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.

 

 

The New York Stock Exchange is imagining a world without a closing bell.

 

NYSE, through its parent company Intercontinental Exchange, is building a blockchain-powered platform that would allow stocks and ETFs to trade 24/7 in tokenized form. If regulators sign off, it would be one of the clearest signals yet that traditional finance is no longer just experimenting with crypto infrastructure, it is actively rebuilding around it.

 

The pitch is straightforward but far-reaching. Take real stocks and ETFs, represent them as blockchain tokens, and let them trade continuously. No market open. No market close. No waiting a day for settlement to finish in the background.

 

For an institution that has defined how markets work for more than 200 years, this is a radical shift.

 

This Is Not a Side Project

This is not NYSE dipping a toe into crypto.

 

ICE is designing a separate trading platform that merges NYSE’s core matching technology with blockchain-based settlement, custody, and clearing. Orders still look familiar, bids and asks meet in an order book, but what happens after execution is where things change.

 

Instead of the standard T+1 settlement cycle, ownership could move almost instantly onchain. Stablecoins are expected to handle funding, allowing trades to clear at any hour without relying on traditional banking rails. Investors may also be able to place dollar-based orders instead of buying whole shares, making fractional ownership the default rather than an add-on.

 

Structurally, it starts to resemble how crypto markets already operate, just wrapped around regulated assets.

 

Why Tokenized Stocks Are a Big Deal

Tokenized stocks are not new, but they have mostly lived at the edges of the financial system.

 

What changes here is credibility. When the NYSE moves toward tokenization, blockchain stops looking like an alternative system and starts looking like core infrastructure.

 

Tokenization allows equities and ETFs to trade globally, settle instantly, and operate without the friction built into traditional market plumbing. It removes time zone barriers. It compresses settlement risk. It turns stocks into programmable financial objects.

 

For investors who already trade crypto around the clock, the idea that equities shut down every afternoon feels increasingly outdated.

 

Crypto Trained the Market to Expect 24/7

This move did not come out of nowhere.

 

Crypto markets have normalized nonstop trading. Platforms like Robinhood and Coinbase are already pushing toward tokenized equities and extended hours. Asset managers are testing onchain settlement in private markets and fund structures.

 

Meanwhile, traditional clearing and settlement remain slow, expensive, and operationally complex. Blockchain promises efficiency, but only if institutions are willing to rethink the system rather than patch it.

 

NYSE’s entry into this space suggests legacy exchanges see the risk clearly. If liquidity, trading volume, and investor attention move onchain elsewhere, exchanges that stay static risk being left behind.

 

Regulation Decides Everything

For now, all of this lives in proposal form.

 

Tokenized stocks are still securities. That means U.S. securities laws apply, even if the assets settle on a blockchain. Continuous trading raises hard questions around surveillance, volatility controls, investor protections, and systemic risk. Stablecoins add another regulatory layer.

 

How regulators respond to an NYSE-backed tokenized market will likely shape how far and how fast tokenization spreads across public markets.

 

What Happens If This Actually Works

If this platform launches and gains traction, it could reshape how markets function.

 

Stocks that trade nonstop would change liquidity patterns and price discovery. Global participation would increase. Settlement could become faster, cheaper, and more transparent. Post-trade infrastructure might finally catch up with the digital age.

 

There are tradeoffs. Continuous markets can amplify volatility. Liquidity could fragment across venues. Retail investors may face more noise and fewer natural breaks.

 

Still, the direction feels unmistakable.

 

Crypto infrastructure is no longer sitting outside the financial system. It is being welded into it.

 

The NYSE is not turning stocks into memecoins. But it is signaling that the future of equities looks more onchain, more global, and far less dependent on a bell ringing at 4 p.m. Eastern.

 

The wall between crypto markets and traditional markets is thinning fast, and one of the oldest institutions in finance just acknowledged it.

Crypto in 2026 Feels Quieter, More Confident, and Increasingly Hard to Ignore

 

Crypto enters 2026 without the drama that once defined the start of a new year. Prices are steady but not euphoric. The timelines are calmer. The noise has faded. And yet, beneath that surface calm, the industry feels more focused and more self-assured than it has in a long time.

This does not feel like a market losing relevance. It feels like one that has stopped trying to prove itself every day.

After a tough reset in 2025, crypto is no longer driven by momentum alone. It is being shaped by infrastructure, regulation, and a growing sense that digital assets are slowly becoming part of the financial background rather than a constant headline.

 

The Reset Did What Cycles Are Supposed to Do

The pullback that closed out 2025 forced a hard reset across the industry. Excess leverage was flushed out. Projects built purely on narrative struggled to survive. Capital became more cautious, and in many cases, more serious.

Entering 2026, the market feels leaner and more selective. Bitcoin and Ethereum remain central, not because they promise overnight gains, but because they sit at the core of a system that is gradually being integrated into global finance.

Volatility has not disappeared, but it feels more tied to real catalysts. Flows, macro conditions, regulatory developments. This is no longer a market reacting to every rumor or viral post.

For investors who think in cycles rather than weeks, this is often the phase where foundations quietly form.

 

Institutions Are Acting Like They Are Here to Stay

Institutional involvement is no longer a future narrative. It is an active force shaping how crypto evolves.

