News, data and analysis on tokenized assets, market design and digital economic systems.
The bodies that issue, custody, trade, settle, supervise and standardise onchain instruments, and the developers who maintain the software they run on. An entry exists because the institution turns up in coverage we can evidence. This is a register, not a directory.
One of the largest US banks by deposits, whose chief executive argued in January 2026 that interest-bearing stablecoins could displace as much as $6tn of them, and which is a founding participant in the tokenized deposit network due from The Clearing House's owners by the first half of 2027.
The most internationalised of China's four largest state-owned commercial banks, and the most active commercial participant on mBridge, where the HK$10bn settled through its Fujian branch in July 2026 was the first transaction of that size in a currency other than renminbi.
Custodian of the Treasury reserves behind Tether's stablecoins and one of the 24 primary dealers authorised to trade US government securities with the Federal Reserve Bank of New York; in July 2026 it agreed to work with Securitize on tokenized share issuance during initial public offerings.
Global bank formed in 1998 whose Citi Token Services moves tokenised deposits between participating Citi branches around the clock and which on 11 June 2026 launched digital depositary receipts over private company shares on SIX.
London-headquartered banking group, in business since 1865, whose Tokenised Deposit Service moves client deposits as tokens in five currencies and which was granted a Hong Kong stablecoin issuer licence on 10 April 2026.
America's largest bank, with $4.9tn of total assets as at 31 March 2026, whose Kinexys unit reports more than $3tn of blockchain transactions since inception and whose JPMD token is a transferable claim on a JPMorgan dollar deposit rather than a stablecoin.
London-headquartered bank earning roughly 90% of its profit in Asia, Africa and the Middle East, whose Anchorpoint joint venture holds one of Hong Kong's first two stablecoin issuer licences and will issue the HKDAP token from the second quarter of 2026.
Builder, through its Digital Assets unit, of GS DAP, a permissioned tokenisation and settlement platform the bank said in November 2024 it intended to spin out as an industry-owned company, on the argument that a platform on a bank's balance sheet cannot reach broad institutional adoption.
The fourth-largest US bank by total assets, with about $1.99tn in 2025, which filed a trademark application for WFUSD on 11 March 2026 without saying whether the product would be a deposit token or a stablecoin.
Credit and private equity manager, approximately $1.03tn under management as of 31 March 2026, whose Apollo Diversified Credit Fund is onchain as ACRED, among the first attempts to give tokenized private credit a daily net asset value and a redemption mechanism institutional allocators recognise.
Crypto-focused asset manager running more than 70 investment products with about $9bn in client assets, which in May 2026 took over management of the $267m Bitwise Crypto Carry Fund from Superstate, its first tokenized vehicle.
Sponsor of BUIDL, a tokenized dollar liquidity fund that passed $1bn in assets in March 2025, and a named participant in DTCC's tokenization service, which puts the world's largest asset manager on the public-chain and permissioned tracks at the same time.
Manager of $1.68tn as of 31 March 2026, and the first large manager to put a US-registered mutual fund's share register on a public blockchain; its Benji suite held about $1.98bn as of 29 April 2026.
Private markets manager, $1tn under management and supervision at 31 March 2026, whose HLSCOPE credit feeder became the first Securitize-issued asset on Tron on 2 June 2026: issued where dollar balances sit rather than where private credit investors have historically been found.
London-headquartered manager reporting $480bn under management at 31 March 2026, the largest manager of AAA collateralised loan obligation exposure available in a listed wrapper and issuer of the JAAA token through Centrifuge.
Alternatives manager inside Abu Dhabi's sovereign investor Mubadala Investment Company; on 23 July 2026 it tokenized one of its evergreen private markets strategies through KAIO, reaching about $75m onchain across Base, Solana and Sui, with Coinbase taking the token onto its balance sheet.
New York-listed exchange-traded product sponsor with $160.88bn under management at 30 June 2026, and the first to obtain SEC exemptive relief, announced on 24 February 2026, letting the tokenized shares of a 1940 Act fund settle continuously.
The Zurich-based issuer whose HODL was the first crypto exchange-traded product to list, in 2018, and which reports more than 50 products and over $12bn under management; FalconX completed its acquisition on 20 November 2025, leaving it independently managed inside a US prime broker.
