Tokenized Equities & Securities Rails

KDX ST Partners announced survey results on real estate digital securities, known as real estate ST, in a press release on the 9th. The survey covered 7,002 individual full members of the KDX ST app, compiling data as of Securities Investment Day on October 4, of whom 2,391 held real estate ST. Among holders, experience with physical stocks was heavily weighted toward long-term investors, with 573 having 10 to 20 years of experience, 511 having 20 to 30 years, and 649 having more than 30 years, while investment experience with real estate ST was most commonly less than one year, at 919 people, suggesting that those with long-term investment experience have recently begun adding it as one of their diversification targets. By income source, real estate ST holders stood at 19.7 percent for pension income, far above the 8.8 percent for full members overall, while interest and dividend income was 10.3 percent versus 5.5 percent and real estate income was 9.0 percent versus 4.0 percent, each roughly double the overall ratio. The most common investment objective was a focus on yield and capital gains, at 57.3 percent, and President Akihiro Nakao said real estate ST is beginning to be accepted as a new option for asset diversification.

On-chain trading volume for tokenized stocks rose 16.4% month-on-month in September to 15.6 billion dollars, a record high. CoinDesk reported the figure in a report published on October 6, noting it surpassed the previous peak of 15.4 billion dollars set in July. US brokerage app Robinhood took the top spot by trading volume, with its volume jumping 407% month-on-month to 6.57 billion dollars, lifting its market share from 9.7% in August to 42.0%. bStocks, which had led the previous month, saw its September volume fall 45.5% month-on-month to 5.42 billion dollars, giving it a 34.7% share and dropping it to second place behind Robinhood. Beyond trading, the market itself expanded, with the total market capitalization of tokenized stocks rising 13.7% month-on-month to a record 4.87 billion dollars.

Securitize has begun offering tokenized US stocks with dividends and voting rights on Solana, and its share price rose more than 11% to trade around $12.70, giving it a market capitalization of about $2 billion. Through the new service, Securitize Stocks, eligible investors can invest in shares of major US listed companies via the blockchain, with the initial lineup including Apple, Nvidia, Microsoft, Tesla and eight other companies. The tokenized securities are backed one-to-one by physical shares, and the right to receive dividends is preserved, along with voting rights where the underlying shares carry them. For now, trading takes place through Securitize's registered broker-dealer platform with extended trading hours, settlement uses USD Coin on Solana, and Jump Trading provides liquidity through market making. Meanwhile, SOL posted the biggest decline among the top ten cryptocurrencies by market capitalization in Thursday trading, falling about 4.39% to $110.

Nasdaq CEO Adena Friedman said tokenization could unlock tens of billions of dollars in capital tied up in assets used as collateral across the global financial system. Speaking to CNBC at the TOKEN2049 conference in Singapore, Friedman said tokenizing treasuries, equities, money market funds and the flow of money itself would make collateral far more fluid. She pointed to the passage of the Genius Act in the U.S., which established a regulatory framework for stablecoins, as one sign of growing institutional interest over the past year, and said that interest is converging with retail demand for round-the-clock trading, an ecosystem she described as roughly 10 years ahead. Friedman cautioned that moving to a fully 24/7 market would be a major undertaking, with the exchange infrastructure being the easiest part, and said Nasdaq has launched digital agents within its risk management platform that initially offer recommendations and could eventually take more direct action for banks. Kraken co-CEO Arjun Sethi also told CNBC that non-U.S. companies are showing interest in tokenization and access to American capital markets, citing a company generating roughly $25M in revenue that was exploring ways to access capital markets.

The Securities and Exchange Commission, or SEC, has opened the way for Crypto ETFs to emerge in Thailand, marking a significant development for the Thai digital asset market as featured in the roundup of top crypto news for October 9, 2026. The news also reported developments related to Bitcoin ETFs as well as Thai Crypto ETFs, along with other notable topics including Samsung Wallet, Securitize, USDC, Bitcoin news, and tokenized stocks. This news roundup was compiled by Chatchaya Angkulee, digital asset news editor at eFinanceThai news agency.

