on-chain

Decentralised.co published a discussion on the path of stock tokenization, stating that the exposure to on-chain stocks held by traders and investors through tokenization and synthetic perpetual contracts has exceeded 6 billion dollars. The total market size of on-chain stock tokens is 3.21 billion dollars, with a 10% increase over the past 30 days; the open interest of perpetual contracts for stocks, indices, and ETFs on trade.xyz is 3.01 billion dollars, accounting for 94% of the total stock token market size.The process of stock tokenization is divided into four stages: initially, it is mostly offshore packaged certificates, followed by becoming collateral, then brokers tokenizing the shares that users already hold, and finally, the company registering the shares themselves on-chain. Most stock tokens are debt certificates that do not include voting rights or ownership of shares. Taking Robinhood as an example, after the related entity purchases shares and they are held by a custodian, it issues debt securities corresponding to one share to users, with dividends reinvested and stock splits adjusting the number of shares represented; if the issuer fails to perform, the securities agent will sell the shares and pay the holders, while the issuer can only maintain the price through arbitrage within a limited time frame.The market size of the top 100 tokenized stocks increased from 2.09 billion dollars to 3.03 billion dollars within 90 days, and the number of holding addresses grew from 417,000 to 4.21 million, with Binance and Robinhood contributing 86% of the new addresses. About 97.5% of the addresses hold less than 100 dollars, with exchanges and large wallets holding most of the value. The borrowing rates for collateralized loans against related stock tokens on Kamino, Jupiter Lend, and Ether.fi are approximately 4% to 5.75%.

User obchakevich_ published 23 months of on-chain data for MoonPay Commerce, a subsidiary of the payment company MoonPay, covering the period from November 2024 to September 2026. MoonPay announced the acquisition of the payment service Helio on January 13, 2025, which was later renamed MoonPay Commerce, with products still operating under the pre-acquisition smart contracts; the parties did not disclose the price, but Fox Business reported it to be $175 million, while Fintech Futures referred to it as an all-equity transaction. Helio was founded in London in 2022 and claimed to have over 6,000 merchants and cumulative transactions exceeding $1.5 billion at the time of acquisition, integrating with Discord, Shopify, and WooCommerce.The on-chain transaction volume three months before the acquisition was $100.3 million, with fees of $1.08 million, resulting in an annualized fee of about $4.3 million, with the reported price being approximately 40 times that annualized fee. The total transaction volume for the entire year of 2025 was $141.9 million, with fees of $1.59 million; the transaction volume over the past 12 months was $90.7 million, with fees of about $930,000, making the reported price approximately 190 times the latter. Monthly transaction volume decreased from $39.8 million in January 2025 to $9.6 million in March, and $7.3 million in September 2026, with an effective fee rate maintained between 1.05% and 1.20% over the 23 months.

The tokenized asset platform Securitize announced the launch of Securitize Stocks, providing on-chain trading access to a portion of U.S. stocks for qualified investors in the U.S., EU, and other approved jurisdictions. The first batch of underlying assets includes securities corresponding to AAPL, MSFT, NVDA, GOOG, TSLA, META, AMZN, NFLX, CRCL, SPCX, MSTR, and PLTR, initially traded on Solana through its registered broker-dealer and settled in USDC.Securitize stated that each token is backed 1:1 by the underlying shares and represents a security interest under Section 8 of the U.S. Uniform Commercial Code, retaining dividends and voting rights where applicable, and the shares supporting the tokens will not be lent out. The product adopts a convertible equity token structure, allowing investors to convert their security interests into shares registered on the issuer's transfer agent's roster after the issuer-led tokenization is advanced. Secondary market trading is provided in a regulated manner through its broker-dealer, without relying on exemptions, and is consistent with the U.S. Securities and Exchange Commission's guidelines on tokenized securities.The product is also expected to trade in the 24/7 digital trading venue being developed by the New York Stock Exchange, as well as in the tokenized securities trading venue OKXICE, in collaboration with Intercontinental Exchange, depending on the venue's launch and related regulatory and operational requirements. Upon launch, Jump Trading will act as the market maker through Securitize's existing Solana PropAMM; the initial trading period will cover extended hours, with plans to gradually expand to all-day trading. Ripple Prime plans to support the product launch.

On-chain options protocol Derive announced that Derive V3 has been launched, the migration has been successfully completed, and trading has resumed. The team stated that this rebuild aims to continue the growth of its on-chain options business, with custody located on Ethereum, margin and settlement using zero-knowledge proofs, and order matching latency below 1 millisecond.According to the announcement, V3 supports the launch of no-code vaults and charges fees, and funds can also be released through ETH and BTC risk offset. Related features also cover yields and lending for ETH, WBTC, HYPE, and USDC, and accelerate the onboarding of crypto assets with real-world assets. Developers can build applications on Derive with less configuration and earn fees.Derive stated that new markets, vaults, and partner integrations will be launched on this basis in the coming weeks. The project indicated that its on-chain options business has been operating for over 5 years.

