After moving government bonds and funds onto the chain, the RWA platform began to try to solve another problem: can funds on the chain go directly into the financing process of real enterprises?
On November 9, the tokenized asset platform Securitize announced that it had reached a final agreement to acquire New York financing technology company River One. This acquisition will enhance Securitize's asset-supported financing capabilities, extending its business from the issuance, transfer, and management of tokenized securities to credit financing secured by real assets.
River One is developing a technological platform that connects stablecoin funds with the traditional loan market. Businesses or lending institutions can use asset portfolios such as small business loans and accounts receivable, which have continuous cash flow, as collateral to obtain financing funds, which can then be used to issue new loans.
The significance of this deal lies in the fact that Securitize will no longer only be responsible for bringing assets onto the blockchain; it also hopes to participate in asset financing and the organization of credit funds. 
From Issuing Assets to Obtaining Financing for Assets
Securitize's previous core business was providing institutional clients with securities tokenization, fund management, and related compliance infrastructure.
By collaborating with traditional asset management firms like BlackRock, Apollo, KKR, and Hamilton Lane, Securitize has participated in the on-chain issuance and management of various funds and financial assets. Among them, BlackRock's tokenized money market fund BUIDL is one of its more notable collaborative projects.
However, the main issues solved by asset tokenization are issuance, registration, transfer, and management, which do not necessarily mean that these assets have complete financing capabilities.
River One fills this gap.
According to information disclosed by Securitize, River One focuses on warehouse financing, which allows lending institutions to obtain a stage of financing by using existing loan portfolios and other income-generating assets as collateral before the loan assets are sold, securitized, or refinanced.
After the acquisition is complete, Securitize plans to integrate River One's financing technology with its own tokenization infrastructure, enabling institutions to manage assets on-chain while obtaining financing around those assets.
This also means that Securitize hopes to enter not only the asset issuance market but also the asset formation, collateral financing, and credit fund allocation processes.
How Can Accounts Receivable Become Financing Collateral?
Take a financial institution that provides loans to businesses as an example.
This institution may hold a large volume of small business loans and accounts receivable. It has already provided funds to clients, but the loans may take months, if not longer, to gradually recover. If the institution wants to continue expanding its lending business, it will require new sources of funding.
The traditional method is typically to apply for warehouse financing from banks or private credit funds, using a group of loan assets as collateral to obtain new funds.
River One aims to optimize this process through its technological platform:
- Asset Aggregation: Combine assets such as small business loans and accounts receivable that have future cash flows.
- Credit Assessment: Review the borrower, asset quality, and repayment situation to determine whether the assets meet financing requirements.
- Setting Collateral Limits: Based on the quality, scale, and risk of the asset portfolio, determine the borrowing limits and collateral requirements.
- Continuous Monitoring: Track loan repayments, asset value, and collateral coverage, and identify risks in a timely manner.
- Obtaining Financing: Funds are provided by funding sources, which the lending institution can then use to continue issuing loans.
Among these, AI technology can be used for loan initiation, asset assessment, and financing structure management; blockchain is expected to improve asset information recording, capital flow, and collateral monitoring.
It is important to note that accounts receivable do not automatically become qualified collateral just by being uploaded to the chain. The borrower's credit, contract validity, asset ownership, repayment situation, and default handling mechanism still determine whether financing can be established.
How Do Stablecoin Funds Enter the Traditional Credit Market?
Another focus of River One is to connect funding sources within the stablecoin ecosystem with traditional lending institutions.
In the traditional credit market, funds typically come from banks, private credit funds, and specialized lending institutions. River One hopes to provide new sources of funding, allowing capital within the stablecoin ecosystem to participate in asset-supported financing.
The basic logic is that funding sources participate in financing arrangements through stablecoin funds, while lending institutions provide collateral with asset combinations such as small business loans and accounts receivable and obtain financing as agreed.
This does not mean that small businesses must directly use stablecoins to borrow. Stablecoins can primarily exist on the financing side, while borrowing businesses still acquire funds through traditional financial channels and operate using fiat currencies like the dollar.
Securitize has stated that River One's financing structure will also retain risk control and legal protection mechanisms from traditional credit, including special purpose vehicles (SPV), bankruptcy isolation arrangements, collateral requirements, and continuous asset monitoring.
In other words, blockchain is responsible for improving financial infrastructure, while credit review and legal protection remain at the core of lending business.
$3.7 Billion in RWA Scale, Revenue Growth but Still Operating at a Loss
This acquisition occurs at an important stage of Securitize's business expansion.
According to statistics from RWA.xyz as of November 10, the total value of tokenized assets on the Securitize platform is approximately $3.71 billion, ranking second, just behind Ondo.
In its third-quarter financial report released on November 9, Securitize disclosed that the platform's average quarterly tokenized asset scale reached $5 billion, a year-on-year increase of 39%; as of September 30, the total amount of tokenized assets on the platform was $4.8 billion.
The two sets of figures come from different statistical bases: RWA.xyz mainly counts the on-chain asset value under its platform categorization, while the company's financial report discloses its own metrics for tokenized assets, which should not be directly regarded as the same indicator.
From a financial perspective, Securitize achieved revenue of $18.6 million in the third quarter, a year-on-year increase of 13%, with a total transaction volume of $4.3 billion, up 20% year-on-year.
However, the company incurred a net loss of $66.3 million during the same period, with approximately $60 million stemming from non-cash expenses and accounting adjustments related to mergers and public listings. The adjusted EBITDA loss was $2 million.
This indicates that while Securitize's revenue and asset scale are growing, its business profitability still needs improvement. Whether the acquisition of River One will bring in new financing revenue and whether this revenue can cover the additional operational and credit risk costs remains to be observed.
RWA Platforms Begin Competing for the Credit Market
In recent years, the most关注的 direction in the RWA industry has mainly been moving US Treasury bonds, money market funds, and institutional investment products onto the chain. These assets have relatively mature valuation, custody, and legal structures, making them more suitable for an early entry into the on-chain financial system.
However, asset tokenization is not the endpoint of RWA.
If on-chain assets can only be held and traded, their application scope remains limited; if assets can further participate in lending, financing, and capital turnover as collateral, the blockchain infrastructure can then have the opportunity to penetrate traditional financial businesses.
Securitize's acquisition of River One is a step toward this direction.
Of course, asset-backed loans are not without risks. Loan defaults, collateral valuation declines, insufficient asset liquidity, and legal enforcement issues in different judicial jurisdictions can all impact financing arrangements. The entry of stablecoin funds into the credit market also needs to address issues such as redemption, term mismatches, and liquidity management.
This transaction is expected to be completed in the fourth quarter of 2026, still subject to regular closing conditions. After the transaction is completed, whether Securitize can integrate asset issuance, management, and financing capabilities into a complete service will be the next point of interest.
The competitive direction of RWA is changing: in the past, it was about who could move more assets onto the chain; going forward, it might be about who can truly enable these assets to participate in financial activities.
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