TOKENIZE
U.S. Official Tokenization Platform
THE OFFICIAL HUB FOR

Every Asset. Every Chain. One Nation.

The definitive intelligence hub for U.S. asset tokenization — $9B+ in tokenized Treasuries, $19B+ in private credit, $20B in real estate, and $1.1B in tokenized gold.
86% of institutional investors are allocating. BlackRock, JPMorgan, Goldman Sachs, and the DTCC are building the rails. This is the $30 trillion transformation.

$0T
Projected by 2034
$0B+
Tokenized RWAs
$0B+
Tokenized Treasuries
$0B
Kinexys Daily Volume
0%
Institutions Allocating
BREAKING BlackRock BUIDL goes live on UniswapX via Securitize — TradFi enters DeFi — Feb 11, 2026
JPMorgan Kinexys $5B+ daily volume — JPM Coin deploying natively on Canton Network — Jan 2026
DTCC × Canton Tokenized Treasury MVP in controlled production — H1 2026 — Euroclear co-chairs governance
RWA Market $36B+ tokenized — 308% growth in 3 years — $100B projected by end of 2026
BlackRock BUIDL $2.85B AUM — $100M+ dividends paid — live on 8 blockchains including Solana
Standard Chartered CEO predicts majority of transactions will settle on blockchain
Tokenized Treasuries $9B+ outstanding — up from $2.5B one year ago — 260% growth
Private Credit $19B+ on-chain — 61% of all tokenized RWAs — Apollo, KKR, Hamilton Lane via Securitize
Goldman × BNY Tokenized money-market funds launching — backed by GENIUS Act framework
86% of Institutions Now have or plan exposure to digital assets — 200+ active RWA token initiatives
BREAKING BlackRock BUIDL goes live on UniswapX via Securitize — TradFi enters DeFi — Feb 11, 2026
JPMorgan Kinexys $5B+ daily volume — JPM Coin deploying natively on Canton Network — Jan 2026
DTCC × Canton Tokenized Treasury MVP in controlled production — H1 2026 — Euroclear co-chairs governance
RWA Market $36B+ tokenized — 308% growth in 3 years — $100B projected by end of 2026
BlackRock BUIDL $2.85B AUM — $100M+ dividends paid — live on 8 blockchains including Solana
Standard Chartered CEO predicts majority of transactions will settle on blockchain
Tokenized Treasuries $9B+ outstanding — up from $2.5B one year ago — 260% growth
Private Credit $19B+ on-chain — 61% of all tokenized RWAs — Apollo, KKR, Hamilton Lane via Securitize
Goldman × BNY Tokenized money-market funds launching — backed by GENIUS Act framework
86% of Institutions Now have or plan exposure to digital assets — 200+ active RWA token initiatives
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Regulatory Architecture

Five Agencies
Building the Framework

The SEC, CFTC, DTCC ($99T in custody, $3.7 quadrillion in securities processed in 2024), OCC, and Federal Reserve form the regulatory architecture governing how every tokenized asset class enters the American financial system. The DTCC now co-chairs Canton Network governance alongside Euroclear.

SEC
Securities & Exchange Commission
Chairman Paul Atkins · Crypto Task Force
On January 28, 2026, three SEC divisions — Corporation Finance, Investment Management, and Trading & Markets — issued a joint statement establishing the regulatory taxonomy for tokenized securities. Chairman Atkins has revoked SAB 121 and signaled a pro-innovation stance, issuing no-action letters to DTCC, Fuse Crypto, and DoubleZero.
SEC.gov →
CFTC
Commodity Futures Trading Commission
Acting Chair Caroline Pham · GMAC
The CFTC's Global Markets Advisory Committee recommended tokenized money market funds as eligible margin collateral in late 2025. Acting Chair Pham launched a tokenized collateral initiative and a "crypto sprint" with an August 2026 deadline to establish digital asset derivatives frameworks.
CFTC.gov →
DTCC
Depository Trust & Clearing Corp
CEO Frank La Salla · $100T+ Custody
The DTCC received an SEC no-action letter on December 11, 2025 authorizing a three-year pilot to test tokenized representations of Russell 1000 stocks, S&P 500/Nasdaq-100 ETFs, and U.S. Treasury securities via the Canton Network with Digital Asset's smart contract platform. Launch targeted H2 2026.
DTCC.com →
Office of the Comptroller of the Currency. Interpretive letters authorizing national banks to custody digital assets and participate in blockchain networks.
Monitors systemic risk from tokenized asset growth. Evaluating stablecoin implications for monetary policy, bank reserves, and the $250B+ stablecoin market's role as the settlement layer for all tokenized asset classes.
Executive Order 14178 established federal crypto policy coordination. Strategic Bitcoin Reserve and Digital Asset Stockpile created January 2025.
Crypto Czar David Sacks coordinates interagency digital asset policy. Pro-innovation executive orders reframe U.S. as crypto-friendly jurisdiction.
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Tokenized Asset Classes

