Circle buys IBM's blockchain patent portfolio
The USDC issuer acquires more than 680 patent families and says the deal makes it the largest US blockchain patent holder; the price was not disclosed.
Cryptoeconomics: The economics of onchain markets. News, data and analysis on tokenized assets, market design and digital economic systems.
Today's lead coverage
Federal judge blocks Minnesota's prediction market ban before it takes effect
A preliminary injunction in the District of Minnesota halts Senate File 3432, finding the Commodity Exchange Act probably preempts a state law that criminalises prediction market platforms.
Tether's gold token receives Shariah certification
Amanah Advisors certifies XAUT as compliant with Islamic finance principles, as Tether courts Islamic banks and savers in markets where gold, not the dollar, is the trusted store of value.
CFTC warns exchanges against blanket self-certification of event contracts
EU extends crypto transaction ban to 14 third-country platforms in 21st sanctions package
Uniswap builds compliance checks into the AMM with permissioned pools
BitMEX to close after 11 years, ending the exchange that invented the perpetual swap
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.
Clearing & settlement
BNY sets out plan for 24/7 US Treasury settlement with a tokenized Treasury pilot by end-2026
BNY said in July 2026 that it plans to pilot tokenized US Treasuries on its private blockchain by the end of 2026 and offer round-the-clock settlement for both conventional and tokenized Treasuries in 2027.
Bank of China completes largest recorded mBridge transactions, including a HK$10bn payment
Bank of China settled the two largest transactions recorded on mBridge, the multi-central-bank digital currency platform, in June and July 2026.
BNB Chain becomes the largest network for Franklin Templeton's Benji platform at $1.5bn
DTCC begins limited production tokenization of Russell 1000 stocks, ETFs and Treasuries with more than 50 firms
UK wholesale digital markets champion sets out tokenization plan projecting £33bn a year by 2035
European Parliament adopts negotiating position on the digital euro regulation
Crypto platform theft losses fell to $75.9m across 40 incidents in June 2026, PeckShield reports
Also today
Robinhood launches its own Ethereum layer-2 network with 24/7 tokenized stock trading
BIS Annual Economic Report concludes stablecoins fail key tests of money and flags emerging-market risks
Bank of England publishes draft rules for systemic stablecoin issuers with a £40bn issuance cap
Ethereum's Glamsterdam upgrade locks devnet scope around enshrined proposer-builder separation and a 200m gas target
CFTC proposes rules defining when event contracts are contrary to the public interest
IMF urges Nigeria to bring stablecoins under stronger regulation after 2026 Article IV consultation
Securitize issues Hamilton Lane's HLSCOPE private credit fund on Tron
European Commission opens MiCA review consultation targeting multi-jurisdiction stablecoin issuance
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.
Circle acquires IBM's blockchain patent portfolio
Circle said on 27 July 2026 that it had acquired IBM's blockchain patent portfolio, more than 680 patent families and close to 1,000 issued patents worldwide, covering foundational technology alongside applications in banking, insurance, enterprise infrastructure and supply-chain verification. No price was disclosed.
Federal judge blocks Minnesota's prediction market ban
Judge Katherine Menendez of the US District Court for the District of Minnesota granted preliminary injunctions on 27 July 2026 against Senate File 3432, which would have criminalised operating a prediction market platform in the state from August. The court found the plaintiffs, Kalshi, Polymarket and the CFTC, likely to succeed on their claim that the Commodity Exchange Act preempts the statute. The injunction holds until the merits are decided.
CFTC staff narrow self-certification of event contract series
The CFTC's Division of Market Oversight issued an advisory on 24 July 2026 cautioning designated contract markets against template certifications that bundle many event contract variations into a single filing, saying such submissions limit its ability to judge whether the information required under Regulation 40.2 has been supplied, and setting out when closely related contracts may instead take class treatment.
EU extends its crypto transaction ban to 14 third-country platforms
The Council of the European Union adopted its 21st package of sanctions against Russia on 23 July 2026, extending the transaction ban to 14 crypto-related service platforms based in Georgia, Panama, the UAE, the Marshall Islands, Kyrgyzstan and Belarus, and introducing for the first time a power to prohibit dealings with crypto-asset service providers of an entire third country. The Council's summary does not name the 14 platforms.
BitMEX announces it will cease operations in September
HDR Global Trading said on 23 July 2026 that BitMEX would close at 04:00 UTC on 23 September, following a strategic review, and told users to withdraw funds before the deadline. The venue introduced the perpetual swap in May 2016, the contract design that went on to dominate crypto derivatives trading on centralised and onchain venues alike.
DTCC begins limited production trading on its tokenization service
DTCC began limited production trades on the DTC Tokenization Service in July 2026, covering Russell 1000 constituents, large index-tracking exchange-traded funds and US Treasury bills, notes and bonds, with commercial launch targeted for October 2026. More than 50 firms, among them BlackRock, Goldman Sachs, JPMorgan, Kraken and Circle, joined the industry working group; DTCC said tokenized holdings carry the same entitlements and ownership rights as assets held in conventional form.