News, data and analysis on tokenized assets, market design and digital economic systems.
Every development we have verified against a primary source (issuance, product launches, supervisory action, protocol changes and incidents), with the filing or dataset linked on each entry.
The state's attorney general petitions for certiorari five days after the Ninth Circuit split from the Third, asking whether registering a market with the CFTC exempts what it lists from every state's gambling law.
Preliminary conditional approval for OpenReserve Bank, a full-service insured national bank in Salt Lake City, whose plan puts tokenized capabilities across all deposit products and a stablecoin subsidiary it has not yet applied for.
Cari, the shared tokenized deposit network built with six US regional banks, raises $32.5m entirely from banks. Its whole argument is that the token stays a bank liability inside deposit insurance rather than becoming a claim on a reserve pool.
Distributed Ledger Repo will take G7 government securities alongside US Treasuries. August volume was $7.4tn at $351bn a day, the lowest daily average in the five months this desk has recorded from the company's own releases.
Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, MUFG and fifteen others say they will establish a company this half to support a USD stablecoin, with a euro one to follow and nothing else settled.
A 421-page rewrite of rules untouched since the early 1980s would permit a transfer agent to keep its master securityholder file on a distributed ledger, and would start counting the issues where one does.
LSEG says it intends to list xStocks on a planned round-the-clock venue in 2027 and is designing a UK tokenized equity structure meant to keep shareholder rights intact, with Kraken's parent as its partner.
MAS puts its 2023 framework into legislation with a licence class in which an issuer may not do banking or any other regulated business, may pay no interest, and may be designated systemic and ordered off Singapore's venues.
The Ninth Circuit holds that the Commodity Exchange Act likely does not preempt Nevada's gaming law, contradicting the Third Circuit and leaving the same contract lawful in one part of the country and not another.
Its general manager argues stablecoins fail on singleness, interoperability and financial integrity, and that bank money on a programmable ledger passes the tests they fail.
The CFTC settles insider trading charges over event contracts on which phrases would appear in presidential speeches, and the trades were found by the exchange's own surveillance rather than by the regulator.
A proposal to rewrite how advisers and funds may hold client assets, crypto included, is at the proposed-rule stage with a notice targeted for October, three years after the last attempt was withdrawn.
The Office of Foreign Assets Control determined on 24 August that section 1(a)(i) of Executive Order 13902 now applies to the digital asset sector of the Iranian economy, so any person anywhere who operates in it may be designated.
The Eurosystem published the 61 members of the Appia contact group, the forum that will advise it on settling tokenized assets in central bank money.
Standard Chartered and HSBC say they have executed the first live tokenized deposit transaction on Swift's blockchain-based ledger, issuing, transferring, recording and settling between two banks' own platforms.
The Commodity Futures Trading Commission closed its cases against Caroline Ellison and Gary Wang with no restitution, no disgorgement and no civil penalty.
Kraken opened US stock trading across the European Economic Area this morning and says the traditional share and its tokenized version now sit side by side in one regulated account.
The Commission proposed Regulation Crypto Assets on 18 August without holding the open meeting it cancelled four days earlier.
The Financial Accounting Standards Board proposed on 18 August that some stablecoins may sit on a balance sheet as cash equivalents, and set three conditions.
Kalshi submitted two never-expiring futures for the Commission's approval on 18 August rather than certifying them itself: one on a 500-stock US index, one on copper.
Securitize and Neuberger launched a tokenized high yield credit fund across four blockchains on 18 August, on a fixed income platform the release says oversees more than $230bn.
The Treasury proposed the rules deciding who may issue a dollar stablecoin in the United States, and read the GENIUS Act to let a qualifying foreign issuer do it here directly rather than only reach the market at second hand.
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.
A notice of 14 August tells users to stop transacting with sixteen platforms from three stated dates. Fourteen of the names, and the dates against them, reproduce Annex VIII of Council Regulation (EU) 2026/1848 entry for entry.
The newest federally designated prediction market filed its fifth suit against a state attorney general in eleven days, and this one is in the state where a federal judge refused the CFTC the same relief on 28 July and said the exchanges were the…
The Austrian Financial Market Authority fined Bitpanda 70,000 euros for sending a crypto-asset white paper in later than twenty working days before publication and for marketing the token before the paper was out.
The city filed two complaints in the Circuit Court for Baltimore City on 13 August under an ordinance of its own, and the Kalshi case also names Robinhood, Webull and Coinbase, because each takes a fee on every event contract sold through its…
KPMG US issued an unqualified opinion on the 2025 financial statements of Tether International, the entity Tether says is the only issuer of USDT, and found reserves exceeding liabilities by $6.814bn at 31 December 2025.
