US Grants Its First “On-Chain Bank” Charter as South Korea Moves Capital Markets On-Chain
Today’s Focus
The US Office of the Comptroller of the Currency (OCC) granted conditional approval for OpenReserve’s national bank charter, making it the first US bank to embed on-chain settlement and tokenized deposits directly into its core account system, with a requirement to raise at least $210 million in paid-in capital within 12 months. Meanwhile, tokenized-stock monthly transfer volume surged 105% to $841 million, and South Korea’s Financial Services Commission and securities depository announced they are moving national capital markets onto Avalanche — tokenization settlement is shifting from pilots to federal regulation and national infrastructure.
Industry Flash
10 items
OCC Approves OpenReserve National Bank Charter — The first “on-chain bank” charter in the US lands, bringing on-chain settlement and tokenized deposits into the federal-regulated core account system for the first time, with a16z crypto leading the seed round.
Tokenized-Stock Monthly Transfers Surge 105% to $841M — Holders grew to 409,000 in August as dozens of Wall Street institutions pilot real on-chain settlement for blue-chip stocks and index ETFs, outpacing the broader RWA market.
South Korea Moves National Capital Markets Onto Avalanche — The FSC and securities depository are taking issuance, trading, clearing and settlement fully on-chain, with the Tokenized Securities Framework taking effect in February 2027.
Dubai’s VARA Signs MoU With Securitize — The regulator is co-building a regulated tokenization market with an issuance platform across knowledge-sharing, ecosystem and talent, positioning against Singapore and Switzerland as hubs.
Polymarket Raises $1B at a $21B Valuation — Led by 1789 Capital, the platform now runs 67 perpetual-contract markets as prediction markets push into the RWA derivatives frontier.
21 Banks Form Joint Stablecoin Venture — Bank of America, Citi, Goldman Sachs, UBS and Wells Fargo are among the group planning a US-dollar stablecoin in H1 2027, aligned with the GENIUS Act’s effective date.
Ethereum’s RWA Ecosystem Moves Beyond Stablecoins — Tokenized funds reached $17.5 billion, commodities $5.0 billion and stocks $770.1 million, while stablecoins remain the $163.5 billion foundation — diversification is taking shape.
NYLIM High-Yield Bond Fund Gains T+0 On-Chain Exits — The $838 billion asset manager’s high-yield fund integrated RedStone Settle, converting T+3 settlement into instantly liquid, DeFi-collateralizable positions.
UK Completes First Digital Bond Settled in GBP Stablecoin — BCP’s $GOVY tokenized US T-bill settled via Archax in tGBP, with on-chain cash and digital securities completing native delivery.
Figure Closes $717M Kiavi Acquisition — More than $7 billion in first-lien real-estate credit moves on-chain, pushing tokenized private credit beyond Treasuries and stablecoins, while Bitwise’s PAPY vault lends at 5–6% APY.
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