{ "assessed_on": "2026-10-07", "rows": [ { "id": "amundi-funds-cash-eur-dlt-share-class", "entity": "Amundi", "entity_type": "asset manager", "instrument": "tokenized money market fund share class", "network": "Ethereum", "first_observed": "2025-11", "status": "live", "bears_on": [ "R1", "R3", "R6" ], "source_url": "https://www.amundi.com/institutional/article/amundi-launches-first-tokenised-share-amundi-funds-cash-eur-caceis", "source_name": "Amundi", "note": "Amundi Funds Cash EUR, a euro money market fund, has a tokenized share class, J28 EUR DLT (C), recorded on public Ethereum. The first transaction took place on 4 November 2025. CACEIS provides the tokenization technology, investor wallets and the order platform, and the fund remains available through its traditional share classes." }, { "id": "apollo-acred", "entity": "Apollo Global Management", "entity_type": "asset manager", "instrument": "tokenized feeder into an Apollo private credit fund", "network": "Ethereum", "first_observed": "2025-01", "status": "live", "figure": "~$95.5M AUM all chains, of which ~30% on Ethereum", "figure_as_of": "2026-09-29", "bears_on": [ "R1", "R3", "R6" ], "source_url": "https://www.prnewswire.com/news-releases/apollo-and-securitize-announce-partnership-and-launch-tokenized-access-to-credit-fund-on-aptos-avalanche-ethereum-ink-polygon-and-solana-networks-302364212.html", "source_name": "Securitize and Apollo (PR Newswire)", "note": "ACRED, the Apollo Diversified Credit Securitize Fund, is a tokenized feeder that invests substantially all its assets in Apollo Diversified Credit Fund, an interval fund managed by Apollo. Securitize is its transfer agent and fund administrator. It launched on 30 January 2025 on Ethereum and five other networks, and Ethereum holds the largest share of it.", "figure_value": "$95.5M", "figure_label": "Across all chains", "figure_approx": true, "figure_share": 0.3, "figure_more": "About 30% of it on Ethereum" }, { "id": "banking-circle-euri", "entity": "Banking Circle", "entity_type": "bank", "instrument": "euro e-money token (EURI)", "network": "Ethereum", "first_observed": "2024-08", "status": "live", "bears_on": [ "R3", "R5", "R6" ], "source_url": "https://www.bankingcircle.com/banking-circle-launches-the-first-bank-backed-mica-compliant-stablecoin-euri/", "source_name": "Banking Circle", "note": "Banking Circle, a Luxembourg payments bank, launched EURI on 26 August 2024, a euro e-money token under MiCA that it describes as the first bank-backed stablecoin under the regulation. Each token is redeemable at par, with the reserves held in cash and cash equivalents in a bankruptcy-remote structure. It was issued on Ethereum and BNB Smart Chain, and most of it is held on Ethereum.", "figure": "~$37.3M in circulation, ~90% of it on Ethereum", "figure_as_of": "2026-10-05", "figure_value": "$37.3M", "figure_label": "In circulation", "figure_approx": true, "figure_share": 0.9, "figure_more": "About 90% of it on Ethereum" }, { "id": "banque-delubac-eth-staking", "entity": "Banque Delubac & Cie", "entity_type": "bank", "instrument": "ETH staking for bank clients", "network": "Ethereum", "first_observed": "2026-07", "status": "live", "bears_on": [ "R1", "R2", "R6" ], "source_url": "https://www.figment.io/insights/how-frances-banque-delubac-built-a-compliant-custody-and-staking-offering/", "source_name": "Figment", "note": "Banque Delubac & Cie, a French bank founded in 1924, received its MiCA authorization in October 2025 and offers ETH staking to its clients. Taurus keeps the assets in custody and Figment runs the validators, so the ETH stays in the bank's custody while it is staked. Figment described the arrangement in July 2026." }, { "id": "blackrock-buidl", "entity": "BlackRock", "entity_type": "asset manager", "instrument": "tokenized money market fund", "network": "Ethereum", "first_observed": "2024-03", "status": "live", "figure": "~$2.25B across all chains, of which ~$444M on Ethereum", "figure_as_of": "2026-09-30", "bears_on": [ "R1", "R3", "R6" ], "source_url": "https://www.nasdaq.com/press-release/blackrock-launches-its-first-tokenized-fund-buidl-on-the-ethereum-network-2024-03-20", "source_name": "BlackRock and Securitize release (Nasdaq)", "note": "BlackRock USD Institutional Digital Liquidity Fund launched on Ethereum in March 2024. Securitize is its transfer agent and tokenization platform, and BNY is custodian and fund administrator. It has since added eight other networks, and Solana and Avalanche now each hold more of it than Ethereum.", "figure_value": "$444M", "figure_label": "On Ethereum", "figure_approx": true, "figure_share": 0.1973, "figure_more": "Of $2.25B across all chains" }, { "id": "blackrock-ics-tokenised-share-classes", "entity": "BlackRock", "entity_type": "asset manager", "instrument": "tokenized UCITS money market fund share classes", "network": "Ethereum", "first_observed": "2026-08", "status": "live", "bears_on": [ "R1", "R3", "R6" ], "source_url": "https://www.blackrock.com/cash/en-es/press-release-t4", "source_name": "BlackRock", "note": "On 4 August 2026 BlackRock launched 12 tokenized share classes across six of its Institutional Cash Series money market funds, in euro, sterling and US dollar, minted on Ethereum. Kinexys by J.P. Morgan mints and burns the tokens and links onchain activity to the funds' transfer agent, which keeps the official shareholder register. BlackRock has not published how much is held in tokenized form." }, { "id": "blackrock-ishares-staked-ethereum-trust", "entity": "BlackRock", "entity_type": "asset manager", "instrument": "staking in the iShares Staked Ethereum Trust ETF (ETHB)", "network": "Ethereum", "first_observed": "2026-03", "status": "live", "figure": "250,585 ETH staked of 288,417 ETH held (86.9%)", "figure_as_of": "2026-06-30", "bears_on": [ "R1", "R2", "R3", "R6" ], "source_url": "https://www.sec.gov/Archives/edgar/data/0002099103/000143774926027003/iset20260630c_10q.htm", "source_name": "SEC, iShares Staked Ethereum Trust ETF Form 10-Q", "note": "iShares Staked Ethereum Trust ETF (ETHB) began operating on 18 February 2026 and listed on Nasdaq on 12 March 2026. Coinbase Custody Trust Company holds the ETH, with Anchorage Digital Bank as an additional custodian, and the stake is placed with third-party validators, of which Galaxy says it is one of three.", "figure_value": "250,585 ETH", "figure_label": "Staked", "figure_share": 0.8688, "figure_more": "86.9% of the 288,417 ETH it holds" }, { "id": "blackrock-stablecoin-reserve-funds", "entity": "BlackRock", "entity_type": "asset manager", "instrument": "tokenized money market funds for stablecoin reserves", "network": "Ethereum", "first_observed": "2026-08", "status": "live", "bears_on": [ "R1", "R3" ], "source_url": "https://www.businesswire.com/news/home/20260803468591/en/BlackRock-Expands-Tokenized-Cash-Platform-with-BSTBL-OnChain-Shares-and-BRSRV", "source_name": "BlackRock release of 3 August 2026, on Business Wire", "note": "BlackRock launched two funds for stablecoin reserves on 3 August 2026: BRSRV, a new fund, and BSTBL, the OnChain share class of its Select Treasury Based Liquidity Fund. Both are permissioned tokens on Ethereum, and rwa.xyz also lists BRSRV on Solana and Tempo.", "figure": "~$50.3M in BRSRV and ~14.1M BSTBL units on Ethereum, each held by a single address", "figure_as_of": "2026-10-05", "figure_value": "$50.3M", "figure_label": "In BRSRV on Ethereum", "figure_approx": true, "figure_more": "With about 14.1M BSTBL units, each fund held by a single address" }, { "id": "bny-digital-asset-custody", "entity": "BNY", "entity_type": "bank", "instrument": "digital asset custody of ETH", "network": "Ethereum", "first_observed": "2022-10", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://www.bny.com/corporate/global/en/about-us/newsroom/press-release/bny-mellon-launches-new-digital-asset-custody-platform-130305.html", "source_name": "BNY", "note": "BNY Mellon's Digital Asset Custody platform went live in the United States on 11 October 2022, letting selected clients hold and transfer bitcoin and ETH, with technology from Fireblocks and Chainalysis. BNY is one of the two ETH custodians, with Coinbase Custody, of the Morgan Stanley Ethereum Trust (MSSE), which began trading on NYSE Arca on 28 July 2026 and stakes part of its ETH. This is custody of ETH itself, not tokenization." }, { "id": "bny-onchain-fund-data", "entity": "BNY", "entity_type": "bank", "instrument": "onchain fund accounting data service", "network": "Ethereum", "first_observed": "2025-04", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://www.bny.com/corporate/global/en/about-us/newsroom/press-release/bny-expands-digital-asset-platform-with-launch-of-innovative-on-chain-offering.html", "source_name": "BNY", "note": "Since April 2025 BNY has published selected fund accounting data, including the net asset value, to Ethereum through a smart contract, as part of its Digital Asset Data Insights service. BlackRock's BUIDL fund, for which BNY is fund administrator and custodian, was the first client. The service publishes data to Ethereum; it does not issue assets." }, { "id": "bny-openeden-hybond", "entity": "BNY Investments", "entity_type": "asset manager", "instrument": "OpenEden token giving access to a BNY short-dated high yield bond fund", "network": "Ethereum", "first_observed": "2026-04", "status": "live", "bears_on": [ "R1", "R3", "R6" ], "source_url": "https://openeden.com/news/openeden-bny-hybond-tokenized-high-yield-bond-fund/", "source_name": "OpenEden", "note": "HYBOND is a token issued by OpenEden Digital, licensed in Bermuda, that gives eligible investors one-to-one exposure to the BNY Mellon Global Short-Dated High Yield Bond Fund, managed by BNY Investments. BNY holds the fund shares that back the token in custody. It launched on Ethereum on 1 April 2026 and was added to BNB Chain in September 2026.", "figure": "~$4.4M, almost all on Ethereum", "figure_as_of": "2026-09-29", "figure_value": "$4.4M", "figure_label": "Almost all on Ethereum", "figure_approx": true }, { "id": "boci-tokenised-structured-notes", "entity": "BOC International (BOCI)", "entity_type": "bank", "instrument": "tokenized structured notes", "network": "Ethereum", "first_observed": "2023-06", "status": "live", "bears_on": [ "R3", "R6" ], "source_url": "https://www.ubs.com/global/en/media/display-page-ndp/en-20230609-tokenized-notes.html", "source_name": "UBS", "note": "BOCI, the investment banking arm of Bank of China, issued CNH 200 million of fully digital structured notes on 12 June 2023, originated by UBS and placed with UBS clients in Asia Pacific. Constituted under Hong Kong and Swiss law and tokenized on public Ethereum through UBS Tokenize, it was the first tokenized security issued by a Chinese financial institution in Hong Kong. UBS says BOCI has continued to issue regularly through UBS Tokenize, though the later issues are not listed publicly." }, { "id": "chinaamc-hk-ether-etf-staking", "entity": "ChinaAMC (Hong Kong)", "entity_type": "asset manager", "instrument": "staking in its Hong Kong spot ETH ETF", "network": "Ethereum", "first_observed": "2025-05", "status": "live", "bears_on": [ "R1", "R2", "R3", "R6" ], "source_url": "https://www.osl.com/hk-en/press-release/osl-staking-custody-chinaamc-ether-etf", "source_name": "OSL", "note": "ChinaAMC Ether ETF (3046.HK) may stake up to 30% of its ETH, and from 15 May 2025 it was the first Hong Kong ETF to do so, according to OSL. OSL Digital Securities, a platform licensed by the Securities and Futures Commission, provides the staking using Kiln's technology, and the fund's key facts statement of April 2026 still names OSL as its staking provider." }, { "id": "chinaamc-usd-digital-mmf", "entity": "ChinaAMC (Hong Kong)", "entity_type": "asset manager", "instrument": "tokenized money market fund", "network": "Ethereum", "first_observed": "2025-07", "status": "live", "figure": "~$554M, Ethereum only", "figure_as_of": "2026-09-30", "bears_on": [ "R1", "R3" ], "source_url": "https://app.rwa.xyz/assets/CUMIU", "source_name": "RWA.xyz", "note": "Class I USD tokens of the ChinaAMC USD Digital Money Market Fund, a Hong Kong fund tokenized on Libeara, the platform incubated by Standard Chartered, with Standard Chartered Trustee (Hong Kong) as custodian. ChinaAMC launched the US dollar fund in July 2025, and its token contract was created on Ethereum on 31 July 2025. The whole balance sits at a single address.", "figure_value": "$554M", "figure_label": "Ethereum only", "figure_approx": true }, { "id": "ci-galaxy-ethereum-etf-staking", "entity": "CI Global Asset Management", "entity_type": "asset manager", "instrument": "staking of Canadian spot ETH ETF holdings", "network": "Ethereum", "first_observed": "2025-08", "status": "live", "bears_on": [ "R2", "R3" ], "source_url": "https://www.cifinancial.com/ci-gam/ca/en/newsroom/press-releases/ci-global-asset-management-simplifies-access-to-digital-assets-with-expanded-lineup.html", "source_name": "CI Global Asset Management", "note": "CI Galaxy Ethereum ETF (TSX: ETHX) began staking on or about 27 August 2025, after its unitholders approved it on 20 August. CI Global Asset Management set aside up to half of the fund's ETH for staking at the start, and Galaxy Digital is the fund's sub-adviser." }, { "id": "deutsche-boerse-clearstream-ether-custody", "entity": "Deutsche Börse Group", "entity_type": "market infrastructure", "instrument": "custody and settlement of ETH through Clearstream", "network": "Ethereum", "first_observed": "2025-06", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://www.clearstream.com/clearstream-en/newsroom/250311-4323326", "source_name": "Clearstream (Deutsche Börse Group)", "note": "Clearstream, Deutsche Börse Group's post-trade business, offers custody and settlement of bitcoin and ETH to its clients through their existing Clearstream Banking accounts, with