#Stablecoins
223 articles tagged #Stablecoins — curated RWA tokenization coverage.
Banks' interest in tokenized deposits grew in second quarter
Large financial institutions are increasingly prioritizing tokenized deposits over stablecoins as a preferred method for modernizing cross-border payments and internal business operations. American Banker research indicates that 24 of the top 50 U.S. banks now monitor tokenized deposits, compared to 17 tracking stablecoins. Citi CEO Jane Fraser highlighted that tokenized deposits offer new revenue streams and client acquisition opportunities, with the bank actively exploring both deposit tokens and stablecoin reserve management. Wells Fargo is set to launch a tokenized deposit program this fall for corporate clients, supporting U.S. dollars and British pounds. Furthermore, a consortium including JPMorganChase, HSBC, and BNY is collaborating with The Clearing House to develop a unified tokenized deposit network. While stablecoins remain a focus for some, with the upcoming Open Standard venture launching Open USD, banks currently show higher activity levels in piloting tokenized deposits. This shift reflects a broader institutional preference for regulated, bank-issued digital assets that leverage existing deposit insurance frameworks. The trend signals a significant evolution in how traditional banks intend to bridge legacy payment rails with distributed ledger technology.
Crypto Recap: Bitcoin, ETFs, Stablecoins and Tokenized Stocks
Bullish CEO Tom Farley identified tokenized stocks as a significant growth opportunity for the exchange, highlighting the successful settlement of its own tokenized BLSH stock against a dollar-pegged stablecoin. This development underscores the ongoing industry push toward integrating traditional equity markets with blockchain-based settlement layers. While the SEC has delayed the release of an innovation exemption framework for tokenization, Farley expressed support for the agency's cautious approach to regulatory rollouts. Simultaneously, institutional interest in crypto-linked assets remains robust, with Morgan Stanley and JPMorgan significantly increasing their holdings in Bitcoin and Ethereum ETFs during the second quarter. JPMorgan specifically expanded its IBIT stake to 10.4 million shares and quadrupled its Ethereum ETF position, while Morgan Stanley grew its Ethereum ETF holdings by 202%. These institutional moves, combined with Bullish's focus on tokenized equities, signal a maturing landscape for RWA integration within traditional finance. The broader market continues to navigate regulatory scrutiny, as evidenced by the contentious approval of a national trust bank charter for World Liberty Financial. These events collectively illustrate the dual focus of major players on both crypto-native financial products and the modernization of stock trading through tokenization.
40 Days After MiCA: What Europe’s Crypto Market Looks Like
Following the conclusion of the MiCA transition period on July 1, 2026, the European crypto market is undergoing a structural shift toward institutional compliance. Data from the European Securities and Markets Authority licensing register indicates that the current landscape is heavily dominated by custody firms and traditional banking institutions. While the regulatory framework is now fully active, the number of entities securing permissions for trading venues remains notably low. Circle has emerged as a dominant force in the compliant stablecoin sector, reflecting a broader trend of consolidation among regulated issuers. Enforcement activities are currently geographically concentrated, suggesting an uneven initial implementation across member states. This transition marks a critical milestone for the RWA market, as clear regulatory guardrails are expected to facilitate broader institutional participation in tokenized assets. The ongoing maturation of this market will likely dictate the pace at which traditional finance integrates blockchain-based infrastructure within the European Union.
Tokenized Fund Competition: It's Not Just About Scale
Global tokenized fund assets have surged from approximately $2 billion in 2024 to $10 billion by May 2026, driven primarily by institutional adoption of tokenized Treasury bonds and money market funds. BlackRock’s BUIDL fund currently accounts for 40% of this market, while JPMorgan has expanded its presence with the Ethereum-based JLTXX fund designed for stablecoin reserve requirements. Beyond simple issuance, the market is shifting toward using these tokenized shares as high-quality digital collateral for trading, lending, and settlement. Regional strategies vary, with the U.S. focusing on scale, Europe on regulatory integration, and the UK on setting global financial infrastructure standards. Singapore and Hong Kong have emerged as critical hubs, with Hong Kong introducing the world’s first regulatory framework for secondary market trading of tokenized funds. These developments signify a transition where traditional financial assets are becoming the underlying foundation for a new digital currency system. Ultimately, major institutions like BlackRock, Franklin Templeton, and JPMorgan are leveraging tokenization to maintain their dominance in the evolving digital financial landscape.
