Apex Group, Polygon Labs, and the ERC-3643 Association have introduced the T-REX Ledger, a new blockchain built for regulated tokenized securities. The project aims to give financial firms a shared compliance layer that can work across several blockchain networks while keeping investor checks and transfer rules in one place.
Apex Group said it will use the ledger as its default setup for distributing tokenized funds across chains, and it set a target of $100 billion in tokenized assets on its platform by June 2027.
The launch comes at a time when more financial firms are testing blockchain-based versions of funds, bonds, and other securities. Many of those products still depend on older market systems in the background. T-REX Ledger is being presented as a way to move more of the issuance and transfer process directly on-chain while keeping the rules needed for regulated markets.
Apex Group and Polygon back a new compliance chain
The T-REX Ledger was unveiled on March 19, 2026, with support from Apex Group, Polygon Labs, and the ERC-3643 Association. The network is built on Polygon’s Chain Development Kit, or CDK, and connects to other blockchains through Agglayer, Polygon’s interoperability layer. The project is designed to serve as the reference chain for ERC-3643 tokens, a permissioned token standard used for regulated digital securities.
According to the announcement, the ERC-3643 standard has already been used in more than $32 billion of tokenized securities. The broader ecosystem around the standard includes more than 140 institutions from traditional finance and decentralized finance, including firms such as DTCC, Chainlink, Deloitte, Broadridge, ABN AMRO, and Fireblocks. The scale of that network gives the new ledger a starting base of issuers, service providers, and infrastructure partners that already work with the standard.
Apex Group said it will act as the on-chain transfer agent at launch. That role gives the company a central place in maintaining ownership records, compliance controls, transfer restrictions, and transaction records for tokenized assets issued through the system. Tokeny, an Apex subsidiary and the original creator of ERC-3643, provides the compliance framework used by the network.
The move adds to Apex Group’s wider tokenization plan. The firm said it wants to reach $100 billion in tokenized assets on its platform by June 2027. That target shows that Apex is treating tokenized fund distribution as a core business line rather than a small pilot project.
T-REX Ledger aims to replace the wrapper model
The companies behind the launch said many tokenized assets still follow a wrapper model. In that setup, a traditional fund, bond, or note remains off-chain while a token is issued as a digital representation of that asset. The token can help with access and transfer, but the main accounting, reconciliation, and ownership systems often remain inside older financial infrastructure.
T-REX Ledger is designed to move away from that structure by allowing securities to be issued directly on-chain. The stated goal is to reduce the role of intermediaries and cut delays caused by multiple checks across separate systems. The companies said that direct issuance can make settlement and redemptions faster because fewer parties need to pass information back and forth.
The new setup also tries to solve a basic problem in cross-chain tokenization. As asset managers distribute tokenized securities across different networks, they must keep investor records and compliance checks aligned. If each chain builds its own registry and rule set, the process becomes harder to manage. T-REX Ledger is meant to hold that compliance state in one place so connected chains can reference it instead of rebuilding it each time.
This structure ties compliance to investor identity rather than to a wallet alone. The system uses OnchainID, an open-source identity framework that brings together KYC and AML attestations from approved verification agents. Under that model, a transfer can be blocked if the investor’s credentials have expired, been revoked, or do not meet the rules of a given fund or jurisdiction.
Cross-chain design supports broader token distribution
Polygon’s role in the project centers on the technology stack behind the network. Because T-REX Ledger is built with Polygon CDK and linked through Agglayer, the system can connect with other chains while keeping one shared source of truth for compliance. A connected chain can check investor eligibility, transfer restrictions, and registry status through the T-REX Ledger without having to run the same compliance setup on its own network.
That design is intended to let tokenized securities move to the chain where liquidity exists while the compliance layer remains fixed. The companies said this can help institutions avoid fragmented rule books across networks. It also lets each connected blockchain keep its own governance while still relying on the same compliance checks for regulated assets.
Polygon Labs described the launch as part of a broader push to support institutional blockchain use. The company has already been active in tokenized real-world assets, and reports in late 2025 placed RWA tokenization on Polygon above $1.14 billion. The T-REX Ledger adds a dedicated compliance-focused chain to that effort rather than a general-purpose network for all asset types.
The project also includes what the network calls an AppStore for ERC-3643 assets. That part of the system is meant to connect compliant tokens with applications that are already built to work with the standard. The network also refers to an institutionally governed sequencer that screens suspicious transactions before processing. Public statements around the launch did not include outside regulatory validation of that governance model across every market where the system could be used.
Tokenization race gathers pace across financial markets
The launch comes as more financial market groups are building blockchain-based systems for securities and collateral. Intercontinental Exchange, the parent company of the New York Stock Exchange, has been working on a platform for round-the-clock trading and on-chain settlement of tokenized securities. DTCC has also been developing tokenized real-time collateral systems. These efforts show that large market operators are testing how blockchain can fit into core post-trade and asset servicing functions.
Regulators have also started to set clearer rules for tokenized products. In Europe, MiCA and MiFID II have helped define how tokenized securities are treated within the region’s financial rulebook. In Singapore, the Monetary Authority of Singapore has issued formal guidance for tokenized capital markets products. These steps give firms more detail on how they can structure digital securities while staying within existing regulatory frameworks.
Apex Group has been building toward this launch through a series of related moves. In 2025, the firm acquired a majority stake in Tokeny with a path to full ownership over three years. It also administered what it described as the first tokenized share class on Polygon from Malta.
More recently, Apex and Coinbase Asset Management launched a tokenized share class of the Coinbase Bitcoin Yield Fund on Base for institutional and accredited investors outside the United States. That product also uses the ERC-3643 standard.
Together, these developments show how Apex is using a common compliance standard across several blockchain-based products. The T-REX Ledger extends that approach by trying to provide shared infrastructure for issuers, transfer agents, and other market participants. Whether that model gains wide use will depend on adoption by institutions, fund managers, and the networks that choose to connect to it.
For now, the launch places Apex Group, Polygon Labs, and the ERC-3643 Association at the center of a growing effort to build regulated securities markets directly on blockchain infrastructure.