News, data and analysis on tokenized assets, market design and digital economic systems.
Two years of Bank Secrecy Act filings and 33,904 reports, and the finding that matters on this beat is not the total: whatever the victim was persuaded to buy, the proceeds were nearly always turned into stablecoins, and almost exclusively into USDT.
The bank extended institutional deliverable spot trading in bitcoin and ether to clients of its Dubai International Financial Centre entity, routed through the same electronic channels its clients use for foreign exchange, and lets them settle with a…
The state's attorney general petitions for certiorari five days after the Ninth Circuit split from the Third, asking whether registering a market with the CFTC exempts what it lists from every state's gambling law.
Every development we have verified against a primary source, newest first. Each entry links to the filing, release or dataset it came from.
A 421-page rewrite of rules untouched since the early 1980s would permit a transfer agent to keep its master securityholder file on a distributed ledger, and would start counting the issues where one does.
LSEG says it intends to list xStocks on a planned round-the-clock venue in 2027 and is designing a UK tokenized equity structure meant to keep shareholder rights intact, with Kraken's parent as its partner.
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.
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.
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'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.
The Comptroller granted preliminary conditional approval on 2 September 2026 to charter OpenReserve Bank, National Association, a full-service insured national bank in Salt Lake City whose plan puts tokenized capabilities across all deposit products and a wholly-owned stablecoin subsidiary not yet applied for. Capital must reach $210m and the tier 1 leverage ratio 12 per cent for three years.
Cari said on 2 September 2026 that it had raised $32.5m in the first tranche of its initial external round, with every investor a bank, including all six Design Partner Banks and Glacier Bank. More than thirty banks have joined the network and more than forty are in discussion. The build reached a full product suite on 31 July and remains in pilot.
Broadridge announced on 2 September 2026 that its Distributed Ledger Repo platform would take G7 securities as collateral alongside US Treasuries, for cross-border repo, intraday repo and collateral movement with atomic settlement. The release gives August volume at $7.4tn, a daily average of $351bn, which is the lowest of the five months this desk has recorded.
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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