News, data and analysis on tokenized assets, market design and digital economic systems.
The banks say a week-long July test of a shared yen coin, built around Mitsubishi Corporation's payments abroad, worked. They aim for real use before April 2027, but say neither how much moved nor on what network.
Two months after buying BVNK, Mastercard is selling banks and fintechs a ready-made way to hold, convert, spend and pay out stablecoins under their own brands. It does not say which coins, or on which blockchains.
Citadel Securities pledged a tokenized US government bond for an overnight loan from BNY, the bank that dominates that market. BNY names no ledger, sum or rate, and one trade publication asks why a token was needed.
Every development we have verified against a primary source, newest first. Each entry links to the filing, release or dataset it came from.
The joint venture's notice under the SEC's tokenized stock exemption describes permissioned Uniswap pools on XLayer, administrator keys that can upgrade the contracts without a timelock, and an objection already lodged by Cerebras, a company that is…
The Independent Community Bankers of America asked a Washington federal court on 2 October to vacate the OCC's March chartering rule and the 2021 letter behind it, which it says let the agency charter trust banks that neither take deposits nor act as…
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.
Unsubscribe in one click.
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.
MUFG Bank, Mizuho Bank and Sumitomo Mitsui said a 17 to 23 July trial of a deposit-backed, trust-type yen coin they issued jointly, built around Mitsubishi Corporation's cross-border payments, proved joint issuance workable. No amount or network was named; live use is aimed for by March 2027.
Mastercard and BVNK launched accounts that banks, fintechs and companies can offer under their own brand, holding fiat and stablecoins side by side, with conversion, stablecoin-linked cards and local bank payouts over Mastercard Move. No stablecoin, chain, issuer or price was named.
BNY said Citadel Securities bought a two-year Treasury note through it on Tradeweb, a tokenized representation was recorded on BNY's private ledger and settled within minutes, and the note was pledged in an overnight triparty repo with BNY providing the cash. No ledger, value, rate or loan amount was named.
The Financial Stability Board published a note for G20 finance ministers saying stablecoins used across borders, and the national rules for them, have never been tested in severe stress. It flagged tokens issued jointly by affiliates in several countries, put the market at about $300bn, unchanged in a year, and named no issuer.
The CFTC proposed adding sports, political, cultural and weather event contracts to the swap definition, with 30 days of comment after publication. An interim final rule, effective on publication, excludes wagers regulated as gambling under state or tribal law and not traded on an exchange. Both documents say the SEC joins them.
Securitize began offering tokens of 12 US stocks, including Apple, Nvidia and Tesla, each a security entitlement backed one for one by a share, with dividends and votes and no share lending. They trade on its broker-dealer platform on Solana and settle in USDC. Listings on the planned NYSE and OKXICE venues are expected; neither has launched.
The weekly read
What issued, what settled and what the supervisors changed, with the figures and the sources they came from. Thursday mornings.
Unsubscribe in one click.