Intercontinental Exchange and crypto platform OKX have filed with the SEC to launch a joint venture called OKXICE, seeking approval for 24/7 trading of tokenized U.S. stocks in which each token represents underlying traditional equity ownership. The filing relies on a new SEC exemption program that would allow blockchain-based equity trading outside standard market hours. The OKXICE plan plugs tokenized equities directly into Intercontinental Exchange's established capital markets toolkit rather than standing as a standalone crypto experiment, extending its existing trading and data rails into tokenized equities in the same way management has routed activity through electronic platforms such as MarketAxess and fixed income. The venture adds another project that must earn its keep against rivals including CME Group and Nasdaq, which are also investing in digital-asset infrastructure, and comes as analysts have flagged higher spending on data centers and product development as a risk if usage does not keep pace.

The SEC has approved Apple for tokenization on a NYSE-affiliated crypto-native platform, allowing blockchain-based equity tokens that mirror the underlying US-listed shares to trade around the clock outside traditional market hours. The approval makes Apple one of the major US stocks cleared for tokenized trading, with the NYSE parent receiving the green light to issue the digital tokens. Apple, a US tech giant with a market cap of about $4.9 trillion, earns its weight through a hardware ecosystem spanning iPhones, Macs, iPads, wearables and accessories tied to integrated software and services. The new structure creates a parallel venue for Apple exposure, one that could sharpen price reactions to any missteps in AI-centric devices or regulatory questions around Apple Intelligence or the App Store. Simply Wall St's analysis points toward a $328 fair value for Apple.

Ondo Finance announced on October 5 a new service, Ondo Private Markets, that offers investment opportunities in private companies on the blockchain. It tokenizes financial products linked to the equity value of private companies so that investors can buy and sell them, with pre-IPO AI companies as the first target. The company name has not been disclosed, and trading on the secondary market is scheduled to begin in the week of October 5, with round-the-clock trading available to investors outside the United States who meet eligibility requirements. Behind such efforts is the growth of the market for buying and selling shares of pre-IPO companies. According to Nasdaq Private Market, the transaction value handled by its transfer and settlement division rose from 372 million dollars in 2024 to 673 million dollars in 2025, and the number of companies with settlement records increased from 12 to 31. In the UK, the London Stock Exchange has been building out a private share market, and on July 22 Moneybox announced a transaction worth 45 million pounds. In Japan, HiJoJo Partners announced on January 23 an additional investment in Nasdaq Private Market, and on August 25 completed registration for its private securities brokerage business.

The SEC granted temporary, conditional exemptive relief on September 17 allowing approved venues to trade tokenized exchange-listed stocks onchain, sending Robinhood Markets Inc. shares up just over 9% on September 18 after a 5% gain the previous session. The relief exempts qualifying venues from the Exchange Act's definitions of "exchange" and, for certain liquidity providers, "dealer," but it requires full shareholder rights including voting and dividends, meaning Robinhood's existing stock tokens, which are synthetic products offering economic exposure rather than actual ownership, do not qualify. The order also lets listed companies object to third-party tokenization within 30 days, a provision directly at odds with the public stance of CEO Vlad Tenev, and the relief remains temporary and subject to public comments, with Coinbase and the NYSE's planned 24/7 digital venue potentially entering the compliant space first. Robinhood traded roughly 31.7 million shares, about 1.37 times its one-month average, though the stock sits about 28% below its 52-week high, with a forward P/E of 45.46x against a sector median of 10.88x. Hedge fund holders rose from 84 at the end of the first quarter of 2026 to 87 at the end of the second quarter of 2026, and short interest stood at 4.54% of float as of August 31, 2026.

Coinbase has completed its integration of Deribit, the world's largest crypto options exchange, which it acquired for about $2.9 billion, creating Coinbase Global Exchange, the first and only crypto exchange with a unified global liquidity pool. Liz Martin, co-CEO of Coinbase Institutional, announced the completion of the integration at Token2049 in Singapore, saying the new exchange brings US and international customers into one place and combines the company's US retail base with its international base alongside an upgrade of its professional trading tools, Coinbase Advanced. Martin said Coinbase is launching spot margin and options for pro traders in a unified portfolio offering maximum buying power and lower fees, and that the company has "super ambitious" volume growth plans. She said Coinbase is diversifying revenue through an "everything exchange" that now includes equities, equity options, perpetual futures, pre-IPOs, commodities and prediction markets, and that the company announced last week a clearing platform for prediction markets in the US along with intentions to launch its own prediction markets. On tokenization, Martin said Coinbase recently launched tokenized equities for customers outside the US, giving holders the same shareholder rights as actual stock ownership, and cited a survey finding that about 60% of its institutional clients are excited about tokenization and investing in tokenized assets. She said Coinbase sees the APAC region as a major growth area, having opened a new headquarters in Singapore about two months ago and acquired licenses in Australia and India.

