Briefing Archive

## Top Signal DTCC is signalling that its tokenization strategy will not be confined to closed, bilateral “walled gardens” but will instead prioritise interoperability across platforms and market infrastructures. **So What?** If DTCC – the core post‑trade utility for US securities – pursues open, interoperable tokenization rails, it creates a path for bank‑grade tokenized assets to interact with broader on‑chain ecosystems rather than remaining siloed. For institutional RWA participants, this raises the probability that tokenized securities, collateral and fund interests can be deployed across multiple venues and chains under a common compliance framework, rather than being locked into single‑dealer or single‑custodian environments. ## Regulation & Compliance **South Korea (Financial Services Commission and related agencies):** - Lawmakers are formalising a framework for tokenized securities while app distribution platforms, including Google Play, are blocking access to unregistered crypto exchanges in the jurisdiction. This effectively ties digital-asset access to domestic licensing and registration regimes, tightening the on‑ and off‑ramps for non‑compliant platforms. **White House / US Executive Branch:** - Following Coinbase’s withdrawal of support for the CLARITY Act, the White House is reportedly considering pulling its backing for the bill, amid concerns that the current draft could unduly restrict DeFi, ban tokenized equities and eliminate yield‑bearing stablecoin rewards. This places the future of a unified federal framework for tokenized securities and stablecoins in question and re‑opens the legislative agenda to further industry and banking‑sector lobbying. **Coinbase / US Policy Debate:** - Coinbase CEO Brian Armstrong publicly accused major US banks of attempting to undermine the administration’s pro‑crypto positioning, framing the CLARITY Act dispute as a contest between incumbent banks and crypto‑native platforms over the design of US digital‑asset market structure. The rhetoric underscores that regulatory outcomes on tokenized assets are being shaped as much by inter‑industry politics as by technical policy analysis. ## Protocol & Infrastructure **DTCC:** - DTCC’s digital assets leadership stated that its tokenization initiatives are not intended to create “walled gardens” and that interoperability will be a design priority. For RWA markets, this suggests that future DTCC‑linked tokenized instruments (e.g., tokenized equities, funds, collateral) could be architected to interact with multiple custodians, chains and possibly permissioned DeFi components, subject to regulatory constraints. ## On the Radar - The South Korean model of combining app‑store enforcement with securities‑style tokenization rules may become a template for other jurisdictions seeking to control retail access while allowing institutional tokenized securities to develop. - The escalating conflict in Washington over the CLARITY Act is hardening a split between bank‑centric tokenization models and more open, DeFi‑compatible infrastructures; institutional allocators will need scenario analyses for both outcomes. - DTCC’s interoperability stance, combined with recent moves by global custodians and banks into tokenized funds and deposits, points toward a future in which core market utilities anchor on‑chain settlement, with selective connectivity into compliant DeFi. - The absence of direct RWA language in the current Bitcoin ETF flow narrative reinforces that, for now, institutional digital-asset exposure is still dominated by synthetic wrappers rather than tokenized real‑world collateral, leaving significant white space for RWA growth once regulatory paths stabilise.

## Top Signal The political and industry backlash around the CLARITY Act is escalating into an open confrontation between large US banks, major crypto exchanges and the White House over how far tokenized securities, DeFi and yield‑bearing stablecoins should be permitted within the regulated perimeter. **So What?** For institutional RWA participants, this is no longer a technical rulemaking debate but a contest over who will control on-chain capital markets infrastructure in the US. The outcome will determine whether bank‑issued tokens and tightly intermediated products dominate, or whether more open, DeFi‑compatible frameworks for tokenized equities, credit and stablecoins retain legal room to operate at scale. ## Regulation & Compliance **US Congress / White House:** - Following Coinbase’s withdrawal of support for the CLARITY Act over concerns it would effectively ban tokenized equities, restrict DeFi and eliminate yield‑bearing stablecoins, the White House is reportedly considering pulling its backing for the bill, and Senate negotiations have stalled as industry groups scramble to salvage a market-structure compromise. - The episode exposes a sharp split between constituencies: banks and some policymakers pushing for bank‑centric models and strict limits on on‑chain yield, versus exchanges and DeFi advocates seeking explicit authorization for tokenized securities and protocol‑level rewards. - Independently, broader policy debate is intensifying around “crypto’s bank‑like turn,” as stablecoins, tokenized funds and ETFs increasingly resemble deposit‑like and securities‑like products, raising questions over which prudential and conduct regimes should apply. **South Korea (FSC and related agencies):** - South Korean authorities are tightening access to unregistered crypto platforms, with Google Play blocking apps from exchanges that are not licensed under local rules, as lawmakers advance a framework for tokenized securities and digital assets. - The move reinforces South Korea’s preference for tightly supervised, exchange‑based access to tokenized instruments, and signals that app distribution and platform access controls will be used as regulatory levers alongside licensing. ## Protocol & Infrastructure **DTCC:** - DTCC’s head of digital assets emphasised that the group is “not building walled gardens” for tokenization and is committed to interoperability across venues and networks, rather than isolated, proprietary chains. - For institutional users, this indicates that core post‑trade market infrastructure is positioning tokenization as an extension of existing clearance and settlement rails, with an explicit focus on cross‑platform connectivity rather than closed ecosystems. ## On the Radar - Growing political rhetoric in the US, including public accusations by Coinbase’s CEO that major banks are undermining the administration’s crypto agenda, signals that tokenization and stablecoin policy is becoming entangled with broader partisan and banking‑sector interests. - The convergence of banks, ETFs, stablecoins and tokenized markets is accelerating pressure on regulators to clarify when on‑chain instruments fall under banking law, securities law, or hybrid prudential regimes. - South Korea’s use of app‑store controls as a supervisory tool may foreshadow similar approaches in other jurisdictions seeking to enforce licensing and investor‑protection rules on digital asset venues. - DTCC’s interoperability stance, if implemented in production, could become a de facto standard for how tokenized RWAs plug into existing CSD and clearing structures, influencing which networks and token formats gain institutional traction.

## Top Signal The emerging clash in Washington over the CLARITY Act – with Coinbase withdrawing support, the White House reportedly reconsidering its backing, and major banks and tokenization firms lobbying to reshape it – is turning stablecoin, tokenized securities and DeFi market structure into a core political and regulatory battleground in the US. **So What?** For institutional RWA participants, the CLARITY Act is shaping up as the primary vehicle that could either formalize a compliant pathway for tokenized equities, yield‑bearing stablecoins and DeFi‑based credit, or significantly constrain these markets. The visible split between large banks, exchanges, and tokenization firms signals that final rules will likely favor actors with the strongest policy engagement and bank‑grade controls, reinforcing the need for institutions to align their RWA strategies with prospective US regulatory perimeter changes rather than today’s status quo. ## Regulation & Compliance **US Congress / White House (CLARITY Act):** - The White House is reportedly considering withdrawing support for the CLARITY Act after Coinbase pulled its backing, arguing the current draft would restrict DeFi, effectively ban tokenized equities, and eliminate stablecoin rewards tied to on‑chain yield. - Multiple industry stakeholders – including Ripple and tokenization‑focused firms – are now lobbying to rewrite the bill, seeking clearer treatment for tokenized securities and stablecoin yield products. - Goldman Sachs CEO David Solomon stated that the CLARITY Act “has a long way to go,” noting the bank is closely monitoring its progress given implications for tokenization and stablecoin activities. **US Banking Sector / Policy Interface:** - Reporting highlights growing tension as crypto platforms introduce yield‑bearing stablecoins, tokenized markets and ETF‑like products that resemble bank balance sheet functions, prompting concerns at large banks about regulatory arbitrage and competitive neutrality. - Coinbase CEO Brian Armstrong publicly accused major US banks of working to undermine the current administration’s pro‑crypto agenda, underscoring a politicized contest over who will intermediate digital cash and tokenized assets. ## Protocol & Infrastructure **Coinbase:** - Coinbase withdrew support for the CLARITY Act, warning it would curtail DeFi, outlaw tokenized equities, and remove stablecoin rewards, and now faces criticism that this stance is designed to protect its stablecoin yield franchise as policymakers revisit the bill’s text. **US Lender Newrez:** - Mortgage lender Newrez will begin treating holdings of Bitcoin, Ether, crypto ETFs and USD‑backed stablecoins as eligible assets for mortgage approval and income estimation without requiring prior liquidation, effectively recognizing crypto and tokenized exposures as part of a borrower’s verifiable asset base. ## On the Radar - The CLARITY Act process is becoming the de facto negotiation table for US rules on tokenized securities, stablecoin yield and DeFi credit; institutions with RWA exposure should scenario‑plan around restrictive, permissive, and bank‑centric outcomes. - Growing bank concern over “crypto’s bank‑like turn” suggests future frameworks may seek functional parity: similar capital, liquidity and disclosure rules for entities offering deposit‑like or securities‑like tokenized products. - Newrez’s acceptance of crypto and stablecoins in mortgage underwriting is an early signal that tokenized and digital assets may start feeding into traditional credit models, with knock‑on effects for collateral eligibility and risk management. - Public revelations about past large‑scale ICO considerations by major technology firms (e.g., OpenAI) will continue to inform regulatory attitudes toward token issuance, disclosures and investor protection, shaping how future RWA tokens are structured.

## Top Signal State Street is accelerating its tokenization strategy, positioning tokenized deposits and fund shares as a regulated, bank-native alternative to stablecoins for on-chain cash and fund exposure. **So What?** A global systemically important bank treating tokenized deposits and fund interests as core product, rather than experimentation, validates a regulatory-compliant path for on-chain settlement assets that can plug directly into existing bank balance sheets and fund structures. For institutional RWA participants, this strengthens the case for using bank-issued tokens and tokenized funds as primary collateral and settlement rails, while increasing pressure on stablecoin issuers and non-bank platforms to match regulatory clarity, transparency and integration with traditional market plumbing. ## Regulation & Compliance **South Korea (Financial Services Commission / National Assembly):** - Lawmakers have approved a tokenized securities framework in a key legislative hearing, paving the way for regulated issuance and trading of token securities, with BCG projecting a potential $250 billion market by 2030. This framework is expected to formalise licensing, disclosure and distribution rules for tokenized equities, bonds and fund interests, and to clarify the role of broker-dealers and exchanges in handling token securities. ## Protocol & Infrastructure **DTCC:** - DTCC aims to make all 1.4 million securities in its custody “digitally eligible,” effectively enabling a standardized pathway for tokenization and digital processing across its inventory. This would embed tokenization capabilities at the core of U.S. market infrastructure, supporting straight-through processing, programmable corporate actions and broader interoperability between legacy and on-chain systems. **State Street:** - State Street is expanding its tokenization push, highlighting tokenized deposits and fund shares as a regulated alternative to stablecoins for bringing cash and funds on-chain. This deepens the bank’s positioning as an institutional gateway for tokenized fund distribution, collateral management and on-chain liquidity solutions. **Interactive Brokers / Zero Hash:** - Interactive Brokers has enabled 24/7 funding via USDC, with plans to add Ripple and PayPal stablecoins, using Zero Hash as infrastructure provider. This gives professional clients continuous, crypto-native funding rails into a mainstream brokerage environment, reducing funding friction for strategies that bridge on-chain and traditional markets. **Citrea / MoonPay:** - Citrea, via MoonPay’s launchpad, has introduced a U.S. Treasury-backed stablecoin native to its Bitcoin-aligned ecosystem to address liquidity fragmentation. The product extends the Treasury-backed stablecoin model into Bitcoin-adjacent infrastructure, potentially broadening the collateral set for BTC-centric DeFi and RWA use cases. **Galaxy Digital / Arch Lending:** - Galaxy Digital has closed a $75 million tokenized CLO on Avalanche to finance Arch Lending’s crypto-backed lending facility. The structure imports a familiar securitization wrapper into on-chain markets, potentially offering institutional investors exposure to crypto credit risk via a format aligned with traditional CLO analytics and governance. ## On the Radar - Diverging narratives on U.S. crypto market structure legislation and tokenized equities suggest that final statutory language will be critical for U.S.-domiciled tokenization platforms’ business models. - South Korea’s dedicated token securities regime may become a reference model for other Asia-Pacific jurisdictions seeking to formalise tokenized capital markets while retaining strong investor protections. - The combination of DTCC’s digital eligibility plans and State Street’s tokenization push points to a future where primary issuance, custody and fund administration are natively compatible with tokenized instruments. - Treasury-backed stablecoins and tokenized CLOs indicate a growing spectrum of fixed-income-like instruments on-chain, from ultra-low-risk cash surrogates to structured credit, expanding the investable RWA universe for institutional mandates.

## Top Signal Alpaca has raised a $150 million Series D at a $1.15 billion valuation, claiming to power 94% of all tokenized U.S. equities and ETFs for leading RWA platforms. **So What?** A single infrastructure provider emerging as the dominant back-end for tokenized public securities concentrates both operational risk and standard-setting power in one node of the market stack. For institutional RWA participants, Alpaca’s scale signals that tokenized wrappers for listed securities are moving from experimentation to production, but also underlines the need for robust due diligence on custody, regulatory status, and business continuity at the infrastructure layer. ## Regulation & Compliance **SEC (US):** - The SEC has closed its investigation into the Zcash Foundation without recommending enforcement action, according to the foundation. This follows similar outcomes for several large crypto firms and suggests a narrowing of active enforcement focus, at least for some legacy investigations. - Coinbase has publicly opposed the Senate Banking Committee’s draft CLARITY Act, arguing the bill would impose restrictive constraints on crypto activities. While not yet law, the draft and Coinbase’s resistance highlight an ongoing tug-of-war over how far Congress will go in codifying limits and obligations for digital asset intermediaries. **Government of Pakistan / Ministry of Finance:** - Pakistan’s Ministry of Finance has signed an MOU with an affiliate of World Liberty Financial to explore stablecoin-based remittances. This positions stablecoins as potential regulated payment infrastructure in a major remittance corridor, subject to eventual central bank and FX controls oversight. ## Protocol & Infrastructure **Alpaca:** - Raised $150 million in a Series D round at a $1.15 billion valuation, stating it supports 94% of tokenized U.S. equities and ETFs and services clients including Dinari, Ondo Finance and xStocks. This cements Alpaca as critical plumbing for equity/ETF tokenization, with direct implications for counterparty concentration and integration standards across the RWA stack. **Figure Technologies:** - Launched the OPEN platform for natively on-chain equities trading, aiming to bypass DTCC and enable DeFi-based lending against tokenized stocks. Backing from BitGo and Jump indicates both institutional custody and market-making support, and positions OPEN as a potential alternative venue for tokenized equity issuance and collateralization. **Oobit / Phantom / Visa:** - Tether-backed mobile wallet Oobit has integrated native Phantom support, enabling one-tap Visa-rail payments from non-custodial Solana wallets via its DePay solution. While primarily a payments development, it strengthens the connection between stablecoin rails and card networks, relevant for settlement and off-ramp design in RWA products. **Mantra:** - RWA-focused blockchain Mantra is restructuring and cutting staff after the OM token collapse and prolonged market pressure in 2025. This underscores business model fragility for RWA platforms overly reliant on native token economics rather than fee-based, regulated infrastructure revenues. **Unnamed blockchain firm (water infrastructure):** - A blockchain company is targeting up to $200 million in tokenized water infrastructure projects across Asia, highlighting growing use of tokenization for emerging-market real assets and project finance. ## On the Radar - Concentration risk in tokenization infrastructure (e.g., Alpaca’s market share) is becoming a core operational and regulatory due diligence topic for institutions onboarding tokenized securities. - Stablecoin-based remittance pilots in emerging markets (Pakistan and others) may set templates for FX, AML/CFT, and capital control-compliant designs that can later be repurposed for institutional payment and distribution flows. - The closure of certain SEC investigations without action suggests a gradual sorting of projects into “tolerated” versus “targeted,” which will influence which protocols can realistically anchor institutional RWA products. - Stress at token-centric RWA platforms (e.g., Mantra) reinforces a shift toward regulated, revenue-driven models backed by real asset cash flows and institutional partners rather than speculative token value.

## Top Signal Franklin Templeton has restructured and “blockchain‑enabled” two US money market funds, including positioning the LUIXX fund as a short‑term US Treasury vehicle designed to meet stablecoin reserve standards and offering an on‑chain share class (DIGXX). **So What?** A global asset manager explicitly aligning a regulated money market fund with stablecoin reserve use cases is a direct bridge between tokenized cash instruments and mainstream fund structures. For RWA participants, this creates a credible, ’40‑Act‑style wrapper that can serve as collateral, settlement asset and reserve backing within tokenized markets, while remaining inside familiar regulatory and operational frameworks. ## Regulation & Compliance (No material regulator‑driven actions were reported in today’s flow.) ## Protocol & Infrastructure **Franklin Templeton:** - Modified the LUIXX money market fund mandate to concentrate in short‑term US Treasuries and satisfy stablecoin reserve criteria, positioning it as a potential backing asset for fiat‑referenced tokens and tokenized cash products. - Enabled blockchain‑ready functionality for LUIXX and DIGXX, including an on‑chain share class for DIGXX, allowing these funds to integrate with distributed ledgers for settlement and record‑keeping while retaining traditional fund governance and oversight. **World Liberty Financial:** - Launched a new borrowing and lending protocol centered on its USD1 stablecoin, extending USD1 from a pure payments/store‑of‑value instrument into a credit market asset. - The move signals continued experimentation with vertically integrated stacks (issuer + lending venue), but raises familiar questions around reserve transparency, regulatory perimeter (banking vs securities vs commodities), and how such platforms will interface with regulated RWA collateral. **21Shares:** - Listed the 21Shares Bitcoin Gold ETP (BOLD) on the London Stock Exchange, combining exposure to bitcoin and gold in a single exchange‑traded product. - While not an RWA in itself, the product reflects increasing comfort among European listing venues and institutional allocators with hybrid digital/physical exposure, which may ease the path for future ETPs referencing tokenized Treasuries, commodities or other RWAs. **Bitpanda:** - Vienna‑based Bitpanda is reportedly preparing an IPO in Germany at a multi‑billion‑dollar valuation. - A successful listing would further institutionalize a European crypto brokerage and exchange operator, potentially strengthening its capacity to distribute tokenized securities and RWA products under MiCA/MiFID‑aligned regimes. ## On the Radar - Stablecoin reserve architecture is converging toward regulated money market and short‑duration Treasury funds, suggesting future reserve disclosures may increasingly resemble traditional fund reporting. - The combination of on‑chain fund share classes with bank‑issued tokenized deposits (e.g., BNY Mellon) is laying the groundwork for fully tokenized cash and collateral stacks within existing regulatory perimeters. - Vertically integrated stablecoin‑plus‑lending platforms will face growing scrutiny from banking and securities regulators, especially where deposit‑like features and leveraged credit intermediation coexist. - Exchange‑listed products that blend digital assets with traditional commodities or bonds may become a key distribution channel for tokenized RWA exposure to reach conservative institutional mandates.

## Top Signal Fitch Ratings has formally highlighted “high market value risk” in Bitcoin-backed securities, warning that collateral volatility can rapidly erode protection for lenders and investors. **So What?** A top-tier credit rating agency putting structural risk language around crypto‑collateralised products is a clear signal that traditional credit frameworks are now being actively applied to token-linked instruments. For RWA participants, this both constrains how crypto-exposed structures can be rated and distributed, and accelerates the search for lower‑volatility, yield-bearing tokenized collateral (e.g., treasuries, money market funds, tokenized deposits) as the foundation for institutional-scale RWA markets. --- ## Regulation & Compliance **Fitch Ratings:** - Flagged Bitcoin-backed securities as subject to “high market value risk,” noting that sharp BTC price swings can quickly undermine collateral coverage and increase loss risk for lenders and investors. Fitch’s commentary effectively treats these instruments as structurally akin to other highly volatile collateralised products, with implications for required overcollateralisation, margining and stress testing. - For arrangers of structured notes, securitisations or lending facilities that mix RWAs with crypto collateral, Fitch’s stance will be a reference point for committees assessing rating headroom, tranche thickness, and investor eligibility. **FATF (Financial Action Task Force):** - Recognised the T3 Financial Crime Unit (T3 FCU) – backed by TRON, Tether and TRM Labs – as a model blockchain crime-fighting initiative after it reportedly froze around USD 300 million in illicit assets and monitored over USD 3 billion in volume. - This endorsement strengthens the case that on-chain markets can be made consistent with FATF standards when robust analytics, cooperative issuers and responsive intermediaries are in place, which is directly relevant to regulators evaluating tokenized securities and stablecoin regimes. --- ## Protocol & Infrastructure **21Shares / London Stock Exchange (LSE):** - 21Shares listed a physically backed Bitcoin-and-gold exchange-traded product on the London Stock Exchange, offering combined exposure to a digital and a traditional commodity in a single wrapper. - While not a pure RWA product, it normalises mixed on-chain/off-chain asset baskets within a mainstream securities venue, paving the way for multi-asset ETPs that could eventually pair tokenized treasuries, credit or equities with digital assets under established exchange governance. **World Liberty Financial / USD1:** - World Liberty Financial, backed by Trump family interests, launched “World Liberty Markets,” a borrowing and lending platform built on Dolomite to extend the utility of its USD1 stablecoin. Parallel reporting notes the move comes as the firm pursues a U.S. bank charter amid heightened scrutiny over governance and conflicts. - The model illustrates an integrated stack where a proprietary stablecoin is tied to a native lending venue, raising familiar concerns around concentration, related-party risk and regulatory perimeter that will be closely watched by banking and securities supervisors. **Coinbase:** - CEO Brian Armstrong stated that tokenized stocks will “transform global markets” via 24/7 trading, fractionalisation and real-time settlement, and indicated they are “inevitable” over a multi‑year horizon. - This is a directional signal that a major regulated exchange operator is positioning for tokenized equity infrastructure, which would directly intersect with RWA issuance, custody and secondary trading once securities law and listing frameworks evolve. **Standard Chartered:** - The bank publicly framed 2026 as a pivotal year for Ethereum, explicitly citing real‑world asset adoption as a driver of network relevance. - While partly a macro-asset view, it reinforces the perception among global banks that Ethereum (and compatible L2s) are likely base layers for institutional RWA issuance and settlement. --- ## On the Radar - Growing willingness of rating agencies to opine on crypto-linked structures suggests a coming segmentation between “investment-grade compatible” tokenized products (treasuries, deposits, high-quality credit) and speculative, crypto‑collateralised instruments. - FATF’s endorsement of T3 FCU will be used by stablecoin issuers and tokenization platforms to argue that robust compliance tooling can coexist with open blockchain rails, influencing upcoming stablecoin and MiCA-equivalent implementations. - The LSE’s acceptance of a Bitcoin–gold ETP strengthens the precedent for hybrid digital/traditional products on Tier‑1 exchanges, a structural bridge for future RWA baskets. - Public positioning by both Coinbase and Standard Chartered around tokenized securities and Ethereum-based RWAs signals converging interest from regulated exchanges and global banks in building the next layer of capital markets plumbing on-chain.

## Top Signal BNY Mellon has formally activated a tokenized deposit platform for institutional clients, issuing on-chain representations of commercial bank deposits to support payments and collateral movements. **So What?** A global systemically important custodian putting tokenized deposits into production hardens “tokenized cash” as core infrastructure for institutional digital asset markets. For RWA participants, this provides a regulated, bank-native settlement asset that can plug into tokenized securities, funds and private credit rails, materially reducing counterparty and operational frictions that have constrained scale. ## Regulation & Compliance **US Senate (Market Structure Legislation):** - Senate Republican leadership on the Banking Committee is accelerating a vote on a comprehensive digital asset market structure bill, while coordination with the Agriculture Committee and Democratic members remains incomplete. - Industry stakeholders, particularly DeFi teams, are signalling that they may oppose or disengage from the framework if protocol-level treatment fails to accommodate decentralised architectures and non-custodial activity. **So What for RWAs:** - The bill’s final treatment of tokenized securities, stablecoins and DeFi venues will define the regulatory perimeter for US-based issuance and secondary trading of RWAs. - If DeFi requirements are overly restrictive, institutional RWA flows may be channelled into permissioned, bank-led platforms rather than composable public networks, shaping both liquidity venues and counterparty profiles. ## Protocol & Infrastructure **BNY Mellon:** - Launched a tokenized deposit service that mirrors institutional client deposit balances on a private blockchain, enabling on-chain payments and collateral movements while retaining deposits within BNY’s existing banking framework. - The product targets both traditional institutions and “digital native” firms, positioning BNY as a central provider of tokenized cash for settlement, margin and collateral optimization across digital asset and RWA markets. **Robinhood:** - Robinhood’s crypto leadership outlined its strategy for an in-house Ethereum layer-2 network, explicitly choosing to build on Ethereum for its security guarantees. - The roadmap includes support for tokenized stocks and staking, implying a vertically integrated stack where brokerage, execution and on-chain settlement could converge on a proprietary L2. **Ethereum Ecosystem (Developers & Governance):** - Commentary from Ethereum co-founder Vitalik Buterin around privacy as a fundamental protection, in the context of the Tornado Cash developer case, underscores the ongoing tension between programmable privacy and regulatory expectations. - Parallel reporting highlights continued growth in tokenized asset activity and value locked on Ethereum, reinforcing its position as the primary settlement layer for RWAs despite regulatory uncertainties. ## On the Radar - Convergence of bank-grade tokenized deposits and public-chain RWA issuance: watch for bridges between private bank chains and Ethereum or other public networks as the next integration challenge. - Broker-dealers and fintech platforms exploring proprietary L2s for tokenized equities may create fragmented liquidity and regulatory complexity, but also new distribution channels for on-chain securities. - The US market structure bill’s DeFi provisions will be a key determinant of whether institutional RWA strategies favour open DeFi protocols or closed, permissioned infrastructures. - Ongoing legal and policy debates around on-chain privacy tools will shape design choices for RWA protocols handling sensitive financial data and identity information.

