Citrini Research, closely watched by Wall Street, published a 79-page report titled “Breaking the Wall,” arguing that as U.S. Treasuries, credit, and equities move onchain, “blockchain has finally found its purpose” — tokenization lets financial assets flow between applications like software and serve as collateral. But the debate has shifted from “whether to tokenize” to “who captures the profit.”

An October 16 snapshot put distributed value in tokenized U.S. Treasury funds at $14.69 billion across 117 assets and 86,753 holders, approaching the $15 billion milestone. But a Bitfinex report released ahead of the Lugano Summit (October 22) cautions that scale has not solved liquidation efficiency — permissioned token restrictions, stale valuations, and limited weekend liquidity remain the three biggest friction points.

With the CLARITY Act stalled, the CFTC’s Market Participants Division published updated FAQs on September 24 that open customer-fund channels to tokenized assets within existing authority: FCMs may invest customer funds in tokenized Treasury money market funds that meet the conditions (liquidity, concentration, time-to-maturity, and instrument feature limits), and swap dealers may post and accept tokenized MMF shares as initial or variation margin.

Injective announced 135 live onchain RWA markets with more than $1 billion in tokenized assets and $6.8 billion in cumulative RWA volume, covering SpaceX, OpenAI, equities, foreign exchange, and digital asset treasuries. South Korea’s POSCO International and LG CNS selected Injective to tokenize trade receivables from international commerce; Nomura’s Laser Digital tokenized its Laser Carry Fund alongside BlackRock money market products and Hamilton Lane’s SCOPE Senior Credit Fund, supporting onchain secondary trading, collateralized lending, and portfolio margining.