Welcome to The State of Tokenization. In this edition, we explore the convergence of capital markets and blockchains; new tokenized fund and product launches; and interviews of industry leaders.
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RWA distributed asset value: $26.50B (+5.35%)
Number of RWA holders: 692.2K (+6.27%)
Transfer volume: $5.65B (-8%)
Total stablecoin value: $300.17B (-2.57%)
Tokenized treasuries total value: $12.09B (+4.03%)
Tokenized private credit (active loans value): $6.02B (-1.38%)
The metrics are accurate at the time of publication. The percentage change is over a 30-day period.
Top 3 Launches That Caught Our Eye This Month
Nasdaq has partnered with Kraken’s parent company Payward to develop infrastructure that would let tokenized equities move between capital markets and blockchains.
Coinbase Asset Management is launching a tokenized share class of its Bitcoin Yield Fund on Base, and has roped in Apex Group as the transfer agent for record keeping.
The New York Stock Exchange signed an MOU with Securitize to develop a tokenized securities infrastructure, where Securitize will serve as a digital transfer agent eligible to mint blockchain-native securities on NYSE’s upcoming Digital Trading Platform.
Additional RWA & Tokenization Developments
EPOCH Digital Credit launched TreasuryPlus (TPLUS), a tokenized private credit fund designed to produce yield comparable to money market instruments, in partnership with Synthesys and Chainlink
Bitget expanded its tokenized US stock and ETF offerings to include oil funds, energy and materials, and defense and industrial companies
T-REX Ledger will use the Polygon CDK and connect to Agglayer for its compliance-focused blockchain, and use Apex Group as a record keeper
Progmat, a Japanese tokenized securities company, plans to move its platform from Corda to a dedicated Avalanche layer-1 network
Solana has enabled tokenized stock trading for crypto ETFs, oil and uranium commodity funds
Bybit launched XAUT Earn, a product that lets users earn interest on Tether Gold
Genius Coffee issued a non-financial goods token GCT, which tracks the price of coffee-related assets such as cacao beans
Amundi and Spiko have launched a tokenized mutual fund (SAFO) on Ethereum and Stellar using Chainlink to enable real-world money market-like yields onchain.
Term of the month: Permissioned ledger
Definition: A network where access is restricted to pre-approved participants, meaning only vetted institutions or individuals can view, validate or transact on the ledger.
Used in a sentence: JPMorgan launched a tokenized money market fund on a permissioned ledger to limit participation to institutional investors who have passed compliance checks.
Want to learn more?
Jonathan Han, CEO of Euler Finance, spoke on the Talking Tokenization podcast about how the company is building an onchain credit layer to make DeFi lending more accessible to retail and institutional users alike
Forbes has an article about how the tokenization of real estate can make it easier for investors to gain exposure to property markets abroad without having to manage a property directly
Carlos Domingo, founder of Securitize, spoke on Cryptotwit’s podcast to explain how tokenization addresses siloed recordkeeping in order to break down intermediaries
Yuki Yuminaga, co-founder of Tenbin, spoke on The Rollup about why bringing precious metals, commodities, and yield-bearing FX assets onchain enhances accessibility
This is the State of Tokenization. March Edition.
This product was built by Token Relations.
This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.
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