Signals for the Tokenized Economy

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

Infrastructure

Deutsche Bank sees tokenised assets market reaching $4 trillion by 2035

Deutsche Bank’s research institute projects the market for tokenized financial assets to grow from approximately $25 billion in 2024 to between $3 trillion and $4 trillion by 2035. Excluding stablecoins, the sector has already expanded from $10 billion in January 2025 to $39 billion, with U.S. Treasuries currently representing the largest segment at $15 billion. BlackRock leads the Treasury segment with $2.83 billion in assets, followed closely by Ondo and Circle. The report emphasizes that the next phase of industry growth will focus on market infrastructure, highlighting upcoming initiatives like the DTCC’s tokenization service for stocks and Treasuries. Despite this growth, regulatory hurdles persist, such as the failure of the Digital Asset Market Clarity Act, which may delay comprehensive market structure rules until 2027. Deutsche Bank identifies risks including potential liquidity runs and contagion from broader crypto markets, yet maintains that tokenization will modernize rather than replace traditional banking. This forecast underscores a significant institutional shift toward digital ledger technology for asset settlement and management.

#Tokenization #BlackRock #DTCC

proactiveinvestors.com·Sep 25, 20268.0

Stocks

Coinbase Tokenized Stocks Just Passed $1B in Volume on Base. The Real Story Is What Comes Next.

Coinbase has achieved a significant milestone on its Base network, recording over $1 billion in decentralized exchange volume for tokenized US equities within its first month of operation. This volume, primarily driven by the Aerodrome DEX, represents an 830% month-over-month surge for non-US users. Unlike competitors using synthetic certificate-backed structures, Coinbase utilizes the B20 standard to provide direct 1:1 share ownership, granting holders actual voting and dividend rights. The platform leverages Alpaca Securities as a regulated broker-custodian under the Abu Dhabi Global Market framework to ensure compliance. Following the SEC's issuance of a five-year Innovation Exemption on September 17, 2026, Coinbase is now positioned to transition these tokenized equity services to the US market. This development highlights a strategic shift where infrastructure is built offshore to validate demand before moving onshore under regulatory guidance. The integration of Chainlink data feeds and DeFi protocols like Aave demonstrates how on-chain composability can coexist with traditional equity rights, setting a new precedent for market structure.

#Base #RWA #TokenizedStocks

forkast.news·Sep 25, 20268.5

News

Ethereum Sees JPMorgan’s Tokenized Funds Reach $940M AUM

JPMorgan has reached a significant milestone with its tokenized money market funds, JLTXX and MONY, which have collectively surpassed $940 million in assets under management on the Ethereum blockchain. This achievement underscores the increasing integration of traditional financial instruments into decentralized ledger technology by major global institutions. By leveraging Ethereum for these funds, JPMorgan demonstrates a strategic commitment to blockchain-based financial infrastructure, signaling a broader trend of institutional adoption. The growth of these tokenized assets highlights Ethereum's utility as a robust platform for complex financial products and smart contract execution. As these funds continue to scale, they establish important benchmarks for the future of on-chain financial services and product development. This development is particularly notable given the bank's status as a leading global financial services firm, which lends credibility to the broader RWA tokenization sector. The sustained growth of these assets suggests that institutional interest in blockchain-native finance is maturing beyond experimental phases into substantive, large-scale operations.

#Ethereum #JPMorgan #InstitutionalFinance

coinfomania.com·Sep 25, 20268.0

Stablecoins

Tokenised Deposits vs Stablecoins: Why Thailand's Cautious Path Differs from Hong Kong and Singapore - thailand-business

Asia-Pacific financial institutions are pursuing divergent paths in developing programmable digital money, with Hong Kong and Singapore rapidly advancing tokenized deposits while Thailand adopts a more cautious, sequenced approach towards a baht-pegged stablecoin. Hong Kong's Monetary Authority initiated a tokenized deposit pilot in November 2025, moving to real-value settlement with seven banks, including HSBC and Standard Chartered, and participants like BlackRock and Franklin Templeton, focusing on money market fund transactions through 2026. Standard Chartered and HSBC have already commercialized tokenized deposit solutions with Ant International's Whale platform, facilitating multi-currency treasury flows (HKD, CNH, USD, SGD) and extending services to the US and UAE by H1 2026. This preference for tokenized deposits over stablecoins is driven by regulatory clarity, as frameworks like EU MiCAR and the US GENIUS Act treat tokenized deposits as regulated bank liabilities, sidestepping licensing burdens and offering deposit insurance absent in stablecoins. Meanwhile, Thailand's Bank of Thailand is finalizing a design study for a fully-reserved, baht-backed stablecoin, targeting public hearings by late 2026 and formal regulations by early 2027, initially for wholesale interbank settlement. This strategic divergence highlights a competitive landscape where regulatory philosophy dictates institutional capital and infrastructure investment, with banks increasingly embracing tokenized services to counter potential erosion of transaction fees by corporate stablecoins. IBM's 2026 banking survey found 42% of executives expect major corporations to issue their own stablecoins, prompting 63% of corporate banking executives to see providing tokenized services as their primary role. The contrasting approaches will determine regional leadership in digital asset innovation.

