Eighteen attorneys general object to the part of the Clarity Act that did not change
New York led seventeen other states and the District of Columbia in telling the Senate Banking Committee to vote no.
Cryptoeconomics: The economics of onchain markets. News, data and analysis on tokenized assets, market design and digital economic systems.
Today's lead coverage
The final Clarity Act text drops the ethics sunset and the developers' criminal shield
Senate Republicans published 635 pages on Sunday night, two days before a procedural vote that needs sixty. Four changes from the 10 September version have not been read anywhere. The ethics ban no longer expires in 2029.
The FCA asks whether a gold token is a fund, and draws the line while asking
London clears most of the world's spot gold, and the regulator wants to know whether tokenizing it would help.
India tokenizes corporate bonds and settles them in central bank money
ESMA says the largest prediction markets have no EU authorisation
The Clarity Act's new DeFi test asks who can change the code
Nasdaq puts $100m into Kraken's parent and sells it the surveillance
Singapore's three banks net tokenized deposits on Swift's ledger, then settle elsewhere
Citadel Securities tells the agencies a venue cannot pick its own regulator
The wire
Every development we have verified against a primary source, newest first. Each entry links to the filing, release or dataset it came from.
Tokenized capital markets
Robinhood says its stock tokens are debt, and will not say who votes the shares
AMC's chief executive calls the practice abhorrent and asks whether the shares backing the tokens can be lent to short sellers.
Hyperliquid's policy arm asks the court to end CME's perpetuals suit
A former Solicitor General, acting for Hyperliquid Policy Center, told the district court in Washington that CME cannot claim competitor injury from an order which enlarged the market rather than dividing it, and that an interest in burdening rivals…
U.S. Bank mints its own dollar on a public chain, with a clawback
Peers vote to make the Treasury publish a digital assets strategy
Visa opens its settlement records so lenders can finance stablecoin cards
Block applies to become a trust bank, and keeps the business plan back
Nine Swiss institutions start testing a franc stablecoin, capped at a million
Also today
Matter Labs publishes the permissioning code the Bundesbank is running
DBS and Citi move dollars across a weekend on Swift's ledger
Twenty-seven signatories ask Brussels to take the cap off tokenized markets
FinCEN counts $12.7bn of suspected scam flows and names the settlement asset
Standard Chartered adds execution to custody for bitcoin and ether in Dubai
New Jersey asks the Supreme Court who is allowed to regulate a sports bet
The OCC charters a bank that means to tokenize every deposit it takes
Thirty banks would rather issue a deposit than hold a stablecoin
The weekly read on onchain market economics
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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Markets
One series at a time, with its source, its cadence and what it excludes stated on the figure.
Franklin OnChain U.S. Government Money Fund, net assets
Total net assets at fiscal year end
Scale
View as table
| Period | Franklin OnChain U.S. Government Money Fund, net assets | Note |
|---|---|---|
| 2022-03-31 | $1,958,000 | First full fiscal year end after the fund commenced operations on 6 April 2021; the financial highlights print net assets of $1,958 thousand. |
| 2023-03-31 | $272,929,000 | |
| 2024-03-31 | $360,554,000 | |
| 2025-03-31 | $687,263,352 | |
| 2026-03-31 | $843,835,815 | Matches the statement of assets and liabilities in the same annual report; the financial highlights round it to $843,836 thousand. |
Reading this figure
A number on this site is either something a source published or nothing at all. Where a series has gaps we leave them as gaps: no interpolation, no carry-forward, no zero standing in for an unknown.
What the tokenized market is made of
Aggregates are compiled per asset class from the sources named on each figure. Classes without a verified aggregate are listed but not sized.
Reported value by asset class
Share of the total of the classes for which an aggregate is published
Government securitiesPrivate creditTokenized fundsReal estateCommoditiesEquities
View as table
| Category | Value |
|---|---|
| Government securities | $16,200,000,000 |
| Private credit | $6,980,000,000 |
| Tokenized funds | $1,410,000,000 |
| Real estate | $202,630,000 |
| Commodities | $4,590,000,000 |
| Equities | $1,940,000,000 |
| Asset class | Reported size | As of | Source |
|---|---|---|---|
| Government securities | $16.2bn | 25 July 2026 | RWA.xyz |
| Private credit | $6.98bn | 25 July 2026 | RWA.xyz |
| Tokenized funds | $1.41bn | 16 June 2026 | RWA.xyz |
| Real estate | $203m | 25 July 2026 | RWA.xyz |
| Commodities | $4.59bn | 25 July 2026 | RWA.xyz |
| Equities | $1.94bn | 22 July 2026 | RWA.xyz |
| Corporate debt | — | — | |
| Tokenized deposits | — | — | |
| Stablecoins | $298bn | 25 July 2026 | RWA.xyz |
| Other tokenized assets | — | — |
Analysis
Longer pieces, written from the data on this site and citing it.
Dollar access without dollar accounts
Receiving $200 in Sub-Saharan Africa cost 8.46% in the third quarter of 2025; the tokens undercutting that price are almost entirely dollar-denominated, and the flows are unmeasured.