## Top Signal The US Senate is accelerating work on a comprehensive digital asset market structure bill, with Republican leadership pushing toward a committee vote while core questions on DeFi treatment remain unresolved. **So What?** A federal market structure statute would define the regulatory perimeter for tokenized securities, stablecoins and DeFi venues, directly shaping issuance, distribution and secondary trading of RWAs in the US. The open DeFi questions are material: if protocol-level activity is over‑constrained, institutional RWA adoption may default to permissioned, bank‑centric architectures rather than composable public DeFi rails. ## Regulation & Compliance **US Congress (Senate):** - Senate Banking and Agriculture Committees are advancing a draft digital asset market structure bill toward a vote, led by Republican chairs, while Democratic support remains uncertain and negotiations on DeFi provisions are ongoing. The “red lines” for DeFi—liability of protocol developers, treatment of AMMs and lending protocols, and on/off‑ramp obligations—are still being debated, with industry signaling it may oppose the bill if these points are mishandled. - For RWA markets, this bill is likely to determine whether tokenized securities and stablecoins fall predominantly under securities, commodities, or bespoke digital asset regimes, with knock‑on effects for broker‑dealer licensing, ATS/SEF registrations, and bank involvement in tokenized credit. **US Courts / Policy Discourse (Privacy):** - Ethereum co‑founder Vitalik Buterin publicly defended privacy tools in the context of the Tornado Cash developer conviction, framing transactional privacy as a fundamental protection. While not a formal regulatory action, this intensifies the policy debate on whether privacy‑preserving infrastructure can coexist with AML/KYC expectations that institutional RWA programs must meet. ## Protocol & Infrastructure **Robinhood:** - Robinhood’s crypto unit outlined its strategy for an Ethereum layer‑2 network, emphasizing Ethereum’s security guarantees and linking the initiative to future tokenized stock offerings and staking services. A broker‑dealer/retail platform building native L2 infrastructure for tokenized equities points toward vertically integrated, quasi‑onchain brokerage models, potentially offering a compliant path to fractionalized equity RWAs for mass‑affluent clients. **BNY Mellon:** - BNY Mellon’s tokenized deposit platform, now live, mirrors institutional deposit balances on a permissioned blockchain to support payments and collateral movements. The bank positions the product for both traditional institutions and “digital natives,” signaling intent to be core settlement and liquidity infrastructure for tokenized funds, securities lending, and collateralized lending that reference RWAs. **Coinbase / Base:** - Bank of America upgraded Coinbase, citing the growth prospects of its Base L2 and “tokenization tailwinds.” While an equity research call, it reflects large-bank recognition that public L2s operated by regulated intermediaries could become important distribution and liquidity venues for tokenized assets. ## On the Radar - The emerging model of brokerages (Robinhood, Coinbase) operating their own L2s raises the prospect of vertically integrated “tokenization stacks” combining issuance, trading, and settlement under a single brand and compliance perimeter. - The policy fight over DeFi in the US market structure bill will likely determine whether institutional RWA strategies can leverage open composability or must rely on walled‑garden, permissioned networks. - BNY Mellon’s move, following Wyoming’s FRNT and other tokenized cash experiments, suggests a competitive landscape forming between state‑linked stable tokens, bank tokenized deposits, and private stablecoins as the cash leg for RWA transactions.

## Top Signal BNY Mellon, the world’s largest custodial bank, has activated a tokenized deposit platform for institutional clients, enabling blockchain-based payments and collateral movements backed by commercial bank money. **So What?** Tokenized deposits from a global systemically important custodian formalise “tokenized cash” as core market plumbing rather than an experiment, directly addressing settlement, collateral mobility and intraday liquidity constraints that have limited institutional RWA adoption. For RWA issuers and investors, this creates a credible path to onchain cash legs within existing banking relationships, which is a prerequisite for scalable tokenized securities, funds and private credit. ## Regulation & Compliance **US Congress (Senate):** - Senate Banking Committee leadership is pushing toward a committee vote on a comprehensive US digital asset market structure bill, despite unresolved negotiations with the Agriculture Committee and uncertain Democratic alignment. The bill’s treatment of DeFi remains a key unknown, with industry participants signalling they could withdraw support if decentralised protocols are disadvantaged or left in legal limbo. - For RWA markets, the outcome will shape the regulatory perimeter for tokenized securities, stablecoins and DeFi-based credit platforms, including whether RWA protocols can rely on onchain liquidity and automated market infrastructure without triggering full broker-dealer or exchange obligations. ## Protocol & Infrastructure **BNY Mellon:** - Launched a tokenized deposit service that issues digital representations of institutional client deposits on a permissioned blockchain, initially for payments and collateral use cases. The tokens mirror traditional account balances and are designed to support faster settlement, programmable payment flows and collateral optimisation across trading, securities finance and treasury operations. - The service targets both traditional institutions and “digital native” firms, positioning BNY as a core cash and collateral rail for tokenized assets, including future tokenized funds, bonds and money market instruments cleared through its custody ecosystem. **Coinbase (Base):** - Bank of America upgraded Coinbase to “Buy”, citing the strategic importance of the Base L2 ecosystem and expected tailwinds from tokenization and onchain activity. While an equity research move rather than a regulatory event, it reflects mainstream recognition of public L2s as infrastructure for token issuance, secondary trading and settlement, including RWAs. ## On the Radar - Convergence on tokenized cash: With BNY joining earlier initiatives from JPMorgan and others, multiple large banks are now building proprietary tokenized deposit rails, raising questions about interoperability, standards and how these private systems will connect to public RWA platforms. - Market structure legislation as RWA catalyst: The emerging US bill will determine whether tokenized securities and DeFi-based credit can operate under a bespoke regime or remain squeezed between legacy securities and commodities rules. - Custodians as RWA distribution hubs: As custodial banks move from safekeeping into issuance of tokenized cash and potentially tokenized securities, they are positioned to become primary distribution and servicing channels for institutional RWA products. - Wall Street’s “build, not debate” phase: Coverage across outlets underscores that large banks now view BTC, stablecoins and tokenized cash as infrastructure layers; the next competitive frontier is likely to be tokenized collateral and repo, with direct spillovers into RWA liquidity and pricing.

## Top Signal Morgan Stanley is preparing to launch a digital asset wallet that will support both cryptocurrencies and tokenized real‑world assets as part of a broader expansion of its crypto product suite. **So What?** A global systemically important bank moving from passive product distribution into native digital asset wallet infrastructure is a structural step toward onchain distribution of tokenized assets within traditional wealth channels. For RWA participants, this signals that tokenization is graduating from pilot projects to client‑facing infrastructure in private banking and wealth management, with implications for custody models, product design, and compliance expectations. ## Regulation & Compliance *(No material regulator‑driven RWA updates were reported in today’s coverage.)* ## Protocol & Infrastructure **Morgan Stanley:** - Plans to launch a proprietary digital asset wallet in 2026, with support for both cryptocurrencies and RWAs, alongside an expanded suite of crypto investment products. This suggests the bank is building client‑facing rails that could eventually hold tokenized funds, private credit, and other onchain securities within a regulated wealth framework. **BlackOpal / GemStone Platform (via Plume Network):** - BlackOpal’s GemStone platform is offering tokenized Brazilian credit card receivables with yields around 13%, using Plume Network for tokenization and providing merchants with accelerated access to cash. This is another example of emerging‑market consumer credit being packaged as onchain fixed‑income‑like exposure, raising questions around underwriting standards, servicer risk, FX, and cross‑border securities treatment for offshore investors. **Chainalysis:** - Reports that crypto‑related crime reached approximately $154 billion in 2025, driven by state‑linked hacking, sanctions evasion and stablecoin‑based laundering. For RWA and stablecoin issuers, this will reinforce regulatory focus on sanctions screening, address blacklisting, and transaction‑level analytics as preconditions for institutional onboarding. **Coinbase / Base (via Bank of America research):** - Bank of America upgraded Coinbase to “Buy,” explicitly citing the growth prospects of its Base L2 and tokenization tailwinds. This highlights that major banks now view tokenization infrastructure as a core value driver for listed crypto platforms, which may translate into greater scrutiny on how Base supports compliant RWA issuance and secondary trading. **Nexo:** - Announced zero‑interest crypto lending for BTC and ETH holders, expanding its structured lending offerings. While not RWA‑specific, the evolution of collateralised lending infrastructure remains relevant for using tokenized Treasuries or other RWAs as margin or collateral over time. **BlackRock:** - Increased its bitcoin holdings by roughly 9,000 BTC in early January 2026, rebuilding exposure after a 2025 year‑end reduction. Although this is a crypto allocation rather than an RWA move, it underscores BlackRock’s continued strategic engagement with digital asset markets alongside its expanding tokenization initiatives. ## On the Radar - Wealth and private banking channels are emerging as key distribution points for tokenized RWAs, with banks like Morgan Stanley moving to embed wallet functionality directly into client platforms. - Tokenized emerging‑market consumer credit (e.g., Brazilian card receivables) is re‑appearing as a high‑yield product; institutional allocators will need robust frameworks for servicer risk, legal enforceability, and data transparency before scaling exposure. - Rising onchain crime volumes, particularly involving stablecoins, are likely to accelerate regulatory pressure for bank‑grade AML, sanctions controls, and travel‑rule compliance across RWA platforms. - Sell‑side and bank research desks are increasingly treating tokenization infrastructure as a core investment theme, which may influence capital markets access and valuations for public companies building RWA rails.

## Top Signal Wyoming has launched FRNT, the first fully reserved, state‑issued fiat‑backed stablecoin in the US, operating on Solana under the Wyoming Stable Token Act. **So What?** A US public entity directly issuing and operating a blockchain‑based stable token is a structural shift: it blurs the line between public money infrastructure and private stablecoin markets. For RWA participants, FRNT is a live test case for how sub‑sovereign issuers can tokenize cash claims within a clear legal regime, potentially opening a new category of “public‑sector RWAs” with distinct risk, regulatory and distribution profiles. ## Regulation & Compliance **State of Wyoming (US):** - Issued the Frontier Stable Token (FRNT), described as a fully reserved, fiat‑backed stable token and the first blockchain asset issued by a US public entity, under the Wyoming Stable Token Act on Solana. FRNT is designed as a tokenized claim on US dollars held in reserve, with statutory backing and governance anchored in state law. - This positions Wyoming as a regulatory laboratory for state‑level digital cash instruments, potentially influencing federal debates on stablecoin frameworks and the permissible role of state entities in token issuance. **Brazil (former Central Bank official / local regulatory perimeter):** - A former Banco Central do Brasil official has launched a real‑pegged stablecoin backed by Brazilian National Treasury bonds, explicitly passing through local interest‑rate exposure (around 15%) to holders. - While not a central bank initiative, the structure tokenizes sovereign debt as backing collateral and yield source, raising questions for Brazilian regulators around securities classification, FX controls, and retail access to tokenized public debt yields. ## Protocol & Infrastructure **World Liberty Financial / WLTC Holdings LLC:** - WLTC Holdings has applied to establish a US national trust bank charter purpose‑built for stablecoin operations, aiming to bring its USD1 stablecoin fully onshore within the federal banking perimeter. - If approved, this would represent another move toward bank‑regulated stablecoin issuance, narrowing the gap between tokenized dollars and insured‑deposit infrastructure and potentially easing institutional onboarding and KYC/AML comfort. **Rumble & Tether:** - Video platform Rumble, backed by Tether, launched a non‑custodial crypto wallet integrated into its app, enabling creator tipping in BTC, USDT and XAUT. - This extends USDT and Tether Gold into a large consumer platform, reinforcing stablecoins and tokenized gold as de facto payment and micro‑payment rails, with potential secondary demand for compliant on/off‑ramp and reporting solutions. **Bernstein (sell‑side research):** - Bernstein projects a “tokenization supercycle” in 2026, arguing that tokenized assets and RWAs will drive the next expansion phase for digital assets. - For institutional allocators, this frames tokenization less as a niche experiment and more as a core structural theme, likely influencing mandate design, benchmark construction and due‑diligence pipelines. ## On the Radar - Competition between state‑backed tokens (e.g., FRNT), bank‑issued stablecoins and private offshore models is intensifying; regulatory outcomes will shape which models become acceptable collateral and settlement layers for RWAs. - Tokenized sovereign debt used as backing and yield engines for stablecoins (Brazil real‑pegged coin, US T‑bill‑backed products) is converging with RWA credit markets, increasing the need for harmonised treatment under securities and banking law. - Consumer platforms integrating non‑custodial wallets (Rumble) may become important distribution channels for tokenized assets, driving demand for compliant embedded‑finance and identity solutions. - The pursuit of US bank charters by stablecoin issuers signals an institutionalisation path that could make tokenized cash instruments more palatable for pensions, insurers and regulated funds as settlement and collateral tools.

## Top Signal MarketVector has launched new stablecoin and RWA tokenization equity indexes, with Amplify filing associated US-listed ETFs that provide regulated, indirect exposure to companies building stablecoin and tokenization infrastructure. **So What?** Index and ETF wrappers around the “picks-and-shovels” of stablecoins and RWAs give traditional allocators a compliance-friendly way to express a thesis on tokenization without holding tokens or onchain instruments. This accelerates the institutionalisation of RWAs as an investable theme, and will increasingly shape capital formation for public companies positioned as tokenization, custody and stablecoin infrastructure providers. ## Regulation & Compliance **US Congress (Senate Banking Committee):** - A broad crypto regulatory bill is moving toward a Senate Banking Committee hearing, though its legislative path remains uncertain. The draft reportedly addresses market structure, oversight of trading venues, and treatment of stablecoins and digital asset intermediaries, which will indirectly set parameters for tokenized securities and RWA platforms operating in or marketing into the US. ## Protocol & Infrastructure **Tether / Tether Gold (XAUT):** - Tether introduced “Scudo,” a new fractional unit for its gold-backed XAUT token, designed to improve divisibility, pricing granularity and usability for payments and smaller transfers onchain. This is a microstructure upgrade that makes tokenized bullion more practical as a settlement and collateral asset, particularly for DeFi and cross-border payment rails that require fine-grained units. **Jupiter (Solana) / BlackRock BUIDL:** - Solana DEX aggregator Jupiter launched JupUSD, a Solana-native stablecoin used as a settlement asset across its DeFi stack, backed by a mix of Circle’s USDC and USDtb, itself referencing BlackRock’s tokenized BUIDL fund. This creates a layered structure where end-users interact with a DeFi-native unit while ultimate backing links to regulated cash-equivalent and tokenized fund exposures. **MarketVector / Amplify ETFs:** - MarketVector rolled out new equity indexes tracking companies involved in stablecoin issuance, tokenization infrastructure, and broader RWA adoption, while Amplify is launching ETFs based on these benchmarks. The products offer public-markets exposure to the tokenization value chain, potentially broadening the investor base for listed firms building custody, compliance, issuance and onchain settlement capabilities. **BitMEX:** - BitMEX is expanding into 24/7 “Equity Perps,” derivatives referencing major US stocks and indices, margined in crypto and tradable around the clock. While synthetic rather than fully tokenized securities, this move signals continued convergence between equity markets and crypto-native venues, and may pressure regulators to clarify the status of onchain equity exposure. ## On the Radar - The divergence between US-listed spot Bitcoin ETFs (now seeing net outflows) and growing interest in tokenization and stablecoin infrastructure suggests allocators are rotating from pure asset exposure toward structural plays on digital market plumbing. - The China RWA ban, combined with Hong Kong’s more permissive posture, continues to drive a bifurcated architecture where Asia’s compliant tokenization activity is routed via offshore hubs rather than the mainland. - Layered stablecoin designs like JupUSD (DeFi-native unit backed by regulated instruments) may become a dominant pattern, raising questions for regulators about look-through risk, disclosure, and ultimate asset backing. - Incremental usability upgrades to tokenized commodities (e.g., Tether Gold’s Scudo) indicate that RWA competition is shifting from simple issuance to product design, UX and integration into payment and collateral ecosystems.

## Top Signal China’s leading financial industry associations have reportedly reclassified real‑world asset (RWA) tokenization and stablecoins as “risky” and effectively illegal alongside crypto mining and speculative “air coins.” **So What?** This hardens the onshore prohibition stance and signals that China’s policymakers currently view tokenized RWAs not as financial‑market infrastructure but as part of the speculative crypto complex. For global RWA markets, it removes near‑term prospects for compliant mainland participation, while reinforcing a bifurcated structure: China‑adjacent flows will continue to route via Hong Kong, Singapore and offshore vehicles, and Western institutions should not expect Chinese capital or issuer participation in onchain RWA markets under current policy. ## Regulation & Compliance **Chinese Financial Industry Associations (China):** - According to local reporting, major national financial associations have updated risk classifications to explicitly include RWA tokenization and stablecoins in the same category as illegal crypto mining and “air coins,” characterising them as high‑risk and non‑compliant activities on the mainland. This is not a new law, but an interpretive and supervisory signal that tightens the de facto ban on most crypto‑related activities, now explicitly encompassing RWA tokenization initiatives targeting onshore investors or assets. - The move increases legal and reputational risk for Chinese financial institutions experimenting with tokenization, likely pushing any remaining pilots into either fully permissioned, non‑public ledgers or relocating them to Hong Kong and other offshore jurisdictions. ## Protocol & Infrastructure **Jupiter (Solana ecosystem):** - Jupiter has launched JupUSD, a native stablecoin structured as a white‑label version of Ethena’s synthetic dollar product, reportedly backed 90% by BlackRock’s tokenized USD Institutional Digital Liquidity Fund and Ethena’s USDtb. This design effectively embeds exposure to a tokenized institutional money‑market‑style fund within a Solana‑native stablecoin, while outsourcing reserve and risk management to established issuers. - For RWA markets, JupUSD illustrates a modular model where DeFi front‑ends and aggregators wrap institutional‑grade tokenized liquidity funds into branded stablecoins, creating additional demand channels for tokenized cash instruments while raising questions around look‑through risk, disclosure and regulatory perimeter (e.g., when a “stablecoin” is economically a fund share wrapper). **BlackRock:** - BlackRock’s spot Bitcoin ETF has logged its largest single‑day inflow in roughly three months, with multiple sources attributing demand to institutional portfolio rebalancing and macro positioning rather than retail speculation. The sustained traction of BlackRock’s listed digital‑asset products reinforces the firm’s role as a primary bridge between traditional capital and onchain exposures, and strengthens the precedent for tokenized strategies to be distributed via regulated fund wrappers. **Ondo Finance:** - January will see a significant token unlock for ONDO, concentrated among a handful of large projects that collectively account for more than one‑third of scheduled token releases this month. While not an RWA product event per se, supply dynamics around governance tokens of leading RWA protocols can influence treasury strategies, incentive design and the cost of capital for future tokenized asset initiatives. ## On the Radar - Growing use of tokenized institutional liquidity funds (e.g., BlackRock’s USD fund) as reserve assets for DeFi‑native stablecoins, blurring lines between money‑market funds, stablecoins and synthetic dollars. - Diverging China vs. Hong Kong policy trajectories: stricter onshore prohibitions may accelerate Hong Kong’s role as a ring‑fenced experimentation zone for tokenized securities and stablecoins. - Concentrated token unlocks across major RWA‑adjacent protocols may catalyse governance changes, including revisions to collateral frameworks, fee structures and institutional onboarding incentives. - Continued inflows into listed Bitcoin products by large asset managers reinforce that institutional digital‑asset exposure is gravitating toward regulated wrappers, a pattern likely to shape distribution choices for tokenized treasuries, credit and real‑estate products.

## Top Signal Institutional flows into US-listed Bitcoin and Ethereum ETFs are re‑accelerating, with BlackRock’s spot Bitcoin ETF posting its largest inflow in three months and Ethereum spot products turning positive with over $170 million in net subscriptions. **So What?** Growing primary-market demand for regulated, exchange‑traded crypto exposure reinforces ETFs and similar wrappers as the dominant institutional access point for digital assets. For RWA markets, this strengthens the precedent that token‑linked exposures will often be intermediated through traditional fund structures, shaping how tokenized treasuries, credit and other RWAs are likely to be packaged, distributed and supervised. ## Regulation & Compliance **Japan (Tax and Securities Policy):** - Further detail on Japan’s 2026 crypto tax overhaul confirms a 20% flat tax on crypto investment gains, loss carry‑forward for three years, and explicit scope to list ETFs referencing a broader set of cryptoassets beyond Bitcoin and Ethereum, including XRP and potentially others. - This consolidates the shift from treating digital assets as a tax‑inefficient, idiosyncratic asset class toward a standardized capital‑markets regime more aligned with listed securities and derivatives. ## Protocol & Infrastructure **BlackRock (US‑listed Spot Bitcoin ETF):** - BlackRock’s US spot Bitcoin ETF has recorded its largest single‑day inflow in roughly three months, driven by institutional portfolio rebalancing and macro positioning. - The product’s scale and renewed inflows reinforce the template of large, regulated asset managers serving as primary distribution channels for digital asset exposure, including future tokenization and RWA‑linked strategies. **Grayscale and Other Ethereum ETF Issuers (US):** - US spot Ethereum ETFs collectively saw approximately $174 million in net inflows on 2 January, reversing a period of year‑end redemptions; Grayscale’s ETHE led with around $54 million in net subscriptions. - The return to net inflows indicates that institutional allocators are increasingly comfortable using ETF wrappers for non‑Bitcoin digital assets, which is relevant for any future Ethereum‑based tokenized bond, fund or structured‑product strategies seeking benchmark or hedge overlays. **Bitfarms:** - Bitfarms is exiting Latin America via a $30 million sale of its Paraguay site, redeploying capital toward US‑based data center capacity focused on AI and high‑performance computing (HPC). - While primarily a mining company, this pivot underscores a broader infrastructure trend: energy‑intensive digital workloads (including blockchain validation and potential RWA settlement rails) are concentrating in jurisdictions with clearer property rights, contract enforcement and institutional capital access. ## On the Radar - ETF‑first adoption: The renewed inflows into Bitcoin and Ethereum ETFs confirm that regulated fund wrappers remain the preferred route for institutional digital asset exposure, implying that RWA strategies may gain faster traction when structured as funds with onchain components, rather than purely native tokens. - Japan as an Asian hub: The continued messaging around Japan’s 2026 tax and ETF reforms positions the country as a potential gateway for Asia‑based institutional flows into tokenized assets, provided issuers can align with local listing and disclosure standards. - Regulatory convergence: Japan’s move toward flat‑rate capital‑gains treatment mirrors trends in other major markets, suggesting gradual convergence toward securities‑like treatment for digital assets, which should simplify cross‑border structuring of tokenized funds and notes. - Compute and jurisdictional risk: Bitfarms’ reallocation from Paraguay to North America reflects perceived jurisdictional and policy risk in hosting critical digital infrastructure in emerging markets, a consideration for RWA platforms designing validator, oracle and data‑center footprints.

## Top Signal Major exchanges, led by OKX, are building 2026 strategies around licensing, stablecoins and tokenized assets, signalling that the centralized exchange (CEX) business model is pivoting from pure trading venues toward regulated distribution and infrastructure for RWAs and stable-value products. **So What?** For institutional allocators, this points to exchanges competing to become regulated gateways for tokenized securities, funds and yield-bearing stable instruments rather than just spot/derivatives venues. As CEXs prioritize licensing and compliant product shelves, RWA issuers gain new distribution channels that resemble traditional prime brokerage and private bank platforms, but with onchain settlement and 24/7 liquidity. ## Regulation & Compliance **Japan (Tax Authority / FSA – follow‑on context):** - Further commentary around Japan’s 2026 crypto overhaul underscores that the 20% flat tax regime will coexist with regulatory openness to spot ETFs beyond Bitcoin and Ethereum, including XRP and potentially other large-cap assets. This reinforces the direction of travel: digital assets and tokenized products are being slotted into familiar capital-markets tax and product frameworks rather than treated as speculative outliers. ## Protocol & Infrastructure **OKX (Global Exchange):** - OKX’s chief marketing officer outlined that the exchange’s 2026 roadmap is anchored on three pillars: obtaining and expanding regulatory licenses, deepening stablecoin infrastructure, and building out tokenized asset offerings. Management explicitly framed a “tamer, macro‑driven Bitcoin” as enabling a more institutional product mix, where regulated tokenized instruments and RWAs can be positioned alongside spot and derivatives for professional clients. - For RWA issuers, this suggests OKX and peers will increasingly seek listings, structured products, and secondary markets for tokenized treasuries, money market strategies and real‑world credit, subject to local licensing. **Bitfarms (Mining / Data Center Infrastructure):** - Bitfarms is exiting Latin America via a $30 million sale of its Paraguay site to reallocate capital into U.S.-based AI and high‑performance computing (HPC) data center operations. While not an RWA tokenization move, it is another example of hashpower operators repositioning as broader digital infrastructure providers, potentially intersecting with tokenized compute or data‑center‑backed financing structures over time. **Ethereum ETFs (US-listed products):** - Ethereum spot ETFs saw approximately $174 million in net inflows on 2 January, reversing prior outflows, with Grayscale’s ETHE leading. Persistent capital formation into regulated, exchange‑traded Ethereum vehicles strengthens the asset’s standing as institutional collateral and as a base layer for tokenized funds and RWAs. ## On the Radar - CEXs as RWA distributors: The shift in OKX’s 2026 priorities is likely mirrored at other top exchanges, accelerating convergence between regulated brokerage platforms and crypto exchanges as distribution rails for tokenized funds and securities. - Tax normalization as enabler: Japan’s move to a flat 20% tax and ETF‑friendly stance illustrates how predictable tax and product treatment can unlock conservative capital for onchain exposures. - Mining-to-HPC transition: Miners reallocating toward AI/HPC infrastructure may create new asset classes for tokenization (data-center revenue streams, compute leases), expanding the RWA universe beyond traditional credit and real estate. - Ethereum collateral deepening: Continued inflows into ETH ETFs reinforce Ethereum’s role in institutional portfolios, indirectly supporting comfort with Ethereum-based RWA issuance and collateral frameworks.