According to Cointelegraph, Matthew Horne, Head of Digital Asset Strategy at Fidelity Investments, stated during a panel discussion at the Longitude conference in Singapore that there is "truly no turning back" as institutional forces have driven assets towards an on-chain future over the past 18 months. He pointed out that tokenization brings structural advantages to financial institutions and helps asset management companies reach new markets, with U.S. asset management companies particularly motivated to move assets on-chain.Ka Yan Chan, Head of Digital Asset Development at UBS, mentioned that government bonds and stocks, as core assets for portfolio construction, could bring billions of dollars on-chain. She believes that what will truly drive the scale from hundreds of billions to trillions will be market infrastructure participants like the Federal Reserve or DTCC taking the lead in transforming the custody layer into a tokenized platform, upon which industry participants can build a distribution layer.Data shows that demand for tokenized assets has increased by 41% in the past 30 days, with the number of holders surpassing 493,000. In December 2025, the SEC issued a "no-action" letter to a DTCC subsidiary, allowing it to provide new tokenization services for the securities market; in September, the SEC approved a temporary exemption allowing tokenized U.S. stocks to be traded on specific on-chain venues. Over the past 30 days, more than $1.2 billion has moved on-chain, with the total amount of stablecoins and tokenized assets exceeding $323 billion. Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered Bank, predicted in August that tokenized real-world assets could reach $4 trillion by the end of 2028.

Ondo's Ondo Private Markets announced that the OpenAI Private Markets Note is now available for trading on the Ondo Perps spot order book. Ondo Private Markets is dedicated to bringing the economic exposure of private companies on-chain, providing tokenized notes for qualified investors, designed to offer economic exposure linked to the performance of leading private companies. The value of the OpenAI Private Markets Note is calculated based on the realized value per share of the company's common stock, as specified in the note's issuance documents.This launch brings three core advantages. The first is the ability to buy and sell at any time: from the first day of launch, trading is available 24/7 on the Ondo Perps spot order book, without waiting for the company to go public. The second is self-custody and free transferability: users can store the tokens in their own wallets and transfer them freely among qualified holders. The third is mature infrastructure support: Ondo Private Markets is built on the same platform that created Ondo's tokenized stocks and tokenized U.S. Treasury products, with a total locked value (TVL) of $3.9 billion and over 1 million holders.The note does not represent shares or equity in OpenAI, and holders do not enjoy any shareholder rights in OpenAI. There is no affiliation, cooperation, or endorsement relationship between Ondo and OpenAI.

Polkadot officially announced that the stablecoin dotUSD has officially launched on the Polkadot network. This stablecoin does not have a single issuing company or controlling entity, but is managed by the DOT DAO through the OpenGov on-chain governance mechanism.Polkadot stated that the goal of dotUSD is to become a native stablecoin governed by the network itself, thereby reducing reliance on centralized issuing institutions.

Sherwood Protocol published an introduction to its agent fund platform on the X platform. On this platform, agents can express strategies as on-chain operations, including configuring tokenized stocks through Uniswap, providing funding to earn yields through lending protocols like Morpho, opening perpetual contract positions on Lighter.xyz, and issuing tokens through SushiSwap to publicly list the fund.The platform can work with commonly used agents like bot and Muse, allowing users to describe market views in natural language for agents to execute. Sherwood states that its goal is to provide a capital layer for agents to publicly validate strategies, with all strategies being transparent and auditable. Currently, only whitelisted wallets are allowed to create funds, and only fund owners can propose strategies, with deposits limited to their own treasury. The first batch of fund creators will join next week. Users can apply for early access through a waiting list.

Cryptocurrency trading and market-making institution GSR announced an investment of 100 million dollars to launch the on-chain credit business Hare, which is built in collaboration with the liquidity distribution platform Turtle, responsible for creating and managing on-chain vaults. GSR's multi-year commitment is primarily provided in the form of credit lines, with its own funds serving as anchor liquidity to enter Hare's products first, followed by the introduction of external investors.Hare initially launched two products supported by the lending protocol Aave: Hare USD Earn, which receives mainstream dollar stablecoins in a single vault, and Hare Gold Earn, which allows holders of Paxos tokenized gold products PAXG and PAXGy to earn returns, with Paxos Labs participating in the collaboration on gold products. Hare's CEO Connor Milner stated that GSR's commitment is considered deployed capital, allowing issuers to access liquidity from day one, and allocators can also see GSR's own funds in the same vault as theirs. Milner previously served as a senior director at London DeFi hedge fund Re7 Capital.Vaults are becoming an important component of on-chain finance, with investors depositing assets into smart contracts, and curators deciding how to deploy funds in lending markets and other strategies. According to data from Vaults.fyi, as of July, 788 curated vaults managed a total of 8.6 billion dollars in assets.

