Real-world asset markets expanded again in the latest weekly review, with on-chain RWA capitalization rising to $36.82 billion as of July 24, 2026, according to RWA.xyz, while the number of holders climbed to 1.2541 million after a monthly net increase of more than 300,000. Stablecoins showed a more mixed picture: total market capitalization edged up to $298.75 billion, but monthly transfer volume fell 24.95% to $5.19 trillion, even as total holders increased to 276 million. On the policy front, the U.K. is preparing for a first blockchain-based gilt issuance in 2027, though progress still hinges on compliant GBP stablecoin infrastructure. South Korea, meanwhile, published a won internationalization roadmap, advanced second-stage digital asset legislation tied to stablecoins, and expanded CBDC-related payment infrastructure into private-sector use cases. At the company and product level, HSBC joined the U.K.’s Digital Securities Sandbox, BNY Mellon outlined plans for round-the-clock U.S. Treasury settlement by 2027, Mubadala Capital partnered with Coinbase on a tokenized private equity fund, and Ondo said its regulated broker-dealer subsidiary Oasis Pro Markets had received authorization to offer tokenized securities services in the U.S. In Hong Kong, local media reported that Anchorpoint, backed by Standard Chartered (Hong Kong), could announce its HKD-pegged stablecoin HKDAP as early as the end of this month.

Tradeweb completed a real-time transaction in a tokenized US Treasury bond with Franklin Templeton and Virtu Financial, using Canton Network for synchronized settlement of the bond and tokenized cash leg in USDCx.

UK's finance ministry chose HSBC's Orion blockchain platform to issue, distribute and settle digital gilts under the FCA sandbox. The pilot targets Britain's £2.5 trillion sovereign debt market, signaling institutional-led tokenization.

HSBC has received approval from the Bank of England to operate in the UK’s Digital Securities Sandbox, allowing its digital asset platform, HSBC Orion, to support the issuance, servicing and settlement of digital securities in the market. The bank said Orion will act as a digital securities depository within the sandbox and described itself as the first company approved by the Bank of England to go live in the program. HSBC added that the platform will support native digital bond issuance, including the UK’s planned Digital Gilt Instrument, or DIGIT, as well as corporate bonds. The bank also said HSBC Orion has facilitated more than $5 billion in digital bond issuance globally. Separately, the UK Treasury said the first DIGIT transaction is expected in the first quarter of 2027, and HSBC has signed a memorandum of understanding with London Stock Exchange Group to develop connectivity that would support investor participation in pilot issuance.

HSBC has received approval from the Bank of England to operate in the UK’s Digital Securities Sandbox, allowing its digital asset platform HSBC Orion to support the issuance, servicing, and settlement of digital securities. The bank said Orion will operate in the sandbox as a digital securities depository and described itself as the first company approved by the Bank of England to go live in the framework. HSBC said the platform will support native digital bond issuance, including the UK’s planned Digital Gilt Instrument, or DIGIT, as well as corporate bonds. The bank also said HSBC Orion has facilitated more than $5 billion in digital bond issuance globally. Separately, HM Treasury said the first DIGIT transaction is expected in the first quarter of 2027. HSBC and London Stock Exchange Group have also signed a memorandum of understanding to build connectivity intended to support investor participation in the pilot issuance.

The UK is planning to launch its first digital sovereign bond, called DIGIT, in early 2027, according to CoinDesk. If completed as outlined, the move could make Britain the first G7 country to issue government debt on distributed ledger infrastructure. The bond is set to be denominated in pound sterling and issued through HSBC’s Orion platform. It will operate within the digital securities sandbox run by the Bank of England and the Financial Conduct Authority. Bank of England Governor Andrew Bailey said the central bank will work to make the bond eligible as collateral in future market operations. The UK Treasury has not yet disclosed key terms, including the size of the issuance, tenor, coupon, investor access requirements, or the settlement asset.