Nine Swiss institutions start testing a franc stablecoin, capped at a million
SIX and TWINT joined UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, BCV and Swiss Stablecoin AG in a live sandbox for CHFD, a franc token running since June.
Cryptoeconomics: The economics of onchain markets. News, data and analysis on tokenized assets, market design and digital economic systems.
Today's lead coverage
Block applies to become a trust bank, and keeps the business plan back
The company behind Square and Cash App filed to charter Builders Bank and Trust, an uninsured national trust bank in Sioux Falls that would custody bitcoin, execute customer orders and settle stablecoins.
DBS and Citi move dollars across a weekend on Swift's ledger
The two banks executed what they call the first successful weekend United States dollar payment between Singapore and New York using tokenized deposits over the Swift Digital Ledger, on Saturday 5 September 2026, settling in minutes against an…
FinCEN counts $12.7bn of suspected scam flows and names the settlement asset
Standard Chartered adds execution to custody for bitcoin and ether in Dubai
Thirty banks would rather issue a deposit than hold a stablecoin
Broadridge widens its tokenized repo to G7 collateral as the daily average slips
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 CFTC says CME cannot be injured by a contract it refuses to list
Moving to dismiss the exchange's suit over Kalshi's bitcoin perpetuals, the Commission quotes CME's own earnings call and its own monthly volume files back at it, and argues that one board of trade has no standing to litigate how a rival's contract…
The second charter of the day draws the line the first one crossed
Corporate Decision #1390 lets Revolut custody digital assets through a UK affiliate and lets its customers pay remittances in stablecoins. It may not issue the Revolut-branded token, manage its reserves, or hold a digital asset on the bank's own balance sheet.
Twenty-one banks and asset managers commit to one dollar stablecoin
The SEC proposes to let a blockchain be the legal record of who owns a share
The London Stock Exchange plans a tokenized version of itself
Singapore would let a stablecoin issuer be nothing else
Michigan enjoins Kalshi, and Kalshi asks why only Kalshi
Also today
The G20 promises clear pathways for digital assets
The NYSE lines up a second transfer agent for tokenized shares and buys into it
Issuers ask the SEC for a quiet door on novel ETFs; the market makers ask for a wider one
A second appeals court calls Kalshi's sports contracts gambling
The BIS puts tokenized deposits above stablecoins, at Jackson Hole
A teleprompter operator traded the words the President had not yet said
The SEC restarts the custody rule it abandoned in 2023
OFAC makes a crypto sector sanctionable, and shuts a lawful channel
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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
Also catalogued
The record
A dated, sourced entry for each development that changed the market structure.
Block applies to charter Builders Bank and Trust as a national trust bank
Block, Inc. published the public volume of a charter application to the Office of the Comptroller of the Currency for Builders Bank & Trust, N.A., an uninsured national trust bank in Sioux Falls that would custody digital assets, execute customer orders on a riskless principal basis and settle stablecoins. The volume carries one public exhibit and seven confidential ones, and no capital figure.
A Swiss franc stablecoin sandbox starts testing and adds SIX and TWINT
UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, BCV, SIX, TWINT and Swiss Stablecoin AG began testing use cases for CHFD, a franc token technically live since the end of June 2026. Circulation is held below CHF 1m so the Swiss fintech sandbox exemption applies. The test phase runs to the end of 2026 and is not a decision to launch.
DBS and Citi settle a weekend dollar payment on the Swift Digital Ledger
The two banks said on 7 September 2026 that they had completed what they call the first successful weekend United States dollar payment between Singapore and the United States using tokenized deposits over Swift's ledger, executed on Saturday 5 September and settling in minutes against an industry norm of up to two business days. No amount was disclosed.
FinCEN puts $12.7bn of reported activity behind digital asset investment scams
The Treasury's Financial Crimes Enforcement Network published a Financial Trend Analysis and an alert on 3 September 2026 covering 33,904 Bank Secrecy Act reports filed from 8 September 2023 to 31 December 2025 and about $12.7bn of reported activity. Its finding for this beat is that proceeds were nearly always converted into stablecoins, almost exclusively USDT.
Standard Chartered opens institutional bitcoin and ether spot trading in the DIFC
The bank announced on 3 September 2026 that clients of its Dubai Financial Services Authority-regulated entity can trade deliverable BTC/USD and ETH/USD spot through the electronic channels they already use for foreign exchange, settling with a custodian of their choice. It adds execution to a UAE custody service running since September 2024.
New Jersey petitions the Supreme Court over prediction market sports contracts
New Jersey's attorney general and its gaming enforcement director filed a petition for certiorari on 2 September 2026 in Flaherty and Davenport v. KalshiEX, asking whether Dodd-Frank preempted states from regulating sports bets offered on CFTC-registered markets. The office calls it the first such petition, and it follows opposite rulings in the Third and Ninth Circuits.