Six Markets
Going On-Chain

From $9B+ in tokenized Treasuries and $19B+ in private credit to $20B in real estate and $1.1B in gold — the $36B RWA market grew 308% in three years. Ethereum holds 65% of on-chain value. Here's who's building what.

$9B+
Tokenized Treasury AUM
U.S. Treasuries
The Foundation Layer — 45% of All RWAs
Tokenized U.S. government debt is the bedrock of on-chain finance — up 260% year-over-year. BlackRock's BUIDL leads at $2.85B across 8 chains (Ethereum, Solana, Polygon, Avalanche, Arbitrum, Optimism, Aptos, BNB), with $100M+ in dividends paid. Just listed on UniswapX (Feb 2026) — BlackRock's first DeFi move. Franklin FOBXX pioneered SEC-registered tokenized funds. Hashnote's USYC briefly surpassed BUIDL as #1 via Binance collateral integration. Ondo Finance bridges DeFi with USDY/OUSG. JPMorgan launched MONY ($100M seed) on Ethereum.
BlackRock BUIDL $2.85B Hashnote USYC Franklin FOBXX Ondo OUSG JPM MONY
$20B
Current — $4T Projected 2035
Real Estate
Largest Asset Class — 30% of All Tokenized Value
Real estate accounts for 30.12% of all tokenized assets and leads end-use adoption. Deloitte projects $4T tokenized by 2035. 55% of real estate sellers have already launched tokenization solutions. RealT tokenizes individual rental properties on Ethereum. Lofty enables $50 fractional ownership. T-RIZE Group completed a $300M residential tokenization. JPMorgan and Goldman Sachs exploring tokenized REIT structures for commercial portfolios.
RealT Lofty T-RIZE $300M Propy Roofstock
H1 '26
DTCC MVP in Production
Equities & ETFs
The $99 Trillion Custody Migration
DTCC (custodian of $99T in securities) partnered with Digital Asset to tokenize DTC-custodied Treasuries on Canton Network. MVP in controlled production H1 2026 — broader rollout H2 2026 with additional DTC- and Fed-eligible assets. DTCC now co-chairs Canton Foundation alongside Euroclear. Live repo transactions already completed on weekends. Coinbase launched tokenized stocks for U.S. investors (Dec 2025). Robinhood introduced tokenized stocks for Europe and is testing its own blockchain for 24/7 trading.
DTCC × Canton Coinbase Stocks Robinhood Dinari dShares WisdomTree
Apollo · KKR · Hamilton Lane
Apollo, KKR, and Hamilton Lane tokenizing PE and credit fund interests via Securitize (2025 Forbes Top 50 Fintech). Private credit is now the largest tokenized segment at $19B+ (61% of all RWAs). Maple, Centrifuge, and Goldfinch originating $33B+ cumulative. Yields 8-12%. Targeting 24/7 secondary liquidity for $13T+ in traditionally illiquid alternatives.
Commodities
Paxos Gold · Tether Gold
Paxos Gold (PAXG) holds $600M+ in London Good Delivery bars. Tether Gold (XAUt) adds $500M+. Tokenized commodities enable fractional gold ownership, 24/7 trading, and instant settlement without physical custody.
Structured Products
Janus Henderson · Centrifuge
Janus Henderson launched a $1B tokenized AAA CLO ETF via Centrifuge/Grove — the largest single tokenized structured credit issuance in history.
Institutional Settlement Rails
Rebranded Onyx to Kinexys. Exceeded $2T+ in notional value. Processes $5B+ daily. $300B in intraday repo on Kinexys Digital Assets. JPM Coin now live on Coinbase's Base L2 — and deploying natively on Canton Network (Jan 2026). Kinexys Fund Flow launched with Citco for tokenized alternative investment servicing. Cross-chain DvP test with Ondo + Chainlink: tokenized Treasuries settled against USD deposits.
GS DAP™ · Bond Issuance
Digital Asset Platform for tokenized bond issuance. Executed the European Investment Bank's blockchain bond and BHH digital green bond. Expanding to U.S. municipal and corporate bonds.
USDC · USDT · $250B+ Market
Circle's USDC and Tether's USDT process $27.6T+ in annual on-chain volume — the settlement layer enabling all tokenized asset transfers. The GENIUS Act provides the first federal regulatory framework for this infrastructure.
FBTC · $20B+ AUM · R&D
Spot Bitcoin ETF dominance with $20B+ AUM. Exploring tokenized share class structures for its entire fund lineup — equities, bonds, and alternatives.
Canton Network · DTCC Partner
The infrastructure firm powering the Canton Network — the privacy-enabled blockchain underpinning the DTCC tokenization pilot. ComposerX smart contracts enable programmable compliance for institutional settlement.
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Legislative Landscape