Settlement pilots that became production
Legal designation and a cash leg that was already someone's liability separate the wholesale settlement systems now carrying volume from the multi-jurisdiction platforms that handed themselves over or stayed prototypes.
The euro stablecoin gap
Circle's euro token held €381.8m in June 2026 against $72.6bn of its dollar token, and MiCA's ban on paying interest sent what euro demand exists onchain into money market funds instead.
What tokenized private credit actually funds
Secured crypto lending, US home-equity loans and AAA CLO tranches account for most of the $6.99bn; bilateral loans to mid-sized companies, the FSB's definition of private credit, barely appear.
Founder & Editor
Cryptoeconomics is edited by Olaoluwa Samuel-Biyi, co-founder of Busha, a leading African digital-asset exchange.
Watch and listen
Hearings, conference sessions and interviews from the library, newest first, each playable on this page.
Hearing
Tokenization and the Future of Securities: Modernizing Our Capital Markets
Noticed with two discussion drafts rather than introduced bills, the Modernizing Markets Through Tokenization Act and the Capital Markets Technology Modernization Act, which is the stage at which drafting choices are still movable. SIFMA, DTCC and Nasdaq take the settlement and market-structure side, Plume Network the onchain side, and the questioning returns repeatedly to whether existing transfer-agent and custody rules can carry a token without amendment.
Publisher terms: Unstated
Conference session
Payments Innovation Conference
Waller opened and closed a day the Board built almost entirely out of practitioners rather than staff economists, so the panels are unusually concrete about what breaks in production. The stablecoin session is the one to watch for the payments case made by firms actually settling on it, and the closing panel covers tokenised funds and collateral with BlackRock, Franklin Templeton and JPMorgan's Kinexys. Per-panel transcripts sit on the Board's media server but are not linked from the conference page, so we link one here.
Transcript at federalreserve.gov
Publisher terms: Full text · transcript linked below
Roundtable
SEC-CFTC Joint Roundtable on Regulatory Harmonization Efforts
The first time the two agencies sat in one room to work through which of them regulates what. The value is in panel one, where J. Christopher Giancarlo walks back through how the split arose, and in panel two, where Polymarket and Kalshi appear alongside CME, Cboe and ICE and the event-contract boundary gets argued directly rather than in comment letters. This file covers opening remarks and panel one; the later panels were published separately. The two agencies' own pages disagree on when the session ended, so we have not printed a finish time.
Publisher terms: Full text
Podcast
BISness podcast: a primer on tokenisation
Two BIS economists take the definitional question slowly, which is the reason to start here rather than with a paper: what a token has to carry before it is anything more than a database row. The episode has no page of its own on the BIS site, so the date here comes from podcast directories rather than from the BIS.
Publisher terms: Excerpt and link
The record
A dated, sourced entry for each development that changed the market structure.
Senate Republicans publish the final Clarity Act text before a cloture vote
Lummis, Boozman and Scott released a 635 page substitute for H.R. 3633, claiming 126 changes requested by Democrats. Read against the 10 September version, the ethics sunset of noon on 20 January 2029 is gone, the developer shield no longer reaches 18 U.S.C. 1960, and the Treasury circuit-breaker on stablecoin rewards must be triggered within 18 months of enactment.
Eighteen attorneys general urge the Senate to reject the Clarity Act
New York led seventeen other jurisdictions in a letter to the Senate Banking Committee objecting that the bill gives the SEC preemption authority indirectly through a new qualified transaction loophole in the Securities Act of 1933, and would render the covered security designations in section 18 meaningless. That provision is unchanged from the version published four days earlier.
The FCA opens a call for input on tokenised gold and the fund perimeter
The regulator asked by 23 October whether tokenisation could improve how gold is traded, pledged and held, and whether some gold tokens should sit outside the collective investment scheme and alternative investment fund perimeter. It says a token over an allocated bar is more likely outside it and a fractional interest in a pooled bar inside it.
Nasdaq Ventures agrees to invest $100m in Kraken's parent Payward
Nasdaq said it would invest $100m in Payward through Nasdaq Ventures, that Payward would adopt Nasdaq surveillance across its crypto, equities, tokenized equities, futures and options venues, and that Nasdaq Equity Tokens are expected in the second quarter of 2027. No valuation is stated in the release.
Revised Clarity Act text would put controlled DeFi protocols under the CFTC
Senator Cynthia Lummis published a 630 page substitute amendment to H.R. 3633 ahead of a Senate vote on 15 September. It requires rules for persons who control a non-decentralized finance trading protocol to register with the CFTC and to comply with the Bank Secrecy Act, and preempts state securities and commodities law over protected developer activities.
India issues tokenized corporate bonds settled in central bank money
SEBI and the Reserve Bank announced Demat 2.0 at the Global Fintech Fest. Three issuers had raised Rs 1,025 crore in bonds created as native tokens on a ledger owned by the depositories, with the funds leg settled atomically in wholesale CBDC. The depository remains the authoritative record of ownership and holds investors' private keys.