Official Press Release

RedStone Acquires STM.co and TokenizeThis Conference, Accelerating U.S. Expansion and Institutional Strategy

January 20, 2026 – Baar, Switzerland & Miami, FL – RedStone, the modular blockchain oracle powering the next generation of yield-bearing assets in DeFi and onchain finance, today announced the acquisition of Security Token Market (STM.co), the original global data, media, and events platform for tokenized real world asset (RWA) securities, along with its flagship TokenizeThis conference.

The strategic acquisition marks a major milestone in RedStone’s U.S. and institutional expansion, strengthening the company’s position as the trusted oracle data and risk-infrastructure layer for the rapidly growing tokenized asset ecosystem. The results of 7 years of STM.co’s expansion will complement RedStone’s enterprise-grade oracle and ratings solutions, enabling a unified platform for both traditional and crypto institutions seeking reliable, transparent, and customizable RWA intelligence. That includes a comprehensive RWA dataset, research capabilities, and an industry-defining conference series.

As part of the acquisition, STM.co CEO Herwig Konings will join RedStone as Advisor and Head of TokenizeThis, continuing to scale the globally recognized event franchise. STM.co COO Jason Barraza will join RedStone as Institutional Business Development Lead, spearheading expansion efforts across asset managers, banks, issuers, FMIs, fintechs, and tokenization platforms.

Strengthening RedStone’s Institutional and Cross-Market Offering

RedStone currently serves as a modular oracle network delivering secure, customizable, and latency-optimized data feeds for yield-bearing stablecoins, RWAs, Liquid Staking Tokens (LSTs), Liquid Restaking Tokens (LRTs), and structured onchain products across more than 110 chains. Trusted by leading issuers and protocols, including Securitize, Spark, Ethena, Morpho, Drift, Compound, ether.fi, and Spiko, RedStone’s infrastructure powers billions in onchain financial activity.

STM’s research intelligence, combined with its high-visibility media and conference platforms, gives RedStone a powerful foundation to expand oracle and data-driven solutions for institutional RWA adoption.

Executive Commentary

Marcin Kazmierczak, Co-Founder of RedStone, said: “We are kicking off 2026, the year of tokenized finance and DeFi convergence, with a just-on-point expansion.  That new onchain economy requires trustworthy data, reliable risk ratings, and infrastructure capable of serving both crypto-native and institutional markets. STM has been the leading voice and data engine behind real world asset tokenization for years, and integrating their expertise and industry presence with RedStone’s oracle technology will offer the comprehensive platform that space requires. We’re excited to welcome Herwig, Jason, and the entire STM brand into RedStone as we scale our U.S. and institutional footprint.”

Herwig Konings, CEO of STM.co and incoming Advisor & Head of TokenizeThis at RedStone, said: “Security Token Market was founded in 2018 to bring clarity, data, and institutional-grade intelligence to the emerging world of tokenized assets. RedStone is the perfect home to accelerate that vision. Their oracle infrastructure already powers many of the largest RWA and yield-focused protocols in the world, and together we can serve institutions with the combined data, research, and events platform the industry has been waiting for. TokenizeThis will continue to grow, now backed by one of the most innovative teams in onchain finance.”

Jason Barraza, STM.co COO and incoming Institutional Business Development Lead at RedStone, said: “Institutions are rapidly moving from exploration to implementation in tokenized finance, but they require trusted data, risk frameworks, and credible partners to access the onchain economy at scale. STM has long been the discovery and research engine which, combined with RedStone’s infrastructure, unlocks a unified value proposition that directly addresses institutional needs. I’m eager to help bring RedStone’s capabilities to banks, asset managers, and enterprise issuers to bridge them to DeFi markets across the U.S. and around the world.”

TokenizeThis to Become the Flagship Institutional RWA Summit in NYC for RedStone

TokenizeThis, the largest and longest-running U.S. conference dedicated exclusively to the tokenization of finance, will now operate as RedStone’s premier event brand. The conference convenes the full spectrum of market participants, including global banks, asset managers, blockchain foundations, regulators, tokenization issuers, and institutional infrastructure providers.

Under RedStone’s leadership and Herwig Konings’ continued direction, TokenizeThis will grow its coverage for institutional education, product launches, and cross-ecosystem collaboration across the RWA and onchain finance landscape. More information to be shared soon.

About RedStone

RedStone is a modular blockchain oracle specialized in yield-bearing assets for DeFi and onchain finance, including value-accruing stablecoins, Liquid Staking Tokens, and Restaking Tokens. Offering secure, reliable, and customizable data feeds across 110+ chains, RedStone powers major protocols and institutional tokenization platforms including Securitize, Ethena, Morpho, Drift, Compound, ether.fi, Lombard, and others. Learn more at redstone.finance.

About Security Token Market (STM.co)

STM.co is the world’s largest repository of data and research on tokenized real-world asset securities, tracking over 800 onchain equities, real estate properties, debt instruments, and fund products with a combined market cap exceeding $60B. STM produces comprehensive research reports, media coverage, and hosts the global TokenizeThis conference, the leading event for tokenized finance bringing together the largest banks, asset managers, issuers, blockchain networks, and infrastructure providers. Learn more at STM.co. 

This is not financial advice.

Summary and Key Takeaways

1. BNY Enables Tokenized Deposits for Institutional Clients, Lloyds and Archax Uses Them for Gilt Transaction in UK

Kicking off the year strong, BNY is enabling tokenized deposits for their institutional clients, starting with Anchorage Digital, Citadel Securities, Digital Asset, WisdomTree, Securitize, and zerohash to name some. This blend also reflects their workflows focused on collateral and margin liquidity efficiency and programmable payments. As covered last week, tokenized deposits are the cash leg of transactions which at institutional scale can help streamline money movement in a meaningful way, from B2B payments to asset management use cases. Meanwhile in the UK, Lloyds issued theirs on Canton Network as well to purchase tokenized Gilts issued on Archax. Although this isn’t launched to their clients yet like BNY’s, it’s another strong movement forward for the region and those involved. This builds on previous work together around tokenized collateral so naturally we expect this partnership to continue growing and will keep an eye on future rollouts and  applications.

2. Kinexys Expands JPMD to Canton Network, Adding to Base

This news was accompanied last week by JPMorgan’s expansion of their deposit token, JPMD, to Canton Network. The Kinexys team at JPM is covering multiple bases by first issuing it on a public blockchain (Base) but also having a more privacy-configurable option through Canton. The goal is to have optionality and interoperability between those options for various institutional use cases (think hedge funds not looking to expose positions/strategies, corporate treasury balances, etc). Canton Network is a common denominator in all 3 of these announcements, making direct transactions easier and just a matter of each bank accepting the other’s deposit token. As covered last week, for those on other blockchains JPM has already done it with Deutsche Borse using SWIFT and is working with Singapore’s DBS on an interoperability option.

3. BlackOpal Announces GemStone with $200M Anchor LP Mars Capital Advisors for Credit Card Receivablesf

Credit continues to be a big application for tokenization and vaults which is why we’re now seeing a $200M anchor for BlackOpal’s GemStone which invests in credit card receivables. Citing Brazil having a $100B market, BlackOpal shares the anecdote of many transactions being paid for in installments. This need for working capital creates an opportunity for BlackOpal to buy the receivables as True Sale with automatic collections from Visa and Mastercard, rather than waiting on merchant payments. Blockchain rails help streamline operations and mitigate credit risk which is why it’s so attractive for credit markets and this collaboration with Plume is a strong move forward for exposure to emerging markets. A shout out to Boris Redfern (a friend of STM’s and the RWA Foundation), head of capital markets at Draupnir Capital which acted as Sole Lead Advisor and Capital Introduction Partner.

4. Barclays Invests in Ubyx for Stablecoin Settlement

Going back to the UK, Barclays is investing in Ubyx for stablecoin settlement which adds to the momentum in investment and M&A activity from 2025. This is especially exciting for Ubyx, being a company reportedly launched just last year and already adding a bank like Barclays to their cap table alongside other big names like Coinbase and Galaxy Digital. Payments and money movement are a big focus for many banks and this further exemplifies their conviction in the space. What’s interesting in this one is that it’s essentially rails to offramp stablecoins from multiple issuers (supporting multiple currencies) back to partner bank and custodian accounts. Barclays will surely be a partner integrating but it’ll be great to see how this investment evolves into new initiatives as well with the clearing system. 

5. Apex Group to Serve as Attestation Provider for OnRe’s ONyc Tokenized Reinsurance Vehicle

Compliance and trust are vital for successful digital assets and OnRe’s setting up their ONyc reinsurance product to be held to the same standards as traditional ones with independent attestations. They’ve selected Apex Group to verify the vehicle’s reinsurance positions, holdings, and treasury balances, both onchain and offchain, on a recurring basis. Of course these reports will be traditionally accessible but imagine when they start uploading attestations to the blockchain. The programmability and collateral movement enabled with verified data onchain will only enhance the asset further. Proof of Reserves, verifications from trusted third parties, risk ratings & assessments, and other reporting are all essential to tokenization’s success in onboarding asset classes while giving investors and other stakeholders the confidence they need to adopt further.

This is not financial advice.

RWA Foundation & WALLY DAO Updates

Join Ray Buckton, your host of The RWA Pod, for his latest interview with Mu Digital Co-Founder, Patrick Hizon!

Watch the Weekly Update

Watch Mu Digital Interview

Think Like Herwig

Hello readers,

We’re kicking off the year strong with BNY getting ahead on tokenized deposits to evolve the stablecoin landscape further. Coinbase has now made it abundantly clear it plans to compete with Robinhood and other tokenization providers. It’s truly the year of tokenization.

This makes TokenizeThis on June 23-25 THE event of the year for all things RWA and is expected to be the most high profile intimate gathering of finance professionals and institutions in the world. I’ve been teasing some major news around all this and I’m excited to finally tell you… I’m going to tease you some more! Stay tuned, we’re just about there now.

Happy tokenizing, 
Herwig “Happy” Konings
CEO, Security Token Group 

Follow me on X / LinkedIn

Security Token Show Ends with 300 Episodes!

Check out the latest and final episode of the Security Token Show as well as the full catalog on Youtube, Spotify, Apple Podcasts & Google Podcasts.

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

Helpful Resources

• $30 Trillion by 2030 - STM

• Global Tokenized Real Estate Market Guide 2024 - STM

• TokenizeThis 2024: Highlights and Key Takeaways - STM

• TokenizeThis 2023: Highlights and Key Takeaways - STM

• State of Security Tokens 2023 - Q4 - STA

• State of Security Tokens 2023 - Q3 - STA

• State of Security Tokens 2023 - Q2 - STA

• State of Security Tokens 2023 - Q1 Extended - STA

• Real-World Asset Tokenization 2023 According to STM - STM

• Tokenizing an Asset in 3 Easy Steps - Security Token Show

• Rich Data in Private Assets - STM

• State of Security Tokens 2022 - STA

• State of Security Tokens 2023 - Institutional Edition - STA

• Tokenization for Institutions - What You Need to Know - STM, Arca (YouTube)

Summary and Key Takeaways

1. SEC Commissioner Caroline Crenshaw Departs

2026 is off to an interesting shift at the SEC with Commissioner Caroline Crenshaw departing on January 2nd. As one of the commissioners pushing back on more lenient crypto regulation, her leaving the SEC tells the market to expect further progress in pro-crypto initiatives. This news certainly could have given crypto markets some momentum. Bitcoin has been rising since New Year’s and keeps rallying from its January 1st 9-month low of around $88K, now priced at $93,882 at the time of writing. Eyes will be on the SEC and regulatory developments like the CLARITY and PARITY Acts, if any further No-Action Letters are given, how the 5 new trust charter banks evolve, and of course all the new applications and adoption from both retail and institutions. 

2. Ownera Partners with LayerZero for Institutional Digital Asset Platform Interoperability

Ownera has been around for quite some time, building infrastructure for institutions to more easily participate in the onchain economy. As we all know, this is a multi-chain world and issuers need to be able to efficiently manage use cases for their tokens. Imagine at a flip of some toggles you can quickly deploy your token as well as applications for subscription, trading, collateral, repo, data, lending, payments, and custody across 160+ chains. Ownera chose LayerZero to help power that interoperability. It’s not just the token that needs to move, it’s the applications that need to talk to each other and reduce the need for a bunch of bi-lateral integrations (complexities) for institutions to adopt tokenization at scale.

3. NYU Langone Health Chooses BitGo for Digital Asset Donation Infrastructure

It’s always great to see useful examples of digital assets in the world in addition to those of capital markets and this week we saw NYU Langone Health expanding their donor base with it. While dollars are always appreciated, some donors may prefer to donate crypto and this academic institution chose BitGo Bank & Trust to power it. The goal is to make it a seamless experience for both sides with the donor sending, for example, bitcoin and BitGo selling it for USD to send to NYU. That said, naturally the recipient may choose to liquidate only some of the crypto, keeping the rest for potential appreciation in which case BitGo will be custodying it. This was great to wake up to this morning and brings curiosity on other use cases non-finance companies will adopt this year related to crypto and tokenization.

This is not financial advice.

RWA Foundation & WALLY DAO Updates

Join Ray Buckton, your host of The RWA Pod, for his latest interview with Mu Digital Co-Founder, Patrick Hizon!

Watch Mu Digital Interview

Think Like Herwig

Hello readers,

As you prepare your first half of the year, many are already planning which key events they should plan to attend. Digital Asset Summit in NYC tends to have a strong institutional and crypto presence but can be a bit of a zoo. The perfect gathering of finance and blockchain folks all in one room where you can still breathe? TokenizeThis of course! We’re back again this year on June 23-25th in the same location, the Glasshouse in NYC. 

We’re already in discussions with many of our previous sponsors and are proud to say we have one of the largest banks in the country already supporting. Just the beginning as we put together the industry’s BEST global tokenization conference. More details TBA soon, stay tuned!

Happy tokenizing, 
Herwig “Happy” Konings
CEO, Security Token Group 

Follow me on X / LinkedIn

Security Token Show Ends with 300 Episodes!

Check out the latest and final episode of the Security Token Show as well as the full catalog on Youtube, Spotify, Apple Podcasts & Google Podcasts.

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

Helpful Resources

• $30 Trillion by 2030 - STM

• Global Tokenized Real Estate Market Guide 2024 - STM

• TokenizeThis 2024: Highlights and Key Takeaways - STM

• TokenizeThis 2023: Highlights and Key Takeaways - STM

• State of Security Tokens 2023 - Q4 - STA

• State of Security Tokens 2023 - Q3 - STA

• State of Security Tokens 2023 - Q2 - STA

• State of Security Tokens 2023 - Q1 Extended - STA

• Real-World Asset Tokenization 2023 According to STM - STM

• Tokenizing an Asset in 3 Easy Steps - Security Token Show

• Rich Data in Private Assets - STM

• State of Security Tokens 2022 - STA

• State of Security Tokens 2023 - Institutional Edition - STA

• Tokenization for Institutions - What You Need to Know - STM, Arca (YouTube)

Summary and Key Takeaways

1. SWIFT, JPMorgan, and Deutsche Borse Pilot Tokenized Deposits

It’s the end of the year which naturally means a lighter news cycle with less huge announcements but rather great updates to close out 2025. In this case we’re talking about cross-border, cross-bank deposits transacting onchain. In November, JPMorgan announced they were working with Singapore’s DBS to bridge the gap between JPM’s deposit token and DBS’. While we haven’t seen an update there, we did see a similar initiative now in pilot with Deutsche Borse and SWIFT. The main takeaway with these initiatives is that while multiple banks are issuing their own deposit tokens it raises concern over interoperability between them (different issuers, blockchains, etc.). SWIFT remains as the connective tissue essentially enabling messaging between Kinexys and Clearstream DLT using the new Unified Deposit Bridge so the banks’ respective balances can update near real time without having to go to a public chain or wrap/bridge between their private ones. The use case here is more institutional and corporate (imagine a company’s EU subsidiary sending money to their US one or US vendor using an American bank), however it can one day expand to retail users with multiple accounts. 

