Signals for the Tokenized Economy

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Stablecoins U.S. Treasuries Non-U.S. Govt. Debt Credit (Private Credit)

Infrastructure

The Future of Equity Ownership: An Issuer's Guide to Tokenized Equities

Tokenization is driving a structural shift in equity markets by moving from legacy batch-processed settlement to continuous, programmable ledger-based ownership. While exchanges like Nasdaq and NYSE Arca are extending trading hours to 23 hours per day, these efforts still rely on T+1 settlement and intermediary-heavy clearing, which can increase operational risk. Tokenization addresses these inefficiencies by enabling near-instant settlement and direct ownership, bypassing the traditional chain of custodians and nominees. Market data shows significant growth in on-chain activity, with spot volume for tokenized assets rising from $38 billion in 2025 to a projected $145 billion in 2026. Although perpetual futures currently dominate equity-related exposure, the rise in spot volume signals a transition toward genuine, ownership-based digital markets. The report emphasizes that the legal distinction between issuer-sponsored tokens and third-party synthetic wrappers is critical for investor protection and regulatory compliance. Ultimately, true tokenization allows for programmable corporate actions and real-time shareholder registers, marking a shift comparable to the historical move from paper certificates to electronic book-entry systems.

#Blockchain #TokenizedEquities #DTCC

coindesk.com·Sep 29, 20268.0

Infrastructure

DTCC white paper outlines interoperability as key to scaling tokenization

The Depository Trust & Clearing Corporation (DTCC), Citi, and Swift have co-authored a white paper emphasizing that interoperability is the critical factor for scaling tokenized financial markets. The report argues that without connected infrastructure, digital assets will remain trapped in fragmented silos, leading to increased operational complexity and reduced liquidity. By enabling seamless movement of assets, cash, and collateral across diverse networks, these institutions aim to support automated servicing, compliance, and event-driven payments. The paper highlights that programmability allows for embedded governance and risk management directly within digital assets, which is essential for institutional-grade adoption. Beyond technical connectivity, the authors stress that regulatory clarity, legal certainty, and robust governance are mandatory prerequisites for the transition from pilot programs to full-scale implementation. This collaborative effort signals a shift in institutional focus toward building the foundational plumbing required for a unified digital financial ecosystem. Ultimately, the integration of these systems is presented as the primary mechanism to reduce friction and improve capital efficiency in global markets.

#Tokenization #Interoperability #DTCC

tradersunion.com·Sep 29, 20268.0

Infrastructure

Leading Market Infrastructure Firms Form Coalition to Advance Issuer-sponsored Tokenized Securities

Bullish and Equiniti have launched the Issuer Sponsored Token Coalition to establish technical and operational standards for tokenized public securities. Founding members include major market infrastructure firms such as Alpaca, Apex Fintech Solutions, and DriveWealth. The initiative aims to ensure that tokenized equities maintain a direct link to the issuer's authoritative shareholder register, preserving essential rights like voting and corporate-action entitlements. This development follows the U.S. Securities and Exchange Commission's September 17 Innovation Exemption, which permits limited onchain trading of U.S.-listed equities for a five-year period. By focusing on interoperability between traditional clearing systems and blockchain networks, the coalition seeks to bridge the gap between legacy capital markets and digital assets. The group intends to address regulatory, commercial, and operational requirements to foster a scalable, transparent ecosystem for tokenized shares. This collaborative effort represents a significant step toward institutionalizing onchain equity markets while maintaining the investor protections inherent in traditional finance.

#TokenizedEquities #SEC #Infrastructure

moomoo.com·Sep 29, 20268.5

U.S. Treasuries

Pantera Capital: 81% of tokenized Treasury value is held, not traded

Pantera Capital’s Q1 2026 State of Tokenization report reveals that the total tokenized asset market has reached $321 billion, marking a 60% increase from 2024. Despite this growth, the report highlights that 77.6% of these assets are merely digital wrappers rather than native on-chain tokens. Tokenized U.S. Treasuries have surpassed $12 billion in value, yet 81% of these holdings remain stagnant rather than actively traded in secondary markets. Pantera introduced the Tokenization Progress Index (TPI) to evaluate on-chain functionality, finding an average score of only 2.04 out of 5 across the industry. Stablecoins continue to dominate the sector, representing 91.6% of the total market value with $293 billion. While 168 new tokenized assets launched in 2025, most prioritize speed to market over deep blockchain integration, relying heavily on traditional custodians. This data underscores a significant gap between the rapid expansion of tokenized products and the actual realization of decentralized, autonomous financial infrastructure.