The Solana Foundation announced Solana DvP, a settlement platform for financial institutions, in New York on October 6. It aims to execute asset delivery and payment simultaneously on the Solana blockchain, completing securities trade settlement in seconds. J.P. Morgan advised on the practices and requirements of securities settlement at financial institutions. The Solana Foundation is offering it as an open-source settlement platform that companies can use in common. DvP stands for Delivery versus Payment, a settlement method that links the delivery of securities with payment of the purchase price. According to the Solana Foundation, institutional investor transactions on conventional blockchains have often relied on individually built smart contracts, but Solana DvP aims to standardize this settlement processing and will be released under the MIT license, allowing use and modification. The platform supports Solana's major token standards and also offers functions such as issuer control over transfers and the ability to pause them. It envisions banks, asset custody companies, exchanges and others acting as settlement agents. However, it is limited to transactions in which both the assets and the payment instrument are tokens on Solana. Technical documentation from the Solana Foundation explains that while simultaneous settlement removes principal risk between parties, the credit risk and redemption risk of token issuers remain. Efforts to link the delivery of digital securities with payment are also advancing in Japan. Nine companies including Sumitomo Mitsui Banking Corporation announced on October 6 that they had completed the second phase of a proof-of-concept experiment for simultaneous settlement of digital securities using stablecoins. The Solana Foundation says Solana DvP has undergone an external security audit and is ready for use with real funds. Meanwhile, it is recruiting partner companies and initial participants ahead of the full release.

Strive purchased 2,000 bitcoin for approximately $169 million, nearly six times the 334 bitcoin that Strategy announced buying the previous day, bringing Strive's total holdings to 29,462 bitcoin at an average price of $84,422 per coin. CEO Matt Cole said SETA preferred stock sales accounted for 61.5% of the capital raised, with warrant exercises generating another $56.7 million, and Strive now carries roughly $1.29 billion of SETA preferred stock with about $168 million in annual dividend obligations. Separately, the SEC approved the CBOE's request to list the first US products delivering three times the daily returns of bitcoin and ether, to be operated by Volatility Shares using regulated bitcoin and ether futures rather than the tokens themselves, doubling the previous 2X cap on US crypto funds. The CFTC also floated a new federal framework for leveraged retail crypto trading, proposing a crypto asset market registration category with token listing standards, market surveillance and anti-manipulation rules, proof of reserves for pooled customer assets, capital requirements, segregation of customer assets, risk disclosures, and KYC and anti-money laundering controls, while stating it cannot require crypto to trade on its platforms without Congress. Treasury withdrew a 2020 self-hosted wallet rule and a 2023 crypto mixer reporting rule, citing concerns over a chilling effect on legitimate activity, and Rain filed an application with the OCC to establish Rain National Trust Bank, following similar moves by Modern Treasury as community banks sue the OCC over federal trust charters for crypto companies. Ondo Finance also launched Ondo private markets with tokenized pre-IPO AI exposure, beginning with an unnamed pre-IPO AI business, offering tokenized notes linked to the company's economic performance rather than actual shares.

South Korean IT giant LG CNS announced on October 6 that it has begun offering KITL, a blockchain platform for financial institutions. It is being provided as a common foundation for banks, securities firms, card companies and others to build services using stablecoins, security tokens, and real-world assets. KITL includes functions needed to custody digital assets, such as electronic wallets, transaction processing on the blockchain, and collection of transaction histories, and its electronic wallet uses technology employed in Project Hangang, the digital currency pilot led by the Bank of Korea. LG CNS has also formed business partnerships with five companies: Circle, the issuer of the US dollar-pegged stablecoin USDC; Securitize, which operates a digital securities platform; Canton Foundation; Chainalysis; and Chainlink. By combining these companies' technologies with KITL, it will support financial institutions in building digital asset services. South Korea is also moving forward with regulatory groundwork to allow stocks, bonds, funds and other assets to be issued and traded on the blockchain, with the relevant law scheduled to take effect on February 4, 2027, and LG CNS says it will prepare an environment in which financial institutions can launch services in step with the law's implementation.