ETFs, custody platforms, tokenized funds, and on chain settlement tools are becoming familiar concepts inside traditional finance. What stands out is how little of this activity is happening in public. Much of it is operational, slow, and deliberate.

That shift is noticeable at industry conferences and in private meetings. The energy is different. Fewer grand predictions. More conversations about compliance, liquidity, risk frameworks, and long term deployment. More handshakes, fewer hype decks.

Institutions do not move quickly, but when they start building infrastructure, they tend to stay.

 

Regulation Brings Structure, Not an End

Regulation is still controversial, but the tone has softened. Clearer rules are beginning to replace uncertainty, especially around stablecoins, custody, and reporting.

For many market participants, this clarity is not restrictive. It is enabling. It allows companies to plan, investors to allocate, and builders to focus on execution instead of interpretation.

Crypto does not need to be unregulated to grow. It needs to be understood. 2026 feels like a step in that direction.

 

Stablecoins and Tokenization Quietly Gain Momentum

One of the strongest signals for crypto’s future is how little attention some of its most important developments receive.

Stablecoins are increasingly used for payments and settlement, especially in cross border contexts where traditional systems are slow and expensive. This is not a speculative use case. It is a practical one.

Tokenization is following a similar path. Real world assets like funds, bonds, and private credit are being tested on chain. The goal is efficiency, transparency, and liquidity, not buzz.

These are the kinds of changes that rarely reverse once they gain traction.

 

DeFi and AI Settle Into Useful Roles

DeFi is no longer trying to reinvent finance overnight. It is focusing on doing specific things better. Automation, interoperability, and capital efficiency are the priorities now.

AI, meanwhile, is becoming part of the background. It shows up in analytics, trading strategies, monitoring tools, and security systems. Less hype, more utility.

This maturation may feel less exciting, but it is exactly what long term systems tend to look like before they scale.

 

A Market That Feels Like It Is Setting Up

Crypto in 2026 does not feel like a peak. It feels like a setup.

Builders are still building, even without constant attention. Institutions are committing resources, not just headlines. Regulators are engaging instead of reacting. Investors are meeting in person again, comparing notes, and thinking beyond the next quarter.

The industry feels more grounded, but also more aligned.

 

A Sharper Outlook Beyond 2026

What makes 2026 particularly interesting is not what happens this year, but what it enables next.

If infrastructure continues to solidify, regulation continues to clarify, and real usage keeps expanding, crypto may enter its next growth phase from a position of strength rather than speculation. The next cycle, whenever it arrives, is likely to be driven less by hype and more by inevitability.

Markets tend to move fastest when most people are no longer watching closely. Crypto may be entering that phase now.

It does not need to shout. It just needs to keep working.

 

And if it does, the years beyond 2026 may end up being the ones that finally justify everything that came before.

 

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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.

 

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Securitize Wants to Put Stocks On-Chain, and Wall Street Is Starting to Pay Attention

Securitize is making a move that, not long ago, would have sounded more theoretical than practical. The company plans to launch tokenized versions of stocks on-chain, pushing one of the most traditional parts of finance a little closer to blockchain infrastructure.

This is not about meme stocks or crypto-native experiments. Securitize operates squarely within the existing regulatory system. It has spent years working with asset managers, institutions, and regulators, quietly building the pipes needed to issue and manage digital versions of real-world assets.

That context matters. Putting stocks on-chain is not just a technical upgrade. It is an attempt to modernize how equities are issued, traded, and settled, without breaking the legal framework that keeps markets functioning.

 

What Putting Stocks On-Chain Really Looks Like

Tokenized stocks are essentially digital representations of real shares, recorded on a blockchain. These are not synthetic products that simply track prices. Each token is designed to correspond to an actual share, with ownership recognized in corporate and legal records.

In practice, that means the blockchain handles transfer and settlement, while traditional systems still govern shareholder rights, compliance, and corporate actions. It is less a replacement of existing markets and more a new layer running alongside them.

The appeal is straightforward. Blockchain settlement is faster. Transfers can happen in minutes rather than days. Tokens can also be divided into smaller pieces, which makes fractional ownership easier and potentially opens the door to a broader set of investors.

It is not revolutionary on its own, but it is meaningfully more efficient.

 

Why Securitize Is in a Position to Try This

Securitize has been focused on tokenization long before it became a popular narrative. The company already handles issuance, compliance, and transfer agent duties for tokenized funds and other financial products. Billions of dollars in assets have passed through its platform.

Because it operates with regulatory approval, Securitize has been able to work inside the system rather than around it. That makes its push into tokenized stocks feel less speculative and more like a logical next step.

If funds, bonds, and private assets can be tokenized, public equities were always going to be part of the conversation. The question was when, not if.

 

Why This Matters for Markets

The strongest case for tokenized equities comes down to efficiency.

Settlement in traditional stock markets still takes two days. Blockchain-based settlement happens much faster, which reduces counterparty risk and frees up capital.

There is also the question of access. Tokenized stocks can, in theory, trade around the clock and reach investors beyond traditional market hours and geographies, depending on regulatory constraints.

Fractional ownership is another piece. Smaller units of stock make it easier for investors to gain exposure without committing large amounts of capital.

