BlackRock's tokenized fund investing in U.S. Treasuries and cash, issued on blockchain with transfer restrictions limiting access to accredited investors.
Anchorage Digital has bought Routable, a payouts platform that more than doubled in each of the last two years, without disclosing a price. The crypto bank is buying corporate payout customers now and betting they will later settle in stablecoins.
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Standard Chartered has placed a dedicated DeFi research desk beside its ETF and stablecoin access, citing DeFi value locked that reached $114bn in 2025. The move makes on-chain research part of the access layer the bank sells, grouped with the custody and trading it already offers.
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Ondo Finance is selling three BlackRock-modelled portfolio tokens issued by a British Virgin Islands entity that alone owes holders anything. A buyer paying for the BlackRock name holds Ondo's paper, and BlackRock's part is limited to designing the allocation.
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Morgan Stanley, with $9.3 trillion of client assets, has opened a lab to test stablecoins, tokenization and DeFi, according to Crypto Briefing. Its bid to hold and trade crypto itself rests on the national trust bank charter it filed for in February.
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Goldman Sachs is distributing its roughly $100 billion FTIXX Treasury fund through Lynq, a permissioned Avalanche settlement network, without tokenizing it. Lynq's crypto trading clients hold just over $89 million there, so the test is whether faster settlement alone pulls their idle cash into the fund.
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Tokenized Treasury and money-market funds rose from $2.99 to $11.39 per $100 of stablecoins in two years, according to Crypto Briefing. Whether three big issuers own most of that growth depends on which estimate of the category's size is right.
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BlackRock's fund is back at roughly $2.8bn, but the pool it leads has grown to $15bn to $16bn. A share that once ran 40% to 46% is now closer to 18%. The title has changed hands twice inside a year.
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Ondo, BlackRock and Securitize pitched OUSG for Sky's roughly $1 billion tokenization allocation, offering 24/7 redemptions capped at $25 million a day. Much of OUSG's money sat in BlackRock's BUIDL fund, so BlackRock manages the underlying Treasuries whether Sky chooses OUSG or BUIDL.
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BlackRock designed three self-rebalancing portfolio tokens for Ondo, whose disclosures say BlackRock neither advises, manages nor distributes them. ONDO rose as much as 30% on a deal with no reported fees or licence terms, so the move prices the brand before any flows.
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The paper proposes standardized digital claims on compute as tools for financing and settlement, and puts hyperscaler cloud revenue at roughly $1.1 trillion a year by 2030 while calling such markets largely speculative at this stage.
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Arc's founding validator set has twelve members, drawn from card networks, clearing houses and asset managers. The company that issues the chain's fee asset is also the company that can freeze it.
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Arc's mainnet opened with $410.8 million of DEX volume, and $336.3 million of it came off nineteen memecoin launchpads, leaving $74.6 million to test what Circle actually built the chain to settle.
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Solana holds 12% of tokenized-asset market value but handled 32% of the dollars traded in the year to August 18, at a median trade size of $29. Michael Weisz's job in New York is to turn that into loan demand.
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RWA.xyz's count puts US T-bills at $15bn of a $46.2bn total and five assets at about 70% of it. Other trackers stop at $38bn, so the Treasury share of onchain finance moves seven points on the choice of tracker.
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The Financial Services Commission will let issuers bundle same-type assets into one fractional certificate and extend tokenization to stocks, bonds and funds. Bonds and funds start as institutional private placements, with retail net buying capped at 100 million won per venue.
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Hayden Adams calls tokenization the next test for automated market makers. The composition of the $18 billion already on-chain, and a fresh SIFMA warning, suggest it may not go his way.
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DefiLlama puts actively deployed real-world assets at $3.98 billion, up sixfold in a year. Measured against $34.55 billion issued, that is 11.5% doing any work onchain.
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BUIDL, USDY and Galaxy's SWEEP now sit on Solana. Ethereum still holds roughly 43% of a $16.23B market, but last month's net flows did not go there.
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