Cryptoeconomics: The economics of onchain markets. News, data and analysis on tokenized assets, market design and digital economic systems.
Today's lead coverage
OCC clears World Liberty to issue USD1 inside a national trust bank
The Comptroller granted preliminary conditional approval on 14 August to charter World Liberty Trust Company, which will issue and redeem USD1, hold its reserve and custody digital assets as a fiduciary.
Baltimore sues Kalshi and Polymarket, and three of Kalshi's brokers
Tether announces a clean audit and publishes no audit report
CFTC agenda asks who regulates a prediction market
SEC staff lets registered funds hold a tokenized money fund
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.
Prediction markets
Kalshi must geofence Washington a day after the CFTC ordered it open
A King County judge signed an order on 12 August requiring KalshiEX to stop offering event contracts on sports, elections, politics, entertainment, culture, tech and science and mentions in Washington, with geofencing by 2 September and $120,000 a…
Prediction markets
CFTC staff sets out what a prediction market may pay for volume
A twelve-page advisory issued on 12 August tells designated contract markets what a market-maker or trading incentive programme may contain and how to file one.
CFTC declares New York's lawsuit an emergency and orders Kalshi open
FlightAware drops its Kalshi suit hours after winning a hearing
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
Also today
Broadridge's tokenized repo platform processed $8tn in July
Robinhood opens UK crypto trading with no fee but the FX spread
CFTC tells event contract venues to stop showing bookmaker odds
Michigan court denies Coinbase, holding event contracts are not swaps
Wintermute registers a US broker-dealer to trade stocks and ETPs
Circle's reserve income grows 5% while average USDC grows 25%
BlackRock, DTCC, ICE and Visa join Circle's Arc as founding validators
JPYC's Series B closes at 6bn yen, most of it raised already
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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
Also catalogued
The record
A dated, sourced entry for each development that changed the market structure.
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.
Baltimore sues Kalshi and Polymarket and names three brokers with Kalshi
The city filed two complaints in the Circuit Court for Baltimore City on 13 August 2026 under its Consumer Protection Ordinance. The Kalshi case also names Robinhood, Webull and Coinbase, pleading that each takes a fee alongside Kalshi on every event contract bought through its prediction markets hub, and seeks penalties, an injunction, disgorgement and restitution.
SEC cancels the open meeting on its first crypto offering rules
A cancellation notice dated 13 August 2026 withdrew the open meeting called for 10 a.m. on 14 August, at which the Commission was to consider proposing a tailored offering regime for certain investment contracts involving crypto assets. No reason and no new date were given. The meeting agenda of 10 August names the item Regulation Crypto Assets.
CFTC publishes the agenda for its first Innovation Advisory Committee meeting
The agenda of 13 August 2026 sets three sessions for 20 August, on crypto regulation, artificial intelligence and prediction markets. The prediction markets session lists the respective roles of federal and state authorities and recent state litigation among its potential topics. It names three officials, no members and no panellists.
KPMG issues an unqualified opinion on Tether International's 2025 accounts
Tether announced on 13 August 2026 that KPMG US had audited the financial statements of Tether International, S.A. de C.V. for the year ended 31 December 2025 and issued an unqualified opinion, with reserves exceeding liabilities by $6.814bn. The statements and the auditor's report were not published.
SEC staff clears Franklin Templeton funds to hold its onchain money fund
The Division of Investment Management said on 12 August 2026 that it would not recommend enforcement action under section 17(f) and rule 17f-2 if the group's registered funds custody Franklin OnChain U.S. Government Money Fund shares with its affiliated transfer agent, on conditions requiring that agent to keep the power to freeze, migrate and restore the official record.