Broadridge's tokenized repo platform processed $8tn in July
Distributed Ledger Repo moved an average of $365bn of repurchase agreements a day against tokenized collateral, which Broadridge reports as a 28 per cent rise year on year.
Cryptoeconomics: The economics of onchain markets. News, data and analysis on tokenized assets, market design and digital economic systems.
Today's lead coverage
FlightAware sues Kalshi over the data that settles flight contracts
The flight tracking company filed in Manhattan on 10 August, alleging that Kalshi named it as the primary source agency for cancellation contracts, displayed its trademark on the market pages and settled wagers on data licensed for personal use only.
Regulation
SEC sets a vote on proposing its first crypto offering rules
A Sunshine Act notice dated 10 August calls an open meeting for 10 a.m. on Friday 14 August, at which the Commission will consider whether to propose a tailored offering regime for certain investment contracts involving crypto assets.
Robinhood opens UK crypto trading with no fee but the FX spread
CFTC tells event contract venues to stop showing bookmaker odds
Michigan court denies Coinbase, holding event contracts are not swaps
Circle's reserve income grows 5% while average USDC grows 25%
BlackRock, DTCC, ICE and Visa join Circle's Arc as founding validators
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.
JPYC's Series B closes at 6bn yen, most of it raised already
The yen stablecoin issuer says the extension takes the round to about 6bn yen cumulatively, with a listed logistics group aboard.
Payments
Wells Fargo will tokenize its corporate deposits this autumn
The fourth-largest US bank says corporate and commercial clients will move, program and settle funds around the clock on its own blockchain, starting with a limited dollar to pound exchange and widening through 2027.
Dinari opens 724 tokenized US stocks to American investors
Yellow Card raises $40m to put banks on stablecoin rails
BlackRock builds two tokenized money funds for stablecoin reserves
Warren and Blumenthal ask the SEC to investigate the $TRUMP memecoin
Google's Chrome store ban on prediction market extensions takes effect
Also today
Circle adds a New York trust charter to USDC's regulatory stack
New York sues Kalshi, calling its prediction markets illegal gambling
CFTC fines George Santos over his own attendance market on Kalshi
Tether posts $1.5bn quarterly profit as its reserve buffer halves
CFTC proposes conflict rules for venues that own their market makers
Uniswap bolts lending onto the exchange with Earn
Coinbase posts a $359.5m loss while taking record trading share
Weak randomness in a hardware wallet meets an automated sweep
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.
Robinhood opens crypto trading to UK customers through Bitstamp
Robinhood said on 10 August 2026 that more than 50 cryptoassets were going into its main UK app, traded through Bitstamp UK Ltd, which is registered with the Financial Conduct Authority as a cryptoasset service provider. There is no trading, custody or account fee; a 0.10 per cent fee applies to the currency conversion, rising to 0.30 per cent between Friday and Sunday evenings in New York.
FlightAware sues Kalshi over the data settling flight cancellation contracts
FlightAware filed in the Southern District of New York on 10 August 2026, alleging that Kalshi named it as the primary source agency for flight cancellation contracts, displayed its registered mark on the market pages and settled positions using data licensed for personal use only. Six counts are pleaded and a temporary restraining order is sought.
SEC calls an open meeting on a tailored crypto offering regime
A Sunshine Act notice dated 10 August 2026 called an open meeting for 10:00 a.m. Eastern on Friday 14 August, at which the Commission will consider whether to issue a release proposing new rules creating a tailored offering regime for certain investment contracts involving crypto assets. The notice names no rule and no scope.
Broadridge reports $8.0tn of tokenized repo processed in July
Broadridge said on 10 August 2026 that its Distributed Ledger Repo platform processed an average of $365bn of repurchase agreements a day in July against tokenized collateral, totalling $8.0tn for the month, which it reported as a 28 per cent rise year on year. Its releases for March, April and June put the daily average at $354bn, $368bn and $357bn.
CFTC staff tell event contract venues to drop bookmaker odds
The CFTC's Division of Market Oversight and Market Participants Division wrote to regulated entities on 7 August 2026 to say that displaying event contracts in American plus-minus odds rather than in cents is likely to mislead participants about the nature of the transaction and risks breaching the prohibition on manipulative or deceptive devices. Receipt was to be confirmed by 31 August.
Michigan court denies Coinbase an injunction over sports event contracts
Judge Shalina D. Kumar of the US District Court for the Eastern District of Michigan denied Coinbase Financial Markets a preliminary injunction on 6 August 2026, holding that sports event contracts are probably not swaps under the Commodity Exchange Act and that the Act preempts Michigan's gambling laws neither expressly nor by implication. The Gaming Control Board was dismissed on Eleventh Amendment grounds.