News, data and analysis on tokenized assets, market design and digital economic systems.
The Federal Reserve Board asked for comment on 24 September on two GENIUS Act proposals: reserves at par in short-dated safe assets or their tokenized forms, an operational risk charge of 1 to 2 per cent of coins outstanding, and a presumption that…
Every development we have verified against a primary source, newest first. Each entry links to the filing, release or dataset it came from.
Pontes went live on 21 September, linking market ledger platforms to TARGET Services so that the cash leg of a tokenized trade settles in central bank money. Thirteen market participants, four ledger operators and the Bundesbank have onboarded.
The central bank says it has begun preparatory work to invest a small portion of its own funds portfolio in tokenized securities, settling the purchases in central bank money through Pontes.
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.
Two GENIUS Act proposals: reserves at par in short-dated safe assets or tokenized forms with identical rights, a two per cent charge on uninsured deposit reserves, a graduated operational risk charge of 1 to 2 per cent of coins outstanding, and a presumption against yield paid through a partner. The Board says no bank it supervises owns an issuer.
Updated FAQs add Q12 to Q15: futures commission merchants and clearing houses may invest customer funds in tokenized forms of permitted investments carrying the same or functionally equivalent rights, and keep regulatory records onchain without an offchain copy. Payment stablecoins remain outside the permitted investments.
Two remortgage completions with funds locked and released automatically, and a consumer marketplace purchase, on the platform Quant built for the Great British Tokenised Deposit initiative that UK Finance convenes. Pilots of digital-asset settlement, with coupons paid in tokenized deposits, are expected over the next few months.
A definitive merger agreement would make North Capital Investment Technology a wholly owned MoonPay subsidiary, bringing two SEC-registered broker-dealers, the PPEX alternative trading system, a transfer agent and an investment adviser inside a payments company. MoonPay states no price; CoinDesk and Fortune each put it above $60m in stock on unnamed sources.
Trading, deposits and new positions ended at 04:00 UTC, on the schedule HDR Global Trading published on 23 July, and www.bitmex.com now serves a closure notice in place of the platform. Withdrawals stay open; verified accounts with balances left behind are charged 1 per cent a year, billed monthly, or USD 50 equivalent for accounts holding no more than that.
A Form 8-K discloses a five-year arrangement under which Circle pays Binance a monthly incentive fee set as a percentage of the USDC held through its Modular Smart Contract Wallet service, replacing agreements of November 2024 and August 2025, alongside a private placement of 1,237,011 Class A shares at $80.84. The press release announcing the deal does not mention the fee.
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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