News, data and analysis on tokenized assets, market design and digital economic systems.
The NYDFS has granted Circle Internet Trust Company a limited purpose trust charter, putting the USDC issuer under the New York Banking Law a decade after it took the first BitLicense.
The state's petition asks a New York court to shut an exchange the CFTC licenses, with remedies one report reckons could pass $36bn, and puts the sharpest question yet to the federal footing of event contracts.
BDO's attestation shows $183.6bn of USDT backed by $187.8bn of assets at 30 June—an excess of $4.11bn, down from $8.23bn a quarter earlier.
Every development we have verified against a primary source, newest first. Each entry links to the filing, release or dataset it came from.
The Central Bank of Ireland has approved a tokenized share class of Aviva Investors' US Dollar Liquidity Fund, issued on the XRP Ledger with Ripple, Komainu and Licuido—which Aviva calls a regulatory first for tokenized fund structures.
The federally regulated dollar token Tether launched in January now mints and burns natively on the payments network, where it can also pay for gas.
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.
Governor Kathy Hochul and Attorney General Letitia James announced on 31 July 2026 that New York had petitioned the Supreme Court of the State of New York, New York County, against KalshiEX LLC, alleging that its sports event contracts amount to an unlicensed gambling business under state law: wagers on outcomes outside the bettor's control without a Gaming Commission licence, users admitted from the age of 18 against a state minimum of 21, and none of the tax obligations licensed operators carry. The petition seeks an injunction, forfeiture of gains, treble damages, restitution and civil penalties.
Tether published its second-quarter 2026 attestation on 31 July, examined by BDO as of 30 June. Total liabilities were $183,622,105,630 against total assets of $187,751,426,411, leaving excess reserves of $4,109,529,196, against $8.23bn three months earlier. The company reported net operating profit of about $1.5bn for the quarter, gold holdings above 146 tonnes after adding 14 during the period, and a reduction of about $2.38bn in secured lending exposure.
The New York State Department of Financial Services granted Circle Internet Trust Company LLC, trading as Circle New York Trust, a limited purpose trust charter on 31 July 2026, permitting fiduciary, custody and asset-management services under the New York Banking Law. It sits alongside the national trust bank approval the Office of the Comptroller of the Currency gave Circle on 10 July 2026.
The CFTC issued a notice of proposed rulemaking on 30 July 2026 seeking comment on amendments to Parts 37, 38 and 39 of its regulations and to Regulations 1.52 and 1.55, addressing conflicts of interest that arise where designated contract markets, swap execution facilities, derivatives clearing organisations and futures commission merchants are affiliated. Reporting describes restrictions on affiliated traders' access to non-public exchange data, a bar on preferential fee treatment, separation of personnel and technology, and a prohibition on proprietary trading arms operating on the same platform. Comments run for 60 days from Federal Register publication.
Uniswap Labs launched Earn on 30 July 2026, letting users deposit USDC, USDT or ether on Ethereum mainnet into lending vaults built on Morpho infrastructure with risk parameters curated by Gauntlet. The product is self-custodial, has no lockup or cooldown, and carries no Uniswap fee at launch beyond network costs.
Coinkite published a security advisory on 30 July 2026, updated on 1 August, saying Coldcard devices had generated seeds with insufficient entropy: about 72 bits rather than 128 on later models, and weak seeds on Mk2 and Mk3 firmware 4.0.1 to 4.1.9 unless dice rolls were used. The advisory confirms no thefts; outside analysts attributed large automated sweeps of bitcoin to the flaw the following day.
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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