SEC Names Three Tokenized Securities Venues as Stellar Repo Opens 24/7 Funding
Today’s Focus
The SEC for the first time named three tokenized securities trading venues spanning Canton, X Layer and Kronos, and Better Markets immediately filed the exemption’s first legal challenge. Stellar completed its first institutional repo, with USDM1 collateral auto-rolling 72 times per hour through the weekend at a total network cost under one cent. The OCC finalized the GENIUS Act stablecoin rules effective January 2027, pulling the regulatory jigsaw of stablecoins and tokenized securities into alignment.
Industry Flash
10 items
SEC names first three tokenized securities venues — the innovation exemption list lands on Canton / X Layer / Kronos; Better Markets’ comment letter demands the exemption be withdrawn, forming the framework’s first systemic challenge
Stellar completes first institutional repo — USDM1 digital sovereign bond used as collateral to borrow USDC, auto-rolling 72 times hourly through the weekend at a total cost under one cent
OCC finalizes GENIUS Act stablecoin rules — effective January 2027, reserve, AML and customer-identification requirements are locked in, giving bank-issued stablecoins a regulatory exit ramp
Binance bStocks collateral moves to 7×24 dynamic pricing — off-hours pricing uses orderbook EWMA, so margin levels will keep fluctuating through weekends and holidays
Securitize plugs its cash leg into a federally chartered bank — Anchorage Digital Bank mints and redeems USDtb/USA₮ directly, covering minting, custody and settlement in one place and removing intermediary sourcing
BUIDL’s Avalanche holdings overtake Ethereum — $482M versus $423M, with Solana in the lead; institutional tokenization shifts from single-chain pilots to multichain distribution
Ondo TVL tops $4B — its $3B tokenized Treasuries lead the platform rankings past BUIDL, with tokenized stocks and ETFs now exceeding $1.3B
Janus Henderson backs Avalanche — the $250M Grove initiative aims to more than double onchain RWA to $445M, deploying JAAA/JTRSY and running its own validator
HSBC launches HKD stablecoin RedCoin — Hong Kong tokenization enters its implementation phase as HKEX prepares a tokenized commodity warehouse-receipt financing pilot
JPM Coin deposit tokens come to Ethereum — opened to institutions, while Robinhood stock tokens plug into the Morpho lending market to broaden collateral use cases
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