And once equities live on-chain, they become programmable. Compliance checks, dividend payments, and other corporate actions can be automated in ways that legacy systems struggle to match.

None of this guarantees widespread adoption. But for institutions that spend heavily on operational complexity, the benefits are hard to ignore.

 

Regulation Still Sets the Pace

None of this works without regulators. Stocks are among the most tightly governed financial instruments in the world, and tokenization does not change that.

Securitize’s approach has been to treat tokenized stocks as securities first. Identity checks remain in place. Transfers are restricted based on jurisdiction and eligibility. Corporate governance follows existing rules.

That conservative stance may slow things down, but it also makes the product usable for institutions that cannot afford regulatory uncertainty.

Around the world, regulators are moving carefully. Some are experimenting with blockchain-based trading and settlement systems. Others are still figuring out how digital records fit into long-standing legal definitions of ownership.

The progress is uneven, but the direction is clear. Tokenization is no longer being dismissed. It is being studied.

 

Part of a Bigger Shift

Securitize’s move fits into a broader trend across financial markets. Tokenization is spreading from pilot projects to real issuance. Bonds, private credit, and structured products are increasingly being brought on-chain, often with the backing of established financial players.

Stocks are different. They are more visible and more symbolic. Bringing them on-chain would signal that blockchain technology has moved beyond niche use cases and into the core of global markets.

That shift, once it starts, tends to be difficult to unwind.

 

The Challenges Are Real

There are still open questions.

Liquidity is a big one. Tokenized stocks only matter if there are enough buyers and sellers to create healthy markets. That takes time.

Interoperability is another. Bridging blockchain systems with legacy infrastructure adds complexity and introduces new risks.

And then there is trust. Investors tend to be conservative with assets as central as stocks. New formats have to earn credibility slowly.

None of these challenges are deal breakers, but they help explain why this transition is likely to be gradual rather than dramatic.

 

A Quiet but Important Step

Securitize putting stocks on-chain is not a revolution. It is something more understated.

It suggests that the future of markets may be less about tearing down existing institutions and more about updating the infrastructure beneath them. Blockchain, in this framing, becomes a tool rather than a statement.

If that vision holds, tokenized stocks may eventually feel unremarkable. They will simply be another way equities move through the system, faster, cleaner, and mostly behind the scenes.

 

And that is often how real change shows up in finance.

 

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JPMorgan Takes Money Markets Onchain With Ethereum Launch

 

JPMorgan Chase is stepping deeper into blockchain finance, this time with a product that looks very familiar to Wall Street.

The bank has launched a tokenized money-market fund on Ethereum, marking one of the clearest signs yet that large financial institutions are moving beyond experiments and into real onchain products designed for investors.

The fund, called My OnChain Net Yield, or MONY, is a private money-market vehicle issued by JPMorgan Asset Management. It is seeded with $100 million of the bank’s own capital and is aimed squarely at institutional clients and high-net-worth investors, not crypto traders chasing volatility.

In simple terms, it is a traditional money-market fund, but the ownership lives on a blockchain.

 

A Familiar Product, Delivered Differently

Money-market funds are among the most conservative products in finance. They invest in short-term, high-quality debt and are used by institutions to park cash, manage liquidity, and earn modest yield.

JPMorgan is not changing that formula. What it is changing is how the fund is issued, held, and transferred.

Instead of relying solely on traditional fund administration systems, MONY issues digital tokens on Ethereum that represent ownership in the fund. Investors can subscribe using cash or stablecoins and receive tokenized shares that can be held in compatible digital wallets.

The pitch is efficiency. Blockchain settlement can be faster, more transparent, and easier to integrate with other digital financial tools. For large investors managing billions in cash, shaving time and operational friction matters.

 

Why Ethereum, Why Now

Ethereum has become the default blockchain for large financial institutions experimenting with tokenization. It offers a mature ecosystem, deep liquidity, and a growing set of standards for issuing real-world assets onchain.

Timing also plays a role. Tokenized funds have gained momentum over the past year as interest rates remain elevated and investors search for safe yield options that can operate alongside digital assets.

Stablecoins now move enormous sums across blockchains, but they typically do not pay interest. Tokenized money-market funds fill that gap, allowing capital to stay onchain while earning yield backed by regulated assets. That combination is proving difficult for institutions to ignore.

JPMorgan has framed the move as a response to client demand rather than a bet on crypto prices. The goal is infrastructure, not speculation.

 

Growing Appetite for Tokenization and Real-World Assets

Behind JPMorgan’s move is a surge in client interest that has been building quietly.

“There is a massive amount of interest from clients around tokenization,” said John Donohue, who leads liquidity at JPMorgan Asset Management. The firm expects to be a leader in the space and to give investors the same range of choices on blockchain that they already have in traditional money-market funds.

That demand is arriving as the regulatory picture in the U.S. begins to look more settled. Policymakers have taken steps this year to clarify how digital asset activity fits within the existing financial system. New rules around dollar-backed stablecoins and clearer signals on oversight of blockchain-based products have reduced some of the uncertainty that previously kept large institutions cautious.

Those changes have encouraged banks and asset managers to move faster on tokenization initiatives across funds, securities, and other real-world assets.

