Bitfinex Securities and Tokenised Capital Markets: The First $400 Billion
Bitfinex Securities celebrates five years as a pioneer in tokenised capital markets, reporting over $500 million in listed assets and outlining a path to a projected $400 billion market by year-end.
Bitfinex Securities marks its fifth anniversary as a platform operating under dual regulatory oversight in El Salvador and the Astana International Financial Centre (AIFC). The platform supports primary capital raises and continuous secondary trading, demonstrating full product cycles including issuance, coupon payments, and investor principal returns. More than $500 million in assets are currently listed, with tokenised instruments such as Treasuries, bonds, equity interests, and fund units settled in USDt, reflecting a shift from proof-of-concept to live market operations.
The tokenised capital markets sector has grown from hundreds of millions in the early 2020s to nearly $40 billion today, with projections suggesting it could exceed $100 billion by the end of the year and potentially reach $400 billion. Early activity focused on private credit and tokenised US Treasuries, but the market has diversified to include commodities like gold, public and private equity, and fixed-income products. Money-market funds, tokenised Treasuries, and fixed income are expected to dominate due to their utility as trading collateral, while tokenised equities may drive secondary-market activity and capital formation.
Bitfinex Securities operates with zero trading fees and no settlement delays, offering issuers lower costs compared to traditional markets, where fees average around 7 percent for raises of $30 to $50 million. The platform enforces whitelisted token transfers under KYC and AML requirements, ensuring oversight without compromising investor control. Clients can self-custody assets or trade peer-to-peer, reducing reliance on intermediaries and aligning with the company’s commitment to open, peer-to-peer systems outlined in its Freedom Manifesto.
Regulatory frameworks for tokenised securities are maturing globally, with jurisdictions like the EU, UK, US, Singapore, and Hong Kong clarifying treatment under existing laws. Bitfinex Securities was the first tokenised securities platform in the AIFC regulatory sandbox and has since expanded capacity limits, now applying for a full Authorised Investment Exchange licence. In El Salvador, the company holds the first Digital Asset Service Provider licence, with over 70 providers now licensed under the national framework, underscoring the country’s role in fostering innovation in tokenised markets.