on-chain

The latest report from Binance Research shows that the on-chain tokenization of real-world assets (RWA) has grown by 589% since the beginning of 2025, now exceeding $31.4 billion, further expanding from $21.5 billion at the beginning of 2026, and growing approximately fivefold since the beginning of 2025. The main drivers of growth come from bonds and money market funds, which together added about $6.5 billion, an increase of 83%. Tokenized U.S. Treasury bonds, money market funds, gold-backed assets, and tokenized listed stocks are the main driving forces behind this round of growth. Although the base for tokenized stocks is relatively small, the growth rate is particularly remarkable, indicating that issuing institutions are testing whether blockchain tracks can support the circulation of a broader range of traditional securities.Analysts point out that this round of RWA growth differs from the previous narrative of the crypto market dominated by speculative trading or DeFi yields, and is more closely linked to traditional financial infrastructure, focusing on institutional needs such as settlement efficiency, collateral liquidity, and programmable asset services. However, compared to the global bond, money fund, and stock markets, which are worth tens of trillions of dollars, $31.4 billion is still a drop in the bucket. The report indicates that the key to the next phase of growth lies not in the issuance of tokens themselves, but in the improvement of liquidity depth, legal enforceability, custody standards, and access to secondary markets. The regulatory framework remains the core bottleneck restricting further expansion of scale.

According to Cointelegraph, Chainlink has launched a data stream for Asia-Pacific stocks, bringing real-time data from major Asian companies such as Samsung, Toyota, Sony, and SK Hynix on-chain.

According to The Block, the on-chain trading platform TurboFlow, which provides prediction markets and perpetual contracts, has completed a $6 million seed round of financing, led by Pantera Capital, with participation from Susquehanna Crypto and Digital Currency Group.This round of financing was completed in March and is structured as a Simple Agreement for Future Equity with token warrants. TurboFlow is headquartered in Hong Kong and aims to become the "Kalshi of the Asia-Pacific region." TurboFlow intends to fill the gap of prediction markets in Asia through localization and regional presence. The platform has been operating a beta version for over six months, with more than 15,000 registered users and a cumulative trading volume exceeding $19 billion. TurboFlow currently has over 30 employees, with the core team based in Hong Kong, and plans to maintain a lean operation. In terms of regulation, founder Tony He stated that the company is actively establishing a compliance framework.

According to CoinDesk, Anchorage Digital, a federally chartered crypto bank in the United States, announced the launch of a new platform to help banks issue and manage tokenized deposits.The platform provides banks with round-the-clock payment and settlement services through blockchain technology, without the need to replace existing core systems. The platform operates in a parallel layer, with Anchorage responsible for blockchain infrastructure, wallet management, and smart contract technology, while banks continue to maintain customer relationships and deposit custody.Currently, several large banks, including JPMorgan Chase, Citigroup, and Bank of America, also plan to jointly establish a tokenized deposit network in the first half of 2027.

According to CoinDesk, the long-established asset management company Baillie Gifford from Edinburgh, Scotland (founded over 118 years ago) announced on Monday in collaboration with global custodian giant BNY the launch of a tokenized fixed income fund—Baillie Gifford Enhanced Yield Fund (BAGEY), deployed simultaneously on the Ethereum and Solana public chains.The fund is denominated in US dollars and operates under an open-ended investment company (OEIC) structure within the UK regulatory framework, targeting qualified investors from the UK, Switzerland, and the Cayman Islands. It offers an actively managed short-duration corporate bond portfolio, with a current yield of approximately 7%.Unlike most tokenized products on the market, Baillie Gifford's Head of Digital Assets Theo Golden emphasized that BAGEY is not a traditional fund wrapped in a token shell, but rather a fund issued directly on-chain, with the blockchain itself serving as the rights registry, allowing investors to directly hold shares and enjoy direct recourse.BNY will provide tokenization and wallet infrastructure for the fund, with NatWest acting as the custodian. The Global Head of Investor Solutions at BNY stated that this issuance marks the transition of tokenization from concept to real application, as regulated fund structures evolve towards a more digital and interconnected market.

