Tokenization has always sounded bigger than it looked.

 

For years, crypto insiders talked about putting stocks, bonds, and real-world assets on blockchains as if it were inevitable. In reality, adoption was slow, liquidity was thin, and most experiments never made it past pilot stage. That gap between narrative and execution is starting to close, and ARK Invest appears to think the timing finally matters.

 

The innovation-focused asset manager has taken a stake in Securitize, a company building the infrastructure to issue and manage tokenized securities. On its own, the investment is modest. In context, it is a clear signal that tokenization is moving out of theory and into serious institutional planning.

 

From a $30 Billion Market to Something Much Bigger

Today, the tokenized real-world asset market sits at roughly $30 billion, depending on how narrowly you define it. That includes tokenized Treasurys, money market funds, private credit, and a small but growing set of other financial instruments.

 

ARK’s long-term outlook is far more ambitious. The firm has pointed to projections that tokenization could scale into an $11 trillion market by 2030. That kind of growth does not come from retail speculation or crypto-native assets alone. It requires deep integration with traditional finance.

 

"In our view, broad based adoption of tokenization is likely to follow the development of regulatory clarity and institutional-grade infrastructure," Ark Invest said in its "Big Ideas 2026" report published Wednesday.

 

Institutional Momentum Is Picking Up Fast

What is changing most quickly is not the technology, but the pace of institutional involvement.

 

In just the past few weeks, some of the largest names in global markets have moved from discussion to execution. Earlier this week, the New York Stock Exchange said it is building a blockchain-based trading venue designed to support around-the-clock trading of tokenized stocks and exchange-traded funds. The platform is expected to launch later this year, pending regulatory approval, and would mark one of the most direct integrations of tokenized assets into a major U.S. exchange.

 

That announcement followed a similar move from F/m Investments, the firm behind the $6.3 billion U.S. Treasury 3-Month Bill ETF. The company said it has asked U.S. regulators for permission to record existing ETF shares on a blockchain. Founded in 2018, F/m manages roughly $18 billion in assets, and its approach signals that tokenization is no longer limited to newly issued products. Existing, actively traded funds are now being considered for on-chain recordkeeping.

 

Custody and settlement providers are moving in parallel. Last week, State Street said it is rolling out a digital asset platform aimed at supporting money market funds, ETFs, and cash products, including tokenized deposits and stablecoins. Around the same time, London Stock Exchange Group launched its Digital Settlement House, a system designed to enable near-instant settlement across both blockchain-based rails and traditional payment infrastructure.

 

Taken together, these moves suggest institutions are no longer testing whether tokenization works. They are deciding where it fits.

 

ARK has noted that tokenized markets today are still dominated by sovereign debt, particularly U.S. Treasurys. That is where the clearest efficiency gains exist and where regulatory risk is lowest. Over the next five years, however, the firm expects bank deposits and global public equities to make up a much larger share of tokenized value as institutions move beyond pilot programs and into scaled deployment.

 

If that shift plays out, tokenization stops being a niche product category and starts to look like a new operating layer for global markets.

 

 

 

New York Stock Exchange Wants To Go On-Chain

 

 

Why This Time Feels Different

Tokenization has gone through hype cycles before, usually tied to broader crypto booms. What stands out now is who is building and who is participating.

 

Large asset managers are no longer experimenting on the margins. They are issuing real products, allocating real capital, and treating blockchain settlement as a potential efficiency gain rather than a novelty. Tokenized Treasurys and money market funds are leading adoption because they solve real operational problems like settlement speed and collateral mobility.

 

That is how new financial infrastructure typically gains traction. Slowly, quietly, and through the most boring assets first.

 

ARK’s involvement fits neatly into that pattern.

 

The Challenges Have Not Disappeared

None of this means tokenization is inevitable or frictionless.

 

Liquidity in secondary markets remains limited. Regulatory clarity still varies widely across jurisdictions. Custody, interoperability, and standardization are ongoing challenges. Many tokenized assets trade less frequently than their traditional equivalents, at least for now.

 

But those challenges look more like growing pains than dead ends. The market is early, not stalled.

 

Infrastructure Before Impact

If tokenization does reach anything close to $11 trillion by the end of the decade, it will not arrive with fanfare. Most investors will not notice when the shift happens. Trades will just settle faster. Access will widen. Capital will move more freely across systems that used to be siloed.

 

ARK’s move suggests the firm is less interested in predicting when that happens and more interested in owning the infrastructure that makes it possible.

For something this significant, the reaction from crypto markets has been oddly quiet.

 

BlackRock’s tokenized money market fund, BUIDL, has now crossed $2 billion in assets and paid out more than $100 million in dividends to token holders. In any other cycle, those numbers would have dominated headlines. Instead, it feels like background noise, almost too traditional to be exciting, and maybe that is exactly the point.