The Laws
Enabling Every Asset Class

Federal legislation and regulatory guidance creating the legal infrastructure for tokenized assets across every American market — from securities and stablecoins to commodities and real estate.

Signed Into Law
GENIUS Act
The first federal stablecoin framework. Requires 1:1 reserve backing, monthly disclosures, and excludes stablecoins from SEC and CFTC jurisdiction. Establishes dual federal-state supervision. Passed Senate 68–30, House 308–122. Signed by President Trump on July 18, 2025.
Jul 18, 2025 · Public Law
Senate Pending
CLARITY Act
Digital Asset Market Clarity Act (H.R. 3633). Defines SEC vs. CFTC jurisdictional boundaries, classifies BTC and ETH as commodities under CFTC oversight. Passed House 294–134 on July 17, 2025. Senate markup delayed to January 2026. Analysts estimate 50–60% chance of passage before November 2026 midterms.
Jul 17, 2025 · House Passed · H.R. 3633
Regulatory Guidance
SEC Tokenized Securities Statement
Three SEC divisions — Corporation Finance, Investment Management, and Trading & Markets — jointly clarified the regulatory taxonomy for tokenized securities. Distinguishes issuer-sponsored vs. synthetic products. Confirms tokenized securities remain under federal securities law.
Jan 28, 2026 · Joint Divisional Statement
SEC authorized a three-year pilot program for tokenized securities on December 11, 2025. Covers Russell 1000, S&P 500/Nasdaq-100 ETFs, and U.S. Treasuries.
Presidential executive order establishing the Crypto Czar position (David Sacks), Strategic Bitcoin Reserve, and Digital Asset Stockpile. January 2025.
GMAC recommended tokenized money market funds as eligible margin collateral. "Crypto sprint" deadline August 2026 for digital asset derivatives frameworks.
Active Deal Pipeline

Deals in Motion

Live tracking of the most consequential tokenization initiatives reshaping U.S. capital markets infrastructure.

