Tokenized Funds & Treasuries (Asset Managers)

Bybit announced a collaboration with Franklin Templeton that lets eligible traders use Benji-issued money market fund shares as off-exchange collateral on the crypto platform, extending the asset manager's push into tokenized finance. Franklin Templeton shares trade at US$32.81, with a year to date share price return of 37.86% and a 1-year total shareholder return of 44.68%, while shorter-term momentum has faded with the 30-day share price return down 5.53% and the 90-day share price return down 4.73%. The company is building on its earlier tokenized funds and blockchain enabled products, including the BENJI tokenized money fund, by adding 3.2b of digital asset AUM and acquiring 250 Digital, and by embedding tokenized funds into partner wallets such as MoonPay and Payward. A widely followed narrative pegs fair value at $35.50, above the last close of $32.81, while the stock trades at 22x earnings, below the US Capital Markets industry on 39.7x and peers at 35.9x but above the fair ratio of 12.8x. Franklin Templeton's story could still shift if fee pressure from large platforms intensifies or if integration across its expanded credit and digital franchises stumbles.

The Depository Trust & Clearing Corporation announced the DTCC tokenization service on May 4, 2026, a platform designed to bring Russell 1000 components, ETFs, and US Treasuries onto distributed ledgers. With over 50 firms including BlackRock, Goldman Sachs, JPMorgan, Circle, Ondo, and Nasdaq participating, the service moved into limited production in July 2026 following a December 2025 SEC No-Action Letter. DTCC CEO Frank La Salla said tokenization will significantly change how markets operate by bringing new levels of liquidity, transparency, and efficiency to investors, while Brian Steele of the DTCC added that the service is designed to provide systemic scale where deep liquidity already lives. The infrastructure shift extends beyond the DTCC: Nasdaq secured SEC approval on March 18, 2026, under Release 34-105047, to facilitate tokenized settlement on the same order book, ticker, and CUSIP as traditional assets, NYSE Arca followed with rule change SR-NYSEARCA-2026-45 effective April 29, 2026, and the broader NYSE received approval for its own related filings on April 17, 2026. The SEC issued a five-year conditional innovation exemption on September 17, 2026, specifically for tokenized NMS stocks, while the CFTC clarified through Staff Letter 25-39 and an updated FAQ on September 24, 2026, that tokenized collateral may be used for derivatives margin. The tokenized asset market tracked by rwa.xyz stood at approximately $38.6 billion as of late September 2026, up from $2 billion in 2022, with tokenized Treasuries accounting for $14.7 billion to $15.65 billion of that total, led by BlackRock's BUIDL at $2.70 billion, Circle's USYC at $2.60 billion, and Ondo's USDY at $2.23 billion. A June 1, 2026, Citi report estimates a base case of $5.5 trillion in tokenized assets and $1.9 trillion in stablecoins by 2030, though it warns of a messy period in which tokenized and legacy systems operate side by side.

Avalanche's AVAX token climbed to a six-month high Tuesday after Goldman Sachs made its roughly $100 billion Treasury money-market fund available through Lynq, an institutional settlement network built on Avalanche blockchain technology. AVAX rose as high as $11.99 and was recently up about 10% for the day, following Monday's announcement that Goldman Sachs' Financial Square Treasury Instruments Fund, known as FTIXX, can now be accessed by qualified U.S. participants through Lynq. The Goldman fund itself has not been tokenized; instead, tZERO Securities, an SEC-registered broker-dealer, is facilitating access to the existing fund through Lynq, which tZERO described as roughly a $100 billion fund. Lynq was developed by Arca Labs, Tassat and tZERO as a real-time settlement network for institutional digital assets, launching in July 2025 with its first transaction recording client assets on the Avalanche blockchain, while Avalanche provides the open-source Layer 1 infrastructure and U.S. Bank serves as Lynq's qualified cash custodian. Lynq said in February that assets on the platform had surpassed $89 million and that it had partnerships with more than 30 institutional digital-asset firms, with existing partners and participants including Galaxy, Crypto.com, FalconX, Fireblocks, Wintermute and B2C2.

