Deposit Tokens Hit Ethereum as Wall Street Brings Cash Onchain for Settlement
Today’s Focus
JPMorgan is taking JPM Coin to Ethereum mainnet, putting institutional deposits on a public chain for the first time and filling in the cash leg for RWA settlement. In tokenized Treasuries, Ondo’s USDY overtakes BUIDL for the top spot as the market nears $15 billion; DTCC’s tokenization service goes live commercially, with $114 trillion in custody — just 0.5% onchain adding $570 billion.
Industry Flash
10 items
JPM Coin Expands to Ethereum Mainnet — JPMorgan is taking its dollar deposit token JPMD from Base to Ethereum L1 for near-real-time 24/7 institutional transfers, putting deposit cash on a public blockchain for the first time
Ondo USDY Overtakes BUIDL at the Top — $2.328B vs $2.204B, with Ondo’s platforms topping $3B combined; Circle’s USYC at $2.38B remains the largest single product
DTCC Tokenization Service Goes Live — BlackRock, Goldman Sachs, JPMorgan and 25+ firms run in production, letting $114 trillion of custodied securities move 24/7 outside DTC operating hours
BlackRock Pushes Tokenized Funds as Collateral — APAC cash chief Dan Maley says BUIDL already serves as digital-asset collateral, while IMF and ISDA flag fragmentation and legal uncertainty as hurdles
SIFMA Urges SEC to Clarify Exemption Rules — comments on issuer notice, volume caps and beneficial ownership ahead of tokenized securities venues that could launch within 30 days
SEC Crypto Rule Comments Close Today — Hyperliquid and KoreInside file letters, with airdrop classification, secondary trading and automated buybacks as the core flashpoints
TRON Moves Into Tokenized Stocks and Treasuries — Justin Sun targets a Q4 2026 tokenized share launch for Asia and emerging markets, projecting a $100B+ market within five years
Solana RWA Hits $4.38B — 30-day transfer volume of $8.73B is up 39.56% with 924K holders (+43.56%); Ondo and xStocks post $2.76B in cumulative DEX volume
De¹ Launches Tokenized Asset World on BNB Chain — the first vertical of its Financial World Model trains AI agents on PancakeSwap and ListaDAO signals to grasp the full RWA stack
Tokenized Treasuries Add $75.8M in a Week — Ondo gains $41.6M and Superstate $34.2M to lead, with the market at $14.9-15.5B but DeFi usage still only 0.4%-2%
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