## Top Signal Japan’s 2026 tax overhaul will introduce a 20% flat tax on crypto investment gains and enable listings of spot crypto ETFs, including for assets beyond Bitcoin and Ethereum. **So What?** Japan is shifting from a punitive, fragmented tax regime toward a standardized capital‑markets treatment for digital assets, bringing crypto and tokenized products closer to traditional securities. For RWA issuers and allocators, this opens a large, conservative capital base to onchain exposure via ETF and fund wrappers, and signals that major economies are converging on more predictable, investment‑grade frameworks for digital assets. ## Regulation & Compliance **Japan (Tax and Securities Policy):** - The 2026 tax reform will introduce a 20% flat tax on crypto investment income, allow loss carryforwards for three years, and pave the way for spot crypto ETFs, including for XRP and other non‑BTC/ETH assets. This moves Japanese treatment of digital assets closer to listed securities and derivatives, and is likely to catalyse product development by domestic asset managers and banks. - By explicitly enabling spot crypto ETFs, regulators are effectively endorsing exchange‑traded, custody‑backed exposure to digital assets, a structure that can be extended to tokenized bonds, money market instruments and other RWAs as legal clarity improves. **South Korea (Korea Exchange – KRX):** - Korea Exchange signalled operational readiness for crypto ETFs, including extended trading hours and digital finance infrastructure upgrades, while formal regulatory approvals remain on hold. This indicates that market infrastructure is being built ahead of policy, shortening the time from regulatory green light to live products once authorities move. **Global (ETF Oversight – various regulators):** - Data from 2025 show that US spot Bitcoin ETFs captured roughly 67% of nearly USD 32 billion in global crypto ETF inflows, with BlackRock’s IBIT dominating flows. This concentration underscores that regulators in major markets have already normalised ETF‑wrapped digital exposure, setting a template for future tokenized fixed income and cash‑equivalent ETFs. ## Protocol & Infrastructure **OKX (Exchange and Markets Infrastructure):** - OKX’s leadership highlighted that 2026 strategy is centred on licensing, stablecoins and tokenized assets, with a view that a more macro‑driven, less speculative Bitcoin market is the foundation for broader onchain financial products. For RWAs, this suggests large centralised venues will increasingly prioritise compliant listings of tokenized securities and real‑world collateral alongside spot and derivatives. **Bitfarms (Digital Infrastructure / Mining):** - Bitfarms is exiting Latin America via a USD 30 million sale of its Paraguay site to focus on building AI and high‑performance computing data centres in North America. While not an RWA tokenization move, this reflects continued institutionalisation of digital infrastructure that underpins both crypto networks and potential off‑chain computation for tokenized asset platforms. ## On the Radar - Convergence between crypto ETF regimes (US, Japan, prospective Korea) and tokenization initiatives is tightening the link between public markets oversight and onchain products, which will shape how RWA exposure is packaged for institutions. - Exchanges’ explicit focus on licences and tokenized assets suggests that secondary liquidity for RWAs may increasingly be intermediated by regulated CEXs rather than purely DeFi venues. - The dominance of a few large ETF sponsors in digital asset flows implies that when tokenized RWA ETFs scale, distribution power and brand trust will be as important as underlying blockchain rails. - Infrastructure redeployments from pure mining toward AI/HPC indicate a broader build‑out of data‑centre capacity that could support institutional‑grade node operations, custody and compliance services for tokenized markets.

## Top Signal Solana closed 2025 with record tokenized RWA activity and growing institutional flows into Solana-based products, positioning it as a credible alternative venue for onchain real‑world assets alongside Ethereum. **So What?** For RWA issuers and institutional allocators, Solana’s traction indicates that the tokenization stack is becoming multi‑chain at scale, not Ethereum‑only. This increases optionality for issuance and secondary liquidity, but also raises strategic questions around interoperability, custody support, and regulatory comfort with different base layers when designing RWA programs and collateral frameworks. ## Regulation & Compliance (No material regulator‑specific developments were reported in today’s coverage.) ## Protocol & Infrastructure **Solana ecosystem:** - Tokenized RWA volumes on Solana reached new highs into year‑end 2025, with Cointelegraph highlighting “record tokenized RWA activity” alongside strong inflows into Solana‑based ETFs and structured products. This suggests that prior experiments (e.g., tokenized Treasuries, private credit, and real‑estate pilots) are now translating into measurable onchain usage, supported by improving institutional access via listed vehicles and custodial integration. **BlackRock (ETFs and tokenization):** - Across U.S. crypto ETFs, roughly $32 billion of net inflows in 2025 were concentrated in BlackRock’s spot Bitcoin and Ether products (IBIT and ETHA), confirming its dominant role as a regulated gateway for institutional digital asset exposure. While these are not RWAs, the same distribution, compliance, and operations stack underpins BlackRock’s tokenized Treasuries fund (BUIDL), reinforcing its position as the central incumbent bridging traditional capital markets and onchain instruments. **Coinbase:** - Coinbase’s research head reiterated that the drivers of 2025 growth—ETFs, regulated stablecoins, and tokenization—are expected to “compound” in 2026, with a specific emphasis on tokenized assets as a next‑phase adoption vector. This narrative, coming from a U.S. public company with extensive regulatory engagement, will influence how institutions frame tokenization within compliance programs and product roadmaps. **HTX (exchange infrastructure):** - HTX reported 38 consecutive months of fully backed proof‑of‑reserves (PoR) and a 154% increase in user USDT balances over 2025, supported by broader reserve attestations. While PoR remains distinct from prudential regulation, continued operational transparency from centralized venues is relevant for RWA workflows that rely on exchanges for liquidity, hedging, or collateral management. ## On the Radar - Multi‑chain tokenization: Solana’s emerging RWA footprint adds to Ethereum’s lead and increases the likelihood that large issuers will adopt chain‑agnostic or interoperable issuance models rather than single‑chain commitments. - ETF rails as onramps: The concentration of ETF inflows into a few large managers strengthens the role of traditional fund wrappers as the dominant institutional access point, which may later extend to tokenized bond and credit strategies. - Stablecoin and cash‑equivalent primacy: Several outlook pieces converge on regulated stablecoins and tokenized cash instruments as core infrastructure, implying continued focus on legal structuring, reserve regimes, and bank partnerships. - Exchange transparency norms: Persistent PoR reporting by major centralized exchanges is slowly normalizing attestations, which could bleed into expectations for RWA issuers around asset‑side verification, servicing data, and collateral reporting.

## Top Signal JPMorgan has launched a tokenized money market fund on Ethereum, bringing a regulated cash product from a global systemically important bank (G‑SIB) directly onto a public blockchain. **So What?** This is a concrete step beyond pilots in private chains: a Tier‑1 bank is now using a public network to distribute and potentially settle shares of a regulated fund. For RWA participants, this validates Ethereum as permissible infrastructure for tokenized cash instruments, strengthens the case for onchain collateral and settlement workflows, and raises the bar for interoperability and compliance standards across competing tokenization platforms. ## Regulation & Compliance **US ETF Market (SEC‑supervised products):** - US spot crypto ETFs have attracted approximately $32 billion in net inflows in 2025, with BlackRock’s vehicles capturing a dominant share. While focused on Bitcoin and Ether, this demonstrates sustained institutional comfort with digital asset exposures inside regulated fund wrappers, which is the same regulatory perimeter used for tokenized fixed income and money market products. ## Protocol & Infrastructure **JPMorgan:** - Launched a tokenized money market fund on Ethereum, positioning regulated cash-equivalent shares as onchain assets usable in settlement, collateral management, and potentially intraday liquidity optimisation. This move extends JPMorgan’s prior tokenization work beyond permissioned environments and signals a willingness to operate at the public-chain layer where composability and interoperability with DeFi and other RWA platforms are highest. **BlackRock:** - Continues to lead US spot crypto ETF flows, reinforcing its role as a primary gateway for institutional digital asset exposure. Combined with its BUIDL tokenized Treasury fund, BlackRock is now operating at scale across both ETF and onchain fund formats, creating a reference model for multi-wrapper distribution of yield-bearing instruments. **Coinbase:** - Coinbase’s research unit highlighted tokenization, stablecoins, and regulated ETFs as key structural drivers expected to compound in 2026. While directional in nature, this view from a major US‑regulated exchange underlines that the core plumbing for RWAs – compliant custody, secondary trading, and fiat on/off‑ramps – is increasingly aligned with institutional tokenization use cases. **Sberbank:** - Additional coverage confirms Sberbank’s first crypto‑backed loan to a major Bitcoin miner as a live pilot transaction. The deal gives Russia’s largest bank operational experience in managing digital asset collateral within a regulated credit product, a relevant precedent for future tokenized RWA collateral structures. ## On the Radar - Convergence of public and permissioned chains, as banks like JPMorgan migrate tokenized funds onto Ethereum while still needing institution-grade KYC, privacy, and risk controls. - Expansion of tokenized cash instruments (money market funds, Treasuries, stablecoins) as foundational collateral for onchain repo, securities lending, and margining. - Growing comfort with digital assets in mainstream fund wrappers (ETFs, tokenized funds) as regulators gain supervisory experience, potentially easing the path for broader RWA product approvals. - Bank-led experiments with digital asset collateral (e.g., Sberbank) as early templates for how tokenized RWAs may be integrated into traditional secured lending and credit risk frameworks.

## Top Signal Sberbank has executed Russia’s first crypto‑backed loan, extending financing to a major Bitcoin miner and moving its earlier plans for crypto‑collateralized lending into a live pilot transaction. **So What?** A systemically important bank now has operational experience with digital asset collateral inside a regulated credit product, an important step beyond theoretical exploration. For RWA participants, this is a concrete signal that large banks may eventually accept onchain assets – and, by extension, tokenized RWAs – as pledgeable collateral, which would expand balance‑sheet capacity for tokenized instruments and accelerate integration between on‑ and off‑chain credit markets. ## Regulation & Compliance **Russian banking supervision / Central Bank of Russia (implied):** - Sberbank’s pilot crypto‑backed loan to a major Bitcoin miner indicates at least tacit regulatory acceptance of crypto‑collateralized lending in a controlled setting, despite Russia’s historically restrictive stance on retail crypto use. While details on risk‑weighting, collateral haircuts and custody arrangements are not disclosed, the transaction suggests an emerging supervisory framework for secured lending against digital assets, likely with tight eligibility criteria and institutional counterparties only. ## Protocol & Infrastructure **Sberbank:** - Executed its first crypto‑backed loan, securing exposure against a Bitcoin position held by a large domestic mining firm. This follows prior disclosures that Sberbank was building infrastructure for crypto‑collateralized lending, and positions the bank as an early mover among systemically important institutions experimenting with digital asset collateral under banking regulation. **Ethereum ecosystem:** - Onchain data provider Token Terminal reports that 8.7 million smart contracts were deployed on Ethereum in Q4 2025, a record quarterly figure, with activity driven by tokenized assets, stablecoins and infrastructure deployments. While not all contracts relate to RWAs, the growth underscores that Ethereum remains the primary programmable settlement layer for tokenized instruments, with expanding developer capacity for compliance‑aware issuance, transfer‑restriction logic and institutional integration. **Corporate treasuries (Prenetics, Cypherpunk):** - Health sciences firm Prenetics has halted its Bitcoin accumulation strategy, reallocating capital to its Beckham‑backed consumer nutrition brand while retaining existing BTC holdings. - Digital asset treasury firm Cypherpunk has added USD 29 million of Zcash, bringing its holdings to nearly 2% of total ZEC supply as part of a stated 5% accumulation target. - These moves highlight diverging corporate treasury approaches to crypto exposure, but have limited direct bearing on regulated RWA markets at this stage. ## On the Radar - Bank‑led crypto‑collateral pilots, such as Sberbank’s, may become templates for future lending against tokenized Treasuries, money‑market funds and other RWAs once legal certainty on perfection of onchain collateral improves. - Record Ethereum contract deployments, with tokenized assets cited as a driver, reinforce the chain’s position as default infrastructure for RWA issuance and lifecycle management, which may influence venue selection for institutional tokenization projects. - Corporate treasury experimentation with volatile crypto assets versus strategic retrenchment (Prenetics vs Cypherpunk) could foreshadow future decisions around holding tokenized cash equivalents or short‑duration RWA tokens as more risk‑managed balance‑sheet assets. - Russia’s cautious opening to crypto‑backed lending may encourage other jurisdictions with restrictive policies to explore tightly controlled pilots, especially where domestic mining or energy‑linked digital asset activity is economically significant.

## Top Signal BlackRock’s BUIDL tokenized U.S. Treasury fund has surpassed $2 billion in assets and distributed over $100 million in onchain dividends, demonstrating tokenized cash-equivalent instruments operating at institutional scale. **So What?** BUIDL is now a live reference case for regulated, yield-bearing tokenized RWAs used as collateral and settlement assets across crypto-native and institutional venues. Its scale, operational track record and integration into market infrastructure materially de-risk tokenized Treasuries as a building block for onchain repo, margining and cash management strategies. ## Regulation & Compliance [No material new regulatory actions were reported in today’s coverage.] ## Protocol & Infrastructure **BlackRock (BUIDL):** - BUIDL has crossed $2 billion in AUM and paid out more than $100 million in onchain dividends from U.S. Treasury yields, with tokens actively used as collateral across multiple crypto market venues. - The product continues to function as a tokenized money market instrument with daily liquidity, demonstrating that large-scale, regulated fund structures can be operated natively onchain without disrupting core risk, compliance or distribution processes. **Sberbank (Russia):** - Sberbank has executed Russia’s first crypto‑backed loan, extending financing to Bitcoin miner Intelion Data using the bank’s in‑house crypto custody solution to secure collateral. - This operationalizes the bank’s earlier plans to offer crypto‑collateralized lending and signals that at least one systemically important institution is willing to treat digital assets as eligible collateral within a regulated credit framework. **Tokenized Equities Platforms (various):** - The market capitalization of tokenized stocks has reportedly reached approximately $1.2 billion, with industry participants likening current growth dynamics to the “stablecoin moment” of 2020. - Growth is being driven by 24/7 access, fractionalization and cross‑border reach, with both synthetic and fully backed structures, underscoring the need for clear securities‑law treatment and cross‑jurisdictional compliance standards. **Tokenized Commodities Platforms (Silver):** - Trading volumes in tokenized silver have surged alongside record spot prices, suggesting investors are increasingly comfortable accessing precious metals exposure via onchain wrappers. - This reinforces metals as a natural fit for tokenization, where custody, divisibility and settlement benefits are most tangible. **Cantor Fitzgerald:** - Cantor projects a more “institutional” crypto down‑cycle, with continued growth in DeFi, tokenization and regulated infrastructure despite broader market softness. - For RWAs, this implies that structural adoption and regulatory clarity may decouple from headline crypto sentiment, sustaining build‑out even in a weaker price environment. ## On the Radar - Convergence of tokenized Treasuries, tokenized metals and tokenized equities into multi‑asset onchain portfolios, with implications for fund administration, NAV calculation and collateral management. - Banks’ internal crypto custody tools (as in Sberbank’s pilot) as a potential template for other regulated lenders to onboard digital‑asset collateral without outsourcing key controls. - Increasing use of tokenized RWAs as margin and collateral in both CeFi and DeFi, raising questions around rehypothecation, segregation and bankruptcy‑remote design. - Regulatory harmonization challenges as tokenized equities and commodities scale across jurisdictions with divergent views on custody, transfer restrictions and investor protections.

## Top Signal Sberbank, Russia’s largest bank, is preparing to offer crypto‑backed loans, explicitly tying the initiative to regulatory support and new infrastructure build‑out. **So What?** A systemically important bank exploring crypto‑collateralized lending marks a notable shift from “perimeter” crypto activity toward integration with mainstream credit markets. For RWA participants, this is a signal that large banks may eventually treat digital assets as eligible collateral within regulated frameworks, which would expand balance‑sheet capacity for tokenized assets and blur the line between on‑ and off‑chain secured lending. ## Regulation & Compliance **Russian financial regulators (Bank of Russia / relevant ministries):** - Sberbank’s deputy chairman has stated the bank will coordinate closely with regulators to design the legal and technical framework for crypto‑backed loans, indicating an openness to regulated crypto‑collateral products rather than an outright prohibition. - The focus on “regulatory support” suggests forthcoming guidance on collateral eligibility, valuation, custody standards and enforcement in case of default, all of which are prerequisites for institutional participation in tokenized collateral markets. **US banking and sanctions oversight (implicit via JPMorgan action):** - JPMorgan’s reported freezing of accounts for Y Combinator‑backed stablecoin issuers BlindPay and Kontigo over sanctions‑exposure concerns reinforces that US banking regulators and sanctions authorities continue to exert indirect but decisive control over stablecoin and tokenization businesses via bank access. - For RWA issuers relying on US banking rails, this underscores the need for robust sanctions screening, transparent geographic exposure, and contingency plans for sudden de‑banking events. ## Protocol & Infrastructure **Coinbase:** - Prime broker Clear Street has named Coinbase a top‑three fintech pick for 2026, citing its tokenization initiatives, AI tooling and stablecoin revenue as key differentiators. - This positions Coinbase not just as an exchange, but as a multi‑product infrastructure provider likely to be central to US‑domiciled tokenized asset issuance, custody and distribution as institutional demand scales. **Uniswap:** - Uniswap governance has overwhelmingly approved a proposal introducing protocol fees and token burns for UNI, transitioning UNI into a value‑accruing governance asset. - While not RWA‑specific, a more sustainable fee model on a leading DEX strengthens the economic foundation of onchain liquidity venues that tokenized RWAs may ultimately rely on for secondary trading. ## On the Radar - Multiple market commentators (Sharplink, Fundstrat) are explicitly tying Ethereum’s future growth to stablecoins, tokenized RWAs and potential sovereign wealth fund participation, reinforcing Ethereum’s positioning as the default public settlement layer for institutional tokenization. - Industry executives (e.g., Bitfinex) continue to argue that emerging markets, with less entrenched financial infrastructure, may become early adopters of RWA tokenization, particularly for local‑currency credit and trade finance. - The JPMorgan–stablecoin episode highlights that sanctions and AML risk management remain a first‑order constraint on any RWA or stablecoin strategy that touches USD banking, irrespective of onchain compliance features. - Large universal banks like Sberbank exploring crypto‑collateral lending suggest a future convergence where tokenized assets, stablecoins and traditional secured lending coexist within bank‑regulated capital frameworks.

## Top Signal Asia’s 2025 regulatory build‑out has quietly centred on stablecoins and RWA tokenization, with multiple jurisdictions shifting from consultation to implementation of operational rulebooks. **So What?** For institutional allocators, this moves Asia from “policy intent” to executable frameworks for tokenized deposits, stablecoins and securities, creating clearer venues for compliant RWA issuance and distribution. It also increases the likelihood that regulatory competition in Asia will shape global standards on reserve quality, disclosure and onchain market infrastructure, especially for USD‑linked and local‑currency settlement tokens. ## Regulation & Compliance **Asia-Pacific regulators (multiple jurisdictions):** - According to The Block’s 2025 review, regulators across major Asian hubs have focused on making stablecoin and tokenization rules operational rather than announcing new frameworks, including: licensing regimes for fiat‑backed stablecoin issuers, clearer segregation of custody and trading functions, and pilot regimes for tokenized securities and deposits. - The emphasis has been on supervisory implementation (reporting, audits, reserve oversight) and sandbox‑to‑production transitions for RWA platforms, particularly in Singapore, Hong Kong and select emerging markets. **Global macro / policy discourse:** - Cointelegraph cites crypto executives arguing that emerging markets without deep legacy market infrastructure are likely to adopt tokenized RWAs faster than developed markets, using onchain rails to leapfrog traditional securities plumbing. - Commentary from Fundstrat and Sharplink frames Ethereum and similar networks as prospective settlement layers for institutional tokenization, with sovereign wealth funds and other long‑term pools of capital identified as potential marginal buyers of tokenized Treasuries and credit. ## Protocol & Infrastructure **Coinbase:** - Clear Street has named Coinbase a top‑three fintech pick for 2026, explicitly citing its tokenization efforts, AI‑driven tooling and stablecoin revenue as core to the investment case. This reinforces Coinbase’s positioning as a regulated, full‑stack infrastructure provider for both stablecoin issuance and RWA distribution, rather than a pure exchange. **Uniswap Labs / Uniswap DAO:** - Uniswap governance has overwhelmingly approved a proposal to introduce a protocol fee and token burn, turning UNI into a value‑accruing asset. For RWA builders, this signals that leading DeFi liquidity venues are willing to hard‑code economic sustainability, which is relevant for long‑term listings of tokenized Treasuries, credit and funds that depend on predictable liquidity economics. ## On the Radar - Stablecoin market structure is consolidating around a handful of high‑velocity issuers (including newer politically backed products such as USD1), underscoring that RWA strategies must treat stablecoins as core settlement infrastructure, not just cash proxies. - The emerging‑markets tokenization thesis is gaining mindshare: expect more pilots in trade finance, local‑currency bonds and real‑estate claims where onchain rails can bypass underdeveloped domestic capital markets. - Large centralized platforms (Coinbase and peers) are being reframed by traditional analysts as tokenization and infrastructure plays, which could influence how institutional mandates and due‑diligence questionnaires are structured for RWA exposure. - DeFi protocol fee models, as seen with Uniswap, may become a key diligence dimension for institutions assessing whether onchain liquidity venues are robust enough to host regulated RWA instruments over multi‑year horizons.

## Top Signal JPMorgan has reportedly frozen bank accounts of two Y Combinator–backed stablecoin issuers, BlindPay and Kontigo, over sanctions-exposure concerns, underscoring how traditional banking controls remain a hard constraint on stablecoin and tokenization businesses. **So What?** This is a reminder that even fully onchain RWA or stablecoin models are still dependent on offchain banking rails that are tightly integrated with sanctions, AML and KYC regimes. For institutional participants, counterparty due diligence now needs to extend beyond smart contract risk to include an issuer’s banking resilience, sanctions screening posture and ability to withstand abrupt account closures. ## Regulation & Compliance **US Banking Sector / Sanctions Enforcement:** - JPMorgan has reportedly frozen accounts of BlindPay and Kontigo after internal controls flagged potential exposure to sanctioned jurisdictions, despite both being regulated US entities with Y Combinator backing. The move highlights that large correspondent banks are increasingly conservative where stablecoin flows intersect with higher-risk geographies, even absent formal enforcement actions. - For RWA issuers and tokenized fund platforms, this raises the bar on transaction monitoring, sanctions screening and documentation needed to maintain stable banking relationships, particularly when serving cross-border clients. **Asia – Regional Regulatory Practice (multiple jurisdictions):** - A broad 2025 review of Asian crypto regulation shows a pivot from policy announcements to operationalization, with stablecoins and RWA tokenization as central focal points. Jurisdictions including Singapore, Hong Kong and Japan have moved from consultation to licensing and supervisory practice, clarifying treatment of fiat-backed stablecoins, tokenized securities and custody. - This implementation phase is creating clearer pathways for tokenized funds, bond issuances and bank-distributed RWA products, but also increases compliance complexity for platforms operating across multiple Asian hubs. ## Protocol & Infrastructure **Circle:** - Circle has publicly denied involvement in a purported “Circle Gold & Silver” platform promising tokenized precious metal swaps, labelling the announcement and associated website as fake. The episode underlines brand and fraud risk around blue-chip issuers, and the need for institutional users to validate issuer domains, contract addresses and legal documentation before onboarding new RWA instruments. **Coinbase:** - Brokerage Clear Street has named Coinbase a top 2026 fintech pick, citing tokenization initiatives, enterprise AI tooling and stablecoin revenue as core drivers. From an RWA perspective, this reinforces Coinbase’s positioning as a key US-regulated gateway for tokenized assets and stablecoin liquidity, likely strengthening its role as an infrastructure partner for asset managers and corporates. ## On the Radar - Stablecoin market structure is consolidating around a few high-velocity issuers, but banking and sanctions risk management are emerging as critical differentiators for institutional mandates. - Asia’s shift from consultation to enforcement and supervision suggests that 2026–2027 tokenization flows may increasingly originate from, or be routed through, regulated hubs such as Singapore and Hong Kong. - Growing narratives around Ethereum’s future TVL being driven by stablecoins, tokenized RWAs and sovereign wealth fund allocations point to rising institutional comfort with public-chain settlement for regulated assets, subject to compliance controls. - The rise of fraudulent “RWA” and commodity-token platforms misusing established brands increases the need for standardised verification frameworks, potentially via regulated listing venues or industry registries for tokenized instruments.