The market reflects that shift. The total value of tokenized real-world assets reached roughly $38 billion in 2025, a record level. Tokenized money-market funds have been particularly attractive to crypto-native investors, offering a way to earn yield without leaving the blockchain or converting assets back into traditional cash accounts.

 

 

A Crowded Field Is Taking Shape

JPMorgan’s launch places it alongside a growing group of large financial firms experimenting with tokenized funds.

BlackRock operates the largest tokenized money-market fund, with assets already measured in the billions. Goldman Sachs and Bank of New York Mellon have also outlined plans to issue digital tokens tied to money-market products from major asset managers. At the same time, crypto exchanges have begun rolling out tokenized stocks and other securities in select markets.

What was once a collection of pilot programs is turning into a competitive landscape.

 

The Quiet Bet Behind the Headlines

There is a longer-term bet embedded in JPMorgan’s move. If financial assets increasingly live onchain, money-market funds could become core building blocks of a new financial stack.

Tokenized cash can be used as collateral, settle instantly, and plug into automated systems that move value without waiting for bank cut-off times or settlement windows.

That future is still taking shape, and it will not arrive overnight. But moves like this bring it closer, one conservative product at a time.

For JPMorgan, MONY is not a moonshot. It is something more deliberate. Take a product Wall Street already trusts, put it on new rails, and see where efficiency leads.

 

That approach may end up being the most convincing case yet for blockchain finance inside traditional markets.

 

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Crypto CEOs Join CFTC’s Innovation Council as Market Structure Overhaul Picks Up Speed

Caroline Pham is heading into her final stretch as acting chair of the CFTC, but she is not easing her way out. Instead, she has pulled together a new CEO Innovation Council, bringing in a mix of crypto founders and leaders from major financial institutions. The timing feels intentional. Markets are shifting fast, the technology is shifting even faster, and she clearly wanted this group in place before she hands off the job.

The council itself is an unusual gathering. On one side are Tyler Winklevoss from Gemini, Arjun Sethi from Kraken and Shayne Coplan from Polymarket. On the other, executives from CME Group, Nasdaq, ICE and Cboe. It is not often you see these people sitting on the same advisory panel, let alone one created this quickly. According to the commission, the entire list came together in about two weeks, which says a lot about how much urgency Pham applied.

She thanked the group for agreeing to join so quickly, noting that the commission needs their experience as it tries to prepare for what comes next. The council will focus on the areas where the rulebook is changing as fast as the products themselves. Tokenization. Prediction markets. Perpetual contracts. Crypto collateral. Around the clock trading. Blockchain market plumbing. Basically all the things that traditional derivatives systems were never built to handle.

 

Here is the full list of names:

Shayne Coplan, Polymarket
Craig Donohue, Cboe
Terry Duffy, CME Group
Tom Farley, Bullish
Adena Friedman, Nasdaq
Luke Hoersten, Bitnomial
Tarek Mansour, Kalshi
Kris Marszalek, Crypto.com
David Schwimmer, LSEG
Arjun Sethi, Kraken
Jeff Sprecher, Intercontinental Exchange
Tyler Winklevoss, Gemini

 

All of this is happening as the agency prepares for new leadership. President Trump’s nominee, Mike Selig, is expected to be confirmed soon. When he steps in, he will inherit an agency already deep into crypto policy work that accelerated under Pham. Just this week, the CFTC launched a pilot for using crypto collateral inside derivatives markets. A few days before that, Bitnomial began offering leverage spot crypto trading with her support.

Pham has only been in the acting role for a short time, but she treated crypto as a top priority, pushing several initiatives that line up with the administration’s goal of positioning the United States as a leading hub for digital assets. Over at the SEC, Chairman Paul Atkins has been doing something similar through Project Crypto, which has been absorbing much of the agency’s energy.

 

What comes next will land in Selig’s lap. But with this council now in place, he will walk into a job where the industry and the regulators are already in the middle of a much bigger conversation about what the future of market structure should look like.

Kraken Moves Deeper Into Tokenized Equities With Backed Finance Acquisition

Kraken is making a major push into the tokenization market with its agreement to acquire Backed Finance, the company behind the xStocks product line.

This move gives Kraken full control over a growing category of tokenized equities and positions the exchange for rapid expansion as it prepares for a public listing.

 

A Strategic Acquisition With Clear Intent

Backed Finance specializes in issuing tokens tied to real world assets, mainly public company stocks and ETFs. These assets are backed by real shares held in custody, allowing users to hold digital representations of traditional securities inside a blockchain environment.

By bringing Backed Finance in house, Kraken gains control over the entire tokenization stack. Issuance, collateral, custody, compliance, and product architecture will all operate under one roof. This eliminates reliance on an external provider and strengthens Kraken’s ability to innovate and scale. The exchange has been building aggressively in Europe and other global markets, and the acquisition aligns with its larger ambition to make tokenized securities a core part of its ecosystem.

 

Why Kraken Is Doubling Down on Tokenization

Tokenized assets have gained momentum as traders and institutions look for a more flexible way to access traditional financial instruments. The benefit is simple. Stocks can be traded on chain, around the clock, with global reach and fewer barriers.

