Securitize tokenizes Roubini's NASDAQ ETF as Dubai VARA digital security with BNY custody

Securitize, a BlackRock-backed tokenization platform, confirmed via an X post that it was selected to provide the issuance infrastructure for the project. The token is scheduled for issuance under VARA's Asset-Referenced Virtual Asset (ARVA) framework in the third quarter of 2026. ARVA governs digital tokens fully backed by real-world assets such as ETFs or commodities, permitting open issuance and trading subject to reserve transparency and third-party attestation requirements. VARA describes itself as the world's first tailor-made virtual assets regulatory regime, with jurisdiction over virtual asset activity in and from the emirate of Dubai.

The Atlas America Fund launched in late 2024 on Nasdaq and held approximately $18 million in assets under management as of early May 2026, with a year-to-date return of roughly 3% and a trailing 12-month yield of around 2.4%. Crypto Briefing reported the fund's size at $17 million at the time of the USAFi announcement. BNY Mellon, which formed an enterprise Digital Assets Unit in 2021, provides custody for the underlying ETF shares — a structural arrangement that positions the tokenized wrapper for institutional collateral use around the clock.

Roubini, who spent years as one of the most prominent public critics of cryptocurrencies, co-authored the USAFi whitepaper, framing the token as a "Technodollar" — a digital reserve asset distinct from speculative crypto instruments. The project's positioning targets international institutional investors seeking on-chain exposure to a regulated, multi-asset U.S.-listed fund without direct access to U.S. brokerage infrastructure. CoinDesk reported that the tokenized asset market has exceeded $30 billion excluding stablecoins, citing rwa.xyz data, providing the market context into which USAFi is entering.

A BNY Mellon survey cited in the bank's newsroom found that 91% of institutional investors expressed interest in tokenized products, a figure the bank has used to support its expanding digital asset custody capabilities since launching its Digital Asset Custody platform for bitcoin and ether with select U.S. clients. The USAFi structure relies on BNY Mellon's existing custody relationship with the Atlas America Fund rather than a new digital-native custody arrangement, meaning the on-chain token represents a claim on conventionally custodied ETF shares rather than natively tokenized assets held in a blockchain-native vault.

Several material details were not established by the June 23 announcement. The in-principle VARA approval granted to Atlas AI Labs does not constitute a final licence, and the timeline for full regulatory clearance ahead of the stated Q3 2026 issuance target has not been confirmed by VARA publicly. The announcement does not disclose the smart contract audit status, the specific blockchain network on which USAFi will be issued, haircut or margin parameters for collateral use, or the identity of any institutional counterparties that have committed to holding the token. The fund's specific management fee structure and TTM revenue figures are not publicly available in the sources reviewed.

What the June 23 announcement concretely establishes is that Securitize has been engaged as tokenization infrastructure provider, VARA has issued in-principle approval for the ARVA-classified token, and BNY Mellon's existing custody of the underlying ETF will underpin the structure. It does not confirm a live token, a completed VARA licence, committed institutional buyers, or a verified on-chain deployment — all of which remain contingent on the Q3 2026 issuance process and final regulatory sign-off.