Genesis of securitization development in the conditions of financial market transformation

Securitization, which emerged as an innovative method of asset structuring at the end of the 20th century, continues to transform global financial markets. Over the past decades, this mechanism has strengthened its position, becoming one of the key financing instruments for corporations and institutions. The dynamics of securitization development is characterized not only by the expansion of the range of underlying assets - from traditional mortgages to complex debt obligations - but also by the adaptation of its models to changing market conditions. This contributes to increased liquidity, risk allocation and the creation of new investment opportunities. The study analyzes the evolution of securitization as well as its multidimensional impact on the financial system. Particular emphasis is placed on the relationship between technological innovations (such as blockchain, tokenization and SMART contracts) and the optimization of securitization processes. Prospects for the integration of these technologies, including increased transaction transparency and minimization of transaction costs, are considered. The results emphasize the potential of technological synergies to reduce systemic risks and increase the efficiency of structured financial products. The study contributes to the debate on the future of securitization under digitalization for further study and practical application.