Nine Companies Veto Tokenized Stocks as Ondo Flips BlackRock for the Treasury Crown
Today’s Focus
Tokenized stocks face their first large-scale veto: 9 issuers formally objected among OKXICE’s initial 63 US stock tokens, putting the SEC Innovation Exemption’s opt-out mechanism to a live test. This week Ondo USDY ($2.33B) flipped BlackRock’s BUIDL ($2.2B) for the top spot as tokenized treasuries approach $15B. On the regulatory side, EBA named USDC the first significant e-money token under MiCA, accelerating stablecoin compliance tiers.
Industry Flash
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OKXICE’s first tokenized stock batch draws 9 issuer objections — Broadcom, Verizon, UnitedHealth and others, roughly 14% of the initial list, formally vetoed, putting the SEC Innovation Exemption’s issuer opt-out to its first large-scale test
Ondo USDY flips BUIDL for the No. 2 single product — $2.33B vs $2.2B, Ondo’s tokenized treasury suite tops $3B combined, as a crypto-native issuer outranks a traditional asset manager by scale for the first time
USDC named MiCA’s first significant token — EBA designated Circle’s token a significant e-money token, shifting prudential supervision from Nov 12, the first of 45 EMTs to earn the tier
Circle takes USDC into 40 emerging markets — spanning Southeast Asia, LatAm, Africa and the Middle East; Samsung Wallet plugs into stablecoin transfers via Solana and Sui, as USDC circulation hits $73.3B, up 19% YoY
Italy, Portugal and Singapore hold 66.9% of tokenized treasuries — Italy 29.9%, Portugal 18.8%, Singapore 18.2% vs just 10.5% at home in the US, as offshore capital becomes the main driver of onchain dollar yield
ESMA consults on tokenized collateral — EU central clearing houses weigh using tokenized collateral across digital twins, native onchain assets and hybrid models, with comments open until Jan 15, 2027
Ant Digital and HSBC test AI tokenized payments — AI agents settled micro-payments with tokenized deposits, each typically under $2, in real time on the Jovay testnet, not yet commercially live
Multiliquid closes $8M seed round — led by Polychain with Circle Ventures joining, building a 24/7 atomic-swap liquidity layer between tokenized assets and stablecoins for institutions
BNY and Citadel complete a tokenized treasury tri-party repo — tokenized Treasuries recorded on a private ledger and settled within minutes, moving repo settlement from T+2 toward instant
Onchain RWA market cap hits $39.18B — holders rose 16.3% MoM to 5.2637M, stablecoins hold steady at $292.4B while monthly transfer volume retreated 17.75%
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