Kraken’s recent capital raise brought its valuation to roughly twenty billion dollars. The company has been preparing for a public offering targeted for 2026, and expanding into real world asset tokenization helps diversify its revenue streams before going public. Backed Finance already holds meaningful market share in the tokenized equity space, which gives Kraken a strong foundation to build on.

The acquisition formalizes a partnership Kraken has spent the past year expanding. Backed has powered xStocks since launch, supporting products that have now generated more than $5 billion in cumulative trading volume on Kraken. 

 

The Broader Market Context

Interest in real world asset tokenization has surged through 2025, but the sector still faces challenges. Liquidity varies widely across tokenized securities. Some assets trade actively, while others see thin volume. This raises questions about whether tokenization alone can deliver deeper markets.

Regulatory frameworks are also evolving. Tokenized shares do not always offer the same rights as traditional equities, such as voting or regular dividend distribution. As more platforms introduce tokenized stocks, market fragmentation becomes a risk, since liquidity can spread across multiple chains and issuers.

These challenges do not diminish the potential, but they highlight the need for stronger standards, clearer rules, and well capitalized issuers.

 

What This Means for the Future

Kraken’s acquisition signals that tokenized equities are becoming a long term strategic priority rather than a side experiment. If successful, Kraken could set the standard for a hybrid financial model where traditional assets move seamlessly across blockchain infrastructure.

BlackRock executives Larry Fink and Rob Goldstein recently said tokenization could reshape financial markets as profoundly as the early internet reshaped information.

Kraken's users may gain access to more global equities, greater flexibility, fractional ownership, and always available markets. Institutions may find a more programmable way to issue and settle securities. The industry may see a blueprint for bridging regulated markets with decentralized technology.

 

The path will not be simple. Liquidity, compliance, and investor protections will remain central areas of focus. However, Kraken’s move shows that major players believe the future of equities includes both traditional exchanges and blockchain based markets working together.

 

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Why Tom Lee Is Betting Big on Ethereum, and Why He Thinks the Best Is Still Ahead

When Tom Lee makes a bold call, people pay attention. He has built a reputation for spotting major market trends early, and now he is putting that conviction behind Ethereum in a very real way. His firm, BitMine Immersion Technologies, just picked up another 97,000 ETH, increasing its total holdings to 3.73 million tokens, worth about $10.5 Billion at latest prices. That is not a casual trade. It is a signal that Lee believes Ethereum is on the edge of something much bigger.

Instead of waiting for a hype cycle or chasing a rally, Lee is buying during a quieter period in the market. And based on his recent comments, there is a clear reason why. He sees a combination of catalysts lined up at the same time, and he believes they give Ethereum one of the strongest setups of any major asset heading into 2026.

 

BitMine’s ETH Strategy Is Not a Short Term Play

Lee has been gradually stacking ETH throughout the year, and the latest acquisition is simply the biggest chapter in that story. Multiple large purchases over several months paint a clear picture. This is not a speculative gamble or a quick swing trade. BitMine is positioning Ethereum as a long term strategic asset on its balance sheet.

It is the kind of move you normally see from companies preparing for a shift in market conditions, or from firms that believe a key technology is about to break out. In this case, Lee seems to believe both are true.

 

What Is Driving Tom Lee’s Confidence

Ethereum Looks More Like Financial Infrastructure Than a Crypto Coin

One point Lee keeps returning to is the idea that Ethereum is becoming the backbone of digital finance. Between stablecoins, DeFi platforms, real world asset tokenization and on chain identity systems, Ethereum has become much more than a place to speculate.

Lee’s view is simple. If financial markets continue moving toward tokenization, Ethereum stands to benefit more than almost any other chain. It has the developers, the users and the network effects that make growth not just possible, but likely.

The Macro Environment Could Create Fuel

Another major part of his thesis is tied to the Federal Reserve. Lee thinks the Fed may start cutting interest rates in the coming year. If that happens, liquidity usually returns to risk assets, and crypto tends to be one of the biggest beneficiaries.

In past easing cycles, assets with high growth potential often outperformed. Lee sees ETH in that category today, especially with everything happening on chain.

The Fusaka Upgrade Could Kick Off a New Phase

Ethereum’s next upgrade, called Fusaka, is coming soon. Lee views it as a serious quality of life improvement for the entire network. Cheaper data availability, more efficient rollups and improved scalability have the potential to bring even more activity into the ecosystem.

If applications become cheaper and faster to run, it opens the door for new waves of DeFi tools, enterprise systems and consumer apps. That kind of expansion is exactly the type of catalyst Lee likes to position around before the crowd catches on.

 

Why This Institutional Move Matters

Institutional buying during sideways markets has a different energy than buying during bull runs. It comes from research, planning and long horizon thinking, not excitement or fear of missing out.

Lee is not buying ETH on a whim. He is building what looks like a strategic treasury position, much like companies that accumulate energy reserves, metals or other foundational commodities. When firms treat ETH as infrastructure instead of speculation, it sends a message. It suggests they believe Ethereum is becoming a permanent part of the financial landscape.

And when a well known market voice makes a move like this, it often encourages others to re-evaluate their assumptions.