FinCity.Tokyo is advancing economic and investment opportunities for Thai investors and financial businesses by connecting Japanese capital, expertise, and innovation, while opening the way for Thai businesses to expand investment into the Japanese market and extend cooperation into ASEAN markets. Japan's financial sector is currently transitioning to a digital financial system, including crypto assets, yen-pegged stablecoins, tokenized deposits, and tokenized securities, reinforcing Tokyo's position as a key market for Thai asset managers, banks, and fintech firms. IMARC Group forecasts that Japan's fintech market will grow to 33 billion US dollars by 2034, while A.T. Kearney estimates that Japan's Web3 economy will expand 20-fold to 2.4 trillion yen during 2021-2027. Meanwhile, Japan's three major banking groups plan to issue yen-pegged stablecoins by March 2027 and are considering using blockchain technology to settle share and government bond transactions. Tokio Morita, Executive Director of FinCity.Tokyo, said Thailand is well positioned to become a key area for the development of modern financial infrastructure in ASEAN. FinCity.Tokyo was established in 2019 through cooperation between Japan's public and private sectors, and currently has more than 50 member organizations, with a key program called the Attraction U Program that provides support of up to 30 million yen to foreign fund management companies and fintech businesses. Japan has household financial assets of approximately 15 trillion US dollars, and the Tokyo Stock Exchange has a market capitalization of approximately 7.1 trillion US dollars.

Sumitomo Mitsui Banking and eight other companies announced on October 6 that they have completed the second phase of "Project Trinity," a proof-of-concept experiment to settle digital securities using stablecoins. The second-phase trials ran from April to September 2026 between Daiwa Securities and SBI Securities, using security tokens issued by SBI VC Trade and trust-type stablecoins issued by Sumitomo Mitsui Banking for the purpose of this verification. Assuming trading on the Osaka Digital Exchange's security token trading market "START," two transactions were settled. Progmat handled the issuance and management infrastructure for the security tokens, while Progmat and Datachain provided the technology linking security tokens and stablecoins on different blockchains. In the trials, in addition to purchasing and redeeming stablecoins and ordinary settlement, the participants also tested responses for cases where stablecoins were insufficient or transaction details did not match. The companies said the results met expectations within the anticipated scope, and explained that they have set a near-term goal of delivery-versus-payment settlement at T+2, two business days after execution, and have confirmed to a certain degree that this is achievable.

More than 60 US stocks are preparing to be brought onto the blockchain for round-the-clock trading with Stablecoin, with Nvidia and Tesla leading the group. Companies mentioned in the report include Apple, Microsoft, OKX, ICE, Uniswap and XLayer. The trading mechanism relies on the AMM system and Tokenization, or Tokenized Stocks, part of the broader push to move traditional assets onto blockchain infrastructure.

Strategy added 334 bitcoin for $28.7 million while spending $176.3 million to buy back its STRC preferred stock, a sum roughly six times larger than its latest bitcoin purchase. The bitcoin purchase was funded with $15.7 million from issuing and selling MSTR shares and $13 million from Strategy's flexible USD cash pool, while the STRC buyback was funded with $154.1 million of its USD cash pile and $22.2 million of interest earned on its dollar holdings. Strategy now holds $4.88 billion in protected USD reserve and $833.4 million of flexible USD cash, and has spent about $64 billion in total on bitcoin at an average cost base of $75,440.70. Separately, a joint venture between OKX and Intercontinental Exchange, the parent of the New York Stock Exchange, has filed to offer 24/7 tokenized US stock trading under the SEC's proposed five-year innovation exemption, with an initial list of 63 stocks including Strategy, Apple, Nvidia, Coinbase, Robinhood and Circle. Trading would run continuously through Uniswap liquidity pools on OKX's X Layer in USDC, USDG and USDT pairs, with assets held in self-custodial wallets and backed one-for-one by actual shares held through a registered broker-dealer. Bloomberg Terminal has also begun carrying Hyperliquid data, and the Independent Community Bankers of America is suing the OCC over national trust bank charters granted to crypto companies. Ethereum Layer 2 network Blast will shut down with an October 26 withdrawal deadline, after assets on the network fell from $2.2 billion to $32 million and its token lost 98% of its launch value, while the IMF approved funds for El Salvador after a waiver for its bitcoin breach.