Crypto Finance as sub-custodian. Crypto Finance announced the service live on 2 June 2025, and in July 2026 Clearstream added six more cryptocurrencies beside bitcoin and ETH. This is custody of ETH itself, not tokenization." }, { "id": "eib-digital-bond", "entity": "European Investment Bank", "entity_type": "public sector", "instrument": "digital bond", "network": "Ethereum", "first_observed": "2021-04", "status": "live", "figure": "€100m, two-year", "figure_as_of": "2021-04-28", "bears_on": [ "R3", "R6" ], "source_url": "https://www.sgforge.com/european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain/", "source_name": "Société Générale-FORGE", "note": "The European Investment Bank issued a two-year digital bond registered on public Ethereum in April 2021, with Goldman Sachs, Santander and Société Générale as joint lead managers. The underwriters settled in an experimental central bank digital currency provided by Banque de France. The bond matured on 28 April 2023.", "figure_value": "€100M", "figure_label": "Issued, two-year" }, { "id": "fidelity-international-usd-digital-liquidity-fund", "entity": "Fidelity International", "entity_type": "asset manager", "instrument": "tokenized money market fund", "network": "Ethereum", "first_observed": "2026-05", "status": "live", "bears_on": [ "R1", "R3", "R5", "R6" ], "source_url": "https://www.ledgerinsights.com/fidelity-international-issues-tokenized-mmf-partnering-sygnum/", "source_name": "Ledger Insights", "note": "Fidelity USD Digital Liquidity Fund (FILQ) is issued as an ERC-20 token on Ethereum through Desygnate, Sygnum Bank's tokenization platform, and launched in May 2026, with ZKsync named as its next network. It follows the strategy of Fidelity's Irish low-volatility net asset value money market fund, holds a Moody's Aaa-mf rating, and Chainlink publishes its net asset value onchain. In Switzerland it is open to qualified investors only, with a minimum investment of $100,000." }, { "id": "fidelity-fdit", "entity": "Fidelity Investments", "entity_type": "asset manager", "instrument": "tokenized money market fund", "network": "Ethereum", "first_observed": "2025-08", "status": "live", "figure": "~$19.4M, Ethereum only", "figure_as_of": "2026-09-30", "bears_on": [ "R1", "R3" ], "source_url": "https://app.rwa.xyz/assets/FDIT", "source_name": "RWA.xyz", "note": "FDIT is the token for the OnChain class (FYOXX) of the Fidelity Treasury Digital Fund, an SEC-registered money market fund that holds US Treasuries and cash, and has been recorded on Ethereum since August 2025. Fidelity's SEC filing put the OnChain class at $31.2 million on 31 August 2026.", "figure_value": "$19.4M", "figure_label": "Ethereum only", "figure_approx": true }, { "id": "fidelity-fidd", "entity": "Fidelity Investments", "entity_type": "asset manager", "instrument": "stablecoin", "network": "Ethereum", "first_observed": "2026-02", "status": "live", "bears_on": [ "R1", "R3" ], "source_url": "https://newsroom.fidelity.com/pressreleases/fidelity-investments--expands-digital-asset-investment-lineup-with-stablecoin-launch--fidelity-digit/s/3b55e2d1-1dba-4120-9528-1e07e632f3f4", "source_name": "Fidelity Investments", "note": "Fidelity Digital Dollar (FIDD) is a US dollar stablecoin issued on Ethereum by Fidelity Digital Assets, National Association, a national trust bank in the Fidelity group, and launched on 4 February 2026. Eligible customers buy and redeem it from Fidelity at one dollar, and its reserves are managed by Fidelity Management & Research.", "figure": "~$49.3M, Ethereum only", "figure_as_of": "2026-10-05", "figure_value": "$49.3M", "figure_label": "Ethereum only", "figure_approx": true }, { "id": "franklin-templeton-benji", "entity": "Franklin Templeton", "entity_type": "asset manager", "instrument": "tokenized money market fund", "network": "Ethereum", "first_observed": "2024-11", "status": "live", "figure": "~$751M all chains, of which ~$48M on Ethereum and ~$108M on Base and Arbitrum", "figure_as_of": "2026-10-05", "bears_on": [ "R1", "R3" ], "source_url": "https://www.theblock.co/post/326575/franklin-templeton-expands-tokenized-money-market-fund-to-ethereum", "source_name": "The Block", "note": "BENJI is one share of the Franklin OnChain U.S. Government Money Fund (FOBXX), a US-registered money market fund first recorded on a public blockchain in 2021. It was added to Ethereum in November 2024 and is also on Base and Arbitrum, as well as Stellar, Avalanche, Polygon, Aptos and Solana, with Stellar holding the largest share.", "figure_value": "$48M", "figure_label": "On Ethereum", "figure_approx": true, "figure_share": 0.0639, "figure_more": "Of $751M across all chains, with about $108M on Base and Arbitrum" }, { "id": "buenos-aires-quarkid", "entity": "Government of the City of Buenos Aires", "entity_type": "public sector", "instrument": "decentralized digital identity (QuarkID)", "network": "ZKsync", "first_observed": "2024-10", "status": "live", "figure": "3.6 million residents", "figure_as_of": "2024-10-22", "bears_on": [ "R4", "R5" ], "source_url": "https://www.globenewswire.com/news-release/2024/10/22/2967256/0/en/Buenos-Aires-Sets-Global-Precedent-by-Empowering-3-6-Million-Citizens-with-Blockchain-based-Digital-Identity-on-miBA-platform.html", "source_name": "ZKsync (GlobeNewswire)", "note": "From 1 October 2024 every active user of miBA, the City of Buenos Aires's services app, was given a decentralized digital identity through QuarkID, the city's own open-source identity protocol. Identities are anchored on ZKsync Era, an Ethereum layer 2, and residents can share credentials such as birth certificates using zero-knowledge proofs, without handing over the underlying data. The city counted 3.6 million residents at launch.", "figure_value": "3.6 million", "figure_label": "Residents" }, { "id": "hamilton-lane-scope-securitize", "entity": "Hamilton Lane", "entity_type": "asset manager", "instrument": "tokenized private credit feeder fund", "network": "Ethereum", "first_observed": "2025-07", "status": "live", "bears_on": [ "R1", "R3", "R5" ], "source_url": "https://wormhole.com/blog/hamilton-lane-expands-scope-fund-multichain-with-securitize-and-wormhole", "source_name": "Wormhole, with Securitize, 17 July 2025", "note": "A Securitize feeder into Hamilton Lane's Senior Credit Opportunities Fund, with Hamilton Lane as manager. It launched on Polygon in 2023 and has been issued natively on Ethereum and Optimism since 17 July 2025; most of its value remains on Polygon.", "figure": "~$188K on Ethereum, held by 3 addresses", "figure_as_of": "2026-10-05", "figure_value": "$188K", "figure_label": "On Ethereum", "figure_approx": true, "figure_more": "Held by 3 addresses" }, { "id": "interactive-brokers-stablecoin-funding", "entity": "Interactive Brokers", "entity_type": "fintech", "instrument": "stablecoin account funding", "network": "Ethereum", "first_observed": "2025-12", "status": "live", "bears_on": [ "R5", "R6" ], "source_url": "https://www.theblock.co/post/385837/interactive-brokers-usdc-ripple-paypal-stablecoins", "source_name": "The Block", "note": "Interactive Brokers clients can fund their brokerage accounts by sending USDC over Ethereum, Base or Solana to a wallet provided through Zerohash, which converts it to US dollars on receipt. The service opened to retail clients in December 2025 and was extended to round-the-clock funding in January 2026. Support for RLUSD and PYUSD had been announced but was not yet live on 5 October 2026." }, { "id": "invesco-ustb", "entity": "Invesco", "entity_type": "asset manager", "instrument": "tokenized Treasury fund", "network": "Ethereum", "first_observed": "2026-03", "status": "live", "figure": "~$745M in the fund, of which ~$551M as tokens on Ethereum", "figure_as_of": "2026-10-05", "bears_on": [ "R1", "R3" ], "source_url": "https://www.prnewswire.com/news-releases/invesco-and-superstate-advance-institutional-tokenization-through-ustb-partnership-302722437.html", "source_name": "PR Newswire (Invesco / Superstate)", "note": "USTB, launched by Superstate in January 2024, is now the Invesco Short Duration US Government Securities Fund, with Invesco Advisers as investment manager and Superstate running the tokens and the share register. Invesco and Superstate announced the change on 24 March 2026, keeping the same ticker, contracts and token address. Shares are held as tokens on Ethereum, Solana and Plume or in book entry.", "figure_value": "$551M", "figure_label": "As tokens on Ethereum", "figure_approx": true, "figure_share": 0.7396, "figure_more": "Of $745M in the fund" }, { "id": "jpmorgan-jpmd", "entity": "J.P. Morgan", "entity_type": "bank", "instrument": "deposit token", "network": "Base", "first_observed": "2025-11", "status": "live", "bears_on": [ "R1", "R4", "R5", "R6" ], "source_url": "https://www.jpmorgan.com/payments/newsroom/jpm-coin-usd-deposit-token-institutional-clients", "source_name": "J.P. Morgan", "note": "JPM Coin (JPMD) is a US dollar deposit token issued by J.P. Morgan on Base, the Ethereum layer 2 built within Coinbase, for the bank's institutional clients. After a pilot from June 2025 it moved into production on 12 November 2025, allowing transfers between clients' wallets at any hour. J.P. Morgan has not published a volume figure for JPM Coin on Base." }, { "id": "jpmorgan-am-jltxx", "entity": "J.P. Morgan Asset Management", "entity_type": "asset manager", "instrument": "tokenized registered government money market fund", "network": "Ethereum", "first_observed": "2026-05", "status": "live", "figure": "~$678M, Ethereum only", "figure_as_of": "2026-10-05", "bears_on": [ "R1", "R3", "R6" ], "source_url": "https://am.jpmorgan.com/us/en/asset-management/adv/about-us/media/press-releases/jp-morgan-asset-management-launches-second-tokenized-fund-on-ethereum/", "source_name": "J.P. Morgan Asset Management", "note": "JPMorgan OnChain Liquidity-Token Money Market Fund (JLTXX) is a US registered government money market fund on the public Ethereum blockchain, launched on 13 May 2026 and designed to support stablecoin issuers under the GENIUS Act. J.P. Morgan Asset Management invested $100 million at launch, with Anchorage Digital also taking part, and qualified investors subscribe through Morgan Money in cash or stablecoins.", "figure_value": "$678M", "figure_label": "Ethereum only", "figure_approx": true }, { "id": "jpmorgan-am-mony", "entity": "J.P. Morgan Asset Management", "entity_type": "asset manager", "instrument": "tokenized money market fund, private placement", "network": "Ethereum", "first_observed": "2025-12", "status": "live", "bears_on": [ "R1", "R3", "R6" ], "source_url": "https://am.jpmorgan.com/us/en/asset-management/adv/about-us/media/press-releases/jp-morgan-asset-management-launches-its-first-tokenized-money-market-fund/", "source_name": "J.P. Morgan Asset Management", "note": "My OnChain Net Yield Fund (MONY) is J.P. Morgan Asset Management's first tokenized money market fund, a private placement on Ethereum launched in December 2025 that holds US Treasuries and repurchase agreements backed by them. It is tokenized with Kinexys Digital Assets and offered to qualified investors through Morgan Money, where they subscribe and redeem in cash or stablecoins.", "figure": "~$103M, Ethereum only", "figure_as_of": "2026-10-05", "figure_value": "$103M", "figure_label": "Ethereum only", "figure_approx": true }, { "id": "janus-henderson-jaaa", "entity": "Janus Henderson", "entity_type": "asset manager", "instrument": "tokenized AAA CLO fund", "network": "Ethereum", "first_observed": "2025-05", "status": "live", "figure": "~$587M across all chains, of which ~$212M on Ethereum", "figure_as_of": "2026-09-30", "bears_on": [ "R1", "R3", "R6" ], "source_url": "https://app.rwa.xyz/assets/JAAA", "source_name": "RWA.xyz", "note": "The Janus Henderson Anemoy AAA CLO Fund (JAAA) holds AAA-rated collateralized loan obligations. Anemoy issues and manages it, Janus Henderson is sub-adviser and Centrifuge provides the tokenization platform. It launched in May 2025 and is held on Avalanche, Ethereum, Solana, Base and smaller chains, with the largest share on Avalanche.", "figure_value": "$212M", "figure_label": "On Ethereum", "figure_approx": true, "figure_share": 0.3612, "figure_more": "Of $587M across all chains" }, { "id": "janus-henderson-jtrsy", "entity": "Janus Henderson", "entity_type": "asset manager", "instrument": "tokenized Treasury fund", "network": "Ethereum", "first_observed": "2024-09", "status": "live", "figure": "~$344M across all chains, ~95% on Ethereum", "figure_as_of": "2026-09-30", "bears_on": [ "R1", "R3", "R6" ], "source_url": "https://www.janushenderson.com/corporate/press-releases/janus-henderson-to-partner-with-anemoy-and-centrifuge-on-its-first-tokenized-fund/", "source_name": "Janus Henderson", "note": "The Janus Henderson Anemoy Treasury Fund (JTRSY) holds short-term US Treasury bills. It began as Anemoy's Liquid Treasury Fund, Janus Henderson became sub-adviser in September 2024 through its subsidiary Tabula, and Anemoy remains issuer and manager on Centrifuge's platform.", "figure_value": "$344M", "figure_label": "Across all chains", "figure_approx": true, "figure_share": 0.95, "figure_more": "About 95% of it on Ethereum" }, { "id": "morgan-stanley-ethereum-trust-staking", "entity": "Morgan Stanley Investment Management", "entity_type": "asset manager", "instrument": "staking in the Morgan Stanley Ethereum Trust (MSSE)", "network": "Ethereum", "first_observed": "2026-07", "status": "live", "bears_on": [ "R1", "R2", "R3", "R6" ], "source_url": "https://www.sec.gov/Archives/edgar/data/2103976/000110465926086356/tm2534146-10_424b3.htm", "source_name": "SEC, Morgan Stanley Ethereum Trust prospectus (424B3) of 23 July 2026", "note": "The Morgan Stanley Ethereum Trust (MSSE), sponsored by Morgan Stanley Investment Management, began trading on NYSE Arca on 28 July 2026 with