RWA DAILY
SEC Innovation Exemption Opens Onchain Path as State Street and Solana Advance RWA
Tokenized traditional assets on public chains
$30B
Money-market funds + Treasuries lead
Solana ETF weekly inflows
$188M
Sep 21-25 record
OUSG daily redemption cap
$25M
Sky $1B pool bid
Tokenized equities market cap
$3.0B
Sector-wide milestone
SEC Chair Announces Innovation Exemption: A Clear Onchain Path for Tokenized Securities
SEC Chair Paul Atkins said on September 29 that the U.S. Securities and Exchange Commission has formally launched its Innovation Exemption framework as part of its push to develop rules for onchain financing and tokenized-securities trading. The framework lets companies issue tokenized securities representing real rights and interests in underlying securities, with the aim of bringing the securities themselves onto blockchain networks for trading. Atkins said the SEC continues to move financing activity and securities transactions onchain and plans to advance the work.
- The framework requires tokenized shares to provide rights equivalent to the underlying traditional security, with safeguards covering transparency, smart-contract controls, recordkeeping and trading halts
- The SEC earlier introduced a temporary five-year Innovation Exemption on September 17, letting qualifying venues trade certain tokenized U.S. NMS stocks
- It draws a clear line between genuine tokenized securities and synthetic products that merely track a stock’s price, helping investors judge what ownership a token represents
Regulatory meaning
With legislation stalled, regulators fill the gap with agency-level rules, giving tokenized securities a predictable framework
Market impact
Removes much of the uncertainty for regulated venues listing onchain equities, attracting more compliant institutions
Risk boundary
The exemption is temporary; real ownership and synthetic products are strictly separated to protect investors
State Street and Galaxy Launch SWEEP Liquidity Fund on Stellar, Expanding Onchain Cash Management
The State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized private liquidity fund from State Street Investment Management and Galaxy, is now live on the Stellar network. The vehicle targets Qualified Purchasers and supports 24/7 subscriptions and redemptions in stablecoins such as PayPal’s PYUSD or Circle’s USDC, while also allowing USD transactions through Fedwire on business days. SWEEP first launched on Solana in May, and this Stellar expansion marks a key step for a traditional asset manager moving cash management onchain.
- The fund invests in U.S. Treasuries and cash equivalents with a $5 million minimum, aimed squarely at institutional idle-cash management
- The Stellar version combines a smart contract with the network’s issuer controls for authorization, freezing and clawbacks, enabling cash management outside bank hours
- Galaxy handles tokenization and distribution, Anchorage provides custody, Chainlink supports fund pricing, and State Street holds the underlying securities
Institutional signal
A large traditional asset manager validates public-chain infrastructure with a regulated product, shifting from trials to real deployment
Use-case value
24/7 stablecoin subscriptions plus a traditional Fedwire channel connect onchain cash with conventional settlement
Multi-chain play
After Solana, the Stellar launch shows cross-chain institutional deployment of onchain cash products becoming the norm
Source: Crypto Briefing · September 29, 2026
Solana Hits Two Milestones: Metaplex’s Permissioned Securities Standard and a Record $188M in ETF Inflows
The Solana ecosystem logged two developments on the same day. Metaplex released MPL-3643, a token standard aimed at permissioned real-world assets and securities that embeds investor eligibility, jurisdictional rules and transfer controls directly onchain via Solana’s Token-2022 program. At the same time, U.S. spot Solana ETFs recorded $188.1 million in net inflows during the week of September 21-25, a new record, with Bitwise’s BSOL contributing roughly $128.4 million.
- MPL-3643 fills a key gap for regulated assets, letting compliant tokenization of stocks, bonds and funds land natively on Solana
- All seven tracked Solana ETFs were positive that week, with a single-day peak of $86.7 million on September 25
- Cumulative Solana ETF inflows have reached $1.599 billion, with BSOL alone contributing $1.2185 billion since launch
Compliance infrastructure
MPL-3643 writes eligibility and jurisdictional checks into the chain, lowering the compliance cost of securities tokenization
Capital flows
Record ETF inflows confirm sustained institutional demand for Solana-based assets
Ecosystem linkage
A compliant token standard and strong ETF demand combine to push Solana higher in the institutional RWA race
Source: Longbridge · CoinMarketCap · September 29, 2026
Ondo, BlackRock and Securitize Bid OUSG for Sky’s $1B Tokenization Pool, Pitching 24/7 Redemptions
Ondo Finance, working with BlackRock and Securitize, submitted its tokenized Treasury fund OUSG to Sky’s Spark Tokenization Grand Prix, competing for roughly $1 billion in tokenized traditional assets. OUSG offers round-the-clock subscriptions and redemptions, with daily capacity set at $25 million initially and slated to rise. Since a large share of OUSG’s holdings sits in BlackRock’s BUIDL fund, the underlying Treasuries are managed by BlackRock whether Sky chooses OUSG or BUIDL.
- OUSG provides 24/7 subscriptions and redemptions, but the $25 million initial daily cap means a $1 billion pool would take about 40 days to move in or out
- Ondo and BlackRock are exploring direct OUSG-BUIDL conversions that, if approved, would make the crypto-native wrapper and the underlying fund interchangeable
- OUSG offers daily interest accrual, rebasing and non-rebasing versions on Ethereum and Solana, with peer-to-peer transferability
Competition dynamic
Ondo is bidding for the wrapper layer while BlackRock’s BUIDL sits beneath, forcing Ondo’s fees and terms to compete with BlackRock’s own product
Reserve migration
Sky shifting reserves from crypto-native collateral to tokenized Treasuries and credit is a landmark DAO-level allocation move
Liquidity boundary
The daily cap sets the pace for large reserve moves; the 24/7 window matters most for smaller holders
Source: The Clarity · Daily Crypto News · September 29, 2026
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