#Stablecoins #InstitutionalAdoption #TokenizedDeposits

thailand-business-news.com·Sep 25, 20268.0

Stablecoins

U.S. Federal Reserve moves on proposals to implement GENIUS Act for stablecoins

The U.S. Federal Reserve has introduced two proposed rules to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, marking a significant step toward formalizing stablecoin oversight. These proposals establish strict capital and reserve requirements to ensure stablecoins remain redeemable at par during periods of market stress. Furthermore, the rules outline specific procedures for Fed-regulated banks to issue their own stablecoins, requiring detailed business plans and financial documentation. A critical component of the proposal aligns with the Office of the Comptroller of the Currency by prohibiting issuers from paying interest or yield on stablecoin holdings, with only narrow exceptions for incentive programs. While the agencies are currently past the original July 2026 legal deadline, these proposals initiate a 60-day public comment period to refine the regulatory framework. This development is vital for the RWA market as it provides the legal clarity necessary for stablecoins to function as reliable, regulated settlement assets within the traditional banking system. By standardizing reserve requirements and issuer conduct, the Fed aims to integrate stablecoins into the broader financial infrastructure while mitigating systemic risks.

#Stablecoins #Regulation #Banking

CoinDesk·Sep 24, 20268.5

U.S. Treasuries

Citadel Securities Joins DTCC Tokenization Test Using Fireblocks

Citadel Securities successfully completed a live test of the DTCC's upcoming Tokenization Service, utilizing Fireblocks' infrastructure to tokenize U.S. Treasury securities on the Canton Network. The trial involved transferring these tokenized assets to major counterparties including BNP Paribas and Société Générale, while demonstrating their utility as collateral on the CME. This milestone serves as a critical validation step for the DTCC's broader initiative, which is scheduled for a full launch in October 2026. By representing traditional securities on a distributed ledger, the project aims to enhance capital efficiency, reduce operational costs, and enable real-time collateral mobility. The initiative has already engaged over 50 financial firms, signaling strong institutional interest in blockchain-based market infrastructure. Fireblocks provided the necessary secure environment, including validator node access and governance tools, to ensure compliance with institutional risk policies. This development represents a significant move toward bridging traditional financial markets with blockchain technology while maintaining established investor protections.

#CantonNetwork #DTCC #U.S.Treasuries

blockchain.news·Sep 24, 20269.5

Infrastructure

CoinShares report shows RWA deposits tripling to $7.4B

Tokenized real-world asset (RWA) deposits surged from $2.3 billion to $7.4 billion between Q2 2025 and Q2 2026, even as total DeFi deposits contracted by approximately 15%. According to a report by CoinShares and Token Terminal, this growth was driven by increased usage of tokenized funds, stocks, and commodities across lending protocols and decentralized exchanges. Major contributors to this collateral include BlackRock’s BUIDL, JTRSY, and various private credit products like JAAA and syrupUSDT. Ethereum remains the dominant network, hosting nearly 70% of RWA deposits, while platforms like Hyperliquid and Morpho have seen significant activity in derivatives and lending. Spot trading volume for RWAs grew by 220% during the period, with tokenized gold and equities leading the expansion. Perpetual futures also experienced massive growth, particularly on venues like TradeXYZ, where RWA-focused contracts now account for a significant portion of open interest. This shift indicates that finance is being rewired to integrate traditional assets into high-performance blockchain environments, despite crypto-native activity experiencing a downturn.

#Ethereum #RWA #BUIDL

cryptonews.net·Sep 24, 20268.0

Infrastructure

Bullish, Alpaca and Apex Fintech form coalition to push issuer-backed tokenized stocks

Bullish, Equiniti, Alpaca, Apex Fintech Solutions, and DriveWealth have launched the Issuer Sponsored Token Coalition to establish industry standards for tokenized securities. The group aims to bridge traditional market infrastructure with blockchain networks by ensuring tokens are directly linked to a company’s official shareholder register. This model prioritizes the preservation of legal rights, including voting, dividends, and participation in corporate actions, which are often absent in synthetic or derivative stock products. By focusing on issuer-sponsored tokenization, the coalition seeks to address concerns regarding the lack of direct ownership in current tokenized equity offerings. The initiative follows a recent U.S. Securities and Exchange Commission exemption that permits limited onchain trading of U.S.-listed equities under specific conditions. Alpaca plans to leverage its Instant Tokenization Network to enhance interoperability between traditional and onchain markets. This development is significant for the RWA market as it attempts to standardize the legal and technical framework required for institutional-grade equity tokenization.

