The line between crypto and finance is closing. SEC clearing agencies are crypto-native. DTCC is tokenizing on public chains. Banks are issuing stablecoins. Today we're launching Digital Asset Brief — a biweekly publication for the teams operating at the seam.

The same stock is now tokenized four or five times over by different platforms. Each wrapper has its own token symbol, and onchain volume is usually reported by wrapper rather than by the company being traded. We map every token to its underlying ticker, and in our upcoming RWA report we compare both views. eu1.hubs.ly/H0yggC80

Introducing the new Denaria @Dune Dashboard. Track Denaria’s onchain activity in real time, including: > Trading volume > Active traders > Total trades > Fees generated > Volume by asset > Long vs. short activity > And more A transparent way to follow Denaria’s growth and see how the protocol is evolving directly onchain. And yes, we are already at $2,300,000 trading volume! Here is the link: dune.com/denaria/denaria-gmx Denaria: Trade perps, 24/7, everywhere.

$14bn+ of tokenized money market funds, 86% of the class, updated prices at least weekly through August and recorded no onchain trades at all. Publishing a price is what makes a secondary market possible, but these products mostly redeem with the issuer rather than trading. Tokenization serves a different purpose for each asset class. Our RWA report sets out what each one is for. eu1.hubs.ly/H0ygdHL0

tell me again it's not a tokenization supercycle

The New York Stock Exchange closes at the weekend. The onchain markets tracking the same assets do not. $3.8B+ of open interest sits across 134 perpetual markets referencing real-world assets directly, from the S&P to gold. None of it touches a token. Dune carries this exposure in the same dataset as the tokenized assets themselves. Sign up to be the first to access Dune's RWA report: eu1.hubs.ly/H0ybyBj0

Perpetual traders and tokenized spot buyers select different companies from the same market. Memory and storage dominate one, crypto-linked names the other. Asia accounts for 24% of perpetual open interest and 3% of spot. The two markets barely overlap on any dimension. Our upcoming RWA report compares them directly. eu1.hubs.ly/H0yg6zy0

Public, traceable blockchains are actually a better compliance substrate than traditional finance. Analytics and identity credentials can add what regulators need without turning every wallet into a bank account. @mewwts, Co-Founder & CTO, @Dune

. @arc is now live on Dune. Arc, a Layer-1 blockchain developed by Circle for stablecoin finance, launches mainnet today, with DTCC, ICE, and MoneyGram among the founding validators helping secure the network. Payments, FX, lending, treasury, capital markets settlement, all Arc data is on Dune from the first block. eu1.hubs.ly/H0ym3H40

PAX Gold and Tether Gold sit next to each other on holder accounts, 86,041 against 78,189. Over 30 days, PAX Gold added 1.8% and Tether Gold 22.5%. Dune tags every product with its instrument type, so you can compare a product against its real peers on holders, growth, secondary market trading and use as DeFi collateral, not only on size. Sign up to be the first to access Dune's RWA report: eu1.hubs.ly/H0ybwQp0

Kraken's xStocks vaults went live yesterday. Veda provides the infra, Sentora curates the strategy and risk, the collateral lands in Kamino lending markets on Solana. Three vaults at launch: SPYx $55.7k, NVDAx $28.5k, QQQx $12.2k, joining the Kraken DeFi Earn program running $830M across BTC and USDC vaults. Dune's new RWA dataset covers xStocks across chains, including how much of the supply sits in lending markets versus held elsewhere, alongside the other tokenized equity issuers and the rest of the RWA asset classes. eu1.hubs.ly/H0yk8D70

Tokenized assets end up in very different venues depending on what they are. Equities have by far the largest presence at exchanges, and are the only class with meaningful DEX liquidity; credit has the largest share in lending protocols; money market funds sit at rest on large wallets. Where an asset class sits also tells you what purpose it serves. Our upcoming RWA report begins there. eu1.hubs.ly/H0yg5Hl0

The Fed decides on Wednesday. A week out, @Polymarket and @Kalshi both put a 25bp hike at 55%. That is the closest an FOMC contract has come to a coin flip this late: across 27 settled decisions since 2023, the leading outcome at the same point had a median of 96% and never fell below 79%. Even after August CPI landed on Friday morning, the 25bp hike odds moved from 57% to 80%, a major jump but still below the usual consensus. Polymarket and Kalshi in one schema, with three years of settled outcomes to score against: eu1.hubs.ly/H0yjphs0

Tokenized Treasury funds can look similar on the surface, with comparable underlying assets and yields. The differences are often structural: fees, redemption terms, liquidity, and whether they can be used as collateral, traded on DEXs, or deployed in vaults.

Over the last 90 days, one tokenized equity product carried 50.8% of onchain RWA spot volume. That product is QQQB, the Invesco QQQ Trust tokenized by BTech Holdings on bStocks, live on BNB Chain. Dozens of flagship tokenized products trade onchain, and in aggregate the market looks broad. Indexed trade by trade, with venue and price attached, just over half of it is this one. Dune indexes every onchain trade of a tokenized asset as its own row. A daily total would never show you that. Sign up to be the first to access Dune's RWA report: eu1.hubs.ly/H0ybny10

What FLR does today: Gas. Fees burn. Stake and delegation. Governance. FDC requests. FCC works the same way: requests, setup and maintenance each pay a fee — part to entities and stakers, part to FIRE 🔥 FIRE is the pool that can take protocol fees and reduce supply. Track them all @Dune → dune.com/flare/tokenomics

Eight tokenized money market funds from eight different issuers, all holding short-dated US government paper. They've paid within 38 basis points of each other for months, while tokenized credit spreads nearly a thousand. Our upcoming RWA report examines what actually differentiates them: fees, investor eligibility, and redemption terms. eu1.hubs.ly/H0yg0wv0

$1.5B of tokenized assets are working as collateral in lending markets today. A wallet balance tells you a fund is held somewhere. It does not tell you which contract, or whether anyone has borrowed against it. Dune names the protocol behind every balance and decodes the loan where there is one. Sign up to be the first to access Dune's RWA report: eu1.hubs.ly/H0yby_b0

Catch @arno39 onstage at Cointelegraph Longitude Singapore. VP of Institutions at @Dune, the industry standard for onchain data, trusted by Visa, WisdomTree, FINRA and the IMF. With 15 years in enterprise technology, he helps banks, asset managers and exchanges build the infrastructure that makes onchain finance observable. Join us at LONGITUDE: luma.com/2g8kwtyd

Four product fees on@FlareNetworks now fund FIRE, a pool set up to reduce FLR supply, the onchain version of a share buyback funded by operating revenue. A buyback usually shows up as a quarterly total. These fees can be attributed by product as they arrive, in Dune’s Flare datasets.