Infrastructure
Infrastructure News
Latest Infrastructure analysis and market intelligence from RWA Signal.
7.5
Infrastructure
CoinDesk·1d ago
Ondo Finance weighs acquisition worth up to $500 million
Ondo Finance, a prominent tokenization platform managing over $2.5 billion in assets, is reportedly evaluating a potential acquisition valued between $250 million and $500 million. The New York-based firm is exploring targets within the wealthtech sector to bolster its capabilities in bringing traditional financial assets on-chain. While an Ondo representative stated the company is not currently in active negotiations, the move reflects a broader trend of consolidation within the digital asset industry. As of 2026, crypto dealmaking has surged, with $12.9 billion in disclosed transaction value recorded in the second quarter alone. Ondo, founded by former Goldman Sachs executives, has maintained high capital efficiency, having raised only $34 million in total funding while scaling its tokenized U.S. Treasury and stock offerings. This potential acquisition strategy highlights the increasing focus on scale and distribution among leading RWA infrastructure providers. Such M&A activity is critical for the RWA market as firms seek to integrate specialized technology and licenses to capture institutional demand.
8.0
Infrastructure
Second Half of the RWA Issuance Competition: Amid the Utilization Dilemma, Tens of Billions of On-Chain Assets Await Awakening
The RWA market reached a record $32 billion in July, yet data reveals that nearly 90% of these assets remain dormant on-chain, failing to participate in DeFi lending or collateralization. Reports from BeInCrypto Intelligence and RWA.xyz indicate that over 70% of tokenized assets saw no on-chain transfers within a week. While major issuers like Securitize, which manages BlackRock’s BUIDL fund, have achieved massive scale, their DeFi utilization rates remain extremely low at approximately 0.7%. In contrast, credit-focused protocols like Maple demonstrate significantly higher utilization rates of 62% because their business models are inherently tied to lending activities. This divergence highlights a structural tension between compliant, permissioned asset issuance and the permissionless nature of DeFi protocols. Regulatory requirements, such as KYC whitelisting, prevent many tokenized securities from entering public lending pools, effectively limiting their utility. However, industry experts view this dormancy as a necessary transitional phase, as the market shifts focus from simple issuance to building the liquidity infrastructure required for secondary market depth and broader asset integration.
10.0
Infrastructure
The DTCC already won tokenization. Nobody noticed.
The Depository Trust and Clearing Corporation (DTCC) has successfully processed its first live production trades of tokenized stocks, ETFs, and U.S. Treasuries, marking a significant shift in financial market infrastructure. Utilizing Chainlink for blockchain infrastructure, the DTCC pilot involves over forty major financial institutions, including BlackRock, JPMorgan, Goldman Sachs, and Nasdaq. Unlike previous crypto-native attempts to disintermediate traditional finance, this initiative integrates tokenization directly into the existing legal and custodial framework of the world's largest securities depository. By ensuring tokenized assets maintain identical legal ownership rights to underlying securities, the DTCC has effectively neutralized the primary barrier to institutional adoption. Crypto-native firms like Circle, Ondo Finance, and Ripple Prime are participating in the DTCC working group, signaling a strategic pivot toward supplying infrastructure rather than competing with it. This development demonstrates that institutional capital prefers tokenized rails that preserve established legal and counterparty arrangements over decentralized alternatives. With a full service launch scheduled for October, the DTCC is positioning itself as the dominant venue for tokenized assets in the United States. This event represents a structural evolution where incumbents leverage blockchain technology to reinforce, rather than replace, the existing financial plumbing.