More than 60 of its xStocks certificates, tracking individual equities and exchange-traded funds one-for-one, trade on Solana, Ethereum and centralised venues; the structure rests on the Swiss DLT Act and a Liechtenstein-approved prospectus, and Kraken agreed in December 2025 to acquire it.
Issuer of USDC and EURC, listed on the New York Stock Exchange since 4 June 2025, most of whose reserve sits in a BlackRock-managed government money market fund; Coinbase receives 50% of residual reserve income.
San Francisco issuer of dShares, tokens representing individual US stocks and funds held one-for-one with regulated custodians, whose subsidiary obtained on 26 June 2025 the first US broker-dealer registration granted for dealing in tokenized stocks.
Boston owner-operator of small multifamily rental property that sells exposure through GromaCoin, a token representing shares in the Groma Real Estate Trust; because the sponsor is also the property manager, holders take operating and leasing risk on identified buildings.
Cayman Islands exempted company managed by SkyBridge Capital, one of two of its funds placed onchain on Avalanche using the ERC-3643 permissioned token standard; RWA.xyz recorded the tokenised share class at $217.9m.
Issuer of tokenized Treasury, dollar-yield and equity products, with $2.16bn in USDY reported on 25 July 2026, which took ownership of an SEC-registered broker-dealer, alternative trading system and transfer agent by acquiring Oasis Pro on 7 October 2025.
Onchain reinsurance company licensed by the Bermuda Monetary Authority under the Digital Asset Business Act, which raises capital in stablecoins as collateral behind its own underwriting and pays the premium and collateral yield to holders of its ONyc token.
Singapore-based tokenisation group whose TBILL token gives holders exposure to short-dated US Treasury bills through a BVI-regulated professional fund that BNY Investments has managed and BNY has custodied since August 2025.
Regulated issuance and settlement firm that builds dollar and gold tokens for other brands, converted to a national trust on 12 December 2025; it is the regulated entity a holder of PayPal USD is actually exposed to.
Issuer of the CoinVertible tokens EURCV and USDCV, liabilities of a subsidiary of a systemically important European bank rather than of a standalone issuer; USDCV has traded on Ethereum and Solana since July 2025 with BNY as reserve custodian.
Paris firm licensed as an investment firm by the ACPR, whose EU and US Treasury bill funds, launched in June 2024, were the first UCITS funds in the European Union with a fully tokenized register.
El Salvador-licensed issuer of USDT, the largest dollar token, which is not offered to US customers; a separate US token, USAT, is issued by Anchorage Digital Bank under Office of the Comptroller of the Currency supervision.
The venue through which tokenised money market fund share classes are distributed, including Federated Hermes UCITS funds, regulated by the Financial Conduct Authority since August 2020 and authorised across the UK and EU: a test of whether tokenized fund units can serve as wholesale collateral.
In September 2024 it opened what it called Europe's first regulated blockchain-based secondary market for tokenized securities, settling on Polygon; since 1 August 2025 venues holding no MiFID licence of their own have been able to list tokenized stocks and bonds through its API.
Nigerian digital-asset exchange established in 2019 with more than one million customers, holding approval-in-principle from Nigeria's Securities and Exchange Commission since 29 August 2024; on 9 April 2026 it opened to United Kingdom customers through Uphold's UK registration.
The largest US cryptoasset exchange, public on Nasdaq since April 2021, which reported $202bn of trading volume in the quarter to 31 March 2026 and takes 50% of residual reserve income as the principal distributor of USDC.
Atlanta-based operator of twelve regulated exchanges and six clearing houses and owner of the New York Stock Exchange, whose NYSE said on 19 January 2026 it was developing a tokenized securities platform.
New York event contract exchange, designated a contract market by the Commodity Futures Trading Commission in 2020, whose binary contracts pay $1 if the stated outcome occurs; since December 2025 it has issued tokenized versions on Solana.
Distributor of Backed's xStocks tokenized equity certificates, which it bought outright in January 2026 to hold issuance and trading in one group; it reported $357bn of platform transaction volume and 6.1m funded accounts for the quarter to 31 March 2026.
