Fund Shares Move On-Chain as ARK Leads SEC Case-by-Case Exemption, RWA Market Tops $3.9B
Today’s Focus
On-chain RWA market cap crossed $3.92 billion, with holders up 112.8% in 30 days to 3.68 million and tokenized equities topping $310 million at a fresh high, while BlackRock BUIDL reclaimed the tokenized treasury crown at about $2.8 billion. Regulation and primary markets are breaking ground in tandem: ARK is seeking an SEC case-by-case exemption to put its fund shares directly on-chain, and CZ predicts IPOs will move on-chain. On-chain adoption is shifting from “issuance” toward turning funds themselves into registerable on-chain assets.
Industry Flash
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ARK seeks SEC case-by-case exemption to put fund shares directly on-chain — Cathie Wood’s ARK Venture Fund is seeking to amend its exemption to add a “tokenized share” class recorded via DLT and transferable through whitelisted wallets, with a September 18 hearing deadline; approval would make it the first US asset manager to tokenize via case-by-case exemption.
CZ says IPOs will move on-chain as France’s ST Group completes the world’s first fully tokenized issuance — The Binance founder posted “IPOs will move on chain”; French aerospace supplier ST Group has already issued 113,525 shares at EUR 18.25 each on Paris-based Lise, raising EUR 2.07 million, with underwriting costs potentially cut by more than 70%.
On-chain RWA market cap tops $3.92 billion with holders doubling in a month to 3.68 million — Tokenized Treasuries around $1.59 billion and tokenized credit about $800 million lead; tokenized equity market cap broke $310 million at a record; the 30-day holder jump of 112.8% points to widening participation rather than a few large mints.
BlackRock BUIDL retakes the tokenized treasury crown ahead of Circle USYC — BUIDL moved back above USYC at about $2.8 billion (18.5% market share) in a roughly $1.59 billion tokenized Treasury market; the category is shifting from a single issuer toward full competition, with Sky uSDS also near the top.
21 global banks join forces on a stablecoin company targeting a H1 2027 dollar launch — Goldman Sachs, Bank of America, Citi, UBS, Deutsche Bank and others across five continents plan to form a joint venture in H2 to issue a USD stablecoin aimed at wholesale, institutional and retail settlement, aligned with the GENIUS Act and MiCA.
Solana leads all chains with $348 million in 30-day RWA net inflows — Distributed RWA reached about $4.23 billion with roughly 399,000 holder addresses as BlackRock, Franklin, VanEck, Circle and Ondo products come on-chain, leading 30-day net flows across networks.
Chainlink says cumulative on-chain RWA topped $340 billion — Covering sovereign debt, money market funds, commodities and fiat-backed securities, with McKinsey projecting a $2-4 trillion tokenized market by 2030; CCIP weekly volume once exceeded $1.3 billion.
DTCC’s DTC tokenization service goes commercial in October — After production-grade testing with about 40 firms in July and an SEC no-action letter, the broader service launches in October to improve collateral utilization, moving DTCC from development into production.
Datavault AI launches IDE on September 15, bringing a data-asset tokenization exchange to market — The Nasdaq-listed firm is launching Information Data Exchange covering identification, certification, valuation, tokenization and trading of data and RWAs, plus athlete-rights platform NILv, with the CEO noting “tokenization itself doesn’t create a market.”
Stablecoin market stands at $303 billion with $7.17 trillion in monthly transfers, up 48.8% — USDT at roughly $183.3 billion and USDC at about $73.4 billion lead as bank consortia and open alliances enter on both fronts; stablecoins are evolving from trading medium into the reserve and collateral base for tokenized settlement.
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