A joint weekly report from RWA Foundation and Token Terminal for October 18-25 recorded a marked regional reallocation of capital in tokenized real-world assets: volumes on Ethereum infrastructure declined while inflows and new investors shifted toward alternative blockchains. The biggest beneficiary was Solana, which attracted $453.5 million in tokenized fund inflows – 73% of the total across the top 10 chains, with Stellar next at $124.5 million. On the institutional side, Franklin Templeton (+$33.9M) and J.P. Morgan (+$33.6M) together contributed nearly half of the week’s tokenized fund growth.

Deutsche Bank Research published “Asset Tokenization 101: The Next Phase of Financial Infrastructure,” concluding that distributed ledgers are transitioning from experimental trials to the operational architecture of global finance. Isolating stablecoins, the research shows global tokenized assets grew from roughly $10B in January 2025 to $39B by September 2026 – nearly fourfold. Under conservative assumptions, the market could reach $1.5-2.0T by 2030 and $3.0-4.0T by 2035. Co-authored by Senior Strategist Marion Laboure and Analyst Camilla Siazon, the report explicitly rejects the disintermediation narrative.

OKXICE – the 50-50 joint venture between NYSE owner Intercontinental Exchange and OKX’s U.S. holding company – updated its objection list: Wells Fargo, Cisco Systems, Marvell Technology, Arm Holdings, Moderna and Intuit were named in a new notice objecting to their shares trading on the planned tokenized-stock venue, bringing the total to 22, up from 16 on Oct. 19 and nine on Oct. 15. Wells Fargo becomes the second major U.S. bank after Goldman Sachs, while Arm, Cisco and Marvell add more chip and networking names to a roster already heavy with tech companies.

The Financial Accounting Standards Board (FASB) proposed a draft standard allowing firms to treat qualifying stablecoins as cash equivalents, with comments closing November 19: tokens must feature on-demand redemption, a direct claim on the issuer and fully backed reserves. JPMorgan analysts led by Nikolaos Panigirtzoglou said the same week that SEC, OCC and accounting steps soften the blow from the stalled CLARITY Act (which failed 49-50 on a September 15 cloture vote), but warned that “only legislation would make the framework more durable over the longer term.”

Generali Investments announced it has registered a share class of a Luxembourg money market fund on a blockchain, managed by Generali Asset Management. The trial is reserved for authorized entities within the Generali Group for now, aimed at assessing distributed ledgers for subscribing, tracking and settling shares. The European giant, with EUR 759 billion in assets under management as of June 30, 2026, joins BlackRock and Franklin Templeton as major institutions putting regulated financial products onchain.