News, data and analysis on tokenized assets, market design and digital economic systems.
Banks, asset managers, exchanges, custodians and central banks: what they have actually deployed, not what they have signalled.
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.
SoFi Bank says settlement of its debit and credit card transactions across Mastercard's network now runs in SoFiUSD, on a programme it puts at $25bn of annualised volume.
Pontes went live on 21 September, linking market ledger platforms to TARGET Services so that the cash leg of a tokenized trade settles in central bank money. Thirteen market participants, four ledger operators and the Bundesbank have onboarded.
Arc goes live with gas payable in USDC and no native token required, and Circle has minted the full 10bn supply of one anyway.
New York led seventeen other states and the District of Columbia in telling the Senate Banking Committee to vote no.
The exchange says its reserve ratio is above 100 per cent and every asset can be withdrawn.
DBS, OCBC and UOB moved Singapore dollars between each other as tokenized deposits, which is the first time a domestic interbank market has done it.
The bank settled a live cross-border payment in USBDC between its own entities in North America and Europe on the public Stellar network, and the pilot exercised freezing and clawback alongside minting and redemption.
The company behind Square and Cash App filed to charter Builders Bank and Trust, an uninsured national trust bank in Sioux Falls that would custody bitcoin, execute customer orders and settle stablecoins.
The ZKsync developer has put Prividium's permissioning engine on GitHub under Apache 2.0 and named Germany's central bank as the first institution running the platform self-hosted.
The two banks executed what they call the first successful weekend United States dollar payment between Singapore and New York using tokenized deposits over the Swift Digital Ledger, on Saturday 5 September 2026, settling in minutes against an…
The bank extended institutional deliverable spot trading in bitcoin and ether to clients of its Dubai International Financial Centre entity, routed through the same electronic channels its clients use for foreign exchange, and lets them settle with a…
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.
Corporate Decision #1390 lets Revolut custody digital assets through a UK affiliate and lets its customers pay remittances in stablecoins. It may not issue the Revolut-branded token, manage its reserves, or hold a digital asset on the bank's own balance sheet.
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 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 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 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.
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.
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.
The largest tokenization platform filed its first quarterly results as a public company on 12 August.
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…
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.
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.
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.
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 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.
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.
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.
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 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.
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.
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.
Ten products hold 86% of the $16.20bn outstanding, the largest is a Cayman fund pledged as exchange margin, and one manager's own affiliates own 27% of the flagship US-registered vehicle.
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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