## Top Signal DTCC has outlined plans to bring U.S. Treasuries onchain via the Canton network, signalling that core securities market infrastructure is now actively designing tokenized government bond rails. **So What?** DTCC’s involvement moves tokenized Treasuries from pilot territory into the domain of systemically important market infrastructure, which is where large asset managers, banks and dealers can realistically operate at scale. For RWA participants, this materially de-risks the “plumbing” question around onchain sovereign debt, accelerates the need for interoperability with institutional chains like Canton, and strengthens the case for Treasuries as the anchor collateral in tokenized finance. ## Regulation & Compliance **Asian regulators (regional trend):** - Across 2025, major Asian jurisdictions have shifted from consultation to implementation on crypto rules, with a notable focus on stablecoins and RWA tokenization frameworks. Regulators are prioritising licensing regimes for fiat-backed stablecoins, guidelines for tokenized securities and funds, and clearer treatment of custodial vs. non-custodial models, rather than broad new policy visions. - This is producing a patchwork where some hubs (e.g., Singapore, Hong Kong, Japan) are converging on relatively prescriptive, institution-friendly regimes for asset-backed tokens, while others remain more experimental or restrictive. ## Protocol & Infrastructure **DTCC / Canton Network:** - DTCC has outlined plans to support tokenized U.S. Treasuries on the Canton network, bringing regulated securities depositories directly into the RWA tokenization stack. This positions Canton as a key institutional chain for sovereign debt, with potential linkages to broker-dealers, custodians and asset servicers already integrated with DTCC. **Circle:** - Circle reported that a platform claiming to offer tokenized gold and silver swaps using its branding was fraudulent, clarifying that the firm is not involved and warning users against engagement. The incident underscores ongoing brand and counterparty risk in the RWA space, particularly for commodity-backed tokens marketed under the guise of reputable issuers. **Kraken:** - Kraken leadership highlighted that tokenization is broadening the practical definition of “money” to include a wide range of asset-backed tokens that can be saved, spent or traded, beyond fiat-pegged stablecoins. This points to exchanges positioning themselves as multi-asset settlement venues where tokenized RWAs, not just stablecoins, become transactional media. **Dragonfly (VC):** - Dragonfly’s Rob Hadick argued that Ethereum and Solana can coexist in the tokenization market, with different chains optimised for distinct use cases and client segments. For institutional builders, this supports a multi-chain architecture assumption for RWA issuance and distribution, rather than a single “winner” settlement layer. ## On the Radar - Stablecoin supply reached roughly $314 billion in 2025, with growth increasingly concentrated in a handful of high-velocity issuers – a critical backdrop for RWA protocols that rely on stablecoins as primary liquidity and collateral. - The emergence of politically branded or sovereign-adjacent stablecoins (e.g., USD1, Kyrgyzstan’s som and gold-backed constructs) suggests a coming stratification between “neutral” dollar tokens and jurisdictional or policy-linked instruments. - ETF flows around bitcoin and ether continue to show that regulated wrappers can see rapid sentiment-driven inflows and outflows; similar dynamics will likely apply once tokenized bond or RWA ETFs list at scale. - Ongoing scams leveraging major brands (as seen with Circle) highlight the need for verifiable issuer registries and onchain attestations as institutional RWA markets expand.

## Top Signal Kyrgyzstan’s som‑pegged state stablecoin has been listed on Binance, deepening the country’s regulated crypto push alongside a gold‑backed dollar stablecoin and plans for a national crypto reserve. **So What?** This is a clear example of a smaller sovereign experimenting with a multi‑asset digital money stack: local‑currency stablecoin, gold‑backed reserves and dollar exposure, all routed through global crypto infrastructure. For RWA participants, it points to a future where jurisdiction‑specific, asset‑backed settlement tokens coexist with global dollar stablecoins, fragmenting liquidity but expanding the menu of tokenized sovereign and commodity risk that can sit on institutional balance sheets. ## Regulation & Compliance **Kyrgyzstan (National Authorities):** - Following recent crypto legislation, Kyrgyzstan has supported the issuance of a som‑pegged stablecoin that is now listed on Binance, alongside a newly launched USD‑pegged stablecoin reportedly backed by physical gold and a stated intention to build a national “crypto reserve.” This positions Kyrgyzstan among the first states to explicitly link a regulated stablecoin regime with commodity‑backed reserves and exchange‑traded access. **Ghana (Parliament / Financial Regulators) – continuity note:** - No new actions today, but Ghana’s recent law legalizing crypto trading and its 2026 exploration of gold‑backed settlement tokens remains a parallel reference point: multiple emerging markets are converging on gold‑linked or asset‑backed digital instruments as part of their regulatory perimeter, rather than leaving them entirely to the private sector. ## Protocol & Infrastructure **Circle:** - Circle has denied involvement in a purported “Circle platform” offering tokenized gold and silver swaps, stating that the branding and executive quotes in a Christmas Eve release were fabricated. The incident underscores ongoing phishing and impersonation risk around tokenized metals and stablecoin brands, raising due‑diligence requirements for any institutional RWA exposure that references Circle’s name or logos. **Binance:** - Binance has listed the som‑pegged stablecoin associated with Kyrgyzstan’s policy push, adding another sovereign‑linked token to its stablecoin roster. For institutions, Binance continues to function as a distribution and liquidity venue for quasi‑official digital currencies, even as regulatory attitudes toward the exchange remain heterogeneous across jurisdictions. **Kraken:** - Kraken executive Mark Greenberg highlighted that tokenization is broadening “money” beyond fiat, enabling spend, save and trade functions in a wide spectrum of tokenized assets. While not a product announcement, this reflects a strategic framing from a major exchange that aligns with the growth of tokenized treasuries, commodities and other RWAs as transactional, not just investment, instruments. ## On the Radar - Tokenized gold is emerging as a policy tool, not just a private product: both Kyrgyzstan and Ghana are exploring gold‑linked digital instruments within formal legal frameworks. - The proliferation of sovereign‑adjacent stablecoins (local FX, gold‑backed, and USD) may create cross‑jurisdictional FX and collateral baskets that live entirely onchain, with new basis and liquidity risks. - Impersonation of major stablecoin issuers around tokenized metals suggests that institutional RWA mandates will need hardened vendor verification, brand‑risk controls and chain‑forensic monitoring. - Venture and exchange narratives increasingly treat tokenization rails (Solana, Ethereum and others) as complementary rather than winner‑take‑all, implying multi‑chain operating models for institutional RWA platforms.

## Top Signal Amplify has launched two US-listed equity ETFs providing targeted exposure to stablecoin and tokenization infrastructure, formally packaging the “onchain rails” theme into a regulated, benchmarkable product set for mainstream allocators. **So What?** This is a structural signal that “tokenization” and “stablecoin infrastructure” are now investable categories within traditional equity portfolios, with ticker-level access and familiar fund economics. For RWA participants, it lowers the organisational hurdle for CIOs and investment committees to express views on onchain financial plumbing via listed securities, complementing direct tokenized asset exposure and potentially accelerating capital formation for public companies building RWA rails. ## Regulation & Compliance **SEC (US):** - Under the Trump administration, the SEC has moved to terminate or decline to pursue a broad set of high‑profile enforcement actions against major US crypto firms, including exchange and issuer cases that previously defined the regulatory overhang for the sector. While no comprehensive rulebook has yet replaced enforcement-led policy, the retreat from litigation reduces immediate headline risk for regulated intermediaries building onchain products and may open space for more constructive engagement on disclosure, market structure and tokenization frameworks. ## Protocol & Infrastructure **Amplify ETFs:** - Amplify’s STBQ and TKNQ ETFs have begun trading, each charging a 69 bps expense ratio and tracking baskets of listed companies involved in stablecoins and tokenization, respectively. The vehicles blend traditional equities with crypto-adjacent exposure, giving institutions a 40‑Act‑style wrapper to gain thematic exposure without directly holding tokens or stablecoins. This provides a compliance-friendly bridge for allocators who are restricted from direct digital asset custody but want exposure to the economics of tokenized settlement, custody and issuance. **Ethereum (base layer for institutional rails):** - Industry analysis highlights that a growing share of Wall Street tokenization pilots, onchain cash instruments and faster settlement rails are being built on Ethereum or EVM-compatible infrastructure, often via permissioned or abstracted interfaces that avoid explicit “crypto” branding. For RWA builders, this reinforces Ethereum’s position as the default execution and settlement environment for tokenized securities and cash-like instruments, even when intermediated through private or consortium networks. ## On the Radar - The 2026 DeFi outlook from market analysts points to a maturing onchain credit cycle, with institutional inflows returning in H2 2025 and more robust venues for leveraged strategies; this backdrop is increasingly relevant for RWA credit protocols looking to plug into institutional liquidity. - Ethereum treasury managers and funds facing balance-sheet stress and deleveraging underscore the need for more conservative, yield-bearing onchain instruments, potentially strengthening the case for tokenized T-bills, money funds and repo as core treasury assets. - The continued political shift at the SEC, away from aggressive litigation and toward selective disengagement, increases the importance of Congressional and Treasury-led initiatives (e.g., stablecoin and market-structure bills) as the primary drivers of US RWA policy. - Narrative and product convergence around “stablecoin infrastructure” and “tokenization” in listed markets suggests that future ETFs or indices may carve out dedicated sleeves for tokenized Treasuries, onchain credit platforms and digital fund wrappers, further normalizing RWA as an investable asset class.

## Top Signal Ghana has legalized crypto trading and signalled plans to pilot asset‑backed digital settlement instruments, including potential gold‑backed stablecoins from 2026. **So What?** This extends the “sovereign‑adjacent” stablecoin trend into a key African gold producer, directly linking tokenized money to a strategic commodity reserve base. For RWA participants, it points to a world where emerging‑market regulators use asset‑backed settlement tokens (including gold) to intermediate capital flows and FX risk onchain, rather than relying solely on dollar‑pegged stablecoins, with implications for liquidity, collateral standards and jurisdictional risk. ## Regulation & Compliance **Ghana (Parliament / Financial Regulators):** - Passed legislation legalizing crypto trading and announced plans to explore asset‑backed digital settlement instruments, explicitly including gold‑backed stablecoins, with workstreams targeting 2026 for pilots. This would position Ghana as one of the first African jurisdictions to frame commodity‑backed stablecoins within formal financial law rather than as offshore instruments. **US Congress (House Ways and Means Committee):** - Bipartisan lawmakers have unveiled a draft crypto tax framework that introduces a stablecoin “safe harbor” and deferral rules for staking income, aiming to codify tax treatment for core digital asset activities. While still at the draft stage, this is a significant signal that tax policy is converging toward rules‑based integration of tokenized cash and yield‑bearing infrastructure into the US code, reducing uncertainty for institutional structuring of onchain funds and credit. ## Protocol & Infrastructure **BlackRock:** - Identified its bitcoin ETF as a top 2025 strategic theme despite recent underperformance versus some competitors, underscoring a long‑term commitment to digital asset products as part of its core ETF and portfolio toolkit. While not RWA per se, BlackRock’s continued public emphasis on digital asset vehicles reinforces the direction of travel toward tokenized exposures and strengthens the narrative for eventual expansion into tokenized funds and securities. **Hut 8 / Fluidstack (Google‑backed):** - Hut 8’s roughly USD 7 billion AI data‑center deal with Google‑backed Fluidstack reflects a pivot from pure bitcoin mining toward high‑performance computing infrastructure. This type of capex‑heavy, contracted compute capacity is a natural candidate for future tokenized infrastructure financing structures, particularly if regulators provide clarity on treatment of revenue‑backed digital instruments. **Tether / Northern Data:** - Northern Data, backed by Tether, sold its bitcoin mining arm to entities controlled by Tether executives, just before a large acquisition announcement. This related‑party restructuring will likely attract regulatory and governance scrutiny, reinforcing concerns around transparency and conflicts of interest at key stablecoin infrastructure providers. ## On the Radar - Gold‑backed stablecoins are moving from private experiments to potential state‑linked instruments, particularly in resource‑rich emerging markets seeking alternatives to dollar dependence. - The convergence of AI data‑center financing and former mining operators suggests a new class of real‑world infrastructure assets that could be financed or fractionalized onchain. - Large asset managers’ continued prioritization of digital asset ETFs signals that tokenized exposures are becoming a durable feature of mainstream portfolio construction, easing the path for RWA fund wrappers. - Governance and related‑party risks at core stablecoin issuers remain a structural concern for regulators and institutional allocators, and may shape forthcoming reserve, disclosure and conflict‑of‑interest rules.

## Top Signal Maple Finance’s leadership argues that the distinction between “DeFi” and “TradFi” will disappear as private credit and other capital markets migrate onchain, with stablecoins already processing volumes comparable to major payment networks. **So What?** This is a directional rather than regulatory signal, but it aligns with observable trends: institutional credit, repo and fund structures are increasingly being piloted on programmable settlement rails. For RWA participants, the relevant question is no longer whether onchain markets will matter, but which regulatory-permitted venues, collateral types (especially tokenized cash) and legal wrappers will dominate institutional balance sheets. ## Regulation & Compliance **SEC (US):** - Under the current administration, the SEC has reportedly dropped or wound down several high‑profile enforcement actions and investigations against major crypto firms, including cases involving Coinbase and Ripple, among others. While no formal rulemaking has replaced enforcement-led policy, the de-escalation reduces immediate litigation overhang for large US-facing platforms and may open space for more constructive engagement on tokenization, custody and market-structure issues relevant to RWAs. **US Congress:** - A bipartisan pair on the House Ways and Means Committee has circulated a draft crypto tax framework that includes a safe harbor for certain stablecoin transactions and deferral for staking income recognition. Although still at the proposal stage, this would be the first comprehensive attempt to codify tax treatment of core digital asset activities, with direct implications for how institutions account for tokenized cash instruments and yield-bearing onchain positions. ## Protocol & Infrastructure **Maple Finance:** - Maple’s CEO publicly framed “DeFi as dead,” arguing that onchain capital markets will effectively become Wall Street’s infrastructure rather than a parallel system, with private credit as a leading use case. This underscores Maple’s strategic positioning as a regulated, institution-facing credit platform rather than a retail DeFi venue, and signals continued focus on undercollateralized lending, KYC’d borrower pools and integration with offchain legal enforcement. **BlackRock:** - BlackRock’s spot Bitcoin ETF (IBIT) has reportedly attracted approximately USD 25 billion of net inflows in 2025, ranking among the top ETFs by flows despite negative underlying asset performance. While not an RWA product, this scale of regulated, exchange-traded digital asset exposure demonstrates that large allocators are comfortable using traditional fund wrappers to gain blockchain-linked exposure, strengthening the case for similar structures around tokenized treasuries, credit and multi-asset portfolios. ## On the Radar - Governance and enforcement: The SEC’s tactical retreat from major crypto cases may accelerate a shift toward Congressional and prudential-regulator leadership on digital asset policy, including tokenized securities and stablecoin frameworks. - Stablecoins as market plumbing: Policy discussions around tax safe harbors for stablecoin payments reinforce their trajectory from speculative instruments to core settlement rails for tokenized assets and cross-border flows. - Onchain private credit: Maple’s narrative reflects a broader push to move syndicated loans, trade finance and NAV facilities onchain under institution-grade KYC and legal structures. - ETF as bridge: The success of IBIT as a regulated, high-flow vehicle suggests that tokenized RWA strategies may gain faster institutional traction when wrapped in familiar fund formats with clear custody, reporting and tax treatment.

## Top Signal US House lawmakers have introduced a bipartisan draft crypto tax framework that includes a stablecoin “safe harbor” and deferral rules for staking income. **So What?** If advanced, this framework would begin to normalize tax treatment of core digital asset functions—payments via stablecoins and yield via staking—within the US code. For RWA markets, predictable tax rules reduce friction for institutional use of tokenized cash and staking-based infrastructure, and signal that Congress is incrementally shifting from enforcement-led oversight to rules-based integration of digital assets into the financial system. ## Regulation & Compliance **US Congress (House Ways and Means Committee):** - A Democrat and Republican on the Committee have circulated a draft bill that would (i) create a tax “safe harbor” for certain stablecoin transactions and (ii) defer recognition of staking rewards until disposition, rather than at the moment of accrual. - For RWAs, a stablecoin safe harbor could remove tax complexity for routine on-chain settlement and collateral movements, especially in tokenized securities and trade finance workflows, while staking deferral clarifies treatment for PoS-based settlement and oracle networks supporting RWA platforms. **FDIC / US Banking Regulators:** - Under the GENIUS Act framework, the FDIC has outlined a path for bank-issued stablecoins, effectively providing a rulebook for insured depositories to issue tokenized deposits or fiat-linked tokens within a supervised regime. - This positions bank-originated stablecoins as a regulated settlement asset for tokenized securities and deposits, potentially competing with non-bank stablecoins and aligning RWA rails with existing prudential oversight. ## Protocol & Infrastructure **BlackRock:** - BlackRock’s spot Bitcoin ETF has attracted approximately $25 billion in 2025 inflows and ranks among the top ETFs by net subscriptions despite negative price performance, indicating sustained institutional demand for digital asset exposure via traditional wrappers. - The firm has also opened multiple senior digital asset roles across the US, Europe and Asia, signalling continued build-out of its crypto and tokenization capabilities, including the infrastructure that could underpin future RWA products. **Anchorage Digital / Securitize:** - Anchorage has acquired Securitize’s registered investment adviser (RIA) arm, consolidating regulated advisory capabilities with qualified digital asset custody. - For institutional RWA strategies, this combination tightens the link between regulated advice, product structuring and compliant custody, potentially simplifying the path for tokenized private credit, funds and securities distributed to US wealth and institutional channels. **Swift / Chainlink (Tokenization Interoperability):** - Swift has expanded its tokenization initiative to include over 30 banks, leveraging interoperability solutions (including Chainlink in prior pilots) to connect existing bank infrastructure with multiple blockchain networks. - This signals that large banks are preparing for a multi-chain tokenized securities environment where Swift messaging and interoperability layers coordinate cross-network settlement. ## On the Radar - Growing convergence between bank-issued stablecoins under the GENIUS framework and non-bank stablecoins may create a tiered ecosystem of settlement tokens with differing regulatory capital, KYC and reserve standards. - BlackRock’s continued digital asset hiring suggests that large asset managers are moving from single-asset ETFs toward broader digital infrastructure, likely including tokenized funds and bespoke mandates. - Swift’s tokenization work with 30+ banks indicates that interoperability standards, rather than any single chain, will be the key bottleneck or enabler for cross-border RWA settlement. - Congressional tax work on stablecoins and staking, even at draft stage, is a leading indicator for how other jurisdictions may refine tax codes to accommodate tokenized payments and yield-bearing RWA structures.

## Top Signal Malaysia’s central bank–backed “royal stablecoin” (RMJDT) underscores Asia’s move to bring tokenized money inside the formal monetary system, linking regulated stablecoins with emerging tokenized asset rails. **So What?** Central-bank‑anchored stablecoins in mid‑sized but systemically connected markets signal that tokenized cash is shifting from private, offshore experiments to instruments integrated with domestic payment, FX and securities infrastructure. For RWA participants, this points to a future where local‑currency settlement tokens become standard collateral and payment legs for tokenized bonds, funds and trade finance, particularly in Asia’s rapidly growing capital markets. ## Regulation & Compliance **Bank Negara Malaysia (Malaysia):** - Malaysia’s “royal stablecoin” RMJDT, backed by state entities and aligned with the central bank, illustrates a regulatory model where a domestic, fiat‑linked token operates within the supervised financial system rather than as a purely private stablecoin. The initiative is framed as a way to support on‑chain settlement, cross‑border payments and eventual linkage to tokenized securities markets. **FDIC (US):** - Coverage continues to focus on the FDIC’s proposed framework under the GENIUS Act for U.S. insured banks to issue and interact with stablecoins, providing a prudential rulebook for tokenized deposits and payment tokens. While still at the proposal stage, it effectively invites banks to design stablecoin products that sit on balance sheet and plug into existing supervisory regimes. ## Protocol & Infrastructure **Anchorage Digital:** - Anchorage is acquiring Securitize’s registered investment adviser (RIA) arm, consolidating digital asset advisory and qualified custody under a single, regulated institutional platform. This combination strengthens the ability to structure, custody and distribute tokenized securities and RWA strategies within a familiar U.S. regulatory perimeter. **Securitize:** - Divesting the RIA business allows Securitize to refocus on its core tokenization, issuance and transfer‑agent infrastructure while partnering with Anchorage for advisory and distribution. This separation of manufacturing (tokenization rails) from advisory and portfolio construction may become a template for how RWA platforms align with regulated intermediaries. **BlackRock:** - BlackRock is advertising multiple senior digital asset roles across the US, Europe and Asia, signalling an expansion of its tokenization and digital asset operating model beyond its initial U.S.-centric builds. The hiring push suggests BlackRock is preparing for region‑specific tokenized products, on‑chain fund wrappers and integration with local settlement tokens and CSDs. **Swift & Participating Banks:** - Over 30 banks are reported to be working with Swift on tokenization experiments, with Chainlink providing interoperability infrastructure. The focus is on enabling cross‑network settlement and messaging for tokenized securities, aiming to bridge bank, CSD and public/permissioned chains without fragmenting liquidity. ## On the Radar - Convergence of models: Malaysia’s RMJDT, Brazil’s exchange‑issued stablecoin and the FDIC’s bank‑stablecoin framework collectively point toward sovereign‑aligned settlement tokens as the dominant design for institutional flows. - Market plumbing vs. venues: Swift’s bank consortium and DTCC’s Canton move indicate that tokenization is being embedded first into post‑trade and messaging infrastructure, with trading venues likely to follow. - Interoperability as a cost center: New research on cross‑chain fragmentation costing tokenized markets up to an estimated $1.3 billion annually reinforces that interoperability solutions (Swift, Chainlink, Canton) are not optional but central to RWA economics. - Institutional operating model build‑out: BlackRock’s hiring and Anchorage–Securitize consolidation show that large incumbents are building full‑stack capabilities (issuance, custody, advisory, distribution) tailored to tokenized assets rather than treating them as a side product.

## Top Signal DTCC will use the Canton Network to issue tokenized U.S. Treasuries and other securities, bringing the core U.S. post-trade utility directly into institutional blockchain infrastructure. **So What?** DTCC’s move anchors tokenization inside the systemically important plumbing that already handles the bulk of global securities settlement, rather than around it. For institutional RWA participants, this creates a credible path to on-chain issuance, lifecycle management and collateral mobility that can interoperate with existing broker-dealer, custodian and CCP workflows, while leveraging Canton’s privacy and permissioning to meet regulatory expectations. ## Regulation & Compliance **India – Parliament / Ministry of Finance:** - An Indian Member of Parliament has introduced a draft tokenization bill aimed at “democratizing” access to high-value assets for the middle class via blockchain-based fractional ownership. While still at an early stage, the initiative signals political appetite to create a domestic legal framework for tokenized securities and real assets, in a market with stringent capital controls and complex securities regulation. - If advanced, this could formalize how tokenized shares of real estate, private credit, and other RWAs are offered to Indian residents, and determine whether such platforms fall under SEBI, RBI, or a new regime. ## Protocol & Infrastructure **DTCC / Canton Network:** - DTCC, which processes approximately USD 3.7 quadrillion in transactions annually, announced plans to issue tokenized Treasuries and other securities on the Canton Network, a permissioned, privacy-preserving blockchain tailored to financial institutions. The initiative positions Canton as core infrastructure for regulated tokenized securities, with DTCC potentially acting as issuer, registrar, and lifecycle manager on-chain. - This strengthens the case for consortium-style, institution-grade ledgers for RWAs, and may become a benchmark architecture for broker-dealers and asset managers seeking tokenization without moving to fully public chains. **Superstate / Forward Industries:** - Superstate has tokenized equity in Forward Industries (FWDI), a listed company that also operates one of the largest Solana treasuries, turning FWDI stock into on-chain representations. This extends Superstate’s strategy beyond tokenized funds into operating-company equity, and provides a live example of public-equity tokenization with a crypto-native balance sheet. - For institutional allocators, this is a small but notable proof point for listed-equity tokenization, particularly where the issuer’s business model is already intertwined with digital assets. **xStocks / TON / Kraken:** - xStocks, backed by Kraken, launched tokenized U.S. stocks and ETFs on the TON blockchain, accessible via Telegram’s wallet interface. The product targets retail-like distribution but operates on top of U.S. equities, raising questions about brokerage licensing, custody, and investor-protection rules across jurisdictions. - While not an institutional venue, it underscores the regulatory tension around cross-border, app-based access to tokenized U.S. securities. ## On the Radar - Convergence between market utilities (DTCC) and institution-focused chains (Canton) suggests a bifurcated architecture: permissioned rails for primary issuance and lifecycle events, with potential future bridges to public networks for collateral and liquidity. - Early-stage legislative work in India could, over time, open one of the largest retail markets to regulated tokenized RWAs, but will likely come with tight KYC, residency, and capital-control constraints. - Tokenized listed equity (Superstate/FWDI) and app-based tokenized equities (xStocks/TON) highlight growing experimentation at the edge of securities law; expect closer scrutiny from securities and conduct regulators as volumes scale.

