Circle adds a New York trust charter to USDC's regulatory stack
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.
Cryptoeconomics: The economics of onchain markets. News, data and analysis on tokenized assets, market design and digital economic systems.
Today's lead coverage
Google's Chrome store ban on prediction market extensions takes effect
From 1 August the Chrome Web Store refuses extensions that move real money on predictive outcomes, closing a distribution channel to venues such as Kalshi and Polymarket. Google Finance has carried their prices since November 2025.
New York sues Kalshi, calling its prediction markets illegal gambling
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.
CFTC fines George Santos over his own attendance market on Kalshi
Tether posts $1.5bn quarterly profit as its reserve buffer halves
CFTC proposes conflict rules for venues that own their market makers
Uniswap bolts lending onto the exchange with Earn
Coinbase posts a $359.5m loss while taking record trading share
Weak randomness in a hardware wallet meets an automated sweep
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.
Central bank money
Project Agorá settles real money, six currencies in eighty seconds
The BIS says twenty-eight institutions and central banks moved around CHF800,000 of live tokenized deposits across borders, the first time the project has put real value at stake.
BNY moves the fund register itself onto the chain
The servicer of $8.6tn in fund assets will keep books and records on blockchain rails, take subscriptions in stablecoins and mint fund tokens directly, starting with a digitally native Dreyfus money market fund.
Aviva Investors puts a money fund share class on the XRP Ledger
Tether's USAT goes live on Celo, its first network beyond Ethereum
Polymarket sets up an institute to fund prediction market research
1inch opens Aqua, where one wallet's capital quotes many pools
Tether signs tokenization agreement with the Nairobi Securities Exchange
Also today
Quidax stretches its stablecoin corridors across 21 countries
Federal judge blocks Minnesota's prediction market ban before it takes effect
Circle buys IBM's blockchain patent portfolio
Tether's gold token receives Shariah certification
NFL tells the CFTC its prediction market rules fall significantly short
Lido begins moving eight million staked ether onto a leaner validator set
Ondo drops its planned blockchain for a private execution network
Securitize adds an SEC investment adviser to its regulated stack
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.
Google's Chrome Web Store ban on prediction market extensions takes effect
Google's revised Chrome Web Store Developer Program policies came into force on 1 August 2026, the Regulated Goods and Services section stating that extensions facilitating or enabling real money transactions on predictive outcomes are not allowed. The change was published on 1 July. It names no venue and reaches extensions rather than the markets themselves; no removal has been reported.
New York sues Kalshi, alleging an unlicensed gambling operation
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's Q2 attestation shows its reserve buffer halved to $4.11bn
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.
Circle receives a New York limited purpose trust charter
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.
CFTC orders George Santos to pay over a State of the Union event contract
The Commodity Futures Trading Commission announced an order on 31 July 2026 against the former US representative George Santos for manipulative trading of a Kalshi event contract on whether he would attend the February 2026 State of the Union address. Axios reports a civil fine of $17,500, the surrender of $17,569.98 in profits and a three-year trading ban; the reports differ on the ban's scope.
CFTC proposes conflict-of-interest rules for affiliated venue structures
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.