News, data and analysis on tokenized assets, market design and digital economic systems.
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 proposal to rewrite how advisers and funds may hold client assets, crypto included, is at the proposed-rule stage with a notice targeted for October, three years after the last attempt was withdrawn.
The Office of Foreign Assets Control determined on 24 August that section 1(a)(i) of Executive Order 13902 now applies to the digital asset sector of the Iranian economy, so any person anywhere who operates in it may be designated.
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.
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.
London Stock Exchange Group said on 1 September 2026 that it is assessing a UK tokenized equity structure meant to preserve shareholder rights and governance standards, and named Payward, Kraken's parent, as a partner in exploring tokenized public equity markets. It says it intends to list xStocks on LSE 24, its planned round-the-clock venue, in 2027. No companies are named and no permissions are stated.
Twenty-one banks and asset managers said on 1 September 2026 that they had committed to establish a company in the second half of 2026, subject to closing conditions, to support the issuance of a stablecoin, starting in dollars with a euro offering the priority for expansion. They aim to go to market in the first half of 2027. No company name, token, chain or custodian is given.
The Securities and Exchange Commission proposed Release No. 34-106246 on 1 September 2026, rewriting transfer agent rules not substantively updated since the early 1980s. The amended definition would permit a transfer agent to use a blockchain or other distributed ledger as its master securityholder file or part of it, and new Form TA-2 questions would count the issues where one does.
In KalshiEX, LLC v. Assad, No. 25-7516, decided 28 August 2026, a Ninth Circuit panel affirmed dissolution of Kalshi's injunction against Nevada's gaming regulators, holding the Commodity Exchange Act likely does not preempt state gaming law as applied to its sports event contracts. Nelson wrote, Bade joined, Lee concurred. It contradicts an April Third Circuit decision, creating a split.
Pablo Hernandez de Cos, general manager of the Bank for International Settlements, argued at the Jackson Hole Economic Symposium on 28 August 2026 that stablecoins fail on singleness, interoperability and financial integrity, and that tokenized bank deposits settled through central bank accounts do not. The speech stops short of asking for restrictions and allows that the two could coexist.
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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