staking from launch. It intends to stake 50 to 80% of its ETH through Figment, Galaxy Blockchain Infrastructure and Coinbase Canada, with BNY and Coinbase Custody holding the ETH." }, { "id": "paypal-pyusd", "entity": "PayPal", "entity_type": "fintech", "instrument": "stablecoin", "network": "Ethereum", "first_observed": "2023-08", "status": "live", "figure": "~$1.78B on Ethereum and ~$0.39B on Arbitrum, out of ~$2.89B all chains", "figure_as_of": "2026-10-05", "bears_on": [ "R3", "R6" ], "source_url": "https://newsroom.paypal-corp.com/2023-08-07-PayPal-Launches-U-S-Dollar-Stablecoin", "source_name": "PayPal", "note": "PayPal USD (PYUSD) is a US dollar stablecoin issued for PayPal by Paxos Trust Company under the supervision of the New York State Department of Financial Services, launched on Ethereum in August 2023. It was added to Arbitrum, its first layer 2, in July 2025 and is also on Solana and Stellar.", "figure_value": "$1.78B", "figure_label": "On Ethereum", "figure_approx": true, "figure_share": 0.6159, "figure_more": "Of $2.89B across all chains, with about $0.39B on Arbitrum" }, { "id": "purpose-ether-etf-staking", "entity": "Purpose Investments", "entity_type": "asset manager", "instrument": "staking of ETH held in its spot ETH ETFs", "network": "Ethereum", "first_observed": "2024-06", "status": "live", "bears_on": [ "R2", "R3" ], "source_url": "https://www.globenewswire.com/news-release/2026/01/24/3225127/0/en/Purpose-Investments-Announces-Implementation-of-Staking-in-Purpose-Ether-ETF.html", "source_name": "GlobeNewswire, Purpose Investments release of 23 January 2026", "note": "Purpose Investments has staked ETH in its exchange-traded funds since June 2024, when Ether Capital became the Purpose Ether Staking Corp. ETF and planned to stake up to half its ETH. Purpose Ether ETF (TSX: ETHH) began staking on or about 30 January 2026 and absorbed the staking fund on 13 February 2026. The staking runs on Purpose's own in-house infrastructure." }, { "id": "revolut-eurr", "entity": "Revolut", "entity_type": "fintech", "instrument": "euro stablecoin (EURR)", "network": "Ethereum", "first_observed": "2026-08", "status": "live", "figure": "~1.68M EURR on Ethereum, held by 25 addresses", "figure_as_of": "2026-10-05", "bears_on": [ "R5", "R6" ], "source_url": "https://cointelegraph.com/news/revolut-eurr-euro-stablecoin-europe-rollout", "source_name": "Cointelegraph", "note": "Revolut's own euro stablecoin, EURR, is issued for it under MiCA by Bridge Building S.A., Stripe's electronic money institution in Luxembourg. Its rollout began in Denmark, Poland and Portugal in late August 2026, on Ethereum and Polygon. Revolut's stablecoin transfers over Polygon are a separate service and stay outside the record.", "figure_value": "1.68M EURR", "figure_label": "On Ethereum", "figure_approx": true, "figure_more": "Held by 25 addresses" }, { "id": "robinhood-chain", "entity": "Robinhood Markets", "entity_type": "fintech", "instrument": "Arbitrum-stack layer 2", "network": "Robinhood Chain", "first_observed": "2026-07", "status": "live", "bears_on": [ "R3", "R5", "R6" ], "source_url": "https://robinhood.com/us/en/newsroom/robinhood-accelerates-global-expansion-robinhood-chain-mainnet-stock-tokens-agentic-trading/", "source_name": "Robinhood Markets", "note": "Robinhood Chain is a layer 2 built by Robinhood Markets on the Arbitrum platform, settling to Ethereum and using ETH for fees. Its public mainnet opened on 1 July 2026, and Robinhood's new Stock Tokens, issued by Robinhood Assets (Jersey) Limited and offered outside the US, have traded on it since launch." }, { "id": "robinhood-eth-staking", "entity": "Robinhood Markets", "entity_type": "fintech", "instrument": "brokerage ETH staking access", "network": "Ethereum", "first_observed": "2025-06", "status": "live", "bears_on": [ "R2", "R3" ], "source_url": "https://robinhood.com/us/en/newsroom/robinhood-launches-stock-tokens-reveals-layer-2-blockchain-and-expands-crypto-suite-in-eu-and-us-with-perpetual-futures-and-staking", "source_name": "Robinhood Markets", "note": "Robinhood offers ETH staking to eligible customers in the US and in the EU and EEA, launched alongside Solana staking in June 2025. On 5 October 2026 its support pages listed the service as available everywhere in the US except California, Maryland, New Jersey and Wisconsin, run through a staking partner Robinhood does not name." }, { "id": "bhutan-ndi-ethereum", "entity": "Royal Government of Bhutan", "entity_type": "public sector", "instrument": "national digital identity", "network": "Ethereum", "first_observed": "2025-10", "status": "live", "figure": "nearly 800,000 citizens", "figure_as_of": "2025-10-15", "bears_on": [ "R4", "R5" ], "source_url": "https://www.dailybhutan.com/article/bhutan-makes-history-as-the-world-s-first-nation-to-launch-a-national-digital-id-on-ethereum", "source_name": "Daily Bhutan", "note": "Bhutan's National Digital Identity, which lets residents hold and share verified credentials for public and private services, moved from Polygon to Ethereum. The integration was completed on 13 October 2025, with all credentials expected to move across by the first quarter of 2026. At the time it served nearly 800,000 citizens.", "figure_value": "800,000", "figure_label": "Citizens, nearly" }, { "id": "sp-global-ratings-onchain-ssa", "entity": "S&P Global Ratings", "entity_type": "market infrastructure", "instrument": "stablecoin stability assessments published onchain", "network": "Base", "first_observed": "2025-10", "status": "live", "bears_on": [ "R5", "R6" ], "source_url": "https://press.spglobal.com/2025-10-14-S-P-Global-Ratings-and-Chainlink-Collaboration-Brings-S-Ps-Stablecoin-Stability-Assessments-On-Chain", "source_name": "S&P Global", "note": "Since 14 October 2025 S&P Global Ratings has published its Stablecoin Stability Assessments onchain through Chainlink's DataLink service, starting on Base, an Ethereum layer 2. Each assessment scores a stablecoin's ability to hold its value from 1 (very strong) to 5 (weak), and ten stablecoins were covered at launch, including USDT and USDC. The assessments are not credit ratings, and the deployment publishes data rather than issuing an asset." }, { "id": "shopify-usdc-on-base", "entity": "Shopify", "entity_type": "fintech", "instrument": "stablecoin checkout payments", "network": "Base", "first_observed": "2025-06", "status": "live", "bears_on": [ "R5", "R6" ], "source_url": "https://www.shopify.com/news/stablecoins-on-shopify", "source_name": "Shopify", "note": "Shopify Payments has let merchants accept USDC since June 2025, built with Coinbase and Stripe and launched on Base. Shopify's help center now lists Base, Ethereum, Optimism, Arbitrum and Polygon as the networks customers can pay from, for stores in supported regions of North America and Europe and in Hong Kong. Merchants are paid in their local currency by default, or in some regions can take the USDC to their own wallet." }, { "id": "socgen-digital-green-bond", "entity": "Société Générale", "entity_type": "bank", "instrument": "digital green bond", "network": "Ethereum", "first_observed": "2023-11", "status": "live", "figure": "EUR 10 million", "figure_as_of": "2023-11-30", "bears_on": [ "R3", "R6" ], "source_url": "https://www.societegenerale.com/en/news/press-release/first-inaugural-digital-green-bond-public-blockchain", "source_name": "Société Générale", "note": "Société Générale issued this three-year senior preferred green bond on 30 November 2023 as security tokens on public Ethereum, registered by its subsidiary SG-FORGE. AXA Investment Managers and Generali Investments took the whole issue by private placement, with the option to settle onchain in SG-FORGE's euro stablecoin, EUR CoinVertible. Its three-year term ends in late November 2026.", "figure_value": "€10M", "figure_label": "Issued" }, { "id": "sgforge-defi-deployment", "entity": "Société Générale-FORGE", "entity_type": "bank", "instrument": "bank stablecoins deployed into permissionless DeFi", "network": "Ethereum", "first_observed": "2025-09", "status": "live", "bears_on": [ "R3", "R4", "R6" ], "source_url": "https://www.sgforge.com/sgf-deploys-eurcv-usdcv-in-dex/", "source_name": "Société Générale-FORGE", "note": "On 30 September 2025 SG-FORGE opened its EUR CoinVertible and USD CoinVertible stablecoins to lending and borrowing on Morpho and to spot trading on Uniswap, on public Ethereum, with MEV Capital curating the vaults and Flowdesk making markets at launch. Spiko's tokenized money market funds were among the accepted collateral. USD CoinVertible lending there has stayed negligible.", "figure": "~€41M of EUR CoinVertible supplied to Morpho markets, of which ~€37M borrowed", "figure_as_of": "2026-10-05", "figure_value": "€41M", "figure_label": "Supplied to Morpho markets", "figure_approx": true, "figure_share": 0.9024, "figure_more": "About €37M of it borrowed" }, { "id": "sgforge-eurcv", "entity": "Société Générale-FORGE", "entity_type": "bank", "instrument": "euro stablecoin", "network": "Ethereum", "first_observed": "2023-04", "status": "live", "figure": "€167,013,839 in circulation across all chains, of which €141,034,478 on Ethereum, held by ~7,000 addresses", "figure_as_of": "2026-10-05", "bears_on": [ "R3", "R4", "R6" ], "source_url": "https://www.sgforge.com/product/coinvertible/", "source_name": "Société Générale-FORGE", "note": "EUR CoinVertible is a euro stablecoin issued by Société Générale-FORGE, launched on public Ethereum in April 2023 and an e-money token under the EU's MiCA rules since 1 July 2024. It has since been issued on Solana, the XRP Ledger and Stellar, and its cash reserve is held at Société Générale.", "figure_value": "€141,034,478", "figure_label": "On Ethereum", "figure_share": 0.8444, "figure_more": "Of €167,013,839 in circulation, held by about 7,000 addresses" }, { "id": "sgforge-usdcv", "entity": "Société Générale-FORGE", "entity_type": "bank", "instrument": "dollar stablecoin", "network": "Ethereum", "first_observed": "2025-06", "status": "live", "figure": "$12,546,441 in circulation across all chains, of which $10,557,061 on Ethereum, held by ~300 addresses", "figure_as_of": "2026-10-05", "bears_on": [ "R1", "R3", "R6" ], "source_url": "https://www.sgforge.com/product/coinvertible/", "source_name": "Société Générale-FORGE", "note": "USD CoinVertible is a dollar stablecoin issued by Société Générale-FORGE, the Société Générale Group's regulated crypto-asset subsidiary, and compliant with the EU's MiCA rules since its launch on 25 June 2025. It runs on Ethereum and Solana, and its cash reserve is held mostly at BNY as custodian.", "figure_value": "$10,557,061", "figure_label": "On Ethereum", "figure_share": 0.8414, "figure_more": "Of $12,546,441 in circulation, held by about 300 addresses" }, { "id": "sofi-sofiusd", "entity": "SoFi Bank, N.A.", "entity_type": "bank", "instrument": "dollar stablecoin (SoFiUSD)", "network": "Ethereum", "first_observed": "2025-12", "status": "live", "bears_on": [ "R3", "R5", "R6" ], "source_url": "https://investors.sofi.com/news/news-details/2026/SoFiUSD-Becomes-the-First-Stablecoin-Issued-by-a-US-National-Bank-to-Launch-on-a-Banking-Platform/default.aspx", "source_name": "SoFi Technologies", "note": "SoFiUSD is a dollar stablecoin issued by SoFi Bank, N.A., a US national bank regulated by the OCC, and reserved one to one in cash. It launched on Ethereum on 18 December 2025, which SoFi describes as the first stablecoin from a US national bank on a public, permissionless blockchain, is now also on Solana, and opened to SoFi's members in May 2026.", "figure": "~$332.7M across all chains, of which ~$100.1M on Ethereum, held by nine addresses", "figure_as_of": "2026-10-05", "figure_value": "$100.1M", "figure_label": "On Ethereum", "figure_approx": true, "figure_share": 0.3009, "figure_more": "Of $332.7M across all chains, held by nine addresses" }, { "id": "sony-soneium-layer-two", "entity": "Sony Group", "entity_type": "corporate", "instrument": "OP Stack layer 2 (Soneium)", "network": "Soneium", "first_observed": "2025-01", "status": "live", "bears_on": [ "R5" ], "source_url": "https://soneium.org/en/blog/soneium-mainnet-is-live/", "source_name": "Soneium (Sony Block Solutions Labs)", "note": "Soneium is an Ethereum layer 2 built by Sony Block Solutions Labs, a joint venture of Sony Group and Startale, on Optimism's OP Stack. Its mainnet went live on 14 January 2025 and publishes its transaction data to Ethereum. L2BEAT lists it as an optimistic rollup that has not yet reached Stage 0 of its decentralization scale." }, { "id": "wyoming-frnt", "entity": "State of Wyoming", "entity_type": "public sector", "instrument": "stablecoin", "network": "Ethereum", "first_observed": "2025-08", "status": "live", "figure": "~$968k across all chains, of which ~$95k on Ethereum", "figure_as_of": "2026-10-05", "bears_on": [ "R3", "R6" ], "source_url": "https://app.rwa.xyz/assets/FRNT", "source_name": "RWA.xyz", "note": "The Frontier Stable Token is issued by the Wyoming Stable Token Commission for the State of Wyoming, the first stable token from a US public body, and is backed by dollars and short-term US Treasuries with 2% overcollateralization required by statute. It launched on 19 August 2025 on seven networks: Ethereum and its layer 2s Arbitrum, Base and Optimism, plus Avalanche, Polygon and Solana. Solana holds the largest share of its supply.", "figure_value": "$95K", "figure_label": "On Ethereum", "figure_approx": true, "figure_share": 0.0981, "figure_more": "Of $968K across all chains" }, { "id": "stripe-stablecoin-payments", "entity": "Stripe", "entity_type": "fintech", "instrument": "stablecoin payment acceptance", "network": "Ethereum", "first_observed": "2024-10", "status": "live", "bears_on": [ "R5", "R6" ], "source_url": "https://docs.stripe.com/crypto/stablecoin-payments", "source_name": "Stripe", "note": "Stripe