7.5
Infrastructure
‘The CLARITY Act delivers what the American crypto ecosystem needs’
Block Inc. and the Solana Policy Institute have formally urged Senate leadership to bring the CLARITY Act to the floor for a vote before the August recess. This bipartisan legislative effort aims to establish a unified federal regulatory framework for digital assets, effectively replacing the current fragmented system of state-level oversight. By clearly defining the distinction between securities and commodities, the bill seeks to provide the legal certainty required for institutional innovation and consumer protection. The push comes as the U.S. maintains a leading position in blockchain developer growth, with the Solana ecosystem reporting an 84% year-over-year increase in developer activity. Proponents argue that existing financial regulations are ill-suited for decentralized networks that operate without traditional intermediaries like custodians or brokers. The passage of this act is viewed as a critical step to ensure the United States remains competitive in the global financial technology landscape. Ultimately, this legislative movement represents a significant attempt to bridge the gap between traditional financial oversight and the unique operational realities of blockchain-based assets.
8.5
Infrastructure
Project Agorá starts live trials. Lloyds participates in 3 tokenized deposit transactions
Lloyds Banking Group has successfully executed three live tokenized deposit transactions as part of the Bank for International Settlements' Project Agorá. This initiative aims to enhance the efficiency of wholesale cross-border payments by integrating tokenization into the regulated banking framework. By utilizing real money rather than simulations, the project has officially entered its Real-Value Testing phase. Lloyds participated in transactions involving the conversion of Swiss francs into British pounds and euros, demonstrating the ability to execute FX conversion, payment, and settlement simultaneously. This shift from prototype to live testing highlights the potential for tokenized deposits to significantly reduce settlement risk and operational friction. The project involves a broad coalition of eight central banks and over 40 private financial institutions coordinated by the BIS and the Institute of International Finance. These trials represent a critical milestone in proving that tokenized assets can function effectively within existing global financial infrastructures.
7.5
Infrastructure
CLARITY Act’s new ethics provision: Officials banned from ‘issuing or sponsoring digital assets’
Senate Republicans have expanded the CLARITY Act to include strict ethics provisions aimed at preventing conflicts of interest among high-level U.S. government officials. The proposed legislation prohibits the President, Vice President, Members of Congress, and federal judges from issuing or sponsoring digital assets for compensation. Officials are also required to divest their crypto holdings or place them into qualified blind trusts, with non-compliance penalties reaching up to $250,000 per day. These measures were introduced following intense scrutiny regarding President Trump’s crypto-related income, which exceeded $1.4 billion in 2025. By pairing market structure reforms with public accountability, lawmakers hope to foster a more transparent environment for digital asset regulation. For the RWA market, this development is significant as institutional investors prioritize predictable governance and regulatory clarity before committing long-term capital. While the bill seeks to bolster confidence, ongoing debates regarding potential loopholes suggest that the final legislative framework will be critical in determining future institutional participation in U.S. digital asset markets.
7.5
Infrastructure
SEC Chair: SEC Will Set Its Own Crypto Rules if Clarity Act Stalls
SEC Chair Paul Atkins has signaled that the agency is prepared to implement its own regulatory framework for digital assets if the Clarity Act fails to pass the U.S. Senate. While the bill successfully cleared the House with a 294-134 vote and passed the Senate Banking Committee 15-9, it has currently stalled without a floor vote. Atkins emphasizes that congressional legislation is preferable to agency rulemaking because statutes provide long-term stability that cannot be easily reversed by future administrations. To prepare for a potential legislative failure, the SEC has developed a 'Regulation Crypto' package, which is currently on the agency's 2026 agenda. This initiative includes proposed rules for token registration exemptions, custody standards, and a safe harbor for projects transitioning toward decentralization. The uncertainty surrounding the bill's passage creates significant regulatory risk for the RWA market, as the Clarity Act would shift jurisdiction over most digital commodities to the CFTC. Without this statutory clarity, the industry remains reliant on administrative guidance, such as the March joint guidance that classified 16 tokens as digital commodities. This ongoing regulatory ambiguity impacts how RWA protocols structure their operations and compliance frameworks.