DTCC × Canton Network
Active Pilot
Three-year SEC-authorized pilot to tokenize Russell 1000 stocks, S&P 500/Nasdaq-100 ETFs, and U.S. Treasury securities. Built on Digital Asset's Canton Network with ComposerX smart contract platform. H2 2026 launch target.
Phase: Infrastructure BuildLaunch: H2 2026
BlackRock iShares Exploration
R&D Phase
BlackRock CEO Larry Fink confirmed exploration of tokenized share classes for the $3.5 trillion iShares ETF franchise. Would represent the largest single tokenization event in financial history. Leveraging BUIDL infrastructure and Circle partnership.
Phase: Strategic ExplorationTimeline: TBD
Apollo × Securitize Private Credit
Building
Apollo Global Management is tokenizing private credit fund interests via Securitize, joined by KKR and Hamilton Lane. Targeting 24/7 secondary liquidity for the $13 trillion private credit market — historically locked in 7-10 year fund structures.
Phase: Platform BuildMarket: $13T Private Credit
Tokenized Real Estate Surge
Live
RealT and Lofty are actively tokenizing U.S. rental properties — fractional ownership from $50. Deloitte projects $4 trillion in tokenized real estate by 2035. JPMorgan and Goldman exploring institutional tokenized REIT structures.
Phase: Early AdoptionProjected: $4T by 2035
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Chronology

The Arc of American Tokenization

April 2021
Franklin Templeton launches FOBXX
The first SEC-registered tokenized U.S. mutual fund goes live on Stellar. Tokenized treasuries begin their march toward $3.5 billion in AUM.
2022–2023
Tokenized real estate platforms emerge
RealT and Lofty begin tokenizing U.S. rental properties on Ethereum and Algorand. Fractional real estate ownership from $50 becomes reality. Paxos Gold surpasses $500M in tokenized gold reserves.
March 2024
BlackRock launches BUIDL
The world's largest asset manager enters tokenized treasuries. BUIDL rapidly dominates with $3B+ across five blockchains. Larry Fink declares tokenization of every financial asset inevitable.
January 2025
President Trump signs executive order establishing Crypto Czar David Sacks, Strategic Bitcoin Reserve, and Digital Asset Stockpile. Positions America as the global hub for asset tokenization.
Mid-2025
Private credit goes on-chain
Apollo, KKR, and Hamilton Lane begin tokenizing fund interests via Securitize. Janus Henderson launches $1B tokenized CLO ETF via Centrifuge.
July 2025
GENIUS Act signed July 18 — first federal stablecoin framework enabling tokenized settlement. CLARITY Act passes House 294–134 — jurisdictional clarity for SEC vs CFTC across all asset classes.
Jan 2026
SEC tokenized securities taxonomy
Three SEC divisions jointly clarify regulatory framework covering all tokenized securities — stocks, bonds, fund shares, real estate tokens, and structured products. Federal securities law applies uniformly.
H2 2026
DTCC pilot goes live
Tokenized stocks, ETFs, and Treasuries enter institutional settlement via Canton Network and Digital Asset. The moment American capital markets infrastructure begins its on-chain migration across every asset class.
Research & Analysis

Intelligence Briefs

Institutional-grade analysis on the regulatory, commercial, and technological forces driving asset tokenization across every American market.

Private Markets
Apollo, KKR, and the $13 Trillion Private Credit Migration
Apollo, KKR, and Hamilton Lane are tokenizing fund interests via Securitize. We map the economics of 24/7 secondary liquidity for historically illiquid alternatives, SEC transfer agent requirements, and what this means for the $13 trillion private credit market.
2,800 Words·Feb 2026
Treasuries
The Tokenized Treasury Race: BlackRock vs. Franklin vs. Ondo
Three strategies for the bedrock of on-chain finance. BlackRock's BUIDL ($3B+, institutional), Franklin Templeton's FOBXX (first-mover, global distribution via Binance), and Ondo's DeFi-native USDY/OUSG. Head-to-head comparison of AUM, chain strategy, and distribution.
3,000 Words·Feb 2026
Commodities
Tokenized Gold and Beyond: Commodities Enter the On-Chain Era
Paxos Gold ($600M+) and Tether Gold ($500M+) have proven the model. Now the CFTC is building frameworks for tokenized agricultural and energy commodities. We analyze the regulatory path, custody infrastructure, and why commodities may be the next $1T+ tokenized asset class.
2,400 Words·Jan 2026
Stablecoins
The GENIUS Act: How Stablecoin Law Enables Every Tokenized Asset
The first federal stablecoin framework — signed July 18, 2025 — doesn't just regulate stablecoins. Its 1:1 reserve mandate and dual supervision create the settlement rail that every tokenized asset class needs. We map implications for Circle's USDC, Paxos, and $27.6 trillion in annual on-chain settlement.
2,400 Words·Dec 2025
Regulatory
SEC Tokenized Securities Taxonomy: What Every Asset Manager Must Know
On January 28, 2026, three SEC divisions established the regulatory taxonomy for all tokenized securities — stocks, bonds, fund shares, real estate tokens, and structured products. We parse the issuer-sponsored vs. synthetic distinction, registration requirements, and compliance implications across asset classes.
2,800 Words·Feb 2026
Comparative
U.S. vs. EU vs. Singapore: Three Models for Asset Tokenization
Three regulatory philosophies, three market structures, three outcomes. The U.S. (SEC/DTCC pilot), the EU (MiCA + DLT Pilot Regime), and Singapore (MAS Project Guardian). Which jurisdiction leads tokenized capital markets by 2028 — and what America must do to win.
3,200 Words·Feb 2026
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Knowledge Base