## Top Signal Brazilian stock exchange B3 will launch a tokenization platform and a real‑linked stablecoin to support on‑chain trading and settlement of tokenized assets. **So What?** A national stock exchange issuing its own fiat‑linked token and tokenization rails moves tokenized securities from pilot projects into core market infrastructure. For institutional allocators, this signals that tokenization is being embedded directly into regulated exchange venues, potentially enabling primary issuance, secondary liquidity and collateral mobility within a familiar regulatory perimeter rather than on lightly regulated platforms. ## Regulation & Compliance **India (Parliament):** - An Indian Member of Parliament is preparing a tokenization bill aimed at opening high‑value assets (e.g., real estate, infrastructure, private market exposures) to middle‑class investors via blockchain‑based fractional ownership. While details on licensing, investor protections and cross‑border participation are not yet public, the initiative indicates a legislative push to define tokenized securities within India’s capital markets framework and retail investor regime. **US (SEC & OCC – implied):** - A recent interview recap references the SEC issuing a no‑action position and the OCC jointly “ushering in” a new crypto era, but without primary documentation or specific docket references. If confirmed, coordinated SEC/OCC guidance would be material for banks and broker‑dealers engaging in tokenized securities and stablecoin activities; for now this remains a signal to monitor rather than an actionable rule change. ## Protocol & Infrastructure **B3 (Brazilian Stock Exchange):** - B3 is building a proprietary tokenization platform and a Brazilian real‑linked stablecoin to serve as a settlement asset for tokenized instruments. This effectively positions B3 as both market operator and stablecoin issuer, similar in spirit to exchange‑backed cash tokens, but within a domestic CSD/exchange context. The move could standardize how Brazilian RWAs (equities, corporate debt, funds, potentially receivables) are represented and settled on‑chain, with implications for local custodians, broker‑dealers and fund administrators. **DTCC / Canton Network:** - DTCC plans to issue tokenized U.S. Treasuries on Canton Network, a permissioned, privacy‑enabled chain designed for financial institutions. For global market infrastructure, this is a significant proof point that core post‑trade utilities are willing to represent high‑grade securities as tokens, albeit within a closed environment, potentially enabling atomic settlement and more efficient collateral management between banks, CCPs and custodians. **YouTube / PayPal (PYUSD):** - YouTube now allows eligible U.S. creators to opt into receiving payouts in PayPal’s PYUSD stablecoin. While retail‑facing, this extends PYUSD’s role as a programmable payment asset and may broaden stablecoin float and transaction history relevant for future tokenized cash and receivables structures. ## On the Radar - Exchange‑operated stablecoins (e.g., B3) could become standard settlement assets for tokenized securities, raising questions about interoperability with bank‑issued and global stablecoins. - Legislative tokenization efforts in large emerging markets such as India may prioritize retail access and domestic control, shaping how foreign capital can participate in on‑chain local assets. - DTCC’s move onto Canton reinforces a bifurcation between permissioned institutional chains and public chains; the degree of interoperability will be central to cross‑venue collateral and liquidity management. - Creator‑economy payouts in regulated stablecoins hint at a growing base of tokenized cash flows that could eventually be packaged into on‑chain factoring, revenue‑backed notes and other RWA structures.

## Top Signal The FDIC has proposed a formal application framework for U.S. insured banks to issue and engage with stablecoins, as part of its implementation of the GENIUS Act. **So What?** A dedicated prudential framework for bank-issued stablecoins is a structural shift: it moves dollar tokenization from a largely offshore, non-bank domain into the perimeter of U.S. banking regulation. For RWA participants, this creates a clearer path for tokenized cash and settlement assets that sit directly on bank balance sheets, with implications for counterparty risk, deposit treatment, and how tokenized funds and securities integrate with core payment rails. ## Regulation & Compliance **FDIC (US):** - Proposed a rule establishing an application framework for insured depository institutions to issue, distribute, or have significant involvement with stablecoins, as part of implementing the GENIUS Act signed by President Trump. The framework appears designed to assess reserve composition, redemption mechanics, operational risk, and consumer protection before banks can launch or support stablecoin products. This positions bank-issued stablecoins as a supervised product class, potentially distinct from existing non-bank stablecoins. **SEC (US):** - No new primary action today, but ongoing relevance: recent SEC no‑action relief for a DTCC tokenization service (covered 2025‑12‑14) is referenced in market commentary as part of a broader “crypto era” shift in U.S. federal oversight, reinforcing that tokenized securities and regulated stablecoins are being architected in parallel. ## Protocol & Infrastructure **Securitize:** - Announced plans to launch “real, not synthetic” onchain stocks, with tokenized shares that are legally the same equity as recorded on the issuer’s cap table, rather than derivatives or depository receipts. The model implies direct corporate law recognition of the token as the security interest, which could simplify corporate actions, voting, and compliance compared with synthetic or CFD-style products. For institutions, this tightens the link between onchain liquidity and primary-market ownership, potentially reducing legal friction for holding tokenized equities. **Exodus & MoonPay:** - Exodus, a public crypto wallet provider, is entering the stablecoin market with a MoonPay-backed digital dollar product, positioning it alongside Circle and PayPal as a consumer-facing issuer. While not a bank product, the move underscores competitive pressure on payments and wallet providers to control their own settlement asset, and may influence future distribution channels for bank-regulated stablecoins. **Republic of the Marshall Islands / Stellar:** - The Marshall Islands has launched USDM1, a blockchain-based universal basic income program on Stellar, reportedly backed by U.S. Treasuries. This combines sovereign digital public finance with RWA reserves, offering a live test case for Treasury-backed digital benefits in an emerging-market context. ## On the Radar - Growth in gold-backed stablecoins, now approaching USD 4 billion with Tether Gold (XAUt) around half the sector, signals rising institutional interest in onchain non‑USD collateral and safe-haven exposures. - Sovereign and quasi-sovereign RWA experiments (Marshall Islands UBI, Pakistan’s tokenization agenda, prior days) indicate that public finance and welfare disbursement may become early large-scale users of tokenized Treasuries and cash equivalents. - The convergence of bank-regulated stablecoins (FDIC framework) and “real share” tokenization (Securitize) points toward a full-stack onchain capital market where both cash and securities sit under traditional regulatory perimeters. - Competition among wallets, fintechs, and banks to issue or distribute settlement tokens will shape which rails become dominant for tokenized funds, MMFs, and collateral mobility.

## Top Signal JPMorgan has launched a $100 million tokenized money market fund, MONY, on Ethereum, seeded with its own capital and opening to external investors. **So What?** A globally systemic bank is now issuing a live, on‑chain fund interest in a core cash product on a public blockchain, not a closed consortium network. For institutional RWA participants, this validates public‑chain tokenization for regulated cash instruments, sets a reference model for legal and operational structuring, and pressures other banks and asset managers to define their public‑chain strategy for funds, collateral and intraday liquidity. ## Regulation & Compliance **SEC (US):** - SEC Chair Paul Atkins stated that crypto rails could become a “powerful financial surveillance” tool while still preserving individual privacy, framing a policy path that balances national security and civil liberties concerns. This signals a regulatory narrative that may favour architectures combining on‑chain transparency, selective disclosure and privacy‑preserving compliance, relevant for institutional‑grade RWA and stablecoin designs. - Separately, public commentary (including in media interviews) continues to position the SEC and OCC as central to a coming “crypto era,” reinforcing the expectation that tokenization and digital securities will be integrated into the supervised banking and broker‑dealer perimeter rather than remain in a parallel market. ## Protocol & Infrastructure **JPMorgan:** - Launched MONY, a tokenized money market fund on Ethereum, initially funded with $100 million of proprietary capital and opening to external investors. The product brings a traditional short‑term cash vehicle on‑chain, with Ethereum as the settlement and ownership layer, and is likely to interface with institutional custody, fund admin and compliance stacks over time. **SBI Holdings / Startale Labs (Japan):** - Announced plans to issue a regulated yen‑denominated stablecoin designed for global settlement and participation in tokenized asset flows, operating under Japan’s updated FSA stablecoin regime. The initiative aims to plug Japanese financial institutions and corporates into cross‑border on‑chain markets with a compliant JPY instrument, potentially enabling yen‑based liquidity in tokenized bonds, funds and trade finance. **Coinbase / Base:** - Coinbase signalled that its forthcoming fintech platform update could introduce tokenized assets, on‑chain AI agents and expanded global functionality for the Base L2. This positions Base as a programmable distribution and servicing layer for tokenized securities and structured products, particularly for fintechs and neobanks seeking regulated on‑chain exposure. **Anchorage Digital / Securitize:** - Anchorage Digital Bank is acquiring Securitize’s “Securitize For Advisors” wealth management unit, expanding Anchorage’s capabilities to serve RIAs and wealth platforms with digital asset and tokenized securities solutions. For Securitize, the move suggests a sharper focus on primary issuance and institutional tokenization infrastructure, while Anchorage deepens its role as a regulated gateway for wealth capital into RWAs. **BlackRock:** - BlackRock is hiring seven senior digital asset roles across the US and Asia to scale its digital asset ETF suite, advance tokenization initiatives and identify “first‑mover” opportunities in Asian markets. This indicates continued internal commitment to building dedicated tokenization and digital product teams rather than treating the space as an adjunct to traditional fund operations. ## On the Radar - Japan’s FSA‑supervised yen stablecoin initiatives could catalyse JPY‑denominated liquidity pools for tokenized Treasuries, MMFs and trade assets, diversifying away from USD‑only structures. - Public‑chain deployments by systemically important banks (JPMorgan) may accelerate regulatory clarity on using Ethereum for regulated securities and cash products. - Wealth‑channel consolidation (Anchorage + Securitize For Advisors) points to an emerging, regulated distribution stack for tokenized private credit, funds and alternatives. - BlackRock’s talent build‑out in Asia suggests that the most aggressive institutional tokenization plays may emerge first in jurisdictions with clearer digital asset frameworks and strong cross‑border capital flows.

## Top Signal Pakistan has granted preliminary approvals to Binance and HTX and signed an MoU with Binance to advise on tokenizing up to $2 billion of state assets, alongside plans for a national stablecoin and broader crypto regulatory overhaul. **So What?** A sovereign explicitly linking exchange licensing, asset tokenization, and a prospective stablecoin regime signals that tokenized RWAs are being embedded into national capital markets and privatization strategy, not treated as side experiments. For institutional allocators, this creates a potential future pipeline of onchain sovereign and quasi‑sovereign assets, but raises non‑trivial questions around jurisdictional risk, regulatory capacity, and the systemic role of offshore exchanges in public‑sector finance. ## Regulation & Compliance **Pakistan (federal authorities):** - Granted preliminary clearances to Binance and HTX to prepare full license applications as part of a broader “crypto overhaul,” moving from de facto prohibition toward a supervised licensing regime for exchanges and digital asset activities. - Signed an MoU with Binance for advisory support on tokenizing up to $2 billion of state assets and is preparing a national stablecoin framework, positioning digital asset regulation as a tool for fiscal policy, privatization, and FX management rather than purely a consumer‑protection issue. **SEC (US):** - Facing coordinated pushback from DeFi advocacy groups (including the DeFi Education Fund) against Citadel Securities’ call for stricter SEC rules that would bring DeFi platforms dealing in tokenized stocks firmly under securities law. The dispute centers on whether tokenized equities and DeFi protocols should be regulated like traditional broker‑dealers/ATSs or via a differentiated regime acknowledging protocol‑level decentralization. ## Protocol & Infrastructure **Binance:** - Mandated by Pakistan via MoU to advise on the design and implementation of a tokenization program for up to $2 billion of state assets, and positioned as a leading candidate for a fully licensed exchange role in the country. This combines advisory, infrastructure, and potential primary/secondary market roles for sovereign RWAs within a single offshore‑origin exchange group. **HTX:** - Received preliminary clearance from Pakistan to prepare a licensing application, indicating potential competition in providing exchange and possibly tokenization infrastructure for the domestic market, though without the explicit tokenization advisory mandate granted to Binance. ## On the Radar - Sovereign tokenization is moving from pilot‑scale real estate and infrastructure projects toward integrated national programs that combine asset sales, FX strategy, and domestic capital‑market development. - The Pakistan–Binance arrangement will be a test case for how far emerging markets are willing to rely on global exchanges as de facto public‑sector financial infrastructure providers. - The Citadel–DeFi clash over SEC tokenization rules highlights a looming bifurcation between centrally intermediated tokenized securities (DTCC, broker‑dealers) and protocol‑native DeFi markets, with distinct compliance and market‑structure paths. - National stablecoin initiatives tied to tokenization plans suggest future architectures where government‑backed digital cash and tokenized RWAs are co‑designed, potentially reshaping settlement, collateral, and FX channels for cross‑border investors.

## Top Signal The SEC has issued a no‑action letter to a DTCC depository subsidiary, authorizing a tokenization service for U.S. securities from 2026, in parallel with a three‑year DTCC pilot to record tokenized entitlements on select blockchains via “registered” wallets. **So What?** This moves tokenization from experimental pilots into the core of U.S. post‑trade infrastructure under explicit SEC oversight. For institutional RWA participants, it establishes a regulatory and operational blueprint for onchain representation of regulated securities, reducing legal uncertainty around tokenized equities, funds and fixed income, and enabling scalable, compliant structures for secondary liquidity and collateralization. ## Regulation & Compliance **SEC (US):** - Issued a no‑action letter to a DTCC depository subsidiary, clearing it to offer a tokenization service for U.S. securities beginning in 2026, enabling onchain records of ownership to be maintained in sync with existing depository books and records. - Approved DTCC’s three‑year pilot program allowing tokenized entitlements to U.S. securities to be recorded on select blockchains via “registered” wallets under modified oversight, effectively testing how public or semi‑public chains can integrate with core clearing and settlement processes. - Faces pushback from DeFi industry groups against Citadel Securities’ call for stricter SEC rules on tokenization and DeFi, signalling an emerging policy battle over whether tokenization is treated as an extension of existing securities regulation or as a distinct regime. **Pakistan (Government / Regulators):** - Signed an MoU with Binance to explore tokenization of up to $2 billion in state assets and is preparing a national stablecoin launch, positioning tokenization as part of its sovereign asset management and privatization toolkit. - Granted preliminary clearances to Binance and HTX to prepare full licensing applications, marking the start of a formalized exchange licensing regime and a broader overhaul of its digital‑asset regulatory framework. ## Protocol & Infrastructure **DTCC:** - Through its depository subsidiary, will launch a regulated tokenization service for U.S. securities from 2026, and run a three‑year SEC‑approved pilot for blockchain‑recorded entitlements, effectively institutionalizing tokenized positions within the existing CSD framework. **Binance:** - Mandated by Pakistan via MoU to advise on tokenization of state assets and support the country’s stablecoin initiative, positioning the exchange as a key technical and distribution partner for sovereign‑level RWA issuance. - Deepened integration with World Liberty Financial’s USD1 stablecoin, incorporating it into Binance’s core infrastructure, which may expand the stablecoin’s role as settlement and collateral within Binance’s ecosystem. ## On the Radar - Convergence of CSD infrastructure and public/permissioned blockchains in the U.S. provides a reference architecture other jurisdictions are likely to emulate for securities tokenization. - Sovereign tokenization programs (Pakistan, Bhutan previously) are evolving from pilots into structured capital‑raising and FX‑management tools, potentially creating a new asset class of tokenized sovereign and quasi‑sovereign exposures. - The emerging policy clash between high‑frequency trading firms and DeFi advocates over SEC tokenization rules will shape how open DeFi venues can participate in regulated RWA markets. - Integration of politically exposed stablecoins (e.g., USD1) into major exchanges raises new dimensions for sanctions, KYC, and central bank engagement around tokenized cash and settlement assets.

## Top Signal Pakistan’s government has signed an MoU with Binance to explore tokenization of up to $2 billion in state assets as part of a broader push toward a formal crypto regulatory framework. **So What?** A sovereign explicitly engaging a global exchange to structure tokenized state assets moves tokenization from pilot projects into the core of public-sector privatization and capital-raising strategy. For institutional allocators, this points to a future supply pipeline of tokenized infrastructure and state-owned enterprises, but also raises material questions around jurisdiction, regulatory perimeter, and governance when a major offshore exchange becomes a primary conduit for sovereign RWAs. ## Regulation & Compliance **European Union (MiCA / ESMA):** - German payments provider DECTA argues that MiCA’s implementation by 2026 will be decisive for euro‑pegged stablecoins, expecting them to become key settlement assets for payments and tokenized finance if issuers obtain full e‑money and MiCA authorization. This positions regulated EUR stablecoins as core collateral and payment rails for EU‑based RWA platforms, especially for tokenized securities and money‑market products. **SEC (US):** - The SEC has provided a no‑action letter to a DTCC depository subsidiary, authorizing a tokenization service for U.S. securities from 2026, and has approved a three‑year DTCC pilot to record tokenized entitlements on select blockchains via “registered” wallets and modified oversight. Together, these moves effectively give an “implicit nod” to tokenized stocks within the existing securities framework, anchoring future onchain equity and fund products to established market infrastructure rather than parallel systems. - DeFi industry groups have publicly opposed Citadel Securities’ call for stricter SEC tokenization rules for DeFi, highlighting an emerging policy fault line between traditional market‑making firms and DeFi advocates over how far securities regulation should extend into permissionless protocols that support tokenized assets. ## Protocol & Infrastructure **Government of Pakistan / Binance:** - Pakistan and Binance have signed an MoU to explore tokenization of approximately $2 billion of state assets, coinciding with Pakistan’s work on a formal crypto regulatory regime. The initiative could create a template for tokenized sovereign asset programs using global exchange infrastructure, but will hinge on regulatory clarity around custody, investor eligibility, and cross‑border offering rules. **Backed Finance / Chainlink:** - Backed and Chainlink have launched “xBridge” to enable tokenized stocks issued by Backed to move between Solana and Ethereum using Chainlink’s CCIP. This adds interoperability and chain‑agnostic distribution for tokenized securities, while preserving behavior aligned with the underlying assets, and may lower fragmentation risk for institutional users managing multi‑chain RWA portfolios. **XRP Ledger:** - A new XRP Ledger upgrade corrects accounting issues for Multi‑Purpose Tokens (MPTs) in escrow and lays groundwork for expanded lending and tokenization use cases. This technical hardening is a prerequisite for institutions considering XRP Ledger as a venue for compliant RWA issuance and collateralization. ## On the Radar - Sovereign tokenization programs (Bhutan’s gold‑backed TER, Pakistan’s state‑asset MoU) are converging on public chains and major global intermediaries, suggesting a coming wave of tokenized public‑sector assets. - MiCA’s treatment of euro stablecoins will strongly influence where EU‑based tokenized funds, money markets and securities platforms domicile and how they structure settlement. - The DTCC–SEC tokenization pathway signals that future U.S. tokenized securities may be required to integrate with central market utilities, limiting scope for fully disintermediated settlement. - Cross‑chain infrastructure (Backed xBridge, CCIP) is becoming a critical layer for institutional RWA strategies that need to avoid being locked into a single L1 or L2 ecosystem.

## Top Signal The U.S. SEC has approved a DTCC three‑year pilot allowing tokenized entitlements to U.S. securities to be recorded on select blockchains via “registered” wallets under modified regulatory oversight. **So What?** This is the clearest move yet by U.S. core market infrastructure to bring regulated securities positions onto public or semi‑public chains under SEC supervision. For RWA participants, it creates a reference model for how onchain records of ownership, entitlements and settlement can coexist with existing securities plumbing, materially de‑risking institutional experimentation with tokenized equities, funds and other RWAs. ## Regulation & Compliance **SEC (US):** - Approved a DTCC pilot permitting the market’s central clearinghouse to record tokenized entitlements to U.S. securities on selected blockchains through “registered” wallets, with bespoke oversight and reporting for a three‑year period. This effectively blesses a tightly controlled tokenization regime at the heart of U.S. post‑trade infrastructure and will test operational, legal and investor‑protection implications at scale. - By anchoring the pilot in DTCC’s existing regulatory perimeter, the SEC is signalling that tokenization of traditional securities can be pursued within, rather than outside, the current rule set, provided that identity, control and auditability are preserved onchain. **CFTC (US):** - Announced it is scrapping what it described as “outdated and overly complex” crypto guidance as part of an ongoing update of U.S. digital asset regulation. While details are limited, the move follows the CFTC’s tokenized collateral pilot and suggests a systematic effort to rationalise rules around digital assets and derivatives market participation, including potential future treatment of tokenized cash and securities as eligible collateral. **UK Parliament / HM Treasury (UK):** - A cross‑party group of UK lawmakers publicly backed a pro‑innovation stablecoin framework, arguing that clear, forward‑looking rules are needed to maintain the UK’s fintech leadership and attract international investment. This political signal increases pressure on HM Treasury and the FCA to finalise a regime that can support regulated GBP and USD stablecoins as settlement and collateral instruments in UK markets. ## Protocol & Infrastructure **DTCC:** - Secured SEC approval for a three‑year blockchain pilot to create and maintain tokenized entitlements to U.S. securities via registered wallets. DTCC will remain the golden source of record, with onchain entries functioning as regulated representations of underlying positions. This bridges traditional custody/clearing with tokenized infrastructure and could become the template for other CSDs and CCPs exploring similar models. **JPMorgan & Galaxy Digital:** - JPMorgan acted as arranger for an onchain debt issuance by Galaxy on Solana, settled in USDC and supported by Coinbase and Franklin Templeton infrastructure. The transaction demonstrates a multi‑institution stack for tokenized debt issuance and settlement on a public chain, aligning large incumbents around interoperable, stablecoin‑based capital markets workflows. **Binance & World Liberty Financial (USD1):** - Binance listed new USD1 trading pairs and integrated the Trump‑backed World Liberty Financial stablecoin more deeply into its core infrastructure, following the project founder’s pardon and a reported $2 billion USD1 allocation by Abu Dhabi firm MGX to Binance. While politically charged, the move highlights how large exchanges can rapidly scale distribution and liquidity for new fiat‑linked tokens, with potential spill‑overs into RWA settlement and liquidity pools if regulatory risk is addressed. ## On the Radar - Central securities depositories (CSDs) globally are likely to study the DTCC–SEC model, accelerating convergence between tokenized entitlements and traditional securities law. - The UK’s stablecoin policy direction will influence whether London can position itself as a primary venue for regulated fiat‑backed tokens used in securities settlement and tokenized fund distribution. - The combination of JPMorgan, Galaxy, Coinbase and Franklin Templeton around a Solana‑based debt deal underscores growing institutional comfort with public chains for issuance and settlement, not only for native crypto but for traditional credit instruments. - Politically exposed stablecoins such as USD1 introduce a new dimension of sovereign and sanctions risk into stablecoin markets, which institutional allocators will need to evaluate separately from purely commercial issuers.

## Top Signal Bhutan has launched TER, a sovereign, gold-backed token on Solana, issued via its Gelephu Mindfulness City initiative and backed by physical bullion. **So What?** A nation-state directly issuing a tokenized, gold-backed instrument on a public blockchain is a step-change from pilot projects to sovereign-grade tokenization. For institutional allocators, this validates public chains as acceptable rails for real-asset exposure and introduces a new category of quasi-reserve assets that blend commodity backing, sovereign risk and onchain settlement. ## Regulation & Compliance **US Congress (Market Structure Bill):** - Progressive consumer groups and labor unions have joined forces to oppose the current U.S. crypto market structure bill in the Senate, arguing it is overly industry-friendly and weak on consumer protections. This broadens the political coalition against rapid passage and increases the likelihood of further amendments, delays, or a more fragmented regulatory outcome for digital asset markets. ## Protocol & Infrastructure **Kingdom of Bhutan / Gelephu Mindfulness City:** - Launched TER, a Solana-based token backed by physical gold, as part of a broader national blockchain strategy that also includes Bitcoin reserves, hydro-powered mining and digital payments integrations. The design positions TER as a digitally native, commodity-backed asset with explicit sovereign sponsorship, rather than a private-sector stablecoin. **State Street & Galaxy:** - Announced plans to launch a tokenized liquidity fund on Solana in 2026, using PYUSD as a core component of the structure. The initiative pairs a global custody and fund administration bank with a crypto-native asset manager, signalling a move toward institutional-grade tokenized cash management products on public chains. **Hedera Network / Enterprise Tokenization:** - Ongoing government and enterprise adoption of Hedera for tokenization and digital asset infrastructure continues to build, with particular emphasis on permissioned, compliance-aware deployments. While not tied to a single deal, the pattern reinforces Hedera’s positioning as a network for regulated and quasi-public-sector tokenization projects. **Lead Bank & Loop Crypto:** - Lead Bank, a nearly century-old U.S. community bank pivoted to fintech and digital assets, has brought Loop Crypto into its strategic partner group to scale stablecoin and crypto payments capabilities. This further embeds stablecoins into bank-led payment flows, strengthening the fiat–onchain bridge for corporates and fintechs. **Cascade:** - Raised USD 15 million in seed funding, led by Polychain and Variant, to build a “neo-brokerage” offering 24/7 perpetuals trading across asset classes. If successful, this could normalize derivatives on tokenized exposures (equities, commodities, indices) in a regulated broker-like interface. **Superstate:** - Introduced Direct Issuance Programs enabling public companies to raise capital via newly issued tokenized stock. This extends tokenization from secondary-market wrappers into primary issuance, offering issuers a path to tap onchain capital while remaining within existing securities law frameworks. ## On the Radar - Sovereign tokenization experiments (Bhutan, and previously smaller pilots elsewhere) are moving from proofs-of-concept to live instruments, raising questions on how rating agencies, custodians and central banks will classify and risk-weight such assets. - The convergence of global custodians (State Street), tokenization specialists (Superstate) and compliant banks (Lead Bank) points to an emerging, regulated stack for institutional onchain capital markets. - Political resistance to U.S. market structure legislation increases the odds that regulatory clarity for tokenized securities and RWAs will continue to emerge via agency rulemaking and case-by-case approvals rather than a single comprehensive statute. - Primary issuance of tokenized equity and structured funds suggests that future RWA flows may originate natively onchain rather than through retrofitted wrappers of existing offchain vehicles.