Derivatives venue running as a zero-knowledge rollup on Ethereum that generates proofs of its own order matching and liquidations, so price-time priority can be checked rather than taken on trust; retail traders pay no fee and institutional flow is priced instead.
Retail exchange and wallet whose Nigerian arm became, on 6 July 2026, the first international exchange admitted to the Nigerian SEC's Accelerated Regulatory Incubation Programme; where dollar liquidity is thin and capital controls bind, a licensed venue prices the dollar as much as bitcoin.
Operator of the Nasdaq Stock Market, which won SEC approval on 23 March 2026 to let members trade Russell 1000 constituents in tokenized form on the same order book, making the change a settlement option rather than a separate market.
Prediction market whose route back into the United States was bought rather than granted, through a $112m acquisition that gave it a designated contract market; contract prices on future events are readable as implied probabilities.
Retail brokerage and crypto platform whose Stock Tokens, issued as tokenised debt securities by Robinhood Assets (Jersey) Limited, give economic exposure to a reference security without legal ownership and, since 1 July 2026, can be moved into lending pools on its own layer 2.
The digital asset arm of Switzerland's SIX Group, the first FINMA-authorised stock exchange and central securities depository for tokenized securities, and one of the few venues where a tokenized security has settled against central bank money.
Electronic marketplace founded in 1996 for rates, credit and money markets, averaging $2.8tn of daily notional, which on 1 July 2026 provided execution for the delivery of a tokenized US Treasury against tokenized cash on the Canton Network.
Issuer of record for other companies' regulated dollar tokens, including Tether's US token USAT and Western Union's USDPT, a role open to it because the Comptroller of the Currency has supervised it as a bank since January 2021.
Digital asset infrastructure firm and one of the custodians approved to hold shares of BlackRock's tokenized dollar fund BUIDL, granted unconditional approval in December 2025 to convert its trust company into BitGo Bank & Trust, National Association.
Custodian of $57.8tn of assets as of September 2025 and of the cash and securities behind BlackRock's BUIDL, which began mirroring client deposit balances onchain in January 2026 and plans to pilot tokenized US Treasuries on its own permissioned chain by the end of 2026.
Deutsche Börse Group's post-trade arm and one of two international central securities depositories, reporting €22tn of assets under custody across 60 connected markets, whose D7 platform issues securities in electronic form rather than on paper.
Boston custodian and asset manager with $51.7tn under custody or administration, whose Stablecoin Reserves Money Market Fund, launched on 16 June 2026, is a Rule 2a-7 government fund designed to qualify as stablecoin reserve under the GENIUS Act.
The US securities depository and clearing group, whose subsidiaries processed securities valued at $3.7 quadrillion in 2024 and which won an SEC no-action letter on 11 December 2025 for a three-year tokenization service covering Russell 1000 stocks, ETFs and Treasuries.
The principal venue for tokenisation attempted inside the Bitcoin stack rather than alongside it, through the federated Liquid Network sidechain, which carries the hashrate-linked Blockstream Mining Note issued via the EU platform STOKR in 2021.
Idaho-based tokenisation platform for real-world assets built on Chainlink's runtime environment and proof-of-reserve services, which in 2026 deployed tokenized securities on Avalanche representing the DOM X copper-gold resource project in Arizona.
Licensed by BaFin to run a crypto securities register under Germany's Electronic Securities Act, this Frankfurt platform stands where a central securities depository otherwise would; KfW placed a €100m digital bond through it in July 2024.
Fund infrastructure for managers running strategies onchain, reporting $1.8bn locked across 1,768 tokenized assets on its own site on 25 July 2026, and issuer of SPXA, the first S&P 500 index fund token licensed by S&P Dow Jones Indices.
Tokenisation infrastructure firm authorised in the United Kingdom, Ireland and Dubai, which built the Dubai Land Department's title deed tokenisation platform on the XRP Ledger, the first government property registry on a public chain.
White-label tokenisation platform begun in Copenhagen in 2018 and now headquartered in Miami, which holds no licence of its own in most markets, leaving the client to supply the local legal wrapper, so it sells software and process rather than regulatory permission.
