The goal was never tokenization. It was what tokenization makes possible.

Three weeks ago the question was whether Congress would act. This week the regulators stopped waiting. Things move quickly here. Have a good weekend. 🦖

Everyday tokenization continues to stride forwards. The future of finance is onchain.

Tokenized equities: $3.14B, up 18.4% over thirty days. Treasuries fell 4.8% in the same window. Commodities fell 4.3%. Private credit rose 4.1%. The smallest of the major categories, and the only one growing at pace.

The SEC now says a venue has to give an issuer notice and a chance to object before a third party tokenizes its shares. Should a company get a say in who tokenizes it?

One ownership record. Many venues reading it. A tokenized security can trade in more than one place at once. Every venue needs the same answer to the same question: may this person hold this, right now. If each venue keeps its own answer, the answers drift. One says eligible, another says no, and the asset's rules end up depending on where you happen to be standing. Read from one record and they cannot drift.

Another big week for tokenization. The CLARITY Act failed in the Senate. Two days later the SEC opened a five year pathway for tokenized stocks anyway. We keep moving. We keep building. See you Monday.

Zenith joined DTC’s tokenization working group around ~$114T in securities. Kaiko just extended its Series B to $110M. Apex is targeting $100B in tokenized assets on T-REX. The teams working around these shifts - Zenith, @KaikoData and @trex_network - are getting together at @token2049 for the Opening Bell. A curated breakfast for institutional leaders and builders working across tokenization, settlement and digital markets. Request access: luma.com/ht5jyi8k And all three teams have had a lot happening lately ↓

Tokenization Digest, Issue 09. The week the legislation stalled and the regulator moved anyway. 🔸 The CLARITY Act failed to advance in the Senate 🔸 Two days later the SEC issued an Innovation Exemption, letting qualifying venues trade tokenized stocks onchain. Effective immediately, for 5 years. 🔸 The exemption covers tokenized stocks carrying real shareholder rights rather than synthetic exposure. 🔸 HSBCS and Standard Chartered completed the first live tokenized deposit transaction over Swift. 🔸 The FDIC proposed parity rules so state chartered banks can take part in digital asset activities. 🔸 Hong Kong's policy address widened its tokenization agenda to gold, money market funds and commodity warehouse receipts. The week in one number: tokenized equities are roughly 0.004% of the US stock market. That is the runway the SEC just cleared.

Whitelisting a wallet is not compliance. One investor can hold ten wallets, and an address cannot tell you who is behind it. Daniel Coheur, CEO and co-founder of T-REX, on why investor caps and distribution rules cannot be enforced at the wallet level.

Tokenized real world assets nearly tripled in a year, from roughly $11.8B to $33.5B. Set against the $450T of real world assets in existence, that is 0.007%. Both numbers are true at the same time. Clear rules change the slope. They do not change the direction.

Disappointing, not decisive. A lot of teams have spent years pushing for this, and today stings for all of them. Every one of them will be building again tomorrow. Clarity will come. We keep building...

Compliance that travels. T-REX x @Chainlink CCIP moves it, ACE enforces it, Data streams prices it ERC-3643 compliance, coming to the 60+ chins CCIP connects.

Been waiting to share this one for a while. Announcement at 17:00 CET

the tokenization supercycle is very real

Morning. Another week of tokenization ahead. Settlement pilots, collateral desks, more assets arriving onchain. Plenty worth watching this week. Have a good one.