Securitize has integrated Chronicle as the Proof of Asset verification layer for its Securitize Tokenized AAA CLO Fund (STAC), aiming to provide continuous, independently verifiable transparency into the fund’s holdings and valuation inputs for institutional investors.
The STAC fund is structured to meet the verification, oversight, and operational standards expected by institutional investors. Chronicle’s integration ensures continuous, onchain attestable visibility into the underlying assets through independent verification of fund holdings and pricing. BNY serves as the custodian for the fund’s underlying assets, with BNY Investments acting as sub-advisor. This framework addresses the growing institutional demand for tokenized financial products to offer the same level of independent verification and asset-level transparency found in traditional custody and fund administration.
Chronicle’s Proof of Asset framework is designed for verification at scale, extending its presence across various tokenized funds, stablecoins, and institutional financial products. The platform currently verifies billions of dollars in underlying tokenized assets, establishing a consistent verification layer to facilitate institutional engagement with onchain markets. Offchain data is continuously verified and published via the Chronicle dashboard, allowing market participants to monitor holdings composition, valuation inputs, and verification status in real time. This approach aligns with institutional expectations for auditability, oversight, and operational transparency, enabling these assurances to function natively onchain.
The Proof of Asset infrastructure delivers two core verification functions for STAC: Holdings Verification, which provides independent, continuous verification of fund holdings based on data from AAA-rated Collateralized Loan Obligation (CLO) assets held in custody, offering transparent, asset-level visibility; and NAV and Pricing Verification, reflecting the real-time market value of the underlying CLO portfolio. All verification outputs are surfaced onchain and through Chronicle’s public dashboard, moving beyond periodic disclosures to continuous visibility.
The global market for CLO issuance exceeds $1.3 trillion, according to Bank of America Global Research as of 30 September 2024. However, institutional access through tokenized vehicles has been limited by concerns regarding transparency and operational trust. Niklas Kunkel, Founder of Chronicle, stated, “Tokenization alone is not enough for institutional adoption. Institutions require independent verification of underlying assets, not just smart contract execution. This structure demonstrates how traditional custody, regulated issuance, and onchain verification can work together to build scalable infrastructure.”
The collaboration between Securitize’s regulated issuance and distribution platform, Chronicle’s independent verification, and BNY’s custody and sub-advisory role creates a framework designed for the responsible scaling of tokenized credit. Carlos Domingo, CEO and Co-Founder of Securitize, commented, “The question we consistently hear from institutional clients is simple: ‘How do I verify what’s actually backing this product?’ With Chronicle delivering independent Proof of Asset verification and BNY providing custody and portfolio management services, STAC gives investors a clear, continuous answer.”
The fund has secured a $100 million anchor allocation from Grove, an institutional allocator focused on bringing high-quality credit markets onchain. Grove’s participation signifies that sophisticated credit allocators are prepared to deploy capital into tokenized structures when independent verification, regulated issuance, and institutional custody are foundational elements. Securitize, which specializes in tokenizing real-world assets and manages over $4 billion in assets as of November 2025, through its subsidiaries, operates as an SEC-registered broker-dealer, digital transfer agent, fund administrator, and operator of a SEC-regulated Alternative Trading System (ATS). STAC is a tokenized investment vehicle focused on AAA-rated CLOs, with shares issued as digital tokens on the Ethereum blockchain.
