Real-world asset project T-REX Network has tapped Polygon to build its dedicated T-REX Ledger. Tokeny, a subsidiary of the multi-trillion dollar financial services provider Apex Group, is also supporting the new blockchain. 

T-REX is a tokenization project focused on the ERC-3643 standard for launching permissioned tokens. 

Unlike some other tokenization pathways, the ERC-3643 standard can embed compliance rules directly into a token’s smart contract, ensuring that token issuance, holding, and transfers only occur when predefined regulatory and eligibility conditions are met. 

The move comes as more firms explore ways to bring traditional, regulated assets onchain. On Tuesday, the Securities and Exchange Commission and Commodity Futures Trading Commission published guidance that said tokenized securities will remain under the SEC's remit. 

Shared ledger

T-REX said it is building a blockchain — using Polygon CDK and Polygon's AggLayer interoperability solution — "to provide a single compliance reference layer that connected blockchains can rely on while continuing to settle transactions independently."

"T-REX Ledger provides a single source of truth for compliance state and allows blockchains to function as distribution networks rather than isolated systems," T-REX founder and Tokeny Chief Blockchain Officer Joachim Lebrun said. "This enables regulated assets to move to wherever liquidity exists, without fragmenting rules, ownership records, or accountability."

The network will maintain shared investor registries, eligibility rules, and transfer restrictions across chains, according to the announcement. In other words, T-REX Ledger acts as a shared "source of truth" for compliance state, potentially for a suite of interoperable networks. 

At launch, Apex Group, the global financial services provider focused on fund administration, asset servicing, and related corporate and advisory services, will acts as the initial onchain transfer agent for T-REX Ledger. Transfer agents also can be thought of as a "source of truth," tasked with maintaining official ownership records and processing title transfers. 

According to the announcement, more than 140 institutions support the ERC-3643 Association, including DTCC, Deloitte, ABN AMRO, OpenZeppelin, and Fireblocks. Data provider Dune records just under 150 tokens issued using Tokeny's T-Rex Factory, representing over $32 billion in cumulative value.

Standardizing standards

Tokeny, founded in 2017, is the creator and primary maintainer of the open-source ERC-3643 standard and developer of the T-REX protocol. Apex acquired a majority stake in the startup in May 2025 after years of maintaining a strategic partnership.

Dune shows a significant proportion of ERC-3643 tokens were issued on Polygon. In one significant move, major Dutch bank ABN AMRO tapped Tokeny and Polygon to issue a €5 million ($5.7 million) green bond in an early onchain issuance experiment in 2023. Skybridge also used Tokeny to tokenize $300 million of its assets via Avalanche.  

T-REX is not the only protocol attempting to embed compliance permissions directly into tradable tokens. Late last year, Securitize said it was developing a way to bring on "real, regulated shares" that are representative of full shareholder rights onchain, while Superstate operates transfer agent infrastructure called Opening Bell.

Polygon has also leaned heavily into the idea of interoperability when developing its Open Money Stack middleware solution.

Tokenized xStocks, one of the two leading onchain equities solutions alongside Ondo, has surpassed $25 billion in total transaction volume since going live last year.

Earlier this month, DTCC co-authored a paper calling for increased interoperability and harmonization in the tokenization space.