Asset tokenization advisory and services
Asset tokenization advisory, from structure to issuance.
Stobox advises asset owners, sponsors and funds on tokenization, from the first structuring decision to a live issuance. Since 2018: $305M+ in assets structured and supported, 100+ clients, 20+ jurisdictions. Flat fees, never a percentage of the raise. The work is led by Gene Deyev, Founder and CEO.
Stobox is not a broker-dealer, investment adviser, custodian or law firm. Regulated activity runs through licensed firms, and your own counsel decides the structure.
$305M+ in assets structured and supported · 100+ clients · 20+ jurisdictions · since 2018
- Flat fees, never a percentage of the raise
- Not legal advice
What the advisory covers
Eight phases, from the first decision to the offering.
The advisory runs on the Stobox Tokenization Framework: eight phases and forty-eight steps, each with a named owner. We take the phases you need, and say which ones belong to your counsel.
01
Strategy
What you are tokenizing, why, who may buy it, and where the asset legally lives.
02
Asset structuring and legal readiness
The entity, the ownership and the documents the token will rest on.
03
The tokenization model
What the token represents: equity, debt, a share of revenue or a fund interest.
04
Token economics and the contract
Supply, pricing, distributions and the rules written into the contract.
05
The issuing framework
The chain, the standard, the registry and who may hold the token.
06
Legal documentation
The offering documents, drafted by counsel against the structure above.
07
Validation and deployment
Checks before anything is minted, then the issuance itself.
08
The offering
Distribution to eligible investors through licensed firms, and servicing after.
The full method, with who signs each step, is on the framework. Before phase one, most companies start with the readiness score, and the record the later phases read from is a verified company record.
Who, how much, and who leads
Who we work with, how it is priced, and who runs it.
Three questions every buyer of advisory should ask before the first call.
Who we work with
Owners of an asset with a definable value and a definable owner:
- Real estate sponsors: Buildings, portfolios and developments held in an SPV.
- Funds and private equity: Fund interests, LP units and the vehicles that hold them.
- Operating companies: Private shares, revenue shares and notes of a company raising capital.
- Commodities and energy: Metal, mining output and energy projects with contracts behind them.
Choosing between providers? Read how to choose a tokenization platform first.
How the engagement is priced
Flat fees, never a percentage of the raise. What has one price is published on the pricing page; advisory work is quoted in writing once we have seen the asset, and the number does not move with the size of the round.
Issuance runs on Stobox Compass, and the offering package is prepared with Stobox Raisable for a licensed firm.
Who leads it
Gene Deyev, Founder and CEO of Stobox since 2018, author of the Stobox Tokenization Framework and co-author of the 2019 book on security token offerings with Borys Pikalov.
Meet him first at Founder Office Hours, forty minutes live, or book thirty minutes on your own asset.
Advisory questions
Five questions about hiring a tokenization advisor.
Answered plainly, including the one about licences.
What is the difference between a tokenization advisor and a tokenization platform?
A platform issues and administers the token. An advisor works on the decisions before it: the structure, the record, the exemption and the order of the work. Stobox does both, and the advisory is where most projects are won or lost. Stobox is not a broker-dealer, investment adviser, custodian or law firm. Regulated activity runs through licensed firms, and your own counsel decides the structure.
How much does asset tokenization advisory cost?
Flat fees, never a percentage of the raise. The published lines are on the pricing page; advisory work is quoted in writing once we have seen the asset, and the quote does not move with the size of the round.
How long does a tokenization project take?
For a company that already has one current record of itself, the issuance is a matter of weeks. For one that does not, the first months go on the record. The stages and their typical durations are in the tokenization timeline guide.
Which jurisdictions do you work in?
Stobox has structured and supported assets in 20+ jurisdictions since 2018. The structure for each country is decided with local counsel, and the jurisdiction guides set out the rules we work to.
Do I need a broker-dealer to tokenize an asset?
Issuing a token does not by itself require one. Selling a security to investors often does, and in the United States anyone paid a commission on sales usually has to be a registered broker-dealer. Stobox is not a broker-dealer, investment adviser, custodian or law firm. Regulated activity runs through licensed firms, and your own counsel decides the structure. Where a licensed firm is needed, we say so and work alongside it.
The definition
In one sentence, then the two ideas doing the work.
Everything else on this page follows from these two. If they are clear, the rest is detail.
Tokenization is issuing a digital token that stands for legal ownership of, or a claim on, something real, and letting that token be the record of it.
It represents something
A token is a stand-in for a real thing, held in place by a legal structure that ties the two together. Remove the structure and the token stands for nothing.
It carries its own rules
Because it lives on a blockchain, the rules about who may hold it and when it may move are enforced by the token itself, rather than by people reconciling documents afterwards.
A tokenized asset is not a cryptocurrency. Bitcoin represents itself and nothing else. A tokenized building represents a defined claim on that building. That difference is the whole point, and it is why this belongs to capital markets rather than to speculation.