 

Of Course, There Are Still Risks

Lee is bullish, but he is not blind. He has acknowledged several things that could slow Ethereum down.

• The economy could stay tight if inflation refuses to cool

• Technical delays could undermine upgrades

• Regulation could shift unexpectedly

• Competing blockchains are not standing still

None of these risks are trivial. But Lee’s argument is that Ethereum has enough traction, developers and real world use cases to keep moving forward regardless.

 

Final Thoughts

Tom Lee’s purchase of 97,000 ETH is more than a headline. It is a statement. He believes Ethereum is undervalued, underappreciated and on the verge of a major turning point. Between the Fusaka upgrade, the potential for a friendlier macro environment and Ethereum’s expanding role in tokenized finance, his case is not hard to understand.

You do not accumulate this much ETH unless you think the future is brighter than the present. And Lee clearly does.

 

If he is right, Ethereum could be gearing up for one of its strongest chapters ever.

 

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You can stay up to date on all News, Events, and Marketing of Rare Network, including Rare Evo: America’s Premier Blockchain Conference, happening  July 28th-31st, 2026 at The ARIA Resort & Casino, by following our socials on X, LinkedIn, and YouTube.

Bybit Expands Into Real-World Assets with Backed Finance Partnership for Tokenized

 

A new wave of tokenized equity products is reshaping how investors access global markets, and xStocks is leading the charge. Created by Backed Finance in partnership with Bybit and Mantle, xStocks allows tokenized versions of major U.S. company shares such as Nvidia (NVDA), Apple (AAPL), and MicroStrategy (MSTR) to be traded on-chain in a regulated, transparent, and globally accessible format.

Each xStock token is backed one-to-one by the underlying equity, which is held in custody by regulated third-party custodians. This approach ensures full backing while enabling the shares to move seamlessly within decentralized finance (DeFi) ecosystems.

 

How xStocks Works

For every xStock minted, a real-world share of the corresponding company is held by the issuer in custody. These tokens can then be traded 24/7 on platforms such as Bybit and used within DeFi protocols for lending, borrowing, or liquidity provision.

Bybit supports deposits and withdrawals of xStocks through the Mantle Network, which acts as the blockchain infrastructure layer connecting centralized and decentralized platforms. Mantle’s low fees and high performance make it an ideal environment for on-chain trading of real-world assets.

This structure allows investors to gain global exposure to leading U.S. equities without the limitations of traditional brokerage systems or market hours. Tokenized stocks can also be composed into smart contracts, collateral systems, and decentralized trading strategies, creating new opportunities for both traders and developers.

 

Why Tokenized Stocks Matter

The launch of xStocks marks a major step toward convergence between traditional finance (TradFi) and decentralized finance. By tokenizing shares of publicly traded companies and making them available on-chain, the project introduces a host of benefits:

• Global access: Investors from almost any region can gain exposure to U.S. stocks without relying on traditional brokerages.

• Composability: Tokenized stocks can integrate with DeFi platforms, enabling creative use cases such as yield farming or collateralized lending.

• Continuous trading: Unlike traditional markets, xStocks can trade around the clock, while still tracking underlying asset prices through custodial backing and oracle feeds.

• Fractional ownership: Smaller investors can gain access to high-value stocks through fractionalized token units.

This level of accessibility and flexibility represents a meaningful expansion of the global financial system into blockchain-based environments.

 

Key Partnerships Driving xStocks

• Backed Finance serves as the issuer and compliance manager for xStocks, ensuring that each token is fully backed by a corresponding equity share and held under regulated custody.

• Bybit, one of the world’s top crypto exchanges, provides the liquidity, infrastructure, and user base to make tokenized stock trading seamless.

• Mantle Network delivers the blockchain infrastructure that underpins the system, offering a modular Layer 2 framework with high throughput and low transaction costs.

Together, these partners form a complete pipeline for bringing traditional assets onto the blockchain. Shares are securely held, tokenized, and then made accessible through regulated on-chain channels.

 

Use Cases and Early Listings

The initial lineup for xStocks includes a mix of technology and finance leaders such as Nvidia, Apple, Tesla, Coinbase, and MicroStrategy. Each stock is represented by a corresponding xStock token (for example, NV DAX for Nvidia and MSTRX for MicroStrategy).

Holders can store these tokens in self-custody wallets, trade them directly on Bybit, or integrate them into DeFi applications across the Mantle ecosystem. Over time, more equities and potentially ETFs may be added to expand the offering.

 

Regulatory and Market Considerations

While the concept is groundbreaking, tokenized securities carry some caveats:

• No voting or dividend rights: Token holders typically gain economic exposure but not shareholder privileges like voting or direct dividend collection.

• Jurisdictional restrictions: Residents of certain countries, including the United States, may be restricted from purchasing or holding xStocks until further licensing is obtained.

• Price variance risk: During off-market hours, token prices can deviate from the underlying asset price, creating both arbitrage opportunities and liquidity risks.

• Regulatory evolution: The treatment of tokenized stocks varies across jurisdictions, and projects like xStocks will likely face ongoing regulatory review as adoption grows.

Even with these considerations, the model represents a significant advancement toward a future where on-chain representations of real-world assets can coexist with traditional financial infrastructure.