 

Because BUIDL is not trying to reinvent finance. It is doing something much simpler, and arguably more important. It is putting real, regulated yield on chain, at institutional scale, and proving that the infrastructure actually works.

 

A Tokenized Fund That Acts Like a Money Market Fund

 

At its core, BUIDL is straightforward. The fund holds short term US Treasuries, cash, and repo agreements. The same assets that back traditional money market funds. No leverage, no exotic structures, no crypto native yield tricks.

 

What makes it different is how ownership is represented.

 

Instead of shares living inside legacy fund systems, BUIDL issues tokens that represent claims on the fund. Those tokens exist on public blockchains. Dividends are distributed on chain. Transfers settle without waiting for banking hours or back office reconciliation.

 

For crypto natives, this might not sound revolutionary. For institutions used to T plus settlement and restricted access windows, it is a real upgrade.

 

From Experiment to Infrastructure in Under Two Years

 

When BlackRock launched BUIDL in early 2024, many in crypto saw it as a symbolic move. A toe in the water. Something to signal interest without real commitment.

 

That framing no longer holds.

 

The fund scaled quickly, crossing $1 billion in assets within its first year, then continuing to grow past $2 billion by the end of 2025. Along the way, it paid out more than $100 million in dividends sourced from traditional fixed income returns, not token emissions or incentives.

 

That last part matters. This is not yield propped up by growth assumptions. It is yield coming from government debt, flowing directly to wallets.

 

Why This Matters to Crypto, Specifically

 

Crypto has spent years talking about real world assets and on chain yield. BUIDL is one of the first examples where those ideas are operating at scale without collapsing under their own complexity.

 

The fund gives on chain capital something it has often lacked: a low risk, regulated place to sit. For DAOs, market makers, funds, and protocols managing large treasuries, that is a meaningful development.

 

Instead of choosing between idle stablecoins or higher risk DeFi strategies, capital can now earn government backed yield while staying on chain. That is a structural shift, not a narrative one.

 

Multi Chain, Because Liquidity Does Not Live in One Place

 

Another reason BUIDL has gained traction is its multi chain approach.

 

The fund launched on Ethereum but has since expanded to several other networks, including Solana, Avalanche, Polygon, Optimism, Arbitrum, and Aptos. This is less about chasing ecosystems and more about recognizing reality.

 

Liquidity in crypto is fragmented. Institutions operate across multiple chains depending on speed, cost, and integration needs. By meeting them where they are, BUIDL avoids forcing a single technical choice and makes adoption easier.

 

It also reinforces an important idea: tokenized assets do not need to be chain maximalist to succeed.

 

The $100 Million Dividend Signal

 

The dividend milestone deserves more attention than it is getting.

 

More than $100 million has been paid out to token holders since launch. Not promised. Not projected. Paid.

 

In a space where yield numbers are often theoretical or short lived, that consistency stands out. It shows that on chain finance does not need to rely on speculation to be useful. Sometimes it just needs boring assets, clean execution, and trust in the issuer.

 

BlackRock’s involvement removes a layer of counterparty doubt that has historically limited institutional participation in DeFi adjacent products.

 

A Quiet Shift in Power Dynamics

 

There is an uncomfortable implication here for parts of crypto.

 

One of the largest asset managers in the world is now offering a product that competes with stablecoins, treasury backed tokens, and some low risk DeFi yield strategies. And it is doing so with regulatory clarity, scale, and brand trust.

 

That does not mean those products disappear. But it does raise the bar.

 

If tokenization is going to define the next phase of crypto infrastructure, it will not only be driven by startups and protocols. It will also be shaped by institutions that understand capital, compliance, and distribution.

 

Why This Moment Matters

 

BUIDL passing $2 billion in assets and $100 million in dividends is not a hype event. It is an adoption event.

 

It shows that tokenization can move beyond proofs of concept. It shows that on chain assets can generate real world yield without sacrificing regulatory guardrails. And it shows that crypto infrastructure is increasingly being used not just for speculation, but for cash management.

 

That may not pump tokens overnight. But it is the kind of progress that sticks.

 

And once institutions get comfortable earning yield on chain, the rest of the ecosystem tends to reorganize around that reality.

 

Stay Connected

 

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FalconX, a leading institutional digital-assets brokerage and trading platform, has agreed to acquire 21Shares, a prominent issuer of crypto exchange-traded products (ETPs) and ETFs. The deal was announced in late October 2025, though the specific terms have not been publicly disclosed.

This acquisition brings together FalconX’s strength in execution, trading infrastructure and institutional client base with 21Shares’ deep experience in product development, distribution and listed crypto investment vehicles.

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Who Are the Players?

