News, data and analysis on tokenized assets, market design and digital economic systems.
Securities issued, settled and serviced on programmable ledgers: government paper, funds, credit and the market structure forming around them.
Citadel Securities pledged a tokenized US government bond for an overnight loan from BNY, the bank that dominates that market. BNY names no ledger, sum or rate, and one trade publication asks why a token was needed.
Each token is backed by a real share and carries its dividends, but buyers are not on the company's share register. Trading on venues planned by the New York Stock Exchange and OKXICE needs approvals not yet given.
The joint venture's notice under the SEC's tokenized stock exemption describes permissioned Uniswap pools on XLayer, administrator keys that can upgrade the contracts without a timelock, and an objection already lodged by Cerebras, a company that is…
CSD BR said on 29 September that BTG Pactual fund shares it holds will be mirrored on the public XRP Ledger as tokens it can freeze and claw back, while its own systems stay the official record.
Bybit said on 28 September that eligible clients can pledge fund shares issued through Franklin Templeton's Benji platform, held off-exchange through ByCustody, for USDT or USDC trading credit.
tZERO said on 28 September that its broker-dealer will give qualified US firms on Lynq, a settlement network on a private Avalanche chain, access to Goldman Sachs' Financial Square Treasury Instruments Fund.
Three CFTC divisions added four answers to their crypto FAQ on 24 September.
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.
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.
The central bank says it has begun preparatory work to invest a small portion of its own funds portfolio in tokenized securities, settling the purchases in central bank money through Pontes.
The Innovation Exemption lets a Tokenized Securities Venue trade tokenized listed shares on an automated market maker without registering as an exchange, until September 2031.
Ways and Means ordered H.R. 10357 favourably reported on Wednesday, two days after the market structure bill lost cloture 49 to 50.
London clears most of the world's spot gold, and the regulator wants to know whether tokenizing it would help.
Ways and Means votes on Wednesday morning on 114 pages nobody has read to the end. The wash sale rule applies to dispositions after the date of introduction, which was Monday. The $10 fee exemption waits for 2028.
Three issuers have raised Rs 1,025 crore, about $107m, in bonds issued as native tokens on a ledger owned by India's depositories, with the cash leg settled in wholesale CBDC. SEBI claims a world first and the claim is narrowly drawn.
The European supervisor's second risk monitor of the year puts the tokenized equity market at about EUR 1.9bn, almost all of it wrapped claims whose transfer conveys no legal title, and says Polymarket and Kalshi lack the authorisation the EU…
Nasdaq Ventures has agreed to invest $100m in Payward, and Payward will adopt Nasdaq's surveillance across its crypto, equities, tokenized equities, futures and options venues. Nasdaq Equity Tokens are expected in the second quarter of 2027.
The BlackRock HKD Digital Liquidity Fund is authorised in Hong Kong as the first locally domiciled money market fund offering a constant net asset value to retail investors, and can be bought with tokenized deposits or HKDAP.
AMC's chief executive calls the practice abhorrent and asks whether the shares backing the tokens can be lent to short sellers.
The House of Lords agreed a new clause by 194 to 138 against the government, requiring the Treasury to prepare, publish and consult on a strategy for cryptoassets, stablecoins, CBDCs and tokenised securities within twelve months of Royal Assent.
Nasdaq, Boerse Stuttgart, Securitize, Axiology, Cashlink and twenty-two others wrote to the Council and the Parliament's economic committee asking for the ceiling on instruments admitted to DLT market infrastructure to be removed, or set at EUR…
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.
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.
ICE will invest in tZERO, take a licence to its 103 blockchain patents and consult it on the standards for digital transfer agents on the planned Digital Trading Platform, the day before the SEC proposed letting a transfer agent keep the master file…
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.
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.
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 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.
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.
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.
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.
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 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 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.
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.
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.
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.
A new v4 hook standard verifies wallets against issuer-managed allowlists at the protocol level, with Superstate, Securitize and Dowgo among the launch collaborators.
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.
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.
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.
Securitize brought Hamilton Lane's tokenized Senior Credit Opportunities Fund to Tron on 2 June 2026, its first issuance on that network.
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.
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 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.
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.
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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