This is mostly meant to focus on the transfer of value between institutional accounts but doesn’t prevent that value to go outside that ecosystem using other options. Remember that JPMD is issued on Base (public) and JPM’s work with Coinbase for example (credit card point conversions, bank account integrations, etc.). Imagine JPMD being swapped for USDC so easily to work in the Coinbase ecosystem. Tokenized cash is a great start and once this grows further it can also be repurposed for other assets like tokenized funds, equities, and more. As I’ve said, 2025 and 2026 are years of consolidation, not just M&A activity but also in infrastructure and in this case SWIFT is finding its enhanced role in this onchain economy as the natural connector between institutional silos.

2. JPM Looking at Onchain Cash Management and Crypto Trading

JPMorgan of course isn’t stopping at tokenized deposits. Cash/treasury management is a big theme many institutions are/will be looking at as a natural application post-GENIUS Act momentum. Two weeks ago JPM issued their My OnChain Net Yield Fund (MONY) on Ethereum which is where qualified investors can park money, earn some yield, and remain pretty liquid for when they need to use it. This combined with the DTCC’s No-Action letter from the SEC results in what promises to be an interesting 2026, removing dead time between transactions now that they can happen onchain (even public ones) within a controlled environment. Why? Because both the asset and cash legs will be on the same (or interoperable) ledgers unlike the archaic system we have today. Think of it as what Lynq Network is doing but at a greater scale with the DTCC keeping control. 

This isn’t expected to go live until 2H2026, however something else to keep an eye on is JPM’s willingness to open up crypto trading for institutional clients. This is something that other incumbents are also looking at with Morgan Stanley’s integration of (and investment in) zerohash, Fidelity offering it already and adding in their recent trust bank charter, and earlier this month Coinbase and PNC partnering for private client direct bitcoin trading. Crypto and tokenized securities were separated for a long time but its evident the rails are being put in place to handle both in the same environments which long-term will make for customers’ ability to seamlessly see both balances, transact them, and more easily make portfolios that consist of both. The race continues with Coinbase (and other fintechs) powering banks’ ability to service but also offering securities on their platform at some point next year as we learned about their new Coinbase Tokenize a couple weeks ago.

3. Amplify Launches ETFs with Focus on Tokenization and Stablecoins

Speaking of mixed portfolios, Amplify is following Bitwise’s footsteps in the ETF space with their own ETFs allocating into tokenization and stablecoin infrastructure. While Bitwise was first to announce this it seems Amplify beat them to market as both STBQ and TKNQ are now trading on the NYSE. As a further differentiation, Bitwise’s is one ETF deploying into cryptos and equities of infrastructure supporting both stablecoins and tokenization while Amplify separated them into two ETFs. Aside from bringing further legitimacy to the space with expected institutional flows, these ETFs also come at a great time with 2025’s IPOs and those announced for 2026, likely meaning allocations for Figure, Circle, Securitize, tZERO, Animoca Brands, and more we’d expect to also file to go public. Of course inclusion to the indices are subject to the methodologies from the index provider, MarketVector in this case, and will also be competing with incumbents working in these spaces like bank and PSP stocks but the exciting thing here is that these worlds are coming together. It’ll be interesting to see how these indices’ returns compare to traditional ones (not financial advice)!

4. U.S. Draft Tax Bill with Staking and Stablecoin Relief

Looking at regulation, GENIUS was a great first step and the industry awaits CLARITY, however there’s a new bill now introduced by Representatives Max Miller of Ohio and Steven Horsford of Nevada - the Digital Asset Protection, Accountability, Regulation, Innovation, Taxation, and Yields (PARITY) Act. This one’s looking at the tax code and how it treats digital assets, giving everyone a more clear path when doing our taxes. Some points to look at are not being taxed on small stablecoin transactions under $200, wash sale rules, deferral on staking rewards, and more. Aside from clarifying the rules, PARITY is also setting up US-licensed infrastructure for success with special treatment for stablecoins issued by federally-regulated entities (like the 5 new trust banks) and international investors using US brokers for onchain transactions. This hasn't passed yet and surely there’ll be a lot of back and forth, but it’s something to keep an eye out for throughout 2026. 

5. tZERO Expands to Stellar, XDC, and Algorand

We all know tokenization is a multi-chain endeavor and tZERO is growing its support for more beyond its current Ethereum, Avalanche, Tezos, and more recently Polymath partnership. Stellar, XDC, and Algorand are the new entrants to the tZERO ecosystem, each bringing their own value propositions for different issuers to choose from. This makes sense as different asset classes have different needs, from speed and liquidity for more nimble assets to increased security and larger DeFi application support for others. Eventually these assets will trade seamlessly between investors’ preferred networks, however the host chain does matter to an extent and tZERO is enabling more optionality for their issuers + any primary issuance platforms they’ll welcome in for secondary listing. 

This is not financial advice.

RWA Foundation & WALLY DAO Updates

Join Ray Buckton, your host of The RWA Pod, for this week’s updates and make sure to catch his latest interview with Mu Digital Co-Founder Patrick Hizon!

Watch the Weekly Update

Watch Mu Digital Interview

Think Like Herwig

Hello readers,

As you prepare to enter the new year expect a major focus of the market to be on stablecoins v deposit tokens, the CLARITY Act, Onchain equities and the role of private credit and lending in RWAs and DeFi. 

The era of laying the infrastructure has evolved to the product era where the market is defined by the size and activity, not the potential. I’m confident tokenization will grow faster than crypto and flip it altogether in size in just a few short years ahead, two maximum three tops! We can expect that 2026 will define many of the winners and leading providers in nearly all categories of onchain finance.

Happy tokenizing, 
Herwig “Happy” Konings
CEO, Security Token Group 

Follow me on X / LinkedIn

Security Token Show Ends with 300 Episodes!

Check out the latest and final episode of the Security Token Show as well as the full catalog on Youtube, Spotify, Apple Podcasts & Google Podcasts.

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

Helpful Resources

• $30 Trillion by 2030 - STM

• Global Tokenized Real Estate Market Guide 2024 - STM

• TokenizeThis 2024: Highlights and Key Takeaways - STM

• TokenizeThis 2023: Highlights and Key Takeaways - STM

• State of Security Tokens 2023 - Q4 - STA

• State of Security Tokens 2023 - Q3 - STA

• State of Security Tokens 2023 - Q2 - STA

• State of Security Tokens 2023 - Q1 Extended - STA

• Real-World Asset Tokenization 2023 According to STM - STM

• Tokenizing an Asset in 3 Easy Steps - Security Token Show

• Rich Data in Private Assets - STM

• State of Security Tokens 2022 - STA

• State of Security Tokens 2023 - Institutional Edition - STA

• Tokenization for Institutions - What You Need to Know - STM, Arca (YouTube)

Summary and Key Takeaways

1. DTCC Chooses Canton Network for Tokenized Treasuries

Last week we covered the DTCC getting their No-Action letter from the SEC to tokenize liquid assets such as equities, ETFs, and bonds on pre-approved blockchains. We wondered which ones would be chosen and this week we have our first answer and it’s Canton Network. This comes to no surprise given that they invested in Digital Asset, the company behind Canton, during their $135M round earlier this year and have done work together already with an onchain financing of tokenized treasuries using USDC on a Saturday. This serves as a proof of concept for the MVP that’s to come in the first half of 2026 around tokenizing a subset of DTC-custodied treasuries which of course is the foundation for onchain trading and collateral mobility to support securities lending. 

Aside from this initiative the DTCC will also be co-chairing the Canton Foundation alongside Euroclear. Having two of the largest post-trade service providers onboard is a big win for the privacy-focused blockchain and Digital Asset’s cap table of institutions signals this is just the tip of the iceberg of what’s to come. With all that said, the DTCC will support other blockchains and it’ll be interesting to see which other ones make the cut as they prepare to tokenize other assets beyond treasuries. While Canton’s great for some use cases that need to preserve privacy in transactions and other information, the other side of the coin is the fact that it’s so institutionally-owned and some may prefer a more open, permissionless environment and transparency that comes with other blockchains as long as investor protections and proper guardrails are in place.

2. Anchorage Digital Integrates Hedgey for Token Management and Acquires Securitize for Advisors

Not 1 but 2 big announcements from Anchorage Digital, starting with their Hedgey platform that they’ve now integrated with their custody solutions to have an all-in-one token cap table management system. This means automated collection of information (like wallet addresses), vesting schedules, and distributions with a nice interface for both the issuer and the investor/stakeholder. Why is this needed? To eliminate the need for Excel spreadsheets and the operational risks associated with such manual management of token allocations. This isn’t all as Anchorage also announced their acquisition of Securitize for Advisors, the crypto wealth management platform for RIAs. This is a win-win as Anchorage expands wealth management solutions and clientele while Securitize gets to maintain their focus on their core business which is tokenizing capital markets. Having 99% of Securitize for Advisors assets already custodied with Anchorage makes this even more frictionless of an integration. Wealth management will be changing dramatically with crypto allocations getting off zero, as we saw even Bank of America fold and finally start allowing it next month and Morgan Stanley increase theirs to 4% earlier this year. Anchorage is positioning itself to be a go-to option for crypto custody and eventually tokenized securities will make their way into portfolios, giving RIAs a way to help their clients enhance their allocations safely.

3. Securitize Announces Tokenized Stocks with 24/7 Trading Coming in Q1 2026

Tokenized stocks have come back into the spotlight in 2025 in various forms, from xStocks bringing access at scale through exchanges like Kraken to Superstate and Figure going after native issuance. What’s native issuance? Where the token is the actual security, rather than a wrapper or representation of a security held somewhere else in a different structure. Securitize was a pioneer in this space through Exodus’ equity years ago and now they’re refocusing on native tokenized stock issuance and trading with FG Nexus as their first client to use this new solution. Aside from issuing shares directly to registered wallets with Securitize’s transfer agent, which others like Superstate’s Opening Bell does as well, trading is going to have two forms to enable 24/7 liquidity. During market hours Securitize Markets will be following Regulation NMS, including execution at the National Best Bid and Offer (NBBO) just like you would on a normal brokerage account. What about when the market is closed? Trading will switch to their automated market maker for pricing. Slowly but surely are tokenized stocks taking their true, native form while blending with traditional markets for liquidity, pricing, and governance unlike other structures. This announcement displays Carlos Domingo and team’s thoroughness even Superstate CEO Robert Leshner commented on X, “This is the way. Nice product structure!”

4. Superstate Tokenized Stocks Now Accepted as Collateral on Kamino

Speaking of Superstate, their Opening Bell platform has been tokenizing stocks as well and is now expanding into DeFi utility using Kamino on Solana. Forward Industries (FWDI), Exodus (EXOD), and Solana Company (HSDT) investors will now be able to use their positions as collateral for stablecoin loans through a vault. Why would anyone do this? Imagine being able to borrow stablecoins and use them in a DeFi strategy with high yield (not financial advice). This gives the opportunity to earn there while maintaining ownership of your equities and not miss out on their potential upside. As DeFi users get accustomed to RWAs more and more we expect to see new borrowing venues to become available, SecLending capabilities, and more for holders of these equities. At the same time, this also means that others can participate in the lending part of it and earn interest from said investors just as we’ve seen in comparable platforms like Aave’s Horizon. 

5. Coinbase Announces Coinbase Tokenize

During their Apple-style event called System Update, Coinbase announced multiple new services and functionalities coming to the platform including their social media-enabled wallet coming out of beta (the Base App), Coinbase Business, 24/5 stock trading, prediction markets through Kalshi, Coinbase Advisor (AI-powered financial advisor), and more. While all of these are super exciting, the final announcement from Brian Armstrong is the one we’ve been waiting for: Coinbase Tokenize. He didn’t share too much information, however the main takeaway is that Coinbase is going to start focusing on primary security token issuances. This is what we predicted is going to be the next step after Coinbase earlier this year did the ICO for Monad (AKA the MVP for regulated primary offerings). This is huge for companies looking to raise from a wide investor audience and vice versa for their 100M+ users to get easier access to RWAs. 

This is not financial advice.

RWA Foundation & WALLY DAO Updates

The RWA Foundation introduced the RWA Pod as “A permissionless way for anyone to support RWAs using crypto with multiple RWA project tokens as yield.”

In partnership with PERQ, the RWA Pod allows you to deposit ETH, USDC, ARB, and S/ Sonic. Participants will receive tokens on multiple blockchain protocols related to RWA projects that the RWA Foundation has qualified and selected as Founding Members.

Check out this latest interview with REAL Finance CEO & Co-Founder Ivo Grigorov!

Think Like Herwig

Hello readers,

Happy holidays to you and your families! I’m excited for 2026 for so many reasons but most of all because the last 8 years of hard work and sacrifice are about to pay off. Get ready for the year of tokenization and for a major announcement from STM in the new year!

Happy tokenizing, 
Herwig “Happy” Konings
CEO, Security Token Group 

Follow me on X / LinkedIn

Security Token Show Ends with 300 Episodes!

Check out the latest and final episode of the Security Token Show as well as the full catalog on Youtube, Spotify, Apple Podcasts & Google Podcasts.

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

Helpful Resources

• $30 Trillion by 2030 - STM

• Global Tokenized Real Estate Market Guide 2024 - STM

• TokenizeThis 2024: Highlights and Key Takeaways - STM

• TokenizeThis 2023: Highlights and Key Takeaways - STM

• State of Security Tokens 2023 - Q4 - STA

• State of Security Tokens 2023 - Q3 - STA

• State of Security Tokens 2023 - Q2 - STA

• State of Security Tokens 2023 - Q1 Extended - STA

• Real-World Asset Tokenization 2023 According to STM - STM

• Tokenizing an Asset in 3 Easy Steps - Security Token Show

• Rich Data in Private Assets - STM

• State of Security Tokens 2022 - STA

• State of Security Tokens 2023 - Institutional Edition - STA

• Tokenization for Institutions - What You Need to Know - STM, Arca (YouTube)

Summary and Key Takeaways

1. SEC Issues DTCC No-Action Letter, OCC Approves 5 Trust Charter Banks

What a 1-2 punch from US regulators this past week that we’ve all probably seen take over LinkedIn and X (crypto Twitter). Starting with the SEC, they issued a No-Action letter to the DTCC to tokenize highly liquid assets including equities, ETFs, and bonds. This isn’t native tokenization as shares can be held either traditionally or minted into an onchain omnibus account (whitelisted wallets), however bringing this optionality at an operational level is the beginning of what will eventually evolve to bridging these assets to DeFi markets. This onboards existing and future users, but doesn't mean native tokenization is out of the question by any means either. They'll coexist and the DTCC will plug into DeFi rails for interoperability with legacy systems as market participants take their pick of how their assets are issued, held, and used. Importantly, DTCC emphasizes the digital version carries the same entitlements, investor protections, and ownership rights as the traditional asset. It’ll be interesting to see what blockchains get pre-approved to issue on and what the criteria looks like.

Market rails are important and so are custody ones, which is why the OCC conditionally approving 5 trust charter bank applications (and conversions) made a splash the next day. Ripple, Circle, BitGo, Fidelity, and Paxos are all getting upgraded, creating a new competitive landscape between them as well as with traditional custodians. While these new trust charter banks won’t be able to accept deposits, being federally-supervised positions them to custody/operate digital asset services (custody, fiduciary services, trustee/agent roles) alongside traditional frameworks. What does this mean? It means institutions will be more comfortable with these infrastructure providers and therefore increasing in-production use cases. For tokenized securities, that’s the difference between “a token exists” and “institutions can actually settle and service it with controls.” In the coming months we expect to see a lot more partnerships with all of them and TradFi companies (maybe even other banks) followed by announcements of new products and services.

