News, data and analysis on tokenized assets, market design and digital economic systems.
MoonPay signed a definitive merger agreement on 23 September to acquire North Capital, whose affiliates hold broker-dealer, alternative trading system, transfer agent and investment adviser registrations.
The two companies announced a five-year agreement and a $100m share placement on Tuesday. Circle's release describes promotion and infrastructure services.
In a 57-page response to the European Commission's review of MiCA, the European System of Central Banks asks that the prohibition on remunerating holders apply to unregulated crypto borrowing, lending and staking too, naming liquidity mining as an…
Every development we have verified against a primary source, newest first. Each entry links to the filing, release or dataset it came from.
Cloture on the motion to proceed to H.R. 3633 failed 49 to 50 on Monday afternoon. The threshold was 60, because since 1975 cloture has needed three-fifths of all senators.
The complaints allege the pair learned which tokens Robinhood would list from a private Slack channel and bought perpetual futures on Hyperliquid before each announcement, making more than $50,000 each.
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.
A definitive merger agreement would make North Capital Investment Technology a wholly owned MoonPay subsidiary, bringing two SEC-registered broker-dealers, the PPEX alternative trading system, a transfer agent and an investment adviser inside a payments company. MoonPay states no price; CoinDesk and Fortune each put it above $60m in stock on unnamed sources.
Trading, deposits and new positions ended at 04:00 UTC, on the schedule HDR Global Trading published on 23 July, and www.bitmex.com now serves a closure notice in place of the platform. Withdrawals stay open; verified accounts with balances left behind are charged 1 per cent a year, billed monthly, or USD 50 equivalent for accounts holding no more than that.
A Form 8-K discloses a five-year arrangement under which Circle pays Binance a monthly incentive fee set as a percentage of the USDC held through its Modular Smart Contract Wallet service, replacing agreements of November 2024 and August 2025, alongside a private placement of 1,237,011 Class A shares at $80.84. The press release announcing the deal does not mention the fee.
The ESCB's 57-page response to the Commission's MiCA review argues the prohibition on remunerating holders should reach unregulated crypto borrowing, lending and staking, naming loyalty benefits and liquidity mining incentives. The same document asks for the requirement that 30 per cent of reserves, or 60 for significant tokens, sit as bank deposits to be removed.
SoFi says settlement of its debit and credit card transactions across Mastercard's network now runs in SoFiUSD, issued by SoFi Bank, N.A. under a national charter and redeemable one for one, on a programme it puts at $25bn of annualised volume. Merchants are paid into SoFi accounts and can withdraw at any hour at no cost. The release does not name the blockchain.
Pontes links market DLT platforms to TARGET Services so the cash leg of a wholesale tokenized trade settles in central bank money, with finality achieved in T2 and delivery versus payment run through the Hash-Link protocol. Thirteen market participants, four ledger operators and the Bundesbank onboarded at launch. Full implementation is expected by 2028.
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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