Securitize has tokenized Nouriel Roubini's Atlas America Fund into USAFi, a digital security issued under Dubai's VARA regulatory framework with BNY serving as custodian. The structure is explicitly designed for 24/7 institutional-grade collateral portability, making it one of the first examples of a SEC-registered ETF wrapped as a cross-jurisdictional digital security for use as live repo or margin collateral.
For Armada's crypto desk, USAFi is a near-direct analog to the tokenized T-Bill collateral Armada targets. The VARA regulatory wrapper and BNY custody combination establish a credible institutional precedent for accepting tokenized fund shares as repo collateral. Armada should assess whether USAFi or similar Securitize-issued instruments meet Armada's collateral eligibility and Fireblocks custody integration requirements, and whether VARA-issued securities require specific legal opinion before acceptance.