## Top Signal The U.S. Securities and Exchange Commission has closed a multi‑year investigation into Ondo Finance without bringing charges, effectively removing a key enforcement overhang from one of the largest U.S.-facing tokenization platforms. **So What?** A no‑action outcome for a live, RWA‑focused protocol signals that U.S. regulators are willing to distinguish between tokenization businesses built around securities law compliance and those operating outside it. For institutional allocators, this reduces headline and enforcement risk around partnering with regulated tokenization providers, and it supports the thesis that onchain funds and tokenized treasuries can be structured within existing U.S. securities frameworks rather than in opposition to them. ## Regulation & Compliance **U.S. Congress (Senate):** - Senator Kirsten Gillibrand stated that “nothing is holding up” a major bipartisan crypto bill as Senate leadership moves to advance it toward the President’s desk. While details remain fluid, the bill is expected to address market structure, agency jurisdiction and core definitions that will frame treatment of digital assets, including tokenized securities and stablecoins. **CFTC (US):** - The CFTC formally outlined its pilot program allowing Bitcoin, Ether and USDC to be posted as margin in regulated derivatives markets, alongside rule updates to accommodate tokenized assets in collateral frameworks. The initiative provides a supervised environment for clearinghouses and FCMs to operationalize tokenized collateral, which can later extend to tokenized cash and securities. **SEC (US):** - BlackRock filed an S‑1 registration statement for ETHB, an Ethereum staking ETF distinct from its existing spot ETH product (ETHA). While focused on ETH, the filing continues the SEC’s incremental acceptance of yield‑bearing, onchain-native exposures inside standard ’40 Act and ETF structures, with implications for how future tokenized income products may be framed. - The SEC has closed its Biden‑era investigation into Ondo Finance without charges, according to the company. This outcome reduces regulatory uncertainty for Ondo’s U.S. activities and sets a reference point for how tokenization platforms can operate under, rather than outside, securities regulation. ## Protocol & Infrastructure **Ondo Finance:** - Ondo disclosed that the SEC has ended a years‑long probe with no enforcement action, and the firm publicly framed this as a constructive signal for tokenization’s future in the U.S. The removal of this overhang should make it easier for Ondo to deepen relationships with U.S. custodians, brokers and banks around tokenized treasuries and cash‑equivalents. **BlackRock:** - By pursuing an Ethereum staking ETF, BlackRock is extending its digital asset product set from passive spot exposure toward yield‑bearing, protocol‑native strategies in a regulated wrapper. This strengthens the institutional bridge between traditional fund structures and onchain income streams, a pattern directly relevant to tokenized RWA credit and rates products. **Securitize:** - In a public interview, CEO Carlos Domingo emphasized that successful tokenization requires embedding existing legal, compliance and transfer‑agent functions directly into code, and highlighted lessons from earlier, failed tokenization experiments. The messaging reinforces Securitize’s positioning as a regulated infrastructure provider focused on primary issuance, cap table management and secondary liquidity for compliant tokenized securities. ## On the Radar - The Senate’s comprehensive crypto bill could finally clarify SEC/CFTC jurisdiction and asset classifications, directly impacting how tokenized treasuries, funds and credit instruments are registered, traded and custodied in the U.S. - The CFTC’s tokenized collateral pilot, combined with BlackRock’s staking ETF push, points toward a future where both collateral and yield generation increasingly sit onchain but inside familiar regulatory perimeters. - Growing emphasis from platforms like Securitize on “from paper to code” legal integration suggests that transfer‑agent, KYC/AML and corporate actions will be key battlegrounds for tokenization infrastructure providers. - Middle East interest in becoming a regional hub for Bitcoin‑backed banking and collateral, as highlighted at the Bitcoin MENA conference, signals competitive pressure on Western regulators and banks to define their own frameworks for digital‑asset‑backed credit and custody.

## Top Signal The U.S. Commodity Futures Trading Commission (CFTC) has launched a pilot program allowing Bitcoin, Ether and USDC to be posted as collateral in regulated derivatives markets under defined “tokenized collateral” guardrails. **So What?** This is the clearest U.S. regulatory recognition to date that digital assets and tokenized instruments can function as eligible collateral within core market infrastructure. For RWA participants, it establishes a reference framework for how tokenized cash, treasuries and other RWAs could be integrated into margin, clearing and collateral management workflows, materially expanding the institutional use case beyond buy-and-hold exposure. ## Regulation & Compliance **CFTC (US):** - Introduced a digital assets pilot program permitting Bitcoin, Ether and USDC to be used as collateral in derivatives markets, building on a prior initiative to expand tokenized collateral (especially stablecoins) in cleared products. The program stresses “clear guardrails,” including risk management standards, custody controls and likely segregation and rehypothecation limits, and is explicitly framed as a testbed for broader tokenized collateral adoption. - The pilot implicitly validates the operational feasibility of onchain and tokenized assets in high-stakes market plumbing (margining, settlement, collateral substitution), setting a regulatory template that other jurisdictions and U.S. prudential regulators may emulate or refine. **SEC (US):** - Ended a Biden-era investigation into Ondo Finance without recommending charges, according to the firm, as U.S. policymakers increasingly focus on formal frameworks for tokenized securities. While not a blanket endorsement, the closure removes a key overhang for one of the largest tokenized U.S. Treasuries providers and signals that well-structured RWA protocols can operate without immediate enforcement action, subject to evolving guidance. - Received a fresh filing from BlackRock for a staked Ethereum ETF, which, while not RWA per se, underscores the Commission’s ongoing engagement with tokenized and yield-bearing digital instruments in regulated fund wrappers. The infrastructure, custody and compliance patterns here are directly relevant for future tokenized fixed income and credit funds. ## Protocol & Infrastructure **Ondo Finance:** - Confirmed that the SEC has closed its prior investigation with no charges. This reduces regulatory uncertainty around Ondo’s tokenized Treasuries and credit products and may lower perceived regulatory risk for institutional allocators considering onchain cash-equivalent allocations via Ondo or similar structures. **Stable / Tether ecosystem:** - Stable, a Bitfinex-backed Layer 1 that uses USDT as gas, launched mainnet and a corresponding Stable Foundation to steward the chain. While early-stage, the model positions USDT not only as a stablecoin but as core transactional infrastructure, potentially enabling RWA issuers targeting emerging markets to leverage a USDT-centric base layer with native fee and settlement alignment. ## On the Radar - Collateral transformation: The CFTC pilot accelerates convergence between traditional collateral schedules and tokenized assets, opening the door for tokenized T-bills and money market funds to be recognized as eligible margin in due course. - Regulatory differentiation: The SEC’s closure of the Ondo probe highlights that design, disclosure and investor base matter; protocols with security-like features but institutional-grade compliance may see a clearer path than retail-focused yield schemes. - Stablecoin-centric L1s: Stable’s mainnet launch illustrates a trend toward chains optimized around a single, systemically important stablecoin, which could become preferred rails for cross-border RWA distribution in high-friction FX jurisdictions. - ETF tokenization playbook: BlackRock’s staked ETH ETF workstream continues to normalize token-originated yields inside regulated fund wrappers, a pattern that can be replicated for tokenized credit, real estate and private credit strategies.

## Top Signal WisdomTree has launched EPXC, a tokenized fund that brings a listed options income strategy (cash-secured put writing) onchain, extending its regulated digital fund suite beyond cash and treasuries into derivatives-based yield. **So What?** A large, regulated asset manager tokenizing a complex options strategy marks a shift from simple “cash-equivalent” RWAs to fully-structured products native to blockchain rails. For institutional allocators, this signals that tokenization is moving into mainstream portfolio strategies (income, risk premia, derivatives) with familiar wrappers and governance, creating a clearer path to deploy size into onchain products that still fit existing mandate, risk, and reporting frameworks. ## Regulation & Compliance **CFTC (US):** - Industry commentary suggests the CFTC has approved U.S. spot crypto products, further entrenching its role alongside the SEC in overseeing digital asset markets. While details are limited, CFTC blessing for spot products strengthens the regulatory foundation for using major crypto assets as collateral and for building compliant derivatives and structured products around tokenized instruments. ## Protocol & Infrastructure **WisdomTree:** - Launched the WisdomTree Options Income Fund (EPXC), a tokenized vehicle implementing a cash-secured put-writing strategy on blockchain rails. The product extends WisdomTree’s digital fund lineup from tokenized cash and treasuries into options-based income, while maintaining traditional fund governance and compliance. For institutions, EPXC provides an onchain instrument with a well-understood payoff profile and potentially more efficient collateral and settlement management. **Securitize:** - CEO Carlos Domingo reiterated that liquidity, not just accessibility, is the binding constraint for tokenized assets, highlighting that many early tokenization experiments failed due to illiquid secondary markets. Securitize continues to argue for regulated, interoperable trading venues and integration with broker-dealers and ATSs as prerequisites for scalable tokenized securities markets. This underscores that institutional RWA adoption will hinge on market structure (order books, market-makers, KYC’d participants) rather than issuance volume alone. **DeFi Lending Protocols / Tokenized Private Credit:** - DeFi protocols are increasingly accepting tokenized private credit instruments as collateral for lending and stablecoin issuance, introducing traditional credit risk into onchain money markets. The article flags concerns around opacity of underlying borrowers, valuation practices, enforcement in default, and correlation with broader credit conditions. This raises the bar for due diligence, legal structuring, and risk management when RWAs back composable DeFi primitives. ## On the Radar - Tokenized options and structured strategies: EPXC suggests the next wave of RWA growth may be in tokenized risk premia and options income funds, not just cash and treasuries. - Collateral quality in DeFi: The migration from overcollateralized crypto to tokenized private credit as collateral will likely attract regulatory attention and may push protocols toward bank-like risk controls and disclosures. - Market-structure focus: Securitize’s emphasis on liquidity aligns with regulator concerns around fair and orderly markets, implying that ATSs, broker-dealers, and KYC’d venues will be central to institutional RWA trading. - Multi-regulator oversight: Growing CFTC involvement in spot and derivatives markets alongside the SEC will shape how tokenized securities, crypto collateral, and structured RWA products are classified and supervised in the US.

## Top Signal Western Union is developing a stablecoin-backed prepaid card for high-inflation markets, directly embedding tokenized value into a mass-market remittance and payments channel. **So What?** A global money transfer incumbent moving to stablecoin rails in inflation-hit jurisdictions is a structural signal: tokenized fiat (or fiat-equivalents) is transitioning from speculative infrastructure to consumer-grade payment utility. For RWA participants, this points to growing demand for regulated, yield-bearing and diversified on-chain assets (including tokenized treasuries and cash equivalents) that can sit behind consumer products, and raises the bar for compliance, KYC, and cross-border supervision of stablecoin-backed instruments. ## Regulation & Compliance **CFTC (US):** - A Decrypt interview references CFTC approval of U.S. spot crypto products, signalling continued expansion of the agency’s remit into spot digital asset markets. While details are limited, any formal CFTC-sanctioned spot framework will shape how tokenized commodities and potentially certain RWA structures are classified and supervised, especially where they resemble commodity interests rather than securities. **SEC (US):** - Follow-on coverage from The Block reiterates the divide exposed in the SEC’s recent tokenization panel between Wall Street institutions favouring permissioned, intermediary-heavy models and crypto-native firms advocating for public-chain settlement and greater disintermediation. This underscores that the SEC has not yet converged on a supervisory model for tokenized securities, with implications for where and how U.S. institutions can deploy capital into on-chain credit, funds, and structured products. ## Protocol & Infrastructure **Western Union:** - Plans to launch a stablecoin-backed prepaid card in countries facing high inflation, using tokenized value to hedge local currency depreciation while maintaining familiar card-based UX. This positions Western Union as a potential large-scale conduit for stablecoin circulation, with knock-on effects for demand in underlying reserve assets and for compliance frameworks around travel rule, sanctions screening, and local FX controls. **BlackRock:** - In a Decrypt “Morning Minute” segment, BlackRock again highlights AI and digital assets, including stablecoins, as core drivers of economic change and growth into 2026. While not product-specific, this reinforces prior messaging that tokenization and digital cash instruments are now embedded in BlackRock’s strategic asset and infrastructure roadmap, which is likely to influence asset allocation policies and service expectations across its institutional client base. **DeFi Lending Protocols (sector-wide):** - Crypto.news flags rising use of tokenized private credit as collateral in DeFi lending and stablecoin issuance, raising concerns around opaque credit risk, valuation, and enforcement in case of default. This highlights the need for institutional-grade underwriting, legal enforceability of claims, and transparent reporting if tokenized private credit is to be acceptable collateral for regulated counterparties. ## On the Radar - Growth of non-fiat-pegged stablecoin concepts (e.g., gold-backed) as a response to perceived fiat and stablecoin fragility may create new RWA demand but will face stringent commodity, fund, and payments regulation. - The widening use of tokenized private credit in DeFi is creating a parallel, lightly regulated credit market whose stress dynamics could feed back into stablecoin and on-chain money markets. - Continued public positioning by BlackRock and other large managers around digital assets suggests that tokenization and stablecoins are moving into mainstream CIO conversations, increasing pressure on regulators to clarify cross-border treatment and on infrastructure providers to meet institutional standards.

## Top Signal An SEC-hosted panel on tokenization exposed a clear divide between traditional finance and crypto-native firms over how decentralized tokenized markets should be and how the SEC ought to regulate them. **So What?** The discussion signals that US policy on tokenized securities is still being shaped, with core questions unresolved around permissioned vs public chains, on-chain market structure, and the role of intermediaries. For institutional RWA participants, this is a reminder that regulatory interpretation—not technology—will determine which tokenization models scale in the US and how capital can be deployed across public and private blockchain rails. ## Regulation & Compliance **SEC (US):** - During a public panel on tokenization, Wall Street and crypto executives reportedly disagreed on the appropriate degree of decentralization and the regulatory perimeter for tokenized assets, highlighting tensions between existing securities frameworks and open blockchain infrastructure. While no formal rulemaking was announced, the SEC’s convening of this debate indicates active fact-finding on how tokenized instruments, on-chain settlement, and smart-contract-based market venues should be supervised. - The panel discussion also underscores uncertainty over whether tokenized products should remain within tightly permissioned environments that mirror existing market infrastructure, or whether the SEC will accommodate models leveraging public blockchains with non-traditional intermediaries. ## Protocol & Infrastructure **Kraken:** - Kraken launched a high-touch VIP program for ultra-high-net-worth clients, offering dedicated relationship managers, 24/7 support, and early access to the full product suite. For RWA, this suggests that tokenized securities, stablecoins, and future tokenization offerings (including those stemming from its pending Backed Finance acquisition) are likely to be packaged into a more institutional-grade service layer targeting private banks, family offices, and wealth platforms. **BlackRock:** - BlackRock continues to publicly frame tokenized assets and stablecoins as key structural forces for 2026 and beyond, reinforcing earlier messaging that digital assets are part of its core strategic roadmap. This sustained narrative from the world’s largest asset manager increases pressure on regulators and service providers to deliver compliant, scalable tokenization infrastructure suitable for mainstream portfolios. ## On the Radar - Growing commentary on gold-backed and other commodity-referenced stablecoins reflects unease with fiat and bank deposit risk, and could lead to new classes of tokenized reserve assets with distinct regulatory treatment from existing fiat-backed stablecoins. - Large US banks and brokerages (e.g., Bank of America) beginning to speak more positively about crypto and digital assets indicates a gradual normalization of tokenization and on-chain exposure within traditional advisory channels. - The combination of exchanges like Kraken building bespoke UHNW programs and asset managers like BlackRock pushing tokenization narratives points toward a convergence of wealth management, tokenized funds, and on-chain market access. - The unresolved regulatory debate over decentralization at the SEC suggests that hybrid architectures—permissioned control planes with public-chain settlement or liquidity—may emerge as a pragmatic compromise for institutional RWA deployment in the US.

## Top Signal Digital Assets, the creator of the Canton Network, has secured strategic investments from BNY, Nasdaq, iCapital and S&P Global to scale institutional-grade blockchain infrastructure for tokenized real-world assets. **So What?** This is a coordinated bet by core market infrastructure providers on permissioned, interoperable ledgers as the backbone for securities tokenization. For RWA participants, it signals that tokenized assets will increasingly sit within existing market plumbing (custody banks, exchanges, data providers, wealth platforms), and that connectivity between public chains and regulated private networks will become a central design and policy question. ## Regulation & Compliance **SEC (US):** - A public SEC panel on tokenization highlighted a clear divergence between TradFi and crypto-native participants on decentralization, control, and regulatory perimeters for tokenized assets. TradFi voices leaned toward permissioned, centrally governed networks aligned with existing securities rules, while crypto representatives advocated for greater use of public, composable infrastructure. The discussion underscores that the SEC is actively shaping its approach to tokenized securities and market structure, but that consensus on what constitutes “acceptable” decentralization for regulated products remains unresolved. ## Protocol & Infrastructure **Digital Assets / Canton Network:** - BNY, Nasdaq, iCapital and S&P Global have taken strategic stakes in Digital Assets, the firm behind the Canton Network, a permissioned blockchain designed for tokenized financial instruments and interoperable ledgers across institutions. The investor set spans custody, exchanges, wealth distribution, and data/indices, positioning Canton as a candidate backbone for tokenized fund units, structured products, and private markets distributed via existing channels. **Kraken:** - Kraken launched a high-touch VIP program for ultra-high-net-worth and institutional-style clients, offering dedicated relationship managers, 24/7 support, and early access to new products across its ecosystem. As Kraken moves to integrate tokenized securities capabilities via the Backed Finance acquisition, this client segment is the most likely early adopter of on-exchange RWA products. **N3XT Bank (Wyoming):** - Former Signature Bank executives have launched N3XT Bank under a Wyoming charter as a “narrow bank” focused on 24/7 programmable U.S. dollar payments without rehypothecating deposits. This model could provide regulated, bankruptcy-remote cash rails for tokenized assets, stablecoins and on-chain settlement, particularly for institutional treasuries sensitive to banking risk. **BlackRock / Coinbase:** - BlackRock leadership continues to frame digital assets, including stablecoins and tokenization, as structural growth drivers alongside AI, while Coinbase’s leadership emphasizes growing legislative traction and mainstream integration. The alignment of a leading asset manager and a major crypto exchange around tokenization and compliant digital-asset rails reinforces the direction of travel for institutional market structure. ## On the Radar - Ongoing SEC engagement on tokenization suggests forthcoming guidance on how decentralization, governance, and interoperability will be evaluated for tokenized securities platforms. - Strategic investments into Canton indicate that “network-of-networks” models, linking multiple permissioned domains, may become the dominant institutional architecture for RWAs. - The emergence of narrow, programmable banks like N3XT points to a new class of regulated settlement banks tailored to always-on tokenized markets. - Sovereign wealth fund interest in digital assets, as flagged by BlackRock, hints at future demand for tokenized sovereign, credit, and infrastructure exposures once regulatory and operational frameworks mature.

## Top Signal BlackRock’s leadership is explicitly positioning tokenized assets and stablecoins as core “mega forces” reshaping financial markets, framing tokenization as a strategic pillar rather than a peripheral innovation. **So What?** When the world’s largest asset manager publicly elevates tokenization to the same structural tier as AI, it validates on-chain financial infrastructure as a long-term market redesign, not a cyclical trade. For RWA participants, this signals sustained institutional investment into tokenized funds, securities and settlement rails, and raises the bar for regulatory clarity, interoperability and risk management across both public and permissioned chains. ## Regulation & Compliance **US Senate / CFTC & FDIC leadership:** - The U.S. Senate is advancing a mass-confirmation package that includes President Trump’s nominees to lead the Commodity Futures Trading Commission (CFTC) and Federal Deposit Insurance Corporation (FDIC), both seen as consequential for digital asset policy and oversight [CoinDesk](https://www.coindesk.com/policy/2025/12/03/trump-s-cftc-fdic-picks-closer-to-taking-over-agencies-as-they-advance-in-senate). - CFTC leadership will be central to derivatives treatment of tokenized commodities, FX and rates, while FDIC leadership will shape how insured banks can custody, tokenize and intermediate deposits, Treasuries and money funds. - For institutional RWA strategies, this transition may reset the trajectory for bank participation in tokenization, margining and on-chain collateral, with potential shifts in interpretive guidance and enforcement posture. ## Protocol & Infrastructure **Franklin Templeton:** - Franklin Templeton has launched a Solana-based exchange-traded fund (ETF) providing exposure to SOL, adding to its growing suite of digital-asset products [The Block](https://www.theblock.co/post/381264/franklin-templeton-solana-etf). - While not an RWA instrument, the move reinforces Franklin’s multi-chain operating footprint (alongside prior tokenized funds) and its willingness to use public L1s as regulated product infrastructure, which is relevant for future tokenized fixed income and liquidity funds. **Ostium:** - Ostium, an RWA-focused protocol, raised USD 24 million to expand its decentralized perpetuals exchange for real-world assets beyond U.S. markets [The Block](https://www.theblock.co/post/381241/harvard-alumni-founded-ostium-lands-24-million-in-fresh-funding-to-scale-onchain-perpetuals-for-rwas). - The platform aims to offer on-chain perpetuals referencing RWA indices and instruments, creating synthetic exposure without direct on-chain custody of underlying securities. - For institutions, this points to a parallel market structure where RWA risk can be accessed via derivatives layers, raising questions on jurisdiction, market integrity, and how CFTC/ESMA derivatives rules will be applied. **Stable (Bitfinex-backed L1):** - Stable, a Bitfinex-backed Layer 1 network, has published its tokenomics ahead of a mainnet launch next week, with a 100 billion-token design focused on governance and network security [The Block](https://www.theblock.co/post/381171/stable-unveils-tokenomics). - Positioning as a settlement and issuance chain with exchange sponsorship suggests a vertically aligned stack for stablecoins and tokenized assets, but its regulatory perimeter and interoperability with MiCA/SEC-compliant instruments remain open questions. **BlackRock and Coinbase:** - In joint public commentary, BlackRock and Coinbase executives highlighted tokenization and supportive U.S. legislation as key drivers of crypto’s integration into mainstream finance [Decrypt](https://decrypt.co/350878/crypto-further-mainstream-finance-blackrock-coinbase-chiefs). - BlackRock separately emphasized stablecoins and tokenized assets as structural forces transforming markets, reinforcing prior moves into tokenized funds and on-chain collateral [Decrypt](https://decrypt.co/350853/blackrock-risk-on-mega-forces-ai-stablecoins-transform-markets). - This strengthens the case for large allocators and distributors to build tokenization capabilities, with Coinbase positioned as a core U.S. infrastructure partner for custody, execution and on-chain connectivity. ## On the Radar - Leadership changes at CFTC and FDIC could become the main determinant of U.S. bank participation in tokenized deposits, on-chain repo and RWA collateralization over the next cycle. - Asset managers with both tokenized funds and spot crypto ETFs (e.g., Franklin Templeton, BlackRock) are emerging as the most credible issuers for regulated RWA products, given distribution reach and compliance infrastructure. - Derivatives-first RWA platforms like Ostium may accelerate institutional engagement by offering hedging and synthetic exposure before full-scale tokenization of underlying assets is regulatory-clear. - Exchange-affiliated L1s (Kraken–Backed, Bitfinex–Stable) point to a competitive race to own the issuance and settlement layer for tokenized securities, with regulatory alignment likely to determine winners.