2. Galaxy and State Street Partner on Tokenized Liquidity Fund: SWEEP

Solana Breakpoint brought a lot of announcements naturally before and during the event, with one of the big headlines being the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP). Treasury management is important for any company and those looking to come onchain need a vehicle that’s similar to traditional, liquid options they have offchain. The idea with SWEEP is that qualified purchasers can trade in and out of it at any time, using PYUSD for settlement (Paxos-issued stablecoin for PayPal). But wait, there’s more. Aside from announcing this product will come in early 2026, they also announced that Ondo Finance’s OUSG will be committing a $200M investment into SWEEP. Will this be expanded upon at Ondo Summit in February? State Street being one of the largest global custodians, Galaxy a leading onchain asset manager, and Paxos’ national bank charter conversion together brings an increased level of legitimacy to this kind of asset which raises the question: Who will be the first non-crypto company to use it and expand their around-the-clock treasury management capabilities?

3. R3 Announces Corda Protocol for RWA Vaults on Solana

Earlier this year R3 and Solana announced their partnership to integrate and months later here we have it! R3 will be launching Corda Protocol on Solana which is essentially a Solana-native curated vault platform. The idea is to increase institutional product distribution to Solana users, curating vaults with RWAs which R3 powers $10B+ of. Beyond just giving investors something to invest into (vaults = funds), investors also get a liquid vault token that they can use in other DeFi applications such as borrowing/lending, looping, etc. These kinds of partnerships and infrastructure are what give institutional issuers comfort in participating (if they really want to stick with a private blockchain and all its controls) while not segmenting them away from the investor and developer reach that a permissionless blockchain like Solana brings to the table. Corda protocol is set to launch in the first half of 2026 which raises the question of what the first vault would look like (private credit? Money market funds? Something completely different?)

4. OSL Selects Anchorage for USDGO US Stablecoin Issuance

Hong Kong-based OSL is the first SFC-licensed crypto trading platform and it also supports RWAs such as ChinaAMC’s money market fund. They’re looking to expand to the US through their new USDGO stablecoin which will bring cross-border instant settlement. OSL chose Anchorage Digital as the issuer, the first federally chartered crypto bank in the US, which again reemphasizes the importance of having institutionally-trusted guardrails and supervision to potential customers. Anchorage goes beyond just stablecoin issuance and custody services, they also offer staking, DeFi, and trading among other services that OSL could take advantage of after the USDGO issuance. Crypto companies are building full ecosystems and going beyond the simple issuance service to differentiate themselves, build trust, and most importantly give both issuers and investors the rails they need to interoperate between TradFi and DeFi markets with ease.

5. Canton Selects RedStone to Power Data Feeds, Raises Again from Wall Street

Speaking of infrastructure and trust, Canton Network has been doing a lot of that with institutional players both in the US and outside of it. Their privacy-enabled, public blockchain is a happy medium that many of them are using (including Broadridge’s distributed ledger repos) AND investing into, having just raised $135M back in June with additional investment from BNY, iCapital, Nasdaq, and S&P Global a couple weeks ago. Privacy and security are paramount for banks, asset managers, and FMIs like these which reflects in their hefty investments into the infrastructure. Powering price feeds with precision and connecting assets to DeFi markets efficiently while preserving those pillars is a challenge RedStone is built to support through their customizable, risk-aware data feeds which is why Canton chose them as a core oracle for their ecosystem. This isn’t just price feeds by the way, it’s any data that needs to talk to smart contracts such as NAVs, interest rates, FX prices, and other triggers for automated workflows and risk management (RedStone acquired Credora for their DeFi ratings earlier this year).

When you’re looking to power over $6T in RWAs and $4T in monthly volume, feeds that are efficient and customizable to different needs at scale are the behind-the-scenes work that keeps the end user happy with trust and low cost. Last week we covered how RedStone saved users $1.5M in minting fees for a stablecoin (and growing) by customizing how they price collateral assets. Now imagine the savings and other needs they’ll be addressing at a much bigger scale.

This is not financial advice.

RWA Foundation & WALLY DAO Updates

The RWA Foundation introduced the RWA Pod as “A permissionless way for anyone to support RWAs using crypto with multiple RWA project tokens as yield.”

In partnership with PERQ, the RWA Pod allows you to deposit ETH, USDC, ARB, and S/ Sonic. Participants will receive tokens on multiple blockchain protocols related to RWA projects that the RWA Foundation has qualified and selected as Founding Members.

Check out this latest interview with REAL Finance CEO & Co-Founder Ivo Grigorov!

STM.co Data

This is not financial advice.

Think Like Herwig

Hello readers,

Since 2017 I’ve heard people say that the next year is going to be THE year of tokenization. Fast forward to today and every other major fad in crypto took its place. However, nearly a decade later, it’s safe to say that 2026 will actually be the greatest and best year for asset tokenization we’ve ever seen. That’s because new legislation has paved the way for stablecoins to boom which both exemplifies the use case for tokenization but also act as the building blocks for the rest of onchain finance to thrive.

More legislation is coming and more powerful use cases are getting noticed like equities, private credit, and other commodity backed stablecoins taking the stage. Instead of blockchain companies, the sector now has traditional finance incumbents and massive web 2 Fintechs entering with products and services. Meanwhile DeFi is falling apart and yearning for stability through RWAs. 

It’s time for finance to embrace its next evolution and, finally, the world to adopt wallets through or outside of banks. That time is here.

Happy tokenizing, 
Herwig “Happy” Konings
CEO, Security Token Group 

Follow me on X / LinkedIn

Security Token Show Ends with 300 Episodes!

Check out the latest and final episode of the Security Token Show as well as the full catalog on Youtube, Spotify, Apple Podcasts & Google Podcasts.

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

Helpful Resources

• $30 Trillion by 2030 - STM

• Global Tokenized Real Estate Market Guide 2024 - STM

• TokenizeThis 2024: Highlights and Key Takeaways - STM

• TokenizeThis 2023: Highlights and Key Takeaways - STM

• State of Security Tokens 2023 - Q4 - STA

• State of Security Tokens 2023 - Q3 - STA

• State of Security Tokens 2023 - Q2 - STA

• State of Security Tokens 2023 - Q1 Extended - STA

• Real-World Asset Tokenization 2023 According to STM - STM

• Tokenizing an Asset in 3 Easy Steps - Security Token Show

• Rich Data in Private Assets - STM

• State of Security Tokens 2022 - STA

• State of Security Tokens 2023 - Institutional Edition - STA

• Tokenization for Institutions - What You Need to Know - STM, Arca (YouTube)

Summary and Key Takeaways

1. tZERO Announces 24/7 Order Entry and Extended Trading Hours, Approved for Retail Mutual Funds

tZERO’s ATS will be trading almost 24/7 starting next Monday! This is another step towards getting people used to trading on blockchain rails, where markets don’t sleep. Trading will stop for 30 minutes from 11:35pm to 12:05am ET Monday through Friday but support order entries 24/7. As Alan Konevsky put it, this helps drive the liquidity and demand as they position themselves with what crypto natives are used to seeing and where capital markets are going. This news comes shortly after tZERO was just approved to support mutual funds for retail investors. These open-end funds are prime for the 24/7 order entry news as they’re meant to be available for continuous subscriptions and redemptions, allowing retail users access at any time. Furthermore, Uphold will be leveraging these trading, clearing, and custody solutions to offer tokenized securities on their platform for millions of customers as they’ve filed with FINRA. Integrations like these put the plumbing in place to feed more liquidity to tokenized private market assets and vice versa make those assets available to larger audiences.

2. Kraken to Acquire Backed (xStocks) and Partners with Deutsche Börse to Connect Markets

Kraken may have filed for an IPO but that’s not a distraction as they continue to make big moves, starting with the acquisition of Backed Finance. The xStocks creator joining Kraken makes sense given their close partnership in distributing public market assets to the large user base (and others). It’s because of the alliance they were able to build to support xStocks and the technology’s versatility that this is a big opportunity for Kraken, putting them in a position to repurpose this for other asset classes with built-in partners to support those as well. What can they marry that with? For starters, Kraken also owns CF Benchmarks which can help with index creation but they’re also expanding to other institutional efforts. This week Kraken also announced their partnership with Deutsche Börse to connect crypto, tokenized RWAs, collateral management, and derivatives for institutional access. Cross-listing assets and making them available on each others’ platforms for their respective userbases is how liquidity can flow more frictionlessly, involving players in their ecosystem like 360T for FX, Kraken Embed for whitelabel solutions, Crypto Finance, Clearstream, and 360X.

3. RedStone Powers CAP’s cUSD, Saves $1.5M+ for Users

Stablecoins are the talk of town this year due to the GENIUS Act passing, which we now expect the FDIC to share an implementation framework for this month. Aside from everyone issuing their own, there’s also infrastructure behind the scenes that makes things like efficient collateral pricing possible and save millions in fees. RedStone helped put $300K back in users’ pockets in week 1 of deploying their new pricing oracle solution for CAP’s cUSD, a stablecoin that prices collateral assets every time someone mints it and outsources yield generation. Configured with a 0.05% deviation threshold, this feed calculates actual reserve value to defend the peg by sourcing and validating market price for each of the collateral assets in reserve. The real time pricing lowers the need for risk buffers resulting in lower minting fees for the user, dropping from 0.50% to 0.10%. This has grown to save over $1.5M and growing. This is a custom solution for a fast-moving use case and RedStone was able to deploy it in two weeks which speaks to their modularity and flexibility.

4. Figure Launches RWA Consortium for Onchain Lending with PRIME Liquid Staking Token

Figure continues to build in the credit space, now launching a consortium to expand access to Solana and other upcoming chains. Figure and Provenance Blockchain Foundation built Hastra to distribute yield from their Democratized Prime lending platform (Figure’s HELOCs) to DeFi ecosystems across multiple chains. Taking it a step further, Hastra issues PRIME, a liquid staking token that can be used on Kamino for lending/borrowing and looping to enhance yield. Through this consortium Figure is putting together the pieces needed for a successful Solana ecosystem that offers utility from the start. This makes it easier for the everyday DeFi user to get in on the same underlying loan originations as institutions just through a different vehicle that’s compatible with other DeFi applications.

5. Falcon Finance Adds Etherfurse Mexican CETES as Collateral for USDf

Stablecoins and treasuries have brought increased attention to collateralization and proof of reserves. While most are backed by US Dollars and short term treasuries Falcon Finance is expanding USDf’s collateral backing to include Mexican CETES, issued by Etherfuse. This is their first non-USD denominated sovereign yield asset, going to show how tokenization can more easily introduce diversified yield with familiar risk characteristics. The Solana-based Mexican short term bills are joining US-denominated collateral assets like Centrifuge’s diversified AAA-rated CLO portfolio token JAAA to be able to mint USDf.

This is not financial advice.

RWA Foundation & WALLY DAO Updates

The RWA Foundation introduced the RWA Pod as “A permissionless way for anyone to support RWAs using crypto with multiple RWA project tokens as yield.”

In partnership with PERQ, the RWA Pod allows you to deposit ETH, USDC, ARB, and S/ Sonic. Participants will receive tokens on multiple blockchain protocols related to RWA projects that the RWA Foundation has qualified and selected as Founding Members.

Two of the tokens in the POD rewards are Brickken’s BKN and DRVN’s BSTR. Want to learn more about them? Check out interviews with their founders now available on X and on YouTube, go ahead and check them out 👇!

STM.co Data

This is not financial advice.

Think Like Herwig

Hello readers,

We’ve got some very exciting announcements to reveal soon related to TokenizeThis as well as partners and clients for next year, some of who are working on what will define digital asset adoption in 2026 for tokenized assets. If the CLARITY act gets passed, we might see the most explosive year of growth for RWAs than every other year combined.

I suspect next year the talk of town will be tokenized equities. Lending capabilities around them, trading globally 24/7, integrating DeFi access for them. Huge volumes will flow and the use case for RWAs as stablecoins and equities will be validated and expand faster from there to all facets of finance.

What an exciting time to be in this sector!

Happy tokenizing, 
Herwig “Happy” Konings
CEO, Security Token Group 

Follow me on X / LinkedIn

Security Token Show Ends with 300 Episodes!

Check out the latest and final episode of the Security Token Show as well as the full catalog on Youtube, Spotify, Apple Podcasts & Google Podcasts.

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

Helpful Resources

• $30 Trillion by 2030 - STM

• Global Tokenized Real Estate Market Guide 2024 - STM

• TokenizeThis 2024: Highlights and Key Takeaways - STM

• TokenizeThis 2023: Highlights and Key Takeaways - STM

• State of Security Tokens 2023 - Q4 - STA

• State of Security Tokens 2023 - Q3 - STA

• State of Security Tokens 2023 - Q2 - STA

• State of Security Tokens 2023 - Q1 Extended - STA

• Real-World Asset Tokenization 2023 According to STM - STM

• Tokenizing an Asset in 3 Easy Steps - Security Token Show

• Rich Data in Private Assets - STM

• State of Security Tokens 2022 - STA

• State of Security Tokens 2023 - Institutional Edition - STA

• Tokenization for Institutions - What You Need to Know - STM, Arca (YouTube)

Summary and Key Takeaways

1. Nasdaq to Go “As Fast As We Can” on Stock Tokenization

Tokenized stocks continue to have increased pressure to be supported by legacy players like Nasdaq & London Stock Exchange as well as fintechs such as Ondo, Backed, Superstate, and Securitize. Speaking on CNBC, Nasdaq’s head of digital assets Matt Savarese re-emphasized the exchange’s strong focus on tokenization for which the bottleneck is approval from the SEC amid Nasdaq’s proposal a couple of months ago. The race is on, with LSEG having already onboarded their first issuer MemberCap to their new Digital Markets Infrastructure in September. Although that one is a private fund, having the tokenization technology in-house and operational positions LSEG well to repurpose it for public stocks. In the interview, Savarese reassures listeners that they’re not looking to create new assets but rather give investors a choice on how they hold their assets. Tokenization would help with post-trade processing while enhancing utility, which lets not forget that this summer Nasdaq Calypso integrated with Canton Network for collateral mobility and workflows. 

2. Securitize Approved in EU for Trading & Settlement System, Selects Avalanche

Tokenization and blockchain overall bring the promise of cross-border transactions for a global economy, however regulatory fragmentation has been a hurdle for securities. Securitize is breaking down this barrier and living up to their “Tokenize the World” slogan, connecting US and European markets through their new approval to operate as both an Investment Firm and a Trading & Settlement System (TSS) in the European Union thanks to the DLT Pilot Regime. This is a big win for them as 2025 enters its final month in addition to their IPO plans which together bring further legitimacy to the space and positions them strongly to service a wider spectrum of clients. The TSS will operate on Avalanche with the first offering expected in early 2026 via Securitize Europe and further expands Securitize’s reach, adding to their US and Japanese arms. These are the foundation toward bringing more assets and more liquidity to the platform as investors would presumably have interest in other global offerings beyond those issued in their home jurisdiction. 

3. Paxos Goes Multichain with new USDG0 and Acquires Fordefi

Paxos is looking to expand their reach in the stablecoin space, having their USDG now be interoperable across multiple blockchains in the form of USDG0. LayerZero is their interoperability partner which will start with issuing USDG0 on Plume, Hyperliquid, and Aptos by having users lock up their original USDG. Why two tokens? Interoperability comes in multiple forms in addition to simply bridging which comes with its own set of risks. LayerZero’s solution is their Omnichain Fungibile Token (OFT) standard which looks to mitigate liquidity fragmentation. According to the article, Paxos is already thinking about other chains to support such as Solana, Ethereum, Ink, and X Layer. That being said, the initial chains supported will help USDG0 be used in both RWA and derivatives markets given those chains’ focuses.

As institutions continue to adopt blockchain rails for their assets, custody (Paxos’ main business) is also a priority which is why they’re now acquiring Fordefi. It’ll continue to operate independently but the qualified custodian will integrate their multi-party computation (MPC) wallet architecture into their platform over time, giving institutional participants further optionality in how they’d like to hold their assets and interact with the onchain economy. 