According to CoinDesk, Bitcoin developers are discussing the removal of the explicit Replace-by-Fee (RBF) signal from the Bitcoin Core wallet. Developer rkrux stated that since full-RBF has become the standard strategy, the BIP 125 RBF signal has become redundant and may leave unnecessary wallet chain fingerprints.Community member Murch noted that stopping the sending of replaceability signals is not simply about removing "fingerprints," as each sender still has to choose a sequence number for each input; currently, about 75% of transactions have used specific sequence numbers, primarily MAX-2. rkrux indicated that the default input sequence number should adopt best practices recognized by a broader wallet community.

According to the official announcement, Gate has officially launched the USD1 on-chain staking product, further enriching the USD1 earning scenarios. Users can participate in staking with a minimum of just 1 USD1 and obtain real on-chain earnings with one click. Currently, the reference annualized yield for USD1 on-chain staking is 13.41%. In addition, the reference annualized interest rate for holding Gate USD1 is currently 8%, providing users with diversified earning options. According to DefiLlama data, the holding scale of Gate USD1 has surpassed 908 million USD.In addition to USD1, Gate also offers multi-currency on-chain staking services. As of the time of publication, the reference annualized yields are: GUSD 2.80%, BTC 2.67%, ETH 4.18%, SOL 8.01%, and USDT 3.47%. Users can flexibly participate in on-chain earning opportunities based on their asset allocation needs to obtain stable earning opportunities.

Aave founder Stani Kulechov stated that Aave V4 can be used to reconstruct the on-chain securities financing market. He mentioned that securities financing is one of the largest markets on Wall Street but receives relatively little attention from the outside. Securities collateralized loans have become a multi-trillion dollar business, with the U.S. repurchase market having an average daily exposure of about $12.6 trillion, secured financing reaching $1.3 trillion, wealth management securities collateralized loans exceeding $400 billion, and approximately $4.6 trillion in assets in the securities lending market being lent out, generating a record $15 billion in revenue by 2025.Aave V4, through a "liquidity hub + modular market" structure, allows for shared liquidity at the underlying level while setting up segmented markets with different risk parameters, asset ranges, and rules at the upper level. Aave V4 can support three core securities financing scenarios: securities collateralized loans, repurchase transactions, and securities lending. Tokenized securities can be used as collateral to borrow GHO or stablecoins; repurchase transactions can borrow stablecoins using tokenized securities as collateral and achieve atomic settlement; in securities lending, the tokenized securities themselves can become borrowable assets, with lending income flowing directly to asset holders.Stani indicated that Aave V4 could adopt a single shared liquidity hub or split multiple hubs by asset class and risk. The former has deeper liquidity, while the latter offers stronger risk isolation. He believes that the realistic path may start with unified liquidity and, as the types of collateral expand, gradually evolve into a multi-hub structure categorized by asset class and risk.

According to on-chain data platform Santiment, the group of addresses holding at least 1,000 bitcoins has seen its total holdings rebound to approximately 7.17 million BTC, accounting for about 35.82% of the circulating supply of bitcoin, the highest level since March 14. Currently, the number of addresses corresponding to this holding range is about 2,044, indicating that the overall holdings of large bitcoin holders have recently increased, and on-chain assets are further concentrating towards a few large addresses.

The Kanoo family heir Abdulla Kanoo is pushing to migrate a cross-border trade market worth approximately $60 trillion to blockchain infrastructure. Currently, cross-border payments still heavily rely on traditional correspondent banking systems, resulting in long settlement cycles, limited liquidity, and uneven access to US dollars.Kanoo stated that ARP Digital, a digital asset infrastructure company he co-founded, is building a settlement network aimed at facilitating the flow of funds between emerging economies, with the goal of reducing cross-border payment costs and reliance on intermediaries, and accelerating trade financing in the "Global South." According to his estimates, trade between emerging markets will exceed $60 trillion by 2024, accounting for about a quarter of global trade, and is expected to grow to $32 trillion by 2030.