#Stablecoins #Tokenization #DeFi

cryptobriefing.com·Sep 29, 20268.0

Active Strategies

Baillie Gifford Takes Tokenisation Beyond Cash as Bond Fund Opens Across Four Markets

Investment manager Baillie Gifford has launched the Baillie Gifford Enhanced Yield Fund (BAGEY), a UK-regulated OEIC that marks a significant shift from simple cash management to actively managed fixed-income tokenization. The fund is available to professional investors in the UK, Switzerland, Hong Kong, and the Cayman Islands, offering exposure to a portfolio of government and corporate bonds. With a target yield of approximately 7% in USD, the fund maintains a two-year duration and an average credit quality of BBB. BAGEY is issued natively on the Ethereum blockchain, with plans to expand to Solana, and utilizes the blockchain as the legal record of ownership. Investors can mint and redeem tokens using fiat or USDC, with a minimum investment threshold of $100. The fund provides daily NAV updates alongside indicative pricing every 15 minutes to enhance transparency for digital-market participants. By integrating active bond selection and credit allocation onchain, Baillie Gifford aims to demonstrate the practical utility of tokenization for complex investment strategies. This expansion signals a maturing RWA market where institutional managers move beyond money-market funds into more sophisticated, yield-generating fixed-income products.

#Ethereum #TokenizedFunds #FixedIncome

disruptionbanking.com·Sep 29, 20268.5

News

State Street and Galaxy launch tokenized SWEEP liquidity fund bridging TradFi and crypto

State Street Investment Management and Galaxy Asset Management have launched the State Street Galaxy Onchain Liquidity Sweep Fund, known as SWEEP, to provide institutional investors with 24/7 access to short-duration US Treasury exposure. The fund distinguishes itself by allowing direct subscriptions and redemptions using stablecoins, specifically PYUSD, with plans to integrate USDC support. By enabling stablecoin-native entry, the product removes the traditional friction of fiat on-ramps that typically hinders crypto-native institutions. The fund is restricted to Qualified Purchasers, requiring a minimum investment of $5 million for entities and $1 million for individuals, with a target expense ratio of 0.50%. Infrastructure for the tokenized vehicle is provided by Galaxy, while Anchorage Digital and State Street Bank handle custody services. The fund is launching on Solana, with future expansion planned for the Stellar and Ethereum blockchains to reach diverse institutional constituencies. This launch represents a significant step in bridging traditional finance with on-chain liquidity management by operating strictly within existing securities frameworks.

#Solana #Stablecoins #USTreasuries

cryptobriefing.com·Sep 29, 20269.0

U.S. Treasuries

Multiliquid expands liquidity routes for JTRSY and JAAA tokenized funds

Uniform Labs has expanded its Multiliquid protocol to support JTRSY and JAAA tokenized funds, enabling 24/7 atomic swaps into stablecoins like USDC. By functioning as a neutral liquidity aggregation layer on Ethereum and Solana, the protocol allows multiple providers to quote prices, effectively eliminating traditional T+1 settlement delays. This development marks a significant shift toward instant, onchain redemption for real-world assets, moving away from manual back-office processes. The platform currently reports over $20 million in live liquidity, providing a critical alternative to existing redemption systems. This integration complements Centrifuge’s Symbiotic Liquid Lane, which previously established T+0 liquidity for these assets. By referencing net asset value rather than secondary market dynamics, the protocol ensures users receive fair value for their holdings. The expansion highlights the growing maturity of the RWA market, where institutional-grade fixed-income products are increasingly integrated into decentralized finance liquidity rails.

#Centrifuge #RWA #JAAA

cryptobriefing.com·Sep 29, 20268.0

Infrastructure

WisdomTree Introduces WisdomTree Onchain™ as Tokenized Fund Assets Surpass $1.2 Billion

WisdomTree has launched WisdomTree Onchain, a unified brand consolidating its tokenized funds, infrastructure, and platforms for retail and institutional investors. The firm’s tokenized assets have surpassed $1.2 billion in total value, marking significant growth from approximately $770 million at the start of 2026. WisdomTree currently manages 15 SEC-registered funds across eight public blockchains, including Ethereum, Solana, and Avalanche. The ecosystem features the WisdomTree Treasury Money Market Digital Fund (WTGXX), which utilizes SEC-granted exemptive relief to provide 24/7 secondary market liquidity. By integrating platforms like WisdomTree Prime and WisdomTree Connect, the firm aims to streamline onchain asset allocation and collateral mobility for global clients. This consolidation reflects a broader industry shift toward moving traditional financial services onto public distributed ledgers. The expansion highlights WisdomTree's strategy to scale its tokenized fund lineup while providing infrastructure for other issuers to bring registered funds onchain.

