tokenization

According to The Block, BlackRock and Ethena Labs announced a deepened collaboration, with USDe becoming a recognized cryptocurrency asset on BlackRock's Aladdin platform, which manages $25 trillion in institutional investment and risk management.The two parties will provide a $100 million liquidity arrangement for BlackRock's tokenized treasury fund BUIDL through the tokenization platform Securitize. Eligible BUIDL clients can exchange tokens for stablecoins such as USDC and USDtb during off-market hours, or convert them back to BUIDL.Robert Mitchnick, Global Head of Digital Assets at BlackRock, stated that this arrangement provides the essential frictionless interoperability needed for the tokenized treasury fund; Ethena founder Guy Young mentioned that the next phase of digital asset adoption will be driven by infrastructure that allows traditional institutions to access on-chain products through familiar systems.BlackRock and Ethena had previously collaborated around the stablecoin USDtb (primarily supported by BUIDL). BUIDL is set to launch on Ethereum in 2024 and is one of the largest tokenized U.S. Treasury funds globally, currently with a total locked value of approximately $3 billion.

According to Cointelegraph, the Dubai Virtual Assets Regulatory Authority (VARA) has granted the 50th Virtual Asset Service Provider (VASP) license to the tokenized asset platform Tribe Tokenisation FZE. VARA stated that licensed enterprises must undergo a controlled operation phase before officially providing services. By the end of 2025, 39 licensed VASPs will be fully operational, and the latest data for 2026 is still being verified. In comparison, Singapore currently has 37 licensed digital payment token service providers, while Hong Kong has only 13 licensed virtual asset trading platforms.

American Express is hiring a Vice President of Stablecoin and Blockchain Partnerships and Strategy in New York, responsible for formulating the company's overall strategy in the fields of programmable currency, stablecoin payments, and blockchain financial infrastructure, promoting collaboration with stablecoin issuers, blockchain networks, tokenization platforms, wallets, and fintech companies, and overseeing projects such as stablecoin payments, tokenized settlements, digital identity, and programmable commerce from concept validation to implementation.

Castle Labs released an RWA industry report stating that the on-chain tokenization of real-world assets (RWA) has reached $28.2 billion, an increase of about 500% compared to early 2025, with a peak of $31.8 billion.Currently, tokenized U.S. Treasury bonds and money market funds remain the largest category, with a scale of about $17 billion, accounting for nearly 60% of the entire RWA market, among which BlackRock BUIDL and Hashnote USYC have both surpassed $3 billion in scale. The report also points out that tokenized stocks have become one of the fastest-growing RWA sub-sectors, growing over 170% this year, significantly higher than the approximately 60% growth rate of tokenized U.S. Treasury bonds.Castle Labs believes that the expansion of stablecoins, the entry of institutional funds, and the advancement of regulatory frameworks such as CLARITY and MiCA are driving the continuous on-chain migration of traditional financial assets. However, the current industry's biggest bottleneck has shifted from asset issuance to redemption mechanisms and DeFi composability. Currently, of the approximately $28.2 billion in on-chain RWA, only about $3 billion has entered DeFi, with a penetration rate of about 10%.

According to PYMNTS, Federal Reserve Governor Christopher Waller delivered the opening remarks at the Federal Reserve's fifth conference on the international role of the dollar on June 22, positioning stablecoins and tokenized assets as new channels for expanding the global influence of the dollar, and emphasizing that the purpose of this conference is to bring together multiple perspectives to jointly assess the core forces affecting the international status of the dollar.

According to Coindesk, former 21Shares co-founder Ophelia Snyder stated that there is a significant communication misalignment between the crypto industry and traditional finance regarding the issue of tokenization.Snyder pointed out that current discussions mostly focus on the settlement speed of blockchain and the ability to transfer assets, but overlook the operational processes from trade execution to final settlement. She believes that tokenization projects are feasible in small-scale tests, but face enormous challenges in supporting the massive flow of funds in the U.S. capital markets.The main difficulties include: how to integrate tokenized assets into existing ledger systems, compliance processes, and regulatory reporting frameworks, as well as how to adjust the risk management framework to accommodate round-the-clock trading. Additionally, many third-party software solutions relied upon by financial institutions have yet to support blockchain-native transactions.She stated that the real challenges will become apparent when institutions incorporate tokenized infrastructure into their core business pathways. The industry is still in the pilot phase, and there is still a long way to go before large-scale implementation.

Binance founder Zhao Changpeng posted on the X platform that he is meeting with several national leaders and regulatory agencies in Asia to promote the development of the cryptocurrency sector, and good progress has been made. Countries should promote the tokenization of real-world assets (RWA) such as stocks to allow global investors to participate in trading; at the same time, they should issue their own stablecoins to expand the use of local currencies on the blockchain.

Coinbase's Layer 2 network Base officially announced the upcoming major upgrade version Beryl, with the core highlight being the introduction of the Base native token standard B20, aimed at providing more comprehensive infrastructure support for the tokenization of on-chain assets.The B20 standard mainly brings three improvements: faster settlement speed, lower transaction costs, and a structured settlement mechanism.Base stated that the aforementioned upgrade will enable global financial assets to operate on the Base chain in the form of "programmable capital," fully enjoying the advantages of transparency, composability, and liquidity brought by on-chain infrastructure.Base emphasizes its positioning as a neutral open blockchain infrastructure, with related products and functions developed by Coinbase or third parties based on Base. Coinbase and Base themselves do not act as issuers, investment advisors, brokers, or underwriters for any third-party assets or transactions.