FalconX was founded in 2018 and has grown into a major player in crypto asset brokerage, serving over 2,000 institutional clients and facilitating more than $2 trillion in trading volume. The company also has a valuation of about $8 billion as of its 2022 funding round.

21Shares, headquartered in Switzerland (with operations in New York and London), was founded in 2018 and is known for building one of the world’s largest suites of crypto ETPs. As of September 2025, it managed assets in excess of $11 billion across 50-plus listed products. The firm had also begun filing for U.S. crypto index ETFs and liquidated certain futures-based ETFs earlier in the year.

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Why This Acquisition Matters

Expansion into Regulated Investment Products

The deal enables FalconX to move beyond its core services—market making, liquidity supply and institutional trading—into the realm of regulated investment vehicles. With 21Shares’ expertise in ETP/ETF structuring and listings, FalconX can offer crypto exposure via familiar formats to institutional and retail investors alike.

Convergence of Traditional Finance and Crypto

This transaction highlights the deepening overlap between traditional financial markets and digital asset markets. Asset managers, custodians and broker-dealers increasingly view crypto investment products as mainstream opportunities, not just niche plays. The acquisition positions FalconX and 21Shares to capitalize on that shift.

Synergies in Product Development and Distribution

FalconX brings its institutional trading infrastructure, global client base, and risk/credit management framework to the table. Meanwhile, 21Shares contributes product architecture, index methodology, listing track record and global distribution channels. Combined, this creates a platform capable of launching structured crypto products at scale.

Strategic Timing

The acquisition comes at a time of regulatory clarity and product expansion in the crypto investment space. The U.S. Securities and Exchange Commission and other global regulators have recently approved or streamlined exchange-traded crypto product filings. By securing 21Shares now, FalconX gains immediate access to a market moving fast toward regulated crypto exposure.

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Implications and What to Watch

For Investors

Investors may benefit from a broader array of crypto investment vehicles—especially those who prefer regulated formats over direct asset ownership. This could mean increased product choice, improved liquidity and potentially deeper institutional participation in crypto markets.

For the Crypto Industry

The deal may spur further consolidation in digital assets infrastructure. Firms with strong product capabilities, regulated distribution and institutional access will increasingly dominate. Smaller players may struggle unless they carve out niche specialties.

Regulatory and Geographical Considerations

As FalconX and 21Shares expand into various jurisdictions, regulatory compliance becomes critical. How well the enlarged entity navigates regulatory regimes in the U.S., Europe and Asia-Pacific will influence its long-term success.

Product Pipeline

What comes next? Potential areas include U.S. crypto index ETFs, altcoin-focused ETFs, structured products (synthetics, derivatives), and possibly tokenized asset offerings. The product pipeline will likely be watched closely by investors and market watchers.

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Final Thoughts

FalconX’s acquisition of 21Shares represents a bold strategic move in the evolution of crypto investment infrastructure. By combining trading and brokerage operations with product development and listing expertise, the two firms together are poised to accelerate the shift of digital assets into regulated investment frameworks.

For investors, this means more familiar and accessible ways to participate in crypto markets. For the industry, it’s a clear sign that consolidation and institutionalization are accelerating. The ultimate success will hinge on execution—product launches, regulatory navigations and global distribution.

 

If FalconX and 21Shares deliver on their promise, the acquisition could mark a pivotal moment in crypto’s transition from speculative to institutional-grade investment.

Tether has reached an important phase of growth. The company behind the USD-pegged stablecoin USDT now counts an estimated hundreds of millions of users and is reporting a circulating supply of well over $150 billion. One report places the user base near 500 million, while others cite more than 400 million users. Meanwhile, USDT’s supply has surged past $170 billion and as high as $175 billion.

These numbers reflect more than just scale. They show that USDT continues to serve as a foundational layer in the crypto economy, especially in emerging markets and cross-border transactions.

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Why These Numbers Matter

• Liquidity and market depth

The rising supply means more liquidity is available for crypto exchanges, decentralized finance (DeFi) platforms, and remittance flows. With USDT circulating on major blockchains and reaching new highs, it supports more on-chain activity and trading.

• Global reach and user adoption

Tether’s user growth, especially in Asia, Latin America and the Middle East, is a key factor in its dominance. It has become the default dollar-proxy in many markets where access to stable value and borderless transfers matter.

• Corporate strength and valuation ambitions

Tether is not just growing supply and users, it is also expanding its business ambitions. The company is reportedly exploring a major private fundraising round worth $15–20 billion that could value it at up to $500 billion. This reflects investor confidence in Tether’s scale and the future potential of its infrastructure.

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Tether’s Strategy: Where It Is Heading

• User growth and market penetration: Expanding wallet and payment reach globally, especially in regions where the dollar is less accessible.

• Supply expansion: Minting more USDT to increase distribution and support higher transaction volumes.

