Welcome to The State of Tokenization. Every month, we’re diving into the biggest updates surrounding real world asset tokenization, what’s going onchain and offchain, who’s integrating with who and more.
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Tokenization Metrics We’re Tracking
RWA distributed asset value: $38.29B (+1.82%)
Number of RWA holders: 1.8M (+58.69%)
Daily Transfer volume: $8.40B (+38.84%)
Total stablecoin value: $297.91B (-0.41%)
Tokenized treasuries total value: $15.64B (-3.28%)
Tokenized private credit (active loans value): $7.47B (+4.06%)
The metrics are accurate at the time of publication. The percentage change is over a 30-day period.
What Caught Our Eye This Month
Securitize and Neuberger Berman have partnered to launch a new tokenized high-yield bond fund. The fund will invest in high-risk, high-return debt such as high-yield bonds, collateralized loan obligations, and leveraged loans.
The fund will be listed on Avalanche, Ethereum, Solana, and Sui, with Securitize handling the tokenization and regulatory infrastructure.
This is the first time Neuberger has provided investment advice and portfolio management for a tokenized fund.
The fund will issue short term loans to businesses that are priced in RLUSD, and move lending activity onto the XRPL.
The fund, which is still in development, is reliant on the completion of two additional XRPL features: XLS-66, which will allow for loan issuance and repayment, and XLS-65, which will create single asset vaults for lenders to pool capital.
Ondo introduced Ondo Network, a new RWA ledger that is meant to replace its previously planned Ondo Chain.
The ledger focuses on transaction execution, prioritizing high-speed, private transactions that settle on Ethereum, and is aimed at a wide range of applications such as spot trading, lending and structured products.
Ondo Perps, Ondo’s perpetual futures platform, is the first application to be built on the network.
Chart of the Month
In August, the total value of tokenized spot equities surpassed $2.5 billion, up 8.2% over the past 30 days, and up 260.8% since the start of the year.
BNB Chain has the biggest share, holding 35.5% of the market with $888.5 million. Ethereum comes next, accounting for 27.1% with $679.2 million; and Solana comes in third, making up 18.4% at $460.6 million.
Additional RWA & Tokenization Developments
The U.S. Depository Trust and Clearing Corporation (DTCC) conducted a test where 40 major firms, including JP Morgan, Goldman Sachs, Invesco, and Citadel, simulated normal trading using tokenized equities.
The trial tested a number of trading activities, including the buying and selling of stocks and treasuries, pledging assets as collateral, and meeting margin calls.
Dinari, a tokenization platform, said eligible U.S. investors can now buy and sell tokenized stocks on its platform using USDC.
Bullish said multiple firms had executed trades of its tokenized shares (BLSH) on Bullish Exchange. The platform allows for tokens to carry the same equity rights as traditional shares, including ownership and legal protection.
Crypto.com launched tokenized stock trading on its app. The service is available to users in the European Economic Area and other approved countries, though the U.S. is excluded.
Ondo Stocks said its total value locked has crossed $1 billion.
HashKey, a Hong Kong-based crypto exchange, has added a tokenized private credit fund to its wealth management product. The fund, named ACRED, is issued by Securitize and tied to the Apollo Diversified Credit Fund.
Shinhan Asset Management, a South Korean asset manager, signed a Memorandum of Understanding (MOU) with Plume to build and test a tokenized fund denominated in Korean Won (KRW).
Term of the Month: T+1 / T+0
Definition: Shorthand for how many days a trade takes to finalize. “T+1” means that a trade takes one business day to finalize, while “T+0” refers to a trade that finalizes within the same day.
Used in a sentence: Most of Wall Street runs on a T+1 cycle, whereas blockchains settle almost instantly, making them T+0.
What We’re Listening To
Adrian Cachinero, co-founder of Steakhouse Finance, joined the Talking Tokens Podcast to talk about building a "credit layer for stablecoins," arguing that DeFi lending risk has matured to roughly a double-B credit rating over the past five years.
Jillian Friedman, chief operating officer at Symbiotic, said on the Talking Tokens podcast that the vast majority of tokenized assets are still just wrappers around assets that exist offchain, with the underlying credit, reporting and underwriting logic sitting in a "black box" rather than being truly onchain and auditable.
Suzy Singh, deputy chief operating officer at Securitize, explained on the Talking Tokens podcast that a typical institutional tokenization project takes 6 to 24 months to launch, with the biggest delays coming from onboarding, due diligence, and getting internal senior leadership sign-off.
This is the State of Tokenization. August Edition.
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.
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