#RWA #BlockchainInfrastructure #TokenizedFunds

businesswire.com·Sep 29, 20268.5

Infrastructure

Citi Launches Citi Token Services in Japan, Offering 24/7 Cross-Border Dollar Transfers

Citigroup has officially expanded its Citi Token Services to corporate clients in Japan and the United Arab Emirates, enabling near-real-time cross-border payments using tokenized deposits. This service allows institutional users to transfer US dollars 24/7, 365 days a year, bypassing traditional banking hours and holiday constraints. By utilizing a permissioned blockchain managed internally by Citi, the bank eliminates the need for clients to manage separate crypto wallets or open new accounts. The expansion brings the total number of markets supported by the service to seven, including the US, Ireland, Hong Kong, Singapore, and the UK. This development is significant for the RWA market as it demonstrates the practical application of tokenized deposits to streamline global liquidity management and reduce the need for pre-positioned capital. Furthermore, Citi announced an expanded partnership with Coinbase to facilitate the settlement of stablecoin payments into fiat currency for US corporate clients. These initiatives collectively signal a major shift toward blockchain-based infrastructure for traditional institutional treasury operations.

#Stablecoins #TokenizedDeposits #InstitutionalFinance

en.bloomingbit.io·Sep 29, 20268.5

U.S. Treasuries

Goldman Sachs $100bn Treasury Fund Adds Tokenized Settlement

tZERO has integrated the Goldman Sachs Financial Square Treasury Instruments Fund (FTIXX) into the Lynq Network to facilitate real-time settlement for qualified U.S. participants. This development leverages tZERO’s regulated broker-dealer capabilities to bridge traditional institutional investment products with modern blockchain-based settlement infrastructure. The Lynq Network, which utilizes an Avalanche-based technology layer, serves as the connective tissue for this integration, enabling more efficient treasury and cash management. By bringing a significant conventional Goldman Sachs cash product onto a tokenized platform, the partnership highlights the growing convergence between traditional finance and digital asset rails. This move is part of a broader strategy by tZERO to provide end-to-end tokenized securities infrastructure for institutional clients. The integration underscores the industry's shift toward utilizing distributed ledger technology to enhance the operational efficiency of established financial instruments. Ultimately, this milestone demonstrates how regulated entities are increasingly adopting tokenized settlement to meet the evolving demands of modern capital markets.

#GoldmanSachs #Avalanche #tZERO

marketsmedia.com·Sep 29, 20268.0

U.S. Treasuries

What Is Real-World Asset Tokenization? How Stocks, Bonds and Funds Move Onchain

The RWA sector is experiencing rapid institutional expansion, highlighted by OpenEden launching order book trading for its $TBILL fund on EX.IO with management by BNY Investments. Bitfinex Securities is leveraging Kazakhstan's AIFC regulatory framework to advance tokenized capital markets, while South Korean institutions including Securitize, KB Securities, and the Optimism Foundation have formed an MOU to structure tokenized securities. Market data reveals significant activity, with RWA perpetual futures trading volume hitting $117.3 billion in August 2026, dominated by decentralized platforms at 86% of total volume. Consolidation is also reshaping the landscape, as MoonPay moves to acquire North Capital, a private markets platform managing $9 billion in transaction volume. Regulatory engagement remains high, evidenced by CFTC Chairman Michael Selig addressing the integration of tokenized assets at a Federal Reserve-hosted Treasury Market Conference. These developments collectively signal a shift toward mature, regulated, and high-volume tokenized financial infrastructure. This trend underscores the transition of RWA tokenization from experimental pilots to integrated components of global capital markets.

#RWA #Tokenization #Securitize

crypto-economy.com·Sep 29, 20268.0

Infrastructure

Blockchain in European Finance: How Tokenized Finance Could Reshape Markets

The European Central Bank has officially transitioned from experimental DLT trials to operational infrastructure with the launch of the Pontes system on September 21, 2026. Pontes enables the settlement of wholesale tokenized assets using central bank money by connecting market DLT platforms with the Eurosystem's existing TARGET Services. Major financial institutions including Deutsche Bank, Santander, and Société Générale are already onboarded to utilize this infrastructure for secure, risk-free settlement. Simultaneously, the ECB announced plans to invest its own funds into tokenized euro-denominated public-sector securities to gain practical experience in DLT-based portfolio management. Looking toward 2028, the Eurosystem is also developing the Appia initiative to establish a comprehensive blueprint for an integrated European tokenized financial ecosystem. These developments represent a critical shift in European finance, moving blockchain technology from niche crypto trading into the core of regulated financial-market infrastructure. By integrating central bank money with DLT, the ECB aims to automate asset lifecycles while maintaining established financial safeguards and reducing settlement risks.

#DLT #ECB #Eurosystem

analyticsinsight.net·Sep 28, 202610.0

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