Frequently Asked

What is asset tokenization?

Asset tokenization converts ownership rights in real-world assets — real estate, U.S. Treasuries, equities, private credit, commodities, and structured products — into blockchain-based digital tokens. This enables fractional ownership (buy $50 of a rental property), 24/7 trading beyond market hours, near-instant settlement (vs. T+1 or T+2), programmable compliance via smart contracts, and global accessibility. The underlying assets remain regulated by agencies like the SEC and CFTC — tokenization changes the infrastructure, not the regulatory status.

What asset classes are being tokenized in America?

Six major asset classes are actively being tokenized in the U.S. Treasuries lead with $9B+ via BlackRock BUIDL ($2.85B, now on UniswapX), Franklin FOBXX, Ondo Finance, and JPMorgan's MONY fund. Private credit is the largest segment at $19B+ (61% of all RWAs) via Apollo, KKR, Hamilton Lane, Maple, and Centrifuge ($33B+ cumulative originations). Real estate valued at $20B with 55% of sellers launching tokenization solutions (Deloitte projects $4T by 2035). Equities coming via the DTCC × Canton Network pilot (MVP H1 2026), Coinbase tokenized stocks, and Robinhood's blockchain. Commodities include $1.1B+ in tokenized gold (Paxos + Tether), with CFTC building agricultural/energy frameworks. Structured products include Goldman Sachs tokenized bond issuance via GS DAP.

Is asset tokenization legal in the United States?

Yes. The SEC confirmed on January 28, 2026 that tokenized securities fall under existing federal securities laws. Multiple tokenized funds are SEC-registered. The GENIUS Act (signed July 2025) provides the stablecoin settlement framework. The CLARITY Act clarifies SEC vs. CFTC jurisdiction. The DTCC received an SEC no-action letter for a three-year pilot. The OCC has authorized banks to custody digital assets. The regulatory framework is being built across all asset classes.

How large is the U.S. tokenization market?

The RWA tokenization market hit $36B+ in early 2026 — a 308% increase over three years according to rwa.xyz. Tokenized Treasuries alone exceed $9B (260% year-over-year growth). Private credit leads at $19B+ (61% of all RWAs). BCG projects $16T by 2030. McKinsey projects $2-4T. Standard Chartered projects $30T by 2034. Deloitte projects $4T in tokenized real estate alone by 2035. Stablecoin market exceeds $250B with $27.6T in annual settlement. 86% of institutional investors have or plan digital asset exposure. 200+ active RWA initiatives across 40+ major financial institutions. BlackRock, JPMorgan ($5B+ daily on Kinexys), Goldman Sachs, and DTCC ($99T in custody) are building the rails.

Which regulators oversee asset tokenization in the U.S.?

Five agencies form the regulatory architecture. The SEC oversees tokenized securities — stocks, bonds, fund shares, and real estate tokens. The CFTC handles tokenized commodities and derivatives. The DTCC is building settlement infrastructure via its Canton Network pilot. The OCC authorizes banks to custody digital assets. The Federal Reserve monitors systemic risk and stablecoin implications. The GENIUS Act and CLARITY Act provide the legislative framework tying it all together.
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