Real-world asset markets extended their gradual climb during the Sept. 4 to Sept. 11 reporting period. Data cited from RWA.xyz showed on-chain RWA market capitalization at $39.07 billion as of Sept. 11, 2026, up 0.81% from the same time a month earlier. The number of asset holders rose to 3.885 million, a 118.88% increase from a month earlier.
Stablecoins kept growing as well. Total market capitalization reached $304.93 billion, up 2.51% month over month. Monthly transfer volume climbed to $7.8 trillion, a 49.44% increase, while monthly active addresses rose to 56.64 million, up 6.18%. Total holders reached 286 million, up 1.47% from a month earlier.
The three largest stablecoins remained USDT, USDC and USDS. USDT market capitalization increased 1.41% from a month earlier, USDC rose 3.51%, and USDS slipped 0.01%.
Regulators move on tokenized deposits, bonds and stablecoins
Canada’s Office of the Superintendent of Financial Institutions, or OSFI, said in a statement that it takes a technology-neutral approach to financial innovation under the legal framework governing federally regulated financial institutions. In OSFI’s view, the legal nature of a financial product or service depends on what it is, not how it is delivered. The agency said tokenized deposits are not legally distinct from traditional deposits.
OSFI added that financial institutions and their third parties must comply with existing laws and regulations, including Guideline B-13 on technology and cyber risk management and Guideline B-10 on third-party risk management, when launching products that include tokenized or other digital deposits. It also said firms should engage with regulators and obtain appropriate legal advice before launching new products or services.
According to CoinDesk, India’s Securities and Exchange Board of India, or SEBI, and the Reserve Bank of India, or RBI, launched a corporate bond tokenization pilot called Demat 2.0. The pilot is bringing India’s roughly $620 billion corporate bond market onto distributed ledger rails and using wholesale central bank digital currency, the digital rupee, for settlement.
The system links tokenized bonds to the RBI’s unified market interface, allowing atomic delivery-versus-payment settlement and opening the door for smart contracts to automate interest payments and redemptions. REC, Larsen & Toubro, or L&T, and IIFL Finance have issued tokenized bonds worth 50 billion rupees, 50 billion rupees and 2.5 billion rupees, respectively, for a combined 102.5 billion rupees. Regulators said the legal nature of the bonds, issuer repayment obligations and investor rights remain unchanged. Later phases may broaden trading access and explore retail participation.
According to Cointelegraph, Uzbekistan’s National Agency for Perspective Projects, or NAPP, and the central bank jointly launched a pilot for stablecoin payments backed by government securities. Humo Digital was approved to test HUMO, a stablecoin pegged 1:1 to the som, in a regulatory sandbox, with more than 20 merchants already participating.
The pilot will test issuance, circulation and redemption, with licensed crypto exchange Asterium acting as a partner. The program will run for 12 months, with a total maximum duration of three years. Regulators will evaluate collateral sufficiency, cybersecurity, consumer protection, anti-money laundering controls, and financial and price stability risks. The pilot is based on a framework approved in November 2025 that also included provisions related to tokenized stocks and bonds.
Domestic development in China
Xiamen’s Shumaotong platform officially entered commercial operation during the 26th China International Fair for Investment and Trade. The platform is described as Xiamen’s cross-border digital yuan service and innovation platform for trade. It is built on CBETS, a comprehensive cross-border settlement service platform developed through the digital yuan international operations center, and works with multiple commercial banks and payment institutions.
The platform offers one-stop digital finance and trade support for foreign trade companies and cross-border e-commerce businesses. Through CBETS, it provides cross-border payment and settlement based on blockchain and centralized systems, along with smart contract-based smart payment functions. The platform supports T+0 settlement, traceability and lower foreign exchange and settlement costs. It has already signed agreements with multiple partner banks and companies including Ciyuan Chuhai.
Projects and institutions push tokenization infrastructure forward
According to Cointelegraph, DBS Bank and Citibank are working together on instant, around-the-clock cross-border U.S. dollar payments using tokenized deposits on Swift’s blockchain-based ledger.
Ledger Insights reported that Citibank issued its first native digital structured note in March on Euroclear’s D-FMI tokenization platform, aimed at Citi’s wealth management distribution channels. Banco do Brasil has now announced a $5 million investment in a follow-on note from the same program, calling it a first for a Latin American financial institution.
