News, data and analysis on tokenized assets, market design and digital economic systems.
Kenya gazetted the Virtual Asset Service Providers Regulations, 2026 on 24 July 2026, completing implementation of the VASP Act assented to in October 2025. The Central Bank of Kenya will supervise fiat conversion services and stablecoin issuers, while the…
Every development we have verified against a primary source, newest first. Each entry links to the filing, release or dataset it came from.
Franklin Templeton's Benji tokenization platform held $2.44bn in assets as of 18 July 2026, of which $1.5bn, or 61.7%, sat on BNB Chain, overtaking Stellar. BNB Chain balances…
DTCC started limited production trading on its DTC Tokenization Service in July 2026, covering Russell 1000 constituent stocks, major ETFs and US Treasury securities. JPMorgan,…
HM Treasury published the first report of its Wholesale Digital Markets Champion, Chris Woolard, on 13 July 2026. The report projects £33bn in annual economic benefit and £14bn in…
The European Parliament approved its position on the digital euro regulation on 9 July 2026, following a committee vote in June. Trilogue negotiations with the Council and…
Security firm PeckShield reported $75.87m in losses from 40 crypto security incidents in June 2026, a decline of about 7% on the previous month, with an exploit of Humanity…
Robinhood began operating Robinhood Chain on mainnet on 1 July 2026, alongside round-the-clock tokenized stock trading, perpetual futures and onchain lending. The tokens give…
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 | — | — |
Standing coverage areas. Each has its own index, its own feed and its own reading list.
Securities issued, settled and serviced on programmable ledgers: government paper, funds, credit and the market structure forming around them.
12 storiesDollar and non-dollar tokens as payment instruments: reserves, redemption, distribution economics and the corridors that use them.
14 storiesAuctions, order flow, settlement guarantees and incentive design: the rules that decide who captures value in an onchain market.
9 storiesWhere protocol revenue comes from, who it accrues to, and whether the accounting survives contact with a downturn.
4 storiesHow onchain systems make binding decisions, and who is actually able to make them.
3 storiesThe cost of attacking a system versus the value it secures: staking, restaking, slashing and validator economics.
2 storiesLending, exchange and derivatives built as open protocols, and the balance-sheet mechanics underneath.
8 storiesMarkets that price events, what their prices can and cannot be read as, and their regulatory position.
2 storiesStatutes, rules and supervisory practice across jurisdictions, tracked as they change rather than as they were announced.
15 storiesBanks, asset managers, exchanges, custodians and central banks: what they have actually deployed, not what they have signalled.
16 storiesCurrency substitution, remittance corridors and settlement gaps in economies where the demand for dollar liquidity is structural.
5 storiesLonger 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.
A dated, sourced entry for each development that changed the market structure.
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.
Luxembourg's CSSF said the transitional period under which virtual asset service providers could continue operating in the European Union without a MiCA authorisation ended on 1 July 2026. Firms without a crypto-asset service provider authorisation must wind down EU activity in an orderly way: they may not onboard new customers or market products, and may only allow existing customers to convert holdings into legal tender, transfer them to an authorised platform or move them into self-custody.
The Bank of England published a policy statement and draft Code of Practice for issuers of systemic sterling stablecoins, setting a temporary guardrail of £40bn per issuance instead of the individual holding limits it had consulted on. Issuers may hold up to 70% of backing assets in short-term UK government debt, with the remaining 30% in deposits at the Bank; responses are due by 22 September 2026 and regulated stablecoins are expected to operate from 2027.
The Bank for International Settlements reported that the Project Agorá prototype showed tokenisation of central bank reserves and commercial bank deposits can support atomic multi-currency settlement across jurisdictions while leaving each central bank in control of its own money and preserving transaction privacy. Eight central banks and more than 40 private financial institutions took part, and the project said the work would advance to real-value transactions in certain currencies.
A divided panel of the US Court of Appeals for the Third Circuit affirmed a preliminary injunction in KalshiEX LLC v. Flaherty, holding that the Commodity Exchange Act preempts New Jersey's gaming laws as applied to sports event contracts traded on a CFTC-designated contract market, on both field and conflict preemption grounds. Judge Roth dissented, arguing that the presumption against preemption applies with particular force to gambling and that the two regimes can be complied with simultaneously.
The SEC approved a Nasdaq proposed rule change, as modified by Amendment No. 2, permitting securities to trade on the exchange in tokenized form through DTC's tokenization pilot, in Release 34-105047. Eligible participants may set a tokenization flag on orders in Russell 1000 constituents and large index ETFs; tokenized and conventional shares trade on the same order book with the same priority provided they remain fungible and share the same CUSIP and symbol.
The reference layer: what a term means, how it is measured, where it is contested, and what to read next.
A settlement arrangement in which every leg of a transaction completes together or none completes at all, enforced by the ledger rather than by a chain of intermediary promises.
The displacement of a domestic currency by a foreign one in the store-of-value, unit-of-account and payment functions, now increasingly mediated by dollar-referenced stablecoins rather than by physical cash or bank deposits.
A securities settlement mechanism that links the transfer of an asset to the transfer of its cash consideration so that neither can complete without the other.
One word covers two unrelated events: a venue print 35 cents below a dollar while the issuer's redemption channel never closed, and a token that fell to nothing because there was never anything behind it.
One of MiCA's two categories carries a par redemption right and 46 notified white papers; the other carries redemption at market value and, on ESMA's register in July 2026, not one authorised issuer.
Delegated voting power in the largest onchain protocols is distributed with Gini coefficients above 0.94, and in some cases a single delegate can carry a proposal alone, which makes the binding constraint on a decision arithmetic rather than persuasion.
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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