Failed Bill Pushes Regulators to Dual Tracks as Tokenized Stocks Become Collateral
Today’s Focus
After the CLARITY Act fell 49–50 short of the Senate’s 60-vote threshold, US regulators pivoted to exercising existing authority: the CFTC sent a preliminary rule to the White House for review and Chair Selig called on markets to prepare for “mass tokenization.” Coinbase’s B20-standard tokenized US stocks on Base have reached a $3.4B market cap and, for the first time, can serve as on-chain collateral in Aave-style lending protocols.
Industry Flash
10 items
CLARITY Act stalls; CFTC preliminary rule sent to White House — The Senate fell 49–50 short of the 60-vote bar; within two days the CFTC submitted a crypto oversight rule to the White House and the SEC widened its temporary tokenized-securities channel, shifting industry certainty from Congress to two agencies.
Coinbase tokenized stocks hit $3.4B, first usable as on-chain collateral — B20-standard products on Base target eligible offshore users; each token is backed 1:1 by a regulated custodian while retaining dividend and voting rights, and can be pledged in Aave-style protocols, with 50+ DeFi protocols integrating in the first week.
Canada’s six largest banks launch joint tokenized-CAD deposit pilot — All six entered at once, seen as the most coordinated institutional blockchain push outside CBDC programs, elevating tokenized deposits from a single-firm experiment to an industry-wide infrastructure topic.
ECB to invest its own funds in tokenized euro securities — Settlement will run through its new Pontes service in central-bank money, closing the final settlement leg and giving tokenized securities finality backed directly by central-bank currency.
Circle payment chain Arc launches with mainstream financial validators — Founding validators include BlackRock, DTCC, Mastercard and Visa, with 100+ partners and USDC as the gas token; the same day Binance invested $100M in Circle under an expanded USDC partnership.
Gold DAO goes live on BNB Chain as institutional vaults launch — Global Gold DAO uses a GGT/GGU/GGD three-token model backed by the Hong Kong-listed CSOP gold ETF; Kamui Finance brought its first three RWA vaults live, integrating DigiFT, Hastra Prime and Midas.
Tokenized RWA market tops $3.4B as equities surge +390% — Up 85.2% year-to-date, tokenized equities are the fastest-growing category, lifting their tracked share from 4.9% to 13.0%; yet only about 12% of on-chain capital is actually activated, leaving most assets as issued-but-idle inventory.
Tokenized Treasuries near $1.5–1.6B become stablecoin infrastructure — The category grew roughly 160x in three years, led by BUIDL, USYC and BENJI; yield-bearing tokens that pass reserve income to holders are becoming the preferred tool for institutional idle-cash management.
Figure HELOC tokenization of ~$1.8–2.0B leads asset-backed credit — Backed by real mortgage origination and roughly a third of the overall tokenized market, asset-backed credit is the largest category at ~$23.7B, though only about 10% is distributed and transferable.
Ethereum holds 49.1% of tokenized assets as market grows 17.4x — On-chain RWA reached $46.7B, with Ethereum first on the strength of its mature DeFi ecosystem; Solana and Stellar are catching up as tokenized assets shift from issuance-on-chain to active use and secondary trading within DeFi.
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