 

A New Era for Real-World Assets

Tokenization of assets like equities, bonds, and commodities has long been viewed as the next frontier for blockchain adoption. Projects such as xStocks demonstrate that this vision is now moving from concept to implementation.

By combining regulatory compliance, on-chain transparency, and cross-border accessibility, xStocks delivers a clear example of how tokenized finance could evolve. The initiative also highlights the growing appetite for real-world assets (RWAs) among DeFi participants, who are increasingly seeking stable, yield-bearing alternatives to purely speculative tokens.

 

Final Thoughts

The xStocks launch represents more than a new trading product. It is part of a broader transformation of financial infrastructure — one that connects traditional equity markets to the programmable, borderless nature of blockchain.

Bybit, Mantle, and Backed Finance are positioning themselves at the intersection of these two worlds. If xStocks succeeds, it could pave the way for widespread tokenization of major assets, potentially redefining how investors trade, store, and leverage real-world value in the digital age.

 

As more institutions explore on-chain settlement, custodial bridges, and tokenized asset offerings, xStocks may be remembered as one of the early milestones that made Wall Street truly interoperable with Web3.

 

Stay Connected

You can stay up to date on all News, Events, and Marketing of Rare Network, including Rare Evo: America’s Premier Blockchain Conference, happening  July 28th-31st, 2026 at The ARIA Resort & Casino, by following our socials on X, LinkedIn, and YouTube.

Polymarket’s Valuation Rockets Toward $15B as Prediction Markets Go Mainstream

 

Polymarket is at the center of one of the boldest funding rounds in the crypto sector this year. The blockchain-based prediction-market platform is currently in talks to secure new investment at a valuation between $12 billion and $15 billion, representing a more than ten-fold increase from just a few months ago.
This dramatic surge reflects growing institutional interest in event-driven markets, tokenization opportunities, and blockchain infrastructure play.

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From Unicorn to Decacorn in Record Time

Earlier in 2025, Polymarket was valued at around $1 billion after raising approximately $200 million, led by prominent backers such as Founders Fund.
Since then, the platform has seen major institutional movement. One report noted that the parent company of the New York Stock Exchange is planning up to a $2 billion investment in Polymarket, with the deal potentially valuing the startup at $8 billion or more. Other industry coverage suggests a valuation of up to $15 billion.
This rapid escalation places Polymarket in the same conversation as some of the most valuable fintech and blockchain firms globally.

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Why Investors Are Paying Attention

Event-Driven Markets With Scale

Polymarket enables users to trade outcomes of global events such as elections, sports, and economic indicators using crypto. During the 2024 U.S. presidential election cycle, the platform saw trading volumes in the billions and accuracy rates over 90 percent, underscoring the demand for prediction markets beyond spot trading.
These markets offer a new frontier: opinion, forecasting and real-time data as investable products.

Partnership With Financial Giants

The involvement of major financial institutions signals a shift in how prediction markets are viewed. The potential tie-up with the NYSE owner, for instance, opens doors for regulated access, expanded usage of event-driven data and tokenization of outcomes.
Such moves are likely to bring the prediction-market model into the mainstream, connecting DeFi-style logic with established capital-markets infrastructure.

A Path to U.S. Re-Entry

Polymarket previously faced regulatory headwinds in the U.S. but is now gearing up for fresh engagement via acquisitions and licensing. The platform’s acquisition of a U.S. derivatives exchange clearinghouse paves the way for deeper access into traditional finance.
With major funding momentum and institutional backing, Polymarket is positioning itself for a major leap into regulated jurisdictions.

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What This Means for the Crypto Ecosystem

• New asset class potential: Prediction markets could become a new corner of crypto that goes beyond DeFi and NFTs, offering structured instruments around real-world outcomes.

• Institutional entry point: With higher valuations and serious investors, crypto natives like Polymarket are becoming investible business models rather than speculative projects.

• Network effect expansion: As Polymarket grows, its data feeds, user base and market infrastructure could become foundational for tokenized event contracts, real-world asset forecasts and on-chain settlement systems.

• Competitive acceleration: Rival platforms such as Kalshi are also increasing funding and across-the-board competition is rising, which should drive faster innovation in the space.

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Key Metrics to Keep an Eye On

• Daily and weekly trading volume on Polymarket’s platform, particularly around major global events.

• The final size and valuation of the new funding round, and the identity of lead investors.

• Growth of institutional partnerships and licensing deals, especially in regulated markets.

• The platform’s progress towards U.S. market access and regulatory clarity in key jurisdictions.

• Launch of new tokenized market products or settlements that move prediction markets closer to mainstream usage.

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Final Thoughts

 

Polymarket’s journey from a modest startup to a multibillion-dollar prediction-market powerhouse is a strong signal for crypto’s next phase. Its ability to attract serious capital, partner with financial institutions and offer an entirely new market architecture positions it as a top contender in the blockchain infrastructure space.
For investors, developers and crypto enthusiasts, Polymarket’s trajectory is worth watching. The era of crypto derivatives, event trading and tokenized outcome markets may be arriving sooner than many expected—and Polymarket appears to be leading that charge.

