Democrats Sweep Congress as Tokenized Assets Enter Collateral and Central Bank Settlement
Today’s Focus
Democrats swept both chambers of Congress — $64 million in industry political spending failed to preserve crypto’s regulatory tailwinds, though the GENIUS Act and OCC rules remain intact. Hong Kong’s EnsembleTX moved to 24/7 real-value interbank settlement, ESM issued the first EUR 1B digital-native bond settled in central bank money, and Societe Generale accepted tokenized Treasuries as eligible collateral for the first time — tokenized assets are now entering the institutional funding and settlement mainstream.
Industry Flash
10 items
Democrats Retake Both Chambers, Shifting Crypto Policy — Brown returns to the Senate and Warren is set to lead the Banking Committee; CLARITY stalls past 2027 while the GENIUS Act and OCC rules proceed as scheduled.
HKMA’s EnsembleTX Goes Live for 24/7 Interbank Settlement — 12 banks and 20 industry pioneers run real-value trials; secondary-market tokenized Exchange Fund Bill trades completed, with regulated stablecoins as the next step.
Standard Chartered Extends Tokenized Deposits to Corporate Clients — Hong Kong offering covers intra-group transfers and cross-bank payments; China AMC, Finloop and PantherTrade have completed real tokenized deposit and money-market fund settlements.
ESM Sells First EUR 1B Digital-Native Bond Settled in Central Bank Money — the supranational benchmark becomes the first settled via the Pontes bridge, with four global banks co-leading — Europe’s digital bond market enters benchmark scale.
SocGen Accepts $10M of Tokenized Treasuries as Eligible Collateral — completed on the Canton Network via DTCC’s tokenization soft launch, marking the first time on-chain assets enter a major bank’s real collateral workflow.
Bullish Demos 61 Million Share Transfer Onchain with Equiniti — Solana, Aptos and Ethereum join as initial networks; the transfer completes in seconds while the official registry stays with the transfer agent.
Ondo’s USDY Switches to Continuous Pricing, Accruing Yield by the Second — prices update in real time instead of daily, with weekend and holiday yield; ~$2.32B in value, platforms must migrate to the USDY Oracle Wrapper.
Tether’s Gold Hoard Posts First Quarterly Decline — roughly 3 tonnes trimmed to 165 tonnes in Q3; gold at $19.085B with $7.955B excess reserves and $1.5B net operating profit.
Taiwan FSC Unveils Draft Stablecoin Rules — nonbank issuers need NT$300M paid-in capital and a public offering; 1:1 pegs with fully covered reserves and AML duties, with a 40-day comment window.
HashKey On-Chain Brings RDUSD to HSK Chain — a deep partnership with RD Technologies pushes the stablecoin into cross-border trade, corporate payments and institutional settlement; HSK Chain holds over $300M in RWA.
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