BlackRock approaches 3 billion dollars of tokenized assets on blockchain. The financial giant now manages 2.93 billion dollars onchain, with Ethereum leading at 1.1 billion. This milestone confirms that institutional crypto is no longer limited to bitcoin ETFs. Indeed, it also settles into money market funds, Treasury bonds, and liquidity management.

BlackRock manages 2.93 billion dollars of tokenized assets onchain.
Ethereum leads with about 1.1 billion dollars.
Institutional crypto advances mainly through money market funds and Treasury bonds.
BlackRock reaches a new onchain milestone
BlackRock accelerates in crypto with tokenized funds now totaling 2.93 billion dollars. This progress confirms the rise of tokenized funds in the strategy of major asset managers. The core of the setup remains BUIDL, the tokenized money market fund launched with Securitize. It invests in cash, U.S. Treasury bonds, and repo operations. Its shares are represented as tokens, allowing continuous settlement.
This model appeals to institutions. They obtain a product close to a classic money market fund, but with faster circulation on blockchain. Crypto here serves as infrastructure, not just speculative asset. Ethereum still dominates the allocation of BlackRock’s tokenized funds with about 1.1 billion dollars. The network thus retains a central role in institutional tokenization despite competition from Solana, Avalanche, BNB Chain, and Polygon.

This choice is not accidental. Ethereum has a deep ecosystem, strong liquidity, and long history in smart contracts. For a manager like BlackRock, these factors matter as much as raw network speed.

However, BUIDL has surpassed Ethereum. The fund now spans eight blockchains, including Solana, Avalanche, Polygon, Arbitrum, Optimism, Aptos, and BNB Chain. BlackRock therefore does not bet on a single chain. It tests a multi-network presence where institutional liquidity can flow. This approach reflects a simple reality. Tokenized finance does not want to choose a technical faction too early. It seeks solid, interoperable, and compliant rails.
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BUIDL attracts traditional finance towards crypto
BUIDL has become one of the most followed tokenization products. Its AAA-mf rating granted by Moody’s strengthens its credibility with major allocators. In traditional finance, this type of rating can weigh heavily before any investment decision.

Access remains however restricted. Qualified investors must meet high thresholds, with several million dollars minimum. The product thus does not yet target the general public, but treasuries, funds, and institutional players.

BlackRock is also moving towards new funds. The manager filed two additional projects with the SEC: BSTBL on Ethereum and BRSRV on multiple blockchains. These products would mainly target stablecoin holders and issuers.

The goal is to capture liquidity already present onchain. Stablecoins represent hundreds of billions of dollars. Part of these reserves seeks regulated yield, without completely leaving the crypto universe.

Tokenization becomes a global competition market
BlackRock is not advancing alone. JPMorgan is also preparing new tokenized Treasury products. Circle is developing USYC. The DTCC is working with BlackRock and Goldman Sachs on a pilot around Russell 1000 stocks and Treasury bonds.

This movement confirms that tokenization is entering a more serious phase. The first assets to migrate are not the most exotic. They are cash, short bonds, and collateral instruments. Finance starts by tokenizing what it already uses daily.

The market for tokenized real assets now exceeds several tens of billions of dollars. Tokenized Treasury bonds have also crossed an important threshold, beyond 15 billion. Crypto thus becomes a settlement layer for assets that existed long before it.

The real challenge remains distribution. As long as these products remain reserved for qualified investors, their impact on the general public remains limited. But their adoption by BlackRock, Securitize, JPMorgan or Circle establishes a new norm.

BlackRock now seeks to do in crypto what it succeeded with ETFs: transform a technical idea into a massive financial product. If its new funds receive regulatory green light, the 3 billion mark could quickly become a secondary milestone. The battle will then be played on liquidity, compliance, and the ability of tokenized assets to become an ordinary Wall Street infrastructure.

Circle secured final OCC approval to launch First National Digital Currency Bank as Circle National Trust.

The new national trust bank will provide federally regulated digital asset custody under direct OCC supervision.
Circle said future plans include managing USDC reserves and expanding custody services for institutional clients.

Circle has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, N.A., which will operate as Circle National Trust. According to Circle, the approval places the new national trust bank under direct OCC oversight and expands USDC infrastructure through federally regulated digital asset custody, while reserve management remains a planned future capability.
OCC Charter Expands Federal Oversight
According to Circle, the OCC approved the national trust bank charter after the company submitted its application on June 30, 2025. The regulator later granted conditional approval in December 2025 before issuing the final authorization.

The new institution will operate under the name Circle National Trust. Notably, the OCC will directly supervise the bank as the primary regulator for national banks and national trust banks.
According to Circle, the charter strengthens USDC infrastructure by introducing federally regulated custody services. Additionally, the business plan includes future authority to manage the USDC Reserve under federal oversight.

Custody Services Come First
Upon opening, Circle National Trust will provide fiduciary digital asset custody services for Circle and its affiliates. However, the approved business plan also outlines possible future services for institutional clients.
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According to the filing, the bank could later offer custody services to a limited number of banks and other financial institutions. The plan also mentions regulated derivatives organizations as potential customers, depending on market demand.

