News, data and analysis on tokenized assets, market design and digital economic systems.
From 1 October a payment stablecoin issuer needs a Florida licence or an exemption to do business in the state.
UK crypto firms can apply for FCA authorisation from 30 September until 28 February 2027, ahead of the regime starting on 25 October 2027. An anti-money-laundering registration does not convert.
HSBC said on 30 September that its licensed Hong Kong dollar stablecoin will be called HSBC RedCoin and will start with payments through PayMe. It has issued nothing, names no blockchain and gives no date beyond the second half of 2026.
Every development we have verified against a primary source, newest first. Each entry links to the filing, release or dataset it came from.
The minority staff of the Senate Permanent Subcommittee on Investigations reported on 28 September that 84 per cent of 846 wallets the US and Israel designated for links to Iran and its proxies transacted wholly or almost wholly in USDT, and that…
Governor Gavin Newsom said on 27 September that he had signed AB 2409, presented as a response to the President's token.
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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One series at a time, with its source, its cadence and what it excludes stated on the figure.
| 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. |
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.
Aggregates are compiled per asset class from the sources named on each figure. Classes without a verified aggregate are listed but not sized.
| 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 | — | — |
Longer pieces, written from the data on this site and citing it.
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.
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.
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.
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.
Cryptoeconomics is edited by Olaoluwa Samuel-Biyi, co-founder of Busha, a leading African digital-asset exchange.
Hearings, conference sessions and interviews from the library, newest first, each playable on this page.
Hearing
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
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
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
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
A dated, sourced entry for each development that changed the market structure.
Issuers need an OFR licence, a trust company certificate of approval or an exemption to do business in Florida, with GENIUS Act reserve, disclosure and monthly examination terms. The application form is to be set by rule, and none was on the register on the day the law took effect.
UK crypto firms can apply for authorisation under FSMA ahead of the regime starting on 25 October 2027. MLR registrations do not convert. Firms applying in the window may keep taking new business while pending; later applicants may only perform existing contracts, and firms that do not apply must run off.
The coin is to be issued under HKMA licence FRS02 and offered at launch only through PayMe and the HSBC HK Mobile App, starting with person-to-person and merchant payments. No blockchain, reserve make-up or launch date is given, and no coin has been issued.
The Brazilian registrar and depository tokenizes BTG Pactual fund shares it holds as Multi-Purpose Tokens on a permissioned basis, keeping freeze and clawback and keeping its own systems as the official record. No fund or amount is named.
Tethered to Terrorism, from ranking member Richard Blumenthal and the minority staff, analyses wallets designated by OFAC and Israel's counter-terror financing bureau from 2021 to 2026, faults Tether's freezes as late, and goes to the Attorney General and the Treasury Secretary with questions due by 9 October. Tether replied that about $550m of Iran-linked USDT was frozen in 2026.
The Commission order permits Coinbase Clearing to clear fully collateralized futures, options on futures and swaps as defined in Regulation 39.2, completing Coinbase's exchange, broker and clearing registrations. Coinbase says the clearing house will take USDC as collateral and settle around the clock; the order and the filed rulebook do not name USDC.
The weekly read
What issued, what settled and what the supervisors changed, with the figures and the sources they came from. Thursday mornings.
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