The global real-world asset (RWA) tokenization market has exceeded $43 billion, growing approximately 37% over the past 180 days, indicating that institutional funds are continuously accelerating their migration to blockchain infrastructure.The report points out that this growth has occurred against the backdrop of a relatively weak overall cryptocurrency market, with the expansion of on-chain financial assets primarily driven by traditional financial products being tokenized, covering various asset classes such as funds, private credit, commodities, and stocks. In the current market structure, tokenized funds dominate, accounting for about 80% of the total market capitalization; commodity assets account for 16.6%, and tokenized stocks account for approximately 3.8%.In terms of chain distribution, Ethereum remains the core hosting network, accounting for 57.8%, while networks such as BNB Chain, zkSync Era, XRP Ledger, and Stellar are gradually expanding their shares. In terms of issuers, Sky ranks first with a scale of approximately $6.1 billion, followed closely by Securitize and Ondo Finance, each with about $3.6 billion.At the institutional level, investment banks such as Standard Chartered and Citigroup have recently released reports optimistic about the long-term growth path of tokenized assets. Citigroup predicts that this market will reach $5.5 trillion by 2030 under a baseline scenario, and could reach $8.2 trillion in an optimistic scenario, believing that regulatory clarity and the participation of infrastructures like DTCC and Nasdaq will become key driving factors.Analysts believe that RWA tokenization is gradually evolving from an early structure primarily focused on government bonds to a diversified income asset system.

According to official news, Tether has signed a memorandum of understanding with Dubai Multi Commodities Centre (DMCC) to explore cooperation in asset tokenization, digital asset education, and broader blockchain applications.According to the agreement, Tether plans to provide DMCC's business network with seminars, customized blockchain consulting, digital asset pilot projects, and tokenization programs, and explore the application of peer-to-peer digital communication and payment systems. Both parties will also assess cooperation opportunities in blockchain infrastructure, digital payments, educational activities, and hackathons.

According to Livecoins, Brazilian Federal Deputy Lincoln Portela proposed Bill No. 2.901/2026, which aims to establish a framework for a national fintech and digital finance platform, creating a permanent regulatory sandbox system for testing blockchain technology and asset tokenization, supervised by the Central Bank of Brazil.The bill requires regulatory requirements to be proportional to the size of the company, allowing small fintech startups to apply simplified standards, and prohibits the government from imposing bureaucratic measures or obligations that do not align with the digital nature of the cryptocurrency market. The sandbox testing scope includes financial flow tracking, artificial intelligence credit applications, and programmable payment practices.The bill also allows companies to share network infrastructure and institutional adaptation databases, but they must comply with data protection regulations. The cooperation mechanism aims to combat financial crimes in cryptocurrency transactions, promote customer identity verification, and enhance cybersecurity.The bill also proposes the establishment of a national system for digital financial integrity, coordinating network regulatory actions to combat criminal structures that use cryptocurrency to hide wealth. Fines for non-compliant companies can reach up to 20% of their annual profit or revenue. The bill will be discussed in various committees of the House of Representatives.

According to Cointelegraph, the Depository Trust & Clearing Corporation (DTCC) stated that it will soon conduct a live demonstration of asset tokenization using the securities held by DTCC.

According to Cointelegraph, Standard Chartered Bank predicts in its latest research report that by 2030, the locked assets in decentralized finance (DeFi) will reach approximately $2.7 trillion, growing about 37 times from current levels. The report points out that this growth will be primarily driven by the tokenization of real-world assets (RWA) and the migration of crypto-native assets to on-chain protocols.Geoff Kendrick, Head of Digital Asset Research at Standard Chartered, stated that the next round of "structural growth opportunities" in digital assets will come from DeFi protocols, and it is expected that by 2030, the proportion of tokenized assets entering the DeFi system will increase from the current approximately 3.5% to about 30%.Current data shows that only about 3% of stablecoins and 10% of tokenized real assets are actually used in DeFi protocols, indicating significant room for penetration. The report also emphasizes that achieving the $2.7 trillion target will rely on the rapid expansion of tokenized asset scale and a significant improvement in on-chain capital efficiency. Previously, Standard Chartered predicted that by 2028, the scale of tokenized non-stablecoin real assets would reach $2 trillion, with money market funds and U.S. stocks becoming major components.At the infrastructure level, the report mentions that decentralized trading protocols like Uniswap could become important trading hubs for tokenized assets and notes that traditional financial institutions will focus more on security and stability when entering the on-chain market. However, analysts also warn that tokenization does not necessarily lead to increased liquidity, and fragmentation between different chains and asset standards may still limit market depth and unified pricing capability.

According to Decrypt, the trading volume of tokenized Pokémon cards on crypto platforms is rapidly increasing. Driven by the "gacha" mechanism, it creates a trading experience similar to "opening boxes/drawing cards" by mapping physical cards to NFTs or digital certificates. Data disclosed by Messari shows that in May, approximately $230 million in transaction volume was achieved across seven blockchains including Solana, Polygon, Base, and BNB, which is about a tenfold increase compared to a year ago.In addition, the global trading card market size reached $15.8 billion in 2024 and is expected to grow to $23.5 billion by 2030, while the overall market value of NFTs is currently around $2.4 billion, indicating that on-chain collectibles are still in the early penetration stage.