BNB Chain has become the first blockchain to surpass $1 billion in total tokenized stocks and exchange-traded funds. According to Token Terminal data, the market value of tokenized stocks and ETFs rose about 17% from $2.87 billion in August to $3.35 billion in September. As of October 2, the overall market stood at $3.7 billion, with BNB Chain accounting for $1.1 billion, or roughly 30%, followed by Ethereum at $828 million and Solana at $738 million. In January, Ethereum held about 48% of the market, while BNB Chain accounted for just 13%. In a report dated September 29, Binance Research said the number of holders on BNB Chain had reached 1.8 million, noting that Binance's bStocks, launched in late June, is driving the growth.

The Depository Trust & Clearing Corporation announced the DTCC tokenization service on May 4, 2026, a platform designed to bring Russell 1000 components, ETFs, and US Treasuries onto distributed ledgers. With over 50 firms including BlackRock, Goldman Sachs, JPMorgan, Circle, Ondo, and Nasdaq participating, the service moved into limited production in July 2026 following a December 2025 SEC No-Action Letter. DTCC CEO Frank La Salla said tokenization will significantly change how markets operate by bringing new levels of liquidity, transparency, and efficiency to investors, while Brian Steele of the DTCC added that the service is designed to provide systemic scale where deep liquidity already lives. The infrastructure shift extends beyond the DTCC: Nasdaq secured SEC approval on March 18, 2026, under Release 34-105047, to facilitate tokenized settlement on the same order book, ticker, and CUSIP as traditional assets, NYSE Arca followed with rule change SR-NYSEARCA-2026-45 effective April 29, 2026, and the broader NYSE received approval for its own related filings on April 17, 2026. The SEC issued a five-year conditional innovation exemption on September 17, 2026, specifically for tokenized NMS stocks, while the CFTC clarified through Staff Letter 25-39 and an updated FAQ on September 24, 2026, that tokenized collateral may be used for derivatives margin. The tokenized asset market tracked by rwa.xyz stood at approximately $38.6 billion as of late September 2026, up from $2 billion in 2022, with tokenized Treasuries accounting for $14.7 billion to $15.65 billion of that total, led by BlackRock's BUIDL at $2.70 billion, Circle's USYC at $2.60 billion, and Ondo's USDY at $2.23 billion. A June 1, 2026, Citi report estimates a base case of $5.5 trillion in tokenized assets and $1.9 trillion in stablecoins by 2030, though it warns of a messy period in which tokenized and legacy systems operate side by side.

Matt Hougan, Chief Investment Officer of Bitwise, said that the failure of the Clarity Act draft to advance in the Senate on September 15, by a vote of 49 in favor to 50 against, actually sent the crypto market higher, with Bitcoin rising nearly 11% and Ether up about 12%, while smaller tokens posted far larger gains. Hougan explained that the market may not have gotten clarity from federal-level legislation, but it also avoided a compromise deal that would have held back a major part of the industry, leaving regulators such as the SEC and CFTC to step in with measures he sees as more beneficial than the bill itself. For example, the final version of the bill would have barred platforms from paying interest or yield on stablecoin balances, but when the bill stalled, exchanges such as Coinbase were able to keep offering yields under the existing GENIUS Act framework. Meanwhile, the SEC issued a five-year innovation exemption just days after the vote, allowing limited trading of tokenized U.S. equities through blockchain-based platforms, and SEC staff also provided additional guidance in the past week for projects that buy back their own tokens. Hougan also warned of the risk that a future government could change direction at points where Congress has not locked regulation into law, but for now he said crypto has given up long-term clarity and gotten better regulation, and faster too.

