Securitize Buys River One to Lend Stablecoin Money Against Real Assets as Avalanche Is Picked for NYSE's Tokenized Securities Platform
Two announcements on November 9 moved tokenized securities a step closer to the mainstream market. Securitize, the tokenization company that listed on the NYSE in July, agreed to buy River One, a young lender that funds loans backed by real assets, and reported its third quarter. Separately, Ava Labs said Avalanche will be the blockchain for an upcoming NYSE-affiliated platform for trading and settling tokenized securities.
Securitize adds a lending business
River One, formally River Credit Labs, was founded in New York in 2025. It was incubated by Framework Ventures and backed by Framework and Maple Finance. It provides warehouse financing: credit lines that lenders use to fund small business loans, receivables and similar assets before they are sold or packaged into securities. Its software handles loan origination, borrowing-base reporting, collateral monitoring and funding in one system.
The interesting part is where the money comes from. River One is building relationships with capital providers in the stablecoin world, people holding dollar tokens who want yield from real loans. The loans sit in bankruptcy-remote special-purpose vehicles with collateral requirements and ongoing monitoring. Securitize didn’t disclose the price. It expects the deal to close in the fourth quarter.
The release frames the market as roughly $321 billion of stablecoins on one side and a private asset-backed finance market of about $6 trillion on the other. The logic is simple: stablecoin holders want income, and borrowers backed by real assets want funding. Whether that works depends on credit quality, which no blockchain fixes.
The quarter
Securitize’s third-quarter revenue was $18.6 million, up 13% from a year earlier and 29% from the second quarter. Average tokenized assets on the platform hit a record $5.0 billion, up 39%, while assets at quarter end were $4.8 billion, up 9%. Transaction volume rose 20% to $4.3 billion. Its fund administration business shrank, with assets under administration down 29% to $25.2 billion across 669 funds.
The net loss was $66.3 million, or $0.41 a share. The company says about $60 million of that came from mostly non-cash charges tied to the merger with Cantor Equity Partners II and the NYSE listing. Adjusted EBITDA was a $2.0 million loss, against a $3.6 million profit a year earlier. Securitize has about $300 million of cash, no debt, and authorized a $50 million buyback running through 2027. Its tokenized funds are run with Apollo, BlackRock, BNY, Hamilton Lane, KKR and VanEck.
Avalanche and NYSE
The NYSE has said its affiliate is building a platform for trading and onchain settlement of tokenized securities, with a focus on clearing tokenized stocks at institutional scale. Avalanche will be its blockchain. The announcement gives no launch date and mentions no regulatory approvals, and both will matter more than the choice of chain.
Why it matters
These are two halves of the same plan. Securitize is building products, tokenized funds and now tokenized credit, and the NYSE is building a place to trade and settle them. If both arrive, a tokenized fund or loan could be issued, traded and settled on public chains under a traditional exchange’s name. For now, Securitize’s revenue is still small relative to the assets it handles, and the NYSE platform has no date. Watch the River One closing and the first regulatory filings for the NYSE platform.