digital curiosities, confined to custody and settlement, unable to participate in the dynamic world of on-chain finance.
Moving tokenized assets beyond issuance requires an oracle infrastructure designed specifically for real-world assets – a partner who can understand the problem and help to address it.
Solution: Making Tokenized Assets Native to Ethereum
The goal was clear: enabling tokenized funds from institutions to operate within Ethereum DeFi with the same reliability and safety guarantees as crypto-native assets.
This required an oracle infrastructure purpose-built for real-world assets, not adapted from legacy price aggregation models.
To achieve this, Securitize partnered with RedStone as its primary blockchain oracle provider.
Trusted Single Source Oracle (TSSO): Making NAV DeFi-Compatible
A central outcome of the RedStone and Securitize collaboration is the Trusted Single Source Oracle (TSSO), a new oracle primitive designed specifically for real-world assets whose valuation is inherently single-source.
Rather than approximating decentralization through aggregation where no independent market data exists, TSSO focuses on making authoritative NAV data cryptographically verifiable, auditable, and safe to consume on-chain. This reframes the oracle problem for RWAs from price discovery to verifiable financial reporting.
TSSO enables Ethereum smart contracts to natively consume NAV-based asset data using the same deterministic execution and risk logic applied to crypto-native collateral. This removes a fundamental blocker to native DeFi integrations for regulated funds and provides a reference architecture for bringing other non-traded financial instruments on-chain.
Jakub Wojciechowski, Founder of RedStone, on how TSSO brings cryptographic integrity to the price layer of tokenized finance. Source: RedStone blog.
TSSO introduces a dual-key cryptographic model tailored for single-source NAV data:
- The Secure Root Key is used for manually signing initial NAV values or significant updates. It is protected by secure operational practices such as multi-signature wallets, cold storage, or smart account controls.
- The Derivative Chain Key enables automated signing of incremental NAV changes within predefined thresholds and performs scheduled re-signing of unchanged values, preventing data staleness without requiring manual intervention.
A dual-key cryptographic model
| The Secure Root Key | The Derivative Chain Key |
| Stored in cold, secure environments (e.g., multisig, smart accounts). Used for initial NAV entries or significant updatesImplies strong manual oversight | Authorized to perform automated updates within a deviation threshold (e.g., 0.1%). Periodically re-signs static NAVs to prevent data stalenessEnables timely, low-friction data flow |
Every NAV update under TSSO contains a full cryptographic payload: asset ID, price, timestamp, sequence number, previous record hash, and previous record signature. These records are chained together, with each new message referencing the cryptographic fingerprint of the last. This structure transforms the feed into a tamper-evident, auditable sequence of updates, where each value is mathematically linked to the previous one.
You can think of it like Git for NAV data; each update is a signed commit in an immutable history, allowing oracles, smart contracts, and auditors to verify not only the latest value but its entire provenance.
By fusing advanced cryptographic trust foundations with dynamic automation, TSSO redefines NAV verification in DeFi, enabling secure, composable use of tokenized non-traded assets and elevating the oracle standard for a $300T opportunity.
Delivering DeFi-Grade RWAs on Ethereum
RedStone delivers Net Asset Value and daily interest rate data for Securitize-issued tokenized funds directly on the Ethereum network.
Unlike liquid assets, these funds do not trade continuously on open markets such as centralized or decentralized exchanges. Their value is derived from audited, off-chain calculations published by fund administrators. RedStone’s modular oracle architecture is designed to handle this exact profile, ensuring that single-source valuation data is delivered on-chain with cryptographic integrity and operational reliability.
This allows Ethereum protocols to consume institutional valuation data using standard interfaces, without bespoke pricing logic or protocol-specific integrations.
Total on-chain supply of BlackRock’s BUIDL fund, showing over $1.8B+ in tokenized assets, as of February 2026. Managed by BlackRock, tokenized by Securitize, with on-chain NAV and interest accrual supported by RedStone oracle price feeds. Source: Dune Analytics.
Impact For Builders: DeFi-Grade Trust For Traditional Data
TSSO enables developers to confidently build on top of single-source NAV data, with the same verifiability and composability expected from decentralized oracle systems, but optimized for the inherent trust model of non-traded assets.
Whether you’re:
- Designing NAV-based lending or structured credit protocols
- Launching tokenized fund marketplaces that need deterministic value updates
- Building vaults or rebalancing strategies that depend on NAV precision and sequencing
TSSO offers a structured, cryptographic framework that turns centralized financial reporting into a cryptographically verifiable utility, enabling developers to bring real-world assets into DeFi with precision, provenance, and security baked in.
With TSSO, Securitize and RedStone aren’t merely solving an edge-case oracle problem; we’re laying the groundwork for a broader class of financial infrastructure, where institutional-grade data can integrate seamlessly into open systems.
The destination isn’t just price feeds. It’s trust-minimized capital markets: composable, transparent, and global by design.
Summary / Conclusions
Securitize is bringing regulated, institution-grade assets onto Ethereum with the explicit goal of making them usable inside open financial systems, not merely represented on-chain.
As tokenized funds move toward native DeFi integrations, verifiable on-chain valuation becomes a prerequisite. RedStone provides the oracle infrastructure required to deliver NAV and yield data into Ethereum smart contracts in a form that protocols can safely consume.
Together, Securitize and RedStone introduce TSSO, a new oracle primitive for single-source financial data. This makes NAV-based assets compatible with Ethereum’s execution model and enables regulated RWAs to function as first-class inputs to DeFi.
For builders and protocols evaluating RWAs on Ethereum, this case study outlines what is required to move from tokenization as representation to tokenization as execution.
RedStone is a leading blockchain oracle provider delivering fast and cross-chain data feeds to power DeFi protocols and institutional applications. As the oracle of choice for real-world asset tokenization, including BlackRock’s BUIDL fund and European treasury assets via Spiko, RedStone bridges traditional finance with on-chain infrastructure. RedStone offers the industry standard for secure pricing and quality support, serving as the market leader for emerging ecosystems and institutional use cases.
Securitize has emerged as the world’s largest tokenization platform, working with institutions such as BlackRock, Apollo, BNY, VanEck, and Hamilton Lane. Operating within regulated infrastructure, including an SEC-registered transfer agent, a FINRA-member broker-dealer, and a regulated alternative trading system, Securitize is the comprehensive, regulated bridge between Wall Street and DeFi.