4. Primior Launches GAIA Tokenized Real Estate Platform Today

Primior is back in the tokenized real estate headlines, today launching their own platform to support it called GAIA. For those that have followed us for years, you may remember Primior as the issuer of United States Property token $USP which aims at giving investors exposure to a portfolio of real estate assets. According to the USP website it seems to be at $52M AUM which is now the inaugural offering on the GAIA marketplace. This is just the beginning as they prepare to welcome new issuers to the platform which they claim to have over 300 inbound requests from asset owners and developers looking to follow their lead in tokenizing their assets. A big congratulations to Johnney Zhang and team as they launch today!

5. Tykhe Capital and Skyvast Launch $150M Tokenized AI Infrastructure Fundy

Shifting focus over to Hong Kong, Skyvast is issuing their SKYD token. This is interesting because it’s not just fund LP exposure but also comes with a 15% revenue share agreement which gives investors both upside potential and cash flow from the assets the fund will invest in. Kicking off with $150M, Tykhe Capital’s Pioneer Asset Management is helping raise this fund (submit interest on their website, not financial advice). AI is a fast-growing space that many are investing heavily into and this offering gives the everyday investor an opportunity to do so as well with a $1,000 minimum. This news comes shortly after the HKMA released a 5-year plan that includes over 40 initiatives for AI in finance, data and payment infrastructure, and of course tokenization which makes the tokenized fund an interesting offering tying those together.

This is not financial advice.

RWA Foundation & WALLY DAO Updates

The RWA Foundation introduced the RWA Pod as “A permissionless way for anyone to support RWAs using crypto with multiple RWA project tokens as yield.”

In partnership with PERQ, the RWA Pod allows you to deposit ETH, USDC, ARB, and S/ Sonic. Participants will receive tokens on multiple blockchain protocols related to RWA projects that the RWA Foundation has qualified and selected as Founding Members.

Two of the tokens in the POD rewards are Brickken’s BKN and DRVN’s BSTR. Want to learn more about them? Check out interviews with their founders now available on X and on YouTube, go ahead and check them out 👇!

STM.co Data

This is not financial advice.

Think Like Herwig

Hello readers,

December is the most wonderful time of the year! Although not for crypto markets per say. Still, the hypothesis is that a bear market could actually do well for RWAs as people seek better, safer yield instead of volatile bets. I think bull runs are always better across the board and nothing is ever out of the question in crypto but what isn’t in question is the 2026 roadmap for global stablecoin adoption, market infrastructure, and regulator acceptance and integration. When you zoom out and think about the life of the tokenization industry, it’s without a doubt that 2025 marks the pivotal year that changed it all. Next we can expect real market maturity & growth and instead of debating whether tokenization is going to make it or not.

Happy tokenizing, 
Herwig “Happy” Konings
CEO, Security Token Group 

Follow me on X / LinkedIn

Security Token Show Ends with 300 Episodes!

Check out the latest and final episode of the Security Token Show as well as the full catalog on Youtube, Spotify, Apple Podcasts & Google Podcasts.

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

Helpful Resources

• $30 Trillion by 2030 - STM

• Global Tokenized Real Estate Market Guide 2024 - STM

• TokenizeThis 2024: Highlights and Key Takeaways - STM

• TokenizeThis 2023: Highlights and Key Takeaways - STM

• State of Security Tokens 2023 - Q4 - STA

• State of Security Tokens 2023 - Q3 - STA

• State of Security Tokens 2023 - Q2 - STA

• State of Security Tokens 2023 - Q1 Extended - STA

• Real-World Asset Tokenization 2023 According to STM - STM

• Tokenizing an Asset in 3 Easy Steps - Security Token Show

• Rich Data in Private Assets - STM

• State of Security Tokens 2022 - STA

• State of Security Tokens 2023 - Institutional Edition - STA

• Tokenization for Institutions - What You Need to Know - STM, Arca (YouTube)

Your First Captivating Topic of the Week

🏦 U.S. Bank to Trial Stablecoin Issuance on Stellar

Just a month after announcing their new Digital Assets and Money Movement organization, U.S. Bank is already back in the headlines. Released yesterday, this podcast reveals that the bank is exploring stablecoin issuance on Stellar, in collaboration with PwC and a big theme here is risk management.

This is part of why they chose Stellar as they’ve found the ability to claw back, freeze assets and online transactions, embedding compliance rules, etc. Stablecoins (tokenized cash) are a great way for them to start onboarding clients to their onchain ecosystem before expanding to other tokenized assets. Programmable money alone comes with a variety of use cases across USB’s existing clients, from “vanilla” ones like basic, cheaper payments to more complex ones like corporate clients reallocating money across international subsidiaries and streamlining treasury management. Stellar Development Foundation President José Fernández da Ponte brings up the fact that since transactions are essentially free to execute thanks to the blockchain, more frequent and customized payments are possible at scale such as usage-based payments, for example.

It’ll be interesting how they roll this out and any findings along the way. The super regional bank may have different needs and use cases than a Global Systemically Important Bank (G-SIB), meaning $USB ( ▲ 0.29% ) could incorporate this a bit differently than say JPM or HSBC with their deposit tokens and with more flexibility. The relationship USB has with smaller regional and community banks could also be a focus and be enhanced with their stablecoin, strengthening those relationships and helping them also onboard.

This is not financial advice.

RWA Foundation & WALLY DAO Updates

The RWA Foundation introduced the RWA Pod as “A permissionless way for anyone to support RWAs using crypto with multiple RWA project tokens as yield.”

In partnership with PERQ, the RWA Pod allows you to deposit ETH, USDC, ARB, and S/ Sonic. Participants will receive tokens on multiple blockchain protocols related to RWA projects that the RWA Foundation has qualified and selected as Founding Members.

What’s the update this week? Hear directly from your RWA Pod host, Ray Buckton!

Two of the tokens in the POD rewards are Brickken’s BKN and DRVN’s BSTR. Want to learn more about them? Check out interviews with their founders now available on X and on YouTube, go ahead and check them out 👇!

Your Second Captivating Topic of the Week

🤝 Exodus to Acquire Baanx & Monavate for $175M

Consolidation continues to be a theme this year along with heavy investments into infrastructure and Exodus is now announcing their contribution to that. A crypto wallet provider, $EXOD ( ▼ 5.23% ) was actually one of the pioneering issuers of tokenized stock back in 2021 on Algorand via Securitize (coming soon to Solana via Superstate’s Opening Bell). Now they’re the ones doing the investing and it’s for 100% of W3C Corp which owns Baanx and Monavate. According to the CoinDesk article, this $175M deal is part cash Exodus has on-hand and the rest is financed by Galaxy Digital, with Exodus’ Bitcoin holdings as collateral (great use case of a crypto-backed loan).

The goal here is to own the payments stack for users to go from holding crypto and stables in their wallets to using Visa, Mastercard, or Discover cards tied to them which is something we’ve now seen Coinbase and MetaMask enable (which uses Baanx).

Stablecoins maturing after the GENIUS Act passing has clearly raised interest in the market for companies building infrastructure to support them, from building payments-focused blockchains to whitelabel solutions. Exodus’ focus on the end user is apparent through this acquisition as owning the technology will give them more flexibility in integrations and solutions. It’ll be interesting to see what kinds of financial services aside from card issuance could live natively in the Exodus wallet through this and how it positions them against others.

This is not financial advice.

Security Token Show Ends with 300 Episodes!

Check out the latest and final episode of the Security Token Show as well as the full catalog on Youtube, Spotify, Apple Podcasts & Google Podcasts.

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

Summary and Key Takeaways

1. Aave Labs Announces High-Yield Savings App, Rate Boosts Up to 9%

The DeFi space continues to go after the traditional banking options we have today, with Aave Labs being the latest to challenge checking and savings accounts offering a base of 5%. They announced that 12,000+ banks and debit cards will be supported for onboarding (likely a Plaid integration), making it easier for people to onboard onto the app (and of course stablecoins). Want more than 5%? Aave is incentivizing users to dive deeper into their ecosystem with higher rates depending on actions such as going through KYC, referring friends, setting up automatic deposits, and more. That said, there’s always a concern over the protection of those deposits. Aside from borrowers having to overcollateralize, even depositors at just the base rate will be protected up to $1M per account thanks to “insurance-backed protection”. This is substantially higher than the typical FDIC-insured account insured up to $250K which is a big win. However details on what events are covered and whatnot are not available yet and of course everyone should do their own research.

For Aave, this is a great way to continue driving the DeFi narrative forward and challenge TradFi while also incentivizing users to essentially grow Aave’s lending pools which of course is good for both everyday users and the increasing adoption of institutional DeFi through their Horizon instance. As a quick reminder, Horizon is the part of Aave where one could borrow against their BUIDL, VBILL, USTB, etc. For anyone interested, the app is now available for download on iOS and coming soon to Android and web with the whole service currently in waitlist mode.

2. Ondo Expands to EU and Invests $25M in Figure’s YLDS

Ondo Global Markets has been growing quickly and now they’re looking to grow even further as they prepare to onboard European investors thanks to an approval from the Liechtenstein Financial Market Authority (FMA). This approval passports Ondo GM to the EU and European Economic Area (EEA), coming just a couple of weeks after they partnered with BX Digital to offer their tokenized stocks and ETFs in Switzerland. These two expansions will catalyze more inflows to Ondo GM from big markets but also introduces them as new competition in those markets, going against the others already there such as Swarm and Backed Finance’s xStocks. It’ll be interesting to see where European investors ultimately decide to transact their exposure to US public markets over time. This isn’t Ondo’s only news, however, as they also deploy $25M into Figure’s YLDS as a new backer of Ondo’s OUSG product. As a refresher, YLDS isn’t just a stablecoin, it’s a publicly-registered security that pays interest. Aside from diversifying Ondo’s OUSG backing, for Figure this means new capital to use in their Democratized Prime ecosystem.

3. Figure Files for Public Blockchain-Native Equity Offering

Speaking of Figure, Ondo’s $25M YLDS investment is just the beginning of exciting news coming from them as they too are looking to tokenize their stock and filed and S-1 to do so. Aren’t they already public? Yes they are, under the ticker $FIGR, and that’s where this gets interesting. It’s not supposed to be dilutive, but more so a secondary/follow-on offering. The blockchain-native stock will be tradable with Figure’s Class A Common Stock (FIGR) on a one-for-one basis. To do this, existing investors will sell FIGR to underwriters Goldman Sachs, Morgan Stanley, and Cantor before the offering. Once the offering goes live, as people invest in the new blockchain-native share class (settling in YLDS of course), Figure will buy the FIGR common stock from the underwriters. This offering brings increased utility to Figure’s equity and takes full advantage of the blockchain, specifically Provenance Blockchain, along with removing intermediaries such as custodians, the DTCC, and proxy firms.

It’ll take time before public markets are fully onchain but this is one of the hybrid advancements that will help move towards that and it will contribute by showing investors what collateral mobility enables and showing issuers savings and further alignment with their investors. Just like they did with the HELOCs and Democratized Prime, Figure is doing it for themselves first to prove the model which they’ll likely use to attract new issuers to do the same on their rails. 

4. Trump Organization Announces Maldives Resort as First Tokenized Project

They’ve been teasing it for a while and now the Trumps are finally sharing what their first tokenized asset will be and it's their new Trump International Hotel Maldives. Is it another equity offering in it? Will there be perks tied to the resort like the St. Regis in Aspen? Not quite. It’s actually focused on the development phase of the resort, offering investors exposure to the appreciation that comes with it. Partnering with Dar Global, this offering allows the Trumps to expand beyond their USD1 stablecoin with World Liberty Financial while giving them an alternative source of financing (smaller retail or accredited investors) to what traditional real estate developers are accustomed to (institutional and high net worth individuals). Will the offering settle in USD1? What tokenization platform will they use (if not World Liberty)? We’ll keep an eye out for more details.

5. Obex Raises $37M for Stablecoin Incubator and Deploy $2.5B from Sky

Stablecoins are all the rage this year so naturally an incubator for stablecoins emerging is no surprise, but the amount it’s raised and is deploying might be! Last week Obex announced support from Sky, LayerZero, and Framework Ventures to identify the next wave of stablecoin innovators and help them immediately scale into one of the largest stablecoin ecosystems around, Sky (formerly Maker DAO). Incubators, accelerators, launchpads, grant programs - call them what you like, they’re proven ways to attract builders and seed ideas to drive adoption and utility for blockchain networks and specific applications such as, in this case, stablecoins and beyond. More proof we’re going to see more innovation and startup activity next year and more new stablecoins (and yieldcoins!) with it. 

This is not financial advice.

RWA Foundation & WALLY DAO Updates

The RWA Foundation introduced the RWA Pod as “A permissionless way for anyone to support RWAs using crypto with multiple RWA project tokens as yield.”

In partnership with PERQ, the RWA Pod allows you to deposit ETH, USDC, ARB, and S/ Sonic. Participants will receive tokens on multiple blockchain protocols related to RWA projects that the RWA Foundation has qualified and selected as Founding Members.

What’s the update this week? Hear directly from your RWA Pod host, Ray Buckton!

Two of the tokens in the POD rewards are Brickken’s BKN and DRVN’s BSTR. Want to learn more about them? Check out interviews with their founders now available on X and on YouTube, go ahead and check them out 👇!

STM.co Data

Given the crypto market going down it’s no surprise that investors are pulling away from bitcoin-associated investments like the top 3 losses, all concentrated on bitcoin mining in one way or another. The same goes for NVIDIA and the AI space starting to get cold feet from investors with fears of an AI bubble. In public markets NVIDIA experienced a bump after earnings exceeded expectations, however, shortly after AI stocks were red on traders’ heat maps. Looking at gains, bullishness around tokenization is evident with tZERO and INX going up and Republic Note saw a big 40% rally this past week likely thanks to their Q2 Portfolio Report showing an increase in portfolio companies.

This is not financial advice.

Think Like Herwig

Hello readers,

Happy (early) Thanksgiving to all, especially to you our loyal readers and supporters. A shout out to those who have been in this space for almost a decade or longer but specifically its amazing to think the concept was formed starting with stablecoins in 2014 and security tokens in 2017. The 10 year anniversary is always something special even if we can’t agree on when exactly, we all know it’s not an overnight success. 

Now that tokenization has reached legitimacy and acceptance, we’re going to continue to see a wave of innovation enter the market which should be an extremely exciting prospect for everyone as it will only improve the interest and investment in the whole sector. As we prepare for next year we are also preparing for TokenizeThis 2026.

Please reach out to Jason or myself if you’re interested in being a partner, we’re already having conversations with new firms and accepting repeat sponsors as priority.

Happy tokenizing, 
Herwig “Happy” Konings
CEO, Security Token Group 

Follow me on X / LinkedIn

Security Token Show Ends with 300 Episodes!

Check out the latest and final episode of the Security Token Show as well as the full catalog on Youtube, Spotify, Apple Podcasts & Google Podcasts.

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

Helpful Resources

• $30 Trillion by 2030 - STM

• Global Tokenized Real Estate Market Guide 2024 - STM

• TokenizeThis 2024: Highlights and Key Takeaways - STM

• TokenizeThis 2023: Highlights and Key Takeaways - STM

• State of Security Tokens 2023 - Q4 - STA

• State of Security Tokens 2023 - Q3 - STA

• State of Security Tokens 2023 - Q2 - STA

• State of Security Tokens 2023 - Q1 Extended - STA

• Real-World Asset Tokenization 2023 According to STM - STM

• Tokenizing an Asset in 3 Easy Steps - Security Token Show

• Rich Data in Private Assets - STM

• State of Security Tokens 2022 - STA

• State of Security Tokens 2023 - Institutional Edition - STA

• Tokenization for Institutions - What You Need to Know - STM, Arca (YouTube)

Summary and Key Takeaways

1. Alibaba to Use Kinexys by J.P.Morgan for Cross Border Payments

Kinexys by J.P.Morgan has been putting great emphasis on the payments side lately and last Wednesday announced that their deposit token, JPMD, is now available on Base for institutional clients to use. B2C2, Coinbase, and Mastercard all participated in earlier proof of concepts but two days later another client came to light and that’s Alibaba. Their president, Kuo Zhang, sat with CNBC and on Friday shared that they're working on AI to essentially streamline payment smart contracts in B2B sales and specifically with JPM on cross-border payments. This would be a huge commercial client to have given how global of a company they are, making them a prime candidate for an onchain B2B payment solution that solves for settlement, different currencies, and other factors. It’s unclear what role Kinexys will be playing specifically, however their Kinexys Digital Payments arm would likely be onboarding Alibaba counterparties as clients and open accounts linked to their JPMD balances. 

