News, data and analysis on tokenized assets, market design and digital economic systems.
The company that holds $114trn of securities will let firms turn some of them into tokens on a public blockchain from late 2027. It is a plan, not a launch, and it says nothing about how buyers would pay.
America's national bank regulator has approved a federally chartered trust company to hold clients' crypto for Coinbase. It follows Circle and Ripple, while small banks ask a court to strike down the rule behind such charters.
A large European fund manager has moved tokenization past cash funds and into ordinary stock investing. It has not said how much money the new tokens hold, or what they let investors do that ordinary units do not.
Every development we have verified against a primary source, newest first. Each entry links to the filing, release or dataset it came from.
The largest crypto theft on record was slowed by companies that can lock their own tokens. Bitcoin and ether have no such switch, and about $2.4bn now sits beyond any issuer's reach.
The buffer that would absorb losses before USDT holders lose anything rose by $3.8bn in a quarter in which Tether says it earned $1.5bn. Its announcement does not explain the difference.
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. |
| 2026-04-30 | $824,621,241 | Month-end net assets of Franklin OnChain U.S. Government Money Fund (SEC series S000067043), Form N-MFP3 Item A.20, filed 2026-05-06. |
| 2026-05-31 | $813,503,614 | Month-end net assets of Franklin OnChain U.S. Government Money Fund (SEC series S000067043), Form N-MFP3 Item A.20, filed 2026-06-05. |
| 2026-06-30 | $753,241,527 | Month-end net assets of Franklin OnChain U.S. Government Money Fund (SEC series S000067043), Form N-MFP3 Item A.20, filed 2026-07-07. |
| 2026-07-31 | $720,928,224 | Month-end net assets of Franklin OnChain U.S. Government Money Fund (SEC series S000067043), Form N-MFP3 Item A.20, filed 2026-08-06. |
| 2026-08-31 | $686,635,362 | Month-end net assets of Franklin OnChain U.S. Government Money Fund (SEC series S000067043), Form N-MFP3 Item A.20, filed 2026-09-04. |
| 2026-09-30 | $667,960,092 | Month-end net assets of Franklin OnChain U.S. Government Money Fund (SEC series S000067043), Form N-MFP3 Item A.20, filed 2026-10-06. |
| 2026-10-31 | $833,554,415 | Month-end net assets of Franklin OnChain U.S. Government Money Fund (SEC series S000067043), Form N-MFP3 Item A.20, filed 2026-11-06. |
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 | $14,040,000,000 |
| 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 | $14bn | 10 November 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 | $289bn | 12 November 2026 | DefiLlama |
| 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.
DTCC said its tokenization service, live since 28 October on the Canton Network and its own private network, will connect to Solana in the second half of 2027. The release names no customers and says nothing about how trades on Solana would be paid for. Decrypt, citing a DTCC fact sheet, reports Stellar and Circle's Arc are also due in 2027.
Coinbase announced that the Office of the Comptroller of the Currency had on 6 November given final approval for Coinbase National Trust Company, which will hold clients' digital assets under federal supervision. Ledger Insights reports a narrow custody scope and a three-year move from its New York trust company.
Amundi issued a tokenized share class of a flagship European equity index fund on public Ethereum, built with CACEIS, taking its tokenization beyond money market funds. Ledger Insights and Cointelegraph identify the fund as its STOXX Europe 600 fund; Amundi's release names no fund and gives no size.
Interest on the reserves behind USDC fell to $658m as rates dropped, while average circulation grew 8% to $73.3bn. A $182m presale of the ARC token carried revenue growth, and Circle agreed to buy Tazapay, a Singapore cross-border payments firm.
Centrifuge launched tokenized exposure on Solana to the Schroder International Selection Fund Emerging Market Bond, Schroders' first deployment on that network. Ledger Insights and Cryptoast describe a feeder fund holding shares in the Schroders fund, which the announcement does not mention.
Canton Strategic Holdings' tokenized shares traded on TSV LLC, a venue on the Canton Network, the first trades under the SEC's September exemption. The venue's record shows five purchases worth $40,296, a price rising 14% within the day, and no trades from 5 to 9 November.
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.