Tether completes first full financial audit, receives clean KPMG opinion
Tether has achieved a significant milestone by completing its first full independent financial audit for the 2025 fiscal year, receiving an unqualified opinion from KPMG US. This audit confirms that Tether’s reserves exceeded its liabilities by $6.814 billion as of December 31, 2025. Unlike previous quarterly attestations, this comprehensive examination verified the company’s balance sheet, income statements, and cash flows, including physical inspection of gold holdings. The audit provides increased transparency for the issuer of USDT, which currently holds a $183 billion market capitalization and dominates 61% of the stablecoin sector. Tether’s financial strength is bolstered by substantial income from U.S. Treasury holdings and repurchase agreements, which contributed to over $10 billion in net profit during 2025. Beyond its core stablecoin business, the company is actively expanding into RWA sectors, including its Tether Gold (XAUt) product, which is currently the largest tokenized commodity with $2.7 billion in value. This audit marks a shift toward higher institutional-grade reporting standards, which is critical for the broader adoption and credibility of stablecoins and tokenized assets within the global financial ecosystem.
Standard Chartered’s Anchorpoint launches beta version of HKDAP stablecoin
Standard Chartered’s subsidiary Anchorpoint has launched the beta phase of its HKDAP stablecoin, marking the first issuance of a regulated stablecoin in Hong Kong. This initiative follows the Hong Kong Monetary Authority (HKMA) granting initial stablecoin issuer licenses to Anchorpoint and HSBC in April. The project utilizes a B2B2C distribution model, partnering with licensed digital asset exchanges HashKey and OSL to facilitate institutional access. Currently, the beta is restricted to corporate users and professional investors, with potential retail expansion planned by the end of the year. The HKMA imposes strict compliance requirements, mandating the identification of all stablecoin holders to mitigate risks. To support future retail distribution, Anchorpoint is collaborating with joint venture partners Animoca Brands and Hong Kong Telecom, leveraging tools like the Moca Network for digital identity verification. The HKDAP stablecoin is specifically designed to support cross-border payments and the settlement of tokenized securities, signaling a significant step in Hong Kong's regulated digital asset infrastructure.
SBI and Nodeinfra Sign Deal to Bypass Dollar in Japan-Korea Trade via Canton Network
Japan's SBI Digital Practice and South Korea's Nodeinfra have launched Project Musubi, an initiative to establish a direct blockchain-based settlement corridor for yen and won trades. By utilizing the Canton Network's atomic payment-versus-payment architecture, the project aims to eliminate the need for US dollar intermediaries, which currently impose significant conversion fees and settlement delays on cross-border transactions. The current correspondent banking model forces trades through multiple hops, incurring costs of $15 to $30 per intermediary and foreign exchange markups of up to 3 percent. Furthermore, the project addresses Herstatt risk by ensuring simultaneous finality, where the yen and won legs of a transaction settle at the exact same moment or not at all. While the technical infrastructure is being built using Daml smart contracts, the commercial viability of the project depends on South Korea's National Assembly passing the Digital Asset Basic Act to authorize regulated won-denominated stablecoins. SBI Digital Practice is leveraging its role as a Canton Network Super Validator to integrate Japanese financial systems, while Nodeinfra manages the development of the settlement protocol for Korean institutions. This initiative represents a significant shift toward institutional-grade, blockchain-native cross-border payments that bypass traditional correspondent banking structures.
Bank of England tests stablecoin, digital pound interoperability in cross
The Bank of England’s Digital Pound Lab is conducting experiments to test the interoperability of stablecoins and a potential digital pound within cross-border trade finance. Collaborating with NOBO Finance, Dun & Bradstreet, and Polygon Labs, the project simulates a payment flow where exporters receive stablecoin advances while importers settle using digital pound simulations. This initiative aims to alleviate working capital constraints for small- and medium-sized businesses by reducing settlement delays inherent in traditional trade finance. Beyond payment rails, the project utilizes Polygon’s smart contract infrastructure to integrate commercial risk data into reusable credit profiles. These tests occur as the Bank of England develops a regulatory framework for systemic sterling-denominated stablecoins, including proposed reserve requirements and issuance caps. While the central bank has not committed to issuing a digital pound, these experiments reflect a broader strategic effort to modernize UK financial infrastructure. The work aligns with the Bank's ongoing transition toward 24/7 settlement systems and the integration of tokenized assets into the national financial ecosystem.
Sky and Securitize each command 10% of the tokenized RWA market
The tokenized real-world asset (RWA) market has grown to approximately $38.38 billion, marking a 50% increase from earlier in the cycle. Sky Ecosystem and Securitize have emerged as co-leaders, each capturing a 10.2% market share of the total RWA landscape. Securitize’s growth is largely driven by its role as the transfer agent for BlackRock’s BUIDL fund, which has become a flagship product for institutional adoption. Conversely, Sky, formerly known as MakerDAO, anchors its market position through a stablecoin backed by real-world collateral, currently valued at roughly $6.57 billion. This growth highlights a shift toward institutional-grade infrastructure and collateral diversification within the DeFi space. The sector's expansion, led by tokenized U.S. Treasuries and private credit, demonstrates a maturing market that prioritizes steady compounding over speculative volatility. As regulatory frameworks evolve, the competition between these distinct business models—tokenization infrastructure versus DeFi-native protocols—will likely define the next phase of RWA development.