Again Alibaba would be a big client to use Kinexys across its ecosystem which could reach billions in volume and help inspire others to join as well. With that in mind, there’s more work to be done on tokenized deposits and a large task is interoperability between different blockchains and different banks, which JPM is working on with Singapore’s DBS. Both banks offer their clients tokenized deposits but those clients can’t send JPMD to a DBS account yet. A major hurdle is that JPMD is on Base (public blockchain) while DBS runs on a permissioned blockchain hence this new partnership. Want to learn more about Kinexys Digital Payments? Hear from Jeremy Pollack at TokenizeThis 2025 in NYC!

2. FIS and Intain Launch Loan Marketplace for Regional and Community Banks

Intain is back in the news and this time we’re seeing them work with FIS to target over 2,000 US regional and community banks by launching their new Digital Liquidity Gateway. Traditionally these banks are those that serve small and medium sized businesses with loans however have a difficult time securitizing them and accessing larger investor capital. Powered by Avalanche, the Digital Liquidity Gateway plugs into FIS and uses AI to automate workflows involved in loan securitization which contributes to ongoing efforts in proving blockchains’ value-add from an operational perspective. Like with Figure’s HELOC securitizations, it’ll be interesting to see how much in savings can be captured thanks to Intain and FIS’s new collaboration. Cheaper and more efficient access to capital markets means better borrowing conditions for the end consumer and as they put it in the press release, they can better serve Main Street America. While it’s not the sexiest topic, fixing the plumbing at institutional levels with blockchain will help open up new opportunities and for the end retail user to benefit as well.

3. Mercurity Fintech and Chaince to Work with M2M Capital on AI-Powered Valuation and Tokenization

Private market assets are hard to create a secondary market for due to multiple reasons, lack of price discovery being one of them. M2M Capital is working to solve that using AI for valuation and pairing it with a tokenization platform for those assets which would be powered by Chaince Securities as the broker-dealer - a subsidiary of Mercurity Fintech Holdings (NASDAQ: MFH). Tokenization has solved many problems, from faster settlement to increased utility using DeFi and collateral mobility, however liquidity continues to be a big issue across the board. If you’re looking to buy or sell a tokenized private company, how do you know if you’re doing so at a premium or discount to its value? Having real-time analytics, valuation, and overall data will help increase liquidity and enhance investor confidence in participating in onchain markets. We see this also with Inveniam’s efforts and their new Diol data marketplace, Credora and Particula’s onchain ratings, and others creating infrastructure to help tokenized assets increase liquidity potential and utility. We’ll be keeping an eye on this collaboration, any MFH clients that decide to onboard, and of course any other partners that join the platform to further enhance these offerings. 

4. Tokenized Stocks are Booming with xStocks Breaking $2B in Onchain Volume & Dinari Going Even More Global

Tokenized US equities have been around for some time but it wasn’t until earlier this summer that they got real attention and traction when Robinhood announced their plans to develop and roll out their own technology to enable this as well as xStocks by Backed rolling out on Kraken and other popular crypto exchanges. We’ve never seen such volume in this asset class onchain with a new report suggesting xStocks itself has surpassed $2 billion in onchain transaction volume with another additional $8 Billion processed via centralized methods. Although they began on Solana, xStocks has since become multichain on Ethereum as well and their products are now available on half a dozen different cryptocurrency exchanges worldwide. And speaking of international, Dinari is another competitor that has been picking up steam (Gemini exchange by the Winklevoss uses Dinari for their tokenized US equities offering) that recently announced a partnership with 1exchange in Singapore. This signals that even RWA marketplaces, not just crypto exchanges, are also adding this catalog of products to their venues through simple API integrations like the one Dinari provides. Expect this to be an enormous category and talking point next year as adoption continues to strengthen this year. 

5. REtokens’ to Launch $5M RegCF Offering Tomorrow

Last week we mentioned that one of the RWA industry’s very own is tokenizing itself. That’s right - in case you missed it - REtokens is now available for anyone to invest in onchain via WeFunder starting tomorrow. Another example of a full end-to-end provider, REtokens has both tokenization engine technology and a broker dealer license for an ATS venue all centered around onchain real estate, the biggest asset class being tokenized. We will be hosting the CEO Tyler Vinson on the RWA Foundation’s X spaces at 10am EST on Thursday this week. The opportunity to participate in the offering can be found here. Good luck REtokens team!

This is not financial advice.

RWA Foundation & WALLY DAO Updates

The RWA Foundation introduced the RWA Pod as “A permissionless way for anyone to support RWAs using crypto with multiple RWA project tokens as yield.”

In partnership with PERQ, the RWA Pod allows you to deposit ETH, USDC, ARB, and S/ Sonic. Participants will receive tokens on multiple blockchain protocols related to RWA projects that the RWA Foundation has qualified and selected as Founding Members.

Two of the tokens in the POD rewards are Brickken’s BKN and DRVN’s BSTR. Want to learn more about them? Check out interviews with their founders now available on X and on YouTube, go ahead and check them out 👇!

STM.co Data

This is not financial advice.

Think Like Herwig

Hello readers,

Did you catch the announcement about Edel Finance? They are the new Aave style lending protocol for tokenized stocks building on Ondo and xStocks in order to allow borrowing and even yield earning against tokenized US equities. They launched their token last week with much success it seems despite the bear market. I currently do not own any in my wallet but I plan on picking some up I think. This is the type of technology that helps bring RWAs to DeFi and really scale its potential. Plus, I have to hand it to them because they have some awesome design style. If it isn’t clear from this week’s newsletter, tokenized stocks are going to be major headlines for months to come and likely will become just as hot of a subject as stablecoins. It’s about time we move on from the main attraction being boring treasury and money market funds!

Happy tokenizing, 
Herwig “Happy” Konings
CEO, Security Token Group 

Follow me on X / LinkedIn

Security Token Show Ends with 300 Episodes!

Check out the latest and final episode of the Security Token Show as well as the full catalog on Youtube, Spotify, Apple Podcasts & Google Podcasts.

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

Helpful Resources

• $30 Trillion by 2030 - STM

• Global Tokenized Real Estate Market Guide 2024 - STM

• TokenizeThis 2024: Highlights and Key Takeaways - STM

• TokenizeThis 2023: Highlights and Key Takeaways - STM

• State of Security Tokens 2023 - Q4 - STA

• State of Security Tokens 2023 - Q3 - STA

• State of Security Tokens 2023 - Q2 - STA

• State of Security Tokens 2023 - Q1 Extended - STA

• Real-World Asset Tokenization 2023 According to STM - STM

• Tokenizing an Asset in 3 Easy Steps - Security Token Show

• Rich Data in Private Assets - STM

• State of Security Tokens 2022 - STA

• State of Security Tokens 2023 - Institutional Edition - STA

• Tokenization for Institutions - What You Need to Know - STM, Arca (YouTube)

Your First Captivating Topic of the Week

📈 Coinbase Launches ICOs, Starts with Monad

The crypto space has had multiple cycles and themes with 2017’s being the ICO craze, with projects raising millions in unregulated offerings. This actually inspired the start of Security Token Advisors for compliant offerings, with Herwig advising one of the first compliant security token offerings or STOs (yes that’s what RWAs used be called).

Coinbase is now bringing ICOs back but with a twist. They’re taking a self-regulatory approach where they’re doing their due diligence on projects, allowing one per month to start. This also comes with restrictions such as team members’ tokens being locked to prevent pump and dumps and disclosures. On the investor side, people can sign up to invest and Coinbase is making more equitable allocations by giving priority to lower ones and limiting larger “whales”. At the same time if investors sell their coins right away they’ll be penalized and may receive less allocation in the next offering they participate in.

Controls like these are the building blocks of what’s to likely evolve into regulated security token offerings (RWAs) which makes sense for Coinbase given the 100M+ user base they have and deep liquidity on their platform. Bitwise’s Chief Investment Officer put it cleanly,

Their first sale is with Monad at just a $100 minimum and a max of $100K (big range, hence the "Filling up from the bottom" approach) of course paid in USDC. The sale will open from 11/17-11/22 after which tokens are allocated and leftover USDC is returned to you. It’ll be interesting to see how quickly this offering fills up and how secondary market trading behavior looks given the team and affiliate restrictions combined with incentive for investors to hold for longer than 30 days allowing for hype to cool down.

When Coinbase evolves this to supporting the increased compliance needs of a regulated primary tokenized securities offering, it will be a game changer with the amount of reach they have and take tokenization more mainstream. Combine the primary offering with secondary market trading and collateralized borrowing & lending (like they now have for crypto using Morpho) and you have a more liquid, useful, and functioning ecosystem at scale. It’s not just Coinbase building towards this off course, Robinhood, Gemini, and every major crypto exchange is going to be moving towards hosting RWAs.

This is not financial advice.

RWA Foundation & WALLY DAO Updates

The RWA Foundation introduced the RWA Pod as “A permissionless way for anyone to support RWAs using crypto with multiple RWA project tokens as yield.”

In partnership with PERQ, the RWA Pod allows you to deposit ETH, USDC, ARB, and S/ Sonic. Participants will receive tokens on multiple blockchain protocols related to RWA projects that the RWA Foundation has qualified and selected as Founding Members.

Two of the tokens in the POD rewards are Brickken’s BKN and DRVN’s BSTR. Want to learn more about them? Check out interviews with their founders now available on X and on YouTube, go ahead and check them out 👇!

Your Second Captivating Topic of the Week

⚡️ Turbo Energy, Stellar, and Taurus Partner for Tokenized Energy in Spain

Taurus is powering the tokenization engine behind Turbo Energy’s $TURB ( ▼ 2.43% ) debt offering centered around renewable energy. Many are looking to make their homes more green and solutions like Turbo Energy’s deliver that as a hybrid of solar and battery installations. Can anyone afford them? Well that’s where financing comes into play and they’re putting it on the Stellar blockchain.

This is starting with a proof of concept at a supermarket in Spain by tokenizing the financing of battery-integrated Power Purchase Agreements (PPAs), following a pilot they conducted in Chile. This offering will naturally be centered around the yield that would come from the debt issued and the opportunity to invest in an alternative investment like this all while being on an efficient blockchain like Stellar. Of course it makes sense to start small to prove the model and replicate from there to scale.

With that said, one could speculate that beyond the debt offering this POC could inspire future ones, maybe where data from these battery installations can also go onchain and influence vaults, data sales (via Diol for example), profit shares, etc. The onchain future is bright and Turbo Energy, Stellar, and Taurus are applying it productively in the renewable energy space.

This is not financial advice.

Security Token Show Ends with 300 Episodes!

Check out the latest and final episode of the Security Token Show as well as the full catalog on Youtube, Spotify, Apple Podcasts & Google Podcasts.

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

Summary and Key Takeaways

1. Ripple Announces $500M Investment at $40B Valuation

One of the significant signals of 2025 are the amount of crypto and tokenization companies achieving billion dollar transactions across funding rounds, IPOs, and even M&A transactions. Just look at Tether, Circle, and BVNK or Bridge as examples. Now Ripple is cashing in on the trend this year right before what seems to be shakiness and possibly bear signs for the crypto market coming. Similar to other giants, this is another half billion dollar mega round that will fuel these companies for years to come, mostly to be used for balance sheet health related to stablecoins or designated for Digital Asset Treasury companies. In the case of Ripple Labs they’re pursuing a bank charter on top of their stablecoin and XRPL growth plans, which includes tokenized real estate and other RWAs. Next year is setting up to be a spectacle of a competition between heavily capitalized crypto companies, long-established fintechs, and the traditional banking sector itself for the fight to dominate financial services and payments/ market infrastructure.

2. RedStone Launches HyperStone and Credora DeFi Ratings

RedStone made a big launch last week with their dedicated oracle for Hyperliquid, HyperStone. Built to support their HIP-3 framework for permissionless perpetuals, HyperStone highlights RedStone’s modularity making them flexible in supporting different ecosystems based on different needs. In this case it’s fast and reliable price feeds which RedStone has already been powering 99.5% of HyperEVM including their stablecoin USDH. On that note, traditional assets are quickly merging with DeFi but an onchain economy introduces new risks and challenges. RedStone is going beyond delivering price feeds and adding in the risk layer with Credora by RedStone. Credora delivers ratings for the DeFi space, starting with those for lending markets on Morpho and Spark including risk scores and default probabilities. Unlike other ratings, these are dynamic, meaning they update in real-time based on market conditions and onchain & offchain data. Just a couple of months after acquiring Credora and RedStone has already rebuilt it to “increased automation from roughly 50% to over 90%, minimizing manual intervention.” Efficiency, reliability, and intelligence will be key factors in building trust for DeFi vaults and strategies that both crypto native and institutional investors will benefit from as they manage onchain allocations which became especially apparent in the October 10th liquidations.

3. VanEck’s VBILL Now Accepted as Collateral on Aave Horizon via Securitize

Securitize’s IPO is exciting but isn’t stopping them from continuing to build and this week we saw them expand on their work with the Horizon instance on Aave. Integrated into the Securitize platform, VanEck’s VBILL can now be supplied as collateral and loop using Aave’s Horizon. Walking through their CTO’s explanation, it’s interesting to see how automated smart contracts make it possible to collateralize VBILL, take a loan in Ripple’s RLUSD, and subscribe for more VBILL all in an atomic subscription. Some updates to lookout for include VBILL subscription directly with RLUSD so they don’t have to convert to USDC first and integrating their Trusted Single Source Oracle (TSSO) in partnership with RedStone in addition to Chainlink’s NAVLink. This of course would likely come with a Credora rating for the Horizon vaults, again emphasizing the risk layer to decentralized finance. 

4. Soft Launch: REtokens’ to Launch $5M RegCF Offering

A number of tokenization startups have elected to eat their own dog food and actually tokenize their companies. And not just to say it’s on a blockchain ledger but to actually distribute it to their community and customers. REtokens is one of those companies that’s pursuing this ethos now with the soft launch tease of their very own tokenized Reg CF offering. The opportunity to participate for anyone interested will be on November 18th and can find more information here. Another example of a full end-to-end provider, REtokens has both tokenization engine technology and a broker dealer license for an ATS venue all centered around real estate, the biggest asset class up for tokenization.

5. Dinari Chooses Chainlink for S&P Digital Markets 50 Index Price Feeds

Announced last month, Dinari is working with S&P Dow Jones Indices to tokenize their new S&P Digital Markets 50 Index which will include 15 cryptos and 35 crypto-linked stocks (think Coinbase, Circle, Robinhood, etc.). The dShare Dinari would issue to track this index would require price feeds for the investable universe which they’ve selected Chainlink to deliver using their oracle. Why does an onchain price feed matter? Blockchain is going to enable even more active management and interesting index products thanks to smart contracts and collateral mobility. This means that indices & linked funds will be able to rebalance more frequently based on an enforceable methodology whose rules can also be automated using smart contracts and that’s where onchain data streams come into play, potentially triggering changes. This is the future we’re all working towards, especially as private alternatives and crypto continue to make their way into portfolios.

This is not financial advice.

RWA Foundation & WALLY DAO Updates

The RWA Foundation introduced the RWA Pod as “A permissionless way for anyone to support RWAs using crypto with multiple RWA project tokens as yield.”