Illia Polosukhin, co-founder of NEAR Protocol, stated in a live interview at the Digital Asset Summit 2026 held in Singapore that as near.com continues to expand its on-chain services, users no longer need centralized exchanges for "a large amount" of crypto activities. He mentioned that near.com is "almost ready" and has a "large roadmap for continuously adding features," including bank withdrawals, transaction records for tax purposes, and selective disclosure for confidential transactions. He also shared his experience using centralized exchanges, stating that despite knowing the company's CEO, one of his accounts was still deleted.near.com integrates cross-chain spot trading, tokenized stocks, wealth management products, and perpetual contracts into a single interface. Polosukhin indicated that most of the infrastructure for NEAR Intents has been migrated to confidential sharding, keeping transaction activities private, and users can disclose individual transactions when needed. He mentioned that near.com has a lot of fiat-related features coming soon and referenced the collaboration between NEAR and Monerium, allowing users to convert euros in their bank accounts to EURe via IBAN. The ultimate goal of NEAR Intents is to handle "any asset to any asset," such as USD to EUR, SGD to HKD.Regarding tokenized stocks, near.com completed integration with Ondo Finance in September, allowing users to convert euros into tokenized NVIDIA stocks, with NEAR planning to add more stocks from global markets.

Polymarket CEO Shayne Coplan stated at Token2049 that they are exploring an on-chain asset linked to the Polymarket economy that also has true programmatic utility, which he referred to as "the way stocks should be."Shayne Coplan also emphasized very cautiously that this is not investment advice.

@frankdegods is the founder of DeGods, who sold over 1 million dollars worth of altcoins on-chain in the past half hour, including 1 million dollars worth of BP, 250,000 dollars worth of EDEL, and 70,000 dollars worth of GP.

On the evening of October 6, HTX DAO Ambassador Molly stated at the HTX DAO "Night of the Future" event held in Singapore that HTX DAO is continuously investing in three directions: ecological mechanisms, community building, and on-chain ecology. By continuously optimizing the token economic mechanism, expanding ecological application scenarios, and advancing relevant ecological initiatives according to established mechanisms, a solid foundation for long-term ecological development is being laid.Regarding community building, Molly revealed that HTX DAO plans to promote the construction of regional community nodes in the fourth quarter, supporting community members to organize activities, participate in exchanges, and co-build community culture. Currently, the number of active volunteers participating in community building has approached 200, and there are plans to further expand community participation in the future. In terms of on-chain ecology, HTX DAO is attracting developers from global universities to participate through hackathons and other means, with several projects currently in further incubation or advancement stages, exploring integration with $HTX ecological application scenarios.Molly emphasized that ecological construction requires long-term investment. HTX DAO will continue to improve infrastructure, cultivate active communities, and promote the implementation of ecological applications. She also stated that as one of the participants in the HTX DAO ecosystem, Huobi HTX is also continuously optimizing user experience, including optimizing withdrawal fees, collecting user feedback, and improving the App usage experience, to better respond to user needs and market changes.

ChainCatcher live report, at the OKX NOW Global Product and Ecosystem Conference (Singapore), the OKX on-chain team demonstrated the newly launched DEX trading terminal: integrating popular token screening, on-chain capital flow tracking, social sentiment monitoring, and one-click instant trading, supporting users to customize their workspace.The team introduced that the total trading volume of decentralized perpetual and spot markets exceeded 1 trillion US dollars in the past 30 days; the scale of on-chain tokenized RWA has increased from about 2 billion US dollars to nearly 40 billion US dollars; the DeFi TVL of OKX's high-performance network X Layer has grown approximately 11 times this year, reaching a historical high in September. In addition, OKX has also launched Exchange OS for builders, opening its exchange infrastructure for the creation of on-chain markets.

According to PR Newswire, Ondo Finance announced the launch of Ondo Private Markets, providing on-chain access to top private companies for investors through tokenized notes. The first target will focus on a private company in the artificial intelligence sector, expected to begin trading on the secondary market this week.Subsequently, Ondo Private Markets plans to expand to private enterprises in fields such as robotics, cybersecurity, biotechnology, and infrastructure. Ondo stated that the related tokens do not correspond to the company's stocks or shares but provide holders with economic exposure to the performance of the reference company's common stock in qualified liquidity events through tokenized notes. The tokens can be freely transferred on-chain and can be used in conjunction with the DeFi ecosystem.This product is based on Ondo's existing on-chain asset infrastructure, which currently has a total value locked (TVL) of approximately $3.7 billion and over 1 million cumulative holders across the related tokenized stock and U.S. Treasury platforms. Ondo Finance indicated that the majority of large companies in the U.S. are still in private stages, with about 87% of companies generating over $100 million in annual revenue being private. Traditional investors often find it difficult to participate in these companies' early growth opportunities. Ondo Private Markets aims to provide a more flexible trading channel through the blockchain secondary market, allowing qualified investors to adjust their private market exposure around the clock.

