RAIL

Securities Trading

On-chain and hybrid trading of tokenized securities, perpetual futures, and structured products.

Securities tokenization collapses the gap between trade execution and settlement. These paths show where traditional market structure (exchanges, clearinghouses, transfer agents) meets on-chain programmability — and where the compliance weight shifts.

9 PATHS

Compliance Gravity by Stage
1 Intent 1
2 Identity 5
3 Discovery
4 Negotiation 2
5 Transport 2
6 Authorization 3
7 Facilitation 2
8 Finality 1
25 Vendors

Base · Ethereum · ERC-3643 · Hyperliquid · dYdX · Binance · Chainlink CCIP · Ondo · Securitize · tZERO · Centrifuge · Goldfinch · Maple · Tinlake · BlockTower · Ares · KBRA · Figure · Provenance · MERS · MISMO · ISDA · DTCC SDR · MarkitSERV · CFTC

Regime Crossings

None — single-regime rail

9 Paths

S1 Atomic DvP (On-Chain)

Simultaneous delivery of security token and payment token in a single atomic transaction.

S2 Perpetual Futures (CEX)

Centralized exchange perpetual futures — continuous funding rate, no expiry, stablecoin margin.

S3 RWA Cross-Chain Settlement

Tokenized real-world asset trading with cross-chain bridge settlement via Chainlink CCIP.

S4 Tokenized Equity Trading

Regulated tokenized stock trading on compliant exchanges — Reg D, accredited investors, transfer restrictions.

S5 Tokenized Structured Finance

On-chain structured credit — tokenized ABS, CLOs, and private credit tranches.

S6 Tokenized ABS (Receivables)

On-chain receivables securitization — Centrifuge Tinlake DROP/TIN pattern with senior/junior tranches.

S7 Tokenized CLO (Leveraged Loans)

Actively managed leveraged-loan securitization — 5-tranche stack (AAA→Equity) with NRSRO ratings and OC/IC tests.

S8 Tokenized MBS (Private-Label RMBS)

Private-label residential MBS on-chain — Figure/Provenance pattern with eNote + MERS eRegistry + MISMO data.

S9 Synthetic CDO (Credit Derivatives)

Bespoke-tranche opportunity via CDS on 80–125 corporate names — ISDA Master + CSA + CFTC Part 23 + Basel III. Tokenization aspirational.

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