reopened crypto payments to US businesses in October 2024, letting them accept USDC on Ethereum, Solana and Polygon and receive dollars. Its documentation now lists USDC on Ethereum, Base, Solana, Polygon and Tempo, USDP on Ethereum and Solana, and USDG on Ethereum, with each payment settled to the business's Stripe balance in its local currency. Businesses in the United States can accept them, and those in the EU, Hong Kong, Mexico and Switzerland through a private preview." }, { "id": "us-commerce-economic-data-onchain", "entity": "U.S. Department of Commerce", "entity_type": "public sector", "instrument": "official economic data published onchain", "network": "Ethereum", "first_observed": "2025-08", "status": "live", "bears_on": [ "R5" ], "source_url": "https://www.commerce.gov/news/press-releases/2025/08/department-commerce-posts-2nd-quarter-gross-domestic-product-blockchain", "source_name": "U.S. Department of Commerce", "note": "On 28 August 2025 the department began publishing GDP data on public blockchains, posting a hash of its second-quarter release to nine networks, including Ethereum, Arbitrum One and Optimism. Through Chainlink, the Bureau of Economic Analysis's figures for real GDP, the PCE price index and real final sales to private domestic purchasers are carried on Ethereum and several of its layer 2s. The Ethereum feeds were last updated on 30 September 2026." }, { "id": "ubs-umint", "entity": "UBS Asset Management", "entity_type": "asset manager", "instrument": "tokenized money market fund", "network": "Ethereum", "first_observed": "2024-11", "status": "live", "figure": "~$12.4M, Ethereum only, held by 39 addresses", "figure_as_of": "2026-10-05", "bears_on": [ "R1", "R3" ], "source_url": "https://www.ubs.com/global/en/media/display-page-ndp/en-20241101-first-tokenized-investment-fund.html", "source_name": "UBS", "note": "UBS USD Money Market Investment Fund Token is a tokenized money market sub-fund of UBS (SG) Global Opportunities VCC in Singapore, managed by UBS Asset Management and issued through UBS Tokenize on Ethereum only. It launched on 1 November 2024, and on 4 November 2025 UBS completed its first live subscription and redemption handled end to end onchain, using Chainlink's Digital Transfer Agent standard with DigiFT as distributor.", "figure_value": "$12.4M", "figure_label": "Ethereum only", "figure_approx": true, "figure_more": "Held by 39 addresses" }, { "id": "vaneck-vbill", "entity": "VanEck", "entity_type": "asset manager", "instrument": "tokenized Treasury fund", "network": "Ethereum", "first_observed": "2025-05", "status": "live", "figure": "~$55.8M across all chains and 25 holders, of which ~$18.9M on Ethereum", "figure_as_of": "2026-10-05", "bears_on": [ "R1" ], "source_url": "https://www.prnewswire.com/news-releases/vaneck-launches-first-tokenized-fund-vbill-on-securitize-302453863.html", "source_name": "VanEck (PR Newswire)", "note": "VanEck Treasury Fund, Ltd. is a British Virgin Islands fund holding US Treasuries and Treasury repo, managed by Van Eck Absolute Return Advisers, with Securitize as tokenization agent, transfer agent and administrator and State Street as custodian. It launched on 13 May 2025 on Ethereum, Avalanche, BNB Chain and Solana, with a $1 million minimum on Ethereum. BNB Chain holds the largest share.", "figure_value": "$18.9M", "figure_label": "On Ethereum", "figure_approx": true, "figure_share": 0.3387, "figure_more": "Of $55.8M and 25 holders across all chains" }, { "id": "wellington-ultra", "entity": "Wellington Management", "entity_type": "asset manager", "instrument": "tokenized Treasury fund it sub-manages", "network": "Ethereum", "first_observed": "2024-10", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://libeara.com/libeara-partners-with-wellington-and-fundbridge-capital-to-launch-a-u-s-treasuries-fund-tokenised-on-public-blockchain/", "source_name": "Libeara", "note": "The Delta Wellington Ultra Short Treasury On-Chain Fund is managed by FundBridge Capital in Singapore with Wellington Management as sub-manager, tokenized on Libeara's platform, which Standard Chartered's SC Ventures founded, with Standard Chartered Bank as custodian. It launched on Ethereum in October 2024 and has since added Arbitrum and Solana. It held about $33 million at the start of September 2026, and most of what remains is on Solana.", "figure": "~$7.0M across all chains, of which ~$0.84M on Ethereum", "figure_as_of": "2026-10-05", "figure_value": "$0.84M", "figure_label": "On Ethereum", "figure_approx": true, "figure_share": 0.12, "figure_more": "Of $7.0M across all chains" }, { "id": "wisdomtree-crdt", "entity": "WisdomTree", "entity_type": "asset manager", "instrument": "tokenized private credit and alternative income fund", "network": "Ethereum", "first_observed": "2025-09", "status": "live", "bears_on": [ "R3", "R5" ], "source_url": "https://ir.wisdomtree.com/news-events/press-releases/detail/755/wisdomtree-brings-private-credit-onchain-with-the-launch-of", "source_name": "WisdomTree", "note": "The WisdomTree Private Credit and Alternative Income Digital Fund (fund ticker CRDYX, token CRDT) launched in September 2025 on Ethereum and Stellar with a $25 minimum, through WisdomTree Prime and WisdomTree Connect. It tracks the Gapstow Private Credit and Alternative Income Index by holding listed closed-end funds, business development companies and real estate investment trusts, rather than lending directly.", "figure": "~$0.60M across all chains, of which ~$0.35M on Ethereum, held there by three addresses", "figure_as_of": "2026-10-05", "figure_value": "$0.35M", "figure_label": "On Ethereum", "figure_approx": true, "figure_share": 0.5833, "figure_more": "Of $0.60M across all chains, held there by three addresses" }, { "id": "wisdomtree-wtgxx", "entity": "WisdomTree", "entity_type": "asset manager", "instrument": "tokenized money market fund", "network": "Ethereum", "first_observed": "2023-01", "status": "live", "figure": "~$1.23B across all chains, of which ~$1.21B on Ethereum, held there by 69 addresses", "figure_as_of": "2026-10-05", "bears_on": [ "R1", "R3", "R5" ], "source_url": "https://app.rwa.xyz/assets/WTGXX", "source_name": "RWA.xyz", "note": "WisdomTree Treasury Money Market Digital Fund is an SEC-registered money market fund whose shares are also recorded as tokens, mostly on Ethereum. It was renamed from WisdomTree Government Money Market Digital Fund on or about 1 November 2025 so that it can serve as a reserve asset for stablecoin issuers under the GENIUS Act. Its SEC filing put net assets at $1.02 billion on 31 August 2026. Small amounts are also on Arbitrum, Stellar, Avalanche and Base.", "figure_value": "$1.21B", "figure_label": "On Ethereum", "figure_approx": true, "figure_share": 0.9837, "figure_more": "Of $1.23B across all chains, held there by 69 addresses" }, { "id": "ark-venture-fund-arkvx", "entity": "ARK Invest", "entity_type": "asset manager", "instrument": "entitlement token for shares of the ARK Venture Fund (ARKVX)", "network": "Ethereum", "first_observed": "2026-09", "status": "live", "figure": "~$37K on Ethereum (615.45 tokens at rwa.xyz's $60.57 a token), held by 27 addresses", "figure_as_of": "2026-10-05", "bears_on": [ "R1", "R3", "R6" ], "source_url": "https://www.prnewswire.com/news-releases/ark-invest-tokenizes-ark-venture-fund-arkvx-with-securitize-302888300.html", "source_name": "ARK Invest and Securitize (PR Newswire), 24 September 2026", "note": "The ARK Venture Fund, a closed-end interval fund holding private and public technology companies, can be bought on Ethereum through Securitize with USDC from a $500 minimum. The token is a convertible entitlement issued by Securitize Markets, LLC, standing for Class D shares of the fund that Securitize Markets holds for the investor, and it moves only between investors Securitize has verified. The first tokens were minted on 18 September 2026 and ARK announced the launch on 24 September.", "figure_value": "$37K", "figure_label": "On Ethereum", "figure_approx": true, "figure_more": "615.45 tokens at $60.57 each (rwa.xyz), held by 27 addresses" }, { "id": "baillie-gifford-bagey", "entity": "Baillie Gifford", "entity_type": "asset manager", "instrument": "natively tokenized short-duration bond fund (BAGEY)", "network": "Ethereum", "first_observed": "2026-08", "status": "live", "figure": "~$9.96M on Ethereum (9,990,642 units at the 2 October price of 99.71 cents), held by 3 addresses, 99.96% of the units at one", "figure_as_of": "2026-10-05", "bears_on": [ "R1", "R3", "R6" ], "source_url": "https://media.bailliegifford.com/mws/h33bxyna/20260622120109-ext-bg-fund-launch-release-approved.pdf", "source_name": "Baillie Gifford, release of 22 June 2026", "note": "The Baillie Gifford Enhanced Yield Fund (BAGEY) is a UK-regulated OEIC holding short-duration government and corporate bonds, whose units are issued directly as tokens on Ethereum and Solana, with the blockchain as the fund's legal register of ownership. BNY provides the tokenization and wallet infrastructure and NatWest Trustee and Depositary Services is depositary. Announced on 22 June 2026, the fund launched on 5 August 2026, the day its first units were minted on Ethereum, for eligible professional investors in the UK, Switzerland and the Cayman Islands.", "figure_value": "$9.96M", "figure_label": "On Ethereum", "figure_approx": true, "figure_more": "9,990,642 units at 99.71 cents, the 2 October price, held by 3 addresses, 99.96% of the units at one" }, { "id": "neuberger-hinc-securitize", "entity": "Neuberger Berman", "entity_type": "asset manager", "instrument": "tokenized high income fund it sub-advises (HINC)", "network": "Ethereum", "first_observed": "2026-08", "status": "live", "figure": "~$28.9M across all chains, of which ~$6.19M on Ethereum, held by 2 addresses", "figure_as_of": "2026-10-05", "bears_on": [ "R1", "R6" ], "source_url": "https://www.prnewswire.com/news-releases/securitize-and-neuberger-launch-new-tokenized-fixed-income-fund-302853551.html", "source_name": "Securitize and Neuberger (PR Newswire), 18 August 2026", "note": "The Neuberger Securitize High Income Tokenized Fund (HINC) invests mainly in high yield bonds, with collateralized loan obligations and leveraged loans beside them. Securitize Capital is its investment adviser and Neuberger Berman, which now calls itself Neuberger, its sub-adviser, in the firm's first such role for a tokenized fund; it is offered to accredited investors and qualified purchasers through Securitize Markets. It launched on 18 August 2026 on Avalanche, Ethereum, Solana and Sui, and Sui holds the largest share of it.", "figure_value": "$6.19M", "figure_label": "On Ethereum", "figure_approx": true, "figure_share": 0.2142, "figure_more": "Of $28.9M across all chains, held by 2 addresses" }, { "id": "sbi-shinsei-trust-bank-jpysc", "entity": "SBI Shinsei Trust Bank", "entity_type": "bank", "instrument": "trust-type yen stablecoin (JPYSC)", "network": "Ethereum", "first_observed": "2026-06", "status": "live", "figure": "¥20.07bn on Ethereum, held by 2 addresses", "figure_as_of": "2026-10-05", "bears_on": [ "R3", "R5", "R6" ], "source_url": "https://corp.sbishinseibank.co.jp/ja/news/news/20260624b/main/01/link/20260624_JPYSC.pdf", "source_name": "SBI Holdings, SBI Shinsei Bank, SBI Shinsei Trust Bank, SBI VC Trade and Startale, joint release of 24 June 2026 (Japanese)", "note": "JPYSC is Japan's first trust-type yen stablecoin, an electronic payment instrument under the Payment Services Act, issued by SBI Shinsei Trust Bank, developed with Startale Group and distributed by SBI VC Trade. The first ¥10 billion was minted on Ethereum on 24 June 2026, and SBI VC Trade names Ethereum as the only network it supports for the coin. For now it can be held only inside SBI VC Trade accounts and cannot be withdrawn to outside wallets until Japan's legal and tax treatment of public circulation is settled.", "figure_value": "¥20.07bn", "figure_label": "On Ethereum", "figure_more": "Held by 2 addresses" }, { "id": "standard-chartered-ether-custody-trading", "entity": "Standard Chartered", "entity_type": "bank", "instrument": "ETH custody and deliverable spot trading for institutional clients", "network": "Ethereum", "first_observed": "2024-09", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://www.sc.com/EN/press-release/standard-chartered-becomes-first-global-systemically-important-bank-g-sib-to-launch-institutional-bitcoin-and-ether-spot-trading-in-the-uae/", "source_name": "Standard Chartered, release of 3 September 2026", "note": "Standard Chartered launched digital asset custody for bitcoin and ETH in the UAE on 10 September 2024, licensed by the Dubai Financial Services Authority in the DIFC, with Brevan Howard Digital as its first client. Its UK branch began deliverable spot trading of bitcoin and ETH for institutional clients on 15 July 2025, through the bank's existing electronic trading channels, with trades settling to the client's chosen custodian, the bank's own included. Its spot trading in the UAE, from 3 September 2026, is its own row. This is custody and trading of ETH itself, not tokenization." }, { "id": "caceis-eurxt", "entity": "CACEIS (Crédit Agricole)", "entity_type": "bank", "instrument": "euro e-money token (EURXT)", "network": "Ethereum", "first_observed": "2026-06", "status": "live", "figure": "54,366,000 EURXT on Ethereum, all held by one address", "figure_as_of": "2026-10-05", "bears_on": [ "R3", "R5", "R6" ], "source_url": "https://www.caceis.com/news/credit-agricole-launches-eurxt-its-euro-denominated-stablecoin/", "source_name": "CACEIS, Crédit Agricole S.A. release of 1 July 2026", "note": "EURXT is a euro e-money token under MiCA, issued on Ethereum by CACEIS, Crédit Agricole's asset servicing group, and backed one for one by cash held on the balance sheet of CACEIS Bank. Its first issuance settled a subscription into a tokenized