ChainCatcher live report, at the OKX NOW Global Product and Ecosystem Conference (Singapore), Ethereum co-founder Vitalik Buterin stated that AI has demonstrated strong penetration and offensive and defensive capabilities, with cases emerging of breaking out of sandboxes, attacking websites, and discovering various software vulnerabilities and exploits. "Anything with vulnerabilities will eventually be discovered by AI; GPT-7, Claude 7, DeepSeek 7 will find it."At the same time, AI is also helping the Ethereum protocol discover bugs, implement complex cryptography, and perform formal verification at both the protocol and application layers. Vitalik believes that higher security levels will shift from "optional" to "mandatory," and the industry is in a fascinating yet challenging transitional period.

At the OKX Now 2026 Summit in Singapore, Ethereum co-founder Vitalik Buterin stated that AI is demonstrating the ability to break out of sandboxes, attack websites, and discover software vulnerabilities, while also helping the Ethereum protocol identify vulnerabilities, implement complex cryptography, and conduct formal verification.He believes that higher levels of security will become feasible and necessary, as AI will continuously discover exploitable vulnerabilities within systems.Vitalik revealed that about a month ago, he updated ENS information for the first time without using a user interface (UI), only requiring a local AI agent to write a script, which was completed in about 5 minutes. He anticipates that executing complex on-chain operations directly through AI will gradually become the norm, with AI becoming a new user interface in more scenarios.He cited the Safe-related hacking incident involving approximately $1.4 billion in losses as an example, pointing out that the attacks targeted the interaction layer between users and on-chain systems, rather than the on-chain contracts. Directly handling transactions with AI may reduce the risks associated with reliance on web interfaces, but it will also introduce new challenges, including whether the AI itself is secure, whether it can resist prompt injection, and whether it correctly understands on-chain operations. As interaction methods change rapidly, some issues will be resolved, while new security challenges will also emerge.

According to The Block, S&P Global Ratings has launched a new risk assessment framework for on-chain lending vaults. The report states that the deposit scale in this field has reached $10 billion, up from $1.5 billion two years ago.The framework will assess credit, liquidity, managers, blockchain, protocols, security, and governance risks, with the first batch of vault assessments to be announced soon.

On-chain liquidity protocol Arrakis Finance released a study tracking the on-chain buying records of 10 tokenized dollar yield products, using Ethena's sUSDe as a benchmark. The study covered 71,697 buyers with a total buying amount of 91.3 billion dollars. Of the 12.4 billion dollars in categorized demand, about two-thirds came from protocols and DAO treasuries, while the remainder came from individuals, exchanges, market makers, and crypto funds, with no purchases clearly traceable to traditional financial institutions such as pensions, asset management firms, or banks.Wallets with single purchases of 1 million dollars or more accounted for about 4% of buyers but held approximately 93% of the funds; among them, 2,586 buyers contributed over 90% of the nominal purchase amount. The median purchase amount for institutional buyers of Centrifuge's JAAA was about 29.1 million dollars, nearly three times that of the next product. About 80%, totaling 17.4 billion dollars, was settled in USDC, while USDT accounted for about 4.4 billion dollars, almost all of which was used for syrupUSDT. Primary subscriptions were the main pathway, with secondary market purchases accounting for less than 6%, and only sUSDe had 55% obtained through decentralized exchanges.The median first activity time for buyer wallets concentrated around mid-2024, described as new entrants of crypto-native funds. By time zone, Europe, the Middle East, and Africa accounted for 42%, Asia-Pacific for 40%, and the Americas for 18%. After tracing back two hops for 5.17 billion dollars of unmarked institutional-level funds, exchange sources accounted for 40% (Binance 1.12 billion dollars, Coinbase 970 million dollars), DeFi native funds accounted for 38%, and another 22% could not be identified.

European Central Bank Executive Board member Isabel Schnabel stated that central bank money must be on-chain; otherwise, the tokenized market will increasingly rely on private or foreign currency settlement assets.CoinDesk cited her viewpoint, stating that in the absence of on-chain central bank money, the settlement of the tokenized market will shift more towards privately issued assets or foreign currency-denominated assets. Schnabel believes that bringing central bank money on-chain helps maintain the settlement anchor role of public money in a tokenized environment.