How it works
Six steps, and two of them decide the outcome.
The order matters more than any single step. Steps three to six are engineering with known answers. Steps one and two are where projects succeed or quietly die.
01
Structure the asset legally
An entity, a clean ownership and capital structure, and a decision about what the token actually represents: equity, debt, a share of revenue, or an interest in a fund. The token is only ever as sound as the structure underneath it.
02
Get the record straight
Every figure the token will rely on, reconciled into one current and consistent picture: who owns what, what it is worth, which agreements govern it. This is the step the industry skips, and it is where projects actually stall.
03
Choose the chain and the standard
The asset is issued on a blockchain, usually Ethereum or a network compatible with it, using a standard built for regulated assets. ERC-7943 is the open one for real-world assets, and Stobox is a backer of it.
04
Write the rules into the token
Who may hold it, where they may live, how long they must hold, and what happens in a dispute. These travel inside the token, so they are checked on every transfer rather than remembered by somebody.
05
Issue to verified holders
Tokens go to holders whose eligibility has been checked. The list of owners now lives in the asset itself, rather than in a document somebody has to keep updating.
06
Distribute, then service it
Eligible investors are onboarded, and the events that follow, dividends, interest, votes, redemptions and transfers, run against that same record.
If you read only one line here, read this one: the token is the easy part. The truth about your own business is the hard part, and it is the part that decides how long everything else takes. The full method, eight phases and forty-eight steps with who signs each one, is on the framework.
What can be tokenized
Almost anything with a definable owner and value.
In practice the work concentrates where the asset is hard to sell or heavy to administer. It does the least for something already liquid.
Real estate
Buildings, portfolios and developments. The value is real and the paperwork is the problem.
What we do for thisFunds and private equity
Fund interests and the vehicles that hold them, where the holder list and the consents are the work.
What we do for thisPrivate credit and debt
Loans, notes and facilities, where interest and covenants have to be administered every month.
What we do for thisCommodities
Metal in a vault, where the whole question is who signed for it and who insures it.
What we do for thisCompany equity
Private shares, where the register has been through several rounds and no longer agrees with itself.
What we do for thisEnergy and infrastructure
Projects whose value sits in three contracts: the licence, the power buyer and the grid.
What we do for this
What it does, and what it does not
Both halves, because only one of them is usually printed.
The left column is why anyone bothers. The right column is why some projects should not start, and saying so is cheaper for both sides than finding out in month six.
What it actually does
Positions that were hard to sell can move
Inside the limits the law and the issuer set, a holder can transfer rather than wait for an exit.
A wider set of eligible investors
A compliant token can be offered to investors in more than one country, checked as it moves.
One record instead of three
The holder list, the transfer log and the registry become the same object, and stay current.
Payments run by a rule
Distributions reach everyone holding on the day, and each payment is written down as it happens.
The second time is cheaper
Once the structure exists, the next raise or the next tranche reuses it instead of rebuilding it.
What it does not do
It does not create demand
Tokenizing an asset nobody wants produces a token nobody wants.
It does not make an asset liquid by itself
Liquidity needs a real market of eligible buyers. What you get is a path to secondary trading through licensed venues, and the venue decides whether to list.
It does not remove regulation
It encodes it. A security stays a security, and the rules still apply in full.
It does not fix a messy business
It exposes one. A token minted against a contradictory cap table puts the contradiction on chain for everyone to read.
Where the rules stand
Four things that moved, with their dates.
Regulatory uncertainty was an honest reason to wait for years. Less so now, at least in the United States. None of this is legal advice, and the position differs by country and by how you structure the offering.
- July 2025
The GENIUS Act
The first comprehensive United States framework for payment stablecoins, the settlement layer a great deal of this runs on. Implementing rules followed through 2026.
- March 2026
A joint taxonomy
The SEC and the CFTC issued a five-category classification for digital assets, which is a step toward knowing in advance which regulator an instrument answers to.
- May 2026
The CLARITY Act
Sets out the split between the two regulators and the market-structure rules. It cleared the Senate Banking Committee and moved toward the full Senate.
- 2026
ERC-7943, final
An open standard for compliant real-world-asset tokens on Ethereum and compatible networks: transfer checks, eligibility, freezing and enforcement, without tying an issuer to one vendor. Stobox is a backer of it.
Dates and status as published by the bodies themselves. Check the current position before you rely on any of it, and take the structure to your own counsel.
How big this is
Read today, from a source you can open yourself.
Every figure in this section comes from one public dataset, counted the same way each time: tokenized real-world assets on chain, stablecoins excluded. It is one definition among several, and a different one gives a different number.
$27.8B
on chain across 176 products
1.9×
larger than twelve months ago
90%
of it sits in the twenty largest
60%
of it on Ethereum alone
Summed from the twenty largest products, which are 90% of the category today. Source: DefiLlama, read 12 September 2026.
Money-market and treasury products lead, then gold. Nothing here is a recommendation, and Stobox has no interest in any of them.