Banco do Brasil made the investment on Aug. 19 through its treasury unit using the bank’s own funds rather than client money. The note was issued by Citigroup through its Luxembourg entity, with its London branch acting as issuing and paying agent. The underlying reference asset for the structured note was not disclosed.
CoinDesk separately reported that Citibank plans to roll out tokenized deposit-based international transfers for Japanese corporate clients before year-end, enabling 24/7 instant cross-border payments across five countries. The service would make Citi the first foreign bank to offer such a product in Japan.
U.S. Securities and Exchange Commission filings show that ARK Venture Fund and its adviser, ARK Investment Management LLC, submitted a second amended exemptive application to the SEC. The filing seeks to add a new Exchange Class that could be listed on a national securities exchange, and a Tokenized Class whose ownership would be recorded on distributed ledger technology and traded through a registered alternative trading system, or ATS, and other over-the-counter trading or quotation systems.
The application also asks that the relief apply to future interval funds operating under Rule 23c-3 or Rule 13e-4. It would allow asset-based distribution or service fees and early repurchase fees without breaching Investment Company Act limits related to senior securities and multi-class structures, though the new listed and tokenized share classes would not be subject to those early fee arrangements. The filing also says tokenized shares could be held and traded in whitelisted wallets after KYC and AML checks.
Datavault AI said it will launch its asset tokenization trading platform, Information Data Exchange, or IDE, on Sept. 15, 2026. The platform is designed to support identification, authentication, scoring, valuation, tokenization and monetization of data and other real-world assets, while allowing data owners to retain ownership and control over the underlying data. Chief executive Nathaniel Bradley said, 「Tokenization itself does not create a market,」 adding that the goal is to build infrastructure covering asset identification, authentication, valuation, tokenization, trading and settlement.
Datavault AI also plans to launch NILv, a marketplace for athlete commercial rights, and APEX, a blockchain-based data and advertising exchange, at the same time.
Pump.fun introduced a Custom Pairs feature that lets users on Solana issue tokens paired with tokenized stocks, major crypto assets and metals. In partnership with Sunrise, the platform added 20 new pairable assets: BA, BABA, BULL, COST, DELL, DJT, HIMS, IBM, JNJ, LMT, LULU, MGM, PFE, QUBT, RBLX, RDDT, RIVN, SHOP, SNAP and UPS. The total number of supported assets from xStocks and Sunrise has reached 93, with more to be added later.
Pump.fun said the bonding curve and PumpSwap protocol fees for Custom Pairs match those used in standard token launches. Half of the related revenue will go to the PUMP programmatic buyback-and-burn smart contract. Issuers can set a fixed creator fee from 0.05% to 1% or choose a cashback model that returns fees to traders, with fees paid in the quoted asset.
CoinDesk reported that India’s agricultural warehousing company Arya.ag is using Avalanche to tokenize grain inventory, warehouse receipts and loan status data. The company said this gives lenders a more reliable way to verify crop assets behind agricultural loans. Arya.ag stores crops worth about $2 billion, facilitates around $1.3 billion in agricultural credit each year through its traditional business, and lends about $230 million annually through its non-bank finance arm Arya Dhan.
The Block reported that Japan’s regional San-in Godo Bank has partnered with NTT Data and Securitize Japan to study how tokenized securities could support local financing. The three companies will first assess the feasibility of the bank issuing bond-type security tokens directly and selling them to investors. No issuance decision has been made.
According to The Seoul Economic Daily, Hanwha Investment & Securities has built a tokenized securities platform on Avalanche. The platform was developed by blockchain technology company FairSquare Lab and is intended to run on multiple networks, including Avalanche and enterprise blockchain Hyperledger Besu.
In an official announcement, UBS said it, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank, BCV, SIX, TWINT and Swiss Stablecoin AG have started a Swiss franc stablecoin sandbox in a controlled live environment. SIX and TWINT are the newest participants. The test uses CHFD, which went live technically at the end of June. One CHFD equals one Swiss franc, and the platform is operated by CHFD Infrastruktur AG, a subsidiary of Swiss Stablecoin AG.
The sandbox covers automated interbank transactions, settlement of tokenized digital assets and programmable payments, and is expected to continue through the end of 2026. UBS said the exercise is only for evaluating technical, operational and regulatory conditions and does not mean a formal Swiss franc stablecoin launch has been approved.