#SEC #TokenizedStocks #Alpaca

coindesk.com·Sep 24, 20268.0

Infrastructure

U.S. commodities firms can invest in tokenized assets, use blockchain records: CFTC

The U.S. Commodity Futures Trading Commission (CFTC) has issued updated guidance confirming that regulated firms may invest customer funds in tokenized assets, provided these tokens offer legal and economic rights equivalent to their traditional counterparts. This policy shift explicitly permits the use of blockchain technology for official recordkeeping, allowing firms to satisfy regulatory obligations through on-chain data. For private networks, the agency may waive the requirement for off-chain record maintenance, while public, permissionless chains require robust contingency systems to ensure data accessibility during network disruptions. This move represents a significant step toward integrating distributed ledger technology into the derivatives market by providing clear compliance pathways. The guidance arrives as the CFTC seeks to provide regulatory clarity amid legislative uncertainty following the U.S. Senate's failure to advance the Digital Asset Market Clarity Act. By validating the functional equivalence of tokenized assets, the regulator is lowering barriers for institutional adoption of blockchain-based financial instruments. This development underscores a broader trend of U.S. agencies adapting existing frameworks to accommodate the growing RWA ecosystem.

#Blockchain #CFTC #Compliance

CoinDesk·Sep 24, 20269.0

U.S. Treasuries

DTC Launches Tokenization Initiative with Fireblocks

DTC is launching a new tokenization initiative in October, leveraging Fireblocks technology to enhance onchain transfer capabilities for tokenized U.S. Treasuries. This collaboration aims to streamline treasury management and collateral handling processes for major financial institutions, including Citigroup. By facilitating secure onchain transfers, the initiative seeks to improve market efficiency and liquidity within the clearing and settlement ecosystem. As a significant player in the financial services sector, DTC's move underscores the increasing institutional adoption of blockchain-based solutions for traditional asset management. The project is expected to reshape how counterparties manage collateral, potentially setting a new standard for operational efficiency in the industry. Stakeholders are closely monitoring the October launch to assess its impact on market dynamics and the broader integration of tokenized assets into existing financial systems. This development highlights the growing trend of major market infrastructure providers embracing digital asset technology to modernize legacy settlement workflows.

#Tokenization #DTCC #U.S.Treasuries

coinfomania.com·Sep 24, 20268.5

Infrastructure

Tokenization Moves from ‘PowerPoint to Production’

Financial leaders from BlackRock, DTCC, and Bullish confirmed that tokenization is transitioning from theoretical concepts to production-grade financial infrastructure. During the Financial Markets Policy Conference 2026, industry experts emphasized that blockchain technology is being decoupled from speculative crypto assets to enhance capital market efficiency. A major milestone occurred on September 16, 2026, when Ondo Finance’s Oasis Pro Markets became the first platform to join the DTCC’s Fund/SERV network, enabling broader distribution of tokenized funds. The DTCC is also advancing its own tokenization service, which aims to streamline settlement and improve capital efficiency, with one member firm projecting a 30% gain through intra-day repo optimization. Meanwhile, Bullish is acquiring transfer agent Equiniti to facilitate native onchain share issuance, ensuring issuers maintain control over shareholder rights and identity. Nasdaq and the NYSE are also integrating digital asset capabilities, with Nasdaq investing in Kraken’s parent company and the NYSE partnering with Blockchain.com to provide access to tokenized equities. These developments signal a shift toward a hybrid ecosystem where traditional financial institutions compete and collaborate to expand market access and liquidity.

#Ondo Finance #Tokenization #BlackRock

marketsmedia.com·Sep 24, 20269.5

PE / VC

ARK Invest Partners with Securitize to Tokenize Actively Managed Closed-End Interval Fund, Tokenized Shares Initially Issued on Ethereum

ARK Invest and Securitize have launched the tokenization of the Ark Venture Fund (ARKVX) on the Ethereum blockchain, marking a significant shift in how actively managed interval funds are distributed. The fund, which holds approximately $1.3 billion in assets including private equity stakes in companies like SpaceX and OpenAI, allows investors to gain exposure through tokenized shares. Securitize manages the on-chain issuance and investor verification process, requiring a minimum investment of $500 payable in USDC. While the tokens represent a 1:1 ownership of fund shares held in custody by BNY Mellon, they remain subject to the fund's original quarterly redemption rules. This initiative leverages Securitize's established infrastructure, which also supports institutional products like BlackRock's BUIDL. By moving share registration to a distributed ledger, ARK aims to modernize capital market access and streamline investor processes. The move highlights a growing trend of traditional asset managers utilizing blockchain to enhance the distribution of complex, SEC-registered investment products.

#Ethereum #Securitize #TokenizedFunds

ababnews.com·Sep 24, 20268.0

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