- Ethereum · $14.3B
- Binance · $3.4B
- Stellar · $2.2B
- Solana · $1.9B
- Avalanche · $1.0B
- Aptos · $993M
on chain today · $27.8B
-
McKinsey & Company
Excludes stablecoins, tokenized deposits and CBDC, to avoid counting the cash leg of a trade twice.
$2.0T by 2030 -
Ripple and Boston Consulting Group
Real-world assets on chain, from about USD 0.6T in 2025. The lower figure is the report's own conservative scenario.
$18.9T by 2033 -
Standard Chartered and Synpulse
Includes trade finance, which the paper puts at 16% of the total - the main reason this number sits above the others.
$30.1T by 2034
They disagree by an order of magnitude, and mostly not about adoption: each counts something different, which is why the scope is on the chart. None of these is ours – we publish no projection.
- McKinsey & Company, From ripples to waves: the transformational power of tokenizing assets, 20 June 2024.
- Ripple and Boston Consulting Group, Approaching the tokenization tipping point, 7 April 2025.
- Standard Chartered and Synpulse, Real-world asset tokenisation: a game changer for global trade, 27 June 2024.
The number that decides anything for one issuer is smaller and more boring than all of these: whether your own asset is ready. Ours are the ones we can stand behind, and they are on the case studies: fifty-five named engagements, in twenty-four countries, since 2018.
Why projects stall
Same four stages, two completely different timelines.
The technology was never the bottleneck. Projects fail upstream, where the business cannot produce a clean, current picture of itself fast enough to survive diligence.
Where it starts
With the mint, because that part is visible
With the record, because that part is the project
What diligence finds
Three versions of the cap table and a valuation that does not tie
One picture, with the document behind every figure
What happens next
Rework, then more rework, then next quarter
Issuance, which is weeks of known work
What you keep
A token nobody could diligence
A record every future raise and audit reads again
The same gap blocks raising capital. If one gap blocks both raising and tokenizing, the gap is the real problem, not the raise and not the token. Score your asset and find out which side of this table you are on.
Choosing who does it with you
Five things to judge, none of which show up in a demo.
The demo always looks good. These are the questions worth asking instead, including the one about money that most providers would rather you did not ask.
- 01
How long they have actually done this
Through how many market conditions, for how many real clients, in how many countries. Scar tissue is a feature, and a platform that launched last cycle has none.
- 02
Whether they do readiness, or only the rails
Most vendors sell the last mile and assume somebody handled the first ninety per cent. Usually nobody did.
- 03
Open standards, or a format only they can read
A standard protects you if the relationship with the vendor ever ends. A proprietary format is a reason you cannot leave.
- 04
Compliance depth that is native, not bolted on
Transfer restrictions, eligibility across countries and enforcement actions should be part of the asset. A credible provider works with licensed firms rather than pretending securities law does not apply.
- 05
Terms that are not a share of your raise
Anyone taking a percentage of what you raise is doing broker-dealer work, and that carries its own regulatory weight. Flat fees for software are the cleaner model, and they are ours.
Questions about tokenization
Six, answered plainly.
If yours is not here, the contact page reaches a person rather than a form queue.
What is tokenization, in simple terms?
You issue a digital token that stands for ownership of, or a claim on, something real: a building, a fund, shares in a company. The token becomes the official record of that ownership, and it can be transferred under rules written into it.
Is it legal?
Yes, when it is done under the securities laws that already apply. In the United States that usually means one of the private-offering exemptions, and a licensed broker-dealer where the public is involved. Tokenizing changes how a security is recorded and settled, not whether securities law applies. Rules differ by country, and your own counsel decides the structure.
How is this different from cryptocurrency?
Bitcoin represents itself and nothing else. A tokenized asset represents a defined legal claim on something that already has value. One is a bet on a protocol; the other is a wrapper around a building, a loan or a share.
What can be tokenized?
Most things with a definable owner and a definable value. It adds the most where the asset is hard to sell or heavy to administer, and the least where the asset is already liquid.
What does it cost?
It depends on the asset, the structure, and whether you are also raising. The larger cost is rarely the token: it is getting the record and the legal structure right first. Our prices are published, flat, and never a share of what you raise.
How long does it take?
For a company that is already ready, meaning one current record of itself that survives diligence, the issuance itself is a matter of weeks. For a company that is not, the first months go on the record, and no amount of software shortens that.
Two ways in
Do not start with the token. Start with the truth.
Twenty-five questions across seven dimensions, about eight minutes, no email to see the result. It tells you which of the four stages above you are actually at.
Prefer email? info@stobox.io.
Or read what each product does
The record, the raise and the token, one page each, for your kind of asset.
See the solutionsOr bring the asset itself – thirty minutes, and we will say if the answer is no.
Stobox Technologies Inc. Nothing on this page is an offer to sell or a solicitation to buy any security, and nothing here is legal, tax or investment advice. Stobox is a technology provider and not a law firm; regulated activity runs through licensed firms. See the privacy summary.