CoinDesk reported that U.S. Bank, part of U.S. Bancorp, the fifth-largest commercial bank in the United States, has completed real-time cross-border payment tests using its dollar stablecoin USBDC. The transactions were executed between its North American and European entities on Stellar. The pilot also tested minting, redemption, freezing and rebate functions for USBDC and validated the bank’s internally developed digital asset platform. U.S. Bancorp said it is exploring uses for USBDC in cross-border treasury operations, liquidity management and collateral transfers, but did not give a customer launch timeline.
According to CoinDesk, PayPal has formally launched PYUSDx, a custom stablecoin developer platform built with help from fiat-backed token specialist M0 and crypto payments company MoonPay. The platform gives businesses infrastructure to issue custom stablecoins backed by PayPal USD, or PYUSD. It was first previewed in February and is now live. Crypto-native companies Saturn, Concrete and Cap have already issued tokens on the platform, generating more than $100 million in processing volume. Other companies launching stablecoins on PYUSDx include USD.AI and Fairblock.
The Block reported that stablecoin project Open Standard said its dollar stablecoin, Open USD, is designed around a model of shared reserve yield, per-transaction developer fees and zero redemption fees. The company said the structure is meant to address incentive mismatches in settlement, institutional trading and corporate treasury uses. Open Standard said institutions and developers using Open USD would receive interest tied to reserve income, similar to Treasury yields, based on their contribution to the network. Only small developer transaction fees would apply, and companies converting back to fiat would not pay an exit fee.
The Block also reported that Uniswap Labs launched StablePair Hook, a Uniswap v4 hook built for stablecoin pairs such as USDC/USDT and USDC/USDG. Uniswap Labs said, 「StablePair Hook gives traders consistent and predictable quotes on every swap, while allowing LPs to retain a larger share of the value they create.」
The hook uses dynamic pricing rather than fixed fees. The fee level changes depending on how far the pool price moves from a reference price. When prices stay near that reference point, the hook adjusts fees to maintain a fixed spread between bids and offers. If the price moves outside that range, trades that push the deviation further face no fee, while trades that bring the price back use a Dutch auction design. Fees start high and decline block by block until a trader accepts the rate. Uniswap Labs said this allows liquidity providers to keep more of the value generated when prices revert. The first StablePair Hook pools will launch on Ethereum and cover USDC/USDG and USDC/USDG pairs.
A proposal on Polkassembly from the Polkadot Community Foundation seeks to launch a protocol-native decentralized stablecoin called dotUSD and create a DOT/dotUSD liquidity pool. The proposal requests $5 million in seed funding, split between $2.5 million in USDT and $2.5 million worth of DOT. dotUSD would use an overcollateralized model adapted from Liquity v2 and be pegged to the dollar. Users would lock DOT and mint against a minimum collateral ratio of 150%. The proposal is now in a 28-day voting period.
CoinDesk reported that U.K. digital lender Monument Bank has delayed its retail tokenized deposit program worth 250 million pounds, or about $330 million, by several months and now expects a November launch. Founder Mintoo Bhandari said the delay stemmed mainly from a lack of crypto custodians in the U.K. that can meet Financial Conduct Authority requirements and handle zero-knowledge privacy proofs.
Monument Bank has identified an FCA-approved custodian in Canada but has not disclosed the name. The project plans to issue interest-bearing retail tokenized deposits on privacy-focused layer-1 blockchain Midnight, using zero-knowledge proofs to keep customer data inside the bank’s internal systems while still giving regulators on-chain compliance and audit records. The deposits would be fully backed by Monument Bank, redeemable 1:1 for pounds sterling, and still covered by the Financial Services Compensation Scheme, or FSCS, up to 120,000 pounds per individual or business. The first phase targets clients with investable assets between 50,000 pounds and 5 million pounds. The bank later plans to offer tokenized private equity, structured products and automated Lombard lending inside a regulated application.
Ondo Finance said it stopped minting USDY on Aptos and Noble starting Sept. 8. USDY on other supported networks is unaffected. Because USDY on Osmosis and Mantra is bridged from Noble through IBC, those holders are also affected. Ondo said USDY will remain fully reserved throughout the process and that all affected holders will have a migration or exit route.
Holders with 1,000 USDY or more can bridge to other supported networks or redeem directly with Ondo at net asset value through Sept. 8, 2027. Holders with less than 1,000 USDY can exit through third-party open-market liquidity during a 90-day transition period ending Dec. 7, 2026. Osmosis and Mantra holders can first bridge back to Noble through IBC and then follow the same process, or exit directly through third-party liquidity on Osmosis.
