One particularly important but largely underreported development in the stablecoin space has been the granting of national trust bank charters by the Office of the Comptroller of the Currency (OCC) to stablecoin and digital asset firms.

Rather than selecting individual tokenized funds or standalone Treasury products, investors are increasingly allocating capital through a new investment management wrapper: vaults. Capital flowing into vaults surpassed $6B last year, with projections suggesting that figure could double by the end of 2026.

Stablecoin's balance sheet cost for European banks

Stablecoin card payment grew 1,500%. So who gets paid and by how much? Here is the breakdown.

2026 Tokenized Money Market Fund Outlook: part 1. What drove BlackRock's 40% AUM decimation? And what does it reveal about the tMMF market in 2026?

2026 Tokenized Bank Deposit Outlook from Kinexys JPMorgan

Corporate treasurers move more than $23 trillion dollars across borders every year, equivalent to a quarter of global GDP. Yet the underlying infrastructure that supports this flow is outdated, fragmented and expensive. The result is a cost burden of roughly $120 billion dollars per year on cross-border payments alone per JPMorgan’s report .  These costs are fed through multi-layered correspondent banking chains, trapped liquidity, opaque FX spreads, time-zone driven delays a

$30B onchain platform goes after consumers and SMEs

According to the latest Artemis report , stablecoin payments volume has grown +70% from an annual run-rate of $72B in Feb 2025 to $120B in Aug. And stablecoin-linked card payments have emerged as a main payment category with $10B annually .  The appeal is simple: users want to spend digital dollars in the real world , seamlessly, via Visa or Mastercard rails.  In fact Visa has made stablecoin card payments a digital asset priority. On its Q3 2025 earnings call, Visa has revea

70 institutions, 6 tests, 1 conclusion: tokenized MMF is ready for at-scale institutional adoption as it unlocks trillions. Find out more

What are the drivers, opportunities and challenges with asset management tokenization?

CNBC recently reported that OnePay Cash , majority owned by Walmart and fully integrated with Walmart’s digital and physical channels, is launching crypto trading and custody via partnership with Zerohash, a crypto infrastructure firm. And that users will be able to pay using crypto at Walmart. This move isn’t about speculation. It signals a broader transformation where consumer fintechs and large retailers are merging into a single ecosystem: one that blends commerce, bankin

How does tokenization gain institutional legitimacy?

Citi Institute published its annual stablecoin report. It has done such a great job at articulating the digital money revolution, I am going to dedicate this Weekly Research note to unpacking and contextualizing its top 3 takeaways.

Welcome to Part 2 of the Why Tokenized Deposits Are a MUST for Every Bank  series. Stablecoins have proven to be  a powerful digital innovation for cross-border payments , especially in emerging market corridors where banking and payment infrastructure is underdeveloped. But they also pose a serious risk to traditional banking. The U.S. Treasury Borrowing Advisory Committee has warned that as much as $6.6 trillion or around 40% of U.S. retail deposits could migrate into stabl

Stablecoin could pull $6.6T deposit out of the banking system. This is an extinction level threat. Time for banks to get competitive. Here is how.

Circle’s plan and playbook for non-USD stablecoin expansion

Circle's Stablecoin Clearing Layer: scaling institutional adoption of stablecoin

BlackRock's tokenized MMF saw an unprecedented outflow equaling to 14% of its AUM in past two weeks. Here is what happened.

Last week we broke down 4 (Coinbase, Robinhood, Block and CME Group) of the top 8 US public companies with significant digital asset revenue in the exchange business and the powerful underlying business growth trend.  This week, we shift the spotlight to the other 4 leaders driving revenue through Stablecoins, Asset Management, and Bitcoin Treasury  strategies. Here’s what we’ll unpack: How big are they? What trends are driving growth? Who’s likely to join them next? Let’s d

US Public Companies and Their Digital Asset Businesses

How does stablecoin onramp business work?

Tokenized Stocks: Hype Train or Here to Stay?

“Faster and cheaper than SWIFT” - that’s the tagline often used to champion stablecoins in cross-border payments. But it's the wrong comparison.

Where you can or can't issue a regulatory compliant stablecoin from?

Non-USD Stablecoin Market Focus: EUR

Stablecoin gave the world a tokenized USD checking account. Tokenized MMF gave the world a tokenized USD savings account. Here is what comes next.

Stablecoin is a killer use case for blockchain. But what is the killer use case for stablecoin?