Crypto exchange giant Bybit announced on the 28th a strategic partnership with asset management giant Franklin Templeton, which has 1.7 trillion dollars in assets under management. As the first phase of the partnership, eligible institutional investors can now use shares of a tokenized money market fund issued through Franklin Templeton's proprietary blockchain-integrated record-keeping system, the Benji Technology Platform, as off-exchange collateral for trading on Bybit. By depositing the fund shares as collateral through the institutional custody platform ByCustody, investors can access USDT or USDC trading credit lines while keeping the underlying assets held off-exchange, supporting trading activity while maintaining yield on their holdings. The partnership also extends to wallet-based individual investors, with plans to offer tokenized asset management products that provide access to Franklin Templeton's investment strategies on the Bybit exchange and the Mantle blockchain, as well as educational content to help users understand goal-based investing and diversification. Yooyi Wang, Bybit's global head of the real-world assets and traditional finance division, said that as institutional adoption of digital assets accelerates, investors are increasingly demanding the same level of flexibility, capital efficiency, and risk management standards from the crypto industry as they get from traditional markets.

The Eurosystem, made up of the European Central Bank and the national central banks of the euro area, began operating Pontes on September 21, 2026, a mechanism for settling large-value transactions in tokenized assets on distributed ledgers using central bank money. From the first day, 13 financial institutions including Deutsche Bank, Santander, Société Générale and the European Investment Bank, along with four companies that operate distributed ledgers such as Clearstream, are able to use it. Pontes connects T2, the euro area's real-time funds transfer system, with private distributed ledgers, and settles transactions in T2 central bank money through cash tokens transferred on the ledger. Two settlement methods are available and can be chosen for each transaction: one completed entirely on the ledger, and one that moves funds directly in T2. The ECB positions this as an initial version, and plans to extend settlement hours in 2027 to match T2 at 22.5 hours a day, five days a week, then in 2028 to advance next-day carryover of cash tokens and support for other currencies before consolidating on the cash token method, with 24-hour, 365-day operation planned for mid-2028. Behind this is the rapid growth of tokenized assets. According to figures presented by ECB Executive Board member Piero Cipollone in an August speech, tokenized assets on public blockchains grew about fivefold in the year to the end of March 2026, reaching 23.3 billion euros.

The CFTC's Division of Market Participants, Division of Market Oversight, and Division of Clearing and Risk announced on the 24th that they have updated their FAQ for registrants on cryptocurrency and blockchain technology, adding new content that permits the investment of customer funds in tokenized forms of investments permitted under the rules and the use of blockchain for recordkeeping. In the newly added Question 12, holding permitted investments under Commission rules in tokenized form is conditioned on the underlying asset meeting the requirements of those rules and granting holders legal and economic rights equivalent to those of the traditional form. Questions 13 through 15 newly set out ways to satisfy recordkeeping obligations using blockchain technology. These FAQs were first published on March 20 and are intended to supplement CFTC Staff Letters 25-39 and 26-05, which provided guidance on accepting cryptocurrency as margin. Michael Selig, the division's chairman, expressed support for the staff's FAQ update as part of efforts to provide regulatory clarity for the industry.

Krungthai Bank has launched PromptFund, a real-time fund service that applies blockchain technology to real-time fund trading. Customers can buy and sell funds with the bank instantly at any time, every day, including holidays. Sell and receive money immediately; buy and receive fund units immediately. This helps reduce the time constraints of the past, when customers had to wait overnight or several days. Customers can also see real-time trading prices to make decisions before placing orders. Mr. Payong Srivanich, President and Chief Executive Officer of Krungthai Bank, said the launch of PromptFund is a major transformation of Thai investing, building on the Digital Bond, Gold Wallet, and Global Savings services under the concept "60 Years Krungthai, Every Step for a Million Futures." Ms. Pornanong Budsaratragoon, Secretary-General of the SEC, said the SEC supports applying Distributed Ledger Technology and Blockchain in the capital market alongside Use Case testing under the Regulatory Sandbox, and is pushing for amendments to the Securities and Exchange Act, which the House of Representatives already approved in principle in the second quarter, to support the issuance of securities by electronic means. The launch of PromptFund is another step in applying the Tokenization policy to real financial services, in line with the SEC's efforts to drive the Digital Securities Ecosystem, or DSE.