MSX, a tokenized U.S. equity trading platform, has listed spot trading for cloud software platform BRZE and spot and futures trading for U.S. financial sector ETF XLF.
Funding activity stays focused on cross-border stablecoin rails
Fortune reported that cross-border stablecoin payments infrastructure company Latitude raised a $35 million Series A led by Oak HC/FT, with participation from NEA, Coinbase, Lightspeed Faction and OpenFX. The company was founded by former executives from Stripe, Uber, Coinbase and Meta. Its business is aimed at helping companies send fiat to users in emerging markets through stablecoins while delivering funds through local payment methods such as bank accounts and mobile wallets.
Latitude is licensed in 45 U.S. markets and plans to expand regulatory coverage in Southeast Asia, Latin America and Africa. The company has a 15-person team, and the new capital will be used to expand compliance, engineering and sales.
According to Cailian Press, Circle plans to acquire cross-border payments platform Tazapay for $400 million in company stock. The deal is expected to close in 2027, subject to regulatory approval. Tazapay is headquartered in Singapore and holds a Major Payment Institution, or MPI, license there. It has also completed registration in India, the United States, Canada and Australia, and is pursuing licenses in the United Arab Emirates, the European Union and Hong Kong.
Tazapay processes more than $25 billion in annualized payment volume, with about 60% of transaction volume involving stablecoins. Since 2020, the company has raised about $68 million in total. Circle participated in its 2025 Series B and 2026 B+ rounds, and Tazapay was also among the first partners in the Circle Payments Network. The two companies had already been working closely on stablecoin-based cross-border payment networks.
Market observations: tokenized equities and fund-share tokenization draw attention
PANews described Robinhood Chain as a fresh driver of speculation around tokenized U.S. stocks and meme coins. Its mechanism pairs meme coins with tokenized equities through an Ohm-style fork design. PANews said trading during U.S. market closures can make stock tokens detach from their reference assets, leaving retail traders exposed to arbitrage. It also said most traffic is coming through third-party aggregators. Even with trading volume surging, total value locked remains relatively low, and PANews said there is not yet evidence of a large inflow of users from outside crypto. In its view, Robinhood Chain is becoming a competitive factor for Solana, though it is too early to say Solana has lost out.
PANews also said Hyperliquid is looking to enter the regulated U.S. market through a joint venture structure using a Kraken license. It said a U.S. version would likely be reshaped to meet regulatory requirements and would be unlikely to replicate the full offshore experience. PANews added that a stricter U.S. regulatory framework could split the compliant market from the broader global on-chain market.
Another PANews summary focused on Four.meme’s 4Stock product BNC4, which it described as a lightweight early-on-chain stock experiment. The asset is presented as being backed 1:1 by the underlying stock and eventually redeemable 1:1 for bStocks, with the goal of dealing with delays in on-chain stock supply. PANews said BNC4 at one point traded at seven times the price of the underlying U.S. stock and that arbitrageurs made $230,000. Minting queues and liquidity gaps were cited as drivers of the premium.
PANews said the platform uses a daily buyback-and-burn mechanism funded by BNC4 trading fees to buy back and burn active meme coins in an effort to create a flywheel effect, though it also noted wash trading and hype risks. The report said that on-chain enthusiasm spilled back into the U.S. equity market, lifting BNC share price and trading volume. It added that the experiment showed how secondary-market prices can still drift sharply from underlying assets even when a 1:1 reserve structure exists, leaving price discovery, liquidity and compliance issues unresolved.
On ARK’s filing, PANews said the firm is seeking to add a tokenized fund-share class that would record ownership on distributed ledgers, trade on regulated ATS venues and move peer-to-peer between whitelisted compliant wallets. It framed the move as an attempt to address poor liquidity and long exit cycles in interval funds and described it as a step from tokenizing individual assets to putting fund shares themselves on-chain.
PANews also said a broader SEC innovation exemption framework has been delayed by the pace of legislation and may arrive in early October. For now, large firms are mostly relying on case-by-case exemptive relief. It outlined three stages for the sector: product validation, individual pilot programs and formal framework adoption. If a framework is finalized, PANews said firms such as Fidelity may follow. It also noted that tokenized fund shares could trade away from net asset value and that progress will depend on regulatory approvals and legislative timing.