RWA distributed asset value: $32.28B (-1.07%)

Number of RWA holders: 933.1K (+13.5%)

Transfer volume: $34.3B (+13.68%)

Total stablecoin value: $297.01B (-2.82%)

Tokenized treasuries total value: $15.01B (-2.11%)

Tokenized private credit (active loans value): $6.13B (+5.10%)

Citi launched Digital Depositary Receipts (DDRs), a product that enables the issuance and custody of tokenized depositary receipts representing shares of private companies. Citi says DDRs are intended to make the transfer of ownership and liquidity more accessible, without the need for a public listing or change to underlying ownership rights. The bank will serve as both the issuer and custodian in order to consolidate functions that are often spread across multiple intermediaries in private secondary markets such as settlement and transfers.

Securitize has expanded its tokenized collateralized loan obligation (CLO) fund, STAC, to Solana. The fund was built with BNY, which holds the underlying assets and packages slices of bundled corporate loans into digital securities that approved investors can buy onchain. Traditionally, investing in AAA CLOs required paperwork-heavy trades that settled through intermediaries and were open only to large institutions. Launching STAC on Solana turns those holdings into tokens that settle instantly and can be used with DeFi protocols. 

SpaceX went public on June 12, and was the largest IPO in history at a $1.8 trillion valuation. On the same day, Ondo Finance (SPCXon), Kraken xStocks' (SPCXx), and Backpack Securities and Sunrise (SPCX) all listed a tokenized version of the company’s shares. These tokenized versions collectively brought in more than $54.4 million. 

Goldman Sachs, Apex Group, Archax, Ownera, and LRC Group have launched a tokenized real estate fund. The fund uses Goldman Sachs’ GS DAP blockchain platform to tokenize fund shares; LRC Group as the fund manager; Archax as custodian and initial distribution partner; Apex Group for fund administration and depositary services; and Ownera to connect the network. The platform is intended to aggregate liquidity and make ownership and transfers more direct and transparent. 

Coinbase said it will soon launch tokenized stock perpetual contracts, allowing users outside the U.S. to trade and hold onchain versions of U.S. equities. The exchange says this is a fully backed 1:1 structure tied to actual U.S. shares, meaning it can offer economic benefits, such as dividend payments.

Ondo Finance tokenized an additional 173 stocks and ETFs on its Global Markets platform, across Ethereum, Solana, and BNB Chain. A complete list of which assets were listed can be found here. 

Mirae Asset Global Investments signed a memorandum of understanding with Ondo Finance to tokenize Mirae Asset’s Global X ETFs, a basket of ETFs spanning the space, AI, robotics, defense tech, lithium battery, and digital content sectors.

Janus Henderson has partnered with Ethena to allocate and distribute Janus Henderson tokenized AAA-rated CLOs. Janus Henderson is also investing in Ethena's ENA governance token, with plans to use the protocol's synthetic stablecoin, USDe, for its treasury cash management. Janus Henderson is turning its loan fund into a token that lives on a blockchain, and Ethena will help get it in front of more investors. In return, Janus Henderson is buying Ethena's token and holding some of its own cash in USDe.

DBS is expanding its tokenized physical gold product to Singapore, allowing fractional ownership of digital assets backed 1:1 by physical gold.

Uniswap enabled tokenized securities trading across its Web App, Wallet, and API services. 

Moody’s Ratings has partnered with tokenization firm Alphaledger to integrate its credit ratings directly into Solana-based tokenized assets. The system allows issuers of tokenized bonds and fixed-income instruments to embed Moody’s credit assessments directly into onchain securities, effectively allowing ratings data to travel with the asset itself. 

Hastra expanded PRIME, its yield-bearing token, to Solana via Orca’s automated market maker infrastructure. The asset earns yield derived from interest payments on Figure’s Democratized Prime Home Equity lending pools, passing returns from real-world home equity loan originations. The integration with Orca means these assets can be used within Solana’s DeFi ecosystem.

Archax launched GOVY, a tokenized perpetual contract that offers investors onchain exposure to short-dated U.S. government debt, backed 1:1 by underlying T-bills.

Baillie Gifford launched the Baillie Gifford Enhanced Yield Fund, a fixed-income tokenized fund on Solana and Ethereum that gives investors access to an actively managed, short-duration portfolio of public corporate bonds.

Brett Redfearn, president of Securitize, explained on Talking Tokenization why he thinks we’re entering the most transformative market structure shift in 20 years and why tokenized stocks might be the next major frontier.

Morgan Krupetsky, VP of onchain finance at Ava Labs, spoke on Talking Tokens about why private credit and asset-backed finance are better suited for blockchain rails than equities.

Brian J. Esposito, founder of Diamond Lake, spoke on The Market Runup about how tokenizing assets allows everyone from a crypto native to institutional investors to participate using whatever instrument makes sense for them.