Digital assets are no longer a fringe conversation, they are finally reaching the institutional scale-up phase. Let's unpack top 3 trends:

Last week, BlackRock’s tokenized money market fund (MMF), BUIDL, surged past the $1 billion milestone. marking a defining moment in the onchain financial revolution. Launched on 21 March 2024, BUIDL wasn’t just another product; it was a signal. A starting gun for traditional asset managers to storm the onchain space. Excellent news article headline. But the real insight? It’s not in the mainstream media headlines or crypto media soundbites. It’s time to get granular and dive

Last week, when I outlined the 3 interest-income revenue models for stablecoins , I had no idea just how much bigger the opportunity would become a few days later - courtesy of the US Office of the Comptroller of the Currency (OCC) .  On Friday, in a dramatic reversal, the OCC scrapped Biden-era restrictions that had kept US banks from engaging in stablecoin transactions and crypto custody. Overnight, the stablecoin market’s potential didn’t just grow—it likely 10x’d .  With

Last week was a defining moment for stablecoins. Top CEOs from major U.S. financial institutions made bold statements about their stance on stablecoins, signaling a decisive shift in the industry: Bank of America CEO, Brian Moynihan : "If regulators make that leap, we will enter the stablecoin business." PayPal CEO, Alex Chriss : “With an estimated 20 to 60 million monthly active crypto users3, the potential for commerce is immense. For merchants, this means unlocking a new,

At the recent RWA London Summit, one topic dominated my panel discussion: tokenized assets as collateral .  A variety of views emerged, including using more exotic tokenized assets other than tokenized MMF as collateral.  While I recognize the potential of these alternative assets, I made one thing clear—this is a conversation about the future, not the present. Right now, tokenized products must meet investor demands, and illiquid assets simply don’t. Even the most prestigiou

Mapping out the biggest US banks digital asset businesses and benchmarking against comparable revenue data

As institutional tokenization gained momentum rapidly last week with CFTC inviting crypto CEOs  to discuss stablecoins as possible eligible collateral in the derivatives market and Senator Bill Hagerty introducing his stablecoin bill, the urgency with which firms are looking at their tokenization strategy is palpable in my conversations.  It has become apparent to me critical to anyone’s tokenization strategy is a GTM playbook that articulates product, tech, ecosystem and reg

This week, Apollo Global Management teamed up with Securitize to launch a tokenized feeder fund for the Apollo Diversified Credit Securitize Fund ($ACRED), aiming to bring tokenized private credit to institutional and accredited investors. A bold move. But here’s the harsh reality—it’s not going to gain traction. In this week’s research issue, I’ll break down exactly why this initiative is set to fail. More importantly, I’ll explain why asset managers hoping to pump up their

A week that changed everything in digital asset/crypto space... Here is what happened.

In 2024, BlackRock, Brevan Howard, UBS all entered the tokenized MMF race. Here is the GTM playbook for asset managers looking to enter...

World's top 20 stablecoin geographic markets unpacked

What are the top 3 digital asset adoption trends? Here I distill the most important adoption trends from 2024 that you need to know for 2025

Stablecoin is the biggest tokenization success story but it faces a silent threat that could derail it all...

Another week, another busy tokenization announcement calendar with 5 big developments. I published a highlight recap here . Out of the 5, the most consequential has to be the news that the UK government plans to issue digital gilts, the UK government bond equivalent to US Treasuries, on blockchain. Why? Because the fastest growing tokenization vertical - tokenized MMF/US Treasuries  - while signalling an insatiable demand from onchain capital to access the US sovereign debt m

Last week was particularly busy for tokenization space. There were 5 announcements about the development or the launch of tokenized MMF, including 3 from institutional players. UBS Asset Management launched its first tokenized investment fund, the UBS USD Money Market Investment Fund, on Ethereum. The fund will be domiciled in Hong Kong serving the APAC region with DigiFT as the distributor. Citi and Fidelity International have developed a solution that combines a tokenized m

Want to what is Standard Chartered's digital asset strategy? Full research here.

Last week was busy. There was a noticeable increase in the number of GTM advisory calls I had. This uptick could be a positive indicator for the space, suggesting a growing interest and confidence. However, a recurring theme across these conversations was the heavy focus on product development. While the passion for innovation was evident, most discussions centered on comparing tokenized products to their traditional financial counterparts. The common consensus was that these

In our previous Onchain Finance GTM Series  on geographic adoption of digital assets, we looked at the 10 countries with the highest transaction volume in 2023 as well as the top 10 countries by adoption rate. Of course, the US, given its massive economic size, took the No.1 spot based on transaction volume. But is the US the top market for tokenized USD adoption by adoption penetration? Well from an adoption penetration perspective it is far from the top 10 markets. As a rem

Tokenization saves cost. Does tokenization really save cost? Under what conditions does tokenization make sense? Most readers are likely to be familiar with the first of the three lines from above. Indeed it is the most frequently used marketing narrative in the entire tokenization history. However a builder in the space or an Insiders Club member may find line 2 and 3 to be more representative or reflective of the reality on the ground. Given my GTM advisory interactions of

In our last week’s Onchain Finance GTM Series, I broke down digital asset transaction data of the top geographies with the highest transaction volume in 2023 . As I was doing tokenization GTM advisory work this week, I was reminded that, in onchain finance, there are additional border lines beyond the physical geographic divide between nations. Not only is the onchain capital separated along national borders, it is also separated along the blockchain network on which it resid

Is your business ready to ride the wave of onchain capital? Read this to ensure you are well prepared and positioned for success.

With trillions of dollars transferred annually, tokenized money is the undisputed leader in tokenization adoption—dominating the digital asset space far beyond traditional banking while proving its superiority vs the traditional settlement rail. Banks are now racing to catch up, eager to integrate tokenized money into their offerings and avoid getting left behind. But what should banks focus on when designing and launching their own tokenized money products? In this week’s n