Bitget integrates Fireblocks Off Exchange, allowing institutional users to trade through on-chain MPC shared wallets without transferring assets, while retaining full control over their assets and fully accessing Bitget's liquidity and execution environment.Bitget CEO Gracy Chen stated that for institutions, the way funds are deployed is equally important. This integration further enhances Bitget's institutional service capabilities under the UEX framework, bringing together trade execution, fund management, and risk control into a unified operational environment.Richard Astle, Vice President of the Fireblocks Network, pointed out that the separation of custody and execution is becoming the benchmark expectation for institutions participating in the digital asset market. This collaboration effectively reduces institutional clients' risk exposure by enhancing transparency, providing a more flexible and secure participation model for institutional-level funds.

According to the official announcement, Binance Wallet has launched the Web3 API, which is a comprehensive set of API endpoints that allows developers, institutions, and advanced on-chain traders to access on-chain trading and market data through a single integrated programming interface.The API supports multiple chains (including Ethereum, BNB Smart Chain, Plasma, Arbitrum, Polygon, Base, Monad, Optimism, Linea, and Solana), providing real-time market data, aggregated exchange quotes, and on-chain trading execution capabilities.Key features include: market data API (real-time token prices, K-line data), trading API (aggregated quotes, token exchanges, built-in MEV protection), non-custodial architecture (does not hold private keys, user local signing), and enterprise-level reliability.Currently, there are zero service fees and zero slippage fees, with all price improvements returned to users. This API is suitable for developers building DApps, on-chain trading bots, and AI agents.

Coinbase's Layer 2 network Base officially announced the upcoming major upgrade version Beryl, with the core highlight being the introduction of the Base native token standard B20, aimed at providing more comprehensive infrastructure support for the tokenization of on-chain assets.The B20 standard mainly brings three improvements: faster settlement speed, lower transaction costs, and a structured settlement mechanism.Base stated that the aforementioned upgrade will enable global financial assets to operate on the Base chain in the form of "programmable capital," fully enjoying the advantages of transparency, composability, and liquidity brought by on-chain infrastructure.Base emphasizes its positioning as a neutral open blockchain infrastructure, with related products and functions developed by Coinbase or third parties based on Base. Coinbase and Base themselves do not act as issuers, investment advisors, brokers, or underwriters for any third-party assets or transactions.

The global real-world asset (RWA) tokenization market has exceeded $43 billion, growing approximately 37% over the past 180 days, indicating that institutional funds are continuously accelerating their migration to blockchain infrastructure.The report points out that this growth has occurred against the backdrop of a relatively weak overall cryptocurrency market, with the expansion of on-chain financial assets primarily driven by traditional financial products being tokenized, covering various asset classes such as funds, private credit, commodities, and stocks. In the current market structure, tokenized funds dominate, accounting for about 80% of the total market capitalization; commodity assets account for 16.6%, and tokenized stocks account for approximately 3.8%.In terms of chain distribution, Ethereum remains the core hosting network, accounting for 57.8%, while networks such as BNB Chain, zkSync Era, XRP Ledger, and Stellar are gradually expanding their shares. In terms of issuers, Sky ranks first with a scale of approximately $6.1 billion, followed closely by Securitize and Ondo Finance, each with about $3.6 billion.At the institutional level, investment banks such as Standard Chartered and Citigroup have recently released reports optimistic about the long-term growth path of tokenized assets. Citigroup predicts that this market will reach $5.5 trillion by 2030 under a baseline scenario, and could reach $8.2 trillion in an optimistic scenario, believing that regulatory clarity and the participation of infrastructures like DTCC and Nasdaq will become key driving factors.Analysts believe that RWA tokenization is gradually evolving from an early structure primarily focused on government bonds to a diversified income asset system.

According to The Kobeissi Letter, the SpaceX IPO has significantly driven the explosive growth of on-chain tokenized stock trading volume. Data shows that the cumulative transfer trading volume of on-chain tokenized stocks has surpassed $20 billion for the first time.In the past 30 days, the transaction volume reached $4.3 billion, setting a new historical high with a year-on-year growth of over 140%. After the launch of SpaceX tokenized stock ($SPCX) on June 15, the daily spot trading volume on Solana exceeded $100 million for the first time, reaching a network share of 99% at one point, with Jupiter becoming the platform with the largest trading volume for this asset.