News, data and analysis on tokenized assets, market design and digital economic systems.
A cryptographic check released on 2 November shows the exchange held enough of ten big tokens to cover every customer's balance after the theft. The smaller tokens it is still buying back are not covered yet.
The exchange drew on an emergency fund and part of a buffer that protects futures traders. The FBI blames North Korea, but how the thieves got in is still unexplained.
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.
Every development we have verified against a primary source, newest first. Each entry links to the filing, release or dataset it came from.
America's national bank regulator has set the rules for the stablecoin issuers it will supervise. It halved the cash they must keep on hand from its draft, and no longer presumes that rewards paid through partners break the ban on interest.
Seturion, the exchange group's settlement venture, can now settle tokenized securities under an EU trial regime. Other venues can trade through it without a licence of their own, but the trial's size cap still limits how far it can grow.
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.
Binance published a zero-knowledge proof on 2 November, from its 31 October snapshot, letting holders of ten tokens, among them bitcoin, ether, USDT and USDC, confirm their balances are backed at least one for one. The less traded tokens that make up the last 5% of the stolen assets are not covered; a wider snapshot is due 4 November. A second withdrawal phase began on 3 November.
Binance began restoring withdrawals in phases on 1 November across 15 networks. It says it has replaced about 95% of the stolen assets from SAFU, part of its futures insurance fund and its corporate treasury, with a full proof of reserves due by 3 November. The FBI attributed the theft to North Korea on 31 October.
Binance said an attacker took assets worth about $6.3bn on 29 October 2026 and suspended withdrawals, pledging to cover losses. TRM Labs attributed the theft to North Korea's TraderTraitor unit. Tether, Circle, Ripple and World Liberty Financial froze stablecoins; Binance put the total frozen at about $3bn.
Tether's BDO attestation as of 30 September 2026 shows assets of $191.45bn against liabilities of $183.50bn, an excess of $7.95bn, up from $4.11bn at 30 June. Tether reports $1.5bn of quarterly net operating profit and $132.4bn of direct and indirect Treasury bill holdings.
Draft supervisory expectations say clearing houses may already accept tokenized forms of eligible collateral (cash, financial instruments, bank guarantees, gold) that can be valued, transferred and realised under stress. Stablecoins would need a rule change or waiver. Comments close 12 February 2027.
Intercontinental Exchange signed a definitive agreement to become the exclusive operator of a new, separate, regulated US retail market and clearing structure for Trade[XYZ]'s perpetual futures, built on Hyperliquid and subject to regulatory approvals, and took an undisclosed minority stake in Trade[XYZ].
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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