A cancellation notice dated 13 August withdrew the open meeting called for 10 a.m. on the 14th, at which the Commission was to consider proposing a tailored offering regime for certain crypto assets. No new date was given.
The Commission published the agenda on 13 August for the first meeting of its Innovation Advisory Committee, on 20 August.
The Division of Investment Management said on 12 August that it would not recommend enforcement action if Franklin Templeton's registered funds put cash and securities lending collateral into its blockchain-recorded government money fund.
The largest tokenization platform filed its first quarterly results as a public company on 12 August.
Africa Finance Corporation raised CHF 350m of five-year paper on 12 August, listed on SIX Swiss Exchange and deposited with SIX Digital Exchange under its existing $5bn note programme. About 90 per cent of demand was Swiss domestic.
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…
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.
The Commission found on 11 August that a state enforcement action and its motion for a restraining order are a major market disturbance, and directed KalshiEX to keep operating.
The flight tracking company discontinued its case on 11 August, the day after filing it and hours after a judge set a restraining order hearing for the 13th.
Nasdaq agreed on 11 August to acquire LeveL Markets, the third largest alternative trading system in the United States, and to put it inside a new Digital Liquidity Networks organisation that also holds its tokenization business.
Cohort 2 of the Central Bank of Nigeria's regulatory sandbox takes applications from 12 August for supervised live testing of stablecoin issuance, virtual asset payments, custody and on-ramps.
The flight tracking company filed in Manhattan on 10 August, alleging that Kalshi named it as the primary source agency for cancellation contracts, displayed its trademark on the market pages and settled wagers on data licensed for personal use only.
A Sunshine Act notice dated 10 August calls an open meeting for 10 a.m. on Friday 14 August, at which the Commission will consider whether to propose a tailored offering regime for certain investment contracts involving crypto assets.
Distributed Ledger Repo moved an average of $365bn of repurchase agreements a day against tokenized collateral, which Broadridge reports as a 28 per cent rise year on year.
More than 50 cryptoassets went into the main Robinhood app for British customers on 10 August, traded through Bitstamp UK Ltd, with no trading, custody or account fee and a 0.10 per cent charge on the currency conversion that rises to 0.30 per cent…
Staff at the derivatives regulator wrote to every venue listing event contracts to say that displaying them in American plus-minus odds, rather than in cents, is likely to mislead customers about what they are buying and risks breaching the…
A federal judge in Detroit refused to stop Michigan enforcing its sports betting law against Coinbase, finding that sports event contracts are probably not swaps under the Commodity Exchange Act and that, even if they were, the Act does not displace…
The crypto market maker's New York affiliate is registered with the SEC and admitted to FINRA membership as a proprietary trading firm, able to trade equities and equity options, self-clear digital asset securities for its own account and create and…
cNGN, issued by WrappedCBDC under the Nigerian SEC's oversight, has gone live on Celo with an onchain foreign exchange pairing, giving the naira a regulated onchain form beside the dollar tokens that dominate local use.
Total revenue and reserve income of $701m in the second quarter grew 7% year on year, short of the $712m CoinDesk says analysts expected, as a 66 basis point fall in the rate Circle earns on its reserves offset a quarter's growth in the coin's average supply.
Eleven institutions will secure the stablecoin issuer's own layer-one network before its 16 September mainnet, and the DTCC will make Arc a supported chain for tokenizing the assets it custodies from the second half of 2027.
The yen stablecoin issuer says the extension takes the round to about 6bn yen cumulatively, with a listed logistics group aboard.
The fourth-largest US bank says corporate and commercial clients will move, program and settle funds around the clock on its own blockchain, starting with a limited dollar to pound exchange and widening through 2027.
The SEC-registered transfer agent brings its dShares home, selling every S&P 500 company for USDC through self-custody wallets, in what the firm calls an industry first.
SC Ventures, the Sony Innovation Fund, Polychain Capital and Blockchain Capital back the pan-African payments company's dollar-account business, taking its equity financing past $120m as it moves into Latin America and the Asia-Pacific.
BSTBL puts an existing Treasury fund's shares on Ethereum through BNY; BRSRV is a new multi-chain vehicle with Securitize—both shaped to sit inside GENIUS Act reserve rules.
The letter puts nearly a million investors' losses at $3.81bn against $636m of gains for the President, and asks whether the coin was a soft rug pull. A blockchain analytics firm told CNN it shows no hallmarks of one, and the SEC would not comment.
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.
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.
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.
The regulator has ordered the former congressman to give up his profits and pay a penalty for trading a Kalshi contract on whether he would attend the State of the Union, an outcome he alone controlled.