8.5
Infrastructure
European Banks Launch RL1 Blockchain for Tokenized Assets
A consortium of major European financial institutions, including Commerzbank, Deutsche Bank, and LBBW, has launched the RL1 blockchain to facilitate the issuance and settlement of tokenized assets. This permissioned distributed ledger technology platform is designed to support the lifecycle of digital securities, including the issuance of tokenized bonds and commercial paper. By leveraging blockchain technology, these banks aim to streamline settlement processes, reduce counterparty risk, and enhance operational efficiency in the European capital markets. The initiative represents a significant move toward institutional-grade infrastructure for digital assets, moving beyond experimental pilots to functional production environments. The RL1 network is built to comply with existing regulatory frameworks, ensuring that tokenized assets maintain legal validity across jurisdictions. This development is critical for the RWA market as it demonstrates a shift toward bank-led, interoperable infrastructure that bridges traditional finance with decentralized ledger technology. The successful deployment of RL1 signals a maturing ecosystem where major systemic players are actively building the foundational rails for the future of tokenized financial instruments.
8.5
Infrastructure
How Does Chainlink Plan to Become the "Operating System" for Tokenized Finance?
Chainlink has established itself as a foundational infrastructure layer for tokenized finance, powering over 80% of data feeds and interoperability tools within the RWA market as of late 2026. The network has facilitated over $32 trillion in total transaction value, leveraging its Cross-Chain Interoperability Protocol (CCIP) to secure cross-chain transfers for major platforms like Aave and Mantle. Following significant industry bridge hacks, institutions have increasingly migrated to CCIP, with over $7 billion in token value moved in Q2 2026 alone. The Depository Trust & Clearing Corporation (DTCC) is currently integrating Chainlink’s Cross-Chain Registry (CRE) into its Collateral AppChain, marking a critical step toward institutional-grade securities settlement. Furthermore, the launch of Project Pangea in June 2026 unites 47 European and South Korean banks to test near-instant T+0 foreign-exchange settlement using regulated stablecoins. This expansion into banking infrastructure is supported by growing institutional adoption, including SEC-cleared fund holdings and spot ETFs on the NYSE Arca. By bridging legacy financial systems with blockchain-based settlement, Chainlink is positioning itself as the primary operating system for the global tokenized asset ecosystem.
8.5
Infrastructure
How the CLARITY Act unlocks Wall Street’s tokenization pipeline
The proposed CLARITY Act aims to establish a comprehensive federal regulatory framework for tokenized real-world assets in the United States, addressing current legal ambiguities that hinder institutional adoption. By providing clear definitions for digital asset securities and establishing custody standards, the legislation seeks to bridge the gap between traditional financial infrastructure and blockchain-based settlement systems. Major financial institutions, including BlackRock and JPMorgan, have expressed interest in tokenization, but have been constrained by the lack of a unified federal oversight regime. The Act proposes to integrate tokenized assets into the existing regulatory perimeter of the SEC and CFTC, ensuring investor protection while fostering innovation. This legislative push is expected to accelerate the migration of multi-trillion dollar asset classes, such as U.S. Treasuries and private credit, onto distributed ledger technology. If passed, the CLARITY Act would provide the legal certainty required for Wall Street to scale its tokenization pipelines beyond pilot programs. Ultimately, this development represents a critical step toward the institutionalization of blockchain as a standard settlement layer for global capital markets.
9.5
Infrastructure
BNY launches digital transfer agent for tokenized funds: FT
BNY, the world's largest custodian bank with over $59 trillion in assets, is launching a digital transfer agency platform to process fund transactions and maintain shareholder records on-chain. This initiative marks a significant shift for the bank as it integrates blockchain technology into its core operations to run alongside traditional financial infrastructure. By utilizing a shared ledger, the platform aims to reduce intermediaries, accelerate settlement times, and enable round-the-clock trading for investment funds. Baillie Gifford is set to be the first client to utilize this infrastructure for a fully native, UK-regulated tokenized fund. Additionally, BNY’s Dreyfus division and BlackRock are expected to launch funds using the same blockchain-based system. Executives emphasize that this shared source of truth will drastically reduce the reconciliation burdens typically faced by financial institutions. While the move signals a major institutional adoption of tokenization, the bank acknowledges that legacy systems will remain in place for years while addressing cybersecurity risks related to smart contracts and bridges.
