Tokenized Treasuries Near $15B as Liquidity Pressures Mount — the RWA Value Fight Begins
Today’s Focus
On-chain RWA market cap rebounds to $39.18B, with tokenized Treasuries at $14.7B approaching the $15B mark — yet liquidity frictions are surfacing beneath record scale. A Bitfinex report flags permissioned-token limits, stale valuations and weekend gaps as key pain points, while the CFTC formally opens customer funds to tokenized money-market funds. Issuer rankings reshuffle as Ondo tops BUIDL with a $3B combined lineup, pushing institutional collateral financing from demo to minutes-level settlement.
Industry Flash
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Citrini’s 79-Page Report Dissects the Tokenization Value Chain: Narrative Shifts to “Who Profits” — The first systematic breakdown of the infrastructure, distribution and base-layer network landscape, as value migrates from “assets going on-chain” toward on-chain trading, lending and collateral.
Tokenized Treasuries Hit $14.7B, Approaching the $15B Mark — Spanning 117 assets and 86,753 holders; Bitfinex warns “transferability ≠ settleability,” with weekend liquidity gaps and stale valuations as institutional friction points.
CFTC Opens Customer Funds to Tokenized Money-Market Funds — Updated FAQs let FCMs invest in tokenized Treasury MMFs under Reg. 1.25, and swap dealers can post tokenized MMF shares as margin, formally opening the institutional pool.
Ondo’s Tokenized Treasuries Pass $3B as USDY Overtakes BUIDL — The combined lineup spans USDY, OUSG and tokenized Treasury ETFs, ranking first among issuers on RWA.xyz; Circle’s USYC remains the largest single product at $2.38B.
BNY and Citadel Securities Complete a Tokenized Treasury Triparty Repo — A two-year Treasury settled in minutes on a private ledger instead of T+1; Citadel then pledged the asset as collateral for overnight cash financing, taking collateral mobility into institutional production.
Securitize Lists 12 Tokenized US Equities on Solana — Apple, Nvidia, Tesla and more backed 1:1 by real shares, settling in USDC with dividends and voting rights intact, opening compliant secondary circulation for tokenized stocks.
ESMA Consults on CCP Tokenized Collateral, EBA Designates USDC as First Significant E-Money Token — The EU advances on two fronts: clearinghouse collateral standards open for discussion, and USDC supervisory authority shifts to the EBA as the euro-area framework enters delivery.
Ant Digital and HSBC Complete AI-Agent Tokenized Deposit Micropayment Test — Cross-border digital RMB fund subscription links to on-chain investment; Robinhood explores tokenized actively managed ETFs as retail rails accelerate RWA access.
Injective Runs 135 RWA Markets as Asian Institutions Lead Density — Tokenized assets exceed $1B with cumulative volume of $6.8B; POSCO and Nomura’s Laser Digital go on-chain, while Thailand’s GULF Group stakes INJ as an institutional validator.
Wells Fargo Leads 21 Banks Planning a Stablecoin Company — A US dollar token targets a first-half 2027 launch for cross-border payments and digital asset settlement; Citi bets on tokenized deposits, saying institutional clients prefer staying inside the regulated system.
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