News, data and analysis on tokenized assets, market design and digital economic systems.
Arc goes live with gas payable in USDC and no native token required, and Circle has minted the full 10bn supply of one anyway.
Cloture on the motion to proceed to H.R. 3633 failed 49 to 50 on Monday afternoon. The threshold was 60, because since 1975 cloture has needed three-fifths of all senators.
The complaints allege the pair learned which tokens Robinhood would list from a private Slack channel and bought perpetual futures on Hyperliquid before each announcement, making more than $50,000 each.
Every development we have verified against a primary source, newest first. Each entry links to the filing, release or dataset it came from.
Monthly revenue of about $30,000 in August, down from $97,000 in June, against a burn of about $150,000.
The exchange says its reserve ratio is above 100 per cent and every asset can be withdrawn.
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.
Arc goes live as a layer one whose fees are payable in USDC, with a founding validator cohort of eleven institutions alongside Circle including DTCC, ICE, Mastercard and Visa. Circle says it completed the genesis mint of 10 billion ARC in the United States and describes the token as a digital commodity, adding that the mint is not a commitment to launch it.
Cloture on the motion to proceed to H.R. 3633 failed at 2:19 p.m. against a three-fifths requirement of 60 votes, so the chamber never took the bill up and no text was voted on. The Senate's roll call record gives four Republicans among the 50 nays, alongside 44 Democrats and two independents, with one Democrat not voting.
Complaints unsealed in Manhattan allege Hefu Chai and Huaisong Xiang learned of forthcoming Robinhood Crypto listings on a private Slack channel and bought perpetuals on Hyperliquid before each announcement, making more than $50,000 each. The pleading says the venue holds no CFTC approval for a futures market and geofences United States addresses.
The call for expression of interest closes on 27 October 2026 for a twelve-month pilot from the second half of 2027. The beta instrument is a Eurosystem liability that the document says is not legal tender and not the digital euro of the draft regulation. Merchants receive no fee and pay none, and are settled into ordinary accounts rather than holding a balance.
Lummis, Boozman and Scott released a 635 page substitute for H.R. 3633, claiming 126 changes requested by Democrats. Read against the 10 September version, the ethics sunset of noon on 20 January 2029 is gone, the developer shield no longer reaches 18 U.S.C. 1960, and the Treasury circuit-breaker on stablecoin rewards must be triggered within 18 months of enactment.
New York led seventeen other jurisdictions in a letter to the Senate Banking Committee objecting that the bill gives the SEC preemption authority indirectly through a new qualified transaction loophole in the Securities Act of 1933, and would render the covered security designations in section 18 meaningless. That provision is unchanged from the version published four days earlier.
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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