News, data and analysis on tokenized assets, market design and digital economic systems.
The central bank has drafted guidance for clearing houses that want to accept tokenized bonds, cash and gold from their members. It adds no new rules, and stablecoins stay outside for now.
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.
Customers of HSBC's payments app can now pay friends and shops in RedCoin, a licensed Hong Kong dollar stablecoin. It runs on a network HSBC controls, cannot leave the bank's own apps, and has no reserve report until next year.
Every development we have verified against a primary source, newest first. Each entry links to the filing, release or dataset it came from.
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.
The Financial Stability Board says a dollar token held worldwide but backed and regulated in a few countries could leave holders unsure whom to claim from if it failed. It puts the market no bigger than a year ago.
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.
Draft supervisory expectations say clearing houses may already accept tokenized forms of eligible collateral (cash, financial instruments, bank guarantees, gold) that can be valued, transferred and realised under stress. Stablecoins would need a rule change or waiver. Comments close 12 February 2027.
DTCC's depository subsidiary launched a service that turns securities it holds into tokens delivered to registered wallets, on the Canton Network and DTCC's private Besu network, with more networks due in 2027. Twenty participants have signed. Both reports put eligible securities at 34.
HSBC opened its licensed Hong Kong dollar stablecoin for person-to-person and merchant payments in PayMe, running on HSBC's own distributed ledger. It cannot move between PayMe and the HSBC HK App, and the first reserve attestation is due after the fourth quarter of 2026.
The Monetary Authority of Singapore said the two central banks joined BLOOM, its initiative on settling stablecoins and tokenized deposits across borders, as policymaker members. Airwallex, Mastercard, Maybank, Monee, Nium, Ripple, ShopeePay, Visa and the World Bank Group joined sixteen existing participants. No timetable was given.
The final rule cuts the daily liquidity floor from 10% to 5% of reserves, drops the proposed weekly liquidity test and 20-day maturity cap, and removes the presumption that yield paid through affiliates or partners breaches the ban on interest.
The group says it is the first exchange group in Europe to hold a DLT Trading and Settlement System licence under the EU's DLT Pilot Regime, granted after a process run with ESMA and the ECB. Connected venues can trade tokenized assets without their own licence.
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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