Tokenized Funds Enter Rulemaking Era as Regulatory Talks and Retail Rollouts Accelerate
Today’s Focus
Tokenized funds are moving from narrative to rule design: Franklin Templeton met the SEC on pricing and fee details, while Hong Kong’s 17 tokenized retail products reached $1.3B in AUM, up 78% year-on-year. On the market side, tokenized Treasuries crossed $10.8B with Circle USYC topping the ranking at $2.41B — regulatory dialogue and retail rollout are accelerating in tandem.
Industry Flash
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Franklin Templeton meets SEC on tokenized fund trading rules — the October 9 crypto task force session focused on whether pricing and fees trip the 1940 Act, and whether stablecoins can serve as the cash leg remains open
Hong Kong lands 17 tokenized retail products — the SFC disclosed AUM of $1.3B, up 78% in 12 months, with the Ensemble project exploring tokenized-deposit investment in tokenized funds
Tokenized Treasuries cross $10.8B — Circle USYC topped the single-fund ranking at $2.41B, ahead of Ondo USDY and BlackRock BUIDL, with a sector 7-day APY near 3.62%
Hyperliquid RWA perpetuals outpace crypto-native trading for the first time — a 52% weekly volume share with $25.1B in Q3, making leveraged on-chain RWA the largest use case
ESMA orders non-compliant stablecoins off the shelves — MiCA-authorized providers must stop offering unauthorized tokens, with legacy exposure fixed within three months as the EU moves to direct ESMA oversight of large CASPs
XDC and Brazil’s Liqi expand tokenized credit to $2B — the initial $500M target was hit nine months early, covering receivables, corporate credit and agricultural credit, with XDC up 11.15% in 24 hours
SBI Project Trinity completes security token settlement tests — five institutions including SMBC and Daiwa Securities tested simultaneous settlement of security tokens with a trust-based stablecoin, targeting T+2 DvP
OCBC and Ant International launch tokenized deposits — live on October 7, moving SGD and USD deposits 24/7 between Singapore and Malaysia entities, bypassing banking cut-off windows
Securitize lists tokenized exposure to 12 U.S. stocks — debuting on Solana with USDC settlement and extended-hours trading via its broker-dealer, giving holders economic and voting rights
Standard Chartered to offer digital asset custody in Singapore — covering cryptoassets, stablecoins and tokenized assets alongside existing financing and securities services, lowering the institutional entry barrier
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