Seven UK Banks Settle Tokenized Deposits Cross-Bank as Fed Sets First Stablecoin Framework
Today’s Focus
Seven UK banks completed the world’s first live cross-bank transactions in tokenized sterling deposits via the GBTD program, proving programmable commercial bank money can settle across institutions for the first time. The Fed issued its first stablecoin framework proposal the same week, splitting the rulebook by function with the CFTC: one defines dollar redeemability, the other governs onchain assets. Ondo launched BlackRock-designed tokenized portfolios, lifting ONDO about 30% intraday as tokenization moves from “putting assets onchain” to “putting entire strategies onchain”.
Industry Wire
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Seven UK banks complete world’s first live cross-bank tokenized sterling deposit transactions — Barclays, HSBC UK, Lloyds and others settled two remortgage completions and one secondhand-market payment via the GBTD program (Quant platform, EY project management, Linklaters rulebook), locking funds until automatic release at settlement.
Fed issues first stablecoin framework proposal, splitting the rulebook by function with the CFTC — issuers must hold high-quality liquid assets to fully back redemptions, plus a licensing process for bank subsidiaries; the CFTC side admits tokenized money-market funds to customer funds but still excludes payment stablecoins from the eligible-investment list.
Ondo launches BlackRock-designed tokenized portfolios; ONDO jumps about 30% intraday — three risk profiles (high income, diversified growth, high growth) package an entire investment strategy into a single onchain token, with BlackRock supplying models and Ondo Global Markets issuing and operating, shifting tokenization’s focus from assets to strategies.
Bitwise tokenizes RWAs via Ember Protocol for Bluefin lending collateral — institutional DeFi lending moves beyond crypto-native assets; RWA perpetual DEX volume hit $365 billion in Q3 2026 (up 32% QoQ), with listed stocks at nearly 48%.
Mantle’s onchain tokenized assets top 1,473 as RWA distributed value jumps 110% in 30 days — up from just 71 at the start of the year, a 20x-plus expansion; distributed asset value rose to $476 million, driven by issuers such as xStocks, Securitize, Ethena and Paxos’s USDG.
Chainalysis: cross-border stablecoin traffic rises 78% to $220 billion despite drawdown — total crypto market cap fell 37% over the same period; an average transfer of about $3,000 points to trade settlement and savings rather than speculation, with the largest corridor still holding 96.1% of volume.
xStocks multi-chain RWA assets reach $858 million, with Solana the largest share — across eight chains as of September 26, with Solana at $502.4M, X Layer at $179.9M and Ethereum at $160.4M; chains outside Solana now account for 41%.
ChinaAMC (HK), Standard Chartered and OSL complete Hong Kong’s first HKD stablecoin investment use case — using licensed HKDAP to subscribe and redeem digital money market fund units, with Standard Chartered as custodian and tokenization agent; the fund’s multi-currency suite now holds over HKD 5.8 billion and will move toward 24/7 trading.
Luno Malaysia, Halogen and Kenanga explore ringgit stablecoin for fund settlement — UMYR would be backed 1:1 by ringgit in segregated accounts to demonstrate real-time DvP settlement for tokenized money market funds, institution-only with no retail participation.
Tokenized US Treasuries near $15 billion, with BUIDL at about $2.4 billion and Ondo’s pair above $2 billion — only about 3% ($1.7 billion) is accessible to US retail, with most remaining in institutional and offshore channels; only about $4.6 billion of the roughly $300 billion idle stablecoin supply earns yield, powering onchain demand.
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