WisdomTree announced a landmark partnership with crypto infrastructure provider MoonPay on September 17, embedding its tokenized money market fund WTGXX directly into MoonPay's consumer app and stablecoin reserve framework. The deal gives WisdomTree access to a network spanning over 35 million accounts and 1,700 integration partners, a distribution footprint its proprietary broker-dealer, WisdomTree Securities, could not replicate independently, according to Chief Executive Officer Jonathan Steinberg. The digital push builds on a core business that closed the second quarter of 2026 with a record $162.9 billion in assets under management, its sixth consecutive quarterly record and up from $126.1 billion a year earlier, while operating revenue rose 11.1% sequentially to $177.2 million and operating margin expanded 780 basis points year-over-year to 40.5%. Those gains were partly obscured by balance sheet cleanup, as the firm recognized $68.9 million in losses on convertible note repurchases in the first half of 2026, driving a $23.1 million net loss in the first quarter and lifting the six-month effective tax rate to 51.9%. Short interest stands at 17.34% of float and the stock trades at a forward P/E of 17.30 as of September 24, leaving what the article describes as a balanced risk-reward profile with tokenization upside largely unvalued.

Ondo Finance is now packaging three investment portfolios designed by BlackRock, the world's largest asset manager, as blockchain-based tokens. The move places a subset of BlackRock-designed portfolios onto blockchain rails through tokenization, with Ondo Finance handling the packaging rather than BlackRock itself. BlackRock is described as the world's largest asset manager, underscoring the scale of the firm whose strategies are being brought on-chain. Neither the specific portfolios involved nor the value of the tokenized offerings was disclosed.

Bitcoin exchange-traded funds extended their inflow streak, adding $347 million even as Bitcoin dropped below the $84,000 level. BlackRock led the fresh wave of inflows into the funds. The inflows mark a continued run of positive flows for cryptocurrency-linked exchange-traded products despite the price decline in the underlying asset.

On September 18, Binance Research published a report analyzing the real-world asset tokenization market, titled "The RWA Activation Era," reporting that on-chain RWA assets under management reached $34.18 billion, equivalent to approximately 5.37 trillion yen, up 85.2% year-to-date. The largest category was bonds and money market funds, with AUM of $18.29 billion. Equities rose 390.4% year-to-date to $4.43 billion, and their share of all tracked RWA expanded from 4.9% to 13.0%. Meanwhile, gold and commodities rose 46.6%, private credit 43.6%, and real estate 17.9%. The report introduces a "Programmable Asset Ratio," which shows tokenized assets as a proportion of the underlying asset market, and a "Capital Activation Rate," which shows the share of tokenized assets actually being used in on-chain finance, noting that while the major asset markets eligible for tokenization exceed $300 trillion globally, the share currently tokenized on-chain remains at only about 0.01%. The CAR for all tracked RWA is about 12%, with private credit posting the highest CAR at 49.67%, while equities also climbed from 1.95% at the start of the year to 7.54%. Binance Research analyzes that in the next growth phase of the RWA market, it will be important not only to issue assets on the blockchain but also to use them for liquidity provision, lending, and collateral.

Avalanche's AVAX token surged nearly 50% over the past week to an eight-month high of $10.82 on Sunday, lifted by a wave of institutional tokenization headlines. The biggest catalyst came from Intercontinental Exchange, the NYSE parent, which has spent roughly a year testing Avalanche for a potential 24/7 platform for tokenized US stocks and ETFs, though ICE has not selected Avalanche or announced a commercial deal, and Ava Labs President Charley Cooper said the firm remains actively engaged with the network. New York Life Investment Management announced plans to launch its first tokenized fund on Avalanche through Centrifuge, giving eligible investors exposure to US high-yield corporate bonds, while Aave is developing an institutional RWA lending market on Avalanche, Paxos expanded support for AVAX and USDC, and Janus Henderson joined the network as a validator. Avalanche's Helicon upgrade is scheduled for Sept. 22, cutting the minimum staking lockup from 14 days to 48 hours and adjusting validator requirements and rewards. On the charts, AVAX rebounded from the lower boundary of a giant falling wedge that has developed since the 2021 peak, bouncing near the $5.80 to $6.50 support zone and recovering above its 20-week EMA near $7.97; a continued rebound could target $19 to $20, where the wedge's descending upper trendline converges with the 0.236 Fibonacci retracement level near $19.86, an approximately 85 to 90% rally from current levels around $10.50. The setup would weaken if AVAX loses the wedge's lower trendline and falls decisively below the $5.80 support area, while the 50-week exponential moving average is serving as solid resistance.