## Top Signal Kraken has agreed to acquire Swiss tokenization issuer Backed Finance, bringing regulated on-chain securities manufacturing directly inside a major global exchange ahead of its anticipated IPO. **So What?** This moves tokenized equities and bond-like instruments from a partner-driven product line into core exchange infrastructure, tightening the link between primary tokenized issuance and secondary market distribution. For institutional RWA participants, it signals that large, regulated trading venues intend to own the tokenization stack, accelerating the convergence of MiFID/SEC-style securities frameworks with public-chain settlement. ## Regulation & Compliance (No material regulator-specific developments identified in today’s coverage.) ## Protocol & Infrastructure **Kraken:** - Agreed to acquire Backed Finance, the Swiss-based issuer behind its xStocks tokenized equity products, in a deal framed as a strategic push into RWAs ahead of Kraken’s planned IPO. - Integration is expected to deepen Kraken’s capabilities in compliant issuance of tokenized securities referencing listed equities and potentially other traditional assets, moving from a distribution-only role towards full lifecycle management (issuance, listing, and secondary trading). **Backed Finance:** - Will become part of Kraken’s group, giving its tokenized securities platform direct access to a large, regulated client base and exchange infrastructure. - The combination could streamline KYC/AML, transfer agency, and corporate action handling for on-chain securities, and may set a benchmark for how tokenization specialists are absorbed into global venues rather than remaining standalone. **BlackRock:** - CEO Larry Fink and COO Rob Goldstein reiterated that tokenization could reshape financial “market plumbing” in a manner comparable to the early internet’s impact on information, citing a roughly 300% increase in RWA tokenization over the last 20 months. - Their comments reinforce that tokenization is now a core strategic theme at the world’s largest asset manager, with a focus on settlement efficiency, transparency, and fractional access across public and permissioned ledgers. **Stable (Bitfinex-backed L1):** - The Bitfinex-backed Stable Layer 1 unveiled its tokenomics, with a 100 billion token supply designed to support governance and network security ahead of mainnet launch next week. - While not explicitly RWA-focused, the design positions Stable as another potential settlement and issuance venue for tokenized assets, particularly if Bitfinex channels its existing client base and liquidity into RWA use cases. ## On the Radar - Consolidation of tokenization specialists into exchanges (Kraken–Backed today, others likely to follow) suggests exchanges will increasingly control both issuance and secondary liquidity for on-chain securities. - BlackRock’s continued public advocacy for tokenization indicates that large asset managers are preparing for operational integration, even where regulatory clarity remains incomplete. - New L1s with exchange backing, such as Stable, highlight ongoing experimentation with bespoke settlement layers for tokenized assets, raising questions about future interoperability with Ethereum and established public chains. - Traditional wealth managers (e.g., Bank of America signalling openness to crypto allocations) are normalising digital asset exposure, creating a natural distribution channel for future tokenized fixed income and fund products once compliance and custody frameworks mature.

## Top Signal Amundi has launched its first tokenized share class of a euro money market fund on Ethereum, with CACEIS providing regulated wallet and settlement infrastructure. **So What?** A top‑three global asset manager issuing a tokenized money market fund share on a public chain, supported by a mainstream European custodian, moves tokenization from pilot concepts into standard product manufacturing. For RWA participants, this validates Ethereum as acceptable infrastructure for regulated fund units, and signals that large UCITS and money market complexes are preparing for on‑chain distribution, stablecoin/CBDC settlement, and eventual interoperability with DeFi rails. ## Regulation & Compliance **US Congress (GENIUS Act):** - Discussion around the proposed GENIUS Act highlights a model where dollar stablecoins would be fully reserved in T‑bills and cash, positioning issuers as structurally important buyers of short‑term US sovereign debt. While still at the proposal stage, the framework would codify a narrow, bank‑like prudential regime for payment stablecoins and hardwire a direct link between stablecoin growth and Treasury demand. ## Protocol & Infrastructure **Amundi:** - Issued a tokenized share class of a euro money market fund on Ethereum, enabling on‑chain order routing and settlement. - Investors can settle subscriptions and redemptions in stablecoins today, with a roadmap to support CBDC settlement as those rails mature. - CACEIS, as depositary and fund services provider, manages the wallet infrastructure, ensuring that tokenized shares remain within a regulated custody and transfer‑agency perimeter. **CACEIS:** - Provides institutional‑grade wallet and on‑chain transaction infrastructure for Amundi’s tokenized fund share, effectively acting as the bridge between the traditional fund register and Ethereum. - This positions CACEIS as a key European hub for tokenized fund administration, with the ability to extend the same plumbing to additional asset managers and strategies. **BlackRock:** - Senior executives Larry Fink and Robert Goldstein reiterated that tokenization is now viewed internally as a core driver of future market plumbing, not an adjunct to crypto trading. They emphasised efficiency gains in settlement, collateral mobility and fractional ownership as primary vectors. - A BlackRock‑linked wallet moved approximately $186 million in bitcoin to Coinbase Prime, interpreted by market participants as routine ETF liquidity and settlement flow, underscoring the growing operational integration between large asset managers and institutional crypto infrastructure. **Vanguard:** - According to Bloomberg reporting, Vanguard will allow bitcoin and crypto‑linked ETFs and mutual funds to be traded on its platform, reversing its previous exclusion stance. While not an RWA product, this is a structural shift in distribution policy by the world’s second‑largest asset manager, aligning its retail and advisory channels with digital asset exposures. ## On the Radar - The GENIUS Act debate underscores that future stablecoin regulation may directly shape demand for US Treasuries, with implications for money markets, bank funding and RWA tokenization strategies anchored in short‑term government debt. - Amundi’s use of Ethereum and a traditional custodian suggests a model where public chains are combined with tightly controlled whitelisting and off‑chain registers, rather than fully permissionless transfer, for regulated fund tokens. - BlackRock and Vanguard’s converging stance on digital asset products indicates that large distribution networks are normalising token‑based exposures, lowering future frictions for tokenized bond and credit vehicles once regulation is clearer. - The convergence of stablecoin settlement, tokenized fund shares and prospective CBDCs in Europe points to a multi‑rail environment where asset managers will need to design products that are natively interoperable across several digital cash instruments.

## Top Signal Nasdaq has publicly committed to “move as fast as we can” on tokenized stocks, signalling that a Tier‑1 U.S. exchange is ready to operationalise on‑chain securities once the SEC provides a green light. **So What?** A major national securities exchange openly prioritising tokenized equities reframes tokenization as a core market-structure issue rather than a peripheral innovation. For RWA participants, this points to a future where tokenized Treasuries, credit and equities may clear through incumbent venues under existing securities law, tightening the link between DeFi-native issuance and traditional exchange, ATS and broker‑dealer frameworks. ## Regulation & Compliance **People’s Bank of China (PBoC):** - Reaffirmed the mainland ban on cryptocurrency trading and reiterated concerns over stablecoin risks following a multi‑agency meeting, while reportedly seeking to dampen some digital asset activity in Hong Kong, including RWA tokenization and stablecoin issuance. - The stance underscores Beijing’s preference for centrally controlled digital finance (e-CNY) and a cautious approach to cross‑border tokenized products that could create regulatory leakage from Hong Kong into the mainland. **SEC (US):** - While there is no new formal action, Nasdaq’s disclosure that it is in active dialogue with the SEC on tokenized stocks confirms that any U.S. tokenized equity venue will be framed squarely within existing exchange/ATS rules, not bespoke crypto exemptions. - This aligns with recent lobbying from global exchange groups for tight exemptive relief and suggests that regulatory progress, when it comes, will favour well‑capitalised, fully regulated operators over experimental venues. **HKEX / Hong Kong Listings Regime:** - HashKey Holdings has received approval from the Hong Kong Stock Exchange to proceed with a planned IPO of up to USD 500 million, marking one of the first large‑scale listings of a digital‑asset exchange operator in the jurisdiction. - The approval reinforces Hong Kong’s strategy of positioning itself as a regulated hub for digital assets, even as mainland authorities increase scrutiny of cross‑border tokenization and stablecoin activity. ## Protocol & Infrastructure **Nasdaq:** - Its digital assets head confirmed that Nasdaq is prepared to respond rapidly to SEC queries on its tokenized stock proposal, indicating internal readiness on technology, compliance and market operations. - For institutional RWA issuers, this suggests that future tokenized products could plug into existing Nasdaq infrastructure, benefiting from established liquidity pools, surveillance and investor‑protection standards. **Animoca Brands:** - Announced plans to focus on stablecoins and RWA initiatives in 2026 as it pursues a Nasdaq listing via a reverse merger with Singapore‑based Currenc Group. - This positions Animoca as a potential bridge between consumer‑facing digital assets and tokenized real‑world exposure, contingent on U.S. listing approval and associated disclosure and governance standards. ## On the Radar - BlackRock’s confirmation that IBIT is now its top revenue source, despite recent outflows, reinforces the commercial viability of token-based exposures at scale, strengthening the business case for tokenized fixed income and credit wrappers. - China’s renewed pressure on Hong Kong’s stablecoin and RWA experiments highlights the geopolitical dimension of tokenization, with regulatory fragmentation likely to shape cross‑border structuring and venue selection. - The prospective IPOs of HashKey and Animoca on major exchanges signal a maturing capital‑markets pathway for digital‑asset infrastructure and RWA‑adjacent platforms. - Corporate treasury experimentation with bitcoin in markets like Brazil underscores dissatisfaction with local bond returns and could, over time, spill over into demand for regulated, yield‑bearing tokenized sovereign and corporate debt instruments.

## Top Signal BlackRock has confirmed that its U.S.-listed spot bitcoin ETF (IBIT) has become the firm’s single largest revenue contributor, supported by both external inflows and increased allocations from its own income fund. **So What?** A top-tier global asset manager now derives a leading share of fee income from a token-based exposure, signalling that digital asset products are no longer peripheral but integrated into core revenue strategy. For RWA participants, this accelerates the likelihood that the same distribution, compliance and fund-structuring machinery will be deployed for tokenized money market, bond and credit products once regulatory clarity and client demand align. ## Regulation & Compliance **People’s Bank of China (PBoC):** - Reaffirmed the national ban on crypto trading and flagged systemic and consumer risks from stablecoins following a multi-agency meeting, while reportedly pressuring some Hong Kong-facing activities linked to stablecoins and RWA tokenization. - This underscores that mainland policy remains firmly prohibitive toward public-crypto rails, limiting China-based institutional participation in open RWA protocols and pushing any tokenization activity into tightly controlled, permissioned or e-CNY-linked environments. **Uzbekistan (National Agency for Prospective Projects – NAPP):** - Recent coverage reiterates that Uzbekistan will allow stablecoins for payments and enable tokenized securities trading under a sandbox regime from 1 January 2026. - The explicit contrast with China’s stance highlights the emerging regulatory bifurcation: some emerging markets are positioning themselves as testbeds for on-chain financial infrastructure while others double down on prohibitions. **SEC (US):** - Nasdaq’s head of digital assets stated the exchange is prepared to “move as fast as we can” on tokenized stocks, pending SEC approval of its proposal. - This confirms that a major U.S. exchange is actively engaged with the SEC on tokenized equity market structure, reinforcing expectations that any U.S. tokenized stock regime will be tightly coupled to existing exchange and ATS rules rather than novel exemptions. ## Protocol & Infrastructure **BlackRock:** - IBIT has reached roughly $70 billion in AUM and is now BlackRock’s top revenue source, despite recent outflows that management characterises as normal flows in a maturing product. - BlackRock’s Strategic Income Opportunities Portfolio has increased its allocation to IBIT by 14%, demonstrating that internal multi-asset funds are willing to use token-based exposures as part of standard portfolio construction. - Together, these moves institutionalise digital-asset wrappers inside traditional fund complexes, setting a template for how tokenized fixed income or credit funds could be integrated into mainstream multi-asset mandates. **Amundi:** - Launched a tokenized share class of a euro cash fund on Ethereum, enabling 24/7 blockchain-based access and potentially faster settlement for investors. - As Europe’s largest asset manager, Amundi’s choice of a public chain for a regulated cash vehicle is a strong signal that tokenized fund share classes are moving from pilot to production in the EU context, where MiCA and related frameworks provide regulatory cover. **Animoca Brands:** - Announced a strategic focus on stablecoins and RWA in 2026 as it pursues a planned Nasdaq listing via reverse merger with Singapore-based Currenc Group. - A gaming and web3 IP company aligning its roadmap with RWA and stablecoin infrastructure suggests that consumer-facing platforms are preparing to bridge into regulated financial products, contingent on U.S. listing and oversight. ## On the Radar - Convergence of ETF economics and tokenization: BlackRock’s revenue mix shows that once scale is achieved, token-based products can become core P&L drivers, which should attract similar focus to tokenized bond and cash ETFs. - Public-chain adoption by large EU managers: Amundi’s Ethereum deployment pressures custodians, transfer agents and fund admins to offer on-chain servicing and reconciliations as standard. - Regulatory divergence in Asia: China’s renewed hard line versus Uzbekistan’s sandbox and Hong Kong’s more experimental posture will shape where Asia-Pacific RWA issuance and stablecoin liquidity concentrate. - Exchange-led tokenization: Nasdaq’s engagement with the SEC on tokenized stocks keeps the centre of gravity with incumbent exchanges, which may limit room for fully decentralised equity market venues but could accelerate institutional-grade tokenized listings once approved.

## Top Signal Uzbekistan has approved the use of stablecoins for payments and tokenized securities trading under a new regulatory sandbox regime starting 1 January 2026. **So What?** A sovereign explicitly authorising stablecoins as a payment instrument and enabling tokenized securities within a controlled regime is another concrete step toward on-chain financial market infrastructure in emerging markets. For institutional RWA strategies, it signals growing regulatory comfort with stablecoin rails as official payment and settlement media, and positions frontier jurisdictions as potential laboratories for tokenized securities models that may later inform larger markets. ## Regulation & Compliance **Uzbekistan (National Agency for Prospective Projects):** - Will roll out a regulatory sandbox from 2026 that permits stablecoins to be used as an official payment method and allows tokenized securities trading, under supervision and with licensing requirements for participating entities. - The framework effectively treats stablecoins as regulated payment instruments and creates a channel to pilot tokenized capital markets within a ring-fenced environment, potentially including cross-border participants. - Source: [Cointelegraph](https://cointelegraph.com/news/uzbekistan-greenlights-stablecoins-for-payments-under-new-sandbox-regime) **SEC (US):** - Global exchange groups continue to lobby the SEC to restrict broad exemptive relief for tokenized stocks and other crypto products, emphasising that any on-chain securities trading should remain fully subject to existing exchange, ATS, and broker-dealer rules. This extends the pressure described in yesterday’s briefing and underlines that market-structure incumbents are actively shaping the SEC’s stance on tokenized equity markets. - Source: [Decrypt](https://decrypt.co/350189/global-exchanges-urge-sec-curb-broad-crypto-exemptions) ## Protocol & Infrastructure **Amundi:** - Launched a tokenized share class of its euro cash fund on Ethereum, giving investors blockchain-based access to a regulated money-market-style product with the potential for faster, near-24/7 transferability and improved operational efficiency. - As one of Europe’s largest asset managers, Amundi’s move provides a high-profile, UCITS-style reference case for tokenizing fund share classes on public chains, likely to be closely watched by regulators and peers. - Source: [CoinDesk](https://www.coindesk.com/markets/2025/11/28/european-asset-manager-amundi-debuts-tokenized-share-class-on-ethereum) **Animoca Brands:** - Announced that from 2026 it will prioritise stablecoin and RWA initiatives alongside its planned Nasdaq listing via a reverse merger with Singapore-based Currenc Group, signalling a strategic pivot from purely gaming and NFTs toward regulated financial primitives. - The combination of a US public listing process and RWA focus suggests Animoca will need to align with US securities, payments, and stablecoin rules, potentially creating a compliant bridge between consumer-facing Web3 ecosystems and tokenized financial assets. - Source: [The Block](https://www.theblock.co/post/380756/animoca-brands-stablecoin-rwa-2026) ## On the Radar - Public-chain tokenized fund share classes (e.g., Amundi on Ethereum) are emerging as a preferred entry point for large asset managers, offering incremental innovation without altering underlying fund regulation. - Emerging-market sandboxes, such as Uzbekistan’s, may become important testbeds for stablecoin-based payments and tokenized securities, with lessons for larger jurisdictions considering similar frameworks. - The continued push by global exchanges at the SEC underscores a likely convergence between tokenized securities venues and traditional exchange/ATS regulatory models, limiting scope for lightly regulated trading platforms. - Web3-native firms targeting US listings while building RWA and stablecoin products (e.g., Animoca) could accelerate the blending of consumer crypto networks with regulated financial instruments, raising new questions for cross-border supervision and disclosure.

## Top Signal Global exchange groups have urged the SEC to tightly constrain exemptive relief for tokenized securities and other crypto products, warning that broad exemptions could undermine core investor-protection and market-structure rules. **So What?** This is a direct attempt by incumbent market infrastructure to shape how tokenized equities and other on-chain securities are brought into the U.S. regulatory perimeter. For RWA issuers and platforms, it signals that future U.S. approvals for tokenized stocks and similar instruments are likely to be conditioned on full alignment with existing exchange, ATS, and broker-dealer rules, limiting the scope for “light-touch” regulatory paths. ## Regulation & Compliance **SEC (US):** - Global exchange operators have submitted comments urging the SEC not to grant broad exemptive relief to crypto and tokenization firms for tokenized stocks and similar products, arguing that investor-protection, disclosure, and market-structure requirements should apply consistently to on-chain and traditional securities. This positions tokenized equities squarely within traditional securities regulation debates and may slow or reshape proposals that rely on bespoke or reduced oversight. - Nasdaq ISE has filed to significantly increase position and exercise limits for options on BlackRock’s spot bitcoin ETF, which would align bitcoin ETF derivatives more closely with major equity and ETF products. If approved, this would deepen the listed derivatives stack around regulated crypto ETPs, reinforcing ETFs and options as the dominant institutional access channel rather than direct on-chain exposure. **Philippines (Securities/Market Authorities – implied):** - Philippine Digital Asset Exchange (PDAX) is advancing “Project Bayani,” positioning asset tokenization as a potential USD 60 billion opportunity for the Philippine capital markets by 2030. While specific licenses are not detailed, the initiative indicates regulatory openness to using tokenization for domestic capital formation and market modernization, likely within the existing securities-law framework. **South Korea (FSC/FSS – implied):** - KakaoBank is progressing work on a Korean won-backed stablecoin, including trademarks and technical build-out, in anticipation of forthcoming domestic digital-asset rules. A regulated bank-issued KRW stablecoin would provide institutional-grade settlement infrastructure for tokenized assets in Korea, but will be tightly constrained by prudential and payments regulation. ## Protocol & Infrastructure **Philippine Digital Asset Exchange (PDAX):** - Through Project Bayani, PDAX is positioning itself as a core tokenization venue for Philippine assets, targeting government and corporate securities and potentially real-economy RWAs. Execution will depend on obtaining and maintaining appropriate exchange, custody, and securities licenses, and on integration with local banks and brokers. **KakaoBank:** - KakaoBank’s planned KRW stablecoin aims to leverage its large retail user base and banking license to create a compliant settlement asset for digital markets. For RWA platforms, a bank-grade KRW token could enable local-currency issuance and distribution of tokenized bonds, funds, and trade-finance assets within a regulated perimeter. ## On the Radar - Tension between incumbent exchanges and crypto-native venues over tokenized securities is escalating, suggesting that U.S. market-structure debates will increasingly determine the pace and shape of equity and fund tokenization. - Bank-issued stablecoins (e.g., KakaoBank) are emerging as a parallel track to non-bank stablecoins, with implications for how regulators view settlement risk in tokenized RWA markets. - Emerging-market exchanges and brokers (e.g., PDAX in the Philippines) are framing tokenization as a capital-markets development tool, which could create differentiated regulatory sandboxes and new issuance hubs for RWAs. - The continued build-out of derivatives on spot crypto ETFs indicates that much of the institutional risk-transfer infrastructure for digital assets will be constructed off-chain, informing how tokenized fixed income and fund products may be risk-managed in future.

## Top Signal Securitize has secured EU-level approval to operate a tokenized trading and settlement system on Avalanche, moving from a regulated broker/transfer agent into core market infrastructure for digital securities. **So What?** This is one of the clearest signals yet that EU regulators are prepared to license full-stack, on-chain market infrastructure for securities, not just intermediaries at the edge. For institutional RWA strategies, it opens a path to list, trade, and settle tokenized instruments within a regulated venue that can interoperate with existing fund, custody, and compliance frameworks, significantly lowering operational and regulatory friction for on-chain securities issuance in Europe. ## Regulation & Compliance **SEC (US):** - A coalition of global exchanges has urged the SEC to limit broad exemptive relief for crypto firms, specifically warning against structures that would allow tokenized stocks and similar instruments to bypass established investor protection and market integrity rules. This increases the likelihood that tokenized equity and stock-like products in the US will be required to adhere closely to existing securities and exchange regulation, rather than benefiting from bespoke exemptions. - The growing options activity in BlackRock’s spot bitcoin ETF (IBIT) has prompted Nasdaq ISE to file to raise IBIT option position limits into the top tier, effectively aligning bitcoin ETF derivatives capacity with major equity and ETF names. While primarily a bitcoin liquidity story, it reinforces the SEC’s comfort with deep, regulated derivatives markets on top of spot crypto ETPs, a precedent that will matter as tokenized fixed income and other RWAs seek similar listed-derivative overlays. ## Protocol & Infrastructure **Securitize:** - Received EU approval to operate a tokenized trading and settlement system and selected Avalanche as the underlying blockchain. This moves Securitize up the stack into regulated market-infrastructure territory, enabling primary issuance and secondary trading of tokenized securities under an integrated, compliant framework. For issuers and institutional investors, it offers a credible EU venue for tokenized equity, debt, and fund interests with on-chain settlement and clearer regulatory perimeter. **Franklin Templeton:** - Following the launch of its XRP ETF, Franklin Templeton is publicly positioning diversified crypto ETF portfolios as the next phase of product development, with external analysts forecasting a triple-digit number of new crypto ETPs in the near term. This underscores that large managers view crypto and, by extension, tokenized assets as a multi-asset product shelf, not a single-asset novelty, which should support the eventual packaging of RWAs into multi-strategy, regulated on-chain and off-chain portfolios. **Xapo Bank:** - Expanded its bitcoin credit fund and broader “BTC wealth products” suite, including bitcoin-backed USD loans and interest-bearing accounts. While not an RWA platform, it is another example of a regulated institution building credit and yield products around token-based collateral, a design pattern relevant for future RWA-backed lending. ## On the Radar - EU-level licensing of tokenized trading systems (e.g., Securitize) may catalyse similar applications from other digital asset venues seeking full market-infrastructure status under MiFID II/MiCAR-aligned regimes. - The SEC’s response to exchange concerns over tokenized stocks will shape whether US tokenized equity markets evolve inside existing exchange/ATS structures or remain constrained to niche or offshore venues. - Rapid expansion of crypto ETP line-ups by major asset managers suggests a future where RWAs, stablecoins, and crypto coexist in unified portfolio products, blurring the line between “digital” and “traditional” sleeves. - Institutional credit models built on digital collateral, as seen with Xapo’s BTC lending, provide a template for future bank-led lending against tokenized treasuries, real estate, and private credit assets.

## Top Signal The State of Texas has become the first U.S. state to allocate reserve assets into BlackRock’s spot bitcoin ETF (IBIT), alongside a parallel purchase of self-custodied bitcoin. **So What?** A U.S. state using a BlackRock ETF as part of its strategic reserve is a strong signal that public-sector balance sheets are comfortable accessing digital assets through regulated fund wrappers rather than directly on-chain. For RWA markets, this strengthens the case that tokenized treasuries, money market funds, and other RWAs will scale fastest when they can be held via familiar ETF- and fund-style vehicles that slot cleanly into existing public and institutional mandates. ## Regulation & Compliance **CFTC / US Federal Oversight (Polymarket):** - Prediction market Polymarket has reportedly been allowed to resume U.S. operations after prior enforcement action, implying a new, more structured compliance footing for event markets. While details are limited, a compliant path for on-chain prediction and derivatives venues could later extend to RWA-linked derivatives and hedging tools, subject to CFTC and SEC coordination. ## Protocol & Infrastructure **BlackRock / IBIT:** - JPMorgan has launched a structured note linked to BlackRock’s IBIT, explicitly designed around bitcoin’s halving cycle. This is one of the first examples of a large bank manufacturing a structured product on top of a spot crypto ETF, mirroring how structured notes reference traditional ETFs and indices. - The State of Texas has acquired USD 5 million of IBIT for its Strategic Reserve and an additional USD 5 million in directly held bitcoin. This establishes a precedent for sub-sovereign entities to use regulated ETF rails as their primary digital-asset exposure channel. **JPMorgan:** - By issuing an IBIT-linked structured note, JPMorgan is effectively treating a crypto ETF as standard reference collateral, integrating digital asset exposure into its structured-products book. This normalises crypto-linked yield and payoff profiles within the same documentation, risk, and distribution frameworks used for equity and credit-linked notes. **Franklin Templeton:** - Franklin Templeton’s XRP ETF has reportedly attracted over USD 60 million in debut inflows, following closely on other XRP ETP launches. This confirms sustained investor demand for regulated exposure to non-bitcoin digital assets via listed funds, extending the ETF playbook that will also be used for tokenized fixed income and money-market exposures. **Revolut:** - Revolut has lifted its valuation to USD 75 billion in a secondary sale backed by institutional investors including Fidelity and Franklin Templeton, while signalling plans for a potential stablecoin. A large, regulated neobank moving toward its own stablecoin underscores the convergence between banking, payments, and tokenized cash instruments—key collateral for RWA protocols. **Coinbase Ventures:** - Coinbase Ventures outlined 2026 investment priorities including RWA perpetuals, specialised exchanges and DeFi composability. This indicates that major venture allocators see on-chain RWA trading, derivatives, and infrastructure as investable themes, likely accelerating tooling for institutional-grade RWA markets. ## On the Radar - Growing use of spot crypto ETFs as reference assets for structured notes suggests a future where tokenized treasuries and bond ETFs may also underpin structured products and custom payoff profiles. - State-level adoption of ETF-based digital-asset exposure provides a blueprint for municipalities, sovereign wealth funds, and public pensions to enter via regulated wrappers. - Neobank-issued stablecoins backed by large asset managers could become key settlement assets for RWA protocols, raising regulatory questions around e-money, banking, and securities law. - Venture interest in RWA perpetuals and specialised exchanges points to an emerging secondary-market layer for tokenized assets, critical for liquidity, price discovery, and institutional entry.