BDO's attestation shows $183.6bn of USDT backed by $187.8bn of assets at 30 June—an excess of $4.11bn, down from $8.23bn a quarter earlier.
A principles-based rewrite of Parts 37, 38 and 39 would police affiliations between exchanges, clearers and trading firms—the integrated structure crypto platforms made standard in derivatives markets.
The largest DEX's front end now routes idle USDC, USDT and ether into Morpho vaults curated by Gauntlet, charging no Uniswap fee and keeping custody with the user.
Revenue of $1.22bn missed on both the trading and subscription lines and the shares fell about 5% after hours, in a quarter the exchange's own release leads on a record 10.3% share of crypto trading volume.
Coinkite warned that Coldcard devices generated seeds with too little entropy; within a day, onchain observers were attributing the draining of hundreds of bitcoin to keys an attacker could simply recompute.
The OTC exchange's NDSP, built on Blockstation rails, is to issue, trade, clear and settle tokenized securities, with a first public offering slated for early September.
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.
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.
The Central Bank of Ireland has approved a tokenized share class of Aviva Investors' US Dollar Liquidity Fund, issued on the XRP Ledger with Ripple, Komainu and Licuido—which Aviva calls a regulatory first for tokenized fund structures.
The federally regulated dollar token Tether launched in January now mints and burns natively on the payments network, where it can also pay for gas.
The exchange will pay doctoral researchers to study its own market category, with a Carnegie Mellon economist as scientific director and independence rules of its own design.
The aggregator's shared liquidity layer went public across 13 chains, letting providers back several positions with the same tokens without depositing them anywhere—a capital-efficiency claim that doubles as a settlement question.
A memorandum of understanding puts securities tokenization, blockchain settlement and investor education on the table at East Africa's largest exchange, with the role of USDT still undefined.
The exchange holding Nigeria's first provisional digital asset approval says businesses can now settle in 14 currencies across nine African markets and beyond, a bet that regulated rails can undercut some of the world's costliest payment corridors.
A preliminary injunction in the District of Minnesota halts Senate File 3432, finding the Commodity Exchange Act probably preempts a state law that criminalises prediction market platforms.
The USDC issuer acquires more than 680 patent families and says the deal makes it the largest US blockchain patent holder; the price was not disclosed.
Amanah Advisors certifies XAUT as compliant with Islamic finance principles, as Tether courts Islamic banks and savers in markets where gold, not the dollar, is the trusted store of value.
The league wants outright bans on contracts over officiating and player performance rather than case-by-case review, a 21-and-over floor, and prohibited-bettor lists—positions that put it at odds with both the Commission's draft and the leagues that…
The largest Ethereum staking protocol has started migrating roughly $16bn of stake to Curated Module v2, a consolidation expected to cut the network's validator count by about a third.
Ondo Finance has replaced Ondo Chain, the institutional layer-1 it announced in February 2025, with an off-chain execution network that settles on public blockchains—a bet that what institutional tokenized markets lack is execution speed and privacy,…
The platform that issues BlackRock's BUIDL fund has registered Securitize Capital as an investment adviser, completing a set of licences that now runs from broker-dealer and trading venue to transfer agent, fund administrator and adviser.
Kenya gazetted the Virtual Asset Service Providers Regulations, 2026 on 24 July 2026, completing implementation of the VASP Act assented to in October 2025.
The Division of Market Oversight says template filings that bundle many contract variations into a single certification fall short of what the rules require.
Abu Dhabi's Mubadala Capital placed a $75m private markets strategy onchain through the KAIO platform on 23 July 2026, issuing on Solana, Sui and Base. Coinbase took exposure to the tokenized fund.
The Council adds platforms in six jurisdictions to its Russia measures and creates, for the first time, a tool to bar dealings with any crypto provider used by Russia.
A new v4 hook standard verifies wallets against issuer-managed allowlists at the protocol level, with Superstate, Securitize and Dowgo among the launch collaborators.
HDR Global Trading will shut the derivatives venue on 23 September following a strategic review, telling users to withdraw funds before the deadline.
BNY said in July 2026 that it plans to pilot tokenized US Treasuries on its private blockchain by the end of 2026 and offer round-the-clock settlement for both conventional and tokenized Treasuries in 2027.
Bank of China settled the two largest transactions recorded on mBridge, the multi-central-bank digital currency platform, in June and July 2026.
Franklin Templeton's Benji tokenization platform held $2.44bn in assets as of 18 July 2026, of which $1.5bn, or 61.7%, sat on BNB Chain, overtaking Stellar. BNB Chain balances rose 1,226% over the preceding month.