Software firm whose investors are the institutions that would use it, among them JPMorgan, Goldman Sachs, Citi, DTCC, CME Group and Circle, and the Canton Network it built is where JPMorgan intends to issue its JPMD deposit token natively rather than bridge it in.
Consumer lender that records home equity loan attributes directly on Provenance Blockchain, with more than $22bn of originations recorded onchain by April 2026, and the largest single source of tokenized private credit collateral.
Tokenisation infrastructure provider for commodities, energy and agricultural credit, operating through UK-registered Universal Demeter Limited and tokenising more than $800m of YPF Luz energy assets on the XRP Ledger.
Formerly Libre Capital, a structurer of tokenized feeder vehicles into third-party institutional funds from BlackRock, Hamilton Lane, Brevan Howard and Mubadala Capital, with reported balances on 25 July 2026 ranging from $16m to $64.7m.
Licensed by the Monetary Authority of Singapore in March 2026, the SC Ventures tokenisation platform reports more than $1bn of assets tokenized and began with a Singapore dollar government bond fund that the parties called a first for a tokenised government bond fund.
Tokyo company owned by eight financial shareholders led by Mitsubishi UFJ Trust and Banking at 49%, whose shared issuance infrastructure for Japan's trust banks and securities firms accounts for about 63% of cumulative domestic security-token issuance.
Luxembourg securitisation and tokenisation firm structuring bond issues of €5m to €500m for small and medium-sized companies and placing them in token form, with the securitisation vehicle rather than a digital-asset licence carrying the investor protections.
Platform that fractionalises real estate exposure into tokens on BNB Smart Chain and pays rental income monthly in USDT; Spanish law does not allow a property title to be tokenised, so it tokenises the purchase loans instead.
Tokenisation group holding an SEC-registered transfer agent, broker-dealer and alternative trading system inside one structure, and the issuance and transfer agent behind BlackRock's BUIDL, with more than $4bn of tokenized assets under management.
Tokenisation venue built on the Bitcoin stack rather than a general-purpose smart contract chain, which structures and administers digital securities on Blockstream's Liquid Network and reports $1.3bn under administration; its best-known instrument is the hashrate-linked Blockstream Mining Note.
Firm that issues and services tokenized funds and tokenized company shares through a registered investment adviser and an SEC-registered transfer agent; its short-duration Treasury fund USTB held more than $967m in March 2026.
Platform selling fractional claims on physical uranium ore concentrate as the xU3O8 token, launched in December 2024 on Etherlink, with the material held in a custody account approved by Archax at Cameco facilities.
Network for tokenized equities issued out of Jersey by Backed Assets against the underlying share one-for-one, with more than 100 US stocks and ETFs live on Solana and Ethereum and not offered in the United States or the United Kingdom.
Coinbase's layer-2 network, on which 62% of global onchain stablecoin transaction volume settled in the first quarter of 2026, more than every other chain combined; in February 2026 it announced a move off Optimism's OP Stack to a codebase of its own.
The ecosystem of chains renamed from Binance Smart Chain in February 2022, which in July 2026 became the largest network for Franklin Templeton's Benji platform, holding $1.5bn, or 61.71% of distributed assets.
Privacy-enabled public blockchain built on technology from Digital Asset, where each application runs its own sub-network and the Global Synchronizer provides atomic composition across them; JPMorgan issues its JPMD deposit token natively on it.
Ethereum layer-2 network governed by MNT token holders and aimed at tokenized assets rather than general-purpose applications; its Mantle Index Four fund was tokenized by Securitize with up to $400m anchored by the Mantle Treasury, the network's own largest allocator.
Proof-of-stake blockchain launched in May 2018 and the largest venue for Tether's dollar token, with USDT supply on the network passing $90bn in July 2026 and about $23.8bn a day transferred.
The largest onchain lending market by deposits, with interest rates set algorithmically from pool utilisation rather than by bilateral negotiation; its Horizon market takes tokenized money market funds and Treasury products as collateral.
Issuer of USDe, a synthetic dollar whose collateral is hedged with short perpetual futures so the yield on sUSDe tracks funding rates rather than policy rates; supply stood at roughly $5.9bn in 2026 after the October 2025 deleveraging.
