Florida's stablecoin licensing law takes effect, and no rule yet says how to apply
From 1 October a payment stablecoin issuer needs a Florida licence or an exemption to do business in the state.
Cryptoeconomics: The economics of onchain markets. News, data and analysis on tokenized assets, market design and digital economic systems.
Today's lead coverage
Securitize starts selling share-backed tokens of Apple, Nvidia and ten other US stocks
Each token is backed by a real share and carries its dividends, but buyers are not on the company's share register. Trading on venues planned by the New York Stock Exchange and OKXICE needs approvals not yet given.
Samsung will let American Galaxy owners send dollar stablecoins abroad from its phone wallet
FinCEN drops its rule on transfers to self-custody wallets, and leaves a door open on crypto mixers
OKX and ICE's onchain stock venue will trade 63 tokens against stablecoins, and its notice does not name the firm holding the shares
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.
North Dakota's state bank puts a dollar token for its banks on Solana, and calls it a deposit where its issuer says stablecoin
Roughrider Coin, issued by VersaBank's US bank on Fiserv's new digital asset platform, went live on 1 October for payments between North Dakota's banks and credit unions, minted against dollars held in custody accounts and burned on arrival, with the…
The FCA opens its crypto gateway, and a firm's standing in 2027 turns on whether it applies by February
HSBC names its Hong Kong dollar stablecoin RedCoin, with three months of its launch window left and no chain named
A Brazilian depository copies fund shares onto the XRP Ledger, and keeps the legal record in its own database
The CFTC asks the White House to clear a rule making event contracts swaps, and the SEC is not on the filing
The CFTC registers Coinbase's own clearing house, and the order says nothing about the USDC that Coinbase says it will run on
Also today
Citi will settle stablecoin payments for merchants who never hold one, and neither company names the token
Bybit takes Franklin Templeton's tokenized money fund as collateral, and the release does not say which fund
Goldman's $105bn Treasury fund reaches crypto firms on Lynq untokenized, while its token share class holds $10,424
Senate Democrats say 84% of Iran-linked sanctioned wallets ran on Tether's USDT, and ask Justice and the Treasury what they have done about it
California bars its officials from issuing memecoins, but the listing ban reaches only coins issued from 2027
The Sixth Circuit says Kalshi's sports contracts are not swaps at all, and Ohio and Tennessee may police them
New York sues Polymarket's US exchange as an illegal gambling operation, and Polymarket sues New York back the same day
The Fed proposes capital and reserve rules for stablecoin issuers, and says no bank it supervises owns one yet
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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
The record
A dated, sourced entry for each development that changed the market structure.
Securitize launches tokens of 12 US stocks on Solana, each backed by a share held for the investor
Securitize began offering tokens of 12 US stocks, including Apple, Nvidia and Tesla, each a security entitlement backed one for one by a share, with dividends and votes and no share lending. They trade on its broker-dealer platform on Solana and settle in USDC. Listings on the planned NYSE and OKXICE venues are expected; neither has launched.
Samsung Wallet to offer USDC transfers abroad to US Galaxy users, with Bastion running the accounts
Samsung Electronics America said Samsung Wallet will support USDC transfers from the last week of October on 82 million compatible US Galaxy devices. Sends to crypto wallets carry no Samsung fee; bank payouts in more than 60 countries carry fees. Bastion runs the accounts, Coinbase is sub-custodian, and Solana and Sui supply the networks.
CFTC publishes an advance notice on Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets
The commission seeks comment on treating retail crypto trades at exchanges that offer leverage as futures until actual delivery, and on a new crypto asset market licence, RIN 3038-AF80.
FinCEN withdraws its 2020 unhosted wallet proposal and its 2023 section 311 proposal on crypto mixing
FinCEN withdrew the December 2020 proposal requiring reports on transfers above $10,000 involving unhosted wallets and the October 2023 finding that international crypto mixing is of primary money laundering concern. It will take no further action on the first and may act on mixers in future.
OKXICE publishes its notice for a tokenized US stock venue on XLayer under the SEC exemption
The OKX and ICE joint venture describes permissioned Uniswap v4 pools for 63 tokenized stock symbols paired with USDC, USDG or USDT, with no clearing agency and an unnamed tokenizer.
ICBA sues the OCC to vacate its national trust bank chartering rule, Interpretive Letter 1176 and Protego's conditional charter
The community bank trade group's complaint in the District of Columbia federal court says the National Bank Act does not let the OCC charter trust banks that neither take deposits nor act as fiduciaries, and seeks an injunction against further approvals under the rule.