In partnership with PERQ, the RWA Pod allows you to deposit ETH, USDC, ARB, and S/ Sonic. Participants will receive tokens on multiple blockchain protocols related to RWA projects that the RWA Foundation has qualified and selected as Founding Members.

Two of the tokens in the POD rewards are Brickken’s BKN and DRVN’s BSTR. Want to learn more about them? Check out interviews with their founders now available on X and on YouTube, go ahead and check them out 👇!

STM.co Data

This is not financial advice.

Think Like Herwig

Hello readers,

What a banner year 2025 is closing out to be. It’s safe to say that even though we still have much ahead in terms of legislative reform, market adoption, and pushing the limits of what tokenization can do, RWA tokenization has been accepted by the system globally as the future rails of finance. IPOs are now actively being received well and the biggest companies are now preparing for the ultimate battle to win the market. It will take a lot of cash as the profitability of stablecoins, owning an L1/L2, or providing tokenization applications or venues for the market will justify even further investment next year. 

Expect to see more of these announcements especially around consolidation. There’s more exciting news left this month alone!

Happy tokenizing, 
Herwig “Happy” Konings
CEO, Security Token Group 

Follow me on X / LinkedIn

Security Token Show Ends with 300 Episodes!

Check out the latest and final episode of the Security Token Show as well as the full catalog on Youtube, Spotify, Apple Podcasts & Google Podcasts.

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

Helpful Resources

• $30 Trillion by 2030 - STM

• Global Tokenized Real Estate Market Guide 2024 - STM

• TokenizeThis 2024: Highlights and Key Takeaways - STM

• TokenizeThis 2023: Highlights and Key Takeaways - STM

• State of Security Tokens 2023 - Q4 - STA

• State of Security Tokens 2023 - Q3 - STA

• State of Security Tokens 2023 - Q2 - STA

• State of Security Tokens 2023 - Q1 Extended - STA

• Real-World Asset Tokenization 2023 According to STM - STM

• Tokenizing an Asset in 3 Easy Steps - Security Token Show

• Rich Data in Private Assets - STM

• State of Security Tokens 2022 - STA

• State of Security Tokens 2023 - Institutional Edition - STA

• Tokenization for Institutions - What You Need to Know - STM, Arca (YouTube)

Summary and Key Takeaways

1. Securitize Partners with BNY for Custodial Services for New AAA CLO Fund

Just as they announced details of their upcoming IPO, Securitize also announced the Securitize Tokenized AAA CLO Fund (STAC) with BNY as custodian for the underlying and BNY Investments as the sub-advisor to the fund. This is an interesting offering given the rise of private credit in the tokenization space and now CLOs making their way onchain. As Grove Labs co-founder Sam Paderewski puts it, “AAA CLOs offer durable, floating rate exposure that institutions understand.” Money market funds have their purpose but for those wanting a bit more yield with still relatively low risk like Grove, these highly-rated CLOs help fill that gap. Securitize isn’t taking their foot off the gas and this issuance will likely be followed by other ones with BNY. Starting at a $100K minimum and Grove’s $100M anchor investment (pending vote), it’ll be interesting to see how fast this fund crosses the $1B AUM mark, where investors are coming from, and any fund flows moving out of tokenized money market funds and into the new STAC token. This also starts proving out the concept for these kinds of assets, making a template to replicate for follow on funds in lower tranches. Collateralization opportunities are key here and of course how they approach tokenizing the loans themselves to reach full securitization potential. 

2. IT Giants Are Entering Institutional Tokenization: IBM and Oracle

RWA tokenization infrastructure is a race two incumbents are about to enter, with some variation in their approaches. Starting with IBM Digital Asset Haven, this platform is being made in partnership with Dfns, a Wallet-as-a-Service platform. The main goal here is to enable banks, governments, and other institutions to interact with the onchain economy through secure custody, governance and compliance. Focuses in this SaaS model include settlement, KYC/AML, multi-party approvals, and of course interoperability across chains and legacy systems. The day after, Oracle announces their Digital Assets Data Nexus on their own Oracle Blockchain. This competing yet complimenting platform is meant to help similar institutions “write” to the blockchain, as in issuing tokenized assets, stablecoins, and other RWAs through workflows that integrate well with existing systems. Other features include transaction management, compliance & regulatory reporting, and AI-powered visibility for risk management, supervision controls, and AI asset lifecycle management. This means more of the back and middle office will be coming onchain alongside AI and data helping streamline operations. The partnership between two of the largest and oldest technology leaders in the US signals further that systematic adoption is coming. Clearly there are millions of touch points institutions need to consider as they come onchain, from compliance to asset and risk management. Both IBM & Oracle are building to service these from an infrastructure perspective, making it easier, cheaper, and faster for banks, large corporations, and other institutional money and operations to come onchain and accelerating our progress towards $30T in assets onchain by 2030.

3. Animoca Brands to List on Nasdaq via Reverse Merger

More web3 infrastructure companies coming to public markets! If Securitize is getting acquired by a SPAC to IPO, Animoca Brands is doing the opposite. Announcing a reverse merger today, Animoca will be acquiring an already public company (Currenc Group $CURR) to bypass a lot of the IPO process. This news comes just a month after Animoca said they were tokenizing their shares on Solana with Republic which raises the question of whether or not that plan is still happening given this reverse merger won’t be expected to finalize until Q3 2026. At this rate, who knows where public equity tokenization will be a year from now, as Nasdaq and DTCC are working on it while FinTechs like Securitize, Superstate, Dinari, and others already support it today and others like Republic could open themselves up to it a year from now. The real takeaway here is that more crypto and tokenization companies are going to be pursuing either IPOs or larger acquisitions, just as we heard Mastercard’s interest in acquiring zerohash for $2B just a month after they raised at a $1B valuation. Animoca Brands doesn’t just tokenize, they build across NFTs, DeFi, and gaming however revenues show those other areas dropping as the company shifts their focus towards their digital asset advisory unit, bringing in $165M last year. This listing could give Animoca Brands a war chest to do some of the acquiring themselves!

4. T-RIZE to Tokenize $200M in Real Estate on Canton via Republic

Speaking of Republic, they have a win in the news this week as well as they announce their collaboration with T-RIZE to tokenize $200M worth of new real estate construction equity. This first phase is for $24.25M meant to build a 60-unit rental in Canada (Vision60), with subsequent offerings to come and a goal of 500 units in the targeted biotech region. Of course the offering is already promoting potential secondary market listing opportunities which is no surprise given their recent INX acquisition. This is also a win for Canton Network as they onboard their first real estate equity offering to their privacy-first, institutional blockchain, which positions tokenholders well for future possible collateralized loans and other additional utility.

5. Integra Announces $12B AUM Consortium for Tokenized Real Estate

Real estate is one of the most archaic industries that could use the blockchain in a variety of functions, from title registries, to ownership, to rent payments and more. Integra revealed their blockchain with real estate-specific needs in mind and a consortium that manages over $12B in real estate assets. Supporting groups from around the US, Middle East, and Europe, Integra is expecting to handle $100M in rental payments per year and $500M in potential exit distributions. It’s unclear who makes up the consortium, however they’ll likely be announced soon with their testnet, upcoming pilots, and more. Whoever can create an ecosystem that truly helps move real estate assets and their flows will win massively given how much of a gap there is to close for those assets compared to others and the opportunities to power.

This is not financial advice.

Don’t Miss Out!

Will you be at or near the Blockchain Futurist Conference in Miami next week? DigiShares is bringing back its RWA Tokenization Masterclass as a side event of the conference. Join us to learn all about how tokenization is changing real estate, private credit, funds, pre-IPO shares, and hear from experts in the field including our CEO Herwig “Happy” Konings!

Tuesday, Nov 5 at 6:00 PM ET
Near the Hard Rock Casino, Hollywood FL (address to be shared to registered individuals before the event)

Speakers:
• Herwig Konings, Founder of Security Token Group and The RWA Foundation
• Gabriel Sadoun, Head of Business Development at DigiShares
• Erik Mendelson, Head of Crypto Real Estate Division at Avanti Way Realty

More speakers to be announced soon.

RWA Foundation & WALLY DAO Updates

The RWA Foundation introduced the RWA Pod as “A permissionless way for anyone to support RWAs using crypto with multiple RWA project tokens as yield.”

In partnership with PERQ, the RWA Pod allows you to deposit ETH, USDC, ARB, and S/ Sonic. Participants will receive tokens on multiple blockchain protocols related to RWA projects that the RWA Foundation has qualified and selected as Founding Members.

Two of the tokens in the POD rewards are Brickken’s BKN and DRVN’s BSTR. Want to learn more about them? Check out interviews with their founders now available on X and on YouTube, go ahead and check them out 👇!

STM.co Data

This is not financial advice.

Think Like Herwig

Hello readers,

Yield. That’s it. Yield is moving onchain faster than ever before. It will be the main takeaway for 2026. Every tokenized fund, every vault, every RWA that wants utility will focus on creating yield. It may not be the sexiest narrative but it sure worked for DeFi Summer back in 2020. 

Buckle up, RWAs loading for a hot cycle in 2026. If you want to be part of the vision to unite DeFi to RWAs and onboard the world onchain, then you still have a chance to become a founding member of the RWA Foundation, which closes in just a few weeks. Reach out to me ASAP if you’re interested!

Happy tokenizing, 
Herwig “Happy” Konings
CEO, Security Token Group 

Follow me on X / LinkedIn

Security Token Show Ends with 300 Episodes!

Check out the latest and final episode of the Security Token Show as well as the full catalog on Youtube, Spotify, Apple Podcasts & Google Podcasts.

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

Helpful Resources

• $30 Trillion by 2030 - STM

• Global Tokenized Real Estate Market Guide 2024 - STM

• TokenizeThis 2024: Highlights and Key Takeaways - STM

• TokenizeThis 2023: Highlights and Key Takeaways - STM

• State of Security Tokens 2023 - Q4 - STA

• State of Security Tokens 2023 - Q3 - STA

• State of Security Tokens 2023 - Q2 - STA

• State of Security Tokens 2023 - Q1 Extended - STA

• Real-World Asset Tokenization 2023 According to STM - STM

• Tokenizing an Asset in 3 Easy Steps - Security Token Show

• Rich Data in Private Assets - STM

• State of Security Tokens 2022 - STA

• State of Security Tokens 2023 - Institutional Edition - STA

• Tokenization for Institutions - What You Need to Know - STM, Arca (YouTube)

Don’t Miss Out!

Will you be at or near the Blockchain Futurist Conference in Miami next week? DigiShares is bringing back its RWA Tokenization Masterclass as a side event of the conference. Join us to learn all about how tokenization is changing real estate, private credit, funds, pre-IPO shares, and hear from experts in the field including our CEO Herwig “Happy” Konings!

Tuesday, Nov 5 at 6:00 PM ET
Near the Hard Rock Casino, Hollywood FL (address to be shared to registered individuals before the event)

Speakers:
• Herwig Konings, Founder of the Security Token Group and RWA Foundation
• Gabriel Sadoun, Head of Business Development at DigiShares
• Erik Mendelson, Head of Crypto Real Estate Division at Avanti Way Realty

More speakers to be announced soon.

Your First Captivating Topic of the Week

📈 Securitize’s IPO Details Now Available

Just a couple of weeks ago we covered ARK taking a stake in Securitize and the early chatter of the tokenization platform’s potential IPO. On Monday we covered tZERO’s IPO announcement. And yesterday confirmed Securitize’s (which made waves on Crypto Twitter and LinkedIn) as the company shared more details!

Summary of the Details:

• Securitize’s Pre-Money Equity: $1.25 Billion 🦄

  • Merger with SPAC: Cantor Equity Partners II, Inc $CEPT ( ▼ 12.22% )  

• Exchange and Ticker: $SECZ on the Nasdaq

• Anticipated Listing Date: As Early as January 2026

• Proceeds: $469M

  • $225M from PIPE Financing (Private Investment in Public Equity), includes Borderless Capital, Arche, Hanwha Investment, and ParaFi

  • $244M in SPAC’s Trust Account

• Financial and Capital Markets Advisor to Securitize: Citi

• PIPE Co-Placement Agents: Citi and Cantor Fitzgerald

Okay so with all that in mind, this is a big deal for both Securitize and the tokenization industry as a whole. We’ve seen billion-dollar acquisitions in the crypto space like Bridge and Deribit, but now an RWA tokenization-specific company is reaching unicorn status and going public. Tokenization is growing its presence on Wall Street and finally (after almost a decade) starting to become the talk of town - listing on national exchanges will only catalyze that presence even more and help drive further adoption.

There’s something that Carlos Domingo said in the CNBC interview that stuck with me, however, which is that

This space has already started seeing consolidation being a big theme this year and will only continue in 2026. Why? There are a lot of great companies with great tech but user bases and liquidity are fragmented, larger companies see opportunities to buy instead of build, and ultimately it’s creating new innovations that are greater than the sum of its parts.

Securitize isn’t new to being the acquirer with previous acquisitions including Pacific Stock Transfer, Onramp Invest, and MG Stover’s fund admin business. So with a post-IPO war chest, imagine what else Securitize (and tZERO too for that matter) will be acquiring and getting into. International marketplaces? Market makers? Derivatives? DeFi platforms?

With now two RWA companies planning their IPOs, who’s next?

This is not financial advice.

RWA Foundation & WALLY DAO Updates

The RWA Foundation introduced the RWA Pod as “A permissionless way for anyone to support RWAs using crypto with multiple RWA project tokens as yield.”

In partnership with PERQ, the RWA Pod allows you to deposit ETH, USDC, ARB, and S/ Sonic. Participants will receive tokens on multiple blockchain protocols related to RWA projects that the RWA Foundation has qualified and selected as Founding Members.

Two of the tokens in the POD rewards are Brickken’s BKN and DRVN’s BSTR. Want to learn more about them? Check out interviews with their founders now available on X and on YouTube, go ahead and check them out 👇!

Your Second Captivating Topic of the Week

🤝 Banking and Stablecoin Services are Crossing Paths: Western Union, Citi, WisdomTree

Banking services and tokenized cash are making a splash on both traditional and crypto-native platforms, crossing paths as they need each other for the next phase of adoption.

Starting with stablecoins helping incumbents, Western Union sees the power of blockchain technology and doesn’t want to be disintermediated so what better way to do that than to issue your own stablecoin? Western Union chose Anchorage Digital to pursue this with, issuing their U.S. Dollar Payment Token (USDPT) on Solana. Serving 100M users, WU is taking on competitors like MoneyGram that’s been working with USDC on Stellar for a while now and PayPal using Anchorage competitor Paxos. Choosing a federally-regulated crypto bank as issuance partner is a smart move by Western Union and likely only the beginning given Anchorage’s other offerings like staking and what they may have planned for Mountain Protocol’s yield-generating USDM (which they acquired in May 2025).

Citi and Coinbase are partnering up to improve the institutional payments space with a focus on “fiat to onchain stablecoin payout methods.” This basically means they’ll be working together to improve on and offramp capabilities with the goal of making transactions fast, seamless, and 24/7 accessible. While this is mostly, a partnership announcement it’ll be interesting to see what the combo works on as they release more information in the coming months.

And now the piece of news that IS live, WisdomTree is partnering with BNY for WisdomTree Prime app users to have Banking as a Service. What does that mean? It means that if you have a direct deposit with your employer, you could have them deposits all or a portion of your check into WisdomTree Prime, just give them your new account and routing numbers. This helps onramp onto stablecoins and an easier time investing into their tokenized funds. It doesn’t stop there though, aside from accepting bank deposits, the app now also allows users to link their self-custody wallets (like MetaMask) and send security tokens and stablecoins in and out, such as USDC, PYUSD, and the tokenized funds. So now the banking side is plugged in, self-custody wallets are plugged in, what’s next? Likely something DeFi! Will WisdomTree start allowing you to use your fund units beyond a linked debit card? Will we be able to borrow against them? Loop? We’ll definitely be keeping an eye on this!