Liquidity protocol that passes the yield on pools of tokenized Figure loans to holders of PRIME, a liquid staking token; because the collateral is Figure's own underwriting, it concentrates originator risk rather than diversifying it.
Dollar lender to crypto-native institutions whose yield comes from interest on identified borrowers rather than token emissions, with all-in fees reported at 70 to 90 basis points against private credit's conventional two-and-twenty and $4.29bn under management on its own site on 25 July 2026.
MakerDAO under a new name since August 2024, and a balance sheet that pays a policy rate rather than a payment token: it reported $14.01bn of collateral behind USDS in July 2026, and its governance put $1bn through Grove into a tokenized AAA CLO strategy.
The automated market maker created on Ethereum in 2018, which replaces an order book with pooled liquidity and had processed roughly $4tn of cumulative volume when UNI holders voted on 28 December 2025 to switch on a protocol fee.
Cross-chain messaging protocol whose Guardian network of 19 validators signs transfer approvals valid at a 13-of-19 threshold, a quorum Securitize made an operational dependency of tokenized funds when it adopted the protocol in January 2025.
Maintainer of Agave, the validator client most of Solana's stake runs, and author of Alpenglow, the consensus redesign replacing TowerBFT; its engineering decisions set the settlement assurances tokenized funds and payment issuers on the network inherit.
The Swiss non-profit foundation established in 2014 that funds Ethereum protocol research and client development, and whose treasury policy holds its reserves in ether that is solo-staked or lent, making the largest holder of a settlement asset a declared participant in the markets built on it.
Non-profit foundation seated in Zug that funds development and security work on the Solana network rather than operating it, and whose stake delegation and protocol decisions bear on the settlement assurances tokenised funds on Solana inherit.
Non-profit established in 2014 to support the Stellar network, funded from an endowment of roughly 15.5bn XLM rather than by shareholders, on a chain that is the official system of record for Franklin Templeton's BENJI.
Decentralised oracle network whose node operators are paid in LINK for delivering offchain data and cross-chain messages to smart contracts, and whose institutional stack is used by Swift, Euroclear, UBS and Fidelity International.
Auditor of smart contracts whose monthly counts of losses from exploits and scams have become a reference series for onchain operational risk; February 2026's $26.5m across 15 incidents was the lowest monthly figure since March 2025, and two events made up most of it.
Wholesale payment company whose Sterling Fnality Payment System holds settlement balances as central bank funds in an omnibus account at the Bank of England, which granted it settlement finality designation on 16 December 2024.
The blockchain business J.P. Morgan renamed from Onyx in November 2024, which has processed more than $3tn since its 2015 launch and issues JPMD, a dollar token that is a claim on a bank deposit rather than a share in a reserve pool.
Card network operating in more than 200 countries and territories, which on 3 June 2026 extended settlement with issuers and acquirers to stablecoins including Circle's USDC and the Paxos-issued PYUSD, USDG and USDP.
San Francisco company founded in September 2012 as OpenCoin, which issues the dollar stablecoin RLUSD under a New York Department of Financial Services limited purpose trust charter and takes it as collateral inside Ripple Prime, the prime broker it bought in October 2025.
Bank-owned payments utility held by the largest US commercial banks, whose CHIPS system settled an average $2.014tn a day in 2025; it was reported in June 2026 to be building a shared tokenized deposit network for its owner banks.
Its stablecoin settlement reached a $7bn annualised run rate in April 2026, when Arc, Base, Canton, Polygon and Tempo took the chains it supports to nine; in July it opened a platform for institutions to mint and burn stablecoins inside the network.
Stablecoin payments company founded in 2016 that converts local currency into dollar tokens and back for businesses across African and other emerging markets, holding a Botswana virtual asset service provider licence and a Category I licence from South Africa's FSCA.
Kenya's securities regulator, which under the Virtual Asset Service Providers Regulations gazetted on 24 July 2026 became the licensing gate for exchanges, token issuance platforms and any tokenized securities offering marketed to Kenyan investors.
The federal regulator of US derivatives markets, created by statute in 1974, which on 4 December 2025 used its existing authority to permit listed spot cryptocurrency products to trade on registered futures exchanges for the first time.
