Exchanges Race for Single-Stock Perpetuals as Hong Kong Tokenizes $1.3T in Bills
Today’s Focus
Within 72 hours of the SEC’s innovation exemption taking effect, Coinbase and Kalshi have already filed for single-stock perpetuals, racing to bring US equities onchain. On the same day, Hong Kong announced it will tokenize more than $1.3 trillion in Exchange Fund Bills this year. Yet Binance Research’s latest report shows onchain RWA has reached $34.18 billion with tokenized equities up 390.4% year to date, while the capital activation rate stays at just 12% — the bottleneck has shifted from issuance to deployment.
Industry Wire
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SEC Exemption Hits 72 Hours, Exchanges Race to File — Coinbase Derivatives has filed single-stock perpetual futures with the CFTC and Kalshi has submitted stock perpetual rules; S&P Global acquired smart-contract security firm OpenZeppelin in the same week.
Hong Kong to Tokenize $1.3T in Exchange Fund Bills This Year — The Policy Address says the HKMA will pilot tokenization before year-end so banks can manage assets and liabilities around the clock; CMU OmniClear will build a digital asset platform and stablecoins will be allowed on licensed trading venues.
Korea’s Eugene Securities Teams with BEATOZ on Stablecoin Settlement — Converting subscription payments for tokenized securities into stablecoins merges “subscribe—pay—settle” into a single onchain workflow, breaking the split between securities onchain and cash in bank accounts.
Binance Research: $34.18B Onchain, Only 12% Actually Working — The report says tokenized equities surged 390.4% this year, lifting their share from 4.9% to 13.0%, but only $12 of every $100 in tokenized assets reaches a DeFi application.
Tether Lends $1.5B to Gold.com — Taking over nearly all of the gold dealer’s gold-backed loan book; Tether held roughly 146 tonnes of gold (about $18.8 billion) in Q2, extending its role from stablecoin issuer toward a precious-metals financing bank.
BlackRock’s Onchain Funds Reach $2.4B — BUIDL, BRSRV and BSTBL combine for roughly $2.4 billion; JPMorgan’s JLTXX and MONY Ethereum funds approach $900 million.
MoonPay and WisdomTree Open Stablecoin Purchases — 35 million accounts can buy the $1.2 billion tokenized money-market fund WTGXX with stablecoins starting this year; MoonPay will also hold WTGXX inside its own stablecoin reserve strategy.
Ripple Lets AI Agents Pay with RLUSD — RippleX’s developer kit now supports Stripe’s machine payments protocol; Ondo’s $336 million OUSG already supports RLUSD subscriptions and redemptions on the XRP Ledger.
Spiko Rises to Sixth-Largest RWA Issuer Globally — The French platform holds about $2.55 billion in onchain assets across nine UCITS funds covering eurozone, US and UK short-term debt, with management fees of just 0.25%.
SBI and Kyobo Complete Japan-Korea Stablecoin Test — The two institutions settled yen directly into won on the Canton Network without a US dollar intermediary, covering transfer, FX, settlement and reconciliation end to end.
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