Securitize, the tokenisation platform behind BlackRock’s BUIDL fund, will mint and redeem stablecoins directly with Anchorage Digital Bank, the two companies said on 20 October. Under the arrangement, the same federally chartered bank that issues the tokens also holds custody and handles settlement.
“One federally chartered bank handles every stage,” Anchorage Digital’s announcement says, from issuance to redemption. Securitize described the deal the same way in a thread on its verified X account: “We mint and redeem stablecoins directly with Anchorage Digital Bank, which also provides custody and settlement.”
Neither company says which stablecoin Securitize will use, or when the arrangement goes live.
What each side brings
Anchorage Digital Bank, N.A. is a national trust bank. Its release lists the stablecoins it issues as USDtb, created with Ethena Labs, and USA₮, created with Tether. It says the dollars behind its tokens are held “in segregated accounts at a national trust bank”. TSN covered one of those coins earlier this month, when Aave Labs asked Aave’s community to consider listing USAT on its lending markets.
Securitize, which trades on the New York Stock Exchange as SECZ, brings the other side of the trade. According to Anchorage, it hosts tokenised funds from Apollo, BlackRock, BNY, Hamilton Lane, KKR and VanEck, “with more than $4 billion in assets on platform”. Securitize’s own X profile gives the same “$4B+” figure. It has been expanding abroad too: this month it signed a memorandum of understanding with LG CNS in South Korea.
Nathan McCauley, Anchorage Digital’s co-founder and chief executive, said in the release: “Securitize is where the world’s largest asset managers bring funds onchain, and now the dollars moving through that platform come from a federally chartered bank. Regulated issuance is what lets tokenization reach institutional scale.”
Carlos Domingo, Securitize’s chairman and chief executive, said: “Getting there means the dollar side of every transaction has to hold up to the same scrutiny as the securities side.”
The cash leg is the point
Most coverage of tokenisation focuses on the asset: the fund share, the bond, the stock. But every trade has two legs, and the cash leg is usually a stablecoin whose issuer, reserves and redemption terms an institution has to vet separately. Securitize’s pitch is that its clients should not have to accept a weaker counterparty on the dollar side than on the securities side. “For institutions trading on Securitize, the dollar side of a tokenized trade can now meet the same counterparty and custody standards they already apply to the securities side,” the company wrote.
Direct minting matters for the same reason. Anchorage says Securitize will deal with the bank “rather than sourcing stablecoins through intermediaries”. A platform that creates and redeems tokens with the issuer itself does not have to rely on buying them in the market, where prices can drift away from a dollar and liquidity can thin out under stress. It also means one institution, not a chain of them, is responsible from issuance to redemption. That is a simpler arrangement to explain to a compliance department.
The US rulebook is moving in the same direction. On 21 October the Office of the Comptroller of the Currency, which supervises national banks including national trust banks, adopted its final rule under the GENIUS Act, the federal stablecoin law; both take effect on 18 January 2027. Neither company links its announcement to that rule, and neither says whether the arrangement depends on it.
A loop worth noticing
The two businesses are already tied together in a less obvious way. Both companies cite Anchorage Digital Bank’s independently attested reserve report: as of 31 August 2026, about 99% of the $530 million in reserves behind USDtb were held in BlackRock’s BUIDL fund, which Securitize tokenises. “Tokenized funds already back regulated digital dollars,” Securitize wrote.
In other words, a tokenised Treasury fund on Securitize backs a stablecoin issued by Anchorage, and Anchorage’s stablecoins will now settle trades on Securitize. Neither company presents that as a risk, and nothing in either announcement suggests a problem with the reserves. But it does mean that the health of one product feeds into the other, and anyone using these dollars to buy tokenised funds may want to know which coin they are holding and what backs it. Securitize’s list of funds keeps lengthening: TSN’s round-up of September’s tokenised fund launches included ARK’s venture fund, also tokenised through Securitize.
What is still unknown
The announcements leave the practical details open:
- Which stablecoin. Neither company names the coin or coins Securitize will mint.
- When. No start date is given.
- Scale and cost. There are no volume figures, fees or redemption terms.
Until those are published, this is an agreement on how dollars will move, not evidence of how many already have.
Sources
- Anchorage Digital, “Anchorage Digital Brings Federally Issued Stablecoins to Securitize, the World’s Largest Tokenization Platform”, 20 October 2026
- Securitize (@Securitize), thread on X, 20 October 2026, part 1
- Securitize (@Securitize), thread on X, part 2
- Securitize (@Securitize), thread on X, part 3
- Securitize (@Securitize), thread on X, part 4
Related stories
- Aave Labs Proposes Adding Anchorage’s USAT Stablecoin to Aave V3 and V4 on Ethereum
- OCC Finalises GENIUS Act Rule for Stablecoin Issuers, With AML Rules to Come
- Securitize–LG CNS: a Korea tokenisation MoU ahead of 2027 rules
- Tokenised Funds in September: Venture Exposure, 24/7 Cash and Collateral
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