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: 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...

Tokenization Digest, issue 08. Records on one side, plumbing on the other. The gap between them, is the story. 🔸 Citi and DBS completed their first weekend tokkenized cross-border payment. 🔸 Onchain spot RWA trading volume hit a record $7.82B in August. 🔸 Chainlink's Digital Transfer Agent standard went live in production with UBS, putting fund transfer agency onchain. 🔸 Tokenized stocks reached $2.55B in TVL and crossed one million holders. 🔸 Tokenized stock holders doubled in August. Robinghood chain, BNB chain, and Solana account for 95% of them. 🔸 Solana's RWA holders crossed 400,000 up from under 10,000 in January 2025. 🔸 CZ said IPOs are moving onchain, with tokenized stocks p from $329M to $2.3B in 12 months. 🔸 Coinbase's vice chair put it plainly: onchain finance and tokenization are not coming, they are here. The week in one number: 88% of tokenized stock trading came from a single venue. The demand is proven. The distribution is not.

Congrats to @Casper_Network on yesterday's launch. Good to see another chain building on the same open standards we do. ERC-3643 native, ERC-7786 aligned. That's how compliant assets get to work across the market, on shared foundations rather than proprietary ones. Institutional by design. Open by standard.

A credit rating is issued once and read by every lender. No bank re-rates the borrower at its own desk. ERC-3643 gives investor eligibility the same shape: issued by an accountable party, read wherever the investor shows up.

The old pipes are coming out. "The world's money moves through plumbing built when trading floors still shouted orders and fax machines felt revolutionary." New plumbing is being laid now. The assets that run through it will not have to notice.