• Diversification and infrastructure play: With a valuation target in the hundreds of billions, Tether is positioning itself beyond being just a stablecoin issuer.

• Reserve and investment management: Tether has disclosed large holdings in U.S. Treasuries and even bitcoin as part of its reserve strategy, showing how it manages growth and liquidity.

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Risks and Key Considerations

• Regulatory scrutiny: As the largest stablecoin issuer, Tether attracts close attention regarding reserves and global financial flows.

• Concentration risk: With such large scale, operational or systemic shocks could have outsized effects on the broader crypto ecosystem.

• Competition: Rivals such as Circle (issuer of USDC) and potential central bank digital currencies present competitive threats.

• Utility vs. speculation: While USDT is widely used in trading, remittances, and liquidity, its broader role as financial infrastructure is still being built out.

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What It Means for the Crypto Industry

Tether’s growth shows that stablecoins are no longer niche tools but are becoming core infrastructure in digital finance. When a stablecoin reaches hundreds of millions of users and supply in the hundreds of billions, it becomes a systemic piece of financial plumbing.

The implications include:

• Easier capital flows between fiat and crypto.

• Stablecoins powering trade, remittance and treasury functions in real time.

• Greater regulatory integration as stablecoins link with traditional finance.

• More applications being built around stablecoin liquidity.

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Conclusion

Tether has grown into a giant. With a user base approaching half a billion and USDT supply nearing $182 billion, it is firmly cemented as a pillar of the digital asset ecosystem. At the same time, its ambitions to be valued at $500 billion and to expand into broader financial services show that Tether is aiming to become more than a crypto company.

 

Whether it achieves this depends on regulation, execution, and adoption, but the direction is clear: stablecoins are now an essential part of global finance.

Every October, crypto traders joke about “Uptober” — a magical month when prices tend to rise. But this year, Uptober might be more than a meme. The U.S. SEC has a packed calendar of decisions coming up on multiple spot crypto ETFs.

If these get approved, Uptober could finally have real fuel behind it. If not, it could turn into “Upvember.”

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What’s on the Table

The SEC has to make calls this month on several spot ETFs — funds that directly hold crypto like Solana, XRP, and Cardano. These are big deals because they give regular investors (and big institutions) a way to buy crypto through a regulated stock market product, without needing wallets, exchanges, or private keys.

Here’s how the deadlines lined up before the government shutdown:

• Solana (SOL): Decisions expected Oct. 7–16.

• Dogecoin (DOGE) & Hedera (HBAR): Both lined up for Oct. 8.

• Cardano (ADA): Around Oct. 26.

• XRP: Late October into early November.

Normally, ETF approvals take months. But in September, the SEC changed the rules, making the process faster and easier — which is why so many are pointing to October as a potential “yes” month.

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Why Solana Looks Like the Favorite

Most analysts think Solana has the best shot. It’s one of the biggest and most liquid blockchains, with institutional money already flowing into Solana-based funds. Bloomberg analysts and prediction markets like Polymarket are giving Solana ETF approval odds of over 90–99%.

In other words: the market is treating a Solana ETF as almost a done deal. If approved, that could open the door for XRP, Cardano, and even Dogecoin to follow.

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Prediction Markets Are Buzzing

Here’s how odds are shaping up for October approvals, according to betting markets and analyst forecasts:

• Solana: 90–99%

• XRP: 70–85%

• Cardano: 60–70%

• Dogecoin: 50–55%

• Hedera: 40–45%

The message is simple: Solana is nearly certain in the eyes of traders, while the rest are in “maybe” territory.

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The Wild Card: U.S. Government Shutdown

Here’s the catch: the U.S. government is still facing a shutdown. If SEC staff are furloughed or slowed down, decisions could get delayed. That doesn’t mean the ETFs are dead — it just means approvals will slip into November.

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What It Could Mean for Prices

If multiple ETFs get approved in October:

• Solana could lead a rally, with analysts floating $300+ targets.

• XRP, Cardano, Dogecoin, Hedera, and Litecoin could ride the wave as new capital pours in.

If approvals are delayed or staggered, the rally might still come — just later. Uptober might stretch into “Upvember.” But the odds are that it is coming.

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Uptober Has Real Shot

This year’s Uptober feels different. It’s not just about seasonal optimism, it’s about real structural change. If the SEC follows through and approves even one or two altcoin spot ETFs, it could be the first time mainstream investors can easily access more than just Bitcoin and Ethereum.

For retail investors, the play is simple: watch the SEC’s decisions. The moment a press release drops approving Solana (or more), expect headlines, liquidity, and yes...maybe the Uptober rally everyone’s been waiting for.

 

Because for once, Uptober might not just be a meme. It could be the start of a new ETF era for crypto.