7.5
Infrastructure
Managing cost basis and tax reporting as tokenized securities mature
As tokenized securities transition from experimental pilots to mainstream financial instruments, the complexity of managing cost basis and tax reporting has emerged as a critical operational hurdle. Wolters Kluwer highlights that traditional tax systems are ill-equipped to handle the unique lifecycle of blockchain-based assets, which often involve complex corporate actions and frequent on-chain movements. Financial institutions must now integrate sophisticated automated reporting solutions to ensure compliance with evolving global tax regulations, such as the OECD’s Crypto-Asset Reporting Framework. Without standardized data structures for tokenized securities, firms face significant risks regarding inaccurate tax calculations and potential regulatory penalties. The maturation of this market requires a shift toward interoperable tax technology that can bridge the gap between distributed ledger technology and legacy reporting infrastructure. By addressing these administrative bottlenecks, the industry can foster greater institutional adoption and provide the necessary transparency for tax authorities. This evolution is essential for tokenized assets to achieve parity with traditional securities in terms of regulatory compliance and operational efficiency.
7.5
Infrastructure
LayerZero and Keeta Network Bring Tokenized Bank Deposits to Solana
LayerZero and Keeta Network have partnered to introduce tokenized bank deposits onto the Solana blockchain, marking a significant shift in how commercial bank liabilities interact with decentralized finance. Unlike traditional stablecoins backed by reserve assets, these tokenized deposits represent direct digital claims on regulated bank accounts, maintaining integration with existing banking infrastructure. LayerZero provides the omnichain interoperability layer, allowing these assets to move seamlessly across different blockchain ecosystems without fragmenting liquidity. Keeta Network supplies the specialized infrastructure required to manage compliance, identity verification, and regulatory reporting for institutional participants. By leveraging Solana’s high throughput and low transaction costs, this initiative aims to modernize payment systems and wholesale financial settlements. This development allows financial institutions to reduce settlement times from days to seconds while operating outside the constraints of legacy banking hours. The integration signals a broader industry trend where blockchain technology serves to enhance, rather than replace, traditional financial systems through improved efficiency and transparency.
7.5
Infrastructure
Franklin Templeton Endorses CLARITY Act, Urges Clearer Crypto Regulation
Global asset manager Franklin Templeton, which oversees over $1.5 trillion in assets, has officially endorsed the bipartisan CLARITY Act to establish a definitive regulatory framework for digital assets in the United States. The proposed legislation seeks to provide statutory definitions for digital assets and digital commodities while resolving jurisdictional ambiguity between the SEC and the CFTC. Currently, the lack of clear regulatory boundaries creates a gray area that hinders institutional participation and product development. By advocating for this bill, Franklin Templeton signals that mainstream financial institutions require legislative certainty to scale their digital asset offerings beyond existing initiatives like tokenized money market funds. The firm argues that clear rules will enhance investor protections, improve market liquidity, and foster a more stable environment for businesses. While the bill has garnered bipartisan support, its path to passage remains uncertain amidst ongoing congressional debates regarding financial oversight. This endorsement highlights a growing industry preference for legislative action over the current reliance on regulatory enforcement, marking a pivotal moment for the future of institutional RWA adoption.