This is not financial advice.

Security Token Show Ends with 300 Episodes!

Check out the latest and final episode of the Security Token Show as well as the full catalog on Youtube, Spotify, Apple Podcasts & Google Podcasts.

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

Summary and Key Takeaways

1. tZERO Announces IPO Plans

The major U.S. tokenization ATS’s are all evolving this year! INX? Acquired by Republic. Securitize? Going public via Cantor Fitzgerald's SPAC. Oasis Pro? Acquired by Ondo. As for tZERO, the one with the closest relationship to public markets announced this morning they’ll be IPOing as well! The ICE-backed tokenization platform has been making multiple announcements and partnerships over the last couple of months especially as Alan Konevsky took over, becoming more transparent in their plans. IPOing is more than just a very loud capital raise, it means increased reporting and compliance which as we’ve said before, shouldn’t be a problem for Alan given his previous role as Chief Legal Officer. tZERO is welcoming it with open arms just as they have with being regulated by both the SEC and CFTC with the ultimate goal of servicing as many assets on their platform as possible - securities, crypto, and derivatives alike. Most of the crypto IPOs have been happening on Nasdaq, the exchange that has been publicly pursuing tokenization lately, however tZERO’s large ICE investor owns NYSE. Will they list there or follow the status quo? Will NYSE go loud after the IPO and announce tZERO as their tokenization infrastructure after the IPO? Let’s keep an eye on this development.

2. Propy is Going on a $100M Shopping Spree

Just last week at DigiAssets 2025 Jason was asked onstage about individual properties being tokenized to which Jason shared Propy as an example along with the $240B worth of deeds Bergen County is putting on Avalanche with Balcony. However this raised a question on the lack of scale. The underlying reason? Lack of standardization across registries (even from state to state). Two days later Propy announces they’re going to try fixing it themselves by acquiring multiple mid-sized title companies! Propy isn’t just tokenizing an asset and letting you buy it with bitcoin, they’re combining AI and blockchain to streamline real estate transaction workflows, escrow, and now by rolling up these firms they’ll be implementing them across the board to reach scale (and a target $1B valuation). Where will the funding come from? Aside from the usual, TradFi suspects Propy is going to use Morpho to raise private credit from the masses using a DeFi vault! If Natalia Karayaneva and her team can execute on this, they have a fair shot at redefining title registry and transactions by expanding the “Propy standard” while letting everyday people join in for the journey.

3. Vantage and Custodia Go After Regional Banks for Tokenized Deposits

The stablecoin and tokenized deposits space continues to see a race, from purpose-built L2s to consortiums and regional banks & credit unions in the U.S. are about to get theirs with Vantage and Custodia offering tokenized deposits for them. According to the press release, the token framework could be adjusted based on the need for tokenized deposits vs. stablecoin issuance. The biggest difference? As many know, banks enjoy fractional banking (10% reserves) for tokenized deposits and FDIC insurance on them vs. stablecoins needing to be GENIUS-compliant and fully reserved without FDIC insurance. What are the use cases? Instant, cross-border payments are a big one with one of Vantage’s oldest clients using them to pay truck drivers within an hour of delivery in another country. Automated payment distributions upon hitting milestones is just the beginning but the real advantage for smaller banks that can’t build full digital asset units is to be able to plug into the onchain economy, seamlessly, and offer that service to their customers - keeping them from falling behind operationally while keeping innovative solutions available for their customers. With that said, the consortium is open to any sized bank so it’ll be interesting to see if any super regionals or GSIBs join in and how this impacts their relationships with regional banks and credit unions.

4. Inveniam Announces L2 Blockchain and Diol 

Coming fresh from Inveniam’s new Agentic conference in Dubai, they’re working with MANTRA to launch their own L2 blockchain, Inveniam Chain, specifically for private real estate assets. Why do their need their own chain? Likely to customize its integration with their existing platform which houses data about these assets. Linking appraisals and other documents to the asset itself starts powering their Proof of Origin, Proof of State, and Proof of Process which ultimately helps solve the problem of opaque information and its effects on liquidity for private market assets. This isn’t just for tradabilty but also could be repurposed for creating index products (which S&P is getting louder about), AI agents, and more. 

They aren’t stopping at enhancing assets, however, as they also announced the acquisition of Storj to create Diol - a data marketplace for data, compute, and storage. If you have a bunch of data related to your assets or that you’ve acquired over time, wouldn’t you want to monetize it? By putting that data on this platform, Diol is enabling people and companies to retain ownership of it while giving permissioned access to it (think of it as a subscription to an API but with all the data onchain). With 26,000 market participants at launch, this platform is hitting the ground running and could very well power the future of finance. That’s a lot of data that could contribute to reports, new investment products, and who knows what else the DeFi world can put together. Should Propy be partnering with Inveniam as they acquire more title companies? Probably.

5. Stablecoin Acquisitions Continue as Market Enters Frenzy

Let’s just appreciate the size and business model of the stablecoin market today. Solely looking at revenue, $300B in stablecoins means there are real dollars held by those companies (for redemption) that are sitting in liquid instruments likely gaining around 4%. That’s a whopping $12 BILLION a year. Banks are no longer monopolizing this business model and crypto companies are coming for their lunch in a big way. Aave Labs acquired Stable Finance to help with its move towards onchain finance. We also saw XDC Network acquire Contour for its stablecoin and tokenization capabilities. That now marks over 10 stablecoin related acquisitions this year. 

We expect banks to strike back with deposit tokens but will those be sufficient replacements for how stablecoins are being used and purchased for today? Or maybe it's simply the beginning of the end for paper and digital (non-tokenized) money.

This is not financial advice.

RWA Foundation & WALLY DAO Updates

The RWA Foundation introduced the RWA Pod as “A permissionless way for anyone to support RWAs using crypto with multiple RWA project tokens as yield.”

In partnership with PERQ, the RWA Pod allows you to deposit ETH, USDC, ARB, and S/ Sonic. Participants will receive tokens on multiple blockchain protocols related to RWA projects that the RWA Foundation has qualified and selected as Founding Members.

Two of the tokens in the POD rewards are Brickken’s BKN and DRVN’s BSTR. Want to learn more about them? Check out interviews with their founders now available on X and on YouTube, go ahead and check them out 👇!

STM.co Data

This is not financial advice.

Think Like Herwig

Hello readers,

It’s clear that this time is different. Sure, you’re going to get a lot of fluff and continue POCs and niche partner roll outs from the institutional market. There is still no pressure to mass migrate legacy tech, just hunt out new fees or specific efficiencies to trial. 

But what is different is DeFi is now clawing its way into RWAs. Stablecoins and vaults (as I’ve been saying for years now) are finally now actually enabling new permissionless financing and in other cases are creating utility out of RWAs. Look at Aave Horizon’s growth alone. Maple nears to a record $5B in total assets locked up in their products. It’s beautiful to see it coming to life and ensuring that this time, it’s different.

The next 6 months will continue to onboard more institutions and investors, launch new asset backed products, and invite more platforms and licensed venues into the market, some of which will be pushing the boundaries into DeFi.

Happy tokenizing, 
Herwig “Happy” Konings
CEO, Security Token Group 

Follow me on X / LinkedIn

Security Token Show Ends with 300 Episodes!

Check out the latest and final episode of the Security Token Show as well as the full catalog on Youtube, Spotify, Apple Podcasts & Google Podcasts.

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

Helpful Resources

• $30 Trillion by 2030 - STM

• Global Tokenized Real Estate Market Guide 2024 - STM

• TokenizeThis 2024: Highlights and Key Takeaways - STM

• TokenizeThis 2023: Highlights and Key Takeaways - STM

• State of Security Tokens 2023 - Q4 - STA

• State of Security Tokens 2023 - Q3 - STA

• State of Security Tokens 2023 - Q2 - STA

• State of Security Tokens 2023 - Q1 Extended - STA

• Real-World Asset Tokenization 2023 According to STM - STM

• Tokenizing an Asset in 3 Easy Steps - Security Token Show

• Rich Data in Private Assets - STM

• State of Security Tokens 2022 - STA

• State of Security Tokens 2023 - Institutional Edition - STA

• Tokenization for Institutions - What You Need to Know - STM, Arca (YouTube)

Summary and Key Takeaways

1. BlackRock’s Larry Fink Teases Tokenized ETFs and Tokenization Engine

In case you missed it, the world’s largest asset manager has spoken (again)! From just talking about tokenization in 2022 on CNBC to actually tokenizing a money market fund in 2024 on Securitize (BUIDL), historically speaking, whenever Larry Fink says or does anything tokenization-related, the industry listens and is reactivated for another push forward. So what’s going on now? Two things coming together. 1) Their top crypto ETF $IBIT crossed $100B in AUM and 2) Larry Fink talks on BlackRock’s larger tokenization role.

Speaking once again on CNBC, Larry brings these two developments together, talking about the value proposition in tokenizing ETFs and bringing in crypto investors to more traditional products. It makes sense he and other asset managers want to tap crypto-native, younger investors as a new channel of inflows and creating onchain strategies to meet them in the digital ecosystem is the answer. How do you do that effectively? Through what Larry is calling the “re-potting” of traditional assets (bringing assets natively onchain) over time. Beyond MMFs, he’s thinking about all asset classes. The more assets come onchain the easier it is to create new strategies, rebalance portfolios, and conduct fund administration across the board. On that note, he shared their commitment to building their own tokenization tech - no surprise he’s bringing it in-house to control it all just like when BlackRock bought iShares in 2009 for their ETF business. We’d say that one paid off and tokenization will do so even more over the decades to come. Jason will be bringing all of this up and diving deeper on a panel he’s moderating at DigiAssets 2025 tomorrow around ETFs; featuring Matt Kunke, Lead Digital Assets Strategist at BlackRock.

2. S&P’s Stablecoin Stability Assessments are Coming Onchain

Another week, another S&P update because they’re on a roll. Last week we covered them for their new S&P Digital Markets 50 index with Dinari. Well they’re back with yet another partnership and this time it’s with Chainlink to put their Stablecoin Stability Assessments (SSAs) on multiple blockchains. Starting on Base, rather than full credit ratings, these assessments focus on giving a 1-5 score based on the stablecoin’s ability to keep its peg. Why does this matter? Onchain finance is all about programmability and automation thanks to smart contracts. There are a bunch of stablecoins out there and more to come. Say a DeFi lending protocol needs to decide which stablecoins to accept based on risk parameters, one of those could be S&P’s score and Chainlink’s DataLink will make it easier for smart contracts to read that. Remember the Terra Luna crash? Had someone tried depositing that algorithmic stablecoin into a lending protocol, it likely would’ve had a 4 or 5 score from S&P, reflecting its risk for depegging, and been rejected. These SSAs have been around since 2023, with some recent and notable stables they’ve rated including Circle’s USDC and EURC both at 2 (strong), SocGen’s EUR CoinVertible at 3 (adequete), and Ethena’s USDe at 5 (weak).

3. U.S. Bank Announces New Business Unit

U.S. Bank, the nation’s 5th largest bank, has been involved in the web3 space in terms of offering crypto custody services through a subcustodian, serving as Lynq Network’s cash custodian, and has participated in pilots and POCs like one with FIX protocol. However, last week’s news cemented their commitment to onchain innovation and that’s through their brand new Digital Assets and Money Movement organization. Led by USB 20-year veteran Jamie Walker, based on the press release it seems a large focus will be in how blockchain transforms payments alongside opportunities with tokenized assets. This is in line with another announcement from two weeks ago, where Anchorage selected U.S. Bank to custody the reserves backing Anchorage-issued payment stablecoins. Given USB serves a variety of clients from retail and SMEs to large corporations and government entities, one can imagine why money movement is so important, especially with the cross-border, FX advantages that instantaneous settlement can offer via stables. 

The goal for the new business unit is, of course, to innovate while generating revenue. What better way to do that than to enhance services for existing clients and even tap into new ones? Custody and stablecoins are just the beginning, with tokenized assets and onchain payments really enabling them to offer onchain financial services. From individual or SME loans to fund admin to corporate treasury management and beyond, it’ll all be faster and cheaper by bringing it onchain and clearly USB is about to start cranking out new use cases with their new Digital Assets and Money Movement business unit. POCs and pilots are over, they’re about to do this for real. Now the question is, of all possibilities, what will be the new team’s first product/service?

4. Tokenized Stocks are Coming to U.S. Retail Investors en Masse via SoloTex

Last week we covered Ondo’s acquisition of Oasis Pro coming to completion and how tokenized stocks have been a big theme this year along with some scrutiny around different structures. Herwig often points out the lack of onchain access for U.S. retail investors (at scale, not one at a time like Securitize and Superstate). The race for extending onchain access to American retail is something either Oasis Pro will power, Dinari could come to market with thanks to their broker-dealer approval earlier this year, or a new entrant to the race takes over. That entrant is SoloTex.

A partnership between Sologenic and Texture Capital, SoloTex was just approved by FINRA to offer U.S. investors access to tokenized stocks. To ensure that each token represents an actual share with voting rights, dividends, and all, the token is minted only after the platform’s clearing broker has the share in custody. Set to launch later this year, this could be the start for American investors to also reap the onchain benefits for stocks. Sologenic also has a DEX, positioning itself well to then add additional utility to these tokens. Who will ultimately get to market first? We’ll have to wait and see.

5. DigiFT is On a Roll: CMB International, UBS, Bybit

Shifting our attention to the other side of the world, DigiFT has been on a roll with notable issuers like UBS, Invesco, and most recently China Merchants Bank (CMB) International. CMBI is working with DigiFT to bring their $3.8B USD-denominated money market fund to onchain investors, specifically BNB Chain. According to BNB Chain’s article, the CMBMINT and CMBIMINT tokens (assuming one is Hong Kong and the other is Singapore) will be supported by DeFi applications like Venus and ListaDAO for added utility. Speaking of which, DigiFT also has an update on their distribution of UBS’s money market fund token and that is that uMINT will now be accepted as collateral for holders on Bybit, one of the world’s largest crypto exchanges. Balancing compliance with innovation is something all institutions have to deal with to take advantage of DeFi, however it’s partnerships like these that will help mediate the transition. Eventually it won’t be TradFi vs. DeFi, it’ll just be finance.

This is not financial advice.

RWA Foundation & WALLY DAO Updates

The RWA Foundation introduced the RWA Pod as “A permissionless way for anyone to support RWAs using crypto with multiple RWA project tokens as yield.”

In partnership with PERQ, the RWA Pod allows you to deposit ETH, USDC, ARB, and S/ Sonic. Participants will receive tokens on multiple blockchain protocols related to RWA projects that the RWA Foundation has qualified and selected as Founding Members.

What’s the update this week? What’s the RWA Pod TVL? Hear directly from your RWA Pod Host Ray Buckton! 👇

Watch this Week’s Update

Interested in watching the interviews with Rex from DRVN Will from Jade City? They’re now available on X and on YouTube, go ahead and check them out 👇!

STM.co Data

This is not financial advice.

Think Like Herwig

Hello readers,

Each week the heat for tokenization seems to add a few degrees. Larry Fink is once again on the PR path, telling Wall Street it’s ALL coming onchain and even hinting at their own tokenization engine. Meanwhile US Bank has a whole new digital asset division. Tokenized equities are “fully out-of-the genie’s bottle” and will get the same attention from regulators, media, and Wall Street incumbents next year as stablecoins did this year. Good for America seems to be the magic line and for the first time ever the SEC is actually encouraging folks to take meetings that aren’t just witch hunts designed to learn how the SEC can go after you. Put another way, if Coinbase Earn had launched with this current administration’s approach to crypto, it might have made Coinbase one of the biggest pseudo banks in the world today instead of being killed off in 2023. 

With the race for tokenization fully underway, I couldn’t be more excited about 2026. Basically every prediction I ever made on 300 episodes over the 6 years of the Security Token Show is coming true or will. No one pays attention to me like Larry Fink but you can almost certainly uncover some gold and insight about what else is coming if you go back and listen. I must say it is extremely validating because 7 years ago I was genuinely laughed at by everyone for even saying anything related to tokenization being the outright future of finance. We have some pretty big announcements ourselves to share soon too. Stay tuned!

