The Congressional Research Service (CRS), the official nonpartisan research arm of Congress, published a detailed overview of decentralized finance (DeFi), offering one of the clearest windows yet into how U.S. lawmakers are being educated on the role of DeFi within financial markets.

In a bombshell report, BIS explained crypto exchanges replicate core banking and capital markets functions, but without equivalent regulation, transparency or safeguards. Key takeaways...

JPMorgan's Global Co-Head of Payments, Umar Farooq, just made the strongest case yet for tokenized deposits over stablecoins...

Morgan Stanley's CFO just laid out the biggest strategic fork in the road for every bank when it comes to tokenization on its Q1 earnings call.

Citi's Shahmir Khaliq, Head of Services (one of Citi's 5 business lines) lays out the North Star for Citi’s digital asset strategy in payments. Key takeaways:

BIS's General Manager Pablo Hernández de Cos warns that the US-led stablecoin push risks regulatory arbitrage and capital control evasion.

Citi Head of Service, Shahmir Khaliq, on Digital Assets

German bank KfW plans to actively switch blockchain infrastructure and security registrar during the lifecycle of a live tokenized bond to stress-test DLT infrastructure resilience.

Tokenized money market funds (MMFs) can offer clear benefits. But there is a glaring gap for institutional buyside...

IMF drops latest paper Making Stablecoins More Stable. Here are the key takeaways:

Morgan Stanley Bitcoin ETF launches into the top 1%. Details...

IMF: Tokenization is NOT digitization 2.0 - it is a structural redesign of liquidity dynamics, governance, and systemic risks.

Federal Reserve Bank of Atlanta: Stablecoins are not “new money” structurally. They are a repackaging of narrow banking using blockchain rails but with more moving parts.

Stablecoin regulation comparsion between US, EU, UK

Nasdaq on Tokenized Collateral: P&L impact is BIGGER than most realize

Moody's Ratings publishes stablecoin risk framework. Key takeaways

The most important tokenization development this week is the SEC’s approval of Nasdaq’s tokenized stock plan. It reveals three critical principles shaping how the SEC, Nasdaq, and DTC view the future of tokenized equities...

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 an

$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, banking

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 stableco

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 div

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, en

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 prestigious