Dinaro becomes first issuer from Slovenia in EU’s MiCA stablecoin register
Slovenian electronic money institution Dinaro d.o.o. has officially joined the European Securities and Markets Authority’s (ESMA) interim MiCA register as an authorized e-money token (EMT) issuer. This milestone marks the first time a Slovenian entity has achieved such status under the European Union’s Markets in Crypto-Assets Regulation. By leveraging its existing EMI license from the Bank of Slovenia, Dinaro is now permitted to issue fiat-pegged stablecoins recognized across all 27 EU member states. The inclusion follows the July 1, 2026, deadline for MiCA compliance, which mandated that all stablecoin issuers maintain 100% backing in liquid assets and provide guaranteed at-par redemption rights. This expansion of the ESMA register is significant for the RWA market as it provides institutional investors with a growing list of vetted, compliant issuers. By reducing counterparty risk, the regulatory framework aims to prevent systemic failures similar to the 2022 TerraUSD collapse. Ultimately, the move signals a maturing European landscape where stablecoins are increasingly integrated into the formal financial system.
South Africa plans exchange controls for offshore crypto, stablecoin flows
The South African Reserve Bank’s Financial Surveillance division has released draft regulations aimed at integrating cryptocurrencies and stablecoins into the nation's existing exchange control framework. The proposed rules impose strict limitations on offshore transfers, including a ban on companies using digital assets for international payments or receipts and a prohibition on inbound transfers from self-hosted wallets. For individuals, crypto transactions are now subject to standard exchange control limits, requiring reporting by licensed Crypto Asset Service Providers (CASPs). Remittance services are capped at R5,000 daily or R25,000 monthly, while broader asset transfers are restricted to annual limits of R2 million or R10 million for tax-compliant users. These measures follow conflicting court rulings regarding whether cryptocurrencies qualify as legal currencies under current exchange control laws. By formalizing these requirements, the Treasury seeks to eliminate legal ambiguity and exert regulatory oversight over the flow of digital assets across borders. This development is significant for the RWA market as it clarifies the compliance landscape for stablecoin-based cross-border payments and institutional adoption in South Africa.
ADI Chain, Shipfinex partner to tokenize $500M vessel pipeline
Dubai-based maritime platform Shipfinex has partnered with Abu Dhabi-based ADI Chain to tokenize a pipeline of 35 vessels valued at approximately $500 million. This initiative aims to create new financing channels for shipowners by placing vessels into special-purpose vehicles and issuing tokens representing credit, charter-linked income, or other economic interests. ADI Chain will serve as the underlying infrastructure for distribution and settlement, utilizing stablecoins denominated in UAE dirhams and US dollars. While the global shipping market is valued at over $2 trillion, this project represents a significant step in applying blockchain technology to high-value maritime assets. The partnership is currently in the pilot and operational-readiness phase, with the regulatory framework for issuance still under development. This move aligns with broader industry trends, as tokenized real-world assets continue to expand toward a projected $4 trillion market by 2028. By bridging maritime finance with blockchain, the collaboration highlights the growing utility of RWA tokenization in traditionally capital-intensive sectors.
Why Tokenized Gold Still Can't Compete With Dollar Stablecoins
Tokenized gold reached a $6 billion market capitalization in February 2026, yet it remains significantly outperformed by dollar-pegged stablecoins, which settled over $33 trillion on-chain in 2025. While gold benefits from strong macro tailwinds like central bank hoarding and geopolitical instability, its on-chain adoption is constrained by physical logistics rather than blockchain technology. Unlike stablecoins backed by liquid T-bills and cash, tokenized gold requires the acquisition, shipping, and vaulting of physical London Good Delivery bars. Paxos Gold (PAXG) and Tether Gold (XAUT) dominate the sector, accounting for approximately 96–97% of the market, yet they face inherent frictions regarding jurisdictional custody and audit cadences. Scaling this asset class to $50 billion would necessitate moving roughly 325 tonnes of metal into specialized vaults, creating a physical bottleneck that stablecoins do not encounter. Furthermore, the liquidity gap between these assets is stark, with USDT daily trading volumes often exceeding $100 billion compared to the low hundreds of millions for tokenized gold. Ultimately, the reliance on physical infrastructure and periodic attestations prevents tokenized gold from achieving the same level of composability and real-time verifiability as dollar-based stablecoins.