Happy tokenizing, 
Herwig “Happy” Konings
CEO, Security Token Group 

Follow me on X / LinkedIn

Security Token Show Ends with 300 Episodes!

Check out the latest and final episode of the Security Token Show as well as the full catalog on Youtube, Spotify, Apple Podcasts & Google Podcasts.

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

Helpful Resources

• $30 Trillion by 2030 - STM

• Global Tokenized Real Estate Market Guide 2024 - STM

• TokenizeThis 2024: Highlights and Key Takeaways - STM

• TokenizeThis 2023: Highlights and Key Takeaways - STM

• State of Security Tokens 2023 - Q4 - STA

• State of Security Tokens 2023 - Q3 - STA

• State of Security Tokens 2023 - Q2 - STA

• State of Security Tokens 2023 - Q1 Extended - STA

• Real-World Asset Tokenization 2023 According to STM - STM

• Tokenizing an Asset in 3 Easy Steps - Security Token Show

• Rich Data in Private Assets - STM

• State of Security Tokens 2022 - STA

• State of Security Tokens 2023 - Institutional Edition - STA

• Tokenization for Institutions - What You Need to Know - STM, Arca (YouTube)

Your First Captivating Topic of the Week

🪨 Larry Fink Teases Tokenized ETFs and Tokenization Engine

The world’s largest asset manager has spoken (again)! When Larry Fink said "the next generation for markets will be the tokenization of securities" back in 2022 that helped the industry gain some legitimacy and again in his 2023 investor letter. They started putting their money where their mouth is the following year with the launch of BUIDL and investment in Securitize, catalyzing another inflection point for the tokenization industry (especially tokenized money market funds) and becoming the talk of town.

So what’s going on in 2025? Two things coming together. 
1) Their top crypto ETF $IBIT ( ▼ 2.6% )  crossed $100B in AUM and
2) Larry Fink talks on BlackRock’s larger tokenization role and teases tokenized ETFs

Speaking once again on CNBC, Larry brings these two developments together as he talks about the value proposition in tokenizing ETFs and bringing in crypto investors to more traditional products. It makes sense he and other asset managers want to tap crypto-native, younger investors as a new channel of inflows. This is especially true as trillions of dollars in value experience the great transfer of wealth, meaning new allocations due to younger investors’ different risk appetites and likely desire to keep money onchain. Asset managers, index providers, and other players see that and will meet heirs with onchain solutions in the digital ecosystem.

Another interesting point he makes is the “re-potting” of traditional assets, essentially bringing their ETFs natively onchain over time. This doesn’t apply just to ETF shares though, it’s the underlying assets of those ETFs that will also be tokenized (as we know) and the value of onchain securitization overall.

Why does all this matter? Fink talks about cost savings due to the intermediaries involved today (which could be passed on to investors) giving further validation to operational savings we’ve seen reported for fund managers. Aside from that, however, is the fact that if everything is onchain then that opens up the door to create new investment strategies.

On this note, he shared their commitment to building their own tech - no surprise he’s bringing it in-house to control it all just like when BlackRock bought iShares in 2009 for their ETF business. I’d say that one paid off and tokenization will do so even more over the decades to come.

I’ll definitely be bringing all of this up and dive deeper on a panel I’m moderating next week here in Miami around ETFs, featuring Matt Kunke, Lead Digital Assets Strategist at BlackRock. Are you attending? Shoot me a message on LinkedIn or email me at jason@stm.co and let’s connect!

This is not financial advice.

RWA Foundation & WALLY DAO Updates

The RWA Foundation introduced the RWA Pod as “A permissionless way for anyone to support RWAs using crypto with multiple RWA project tokens as yield.”

In partnership with PERQ, the RWA Pod allows you to deposit ETH, USDC, ARB, and S/ Sonic. Participants will receive tokens on multiple blockchain protocols related to RWA projects that the RWA Foundation has qualified and selected as Founding Members.

What’s the update this week? What’s the RWA Pod TVL? Hear directly from your RWA Pod Host Ray Buckton! 👇

Watch this Week’s Update

Interested in watching the interviews with Rex from DRVN Will from Jade City? They’re now available on X and on YouTube, go ahead and check them out 👇!

Your Second Captivating Topic of the Week

✈️ Tokenized Private Jets: AriyaX’s Profit Share Token

Tokenizing stocks is cool and has its place BUT what about the other alternative, fun, and non-correlated opportunities out there? This week we’re seeing private jets coming onchain!

AriyaX Capital just announced the AXPT Token, representing a fractional profit share from private jet operations and aircraft leasing revenues (not fractional ownership of the planes themselves). That distinction matters: rather than dealing with hangar fees, maintenance, and pilot scheduling, investors get access to the economic upside of aviation operations handled by a team with 13+ years of experience in the business.

How it works:

• Accredited U.S. investors can participate via Reg D, while non-U.S. investors come in under Reg S.

• Token holders receive onchain distributions of profit share, staying true to the blockchain ethos of transparency and automation.

• The offering is powered by Stobox, shoutout to them as a great white-label infrastructure provider that’s been in the space for many years and the token will be issued on Arbitrum.

Why it’s notable:

• Expands tokenization beyond funds and real estate into operational revenue-sharing models, similar to tokenized royalties or music rights.

• Brings “lifestyle adjacent” assets like private jets into regulated, income-producing structures.

• Demonstrates how tokenization can serve cash flow assets, not just ownership certificates.

You’ll notice on the page it’s a brand new offering so it’ll be interesting to see how quickly (or not) it fills up! Remember none of this is financial advice, please do your own research.

This is not financial advice.

Security Token Show Ends with 300 Episodes!

Check out the latest and final episode of the Security Token Show as well as the full catalog on Youtube, Spotify, Apple Podcasts & Google Podcasts.

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

Summary and Key Takeaways

1. Securitize Secures ~$10M from ARK Invest, Rumored to IPO via SPAC

Securitize had quite the week, starting with an investment from the ARK Venture Fund valued at around $10M and representing the fund’s 8th largest allocation. This places Carlos Domingo and his team alongside giants like xAI and Anthropic but vice versa has Cathie Wood’s ARK rubbing shoulders with BlackRock and Morgan Stanley on the Securitize cap table. No doubt we’ll likely see a tokenized ARK Fund (maybe specifically the Venture Fund) as a result of this. However, the week came to an even more exciting close on Friday thanks to the Bloomberg-reported news that Securitize might IPO through a Cantor Fitzgerald blank-check company. The Cantor Equity Partners II SPAC merger would reportedly make Securitize a unicorn, raising its valuation to $1B. Cathie Wood took a $150M allocation from Circle’s IPO and then eventually took profits, showing further confidence in the possibility of Securitize actually IPOing with Brandon Lutnick. We won’t jinx it with early congratulations but wow is this an exciting time for the tokenization industry as a whole!

2. Stripe’s Open Issuance Goes Live for Custom Stablecoins

Stripe’s acquisition of Bridge for $1.1B is about to start paying off now that the service has been integrated with their other acquisition, Privy, to create Open Issuance. This is a GENIUS-compliant Stablecoin-as-a-Service platform, making it quick and easy for smaller businesses to customize their stables for their unique customers and use cases. They’re starting with a couple name-brand examples such as Phantom wallet’s CASH and Native Markets using Bridge for Hyperliquid’s USDH. What does this mean for other businesses? They’ll be able to create their own tickers and experiences in just days, with a built in shared liquidity pool, wallets and cards that support them, customizable cash to treasuries allocations, choice in chains to support, and other features (minus the few defaults needed for stablecoin compliance). Looking at what backs these stables, it’s great to see some top tier options (BlackRock & Fidelity) mixed with a fintech such as Superstate. It’s unclear if these mean the tokenized options BUIDL, FDIT, and USTB although presumably they are. Aside from reserve allocations, businesses can choose the economics such as fees and get to keep more of the yield generated from the treasuries vs. using a 3rd party’s stablecoin like USDT.

With Stripe now offering the rails to issue stablecoins, linked cards, and planning their own Tempo blockchain, you can see the direction this is going in. Stripe is likely going after the Mastercards and Visas of the world as owning the rails means the historically famous 2.9% + $0.30 fee merchants pay for accepting card payments could be brought down to say 1% or even nothing if Stripe wanted to - further incentivizing additional adoption of Open Issuance.

3. S&P Announces New Index, To Be Issued on Dinari: S&P Digital Markets 50 Index

While it was cool to see S&P Dow Jones Indices licensing The 500 to Centrifuge and and Anemoy to create the Janus Henderson Anemoy S&P 500® Fund (SPXA), this was also a signal of more to come and this past week we saw it. S&P DJI is now creating a new index called the S&P Digital Markets 50 meant to blend both cryptos and crypto-company stocks for a diversified portfolio. Who’s issuing this one? Dinari! Dinari is an SEC-registered transfer agent that tokenizes stocks here in the US, making it a prime candidate to issue the token tracking this new index sitting in between public and crypto markets. This index comes just weeks after Bitwise announced their stablecoin & tokenization infrastructure fund expected to come around Thanksgiving, showing the increasing appetite for exposure to digital assets and it makes sense to start with those building the rails of future capital markets. The S&P Digital Markets 50 will combine 15 cryptos and 35 blockchain stocks and Dinari will issue the dShare to track them all. 

Like the Centrifuge collaboration, this is a great step forward but also just the tip of the iceberg. What will this evolve to? Even more complex indices tracking themes and including other asset classes as private market assets continue to come onchain. Aside from the benchmark, the future of them will be a “token of tokens” where it’s extremely easy to rebalance and take more active strategies. This will only intensify as the plumbing for public stocks and private assets bring both natively onchain, opening the door to a whole lot more possible combinations.

4. Ondo Completes Oasis Pro Acquisition

Tokenized stocks have been a big theme this year, from Vlad Tenev of Robinhood getting the masses talking about it and questioning structures to seeing more native public stock tokenization (Superstate and Securitize). Ondo launched Ondo Global Markets for non-U.S. investors to get access to public shares while merging in TradFi liquidity making it one of the premier destinations. However the issue that Herwig has pointed out countless times is that of U.S. investors not having the same access onchain to our own capital markets. That might come to an end soon with the completion of the Oasis Pro acquisition. Through Oasis Pro Markets, Ondo now has transfer agent, broker dealer, and ATS licenses putting them in a great position to take off that IP address blocker and let American investors in on the fun. Of course this is all pending integrations to make it all work but another interesting thing to look at is the types of assets Oasis Pro will allow Ondo to list beyond traditional NMS securities including “tokenized or traditional OTC equities, corporate debt, closed-end mutual funds, REITs, structured products, MBS, ABS, and privately placed securities.” With all of these new assets able to be tokenized and listed on the venue, imagine the custom portfolios and indices providers could offer (as mentioned at the end of section 1) - a race Dinari is currently winning with their new S&P Digital Markets 50 index dShares to come. 

Long term we can expect wealth management firms to integrate more and start offering new model portfolios that they can hyper-customize to their clients’ needs especially as different assets become easier to include. Will they integrate with Ondo, Dinari, Centrifuge, or someone completely new building in stealth? For context, Morgan Stanley is barely allowing crypto allocations to rise to 4% and will make crypto trading available in early 2026 via a zerohash integration so we have a bit of work to go.

5. Crypto ETFs Add Staking in the US: Grayscale, Bitwise, 21Shares

Staking is here! Taking a quick trip down memory lane, January 10, 2024 had the industry ecstatic as the SEC approved the first U.S.-listed crypto spot ETPs (11 of them all at once) - an effort largely led by Grayscale. We’ve seen a variety of new single-asset listings and applications since those BTC ones including spot ETH, SOL, XRP, and LINK followed by multi-asset products as well. With the recent streamlined listing guidelines announcement from the SEC, the spot crypto ETPs will flood in, creating a new opportunity to evolve and that’s staking. Once again leading the charge, Grayscale is the first to offer staking to their existing ETH ETPs (ETHE and ETHE), with GSOL expected to uplist soon. This was quickly followed by Bitwise and 21Shares for their Solana and Ethereum counterparts. 

The fact that returns will be enhanced from staking rewards is already exciting, however the more interesting part to look at is the new version of the “fee war” we saw with the bitcoin ETFs. Rather than fighting over management fees again, Bitwise decided to go straight to 0.20% and focus on the new fight - the staking fee. This is the amount of the generated rewards the fund manager will take, but what makes it even harder to compare them to each other is if the staking provider’s fee is also included in that or not. Jason had a chance to meet Eric Balchunas in person a few months ago and the Bloomberg senior ETF analyst didn't disappoint. An example Eric shares on X is Canary’s 0.50% fee but no cut of rewards (not sure on provider’s fees) compared to Bitwise’s lower 0.20% fee and 6% of the rewards which does include the staking agent’s fee just as 21Shares’ larger 25% of rewards. What do you think is the right combo?

This is not financial advice.

RWA Foundation & WALLY DAO Updates

The RWA Foundation introduced the RWA Pod as “A permissionless way for anyone to support RWAs using crypto with multiple RWA project tokens as yield.”

In partnership with PERQ, the RWA Pod allows you to deposit ETH, USDC, ARB, and S/ Sonic. Participants will receive tokens on multiple blockchain protocols related to RWA projects that the RWA Foundation has qualified and selected as Founding Members.

What’s the update this week? What’s the RWA Pod TVL? Hear directly from your RWA Pod Host Ray Buckton! 👇

Watch this Week’s Update

Interested in watching the interviews with Rex from DRVN Will from Jade City? They’re now available on X and on YouTube, go ahead and check them out 👇!

STM.co Data

This is not financial advice.

Think Like Herwig

Hello readers,

With the new landscape forming for tokenization to go mainstream in the US, there is once again a frenzy for new licenses of.. transfer agents?! I remember it clearly back in 2019 when Securitize registered theirs, marking the first time a tech company (let alone a blockchain company) had applied for one. Seemingly almost the next day, Vertalo announced they had one too. As it turns out, it’s relatively easy to apply for and get a transfer agent license and the total number of companies applying for them was next to none due to existing market incumbents owning the pie. In reality, transfer agents were rarely used by private companies and are a requirement for public companies and for certain exemptions and rules under certain conditions. 

Now blockchain offers the opportunity to flip this service on its head. You might already be wondering, doesn’t blockchain solve for the need of an intermediary to manage a cap table or even execute distributions? And you are correct, the only reason you need the license is so that you can offer companies who legally need this service. Expect all tokenization engines that want to support publicly registered companies in the US to get one and it’s a mark of the industry maturing to once again see an uptick in this number of new licenses. This tells us we can expect more public equities tokenization action this year and heavily next year.

Happy tokenizing, 
Herwig “Happy” Konings
CEO, Security Token Group 

Follow me on X / LinkedIn

Security Token Show Ends with 300 Episodes!

Check out the latest and final episode of the Security Token Show as well as the full catalog on Youtube, Spotify, Apple Podcasts & Google Podcasts.

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

Helpful Resources

• $30 Trillion by 2030 - STM

• Global Tokenized Real Estate Market Guide 2024 - STM

• TokenizeThis 2024: Highlights and Key Takeaways - STM

• TokenizeThis 2023: Highlights and Key Takeaways - STM

• State of Security Tokens 2023 - Q4 - STA

• State of Security Tokens 2023 - Q3 - STA

• State of Security Tokens 2023 - Q2 - STA

• State of Security Tokens 2023 - Q1 Extended - STA

• Real-World Asset Tokenization 2023 According to STM - STM

• Tokenizing an Asset in 3 Easy Steps - Security Token Show

• Rich Data in Private Assets - STM

• State of Security Tokens 2022 - STA

• State of Security Tokens 2023 - Institutional Edition - STA

• Tokenization for Institutions - What You Need to Know - STM, Arca (YouTube)