Just three days after the SEC unveiled its five-year Innovation Exemption on September 17, institutional follow-through arrived at record speed: Coinbase Derivatives has filed with the CFTC for single-stock perpetual futures, while Kalshi submitted rules for equity perpetual contracts covering individual names such as Apple. In the same week, S&P Global announced an agreement to acquire smart-contract security firm OpenZeppelin. Goldman Sachs and Citizens analysts named Coinbase, Robinhood, and Circle as early beneficiaries — mapping to custody, tokenization infrastructure, and stablecoin settlement respectively.

At the 2026 Policy Address press conference, Financial Services and the Treasury Secretary Christopher Hui announced that the HKMA will pilot the tokenization of Exchange Fund Bills — over $1.3 trillion outstanding — by year-end, enabling round-the-clock asset-and-liability management for banks. CMU OmniClear will stand up a digital asset platform this year offering one-stop digital bond issuance and settlement. Regulated stablecoins will be allowed to trade on licensed virtual-asset platforms and encouraged for settling tokenized money-market funds.

On September 21, Eugene Investment & Securities signed an MOU with blockchain firm BEATOZ to verify the use of stablecoins in settling subscription payments for tokenized securities. The pain point is clear: rights to tokenized securities are recorded on-chain, but subscription payments still run through conventional bank accounts — a dual-track split between securities and cash. The two firms will first run a proof-of-concept converting subscription payments into stablecoins, collapsing subscription, payment, and clearing into a single on-chain workflow.

Binance Research published “The RWA Activation Era” on September 18: as of September 15, on-chain RWA reached $34.18 billion, up 85.2% year to date. Tokenized equities hit $4.43 billion after a 390.4% YTD surge, lifting their share from 4.9% to 13.0%. Yet the overall Capital Activation Rate (CAR) sits near 12% — only $12 of every $100 in tokenized assets is deployed in on-chain financial applications. The report projects 2030 tokenized-equity AUM between $61 billion (conservative) and $987 billion (bullish).

Tether has extended roughly $1.5 billion in loans to gold dealer Gold.com, financing nearly all of the firm’s gold-backed lending. Tether’s Q2 report shows holdings of about 146 tons of gold worth roughly $18.8 billion — gold is moving from a footnote on the reserve sheet to a pillar of the stablecoin issuer’s balance sheet, stretching the RWA narrative into precious-metals trade-finance infrastructure.

9月17日 SEC 公布五年期「创新豁免」仅三天，机构以最快速度跟进：Coinbase Derivatives 已向 CFTC 提交单股永续期货申报，Kalshi 提交股票永续合约规则，覆盖苹果等个股合约。同一周内，S&P Global 宣布收购智能合约安全公司 OpenZeppelin，传统金融对加密基础设施的布局密集落地。高盛与 Citizens 分析师点名 Coinbase、Robinhood、Circle 为框架下的早期受益者，理由分别对应托管、代币化基础设施与稳定币结算三大环节。

财经事务及库务局局长许正宇在 2026 年施政报告发布会宣布：金管局年底前试点外汇基金票据代币化，存量超 1.3 万亿美元，目标是让银行实现全天候资产负债管理；CMU OmniClear 年内建立数字资产平台，提供数字债券发行与结算一站式服务；受监管稳定币将获准在持牌虚拟资产交易平台交易，并鼓励用于代币化货币市场基金的结算。

Eugene Investment & Securities 于 9 月 21 日与区块链公司 BEATOZ 签署 MOU，验证稳定币在代币化证券认购款结算中的应用。当前痛点明确：代币化证券的权利记录在链上，认购款却仍走传统银行账户，证券与资金双轨分离。双方将首先进行 PoC，把认购款转换为稳定币，使「认购—支付—清算」合并为单一链上工作流。

Binance Research 9 月 18 日发布《The RWA Activation Era》报告：截至 9 月 15 日，链上 RWA 达 $341.8 亿，年内增长 85.2%；代币化股票 $44.3 亿，YTD 暴涨 390.4%，市场占比从 4.9% 升至 13.0%。但整体资本激活率（CAR）仅约 12%——每 $100 代币化资产中只有 $12 进入链上金融应用。报告预测 2030 年代币化股票 AUM 介于 $610 亿（保守）与 $9,870 亿（乐观）之间。

Tether 向黄金交易商 Gold.com 提供约 $15 亿贷款，承接其几乎全部黄金抵押贷款业务。Tether Q2 报告显示其持有约 146 吨黄金，价值约 $188 亿——黄金正从储备表的「脚注」变成这家稳定币发行方的资产负债表支柱，RWA 叙事进一步延伸至贵金属贸易融资基础设施。