South Korea's Kakaopay Securities announced on September 29 partnerships with Ondo Finance and Dinari. The company aims to build an overseas distribution framework for Korean-listed stocks and is considering issuing tokens backed by equities. It signed memoranda of understanding with Ondo on September 28 and with Dinari on September 29. Under the Ondo partnership, the two sides will jointly study a mechanism covering the sourcing and custody of Korean stocks through to overseas distribution, with Kakaopay Securities operating an omnibus account for foreign investors to source and hold the Korean shares that back the tokens. Under the Dinari partnership, the company will advance a proof of concept for a one-to-one link between underlying shares and tokens, drawing on Dinari's tokenized securities product dShares. Dinari operates infrastructure for tokenizing US stocks and exchange-traded funds, handling 724 securities as of the announcement and offering them to eligible investors in more than 85 countries and regions, including the United States. Through cooperation with both firms, Kakaopay Securities aims to build a new route for overseas individual investors to access Korean stocks.

Brazilian financial-market infrastructure provider CSD BR has moved to integrate the XRP Ledger into its regulated securities infrastructure, according to a local media outlet. The move would connect the XRP Ledger to Brazil's securities market, which the report values at $4 trillion. CSD BR is the country's financial-market infrastructure provider, and the integration targets its regulated securities operations. The report did not specify a timeline or the terms of the integration.

The Eurosystem, made up of the European Central Bank and the national central banks of the euro area, began operating Pontes on September 21, 2026, a mechanism for settling large-value transactions in tokenized assets on distributed ledgers using central bank money. From the first day, 13 financial institutions including Deutsche Bank, Santander, Société Générale and the European Investment Bank, along with four companies that operate distributed ledgers such as Clearstream, are able to use it. Pontes connects T2, the euro area's real-time funds transfer system, with private distributed ledgers, and settles transactions in T2 central bank money through cash tokens transferred on the ledger. Two settlement methods are available and can be chosen for each transaction: one completed entirely on the ledger, and one that moves funds directly in T2. The ECB positions this as an initial version, and plans to extend settlement hours in 2027 to match T2 at 22.5 hours a day, five days a week, then in 2028 to advance next-day carryover of cash tokens and support for other currencies before consolidating on the cash token method, with 24-hour, 365-day operation planned for mid-2028. Behind this is the rapid growth of tokenized assets. According to figures presented by ECB Executive Board member Piero Cipollone in an August speech, tokenized assets on public blockchains grew about fivefold in the year to the end of March 2026, reaching 23.3 billion euros.

On September 17, the SEC approved a temporary framework for trading tokenized US equities, called the Innovation Exemption, potentially giving Coinbase Global a new avenue to expand its Everything Exchange beyond crypto. Baird reiterated a Neutral rating on Coinbase with a $130 price target, saying the change could let the company offer tokenized stocks and bring its asset mix closer to Robinhood Markets. Coinbase is not starting from scratch: in June it announced plans to introduce tokenized US stocks for eligible non-US customers, and the product went live on Base in August, initially covering mega-cap names including Apple, Nvidia, and Alphabet, with tokens issued by Coinbase and backed 1:1 by the underlying assets. The SEC's permission is temporary, lasting five years, and conditional on tokenized stocks providing the same rights and privileges as the underlying shares, so Coinbase must satisfy those conditions, adapt its international tokenization infrastructure to the US market, and demonstrate enough domestic demand to meaningfully boost results. In Q2, 88% of Coinbase's net revenue came from non-Bitcoin spot trading, while prediction market contracts and revenue increased 106% quarter over quarter; hedge funds holding the stock fell to 62 in Q2 from 65 in Q1, though Cathie Wood's ARK Investment Management raised its stake 6% to about 2.5 million shares and Southpoint Capital Advisors lifted its position 50% to nearly 1 million shares, while short interest stood at 12.5% of the float as of August 31.

Krungthai Bank has launched PromptFund, a real-time fund service that applies blockchain technology to real-time fund trading. Customers can buy and sell funds with the bank instantly at any time, every day, including holidays. Sell and receive money immediately; buy and receive fund units immediately. This helps reduce the time constraints of the past, when customers had to wait overnight or several days. Customers can also see real-time trading prices to make decisions before placing orders. Mr. Payong Srivanich, President and Chief Executive Officer of Krungthai Bank, said the launch of PromptFund is a major transformation of Thai investing, building on the Digital Bond, Gold Wallet, and Global Savings services under the concept "60 Years Krungthai, Every Step for a Million Futures." Ms. Pornanong Budsaratragoon, Secretary-General of the SEC, said the SEC supports applying Distributed Ledger Technology and Blockchain in the capital market alongside Use Case testing under the Regulatory Sandbox, and is pushing for amendments to the Securities and Exchange Act, which the House of Representatives already approved in principle in the second quarter, to support the issuance of securities by electronic means. The launch of PromptFund is another step in applying the Tokenization policy to real financial services, in line with the SEC's efforts to drive the Digital Securities Ecosystem, or DSE.