In recent remarks, Fed Governor Christopher Waller has signaled that the U.S. central bank is becoming more accommodating toward digital assets, stablecoins, and payments innovation. This marks a notable change in tone. Waller proposed a “skinny master account” at the Fed for payment innovators, and other reports flesh out the broader implications.

What changed?

• Waller has publicly stated that crypto technologies such as smart contracts, tokenization, and distributed ledgers are nothing to be afraid of.

• He says the payments ecosystem is undergoing a “technology driven revolution,” and that the Fed must keep pace.

• The Fed appears to be shifting from a strictly cautious stance toward digital asset integration in payments, toward an openness to engage more with innovators in the fintech and crypto space.

• Waller emphasized the complementary roles of the private sector, which drives innovation, and the Fed, which provides core infrastructure and oversight.

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The “Skinny Master Account” Proposal

One of the more concrete proposals discussed by Waller is the idea of a streamlined “payment account” or “skinny master account” at the Fed. This would be a limited access account for non-bank payment innovators and fintechs, granting them access to core payment services.

Key features of this account

• The account would not grant full bank level access. For example, no interest, no overdrafts, and no access to the Fed’s emergency lending facilities.

• It would undergo a simpler review process than a traditional bank master account.

• The aim is to give payment innovators and non-bank financial firms more direct access to Fed payment infrastructure, instead of having to rely on a bank intermediary.

• Waller describes this as a way to reflect the new reality of the faster moving payments landscape and the evolving types of providers.

Why it matters

• It signals that the Fed is willing to adapt its infrastructure and access rules to accommodate newer players such as fintechs, stablecoin issuers, and crypto enabled payment firms.

• Potentially lowers the barrier for such firms to interact directly with the Fed’s payments system, which has traditionally been reserved for banks.

• Could increase competition and innovation in payments, perhaps improving efficiency, speed, and cost, especially as stablecoins and digital asset rails gain traction.

• But it also raises regulatory and risk management questions about how the Fed maintains safety, soundness, and oversight when opening access more broadly.

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Crypto, Stablecoins and Payments: Key Themes in Waller’s Remarks

Embracing innovation

Waller has made repeated comments that highlight his belief that crypto technologies are not inherently risky simply because they are new. He stated that smart contracts, tokenization, and distributed ledgers are just technologies, and if they lead to more useful ways to transact, the Fed should consider adopting them.

Stablecoins as “synthetic dollars”

Waller described how stablecoins might act as synthetic representations of the dollar. He noted that stablecoins must demonstrate clear use cases and commercial viability to succeed. He also pointed out that stablecoins could provide access to U.S. dollars for users in high-inflation countries or without easy banking access, and could help maintain the dollar’s role internationally.

Research into tokenization, smart contracts and AI

Waller revealed the Fed is doing technical research on innovations such as tokenization, smart contracts, and AI in payments. He explained that while the Fed may never directly adopt these technologies, there is no reason not to explore them.

The Fed’s changing regulatory stance

• The Fed has ended its “novel activities supervision program” for crypto related banking activities.

• Earlier in 2025, it withdrew a 2022 guidance that discouraged banks from participating in crypto and stablecoin activities.

• Waller has emphasized that the private sector should lead payment innovation, with government intervention limited to areas where market inefficiencies exist.

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Implications and Challenges

Opportunities

• For fintechs, payment innovators, and crypto firms: the proposed account could provide more direct access to Fed rails, potentially lowering costs and increasing speed.

• For the payments ecosystem: embracing tokenization, smart contracts, and stablecoins could improve efficiency, reduce friction, and support cross-border flows.

• For the dollar’s role globally: stablecoins denominated in U.S. dollars could help reinforce the dollar as the global settlement currency, especially in emerging markets.

Risks and considerations

• Safety and soundness: Extending access to non-bank firms raises questions about oversight, liquidity, fraud, cybersecurity, and systemic risk.

• Regulatory clarity: While the tone is more open, many legal, regulatory, and compliance frameworks remain unresolved, including how stablecoins are treated and how payment innovators are supervised.

• Central bank digital currency: Waller and others remain cautious about a full-blown U.S. CBDC, so innovation may happen in private rails rather than through a government issued digital dollar.

• Inclusivity vs exclusivity: There will likely be eligibility criteria for these “skinny” accounts, meaning not all innovators will have equal access.

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What to Watch

• Whether the Fed publishes formal guidelines or a pilot program for the “skinny master account.”

• How banks and fintechs respond, and whether more firms apply for direct Fed access.

• What regulatory developments affect stablecoins and digital assets, such as new legislation or SEC rules.

• How this affects real world payment innovation, including cross-border payments, retail stablecoin usage, and tokenization of assets.

• Whether the Fed adopts any of the tokenization and AI research findings into its infrastructure or policies.

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Summary

 

Governor Christopher Waller’s recent comments reinforce a pivot in the Fed’s posture toward digital assets and payments innovation. The proposed “skinny master account” signals a willingness to provide payment innovators, including fintechs and possibly crypto enabled firms, more direct access to Fed infrastructure in a limited way. This comes alongside an overarching message: new technologies such as stablecoins, smart contracts, and tokenization are not to be feared. They may play a transformative role in the payments system. That said, the transition carries regulatory, supervisory, and structural risks that the Fed is clearly aware of.