Amundi money market fund, which Crédit Agricole describes as the first subscription to a tokenized Luxembourg UCITS money market fund settled in a euro stablecoin in Europe. It is offered to CACEIS's institutional and corporate clients, and Crédit Agricole announced it on 1 July 2026.", "figure_value": "54,366,000 EURXT", "figure_label": "On Ethereum", "figure_more": "All held by one address" }, { "id": "citi-token-services-besu", "entity": "Citi", "entity_type": "bank", "instrument": "tokenized deposits moving between its clients' accounts (Citi Token Services for Cash)", "network": "Besu (private network)", "first_observed": "2024-10", "status": "live", "bears_on": [ "R4", "R5" ], "source_url": "https://www.lfdecentralizedtrust.org/case-studies/citi-transforms-transaction-banking-services-with-besu", "source_name": "LF Decentralized Trust, case study written with Citi", "note": "Citi Token Services for Cash turns client deposits into tokens that move between Citi accounts around the clock, on Citi's Integrated Digital Assets Platform. The case study written with Citi says it runs on Besu, chosen because it is an enterprise client that is also an Ethereum client, as a private network, tested in September 2023 and commercially live in selected markets since October 2024. Citi's own releases say only 'a private-permissioned blockchain' and do not name the client. On 28 September 2026 Citi said the service is live in seven markets: the United States, Ireland, Hong Kong, Singapore, the United Kingdom, Japan and the UAE. No dated figure is published." }, { "id": "jscc-commodity-delivery-besu", "entity": "Japan Securities Clearing Corporation", "entity_type": "market infrastructure", "instrument": "tokenized delivery documents for physical settlement of rubber futures", "network": "Besu (private network)", "first_observed": "2023-01", "status": "live", "bears_on": [ "R4", "R5" ], "source_url": "https://www.linuxfoundation.org/hubfs/HLF%20Besu%20webinar%20JSCC_Final.pdf", "source_name": "JSCC's own presentation, 6 March 2024 (Japan Exchange Group)", "note": "JSCC, the clearing house of Japan Exchange Group, replaced paper warehouse receipts with tokenized delivery documents in the final physical settlement of its rubber futures, on a platform it names as built on Hyperledger Besu. Its own slides call it JSCC's first production use of a distributed ledger and date the launch to January 2023; precious metals were being designed in March 2024. Small in scope: one commodity contract's delivery process." }, { "id": "swift-shared-ledger-besu", "entity": "Swift", "entity_type": "market infrastructure", "instrument": "shared ledger recording interbank payments in banks' tokenized deposits", "network": "Besu (private network)", "first_observed": "2026-08", "status": "live", "bears_on": [ "R4", "R5", "R6" ], "source_url": "https://www.swift.com/news-events/press-releases/swifts-blockchain-ledger-ready-use-17-banks-set-pioneer-tokenised-cross-border-payments-trusted-global-infrastructure", "source_name": "Swift, release of 9 July 2026", "note": "Swift's ledger records banks' payment commitments in tokenized deposits for cross-border payments at any hour, with final settlement on existing rails. Swift said in March 2026 that it uses an EVM-compatible architecture based on Hyperledger Besu, operated by Swift itself; it is permissioned and run for its member banks. Swift declared it ready for initial use on 9 July 2026, with 17 banks preparing to pilot, among them BNY, Citi, HSBC, Standard Chartered, UBS and Wells Fargo. The first live interbank transaction, between HSBC and Standard Chartered, was on 20 August 2026." }, { "id": "goldman-gs-dap-besu", "entity": "Goldman Sachs", "entity_type": "bank", "instrument": "digital asset platform for issuing and servicing digital bonds (GS DAP)", "network": "Besu (private network)", "first_observed": "2022-11", "status": "live", "bears_on": [ "R3", "R4", "R5" ], "source_url": "https://banque-france.fr/system/files/2024-06/2024-06-25_Projet-VENUS.pdf", "source_name": "Banque de France, Project Venus report, June 2024", "note": "GS DAP issued the European Investment Bank's Venus digital bond in November 2022 and Hong Kong's HKD 800 million tokenized green bond in February 2023, and Goldman announced the platform live in January 2023. Two central bank reports, the Banque de France's and the HKMA's, describe its first layer as a private Hyperledger Besu network carrying Canton nodes, with the contracts in Daml on Canton above it. Canton Network now lists GS DAP as running natively on Canton, and no current source says whether Besu still sits underneath, so the client is confirmed for 2022 and 2023 only." }, { "id": "northern-trust-matrix-zenith-besu", "entity": "Northern Trust", "entity_type": "bank", "instrument": "digital voluntary carbon credits on its digital asset platform (Matrix Zenith)", "network": "Besu (private network)", "first_observed": "2024-09", "status": "live", "bears_on": [ "R1", "R4", "R5" ], "source_url": "https://www.rba.gov.au/payments-and-infrastructure/central-bank-digital-currency/pdf/project-acacia-final-report.pdf", "source_name": "Reserve Bank of Australia, Project Acacia final report, May 2026", "note": "The Northern Trust Carbon Ecosystem lets institutional buyers buy, hold and retire digital voluntary carbon credits on Matrix Zenith, Northern Trust's digital asset platform. The Reserve Bank of Australia's Project Acacia report names Matrix Zenith as built on Hyperledger Besu; Northern Trust's own release says only 'private ledger digital blockchain technology'. Its first live transactions were announced on 12 September 2024." }, { "id": "fab-ddsc-adi-chain", "entity": "First Abu Dhabi Bank", "entity_type": "bank", "instrument": "UAE dirham stablecoin (DDSC)", "network": "ADI Chain", "first_observed": "2026-02", "status": "live", "bears_on": [ "R3", "R5", "R6" ], "source_url": "https://ihcuae.com/media-centre/press-releases/ihc-sirius-and-fab-receive-central-bank-approval-to-launch-uae-dirham-backed-stablecoin-ddsc-on-adi-chain", "source_name": "International Holding Company, release of 11 February 2026, with Sirius International Holding and FAB", "note": "DDSC is a UAE dirham stablecoin launched by First Abu Dhabi Bank, the UAE's largest bank, with International Holding Company and its technology arm Sirius International Holding; the partners' first announcement, in April 2025, named FAB as its issuer, while the launch releases name the three together. They announced on 11 February 2026 that the Central Bank of the UAE had approved it to go live, and IHC reported an AED 110 million transfer in DDSC on 21 May 2026. It is issued on ADI Chain, which L2BEAT lists as a ZK rollup built on the ZK Stack that posts its state roots and data to Ethereum, at Stage 0. No issuer page names the token contract, so no figure is given." }, { "id": "amundi-spiko-safo", "entity": "Amundi", "entity_type": "asset manager", "instrument": "tokenized overnight swap fund it manages (SAFO)", "network": "Ethereum", "first_observed": "2026-03", "status": "live", "figure": "63.70M dollar shares, 56.56M euro shares, 6.00M Swiss franc shares and 25,836 sterling shares on Ethereum", "figure_as_of": "2026-10-06", "bears_on": [ "R1", "R3", "R6" ], "source_url": "https://int.media.amundi.com/article/spiko-and-amundi-introduce-safo", "source_name": "Amundi, release of 19 March 2026", "note": "The Spiko Amundi Overnight Swap Fund (SAFO) is a tokenized sub-fund of Spiko SICAV, regulated under French law, that earns its yield from fully collateralized total return swaps with banks while keeping overnight liquidity. Amundi is its delegated investment manager, CACEIS its depositary bank and fund administrator, and Spiko its transfer agent, tokenization platform and broker; its shareholder register is held on Ethereum and Stellar, in euro, dollar, sterling and Swiss franc share classes. Amundi announced it on 19 March 2026, and its first dollar shares were minted on Ethereum on 12 March 2026. The figure is the supply of each share class's token contract, read on Ethereum, counted in shares rather than dollars.", "figure_value": "63.70M", "figure_label": "Dollar shares on Ethereum", "figure_more": "With 56.56M euro shares, 6.00M Swiss franc shares and 25,836 sterling shares" }, { "id": "wisdomtree-physical-lido-staked-ether", "entity": "WisdomTree", "entity_type": "asset manager", "instrument": "exchange-traded product holding staked ETH (LIST)", "network": "Ethereum", "first_observed": "2025-12", "status": "live", "bears_on": [ "R1", "R2", "R3", "R6" ], "source_url": "https://dataspanapi.wisdomtree.com/pdr/documents/FACTSHEET/WIXL/EU/EN-GB/GB00BN6NHH92", "source_name": "WisdomTree, factsheet of 31 August 2026", "note": "WisdomTree Physical Lido Staked Ether (LIST) is an exchange-traded product issued by WisdomTree Issuer X, domiciled in Jersey, that holds only stETH, Lido's liquid staking token, and earns staking rewards through stETH's daily rebase. It listed on 4 December 2025 on SIX Swiss Exchange, Xetra and Euronext Paris and Amsterdam, and on Borsa Italiana on 9 February 2026, with Swissquote Bank and BitGo Trust Company as custodians. The Block reported about $50 million committed at launch, and WisdomTree's factsheet of 31 August 2026 still lists it with staking enabled." }, { "id": "fidelity-digital-assets-ether-custody", "entity": "Fidelity Investments", "entity_type": "asset manager", "instrument": "digital asset custody of ETH (Fidelity Digital Assets)", "network": "Ethereum", "first_observed": "2022-10", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://www.fidelitydigitalassets.com/about-us", "source_name": "Fidelity Digital Assets", "note": "Fidelity Digital Assets, the subsidiary Fidelity Investments announced in 2018 to offer bitcoin custody and execution to institutions, added ETH custody and execution in 2022; a spokesperson told The Block that institutional clients could buy, sell and transfer ETH from 28 October 2022. It has kept the ETH of the Fidelity Ethereum Fund (FETH) since the fund launched on 23 July 2024, and the fund's prospectus of 21 August 2026 names it as one of three ETH custodians, beside Anchorage Digital Bank and BitGo Bank and Trust. It now operates as Fidelity Digital Assets, National Association, a national trust bank. This is custody of ETH itself, not tokenization." }, { "id": "bbva-ether-trading-custody", "entity": "BBVA", "entity_type": "bank", "instrument": "ETH trading and custody for its retail and private banking clients", "network": "Ethereum", "first_observed": "2021-12", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://www.bbva.com/en/innovation/bbva-launches-its-bitcoin-and-ether-trading-and-custody-service-for-all-retail-customers-in-spain/", "source_name": "BBVA, release of 4 July 2025", "note": "BBVA opened bitcoin and ETH trading and custody to all its adult retail customers in Spain on 4 July 2025, in its mobile app, after notifying the CNMV under MiCA and rolling the service out over the weeks before. BBVA said in March 2025 that it would hold the cryptographic keys on its own custody platform rather than with a third party, and The Block reported in September 2025 that the platform uses Ripple's custody technology. Spain is the service's third market, after Switzerland and Turkey, and BBVA Switzerland added ETH to its custody and trading service for private banking clients on 13 December 2021. Its Turkish service, Garanti BBVA Kripto, is its own row. This is custody of ETH itself, not tokenization." }, { "id": "charles-schwab-crypto-ether", "entity": "Charles Schwab", "entity_type": "bank", "instrument": "spot ETH trading and custody for retail clients (Schwab Crypto)", "network": "Ethereum", "first_observed": "2026-05", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://www.nasdaq.com/press-release/charles-schwab-announces-details-spot-crypto-trading-launch-2026-04-16", "source_name": "Charles Schwab, release of 16 April 2026 (Business Wire, on Nasdaq)", "note": "Schwab Crypto lets Schwab's US retail clients buy, sell and hold bitcoin and ETH in a crypto account linked to their brokerage account, offered by Charles Schwab Premier Bank, SSB, which is custodian of the coins, with Paxos providing sub-custody and trade execution. Schwab announced it on 16 April 2026, and The Block reported on 13 May 2026 that a first wave of eligible clients could now trade, in every state except New York and Louisiana. At launch clients could not deposit or withdraw crypto, so the ETH stayed in Schwab's custody; Schwab said transfers both ways would come later. This is custody of ETH itself, not tokenization." }, { "id": "mercado-libre-meli-dolar", "entity": "Mercado Libre", "entity_type": "fintech", "instrument": "dollar stablecoin (Meli Dólar, MUSD)", "network": "Ethereum", "first_observed": "2024-08", "status": "live", "bears_on": [ "R3", "R6" ], "source_url": "https://www.melidolar.com/", "source_name": "Mercado Libre, Meli Dólar site, read 7 October 2026", "note": "Meli Dólar (MUSD) is a US dollar stablecoin issued by Mercado Libre, the Nasdaq-listed Latin American marketplace, and launched on 21 August 2024 for Mercado Pago users in Brazil, built with the Argentine crypto exchange Ripio. Mercado Libre's own site says it runs on Ethereum, is backed one to one by liquid assets held in bankruptcy-remote reserves with monthly audits, and can be sent to outside wallets and exchanges. It is bought and sold in the Mercado Pago app in Brazil and Mexico, accepted at Mercado Libre's checkout and paid as cashback to Meli+ subscribers. Mercado Libre closed its earlier loyalty token, Mercado Coin, on 17 April 2026 and kept Meli Dólar." }, { "id": "morgan-stanley-etrade-ether-trading", "entity": "Morgan Stanley", "entity_type": "bank", "instrument": "spot ETH trading for retail clients on