RWA

The US Securities and Exchange Commission has closed its multi‑year investigation into New York–based tokenization platform Ondo Finance without bringing enforcement action, lifting a key legal risk for the firm. The inquiry, which began in October 2023 under former SEC Chair Gary Gensler and continued into 2024, examined whether certain tokenized real‑world assets and the ONDO token complied with federal securities laws. With the case now resolved, attention is shifting to how quickly regulators will provide detailed rules that could enable large‑scale tokenized equity and bond offerings in the U.S. market.

On 8 December 2025, CoinShares said tokenization had shifted from hype to functioning market infrastructure. Excluding stablecoins, real‑world assets rose from $5.5 billion to over $18 billion in 2025, a 229% jump. The firm expects government debt tokens to lead in 2026. Ethereum hosts more than $4.9 billion in tokenized Treasurys.

Analysts are reassessing POL’s price outlook as Polygon intensifies its “stablecoin supercycle” thesis, projecting more than 100,000 stablecoins by 2030 and positioning the network as a settlement layer for large-scale tokenized money. With POL trading near $0.12 and resistance at $0.21, the token’s recovery may hinge on institutional issuance growth and technical confirmation in the coming weeks.

Seven Chinese industry associations supervised by the People's Bank of China and China Securities Regulatory Commission issued a joint notice warning firms against trading or issuing tokenized real-world assets within mainland China. The notice represents the first formal industry warning on RWA tokenization and states that foreign firms and their China-based employees engaging in such activities could face legal consequences. Chinese authorities have not approved any tokenization activities for real-world assets.

BlackRock purchased $28.78 million worth of ETH to support its blockchain-based BUIDL fund infrastructure. The asset manager now holds 3.94 million ETH, making it the third-largest holder globally. Separately, BitMine Immersion added 69,822 ETH to its treasury, bringing its total position to 3.63 million tokens.

A 2% valuation adjustment by Fasanara on its F-ONE tokenized private credit fund has highlighted vulnerabilities when such assets serve as collateral in DeFi lending protocols. The incident affected Morpho's curated vaults, where users borrowed against mF-ONE tokens backed by bundled SME loans. The private credit tokenization market has grown from $49,000 to $2.1B in 12 months, according to RWA.xyz data, prompting warnings about opacity and potential contagion risks in decentralized finance.

The International Monetary Fund published a 56-page report Thursday warning that foreign currency-denominated stablecoins pose risks to national monetary sovereignty. The analysis highlights how dollar-pegged tokens enable instant digital dollar access via smartphones, bypassing traditional banking systems. The IMF cautioned that widespread stablecoin adoption could weaken central banks' ability to manage domestic liquidity and interest rates, particularly once these digital assets become embedded in payments and savings patterns.

Bitcoin's current market cycle demonstrates increased maturity through rising institutional participation and declining volatility, data show. Tokenized real-world assets have surged 243% year-over-year to $24B, according to Glassnode, while Bitcoin has absorbed approximately $732B in new capital with one-year realized volatility nearly halving.

Kraken has entered into an agreement to acquire Backed Finance, the issuer of tokenized assets that powers its xStocks trading service. The acquisition strengthens Kraken's position in real-world asset tokenization as it prepares for a 2026 IPO. The xStocks platform has generated over $5 billion in cumulative trading volume since launch.

Fidelity's tokenized money-market fund operating on Ethereum has exceeded $250 million in assets under management, according to crypto trader Cryptorand. The fund experienced rapid growth from September through November 2025, while ETH maintained support above $3,000. The expansion reflects increased institutional adoption of blockchain-based yield products.