The U.S. Securities and Exchange Commission introduced a provisional, conditional exemption allowing certain tokenized U.S.-listed equities to trade on-chain under specified conditions, while S&P Global agreed to acquire OpenZeppelin, a firm specializing in smart contract security infrastructure. The SEC measure, set out in a "Statement on Innovation Exemptions" signed by Commissioner Mark T. Ueda, guarantees holders of equity tokens the same rights as holders of conventional shares and requires third parties to notify the issuer of the underlying stock in writing before dealing in tokenized shares. According to S&P Global, OpenZeppelin's technology has supported the transfer of more than $37 trillion in value cumulatively, including major stablecoins and tokenized funds. Following these announcements, the market capitalization of DeFi-related tokens rose about $7 billion on Friday, climbing 8.8% to $79.8 billion, while the total market capitalization of the broader crypto market rose 4% to $2.7 trillion. Hyperliquid's HYPE jumped 10.8% to an all-time high of about $90.46, giving it a market capitalization of $20.12 billion; Uniswap's UNI rose 29.1% over 24 hours to about $9.00, for a market capitalization of $5.59 billion; and Aave's AAVE gained 9.5% to about $135.28. Bitwise Chief Investment Officer Matt Hougan said the SEC is trying to put in place as much of a crypto regulatory framework as it can under its existing authority, and described tokenization as a massive tide.

The US Securities and Exchange Commission has cleared a path for tokenized US stocks, bringing the market closer to 24/7 trading under a five-year innovation exemption that lets eligible platforms trade tokenized US equities through blockchain-based liquidity pools. No platform has been individually approved, and the framework is not yet operational, though trading could start as soon as 30 days out. The exemption covers secondary trading only, not IPOs or issuance of new shares, and tokens must be tied to existing publicly traded equities rather than price trackers, with holders receiving the same economic interest, dividends, voting rights, liquidation rights and shareholder communications as conventional shareholders. Issuing companies get a veto: if an unaffiliated third party such as an exchange wants to tokenize a company's stock, the company receives 30 days to object. Smart contracts must be public and auditable on a public permissionless blockchain, not walled-garden private chains, while traders and wallets are verified and whitelisted for sanctions and AML compliance, and tokenized stocks can trade in crypto-style pairs, including tokenized stock against tokenized stock, a permitted stablecoin, another non-security crypto asset, or tokenized money market funds. The deliberately small pilot has multiple tiers: for the largest Tier one stocks each venue is limited to 75 symbols and 0.25% of each stock's prior month average daily volume, Tier two allows 250 symbols and 2.5% of volume, and repeatedly exceeding a limit triggers a three-month trading pause in that stock. Around-the-clock trading and self-custody are possible but not guaranteed and will be up to the exchange, and the relief exempts only two narrow requirements: venues from registering as conventional exchanges, and qualifying AMM liquidity providers from dealer registration and anti-fraud and market manipulation rules.

WisdomTree and MoonPay announced a strategic partnership on September 17 aimed at expanding access to tokenized funds in the United States and supporting the management of stablecoin reserves. At the center is the tokenized money market fund WisdomTree Treasury Money Market Digital Fund, or WTGXX. WisdomTree will build an acquisition channel using MoonPay's technology and infrastructure, extending distribution from its own channel through its securities subsidiary to MoonPay, which has more than 35 million accounts. Eligible U.S. investors will be able to put money into the tokenized money market fund through infrastructure they already use, and for MoonPay, WTGXX becomes a means of managing reserves within a regulated and highly transparent structure. According to RWA.xyz, the tokenized U.S. Treasury fund market stood at 15.4 billion dollars as of September 17, shrinking about 4.9% over 30 days, and within that market WTGXX ranked fifth by ticker at 1.23 billion dollars, with net inflows of 466 million dollars over the most recent 30 days.

