SEC proposes crypto offering rules, and a certified way out of them
The Commission proposed Regulation Crypto Assets on 18 August without holding the open meeting it cancelled four days earlier.
Cryptoeconomics: The economics of onchain markets. News, data and analysis on tokenized assets, market design and digital economic systems.
Today's lead coverage
Kraken sells the share and its token side by side, under two laws
Kraken opened US stock trading across the European Economic Area this morning and says the traditional share and its tokenized version now sit side by side in one regulated account.
Kalshi asks the CFTC for perpetuals, and names a DAO as price source
Kalshi submitted two never-expiring futures for the Commission's approval on 18 August rather than certifying them itself: one on a 500-stock US index, one on copper.
Neuberger's first tokenized fund opens with two investors and $5.1m
Binance adopts the EU's crypto sanctions annex as a term of use
Novig sues Wisconsin, the state where the CFTC has already lost
Austria publishes the first MiCAR penalty, over a late white paper
The wire
Every development we have verified against a primary source, newest first. Each entry links to the filing, release or dataset it came from.
Baltimore sues Kalshi and Polymarket, and three of Kalshi's brokers
The city filed two complaints in the Circuit Court for Baltimore City on 13 August under an ordinance of its own, and the Kalshi case also names Robinhood, Webull and Coinbase, because each takes a fee on every event contract sold through its…
Tether announces a clean audit and publishes no audit report
KPMG US issued an unqualified opinion on the 2025 financial statements of Tether International, the entity Tether says is the only issuer of USDT, and found reserves exceeding liabilities by $6.814bn at 31 December 2025.
SEC cancels the vote on its first crypto offering rules
CFTC agenda asks who regulates a prediction market
SEC staff lets registered funds hold a tokenized money fund
Securitize earns less from tokenizing more in its first results
AFC sells Africa's first digital bond into a Swiss domestic book
Also today
Kalshi must geofence Washington a day after the CFTC ordered it open
CFTC staff sets out what a prediction market may pay for volume
CFTC declares New York's lawsuit an emergency and orders Kalshi open
FlightAware drops its Kalshi suit hours after winning a hearing
Nasdaq buys a dark pool and files it under tokenization
Nigeria's central bank opens a stablecoin track in its sandbox
FlightAware sues Kalshi over the data that settles flight contracts
SEC sets a vote on proposing its first crypto offering rules
The weekly read on onchain market economics
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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Markets
One series at a time, with its source, its cadence and what it excludes stated on the figure.
Franklin OnChain U.S. Government Money Fund, net assets
Total net assets at fiscal year end
Scale
View as table
| 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. |
Reading this figure
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.
What the tokenized market is made of
Aggregates are compiled per asset class from the sources named on each figure. Classes without a verified aggregate are listed but not sized.
Reported value by asset class
Share of the total of the classes for which an aggregate is published
Government securitiesPrivate creditTokenized fundsReal estateCommoditiesEquities
View as table
| 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 | — | — |
Analysis
Longer pieces, written from the data on this site and citing it.
Dollar access without dollar accounts
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.
Settlement pilots that became production
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.
The euro stablecoin gap
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.
What tokenized private credit actually funds
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.
Founder & Editor
Cryptoeconomics is edited by Olaoluwa Samuel-Biyi, co-founder of Busha, a leading African digital-asset exchange.
Watch and listen
Hearings, conference sessions and interviews from the library, newest first, each playable on this page.
Hearing
Tokenization and the Future of Securities: Modernizing Our Capital Markets
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
Payments Innovation Conference
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
SEC-CFTC Joint Roundtable on Regulatory Harmonization Efforts
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
BISness podcast: a primer on tokenisation
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
Also catalogued
The record
A dated, sourced entry for each development that changed the market structure.
Kraken opens US share dealing across the EEA alongside xStocks
Kraken made more than 7,000 US-listed stocks available to eligible customers across the European Economic Area on 18 August 2026 under a MiFID authorisation held in Cyprus, in the same account as its xStocks tokens, which are issued in Jersey and distributed from Bermuda and which the company says are registered with no securities regulator.
SEC proposes Regulation Crypto Assets without an open meeting
The Commission proposed a tailored offering regime for crypto assets on 18 August 2026, five days after cancelling the meeting called to consider it. Two registration exemptions, a safe harbour perfected by the issuer's own certification on a new Form TR, and a definition of qualified purchaser that would preempt state registration requirements. Comments close sixty days after publication.
Kalshi asks the CFTC to approve equity index and copper perpetuals
Kalshi submitted perpetual futures on the MerQube US Large Cap Index and on copper for Commission review and approval under regulation 40.3(a) on 18 August 2026, rather than self-certifying them. The copper contract references the Pyth Network XCU/USD feed, and the filing tells the regulator that the network's staking and slashing safeguard is not currently operative.
Neuberger becomes subadvisor to a tokenized high yield fund
Securitize and Neuberger launched the Neuberger Securitize High Income Tokenized Fund across Avalanche, Ethereum, Solana and Sui on 18 August 2026. The fund's Form D, filed the same day, records a British Virgin Islands issuer relying on Rule 506(c) and section 3(c)(7), a $100,000 minimum investment, and $5.1m sold to two investors on the date of first sale.
Treasury proposes the GENIUS Act rules on stablecoin issuance and sale
The Treasury issued a notice of proposed rulemaking on 17 August 2026 implementing section 3 of the GENIUS Act, published the next day at 91 FR 53368 with comments due by 19 October. It would create 12 CFR part 1523, read section 18(a) to let qualifying foreign issuers issue in the United States, and treat market making in an unlawful issuance as participation in it.
OCC conditionally approves a national trust bank to issue USD1
Corporate Decision #1385 of 14 August 2026 grants preliminary conditional approval to charter World Liberty Trust Company, National Association, which would issue and redeem USD1, hold its reserve and custody digital assets as a fiduciary, assuming the issuer's role from BitGo Bank & Trust. Seven conditions attach, including $20m of tier 1 capital.