The European Union's executive, holding the sole right to propose EU legislation, and author of both the Markets in Crypto-Assets Regulation and the DLT Pilot Regulation that lets market infrastructures test tokenized trading and settlement.
Author of MiCA's technical standards and keeper of the register of authorised crypto-asset service providers and token issuers, none of which it supervises; the register itself states that no competent authority has reviewed the white papers it lists.
Conduct regulator for the United Kingdom, independent of government and funded by fees levied on the firms it supervises, whose crypto remit runs only to financial promotions and anti-money-laundering supervision until the cryptoasset authorisation rules take effect on 25 October 2027.
The United Kingdom's economic and finance ministry, which decides which activities sit inside the regulatory perimeter and whose Cryptoassets Regulations of February 2026 brought issuing qualifying stablecoins and safeguarding cryptoassets within FCA authorisation.
The chartering authority for national banks, whose Interpretive Letter 1183 of 7 March 2025 confirmed cryptoasset custody and certain stablecoin activities as permissible and removed the prior non-objection requirement; it approved Circle's First National Digital Currency Bank on 10 July 2026.
Nigeria's securities regulator, established on 1 January 1980, which took oversight of token issuance, exchanges and custody once the Investments and Securities Act 2025 brought digital assets within the definition of securities.
Established by the first session of Congress in 1789, the executive department that issues government securities and, under the GENIUS Act, writes the rules governing permitted payment stablecoin issuers.
The federal securities regulator created in 1934, which stated on 28 January 2026 that the format in which a security is issued and the method by which holders are recorded do not change how the federal securities laws apply.
The directly elected chamber that legislates alongside the Council of the European Union, and whose economic affairs committee adopted its digital euro position on 23 June 2026, giving the Commission rather than the European Central Bank the power to set holding limits.
Standing Senate committee whose jurisdiction covers banks and banking, money and credit and the Federal Reserve System, and the Senate gate for digital-asset legislation: it voted 15-9 on 14 May 2026 to send the Digital Asset Market CLARITY Act to the floor.
Eurosystem member and Italy's national central bank, which developed and operates TIPS, the euro area's instant payment settlement platform; its Directorate General holds that central bank money should remain the settlement pivot for tokenized instruments.
Its draft Code of Practice for systemic sterling stablecoin issuers, published on 22 June 2026, caps each issuance at £40bn and raises the permitted share of backing assets held in short-term UK government debt from 60% to 70%.
Licensing authority for stablecoin issuers and virtual-asset-to-fiat conversion under Legal Notice No. 134; the rules it consulted on would hold 30% of funds received at Kenyan commercial banks and the remainder in high-quality liquid assets, tying a shilling token to local bank credit risk.
Author of Payments System Vision 2028, which reverses the February 2021 ban on banks servicing cryptoasset accounts and proposes CBN observer nodes on approved blockchains: continuous supervisory visibility into issuance, redemption and reserve positions in place of periodic audit.
Responsible for euro area monetary policy since 1 January 1999 and operator of TARGET Services, it committed in July 2025 to a two-track approach to distributed ledger settlement: Pontes, piloting in the third quarter of 2026, and Appia.
Licensing authority for Hong Kong's fiat-referenced stablecoin issuers, which granted the territory's first two licences on 10 April 2026, and operator of EnsembleTX, where tokenised money market fund trades settle in experimental tokenised deposits.
Its reclassification of the e-CNY from a cash-like instrument to deposit money, effective 1 January 2026, means real-name wallet balances at authorised commercial banks pay interest, count toward reserve requirements and carry deposit insurance.
Owned by its member central banks and host to the committees that write global prudential and payments standards; Chapter III of its 2026 Annual Economic Report concludes stablecoins fail all three of its tests for general-purpose money.
Created in 1944 and accountable to 191 member countries, the Fund lends with a capacity of about $1tn and in April 2026 published Tokenized Finance, which treats tokenisation as a reallocation of trust from regulated intermediaries towards shared infrastructure.
Member-owned cooperative constituted under Belgian law in 1973 that carries the messaging instructing cross-border payments for more than 11,500 institutions; in September 2025 it said it would add a shared blockchain ledger for regulated tokenized value.
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