Coinbase CEO Brian Armstrong said the company's newly launched tokenized equities have already generated almost a billion dollars in trading volume just weeks after debut. In an interview with Scott Melker on "The Daily Wolf with Scott Melker," Armstrong said Coinbase built the tokenized shares as real securities that can be redeemed one to one for the underlying share and carry shareholder rights including dividend upside and voting, unlike the derivative, synthetic or debt-instrument versions he said he has seen elsewhere. He argued tokenized equities let users trade shares 24/7, send them anywhere in the world and tap a unified global liquidity pool, serving the roughly four billion people he said lack access to any brokerage. Armstrong said Coinbase began with stablecoins, a one-to-one backed digital token for a dollar, and now intends to tokenize everything, including private companies, treasuries and asset management funds, to make investments fast, cheap and globally distributed while reducing settlement risk. He added that the current SEC is very interested in bringing the idea to the US.

BlackRock is increasingly positioning itself as one of the largest Ethereum holding firms as recent data shows that it is rapidly expanding its Ethereum holdings. The asset manager's Ethereum position now stands at $1.5 billion, according to the report. The move underscores BlackRock's continued buildout of digital-asset exposure beyond its spot Bitcoin products.

Oasis Pro Markets, the U.S. subsidiary of Ondo Finance and an SEC-registered broker-dealer, has become the first tokenization company to join Fund/SERV, the mutual fund transaction processing platform operated by DTCC, the largest U.S. securities depository. DTCC announced the move on the 16th. DTCC is the financial infrastructure institution responsible for securities custody and settlement in the United States, and Fund/SERV is the system that handles mutual fund trading and cash settlement, processing more than 85% of all U.S. mutual fund transactions. With its membership, Oasis Pro Markets can now transact with mutual fund companies, asset management platforms, and various service providers without building individual connections to each, and has put in place a framework to handle account information management, trade confirmations, and tax and regulatory reporting all in one place. Talia Klein, who heads DTCC's Wealth and Investment Solutions division, said interoperability between traditional financial infrastructure and the cryptocurrency ecosystem is becoming essential to achieving scale and broader market adoption, and described Ondo's participation as an example that will help drive fund technology innovation with industry standards, scalability, and operational robustness. Ian De Bode, interim chief executive officer and president of Ondo Finance, said the company can now transact with mutual fund companies, asset management platforms, and various service providers through a single standardized connection without individual integrations, and expressed the view that the foundational infrastructure for tokenized mutual funds to reach mainstream adoption is now in place.

Circle has launched the public mainnet of Arc, a Layer 1 blockchain built for payments, trading and agentic economic activity, with BlackRock, the Depository Trust & Clearing Corporation, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo, Visa, Worldpay and Galaxy forming its founding cohort of validators. Chief executive Jeremy Allaire called it the single most significant launch in Circle's history since USDC itself, and the USDC stablecoin, with around $74 billion in circulation, serves as the chain's gas token. Circle completed the genesis mint of ARC this week, creating all 10 billion tokens and making it the first publicly traded company to mint a network token for a new Layer 1, though the company said the mint is not a commitment to publicly launch ARC and described it as a technical step toward a possible move from proof of authority to proof of stake in 2027. Circle had already raised $222 million in an Arc token presale at a $3 billion valuation. Banks with access include BNY, HSBC, Societe Generale and State Street, while Aave and Morpho anchor lending, Uniswap, Aero and fomo provide trading, and Binance, Kraken, Bybit and OKX offer routes in, with Coinbase to follow; BlackRock's BUIDL and Circle's USYC provide tokenized collateral. Circle said USDC accounts for 98.8% of agent-driven transaction volume, citing Dune, and that Arc's testnet, launched last year with BlackRock and Visa among the participants, processed more than 700 million transactions in under a year.

Ripple's RLUSD stablecoin has reached approximately $2.345 billion in market cap as of September 16, 2026, a 1,278% year-to-date increase that makes it the third-fastest growing stablecoin of the year, with daily transfer activity tripling since January to $750 million per day by August. Roughly $963 million of the token sits on the XRP Ledger and $1.05 billion on Ethereum. Ripple is pursuing a vertically integrated strategy built on acquisitions rather than validators, including the $1.25 billion purchase of Hidden Road, now rebranded Ripple Prime, which clears roughly $3 trillion annually and lets RLUSD serve as collateral with zero haircut for over 300 institutional clients, alongside the $1 billion acquisition of GTreasury's treasury management platform, which reaches 1,200 corporate treasurers processing $13 trillion annually. Integrations include a September 2025 partnership with DBS and Franklin Templeton for 24/7 trading of tokenized money market funds, a Securitize link allowing holders of BlackRock BUIDL and VanEck VBILL to swap into RLUSD around the clock, and a Mastercard and WebBank pilot marking the first time a regulated US bank has settled card transactions on a public blockchain using a stablecoin. Ripple holds a New York Department of Financial Services trust company charter and conditional OCC approval, and launched in Japan via SBI under the JFSA's revised Payment Services Act, positioning itself around private-sector consensus and state-level charters after the CLARITY Act failed on September 15. The Federal Reserve Master Account remains the key bottleneck, and expansion into L2 networks via Wormhole NTT is still pending NYDFS approval.