E*TRADE", "network": "Ethereum", "first_observed": "2026-07", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://www.morganstanley.com/press-releases/etrade-completes-crypto-spot-trading-rollout", "source_name": "Morgan Stanley, release of 16 July 2026", "note": "E*TRADE from Morgan Stanley rolled out spot trading of bitcoin, ETH and solana to eligible clients on 16 July 2026, after testing it with a limited group of clients from May 2026. Clients buy, sell and hold the coins in a linked account at zerohash, at a price of 50 basis points, and see them beside their other investments on E*TRADE. Morgan Stanley says it does not itself transact in or hold the coins: trades and custody sit with Zero Hash LLC, outside Morgan Stanley and without FDIC or SIPC cover, and the service is to move to Morgan Stanley Digital Trust, National Association, a national trust bank still being organized. In July 2026 Morgan Stanley said transfers on and off the platform would follow later in the year. This is trading of ETH itself, held by zerohash, not tokenization." }, { "id": "vaneck-ethereum-etn-staking", "entity": "VanEck", "entity_type": "asset manager", "instrument": "staking in the VanEck Ethereum ETN (VETH)", "network": "Ethereum", "first_observed": "2024-04", "status": "live", "bears_on": [ "R1", "R2", "R3" ], "source_url": "https://www.vaneck.com/globalassets/home/media/managedassets/etf-europe/news-and-media/market-announcements/staking---market-announcement-002_final.pdf", "source_name": "VanEck, market announcement of 4 April 2024", "note": "VanEck (Europe) GmbH and VanEck ETP AG began staking the ETH held by the VanEck Ethereum ETN (ISIN DE000A3GPSP7), an exchange-traded note backed by ETH and launched in March 2021, on 4 April 2024. VanEck instructs the note's custodian to deposit ETH with validators run by a staking provider, while the custodian keeps control of the staked ETH; rewards, less a staking fee of 25%, are added to each note's ETH entitlement daily. VanEck's product page on 7 October 2026 showed a gross staking yield of 1.78% and total net assets of $195.64 million, both as of 6 October 2026." }, { "id": "wisdomtree-physical-ethereum-staking", "entity": "WisdomTree", "entity_type": "asset manager", "instrument": "staking in WisdomTree Physical Ethereum (ETHW)", "network": "Ethereum", "first_observed": "2023-09", "status": "live", "bears_on": [ "R1", "R2", "R3" ], "source_url": "https://dataspanapi.wisdomtree.com/pdr/documents/FACTSHEET/WIXL/EU/EN-GB/GB00BJYDH394", "source_name": "WisdomTree, factsheet of 31 August 2026", "note": "WisdomTree Physical Ethereum (ETHW) is an exchange-traded product backed by ETH, issued from Jersey by WisdomTree Issuer X and listed on SIX Swiss Exchange since 29 April 2021, and on Xetra as WETH. WisdomTree announced in early September 2023 that it had enabled staking in it, and each share's ETH entitlement is adjusted daily for fees and staking rewards. Its factsheet of 31 August 2026 still lists staking as enabled, with Swissquote Bank, Coinbase Custody Trust Company and BitGo Trust Company as custodians; it does not name the staking provider." }, { "id": "postfinance-eth-staking", "entity": "PostFinance", "entity_type": "bank", "instrument": "ETH staking for retail clients", "network": "Ethereum", "first_observed": "2025-01", "status": "live", "bears_on": [ "R1", "R2", "R6" ], "source_url": "https://www.postfinance.ch/en/about-us/media/newsroom/postfinance-staking-cryptos.html", "source_name": "PostFinance, release of 16 January 2025", "note": "PostFinance, the Swiss Post's bank, opened ETH staking to its customers on 16 January 2025 in e-finance and the PostFinance App, from a minimum of 0.1 ETH, and called itself the first systemically important bank to offer it. It works with Sygnum, the FINMA-regulated digital asset bank with which it opened crypto trading and custody to its customers in February 2024, and stakes natively on Ethereum, with rewards shown in the customer's crypto portfolio. Its staking page on 7 October 2026 still offered ETH as the only coin that can be staked, for a fee of 20% of rewards. This is staking of ETH itself, not tokenization." }, { "id": "zug-tax-payments-ether", "entity": "Canton of Zug", "entity_type": "public sector", "instrument": "tax payments in ETH, converted to francs", "network": "Ethereum", "first_observed": "2021-02", "status": "live", "bears_on": [ "R3", "R6" ], "source_url": "https://zg.ch/de/steuern-finanzen/steuern/inkasso/taxpaymentswithcryptocurrencies", "source_name": "Canton of Zug, cantonal tax administration page, read 7 October 2026", "note": "Since February 2021 people and companies liable to tax in the Canton of Zug can pay invoices from the cantonal tax administration, for income, wealth, profit and capital taxes, in bitcoin or ETH, the first Swiss canton to accept them. The taxpayer asks the tax administration for a payment link and pays from a wallet by QR code; Bitcoin Suisse runs the payment, carries the exchange-rate risk and pays the canton in Swiss francs, for a fee of 1%. The upper limit per invoice, CHF 100,000 at launch, has been CHF 1,500,000 since 1 March 2023. The canton itself holds no ETH." }, { "id": "commerzbank-ether-custody-trading", "entity": "Commerzbank", "entity_type": "bank", "instrument": "ETH custody and trading for corporate clients", "network": "Ethereum", "first_observed": "2024-09", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://www.commerzbank.de/group/newsroom/press-releases/commerzbank-crypto-finance.html", "source_name": "Commerzbank, release of 19 September 2024", "note": "Commerzbank has offered selected corporate clients in Germany custody and trading of bitcoin and ETH since 19 September 2024. Commerzbank keeps the coins in custody itself, under the crypto custody license BaFin granted it in November 2023, which made it the first German universal bank to hold one. Crypto Finance, part of Deutsche Börse Group, executes the trades. This is custody of ETH itself, not tokenization." }, { "id": "dz-bank-meinkrypto-ether", "entity": "DZ BANK", "entity_type": "bank", "instrument": "spot ETH trading and custody for retail clients of cooperative banks (meinKrypto)", "network": "Ethereum", "first_observed": "2026-05", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://www.boersen-zeitung.de/banken-finanzen/erstes-primaerinstitut-das-ueber-das-zentrale-angebot-meinkrypto-geht", "source_name": "Börsen-Zeitung, report of 5 May 2026", "note": "meinKrypto, the crypto service DZ BANK built with Atruvia for Germany's cooperative banks, lets their retail clients buy, sell and hold bitcoin, ETH, litecoin and cardano in the VR Banking App. DZ BANK received its MiCAR authorization from BaFin at the end of December 2025, and each Volksbank or Raiffeisenbank must notify BaFin before it offers the service. VR-Bank Würzburg was the first to go live, in May 2026, with Boerse Stuttgart Digital handling trading and custody. This is custody of ETH itself, not tokenization." }, { "id": "openbank-ether-trading-custody", "entity": "Openbank (Santander)", "entity_type": "bank", "instrument": "spot ETH trading and custody for retail clients in Germany and Spain", "network": "Ethereum", "first_observed": "2025-09", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://www.santander.com/en/press-room/press-releases/2025/09/openbank-launches-cryptocurrency-trading-service", "source_name": "Santander, release of 16 September 2025", "note": "Openbank, Santander's digital bank, opened trading in bitcoin, ETH, litecoin, polygon and cardano to its customers in Germany on 16 September 2025. Customers buy, sell and hold the coins in their Openbank account alongside their other investments, under MiCA. Openbank added the service in Spain on 11 November 2025. Trades cost 1.49%, with a minimum of 1 euro, and there is no custody fee. This is custody of ETH itself, not tokenization." }, { "id": "zkb-ether-trading-custody", "entity": "Zürcher Kantonalbank", "entity_type": "bank", "instrument": "spot ETH trading and custody for retail clients and other Swiss banks", "network": "Ethereum", "first_observed": "2024-09", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://www.zkb.ch/de/ueber-uns/medien/medienmitteilungen/2024/kryptowaehrung.html", "source_name": "Zürcher Kantonalbank, release of 4 September 2024", "note": "Zürcher Kantonalbank has let its clients trade bitcoin and ETH at any hour in ZKB eBanking and Mobile Banking since 4 September 2024, with the holdings shown in their existing portfolio. The bank keeps the private keys itself, and Crypto Finance AG, part of Deutsche Börse Group, executes the trades. It offers the same trading and custody to other Swiss banks as a business-to-business service, and Thurgauer Kantonalbank was its first partner. This is custody of ETH itself, not tokenization." }, { "id": "lukb-ether-trading-custody", "entity": "Luzerner Kantonalbank", "entity_type": "bank", "instrument": "spot ETH trading and custody for retail clients", "network": "Ethereum", "first_observed": "2024-03", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://www.lukb.ch/ueber-uns/medien/news/handel-verwahrung-kryptowaehrungen", "source_name": "Luzerner Kantonalbank, release of 4 March 2024", "note": "Luzerner Kantonalbank has let its clients buy, sell and hold bitcoin, ETH and USD Coin in its e-banking since early March 2024, on infrastructure built into its own core banking system. Since 1 October 2024 clients have been able to move bitcoin and ETH between other wallets and their LUKB securities account in both directions. Since 25 September 2025 LUKB has accepted bitcoin and ETH as collateral for Lombard loans. This is custody of ETH itself, not tokenization." }, { "id": "itau-ether-trading-custody", "entity": "Itaú Unibanco", "entity_type": "bank", "instrument": "spot ETH trading and custody for retail clients", "network": "Ethereum", "first_observed": "2023-12", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://www.itau.com.br/relacoes-com-investidores/noticias/itau-unibanco-inicia-negociacao-de-criptomoedas-via-ion/", "source_name": "Itaú Unibanco, release of 4 December 2023", "note": "Itaú Unibanco, a Brazilian bank, began offering bitcoin and ETH trading on its investment platform íon on 4 December 2023, rolling it out to clients gradually with a minimum purchase of R$10. Itaú keeps the coins in custody itself rather than with a third party, and at launch clients could not move crypto to or from outside wallets. In December 2024 it opened bitcoin and ETH trading to all clients in the main Itaú app. This is custody of ETH itself, not tokenization." }, { "id": "nubank-ether-trading", "entity": "Nubank", "entity_type": "fintech", "instrument": "spot ETH trading for retail clients in Brazil", "network": "Ethereum", "first_observed": "2022-05", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://www.paxos.com/newsroom/nubank-enters-crypto-trading-with-simple-and-safe-in-app-experience-that-will-democratize-access", "source_name": "Paxos, release of 11 May 2022", "note": "Nubank began offering bitcoin and ETH trading in its app to customers in Brazil in May 2022, from BRL 1, and planned to reach its whole customer base by the end of July 2022. At launch Paxos acted as broker and custodian. From 23 May 2024 Nubank began letting customers send bitcoin, ETH and solana to outside wallets and receive them from those wallets. This is trading of ETH itself, not tokenization." }, { "id": "bpce-hexarq-ether-trading-custody", "entity": "Groupe BPCE", "entity_type": "bank", "instrument": "spot ETH trading and custody for retail clients of Banque Populaire and Caisse d'Epargne (Hexarq)", "network": "Ethereum", "first_observed": "2025-12", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://newsroom.groupebpce.fr/assets/cp-bpce-offre-cryptoactifs-hexarq-10032026-pdf-21d09-7b707.html?dl=1", "source_name": "Groupe BPCE, release of 10 March 2026", "note": "Groupe BPCE lets retail clients of Banque Populaire and Caisse d'Epargne buy, hold and sell crypto-assets, Bitcoin and Ethereum among them, in their banking apps through its subsidiary Hexarq. Ledger Insights reported on 8 December 2025 that the service had launched in four regional banks with bitcoin, ETH, solana and USDC. On 10 March 2026 BPCE said clients of 13 banks would have access by the end of March, and clients of Banque Palatine from April. BPCE built and operates Hexarq's platform, and Hexarq received its MiCA authorization from the AMF in early February 2026. This is custody of ETH itself, not tokenization." }, { "id": "paypal-venmo-ether-trading", "entity": "PayPal", "entity_type": "fintech", "instrument": "spot ETH buying, holding and selling for US customers in PayPal and Venmo", "network": "Ethereum", "first_observed": "2020-11", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://newsroom.paypal-corp.com/2020-10-21-PayPal-Launches-New-Service-Enabling-Users-to-Buy-Hold-and-Sell-Cryptocurrency", "source_name": "PayPal, release of 21 October 2020, updated 12 November 2020", "note": "From 12 November 2020 PayPal let all eligible US account holders buy, hold and sell bitcoin, ETH, bitcoin cash and litecoin, through a partnership with Paxos Trust Company. Venmo, which PayPal owns, began adding the same four coins on 20 April 2021. On 7 October 2026 Venmo's help pages listed Ethereum among the coins customers can buy, sell, hold and transfer, including outside the Venmo and PayPal network. They also said that from 19 May 2026 the service is provided by PayPal Digital, Inc., doing business as Venmo Digital. This is trading of ETH itself, not tokenization, and PayPal's stablecoin PYUSD is a separate row." }, { "id": "revolut-eth-staking", "entity": "Revolut", "entity_type": "fintech", "instrument": "ETH staking for UK and EEA customers", "network": "Ethereum", "first_observed": "2023-02", "status": "live", "bears_on": [ "R1", "R2", "R6" ], "source_url": "https://decrypt.co/120830/revolut-launches-crypto-staking-ethereum-cardano-polkadot-tezos", "source_name": "Decrypt, report of 8 February 2023", "note": "Revolut began offering staking of ETH, alongside cardano, polkadot and tezos, to customers in the UK and selected EEA countries in February 2023, in its app. Revolut keeps a product page for Ethereum staking, and in November and December 2025 it added zero-fee staking of other tokens for EEA customers. Revolut's euro stablecoin EURR is a separate row. This is staking of ETH itself, not tokenization." }, { "id": "dbs-tokenised-structured-notes", "entity": "DBS Bank", "entity_type": "bank", "instrument": "tokenized structured notes", "network": "Ethereum", "first_observed": "2025-09", "status": "live", "bears_on": [ "R1", "R3" ], "source_url": "https://www.dbs.com/iwov-resources/images/investors/quarterly-financials/2025/3Q25_media_transcript.pdf", "source_name": "DBS, third-quarter 2025 media briefing transcript of 6 November 2025", "note": "DBS announced on 21 August 2025 that it would tokenize structured notes on public Ethereum and distribute them through ADDX, DigiFT and HydraX, splitting notes with a US$100,000 minimum into US$1,000 tokens that move only between whitelisted wallets. The first issue is a cash-settled, crypto-linked participation note. Its chief executive, Tan Su Shan, said on 6 November 2025 that the bank issued the notes in the third quarter, and its structured note program was updated to allow tokens by 18 September 2025, so September is the likely first month. DBS said on 12 November 2025 that it had launched its first tokenized structured note on the public Ethereum blockchain, and its 2025 annual report lists the launch. No onchain amount is published, and the 'over US$1 billion traded in H1 2025' in the release is conventional volume, so no figure is given. Also: DBS, 12 November 2025, https://www.dbs.com/blockchain/how-dbs-is-shaping-a-trusted-digital-asset-ecosystem.html." }, { "id": "broadridge-proxyvote-tokenised-securities", "entity": "Broadridge", "entity_type": "market infrastructure", "instrument": "proxy voting and investor communications for holders of tokenized US securities (ProxyVote)", "network": "Ethereum", "first_observed": "2026-07", "status": "live", "bears_on": [ "R3", "R6" ], "source_url": "https://www.broadridge.com/press-release/2026/ondo-finance-launches-first-ever-custodial-tokenized-securities-in-the-us", "source_name": "Broadridge, release of 2 July 2026", "note": "On 2 July 2026 Ondo Finance began issuing tokens for US investors that stand for shares of BlackRock's iShares Core S&P 500 ETF (IVV) and of Micron, minted on Ethereum by Oasis Pro TA, an SEC-registered transfer agent owned by Ondo, with the underlying shares held by regulated custodians. Broadridge's release of the same day says it will let holders of the tokens vote by proxy and receive issuer communications and regulatory disclosures through its ProxyVote platform, which since April 2026 lets investors sign in with their wallets. Ondo, the issuer, is held out of the record as a crypto-native firm, so this row records Broadridge's servicing of the tokens. No vote by token holders through ProxyVote had been reported by 7 October 2026. Also: Ondo Finance and Broadridge, release of 28 April 2026, https://s203.q4cdn.com/209299927/files/doc_news/Ondo-Finance-Brings-Shareholder-Voting-Capabilities-to-Tokenized-Securities-with-Broadridge-2026.pdf." }, { "id": "dtcc-tokenization-service-besu", "entity": "DTCC", "entity_type": "market infrastructure", "instrument": "tokenized entitlements to securities held at DTC (DTCC Tokenization Service)", "network": "Besu (private network)", "first_observed": "2026-07", "status": "live", "bears_on": [ "R3", "R4", "R5" ], "source_url": "https://www.dtcc.com/news/2026/july/15/dtcc-turns-tokenization-into-reality", "source_name": "DTCC, release of 15 July 2026", "note": "DTCC's tokenization service lets participants of The Depository Trust Company turn securities held at DTC into tokens and back, with the same entitlements and investor protections, under an SEC no-action letter of December 2025 that covers Russell 1000 stocks, ETFs tracking major indices and US Treasuries. On 15 July 2026 DTCC converted DTC-held assets into tokens that were used in what it calls real production trades, among them collateral pledges, securities lending, Treasury repo and equity trades, with more than 30 firms taking part. DTCC says the conversions ran on 'LFDT's Besu (DTCC's private network) and Canton (a public network)'; Canton is not an Ethereum network, so only the Besu side is counted here. The full service was due to launch in October 2026, and DTCC had not announced its launch by 7 October 2026, so this row rests on the limited production trades of July. Also: DTCC, release of 4 May 2026, https://www.dtcc.com/news/2026/may/04/dtcc-advances-development-of-new-tokenization-service." }, { "id": "hang-seng-gold-etf-tokenised-class", "entity": "Hang Seng Investment Management", "entity_type": "asset manager", "instrument": "tokenized unlisted class of the Hang Seng Gold ETF (HSGLD)", "network": "Ethereum", "first_observed": "2026-04", "status": "live", "bears_on": [ "R1", "R3", "R6" ], "source_url": "https://cms.hangsenginvestment.com/cms/ivp/hsvm/document/3170_od_e.pdf", "source_name": "Hang Seng Investment Management, prospectus of 30 April 2026", "note": "Hang Seng Investment Management, part of the HSBC group, opened a tokenized unlisted class of its Hang Seng Gold ETF, trading code HSGLD, on HashKey Exchange in April 2026; the fund's listed class has traded in Hong Kong since 29 January 2026 and holds gold in vaults in Hong Kong. HSBC is the fund's tokenization agent, gold custodian, trustee and transfer agent. The prospectus says the tokenization agent 'intends to utilise Ethereum as the primary blockchain', that every wallet holding the units is whitelisted, and that units are subscribed and redeemed only through eligible distributors, with no secondary trading. Neither firm publishes the token's contract; an Ethereum token named HSGLD was first minted on 14 April 2026 and had a supply of 17,215 units, all in one wallet, on 7 October 2026. Also: The Asset, report of 21 April 2026, https://www.theasset.com/article/56255/hang-seng-debuts-tokenized-unlisted-class-for-gold-etf-in-hk." }, { "id": "kbc-bolero-ether-trading-custody", "entity": "KBC", "entity_type": "bank", "instrument": "spot ETH trading and custody for retail clients (Bolero)", "network": "Ethereum", "first_observed": "2026-02", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://www.kbc.com/content/dam/kbccom/doc/newsroom/pressreleases/2026/20260115_%20Crypto%20in%20Bolero_EN.pdf", "source_name": "KBC, release of 15 January 2026", "note": "From the week of 16 February 2026 retail investors on Bolero, KBC's online investment platform, can buy and sell bitcoin and ETH, the first Belgian bank to offer this, under the EU's MiCA regulation. KBC keeps the coins in its own custody, and the service is closed: clients cannot move coins in from other platforms or out to them. KBC and Crypto Finance, part of Deutsche Börse Group, said on 16 February 2026 that the service was launching, with Crypto Finance as the trading counterparty. This is trading and custody of ETH itself, not tokenization. Also: KBC and Crypto Finance, release of 16 February 2026, https://www.kbc.com/content/dam/kbccom/doc/newsroom/pressreleases/2026/20260216%20Bolero%20x%20Crypto%20Finance_EN.pdf." }, { "id": "lion-global-goldx", "entity": "Lion Global Investors", "entity_type": "asset manager", "instrument": "tokenized physical gold fund (GOLDX)", "network": "Ethereum", "first_observed": "2026-04", "status": "live", "bears_on": [ "R1", "R3", "R6" ], "source_url": "https://www.ocbc.com/group/media/release/2026/ocbc-lion-global-investors-and-digifit-launches-southeast-asia-first-onchain-tokenised-gold-fund.page", "source_name": "OCBC, release of 20 April 2026", "note": "The OCBC-LionGlobal Physical Gold Fund Token (GOLDX) gives institutions and corporate accredited investors exposure to the LionGlobal Singapore Physical Gold Fund, managed by Lion Global Investors, OCBC's asset manager, which held S$669.4 million on 16 April 2026. OCBC, Lion Global Investors and the digital asset exchange DigiFT launched it on 20 April 2026, OCBC having structured the issue; investors subscribe through DigiFT with stablecoins or fiat currency and receive the tokens in their own wallets. OCBC's release says the token is issued on both Ethereum and Solana, and no split of supply between them is published. On Ethereum the token was first minted on 17 April 2026 and had a supply of 378,574.55 tokens across six holders on 7 October 2026; what share of the fund that is has not been published, so no figure is given." }, { "id": "colorado-tax-payments-crypto-paypal", "entity": "State of Colorado (Department of Revenue)", "entity_type": "public sector", "instrument": "state tax payments in cryptocurrency, ETH among the coins, converted to dollars", "network": "Ethereum", "first_observed": "2022-09", "status": "live", "bears_on": [ "R3", "R6" ], "source_url": "https://tax.colorado.gov/cryptocurrency", "source_name": "Colorado Department of Revenue, cryptocurrency payment page, read 7 October 2026", "note": "Since 1 September 2022 the Colorado Department of Revenue has accepted cryptocurrency for all state taxes, among them individual and business income, sales and use, withholding, severance and excise fuel taxes, and Governor Jared Polis announced it that month. The taxpayer pays through the department's Revenue Online from the PayPal Cryptocurrencies Hub of a personal PayPal account, holding the whole amount in one coin; that coin is converted to dollars inside PayPal, for a fee of $1.00 plus 1.83%, and the dollars reach the state in three to five business days. The department's page, read on 7 October 2026, does not name the coins: ETH is named by Bloomberg Tax and The Block in September 2022, from PayPal's list, and PayPal still lists Ethereum among the coins its US customers can use. The payment itself does not move on Ethereum, since the coin is sold to PayPal inside the taxpayer's account, and the state holds no ETH. Uptake is small: Bloomberg Tax reported 72 crypto payments, $56,510 in all and across every coin, by October 2024. Also: Bloomberg Tax, report of 20 September 2022, https://news.bloombergtax.com/daily-tax-report/colorados-cryptocurrency-tax-payments-processing-goes-live." }, { "id": "deutsche-bank-dama-2-prividium", "entity": "Deutsche Bank", "entity_type": "bank", "instrument": "fund tokenization and servicing platform (DAMA 2) on a private ZKsync chain run by Memento Blockchain", "network": "ZKsync Prividium (private network)", "first_observed": "2025-11", "status": "live", "bears_on": [ "R3", "R4", "R5" ], "source_url": "https://www.db.com/news/detail/20250618-dama-2-litepaper-institutional-blueprint-for-asset-tokenisation-and-servicing-on-ethereum-layer-2", "source_name": "Deutsche Bank, release of 18 June 2025", "note": "DAMA 2 is a platform led by Deutsche Bank for issuing, distributing and servicing tokenized funds, built with Memento Blockchain and Interop Labs, the developer of Axelar, on Memento ZK Chain, a private, permissioned chain on ZKsync's ZK Stack and Prividium that keeps its transaction data off chain and posts validity proofs to Ethereum. Deutsche Bank's own release of 18 June 2025 says only that 'the DAMA 2 MVP mainnet launch is targeted for the second half of 2025', and the bank has said nothing about it since, so its being live rests on its vendors and the press, not on Deutsche Bank. A report commissioned by Matter Labs, which builds ZKsync, says DAMA 2 was 'scheduled to go into production at the Singapore Fintech Festival in 2025', held 12 to 14 November 2025, the month given here; Memento's own site, read on 7 October 2026, describes the project only up to its litepaper, and in June 2026 KuCoin reported Matter Labs' site still calling its work with Deutsche Bank a pilot. Memento said on 13 January 2026 that its chain carried three tokenized real-world asset funds and $112 million, without naming them. No DAMA 2 fund, client, amount or transaction has been named, and the chain is not listed on L2BEAT, so none of it can be checked on Ethereum. Also: Reflexivity Research for Matter Labs, 2025, https://www.zksync.io/papers/reflexivity_research_memento_zk_chain.pdf." }, { "id": "bw-bank-ether-trading-bitpanda", "entity": "BW-Bank (LBBW)", "entity_type": "bank", "instrument": "spot ETH trading for retail clients", "network": "Ethereum", "first_observed": "2026-09", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://www.bw-bank.de/de/home/privatkunden/geldanlage/kryptokooperation-mit-bitpanda.html", "source_name": "BW-Bank, product page, read 7 October 2026 (German)", "note": "BW-Bank, the retail and savings bank brand of Landesbank Baden-Württemberg (LBBW) in Stuttgart, has offered its customers crypto trading through Bitpanda since September 2026, announced by Bitpanda on 9 September 2026. Customers with a BW-Bank securities account open Bitpanda from the bank's BW Nextbroker service and can trade ten coins, ETH among them, from 1 euro and up to 50,000 euros a trade. BW-Bank's own page says that Bitpanda GmbH, not the bank, is the customer's contracting party for all crypto business and holds the coins, so BW-Bank provides the access and Bitpanda the service. LBBW first announced the Bitpanda partnership on 15 April 2024, for custody of bitcoin, Ethereum and other assets for its corporate clients with a pilot planned for the second half of 2024, but its 2024 annual report speaks only of building that offer and no source shows it live with a client. This is trading of ETH itself, not tokenization. Also: Bitpanda, release of 9 September 