Well done: tokenized assets at RWA company Securitize have reached $5 billion. StoneX maintained its Buy rating and set a price target of $18 for $SECZB . RWA projects have often emphasized issuance size, on-chain TVL, and partnerships, but Ajian believes these figures alone don’t directly prove that a business model works. What ultimately matters is whether asset management fees, issuance service fees, transfer agency fees, and custody and distribution revenue can generate sustained cash flow. Securitize seems to have done well on this front in the third quarter. Hopefully, next quarter it can continue to strike the right balance between customers, revenue, and profits.