MTS GOLD group, also known as Mae Thong Suk, announced the successful offering of the MTS Gold Investment Token, the first digital token for investment in the gold trading business in Thailand, in partnership with Cubic Digital Asset Co., Ltd., or kubix, a digital token offering system provider, along with seven partner companies. Natthapong Hiranyasiri, Chief Executive Officer of Mae Thong Suk Central Co., Ltd., said the funds raised will be used in line with the project's objectives, with no less than 90% to invest in the purchase of 96.5% gold bars as inventory for the gold bar trading business through 13 branches of Mae Thong Suk gold shops in Bangkok and its vicinity, and no more than 10% as working capital in the business. Investors will receive a fixed return of 3.00% per year, paid once a year, throughout the three-year project term, along with the opportunity to receive an additional special bonus return at maturity from gains on the gold price difference, and will receive their initial investment back in full. Assawinee Srisomboonnanon, Managing Director of Cubic Digital Asset Co., Ltd., said this project reflects confidence in the MTS GOLD group and is an example of expanding access to quality assets for a wider range of investors. The token requires the issuer to maintain liquid current assets with a value of no less than the funds raised throughout the project term, with monthly audits by kubix throughout the project.

Simon Gerovich, CEO of Metaplanet, said in a post on X on September 6 that the company is continuing to review its compensation and governance policies, and, in response to questions and criticism from shareholders, he again explained the intent behind management decisions and the company's efforts toward long-term shareholder value. One of the points of debate over the compensation system is the dilution of shares through the 10th stock acquisition rights for officers and employees. The circulation of the Japanese yen stablecoin JPYC continues to decline, and according to the on-chain data aggregation site JPYC Info, it fell from about 2.708 billion JPYC on August 30 to about 2.097 billion JPYC on September 6, a decrease of about 600 million yen in value over one week. Asset Management One, an asset management company under the Mizuho group, has hired analyst Yoshifumi Nishiyama with an eye toward crypto asset ETFs, and he announced his joining the company on his social media on September 7. The National Sheriffs' Association, a U.S. law enforcement organization, said in a letter on September 3 that it was withdrawing its opposition to the Clarity Act, which defines the market structure for crypto assets, and shifting to a neutral stance. On September 11, the Financial Services Agency issued a warning to Bit Hills, which operates the crypto asset collateralized loan CryptoPawn, saying it was conducting a money lending business without registration.

The Securities and Exchange Commission, or SEC, is pressing ahead with driving Thailand's investment market by promoting the Thai Individual Savings Account project, or TISA, together with the Ministry of Finance, the Thai Capital Market Business Council, and the Stock Exchange of Thailand, to serve as the country's savings infrastructure, aiming to turn people's savings into long-term investment and broaden the base of new investors. SEC Secretary-General Pornanong Budsaratragoon said the SEC has also adjusted the process for approving initial public offering share sales under the Streamline IPO Process guidelines, placing greater weight on disclosure in order to cut the review period to 60-100 days from an average of 147 days previously, a reduction of roughly 30-60%. At the same time, the SEC, together with the Stock Exchange of Thailand, is pushing the BOI to IPO project and setting up a special channel for companies promoted by the Board of Investment and the Eastern Economic Corridor, in order to draw new-economy businesses into the Thai capital market. On the digital capital market, the SEC is promoting the tokenization of securities, with rules for tokenized fund units having taken effect since April 1, 2026. As for anti-money laundering risk measures, the Travel Rule regulations will take effect from February 27, 2027. On investment scams, the SEC can act to intercept them within 7 minutes to 48 hours and block reported accounts completely, at 100%. Statistics in 2026 show that consultations about investment scams rose as much as threefold compared with the same period a year earlier. On law enforcement, data as of August 2026 shows that the longest case age fell from 8 years to 3.6 years, while the average case age dropped from 2.3 years to 1.5 years. Currently, a total of five sets of laws are in the process of being revised.