Ethereum Emerges As Backbone Of Tokenized Finance, BlackRock 2026 Outlook Shows
BlackRock has identified Ethereum as the foundational infrastructure for the future of tokenized finance, moving beyond its perception as a speculative asset. The firm reports that over 65% of all tokenized assets are currently issued on the Ethereum blockchain, establishing it as the primary settlement layer for the industry. By framing Ethereum as a 'toll road' for financial activity, BlackRock emphasizes that value is increasingly derived from transaction flow, settlement, and issuance rather than traditional crypto trading. Data from RWA.xyz supports this, confirming Ethereum's dominance in hosting the majority of tokenized real-world assets by total value. The report highlights that stablecoin transaction volumes have now surpassed spot crypto trading, signaling a shift toward functional financial utility. This transition suggests that blockchain technology is maturing into a critical component of global financial market infrastructure, similar to energy grids or data networks. Ultimately, this institutional perspective validates the role of public blockchains in reducing settlement friction and operational complexity for private credit and other real-world assets.
Ethereum controls 43% of tokenized treasuries
The tokenized U.S. Treasury market has reached a total valuation of $15.2 billion, with Ethereum maintaining a dominant 43% market share at $6.6 billion. Despite the emergence of competitive networks like BNB Chain, which holds $4.8 billion, Ethereum remains the primary hub for on-chain financial activity. This leadership is largely attributed to the network's deep liquidity, including $162.4 billion in stablecoins and $578.8 million in euro stablecoins. Other blockchains such as Stellar, Solana, and Avalanche collectively contribute $2.8 billion to the sector, indicating a trend toward multi-chain institutional adoption. While newer networks like Solana and Base are gaining traction in specific liquidity segments, Ethereum's absolute balances continue to rise alongside market expansion. This suggests that the growth of rival chains is driven by new issuance rather than a direct migration of capital away from Ethereum. Consequently, Ethereum's liquidity moat remains intact as the broader tokenized finance ecosystem scales across multiple settlement layers.
StanChart tokenized deposits reach $11 bn/month. Handles 20% of USDC on/off ramp
Standard Chartered has achieved a monthly run rate of approximately $11 billion in tokenized deposit volumes, driven largely by cross-border settlements using the e-CNY on the mBridge platform. CEO Bill Winters highlighted this milestone during the bank's Q2 earnings call, emphasizing the institution's commitment to integrating blockchain as core financial infrastructure. Beyond deposits, the bank is actively expanding its digital asset footprint through subsidiaries like Zodia Custody and Zodia Markets. Its subsidiary, Anchorpoint Financial, has also secured a license to issue a Hong Kong dollar stablecoin in collaboration with partners like HKT and Animoca Brands. This development underscores the growing institutional adoption of tokenized deposits for efficient cross-border liquidity and settlement. By positioning blockchain as a foundational layer for client transactions, Standard Chartered is bridging traditional banking services with emerging digital asset ecosystems. These efforts represent a significant shift in how global systemically important banks manage multicurrency settlements and digital asset services.
European Blockchain Convention Returns to Barcelona for Landmark Post-MiCA Gathering
The European Blockchain Convention is scheduled to return to Barcelona from October 15-17, 2025, marking the first major industry gathering since the full implementation of the Markets in Crypto-Assets (MiCA) regulation. This 10th edition of the event expects 7,000 attendees, 200 speakers, and 100 startups to analyze the impact of the EU's unified licensing regime. By replacing fragmented national rules, MiCA aims to provide the legal certainty necessary for institutional adoption of digital assets. The convention serves as a critical forum for discussing stablecoin integration, institutional custody, and the practical challenges of obtaining MiCA licenses. While several major exchanges and wallet providers secured licenses by mid-2025, the event will also address ESMA warnings regarding potential market fragmentation and supervision risks. This gathering highlights the transition of the European crypto market from a period of regulatory uncertainty to one of operational execution. Ultimately, the event acts as a barometer for the region's ability to leverage regulatory clarity as a competitive advantage for traditional financial infrastructure.
EU Moves to Review MiCA, Potentially Easing Rules for Offshore Stablecoins
The European Union has initiated a formal review of its Markets in Crypto-Assets (MiCA) regulation, which fully took effect in 2024, to address restrictive barriers currently limiting non-EU stablecoin issuers. Industry feedback and competitive pressure from U.S. legislative developments, such as the GENIUS Act, have prompted regulators to reconsider stringent requirements that have prevented major entities like Tether from securing EU licenses. The proposed revisions aim to refine reserve requirements, transparency standards, and cross-border compliance frameworks to facilitate broader market access for offshore stablecoins. By potentially easing these rules, the EU seeks to enhance liquidity and foster innovation within the ecosystem, particularly regarding tokenized payments and broader crypto adoption. This shift reflects a pragmatic adjustment to align with evolving global regulatory trends while attempting to maintain necessary consumer protections. The outcome of this review is critical for the RWA market, as stablecoins serve as the primary liquidity layer for tokenized assets. Balancing openness with financial stability remains the core challenge for European authorities as they navigate this competitive landscape.