News, data and analysis on tokenized assets, market design and digital economic systems.
A large European fund manager has moved tokenization past cash funds and into ordinary stock investing. It has not said how much money the new tokens hold, or what they let investors do that ordinary units do not.
Bond funds put on blockchains so far have mostly held cash or short-term government debt. This token brings lending to poorer countries onto one, though it holds a stake in the Schroders fund rather than being it.
Circle earned less from the reserves behind its USDC stablecoin than a year ago. Revenue still grew because it sold tokens for its new blockchain, which raises the question of what happens when that money stops.
Every development we have verified against a primary source, newest first. Each entry links to the filing, release or dataset it came from.
Intercontinental Exchange will run a separate, regulated market for Trade[XYZ]'s round-the-clock contracts on the Hyperliquid blockchain and take a stake in the firm. Nothing can open until regulators approve it.
The company that holds $114trn of securities for America's markets now lets 20 banks and brokers turn some into tokens that can move around the clock. Only a few dozen securities qualify so far, and the cash side is still a plan.
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.
Amundi issued a tokenized share class of a flagship European equity index fund on public Ethereum, built with CACEIS, taking its tokenization beyond money market funds. Ledger Insights and Cointelegraph identify the fund as its STOXX Europe 600 fund; Amundi's release names no fund and gives no size.
Interest on the reserves behind USDC fell to $658m as rates dropped, while average circulation grew 8% to $73.3bn. A $182m presale of the ARC token carried revenue growth, and Circle agreed to buy Tazapay, a Singapore cross-border payments firm.
Centrifuge launched tokenized exposure on Solana to the Schroder International Selection Fund Emerging Market Bond, Schroders' first deployment on that network. Ledger Insights and Cryptoast describe a feeder fund holding shares in the Schroders fund, which the announcement does not mention.
Binance published a zero-knowledge proof on 2 November, from its 31 October snapshot, letting holders of ten tokens, among them bitcoin, ether, USDT and USDC, confirm their balances are backed at least one for one. The less traded tokens that make up the last 5% of the stolen assets are not covered; a wider snapshot is due 4 November. A second withdrawal phase began on 3 November.
The bond, issued on Clearstream's ledger platform, settled in central bank money through the Eurosystem's Pontes on 2 November, an ECB board member said. Eurex Clearing said the same day that digital bonds, the fund's among them, will become tradable in its pooled repo market and eligible as margin, and gave no start date.
Binance began restoring withdrawals in phases on 1 November across 15 networks. It says it has replaced about 95% of the stolen assets from SAFU, part of its futures insurance fund and its corporate treasury, with a full proof of reserves due by 3 November. The FBI attributed the theft to North Korea on 31 October.
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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