On September 16, Circle's Arc mainnet goes live with a validator cohort including BlackRock, DTCC, Mastercard, and Visa, even as the CLARITY Act faces a likely Senate cloture failure the day before. The Layer-1 blockchain features native USDC gas and sub-second finality, with BlackRock expected to deploy its $3.2 billion BUIDL fund and DTCC planning to tokenize assets from its $114 trillion custody portfolio starting in 2027. The CLARITY Act, which needs 60 votes but has only 53 Republican seats and expected defections, has Polymarket odds for 2026 passage at 15%, down from 90% in February. Institutions are instead aligning with the GENIUS Act's January 18, 2027 enforcement date and agency rules from the OCC and SEC, signaling a pivot to infrastructure-led compliance. This move reflects a capital-allocation decision by institutions that read NPRMs, not Polymarket.

The Stellar Development Foundation announced on September 8 that the Stellar blockchain ranks first among all blockchains in the balance of assets tokenizing non-US government debt. According to RWA.xyz, as of August 20, non-US government debt on Stellar reached approximately $490 million (about ¥78.4 billion), maintaining the top position since surpassing Ethereum in early February. On Stellar, tokenized assets include Mexico's short-term government bonds CETES, Brazilian government bonds, South Korean government bonds, and the Marshall Islands' digital government bonds, as well as a eurozone short-term government bond fund. Meanwhile, Ethereum leads in tokenized US Treasuries, with a balance of approximately $15.86 billion (about ¥2.5376 trillion) as of September 8. The SDF explained that Stellar's management features supporting identity verification and transaction restrictions, along with its design suited for international remittances and multi-currency payments, are behind its adoption.

Hanwha Investment & Securities, a subsidiary of the Hanwha Group, one of South Korea's top five conglomerates, is building a tokenization platform to handle traditional assets such as stocks and bonds on the blockchain. Avalanche revealed this on September 7 via its official X account. Hanwha Investment & Securities aims to use the network as a bridge connecting institutional finance and blockchain, bringing traditional assets into the global on-chain market. South Korea is also advancing its regulatory framework for token securities. On September 4, the Financial Services Commission published a roadmap to gradually tokenize existing securities. The related amendments are scheduled to take effect on February 4, 2027, with the first phase focusing on tokenizing private placement money market funds and bonds for institutional investors, as well as unlisted stocks through trusts.

Dubai Multi Commodities Centre (DMCC) announced on September 7 the launch of an investment product tokenizing a silver bar weighing 1,971 kilograms, which has been certified by Guinness World Records. Based on Tanaka Kikinzoku Kogyo's silver price, the bar is worth approximately 735 million yen. Traditionally, such an investment required substantial capital, but by fractionalizing ownership of the physical bar and selling it as digital tokens, individual investors can now participate more easily. The issuance and sale are handled by Tokinvest, which operates under the regulation of Dubai's Virtual Asset Regulatory Authority (VARA), and the blockchain used is BNB Chain. This is the first product under the commodity tokenization framework being developed by DMCC and VARA. The physical silver bar is registered and verified through DMCC's system and stored by a specialized custodian. A secondary market for the purchased tokens is also planned to launch after meeting regulatory requirements. The silver bar has a purity of 99.9% and its weight commemorates the year 1971, the year of the UAE's founding.

BlackRock has reduced the minimum size for converting large Bitcoin holdings directly into shares of its iShares Bitcoin Trust ETF to $1 million, down from $25 million when the in-kind conversion process first became available, according to a Bloomberg report. The fund has facilitated more than $5 billion of these conversions, up from more than $3 billion in October, said Robbie Mitchnick, BlackRock's head of digital assets. The process, which can take more than a week, lets holders move Bitcoin from private wallets into a regulated fund structure while retaining price exposure, with Mitchnick citing "kidnappings, ransom demands, and custody failures" as motivations. Rival issuer Bitwise has cut its own minimum even further, from $100 million to $3 million. BlackRock's IBIT holds roughly 3.645% of Bitcoin's total supply and lists net assets of $60.65 billion.