Eighteen attorneys general object to the part of the Clarity Act that did not change
New York led seventeen other states and the District of Columbia in telling the Senate Banking Committee to vote no.
Cryptoeconomics: The economics of onchain markets. News, data and analysis on tokenized assets, market design and digital economic systems.
Today's lead coverage
The SEC has exempted onchain stock venues from being exchanges, and from the rule that protects the best price
The Innovation Exemption lets a Tokenized Securities Venue trade tokenized listed shares on an automated market maker without registering as an exchange, until September 2031.
Circle minted ten billion tokens and called them a digital commodity, a day after the Senate declined to define one
The crypto tax bill cleared committee 38 to 5, and the substitute's only change was to fix the retroactive date
The Clarity Act did not lose by one vote, it lost by eleven, and four Republicans voted no
Two Robinhood engineers are charged under commodities law for trading on a venue the government says has no licence
The ECB wants merchants for a digital euro pilot in which nobody pays a fee and nobody holds the money
The final Clarity Act text drops the ethics sunset and the developers' criminal shield
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.
The FCA asks whether a gold token is a fund, and draws the line while asking
London clears most of the world's spot gold, and the regulator wants to know whether tokenizing it would help.
The crypto tax bill's loss rule starts from the day it was filed and its reliefs start in 2028
Tether froze the money fourteen months before the United States went to court for it
Balancer's own council member proposes shutting the protocol and handing the treasury back
CoinEx closes on the ninth anniversary of its launch and prices the failure to collect at 5 per cent a month
India tokenizes corporate bonds and settles them in central bank money
Also today
ESMA says the largest prediction markets have no EU authorisation
The Clarity Act's new DeFi test asks who can change the code
Nasdaq puts $100m into Kraken's parent and sells it the surveillance
Singapore's three banks net tokenized deposits on Swift's ledger, then settle elsewhere
BlackRock's Hong Kong fund takes a stablecoin for subscriptions, from the bank that is also its trustee
Citadel Securities tells the agencies a venue cannot pick its own regulator
Robinhood says its stock tokens are debt, and will not say who votes the shares
Hyperliquid's policy arm asks the court to end CME's perpetuals suit
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.
SEC exempts tokenized stock venues from the definition of an exchange
Release 34-106402 grants temporary conditional relief to Tokenized Securities Venues from the exchange definition and to certain liquidity providers from the dealer definition, until 17 September 2031. Smart contracts must sit on a public permissionless ledger, issuers can object to third-party tokenizations, and Tier 1 trading is capped at 75 symbols and 0.25 per cent of prior-month volume.
Circle launches Arc mainnet and mints the full 10bn supply of ARC
Arc goes live as a layer one whose fees are payable in USDC, with a founding validator cohort of eleven institutions alongside Circle including DTCC, ICE, Mastercard and Visa. Circle says it completed the genesis mint of 10 billion ARC in the United States and describes the token as a digital commodity, adding that the mint is not a commitment to launch it.
Ways and Means orders the Digital Asset Tax Certainty Act reported, 38 to 5
The committee adopted a substitute by voice vote whose only change is to replace the date of the introduction of the Act with 14 September 2026 in six places, rejected two minority amendments by 12 to 28 and 16 to 25, and reported H.R. 10357 by 38 yeas to 5 nays. The Joint Committee scores the bill at a net $500m over 2027 to 2036.
Senate rejects cloture on the digital asset market structure bill, 49 to 50
Cloture on the motion to proceed to H.R. 3633 failed at 2:19 p.m. against a three-fifths requirement of 60 votes, so the chamber never took the bill up and no text was voted on. The Senate's roll call record gives four Republicans among the 50 nays, alongside 44 Democrats and two independents, with one Democrat not voting.
Two Robinhood engineers charged over perpetual futures trades on Hyperliquid
Complaints unsealed in Manhattan allege Hefu Chai and Huaisong Xiang learned of forthcoming Robinhood Crypto listings on a private Slack channel and bought perpetuals on Hyperliquid before each announcement, making more than $50,000 each. The pleading says the venue holds no CFTC approval for a futures market and geofences United States addresses.
ECB opens applications for online merchants to join the digital euro pilot
The call for expression of interest closes on 27 October 2026 for a twelve-month pilot from the second half of 2027. The beta instrument is a Eurosystem liability that the document says is not legal tender and not the digital euro of the draft regulation. Merchants receive no fee and pay none, and are settled into ordinary accounts rather than holding a balance.