DTCC started limited production trading on its DTC Tokenization Service in July 2026, covering Russell 1000 constituent stocks, major ETFs and US Treasury securities.
HM Treasury published the first report of its Wholesale Digital Markets Champion, Chris Woolard, on 13 July 2026.
The European Parliament approved its position on the digital euro regulation on 9 July 2026, following a committee vote in June.
Security firm PeckShield reported $75.87m in losses from 40 crypto security incidents in June 2026, a decline of about 7% on the previous month, with an exploit of Humanity Protocol the largest single event.
Robinhood began operating Robinhood Chain on mainnet on 1 July 2026, alongside round-the-clock tokenized stock trading, perpetual futures and onchain lending. The tokens give price exposure rather than direct share ownership.
The Bank for International Settlements published the money and payments chapter of its 2026 Annual Economic Report on 23 June 2026, arguing that stablecoins fall short on singleness, elasticity and integrity of money.
On 22 June 2026 the Bank of England published a policy statement and draft Code of Practice for sterling systemic stablecoin issuers, dropping proposed individual holding limits in favour of a temporary £40bn cap per issuance.
Ethereum client teams locked the devnet-0 specification for the Glamsterdam upgrade in June 2026, with enshrined proposer-builder separation (EIP-7732) and block-level access lists (EIP-7928) as the central changes.
The Commodity Futures Trading Commission approved a notice of proposed rulemaking on prediction markets, published in the Federal Register on 12 June 2026, setting out when event contracts on enumerated activities are contrary to the public interest.
The IMF Executive Board concluded its 2026 Article IV consultation with Nigeria on 9 June 2026 and identified stablecoin oversight as a priority.
Securitize brought Hamilton Lane's tokenized Senior Credit Opportunities Fund to Tron on 2 June 2026, its first issuance on that network.
The European Commission opened a two-part consultation on revising the Markets in Crypto-Assets Regulation in May 2026, with responses due by 30 August 2026.
The Senate Banking Committee released its version of the CLARITY Act on 11 May 2026 and advanced the crypto market structure bill out of committee that month. A further revision was reported in July 2026 as negotiators worked toward a bipartisan compromise.
Alpenglow, which replaces Solana's TowerBFT consensus with the Votor and Rotor components, activated on a community validator test cluster on 11 May 2026.
Trading volume in tokenized gold reached $90.7bn in the first quarter of 2026, exceeding the total for all of 2025, according to research published by CEX.IO.
Mastercard and the African digital-asset platform Yellow Card announced a partnership on 7 May 2026 to build stablecoin-based payment and settlement rails across Eastern Europe, the Middle East and Africa.
State Street announced on 28 April 2026 that it would launch tokenized fund servicing from Luxembourg, initially for tokenized money market fund issuers, later in 2026.
The European Central Bank published a study of the tokenised bond market in Issue 33 of its Macroprudential Bulletin on 13 April 2026, comparing matched samples of tokenised and conventional European corporate bonds.
The Hong Kong Monetary Authority granted its first stablecoin issuer licences on 10 April 2026 to HSBC and to Anchorpoint Financial, a joint venture led by Standard Chartered with Animoca Brands and HKT.
Intercontinental Exchange announced an additional $600m investment in Polymarket on 27 March 2026, adding to its earlier stake in the prediction-market platform.
An IMF working paper published on 27 March 2026 examined cross-border stablecoin flows and their effects on emerging-market foreign exchange rates.
The Securities and Exchange Commission approved a Nasdaq rule change on 18 March 2026 allowing certain tokenized securities to trade on the exchange, alongside an interpretation of how the federal securities laws apply to tokenized instruments.
Aave reported cumulative lending volume above $1tn in late February 2026, the first decentralised credit protocol to reach that figure.
The Office of the Comptroller of the Currency published a proposed rule on 25 February 2026 implementing the GENIUS Act, consolidating reserve, redemption, audit and supervision requirements for payment stablecoin issuers in a new 12 CFR Part 15.
Tether announced USAT on 27 January 2026, a dollar stablecoin issued in the United States by Anchorage Digital Bank under the GENIUS Act framework, with Cantor Fitzgerald as reserve custodian and preferred primary dealer.
JPMorgan said on 7 January 2026 that it would issue JPMD, its dollar deposit token, natively on the Canton Network, a privacy-oriented institutional blockchain.
Uniswap governance activated the protocol fee switch on Ethereum on 28 December 2025, redirecting a share of swap fees to protocol revenue used for UNI buybacks and burns, and extended it to layer-2 deployments in March and June 2026.
No story matches every filter at once. Clear one to widen the view.
Two videos and one audio recording from the library, 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
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
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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