CoinList launches Passage to distribute tokenized assets

CoinList launched Passage, a distribution platform for tokenized real‑world assets that lets issuers distribute tokenized securities and lets apps embed on‑chain financial products. The company positioned Passage as a way for issuers and platforms to offer tokenized stocks, bonds, funds and yield products through existing apps.

Passage serves as an orchestration layer that standardizes identity verification, investor eligibility checks, compliance workflows, transfer restrictions and asset distribution. The platform uses the same infrastructure CoinList migrated on‑chain last year under a non‑custodial model, which the company said reduces the need for issuers and developers to rebuild compliance and settlement systems for each offering.

CoinList chief executive and president Scott Keto described the tokenized assets market as ‘highly fragmented,' with issuers and platforms operating under different compliance rules and settlement models that complicate broad distribution. He said Passage is designed to sit between issuers and distribution partners to make access to tokenized assets more consistent.

Keto pointed to recent U.S. Securities and Exchange Commission guidance on self‑custody platforms and securities access as a potential catalyst for expanded on‑chain distribution. He noted that the guidance could make it feasible for consumer apps to enable trading on crypto rails without registering as broker‑dealers.

Institutional interest in tokenization has grown, with several large asset managers and fund companies initiating tokenized offerings in the past year. Supporters of tokenization say the approach can shorten settlement times, widen global access to assets and connect traditional securities to decentralized finance services. CoinList framed Passage as a tool to simplify compliance and onboarding for issuers, distribution partners and app developers so investors can access tokenized instruments through platforms they already use.

CoinList has begun integrating Passage with partners. The platform connects to Superstate’s Opening Bell system, which enables firms to tokenize stock and conduct on‑chain direct issuance; CoinList users and distribution partners will be able to access supported Superstate offerings. CoinList is also working with Peaq and Dualmint to make tokenized yield opportunities available, and it plans to name the first supported asset at a later date.

Keto acknowledged that token sales, historically a core product for CoinList, have slowed after a period in which many tokens had limited utility, unclear economics and weak disclosure. He described the era of tokens reaching massive valuations overnight based only on narrative as largely over and added that CoinList expects token offerings to return in a different form that is more transparent, more accountable and more compliant.

CoinList began in the token‑sale business and expanded tools for issuer services over several years. Passage repackages those tools into a distribution network intended to lower technical and regulatory barriers for bringing traditional assets onto blockchains.