News, data and analysis on tokenized assets, market design and digital economic systems.
Auctions, order flow, settlement guarantees and incentive design: the rules that decide who captures value in an onchain market.
DTCC started limited production trading on its DTC Tokenization Service in July 2026, covering Russell 1000 constituent stocks, major ETFs and US Treasury securities. JPMorgan, BlackRock and Goldman Sachs are among more than 50 participating firms, with full…
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…
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…
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…
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 review's central…
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…
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…
Intercontinental Exchange announced an additional $600m investment in Polymarket on 27 March 2026, adding to its earlier stake in the prediction-market platform. Separately the…
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…
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.
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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