Coinbase's tokenized US equities have crossed $1 billion in decentralized exchange volume on its Base network in roughly one month, a milestone the Base team announced on X on September 19, 2026, though the figure is vendor-sourced data from Base itself and the volume is strictly for non-US persons. The activity validates the B20 standard, a native ERC-20-compatible format launched on August 24, 2026 and built on Rust precompiles to handle compliance policies and pausable functions; tokenized stock spot DEX volume on Base has surged approximately 830% month-over-month, with Aerodrome, the Base-native DEX, accounting for roughly 85% of that activity, or about $852.7 million. Coinbase's model relies on direct 1:1 share ownership through Alpaca Securities as a regulated broker-custodian under the Abu Dhabi Global Market framework, giving token holders actual shareholder rights including dividends and voting, subject to eligibility, and it launched with DeFi integrations from day one including Aave, Morpho, Euler, 0x, 1inch, CoW Swap, and Wasabi. The SEC issued an Innovation Exemption, Press Release 2026-90, on September 17, 2026, a five-year conditional relief for tokenized NMS stocks that unlocks the US market provided tokenized stocks offer the same rights as the underlying securities and trading venues operate under permissioned access with OFAC compliance, and Coinbase Institutional said the framework to bring the same regulated onchain market infrastructure onshore just got clearer. Coinbase is not first to tokenize equities: Kraken's xStocks boasts $25 billion in cumulative volume, largely centralized-exchange-matched rather than on-chain DEX volume, Ondo Global Markets holds a $638 million total value locked and roughly a 58% share of the issuer market, and Binance's bStocks has reached $610 million in assets under management in just two months, while the total tokenized public equities market now sits at approximately $2.48 billion. Chainlink Data Feeds provide the pricing backbone with 24/5 continuous feeds, a 0.5% deviation threshold and 24-hour heartbeats reporting Total Return Values that account for dividends, even as Nasdaq, NYSE, and Cboe push back against tokenized equities over liquidity fragmentation and degraded price discovery during the 16 hours of overnight trading that on-chain markets enable, and SIFMA pushes for formal SEC rulemaking rather than exemptions.

Securitize Corp. has sealed a deal with ARK Invest to tokenize the ARK Venture Fund, its first tokenization contract since the Securities and Exchange Commission issued what it called the Innovation Exemption allowing tokenized representation of traditional securities. The ARK Venture Fund, an actively managed closed-end interval fund holding private and public companies such as OpenAI, Anthropic, Stripe and Databricks, will become available on Ethereum, with Securitize providing the infrastructure for onchain issuance and the investor experience. ARK Invest CEO Cathie Wood said tokenizing the fund puts the firm's conviction in the evolution of capital markets into practice and called the partnership a natural extension of its mission to democratize access to disruptive innovation. Following the SEC's rules issuance on tokenized securities, Cantor Fitzgerald initiated coverage with a buy recommendation and a $21.20 price target, while Rosenblatt raised its price target to $13 from $11, citing the Innovation Exemption as a significant catalyst. Securitize manages around $5 billion of tokenized assets under management across 23 public blockchains, and the article notes that traditional financial assets total $319 trillion worldwide with only $39 billion, or 0.01 percent, currently on-chain.

Korn Chatikavanij supports amending capital market and digital asset laws to unlock the ability for Thai stocks to be listed on blockchain and to open the door to Stablecoin for payments. The approach aims to drive the official use of digital assets in Thailand's capital market, both through tokenizing securities on blockchain and using Stablecoin as a payment channel. Reports say this push involves the issues of Blockchain, Stablecoin, Thai Baht Stablecoin, Tokenization, and USDT, as well as the role of the Bank of Thailand and Thai financial innovation. The news was reported by the Thai news agency Efinancethai.