## Top Signal Franklin Templeton has launched XRPZ, an XRP ETF listed on NYSE Arca, positioning XRP as “foundational” to global finance and joining a rapidly expanding roster of regulated crypto ETPs from major asset managers. **So What?** The acceleration of large, regulated managers into crypto ETFs (now extending beyond bitcoin and ether into payment-focused assets like XRP) reinforces the pattern that institutional exposure is flowing through familiar fund wrappers rather than directly on-chain. For RWA markets, this validates the thesis that tokenized securities and on-chain funds will scale fastest when embedded in the same regulatory, distribution, and custody infrastructure now being built out for spot crypto ETFs. ## Regulation & Compliance **SEC (US):** - NYSE Arca has listed Franklin Templeton’s XRPZ ETF, implying SEC effectiveness of the registration and further normalising exchange-traded exposure to non‑bitcoin, non‑ether digital assets within the US securities framework. - Grayscale has launched the Grayscale XRP Trust ETF, broadening its crypto ETF lineup and indicating continued regulatory tolerance for diversified digital asset ETPs when structured within existing securities laws. ## Protocol & Infrastructure **Franklin Templeton:** - Debuted XRPZ, an XRP ETF on NYSE Arca, framing XRP as a “foundational” asset for global payments and adding to its digital asset product suite alongside prior tokenization and on-chain fund experiments. - Participated as an investor in Revolut’s secondary share sale, which raised capital at a USD 75 billion valuation; Revolut is signalling a potential stablecoin launch and deeper crypto functionality, aligning Franklin with a major digital-native distribution channel. **Grayscale Investments:** - Introduced the Grayscale XRP Trust ETF, offering “straightforward exposure” to XRP through a regulated vehicle and extending its strategy of converting or launching single-asset crypto products into exchange-traded formats. **Telegram / TON Ecosystem:** - The TON ecosystem is expanding to include tokenized US stocks and digital collectibles, alongside the launch of the Confidential Compute Open Network (COCOON), suggesting a move toward privacy-preserving, tokenized capital markets within a large consumer messaging network. **Revolut:** - The neobank’s USD 75 billion valuation round, with backing from institutional investors including Fidelity and Franklin Templeton, comes as it prepares a potential stablecoin launch and continues to deepen its crypto and tokenization capabilities, positioning it as a high-distribution gateway for retail and SME access to digital assets and, potentially, RWAs. ## On the Radar - The rapid proliferation of XRP ETFs across managers (Canary Capital, Franklin Templeton, Grayscale) indicates that payment-rail tokens are becoming mainstream investable assets, potentially intersecting with cross-border settlement and tokenized cash management. - Revolut’s prospective stablecoin, if launched under UK/EU e-money or MiCA-style regimes, could become a significant regulated fiat-token rail for future RWA settlement and distribution. - TON’s integration of tokenized US equities within a messaging-first ecosystem foreshadows retail-facing, cross-border securities access that may challenge traditional brokerage and distribution models. - The continued migration of crypto exposure into ETFs and listed trusts strengthens the case for RWA issuers to prioritise interoperability between on-chain tokenization stacks and off-chain ETF/fund platforms.

## Top Signal BlackRock’s spot bitcoin ETF (IBIT) led a record USD 40 billion in weekly trading volume across U.S.-listed bitcoin ETFs, underscoring that large, regulated asset managers are now the dominant gateway for institutional digital asset exposure. **So What?** This confirms that institutional flows are concentrating in regulated fund wrappers rather than direct on-chain exposure, reinforcing the importance of compliant intermediaries as the primary capital bridge into digital assets. For RWA markets, it signals that tokenized securities and on-chain funds are likely to scale fastest when distributed through familiar ETF- and fund-style structures, backed by major managers with established distribution and risk frameworks. ## Regulation & Compliance **SEC (US):** - Record spot bitcoin ETF volumes around BlackRock’s IBIT highlight the SEC’s ETF approval regime as the de facto institutional on-ramp for digital assets, even absent bespoke RWA regulation. The same regulatory pipeline could be leveraged for tokenized-asset ETFs (e.g., tokenization infrastructure, baskets of tokenized treasuries) as investor comfort with digital-asset ETFs grows. - Ethereum spot ETFs, including Fidelity’s FETH and BlackRock’s ETHA, reversed an eight-day outflow streak with net inflows of roughly USD 56 million. This suggests that regulated ETH exposure is also consolidating in ETF form, potentially easing future acceptance of Ethereum as a settlement and issuance layer for tokenized securities in the eyes of compliance teams. ## Protocol & Infrastructure **BlackRock:** - IBIT’s leadership in record bitcoin ETF trading volume confirms BlackRock’s role as a primary institutional access point to digital assets. Combined with its broader digital asset unit, this positions BlackRock as a likely structurer and distributor of future tokenized fixed income and multi-asset products, where on-chain settlement is abstracted behind traditional fund wrappers. **Grayscale / Chainlink:** - Grayscale Research has characterized Chainlink as “essential infrastructure” and “critical connective tissue” for tokenized finance, coinciding with its plan to convert the Grayscale Chainlink Trust into an ETF on NYSE Arca. This frames oracle and data networks as investable financial-market infrastructure, not just crypto tooling, and opens the door to regulated, index-style exposure to tokenization rails rather than only to tokenized assets themselves. **Superstate:** - Superstate CEO Robert Leshner outlined a vision where tokenized equities and physical assets are self-custodied and used as collateral in DeFi to finance real-world consumption (e.g., borrowing against tokenized Tesla stock to buy a car). While primarily conceptual, it points toward a regulatory challenge: harmonizing securities, lending, and consumer-finance rules when collateral and credit rails are on-chain but end-use is off-chain. ## On the Radar - Growing ETF volumes in bitcoin and ETH suggest regulators and asset managers are most comfortable scaling digital-asset exposure via public-markets products, not direct on-chain holdings—RWA issuers may need similar wrappers to tap mainstream institutional capital. - The institutional validation of Chainlink as core tokenization infrastructure indicates that “picks-and-shovels” layers (oracles, data, identity) may attract regulated capital before more experimental RWA protocols. - Conceptual models of borrowing against tokenized securities for real-world purchases foreshadow a convergence of securities law, consumer lending, and DeFi regulation. - Developer education initiatives around newer smart contract languages (e.g., Sui’s Move) hint at a future in which jurisdiction-specific L1s could emerge as preferred venues for compliant RWA issuance and settlement.

## Top Signal Grayscale’s research unit has publicly framed Chainlink as “essential infrastructure” for tokenized finance, coinciding with its move to convert the Grayscale Chainlink Trust into an ETF on NYSE Arca. **So What?** A large, regulated asset manager explicitly positioning an oracle network as core financial-market plumbing is a notable shift from “crypto infrastructure” to “market infrastructure.” For institutions, this validates the role of oracle and data layers as critical dependencies in tokenization stacks and signals that exposure to such infrastructure may increasingly be packaged in familiar wrappers (ETFs, trusts) rather than only via direct protocol integration. ## Regulation & Compliance **US Executive Branch / Policy Formation:** - A coalition of over 65 U.S. crypto firms, led by the Solana Policy Institute, has reiterated its call to President Donald Trump for “immediate” regulatory clarity on digital assets, including tokenized securities and stablecoins, via a coordinated public letter. While this echoes the 21 November outreach, the persistence of the campaign underscores industry pressure for a harmonized federal framework around custody, issuance, and classification of digital assets. - The renewed push raises the probability of an eventual executive-level directive or inter‑agency process that could standardize treatment of tokenized RWAs across the SEC, CFTC, banking regulators, and Treasury, directly affecting how institutions structure compliant RWA programs in the U.S. ## Protocol & Infrastructure **Grayscale Investments:** - Grayscale Research has released a report arguing that Chainlink is “essential infrastructure” for tokenized finance, highlighting its role in price feeds, proof-of-reserves, and cross‑chain messaging for tokenized assets. This comes shortly after Grayscale filed to convert its Chainlink Trust into an ETF to trade on NYSE Arca. For institutional allocators, this pairs a narrative of Chainlink as core tokenization middleware with a regulated, exchange‑listed exposure route. **Chainlink:** - Chainlink’s positioning in the Grayscale report reinforces its status as a default oracle and data layer for RWA tokenization, particularly for on‑chain NAV calculations, collateral valuations, and reserve attestations. As more regulated vehicles reference or rely on Chainlink, due‑diligence standards around oracle risk, uptime, and governance are likely to become a more formal part of institutional RWA risk frameworks. **Superstate:** - Superstate CEO Robert Leshner has outlined a vision where tokenized equities and physical assets enable investors to self‑custody positions, borrow against them in DeFi, and transfer ownership programmatically (e.g., borrowing against tokenized Tesla stock to finance a car). This highlights a design space where tokenized traditional securities and on‑chain credit markets intersect, potentially creating new secured‑lending products that sit between brokerage margin lending and traditional asset‑backed finance. ## On the Radar - Education and talent pipelines: The Philippines’ Sui‑backed Move developer program illustrates how emerging markets may become important hubs for RWA and tokenization engineering talent, influencing where future protocol development and servicing capacity are based. - Institutional narratives: BlackRock’s digital assets head reiterating Bitcoin’s “digital gold” framing, not payments, signals that large managers continue to differentiate between monetary crypto assets and tokenized financial instruments in product design and regulatory engagement. - ETF market plumbing: The scale and volatility of ETF inflows/outflows around Bitcoin and Ethereum underline how quickly regulated wrappers can move capital once structures are in place, a dynamic likely to be mirrored as tokenization‑linked or oracle‑exposed products come to market.

## Top Signal Securitize has agreed to deploy “institutional-grade assets” onto Plume’s Nest staking protocol, linking a major regulated tokenization platform with an emerging RWA-focused L1. **So What?** This is a concrete example of how regulated issuance platforms are beginning to use specialised RWA infrastructure rather than generic L1s, potentially creating vertically integrated pipelines from off-chain origination to on-chain yield strategies. For institutions, it signals a maturing architecture where compliance-grade tokenization (Securitize) and programmable capital markets rails (Plume) can be combined, enabling more sophisticated structures such as staked collateral, composable rehypothecation, and on-chain liquidity management under a recognisable regulatory perimeter. ## Regulation & Compliance (No material regulator-driven updates identified today.) ## Protocol & Infrastructure **Securitize:** - Has reportedly signed a deal with Plume to deploy “institutional-grade assets” on Plume’s Nest staking protocol, extending Securitize-issued RWAs into a DeFi-native environment for yield generation and composability. - As a platform backed by BlackRock and Morgan Stanley and already operating under U.S. securities regulation, Securitize’s move effectively tests how regulated tokenized instruments can interact with on-chain staking and liquidity mechanisms without breaching compliance constraints. **Plume:** - Positions Nest as a staking and yield layer for tokenized RWAs and has publicly forecast RWA market growth of 3–5x in 2026 as adoption moves beyond crypto-native users. - The Securitize partnership provides Plume with a credible institutional asset pipeline, which is critical for demonstrating that non-crypto collateral (equities, credit, funds) can be staked or otherwise mobilised on-chain in a compliant framework. **Superstate:** - CEO Robert Leshner highlighted a vision where tokenized public equities and physical assets are self-custodied and used as collateral to borrow in DeFi or finance real-world purchases (e.g., borrowing against tokenized Tesla stock to buy a car). - While conceptual, this underscores the direction of travel: securities-style RWAs held in regulated wrappers but interoperable with DeFi lending markets, potentially compressing the distance between brokerage, credit, and payments. ## On the Radar - The growing linkage between regulated tokenization platforms and specialised RWA L1s suggests a coming bifurcation: generic smart contract chains for retail activity versus compliance-optimised chains for institutional balance-sheet assets. - If staking-style mechanisms become standard for RWA collateral, risk teams will need new frameworks for evaluating smart contract, rehypothecation, and liquidity risks alongside traditional credit and market risk. - Industry narratives, such as Plume’s 3–5x RWA growth forecast and Superstate’s collateralised-consumption model, indicate that the next competitive frontier is not issuance alone but full lifecycle management: origination, financing, and settlement of real-world assets on-chain.

## Top Signal A coalition of over 65 U.S. crypto firms, led by the Solana Policy Institute, has sent a joint letter to President Donald Trump calling for immediate executive action to clarify digital asset regulation. **So What?** A coordinated industry push at the presidential level signals that regulatory fragmentation is now viewed as a strategic threat to U.S. competitiveness in digital assets, including tokenized securities and stablecoins. If the White House responds with an executive framework or inter-agency mandate, it could accelerate harmonized rules for custody, tokenized securities issuance, and stablecoin treatment—directly affecting how institutions structure RWA programs in the U.S. ## Regulation & Compliance **US Federal Executive (White House):** - Over 65 crypto and digital asset firms, organized by the Solana Policy Institute, have requested “immediate” regulatory clarity via executive action, citing uncertainty around agency jurisdiction, token classifications, and compliance expectations for exchanges and issuers. The letter effectively asks the administration to direct agencies to coordinate on a unified, innovation-supportive regime for digital assets, including clearer treatment of tokens that may represent securities or other financial instruments. **So What for RWAs:** - A White House–driven coordination effort could streamline approvals for tokenized funds, digital ATSs, and broker-dealers, and may reduce the risk of after-the-fact enforcement on tokenized products. Institutional allocators and banks evaluating U.S.-domiciled RWA platforms should monitor any executive orders or policy statements that define lead regulators, disclosure standards, and investor protection requirements for tokenized instruments. ## Protocol & Infrastructure **Securitize / Plume Network:** - Plume, an RWA-focused L2, disclosed that Securitize has agreed to deploy “institutional-grade assets” onto Plume’s Nest staking protocol. While specific asset types and volumes were not disclosed, the partnership indicates Securitize is experimenting with composable, yield-bearing structures for tokenized securities on a dedicated RWA chain. - For institutions, this suggests a gradual move from isolated tokenized issues toward programmable collateral and staking-like wrappers, raising questions around regulatory classification (fund vs. security vs. staking product) and the need for precise disclosure and risk treatment. **Coinbase:** - Coinbase has launched ETH-backed loans for eligible U.S. customers, allowing borrowing of up to USD 1 million in USDC without liquidating ETH positions, with origination and servicing anchored in its regulated U.S. entity stack. While not an RWA product per se, it deepens Coinbase’s credit infrastructure and expands institutional familiarity with USDC as a borrowing and settlement asset, which is directly relevant for future tokenized T-bill, credit, or repo markets built on the same rails. ## On the Radar - Growing use of executive channels (rather than only Congress or agencies) for digital asset policy suggests a more top-down U.S. regulatory reset is being explored, which could rapidly reprice jurisdictional risk for RWA platforms. - The Securitize–Plume collaboration is an early signal of RWA assets being integrated into DeFi-style “staking” primitives, increasing the importance of clear guidance on rehypothecation, custody segregation, and capital treatment. - Coinbase’s expansion of USDC-based credit reinforces stablecoins as core collateral in on-chain markets, laying groundwork for their use in primary issuance, margining, and settlement of tokenized bonds and funds.

## 🎯 Top Signal Apex Group is reportedly acquiring U.S. broker-dealer and ATS operator Globacap to accelerate its tokenization push in the U.S. market. [CoinDesk](https://www.coindesk.com/business/2025/11/19/apex-group-said-to-buy-broker-dealer-globacap-for-u-s-tokenization-push-source) **So What?** Apex is a major global fund admin and custody provider; bolting on a FINRA/SEC-regulated BD + ATS gives it end‑to‑end, on‑shore infrastructure to originate, tokenize, and trade private securities and other RWAs under U.S. securities law. For institutions, this points to a consolidating stack where traditional service providers own the regulatory perimeter and distribution, while on-chain protocols become plumbing. Expect more institutional RWA flows to route via “regulated wrappers” like Apex’s platform rather than purely crypto‑native venues. --- ## 🏛️ Regulation & Compliance **SEC / FINRA (US):** - Apex Group’s planned purchase of Globacap’s U.S. broker-dealer and ATS (both SEC- and FINRA-regulated) signals that the U.S. tokenization market is evolving inside existing securities infrastructure rather than around it. While not a new rulemaking, it underscores that the path of least resistance for compliant secondary trading of tokenized private assets is via registered intermediaries operating ATSs, not fully decentralized exchanges. This will shape how issuers structure cap tables, investor onboarding (KYC/AML), and transfer restrictions for tokenized securities. --- ## 🔗 Protocol & Infrastructure **Apex Group / Globacap:** - Apex, a global fund administration and custody firm, is said to be acquiring London-based Globacap’s U.S. broker-dealer and ATS. Globacap has been one of the earlier regulated tokenization platforms in Europe; its U.S. licenses give Apex immediate capability to host issuance and secondary trading of digital securities for U.S. investors. For asset managers, this creates a single counterparty that can handle fund admin, custody, token issuance, and compliant secondary liquidity—lowering operational friction for RWA strategies. **Trump Organization (Real Estate Tokenization):** - The Trump International Maldives development will offer tokenized real estate investments in luxury villas. [Decrypt](https://decrypt.co/348957/trump-international-maldives-hotel-tokenized-real-estate-investments) The structure isn’t fully disclosed, but this is another high‑profile, cross‑border resort project using tokenized securities or revenue‑share instruments for fractional ownership. For institutional allocators, this is less about this specific asset and more about the normalization of tokenized real estate in emerging tourist jurisdictions—testing legal enforceability, investor protections, and distribution via digital channels. --- ## 📡 On the Radar - **TradFi consolidation of tokenization rails:** Apex–Globacap follows a pattern of incumbents buying licensed digital asset platforms rather than building from scratch, tightening the link between RWA tokenization and existing regulatory frameworks. - **Resort / hospitality tokenization as a use case:** The Maldives project adds to a growing list of hospitality and branded real estate using tokenized structures, a segment where yield, branding, and global investor bases align with on-chain distribution. - **Regulated ATSs as RWA liquidity venues:** With more tokenized securities expected to list on ATSs rather than public exchanges, institutions should map which ATSs will become liquidity hubs for private credit, real estate, and fund tokens—and how that integrates with on-chain settlement and custody.

## 🎯 Top Signal Canada’s federal budget will introduce a national stablecoin regime with Bank of Canada oversight, mandating full reserves, redemption rights and risk management for fiat-backed issuers. **So What?** This is a blueprint for bank-grade stablecoins in a G7 market, giving institutions regulatory clarity to use on-chain cash as settlement collateral for tokenized securities and RWAs. A supervised issuer framework plus central bank oversight reduces counterparty and policy risk, enabling Canadian banks, asset managers and fintechs to launch CAD/USD rails for primary issuance, secondary trading and T+0 settlement—potentially harmonizing with U.S./EU standards over time. Expect cross-border North America flows to reroute toward compliant stablecoin rails. [The Block] [Decrypt] [Cointelegraph] ## 🏛️ Regulation & Compliance **Government of Canada / Bank of Canada:** - Federal budget to regulate fiat-backed stablecoins, with Bank of Canada granted a supervisory role; issuers must hold adequate reserves, guarantee redemption and implement risk controls. [The Block] [Decrypt] [Cointelegraph] **U.S. Treasury (OFAC):** - Sanctioned eight DPRK-linked bankers, two firms and 53 crypto wallets tied to laundering for weapons programs—raising KYC/chain-screening stakes for all stablecoin and tokenized asset venues touching U.S. nexus. Expect enhanced wallet blacklists and reserve attestations to factor in sanctions risk. [Decrypt] **Bermuda Monetary Authority (BMA):** - Oversaw a Chainlink–Apex Group test for on-chain stablecoin compliance: real-time visibility into backing/circulation with automated policy checks. Signals a regulator-enabled model for programmatic disclosures and supervisory access—directly relevant to tokenized fund cash management. [CoinDesk] ## 🔗 Protocol & Infrastructure **Ripple:** - RLUSD to pilot Mastercard credit card settlements on XRP Ledger—positioning a regulated stablecoin as fiat settlement rail for card networks. [CoinDesk] - Raised $500M at $40B valuation led by Fortress with participation from Citadel Securities, Pantera and Galaxy—expanding institutional base for Ripple’s payments and stablecoin businesses. Institutional capital plus network distribution could accelerate compliant settlement for tokenized assets. [CoinDesk] [The Block] **Chainlink:** - Provided the compliance/attestation infrastructure in the BMA pilot, advancing regulator-facing proof-of-reserves and controls that RWAs need for on-chain cash and collateral workflows. [CoinDesk] **Dinari:** - Will tokenize S&P DJI’s forthcoming Digital Markets 50 Index using Chainlink data—another step toward regulated, index-based tokenized securities distribution. [CoinDesk] **Virtune:** - Launched a Stablecoin Index ETP on Nasdaq Stockholm, Nasdaq Helsinki and Deutsche Börse Xetra—an exchange-traded wrapper for stablecoin exposure under EU market rules; useful for treasury parking and operational hedging of on-chain cash positions. [CryptoNews] ## 📡 On the Radar - France proposes a wealth tax category that explicitly targets crypto holdings; watch definitions to see whether tokenized securities or e-money tokens could be swept in. [Decrypt] - Card networks piloting stablecoin settlement (Mastercard x RLUSD) point to 24/7 fiat-on-chain rails—a prerequisite for intraday collateral mobility and atomic settlement in tokenized markets. [CoinDesk] - Regulator-led real-time supervision pilots (Bermuda) suggest a path for MiCA/US adoption of continuous reserve attestations—key to lowering operational due diligence friction for institutional RWA allocators. [CoinDesk]

## 🎯 Top Signal Bank Negara Malaysia (BNM) released a three-year roadmap to pilot asset tokenization across SME supply chains, Shariah-compliant products, green finance and 24/7 cross-border payments. **So What?** A central-bank–blessed pilot regime de-risks real-world tokenization in ASEAN by providing a supervised sandbox for banks, fintechs and asset managers. It creates a compliant path for on-chain receivables, Islamic structures (e.g., Sukuk), and cross-border settlement—key for institutions requiring clear regulatory cover. Expect Malaysia’s Islamic finance positioning to attract regionally regulated RWA flows and templates replicable by other emerging markets. [Link] ## 🏛️ Regulation & Compliance **Bank Negara Malaysia (BNM):** - Publishes a three-year tokenization pilot roadmap prioritizing SME supply-chain financing, Shariah-compliant products, green finance and 24/7 cross-border payments, signaling supervisory openness to real-world use cases under regulatory guardrails. https://cointelegraph.com/news/malaysia-central-bank-roadmap-pilot-asset-tokenization ## 🔗 Protocol & Infrastructure **Circle:** - CEO Jeremy Allaire outlined “Arc” as an economic OS with dollar-priced fees, fast finality and privacy—aimed at scaling USDC utility, especially in emerging markets. For institutions, predictable fiat-denominated fees and privacy-preserving settlement are prerequisites for moving payments, FX and RWA settlement on-chain. https://www.coindesk.com/tech/2025/11/01/circle-ceo-jeremy-allaire-calls-arc-an-economic-os-for-the-internet **Ripio:** - Launches wARS, an Argentine peso stablecoin, following its tokenized sovereign bond initiative—expanding local-currency rails for on-chain finance in a high-inflation market. This adds FX-native settlement options for LatAm RWA issuance and receivables financing, subject to local controls. https://www.coindesk.com/markets/2025/11/01/latin-american-crypto-exchange-ripio-launches-argentine-peso-stablecoin-wars **Coinbase:** - Reportedly in late-stage talks to acquire UK-based BVNK to deepen payments and stablecoin capabilities. If completed, this would bolster licensed fiat on/off and corporate treasury rails in Europe/UK—critical for institutional stablecoin settlement and tokenized asset distribution. https://crypto.news/coinbase-stablecoin-pie-enters-late-stage-talks-bvnk/ **TRM Labs / Tether / TRON:** - TRM’s T3 Financial Crime Unit, with cooperation from Tether and TRON, has frozen over $300 million in illicit assets since Sep 2024. Enhanced real-time interdiction lowers perceived AML/CFT risk on major stablecoin and L1 rails, easing compliance objections for institutional participation. https://crypto.news/tether-tron-join-trm-labs-seize-300m-illicit-crypto/ ## 📡 On the Radar - MiCA critique: Legal scholars warn proof-of-reserves ≠ proof-of-stability; expect ESMA/EBA technical standards to face pressure for liquidity and backstop requirements—material for EU stablecoin issuers and RWA settlement models. https://www.coindesk.com/opinion/2025/10/31/mica-won-t-save-us-from-a-stablecoin-crisis-it-might-be-building-one - Banks eye public chains: Standard Chartered research flags major RWA growth on Ethereum—watch custody, KYC-gated access layers, and bank–protocol integrations shaping institutional-grade tokenization. https://www.theblock.co/post/377163/the-daily-standard-chartered-rwa-ethereum-changpeng-zhao-sen-warren-more - Corporate stablecoin race: Coverage highlights Citi and Western Union pushing stablecoin-based payments; track licensing, reserve structures, and corridor selection for remittances and trade finance. https://cointelegraph.com/news/crypto-biz-corporate-stablecoin-race-heats-up-with-citi-western-union-at-the-helm