Tokenization-focused startup Superstate has raised $82.5 million in a Series B funding round, the company announced Thursday, underscoring the growing popularity of bringing traditional Wall Street assets on-chain. The round was led by Bain Capital’s crypto division and Distributed Global. The funds of numerous prominent crypto investors also participated, including Katie Haun’s Haun Ventures and Mike Novogratz’s Galaxy Digital. Superstate builds infrastructure that moves traditional assets, like stocks an ...

Core Insights - The financial industry is transitioning from traditional custody, execution, and settlement models to custody-native settlement, with institutions now focusing on which architectural model best fits their operational needs [1][32] Market Developments - Tokenized US Treasuries reached $9.11 billion in November 2025, a significant increase from approximately $1 billion in January 2024, with BlackRock's BUIDL fund holding $2.5 billion across eight blockchains [2][21] - Deutsche Börse Group launched AnchorNote, a custody-native pledging solution, allowing institutional clients to trade across exchanges while keeping assets in regulated custody, marking a significant shift in the market [3][31] - Major acquisitions in the market include Coinbase's acquisition of Deribit for $2.9 billion and Ripple's acquisition of Hidden Road for $1.25 billion, indicating a trend towards vertical integration in the crypto space [4][27] Regulatory Changes - The implementation of MiCA in December 2024 established a comprehensive regulatory framework in Europe, requiring asset segregation and creating a clearer pathway for institutional participation [5][23] - In the US, the SEC rescinded SAB 121 in January 2025, allowing national banks to provide crypto custody without prior approval, further facilitating institutional engagement [5][25] Infrastructure and Technology - Off-exchange settlement infrastructure is emerging to allow assets to remain in custody while facilitating trading across multiple venues, addressing the operational challenges of pre-funding [6][7] - Three primary models for custody-native settlement have emerged: Copper ClearLoop, Fireblocks Off Exchange, and BitGo Go Network, each with distinct advantages and trade-offs [8][32] - Deutsche Börse's AnchorNote utilizes neutral middleware to connect custodians and exchanges, allowing for efficient trading without the need for proprietary custody solutions [15][32] Market Trends and Projections - The institutional crypto custody market is projected to grow from $3.2 billion in 2024 to $27.8 billion by 2033, reflecting a compound annual growth rate (CAGR) of 26.7% [28] - The broader real-world asset (RWA) market, including tokenized Treasuries, is expected to expand significantly, with projections of reaching $2 trillion to $4 trillion by 2030 [22]

LATEST: 📈 Tokenized US Treasury products have grown 50x since early 2024 to reach nearly $7 billion in market cap, with BlackRock's BUIDL fund leading at close to $2 billion in AUM, according to Token Terminal data. https://t.co/FQRqC2UEh4 ...

JPMorgan Chase will begin offering an Ethereum-based, tokenized money-market fund to qualified investors this week, according to a Monday press release. The private fund, dubbed My OnChain Net Yield Fund, or “MONY,” will be seeded with $100 million of the bank’s capital before it can be accessed on Tuesday by individuals with at least $5 million in assets or institutions with $25 million or more, the bank said. MONY, which requires an investment of at least $1 million, represents JPMorgan’s continued exper ...

Core Insights - JPMorgan Chase is launching its first tokenized money market fund, named My OnChain Net Yield Fund (MONY), on the Ethereum blockchain, marking a significant step into blockchain-based finance for the bank [1][2] - The fund is seeded with $100 million and will be available to external qualified investors, indicating a growing interest in tokenized financial products [2] Group 1: Market Context - JPMorgan joins other financial giants like Franklin Templeton and BlackRock in launching tokenized funds, with money-market funds leading the trend [3] - The asset class for tokenized money market funds has increased from $3 billion to $9 billion within a year, showcasing rapid growth in this sector [5] Group 2: Fund Features - MONY will hold short-term debt instruments and pay interest daily, similar to traditional money market funds, with the option for investors to redeem shares using cash or Circle's USDC stablecoin [8] - The fund requires a minimum investment of $1 million, targeting qualified investors [8] Group 3: Technological and Strategic Implications - JPMorgan's MONY is built on the bank's in-house tokenization platform, Kinexys Digital Assets, which may serve as a test case for future on-chain offerings [6] - The head of global liquidity at JPMorgan Asset Management emphasized that tokenization can enhance transaction speed and efficiency, indicating a shift in how financial products may be transacted in the future [7]

NEW: BlackRock's BUIDL fund recently surpassed $500 million on BNB Chain ...

Real-world assets are expanding on Arbitrum.BlackRock's BUIDL fund (now $2.5B across multiple chains including Arbitrum) brings tokenized treasuries on-chain, while Centrifuge enables private credit and Ondo Finance offers yield-bearing products. Low fees and instant settlement make Arbitrum attractive for institutional #RWA deployment. ...

Core Insights - The article discusses the evolution of stock trading infrastructure, focusing on the shift towards tokenization and its implications for the financial industry [1][4][5] Group 1: Current System and Challenges - The existing DTCC regime allows brokerages to manage stock ownership without recording every transfer, settling transactions the next business day [1][2] - The "T+1" settlement system is seen as outdated in a fast-paced trading environment, prompting calls for a more efficient solution [8][6] - The 2021 market volatility, driven by retail traders, highlighted the limitations of the current infrastructure, leading to temporary trading halts [7] Group 2: Tokenization and Its Impacts - Tokenization is being pursued not only by crypto firms but also by major banks like J.P. Morgan, which are exploring blockchain for asset trading [5][12] - The transition to tokenized assets could enable instant trading and settlement, benefiting active traders and institutional investors by freeing up collateral [11][12] - As of mid-November, the total value of tokenized assets globally was approximately $660 million, with significant interest in tokenized ETFs and major tech stocks [14] Group 3: Industry Perspectives and Concerns - The DTCC is reportedly supportive of tokenization, viewing it as a means to modernize market infrastructure and expand into private markets [16][17] - However, concerns exist regarding the potential risks of tokenization, including discrepancies in pricing and the adequacy of consumer protections [18][19] - The lack of consensus on which blockchain to use among financial institutions could hinder widespread adoption of tokenization [19][20]

Market Trends - Binance announced that BlackRock's tokenized BUIDL fund can now be used by institutions as off-exchange collateral [1] - A new BUIDL asset class is coming to BNB Chain [1]

Core Insights - BlackRock's $2.5 billion USD Institutional Digital Liquidity Fund (BUIDL) is expanding its reach to Binance and BNB Chain, positioning itself as a tool for institutional traders [1][2] - The BUIDL fund, which debuted in March, has now expanded to eight blockchains, including the Binance-backed network, indicating a trend of integrating regulated real-world assets on-chain [2] - The fund currently has around 93 holders and offers an average yield of 3.7% on an annualized basis, reflecting the demand for interest-bearing assets among Binance's institutional clients [3] Company Developments - Securitize, the Miami-based firm behind BUIDL, is planning a public offering and has integrated BUIDL into Ceffu, a Binance-owned custody service [4] - The integration of BUIDL into Binance's services comes amid scrutiny from the U.S. Securities and Exchange Commission regarding asset control [4] - BlackRock's BUIDL fund signifies Wall Street's increasing acceptance of cryptocurrency exchange services and products [4] Market Context - BNB, the fifth-largest cryptocurrency by market cap, has seen a 3.4% decline recently, trading around $924, despite a 48% increase over the past year [5] - The cryptocurrency market has experienced volatility, with BNB reaching an all-time high of $1,370 last month before recent declines [5]