9.0
Infrastructure
Tokenized Assets: Wall Street’s Next Game-Changing Bet
Wall Street is transitioning from blockchain experimentation to integrating tokenized assets into core financial infrastructure by 2026. Major institutions including J.P. Morgan, BlackRock, Goldman Sachs, and Vanguard are collaborating with the DTCC to develop tokenized versions of stocks, Treasuries, and money-market funds. J.P. Morgan has specifically expanded its Kinexys platform to support tokenized money-market funds, bridging traditional fund structures with blockchain technology. This shift aims to replace fragmented, multi-intermediary settlement processes with programmable, real-time digital environments that automate compliance and reconciliation. By embedding ownership rules and transaction history directly into tokens, firms seek to reduce operational bottlenecks and improve collateral management. While the industry is moving toward production, challenges regarding liquidity, legal certainty, and regulatory compliance remain central to institutional adoption. Ultimately, this evolution represents a strategic effort to rebuild existing financial plumbing rather than replacing the current market system entirely.
6.5
Infrastructure
Lotus Tech Drives Into RWA Tokenization With Finloop and FOMO Pay Partnership
Lotus Technology Inc. has initiated an exploratory collaboration with infrastructure provider Finloop and payment processor FOMO Pay to investigate the tokenization of luxury vehicles. This partnership aims to transform physical cars into on-chain digital assets, potentially enabling fractional ownership and new distribution channels for the manufacturer. By leveraging FOMO Pay’s licensed payment capabilities in the Asia-Pacific region, the project seeks to bridge the gap between fiat and digital currency settlements for high-value assets. While no technical roadmap or specific blockchain has been announced, the move signals a shift from simple NFT-based marketing toward structural financial integration. This initiative highlights the growing interest among legacy luxury brands in utilizing blockchain to unlock liquidity for depreciating physical assets. The project faces significant hurdles, including complex regulatory requirements for cross-border securities and the necessity for robust physical asset auditing. As the RWA market surpasses $20 billion in total value, this collaboration serves as a notable case study in applying tokenization to non-traditional asset classes beyond real estate and debt.
7.5
Infrastructure
JPMorgan Says Fund Tokenization Is Years Away From Useful Applications
JPMorgan's global head of ETF product, Ciarán Fitzpatrick, recently stated that while fund tokenization is poised to reshape the financial industry, practical and meaningful applications remain at least two years away. The bank is currently utilizing its internal blockchain unit, Kinexys, to conduct research and experimentation, though no commercial product rollout has been announced. The primary motivation for this shift is the potential for continuous settlement and after-hours trading, which would address the limitations of traditional exchange hours. This operational inefficiency has attracted significant attention from both major financial institutions and regulators, including SEC Commissioner Hester Peirce. While firms like the New York Stock Exchange, Robinhood, Kraken, and Coinbase are actively exploring tokenized equities, the broader market remains in a proof-of-concept phase. Analyst projections for the sector are ambitious, with estimates suggesting the tokenized asset market could reach between $2 trillion and $10 trillion by 2030. Ultimately, JPMorgan's stance highlights a cautious institutional consensus that views tokenization as a long-term structural evolution rather than an immediate market disruption.
7.5
Infrastructure
EU Crypto Regulation Bars Belarusian Control of MiCA Firms
The European Union has expanded its sanctions framework against Belarus, specifically targeting the ownership and governance of crypto-asset service providers regulated under the Markets in Crypto-Assets (MiCA) framework. Effective August 25, 2026, Council Decision 2026/1847 and Council Regulation 2026/1846 prohibit Belarusian nationals and residents from owning, controlling, or holding governing positions in EU-based crypto firms. This measure significantly broadens previous restrictions that were limited to wallet and custody providers, now encompassing all services defined under MiCA, including trading platforms, order execution, and portfolio management. By integrating sanctions screening directly into the MiCA licensing process, the EU is imposing stricter AML and governance compliance burdens on all regulated entities. The regulation also introduces a mechanism to ban transactions with 14 third-country crypto platforms suspected of facilitating sanctions circumvention related to the war in Ukraine. This development marks a critical intersection between geopolitical sanctions and the formalization of the European digital asset market. For the RWA sector, this underscores the increasing regulatory scrutiny on the ownership structures of entities that may eventually facilitate the issuance or trading of tokenized real-world assets within the bloc.