News, data and analysis on tokenized assets, market design and digital economic systems.
Three issuers have raised Rs 1,025 crore, about $107m, in bonds issued as native tokens on a ledger owned by India's depositories, with the cash leg settled in wholesale CBDC. SEBI claims a world first and the claim is narrowly drawn.
The European supervisor's second risk monitor of the year puts the tokenized equity market at about EUR 1.9bn, almost all of it wrapped claims whose transfer conveys no legal title, and says Polymarket and Kalshi lack the authorisation the EU…
A 630 page substitute amendment published four days before a cloture vote would make anyone who controls a lending or trading protocol register with the CFTC and answer to the Bank Secrecy Act.
Every development we have verified against a primary source, newest first. Each entry links to the filing, release or dataset it came from.
A card programme owes Visa every day and collects from cardholders later. Visa is now handing its settlement files to an onchain lender that funds the gap and takes repayment out of the receivables through a smart contract.
The company behind Square and Cash App filed to charter Builders Bank and Trust, an uninsured national trust bank in Sioux Falls that would custody bitcoin, execute customer orders and settle stablecoins.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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One series at a time, with its source, its cadence and what it excludes stated on the figure.
| Period | Franklin OnChain U.S. Government Money Fund, net assets | Note |
|---|---|---|
| 2022-03-31 | $1,958,000 | First full fiscal year end after the fund commenced operations on 6 April 2021; the financial highlights print net assets of $1,958 thousand. |
| 2023-03-31 | $272,929,000 | |
| 2024-03-31 | $360,554,000 | |
| 2025-03-31 | $687,263,352 | |
| 2026-03-31 | $843,835,815 | Matches the statement of assets and liabilities in the same annual report; the financial highlights round it to $843,836 thousand. |
A number on this site is either something a source published or nothing at all. Where a series has gaps we leave them as gaps: no interpolation, no carry-forward, no zero standing in for an unknown.
Aggregates are compiled per asset class from the sources named on each figure. Classes without a verified aggregate are listed but not sized.
| Category | Value |
|---|---|
| Government securities | $16,200,000,000 |
| Private credit | $6,980,000,000 |
| Tokenized funds | $1,410,000,000 |
| Real estate | $202,630,000 |
| Commodities | $4,590,000,000 |
| Equities | $1,940,000,000 |
| Asset class | Reported size | As of | Source |
|---|---|---|---|
| Government securities | $16.2bn | 25 July 2026 | RWA.xyz |
| Private credit | $6.98bn | 25 July 2026 | RWA.xyz |
| Tokenized funds | $1.41bn | 16 June 2026 | RWA.xyz |
| Real estate | $203m | 25 July 2026 | RWA.xyz |
| Commodities | $4.59bn | 25 July 2026 | RWA.xyz |
| Equities | $1.94bn | 22 July 2026 | RWA.xyz |
| Corporate debt | — | — | |
| Tokenized deposits | — | — | |
| Stablecoins | $298bn | 25 July 2026 | RWA.xyz |
| Other tokenized assets | — | — |
Longer pieces, written from the data on this site and citing it.
Receiving $200 in Sub-Saharan Africa cost 8.46% in the third quarter of 2025; the tokens undercutting that price are almost entirely dollar-denominated, and the flows are unmeasured.
Legal designation and a cash leg that was already someone's liability separate the wholesale settlement systems now carrying volume from the multi-jurisdiction platforms that handed themselves over or stayed prototypes.
Circle's euro token held €381.8m in June 2026 against $72.6bn of its dollar token, and MiCA's ban on paying interest sent what euro demand exists onchain into money market funds instead.
Secured crypto lending, US home-equity loans and AAA CLO tranches account for most of the $6.99bn; bilateral loans to mid-sized companies, the FSB's definition of private credit, barely appear.
Cryptoeconomics is edited by Olaoluwa Samuel-Biyi, co-founder of Busha, a leading African digital-asset exchange.
Hearings, conference sessions and interviews from the library, newest first, each playable on this page.
Hearing
Noticed with two discussion drafts rather than introduced bills, the Modernizing Markets Through Tokenization Act and the Capital Markets Technology Modernization Act, which is the stage at which drafting choices are still movable. SIFMA, DTCC and Nasdaq take the settlement and market-structure side, Plume Network the onchain side, and the questioning returns repeatedly to whether existing transfer-agent and custody rules can carry a token without amendment.
Publisher terms: Unstated
Conference session
Waller opened and closed a day the Board built almost entirely out of practitioners rather than staff economists, so the panels are unusually concrete about what breaks in production. The stablecoin session is the one to watch for the payments case made by firms actually settling on it, and the closing panel covers tokenised funds and collateral with BlackRock, Franklin Templeton and JPMorgan's Kinexys. Per-panel transcripts sit on the Board's media server but are not linked from the conference page, so we link one here.
Transcript at federalreserve.gov
Publisher terms: Full text · transcript linked below
Roundtable
The first time the two agencies sat in one room to work through which of them regulates what. The value is in panel one, where J. Christopher Giancarlo walks back through how the split arose, and in panel two, where Polymarket and Kalshi appear alongside CME, Cboe and ICE and the event-contract boundary gets argued directly rather than in comment letters. This file covers opening remarks and panel one; the later panels were published separately. The two agencies' own pages disagree on when the session ended, so we have not printed a finish time.
Publisher terms: Full text
Podcast
Two BIS economists take the definitional question slowly, which is the reason to start here rather than with a paper: what a token has to carry before it is anything more than a database row. The episode has no page of its own on the BIS site, so the date here comes from podcast directories rather than from the BIS.
Publisher terms: Excerpt and link
A dated, sourced entry for each development that changed the market structure.
Nasdaq said it would invest $100m in Payward through Nasdaq Ventures, that Payward would adopt Nasdaq surveillance across its crypto, equities, tokenized equities, futures and options venues, and that Nasdaq Equity Tokens are expected in the second quarter of 2027. No valuation is stated in the release.
Senator Cynthia Lummis published a 630 page substitute amendment to H.R. 3633 ahead of a Senate vote on 15 September. It requires rules for persons who control a non-decentralized finance trading protocol to register with the CFTC and to comply with the Bank Secrecy Act, and preempts state securities and commodities law over protected developer activities.
SEBI and the Reserve Bank announced Demat 2.0 at the Global Fintech Fest. Three issuers had raised Rs 1,025 crore in bonds created as native tokens on a ledger owned by the depositories, with the funds leg settled atomically in wholesale CBDC. The depository remains the authoritative record of ownership and holds investors' private keys.
The supervisor's second risk monitor of 2026 puts tokenized equities at about EUR 1.9bn, nearly all of it wrapped claims that convey no legal title, and warns that multiple representations of one share fragment liquidity. It states that the largest prediction market platforms hold no EU authorisation and questions their partial geo-blocks.
Elizabeth Prelogar, Solicitor General from 2021 to 2025, filed for Hyperliquid Policy Center in Chicago Mercantile Exchange Inc. v. Selig, arguing that the CFTC order enlarged the market rather than dividing it, so competitor standing does not follow, and that CME's interest in reclassifying perpetuals as swaps is outside the zone of interests. Leave was granted the same day.
The bank moved USBDC, its dollar-backed token, between U.S. Bank entities in North America and Europe on the public Stellar network, and said the pilot evaluated minting, payment redemption, freezing and clawback and validated its internally built Digital Asset Platform. No amount, reserve arrangement or client availability was disclosed.
The weekly read
What issued, what settled and what the supervisors changed, with the figures and the sources they came from. Thursday mornings.
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