2026, https://blog.bitpanda.com/en/regulated-crypto-access-bw-bank-investors." }, { "id": "lg-liquidity-funds-calastone", "entity": "Legal & General Asset Management", "entity_type": "asset manager", "instrument": "tokenized share classes of its liquidity funds on Calastone's Tokenised Distribution network", "network": "Ethereum", "first_observed": "2026-04", "status": "live", "bears_on": [ "R3", "R5" ], "source_url": "https://group.legalandgeneral.com/newsroom/press-releases/2026/4/lg-liquidity-funds-now-live-on-sscs-calastone-tokenised-distribution-network/", "source_name": "Legal & General, release of 14 April 2026", "note": "Legal & General Asset Management said on 14 April 2026 that its liquidity funds, in US dollars, euros and sterling, are now available as tokenized share classes on the Calastone Tokenised Distribution network, run by Calastone, part of SS&C Technologies, which creates the tokens and handles order routing and onchain settlement. The tokens move only between authorized users, and L&G says all of the more than £50 billion in liquidity assets it manages is now available in tokenized form. The release says only that the tokenized versions 'will initially be available on Ethereum and EVM compatible blockchains', and Calastone's network also runs on Polygon and Canton. No fund, token contract, investor or first subscription on Ethereum has been named by L&G, Calastone or the press, and none could be found on Etherscan or rwa.xyz on 7 October 2026, so this row records an offer opened on Ethereum, not tokens seen there." }, { "id": "ant-digital-jovay-layer-two", "entity": "Ant Group (Ant Digital Technologies)", "entity_type": "fintech", "instrument": "layer 2 for tokenized real-world assets (Jovay)", "network": "Jovay", "first_observed": "2025-09", "status": "live", "bears_on": [ "R5", "R6" ], "source_url": "https://l2beat.com/scaling/projects/jovay", "source_name": "L2BEAT, project page (archived 27 May 2026), read 7 October 2026", "note": "Jovay is a layer 2 built and run by Ant Digital Technologies, the technology arm of Ant Group, for tokenized real-world assets; it uses ETH for fees and has no token of its own. Ant Digital's own release of 15 July 2025 announced only its testnet, with the mainnet expected in the fourth quarter, and no Ant statement on the mainnet launch has been found, so the launch date rests on secondary sources: the chain's first block is dated 20 September 2025, L2BEAT has tracked its batches on Ethereum since 22 September 2025, and OpenZeppelin announced on 26 September 2025 that it had audited it. Ant Digital runs the sequencer, and new states are accepted on the attestation of a permissioned trusted execution environment, with no validity or fraud proofs, so L2BEAT lists it among Others rather than as a rollup, and it archived its page on 27 May 2026. Its contract on Ethereum was still receiving a batch every hour on 7 October 2026. Also: OpenZeppelin, 26 September 2025, https://www.openzeppelin.com/news/openzeppelin-partners-with-jovay-network." }, { "id": "coinbase-base", "entity": "Coinbase", "entity_type": "fintech", "instrument": "optimistic rollup layer 2 (Base)", "network": "Base", "first_observed": "2023-08", "status": "live", "bears_on": [ "R5", "R6" ], "source_url": "https://blog.base.org/base-is-open-for-everyone", "source_name": "Base (Coinbase), post of 9 August 2023", "note": "Base is an Ethereum layer 2 built and run by Coinbase. After a launch for developers on 13 July 2023, its mainnet opened to everyone on 9 August 2023, with transactions settled on Ethereum. It launched on Optimism's OP Stack, but on 18 February 2026 Base announced it was moving to its own Base-operated stack, and L2BEAT records it leaving Optimism's Superchain on 4 March 2026. L2BEAT lists Base as an optimistic rollup at Stage 1 that posts its data to Ethereum as blobs and uses ETH for gas. Also: Base, post of 18 February 2026, https://blog.base.dev/next-chapter-for-base-chain-1" }, { "id": "kraken-ink-layer-two", "entity": "Kraken", "entity_type": "fintech", "instrument": "OP Stack layer 2 (Ink)", "network": "Ink", "first_observed": "2024-12", "status": "live", "bears_on": [ "R5", "R6" ], "source_url": "https://blog.kraken.com/news/ink-mainnet-launch", "source_name": "Kraken, post of 18 December 2024", "note": "Ink is an Ethereum layer 2 built by Kraken on Optimism's OP Stack, as part of Optimism's Superchain. Kraken announced on 18 December 2024 that its mainnet was live, ahead of a planned date in the first quarter of 2025, with ETH as its gas token. L2BEAT lists it as an optimistic rollup that posts its data to Ethereum as blobs, and records it reaching Stage 1 of its decentralization scale on 22 January 2025." }, { "id": "okx-x-layer-layer-two", "entity": "OKX", "entity_type": "fintech", "instrument": "OP Stack layer 2 (X Layer)", "network": "X Layer", "first_observed": "2024-04", "status": "live", "bears_on": [ "R5", "R6" ], "source_url": "https://www.okx.com/en-us/learn/x-layer-mainnet", "source_name": "OKX, post of 16 April 2024", "note": "X Layer is a layer 2 built by OKX, whose public mainnet opened on 16 April 2024. It launched as a zero-knowledge chain on Polygon's CDK that kept its transaction data with a committee rather than on Ethereum, and by December 2025 OKX had moved it to Optimism's OP Stack. L2BEAT now records it posting its transaction data to Ethereum, but lists it among 'Others' rather than rollups, because fewer than five outside parties can challenge its state, and notes that its contracts can be upgraded with no delay. Fees are paid in OKX's own token, OKB, not in ETH. Also: Optimism, post of 9 December 2025, https://www.optimism.io/blog/okx-migrates-xlayer-to-the-op-stack" }, { "id": "mastercard-stablecoin-settlement", "entity": "Mastercard", "entity_type": "market infrastructure", "instrument": "stablecoin settlement", "network": "Ethereum", "first_observed": "2026-06", "status": "live", "bears_on": [ "R3", "R6" ], "source_url": "https://www.theblock.co/post/403474", "source_name": "The Block", "note": "On 3 June 2026 Mastercard announced plans to settle with its issuers and acquirers in stablecoins, among them USDC, PYUSD, USDG, USDP and RLUSD, on networks including Ethereum, Base, Arbitrum and Polygon, with ARQ, CBW Bank, Cross River, Lead Bank and Nuvei expected among the first. Its first live settlement flows began in September 2026. No volume figure has been published." }, { "id": "visa-stablecoin-settlement", "entity": "Visa", "entity_type": "market infrastructure", "instrument": "stablecoin settlement", "network": "Ethereum", "first_observed": "2021-03", "status": "live", "figure": "$7B annualised settlement run rate across all supported chains", "figure_as_of": "2026-04-29", "bears_on": [ "R3", "R6" ], "source_url": "https://investor.visa.com/news/news-details/2026/Visa-Accelerates-Stablecoin-Momentum-Adding-Five-Blockchains-for-Settlement/default.aspx", "source_name": "Visa", "note": "Visa began settling with Crypto.com in USDC on Ethereum as a pilot in 2021. On 29 April 2026 it listed Ethereum among the nine blockchains of its stablecoin settlement pilot, then at a $7 billion annualised run rate across all of them, and added Base and Polygon the same day. Its production settlement began in December 2025. No Ethereum figure is published; the run rate is for every chain.", "figure_value": "$7B", "figure_label": "Annualised settlement run rate", "figure_more": "Across all supported chains" }, { "id": "garanti-bbva-ether-custody-trading", "entity": "Garanti BBVA", "entity_type": "bank", "instrument": "ETH custody and trading for retail customers in Türkiye (Garanti BBVA Kripto)", "network": "Ethereum", "first_observed": "2024-06", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://www.bbva.com/en/innovation/garanti-bbva-digital-assets-now-offers-crypto-custody-to-all-customers-on-its-garanti-bbva-crypto-mobile-platform/", "source_name": "BBVA, release of 11 June 2024", "note": "Garanti BBVA set up Garanti BBVA Kripto in July 2023 and keeps its customers' keys on Ripple Custody and IBM technology. Forbes Türkiye reported that it held crypto for customers for six months, tested trading from January 2024 and opened bitcoin and ETH trading to all its customers from June 2024, when BBVA said custody was open to every customer of the Garanti BBVA Kripto app. This is custody of ETH itself, not tokenization." }, { "id": "paypal-pyusd-arbitrum", "entity": "PayPal", "entity_type": "fintech", "instrument": "stablecoin (PYUSD) on Arbitrum", "network": "Arbitrum", "first_observed": "2025-07", "status": "live", "figure": "~$0.39B on Arbitrum", "figure_as_of": "2026-10-05", "bears_on": [ "R3", "R6" ], "source_url": "https://developer.paypal.com/community/blog/pyusd-on-arbitrum/", "source_name": "PayPal Developer Blog, 31 July 2025", "note": "PayPal USD (PYUSD), issued for PayPal by Paxos Trust Company under the supervision of the New York State Department of Financial Services, became available on Arbitrum on 31 July 2025, its first layer 2. Its issuance on Ethereum mainnet, from August 2023, is its own row.", "figure_value": "$0.39B", "figure_label": "On Arbitrum", "figure_approx": true }, { "id": "standard-chartered-uae-ether-spot-trading", "entity": "Standard Chartered", "entity_type": "bank", "instrument": "deliverable ETH spot trading for institutional clients in the UAE (Standard Chartered DIFC)", "network": "Ethereum", "first_observed": "2026-09", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://www.sc.com/en/press-release/standard-chartered-becomes-first-global-systemically-important-bank-g-sib-to-launch-institutional-bitcoin-and-ether-spot-trading-in-the-uae/", "source_name": "Standard Chartered, release of 3 September 2026", "note": "On 3 September 2026 Standard Chartered DIFC began deliverable bitcoin and ETH spot trading for eligible institutional clients in the UAE, through the bank's electronic trading channels, with trades settling to the custodian the client chooses, the bank's own included. This is trading of ETH itself, not tokenization." }, { "id": "standard-chartered-hk-crypto-custody", "entity": "Standard Chartered", "entity_type": "bank", "instrument": "institutional custody of crypto assets in Hong Kong", "network": "Ethereum", "first_observed": "2026-05", "status": "live", "bears_on": [ "R1", "R6" ], "source_url": "https://www.sc.com/en/press-release/standard-chartered-powers-hong-kongs-first-g-sib-institutional-crypto-custody/", "source_name": "Standard Chartered, release of 27 May 2026", "note": "On 27 May 2026 Standard Chartered began institutional custody of crypto assets in Hong Kong, the first by a globally systemically important bank there, with SOLOWIN Holdings as its first client. The release names no asset; ETH rests on the bank's plan, published in November 2025, to offer custody of bitcoin and ETH in Hong Kong. This is custody of ETH itself, not tokenization." }, { "id": "robinhood-chain-stock-tokens", "entity": "Robinhood Markets", "entity_type": "fintech", "instrument": "tokenized equities traded around the clock on Robinhood Chain (Stock Tokens)", "network": "Robinhood Chain", "first_observed": "2026-07", "status": "live", "bears_on": [ "R3", "R5" ], "source_url": "https://robinhood.com/us/en/newsroom/robinhood-accelerates-global-expansion-robinhood-chain-mainnet-stock-tokens-agentic-trading/", "source_name": "Robinhood, release of 1 July 2026", "note": "Since 1 July 2026 Robinhood's Stock Tokens, tokenized debt securities issued by Robinhood Assets (Jersey) Limited, trade around the clock on Robinhood Chain through Robinhood Wallet in more than 120 countries. They are not offered in the US or to US persons, and are restricted in Canada, the UK, Switzerland and the UAE." } ], "totals": { "rows": 107, "distinct_entities": 84, "distinct_networks": 12, "requirements_covered": 6, "by_entity_type": { "asset manager": 38, "bank": 36, "market infrastructure": 8, "public sector": 7, "fintech": 17, "corporate": 1 }, "by_network": { "Ethereum": 87, "ZKsync": 1, "Base": 4, "Robinhood Chain": 2, "Arbitrum": 1, "Soneium": 1, "Besu (private network)": 6, "ADI Chain": 1, "ZKsync Prividium (private network)": 1, "Jovay": 1, "Ink": 1, "X Layer": 1 }, "by_status": { "live": 107 }, "by_requirement": { "R1": 62, "R3": 61, "R6": 78, "R5": 33, "R2": 12, "R4": 12 }, "earliest": "2020-11", "latest": "2026-09" }, "integrity_note": "The record holds institutions only: live deployments by banks, asset managers, market infrastructure, public bodies and established corporates and payment companies, on Ethereum mainnet, a named Ethereum layer 2, or a named private network run on Besu, Ethereum's own enterprise client, or on ZKsync's Prividium. Crypto-native firms, pilots, announcements and anything on Polygon or another EVM chain are held out, except the layer 2 networks of Coinbase (Base), Kraken (Ink) and OKX (X Layer). Inclusion means one thing only: when the row was last checked, a named institution had a specific, publicly reported deployment, and at least one source for it is linked in the row. It does not mean the deployment is large, successful, ongoing or strategically important to the institution. Some rows are small; some rows marked live describe bonds that have since matured; where a supply sits with a handful of addresses, the row says so. A figure carries the date it was true, and figures that could not be dated were left out. Rows resting on weaker sourcing say so in their notes. The largest bank programs run on permissioned chains and are absent here by definition. Absence from the record is not evidence of absence in the world. BitMine and SharpLink, two anchor funders of Ethereum Institutional represented on its board, are held out as crypto-native firms under the same rule as every other; were either to qualify, its row would carry that disclosure, and any public use of this data must carry it too." }