Jeremy Allaire, Circle's co-founder, chairman, and chief executive officer, said federal oversight establishes a framework focused on transparency, governance, and operational scale. He added that the approval gives financial institutions greater clarity when building on public blockchains.

Regulatory Milestones Continue
The latest approval adds to Circle's existing regulatory record across several jurisdictions. According to the company, it became the first business to receive a BitLicense from the New York Department of Financial Services in 2015.

Later, Circle became the first global stablecoin issuer to comply with the European Union's Markets in Crypto-Assets framework during 2024. The company also holds licenses in the United Kingdom, Singapore, and Bermuda, meets Canadian Value-Referenced Crypto Asset requirements, and secured a license from Abu Dhabi Global Market's Financial Services Regulatory Authority in 2025.

ARK Invest CEO Cathie Wood has asserted that incumbent issuers will continue to dominate the stablecoin market. According to Wood, Tether’s USDT and Circle’s USDC remain at the forefront thanks to strong network effects, leaving new competitors struggling to catch up.

ARK Invest’s outlook on stablecoins
Wood has described stablecoins not simply as digital assets but as monetary networks that strengthen as usage expands. She noted that growing adoption enhances these networks’ value, highlighting how trust, collateral structure, and integrations with financial platforms have positioned USDT and USDC at the center of the market.

Cathie Wood emphasizes that as stablecoins gain wider adoption, they evolve into increasingly powerful monetary networks, making it unlikely that USDT and USDC will be easily dethroned by new issuers.

Referencing recent research by ARK Invest’s Digital Assets Lead, Lorenzo Valente, Wood underscored that despite mounting competition, the chances of new stablecoins surpassing the current leaders remain slim. Each new user, business, and platform partnership further reinforces the network effect enjoyed by the leading stablecoins.

This dynamic grants USDT and USDC significant advantages in trading, payments, and decentralized finance. Their broad acceptance and deep liquidity create high barriers for newcomers seeking a foothold in the market.

New entrants and intensifying competition
As the global stablecoin market approaches $308 billion in size, competition is intensifying from both crypto-native companies and traditional financial institutions. Recently, several projects have emerged with a specific focus on institutional use cases.

One such venture is Open Standard, which has launched Open USD under the leadership of Zach Abrams, co-founder of Stripe’s Bridge. Open Standard is structured as a consortium of multiple companies working together.

Mini glossary: Consortium refers to a collaborative structure formed by multiple companies for a specific purpose. In the stablecoin sector, this model aims to distribute governance and revenue among a broader group of participants rather than a single firm.

The Open USD initiative aims to eliminate issuance and redemption fees, share the majority of reserve income among participants, and operate under an independent governance model.

The project has reportedly secured backing from more than 140 companies. Its goals include removing fees for issuance and redemption, distributing a significant portion of reserve income to contributors, and maintaining an independent governance system.

However, notable firms including Samsung Electronics, Shinhan Financial Group, and others from South Korea clarified that despite appearing on the supporter list, they have not formally committed to joining the consortium. This development has sparked new questions regarding the reliability and nature of institutional backing in emerging stablecoin projects.

Balance in the stablecoin market persists
As payment companies and financial institutions ramp up investments in blockchain-based settlement systems, the stablecoin sector continues to expand rapidly. New issuers are attempting to enter the space through partnerships, acquisitions, and infrastructure projects.

Nevertheless, ARK Invest’s assessment suggests that established stablecoins may retain their leadership, given their vast user bases, deep liquidity, and extensive integration throughout the crypto ecosystem. The firm argues these factors further enhance network effects, making it increasingly difficult for newcomers to win significant market share.

Cryptocurrency venture capital firm Paradigm has raised a new $1.2 billion fund, signaling a strategic expansion into artificial intelligence and robotics while reaffirming its commitment to the crypto sector. The move, first reported by Bloomberg, comes as investment flows increasingly favor AI startups amid a relative slowdown in crypto funding.

Strategic Expansion Beyond Crypto
Paradigm, known for backing major crypto projects such as Uniswap and Coinbase, is broadening its investment thesis to include AI and robotics. Co-President Alana Palmedo emphasized that the firm is not abandoning its roots. “Crypto is our first frontier and remains an exciting area,” she said. “But significant changes are now unfolding in other fields that are too important to ignore.”

The fund will target early-stage companies developing foundational AI technologies, robotics platforms, and related infrastructure. This diversification reflects a broader trend among crypto-native VCs seeking growth opportunities in adjacent high-tech sectors.

Paradigm’s Evolving Investment Thesis
Co-President Matt Huang explained that Paradigm was founded to invest in technological paradigm shifts, not exclusively in crypto. “A decade ago, that shift was crypto. Today, AI represents a similarly transformative opportunity,” Huang said. The firm’s name itself reflects this philosophy of identifying and backing fundamental technological transitions.

Despite the expansion, Paradigm continues to maintain an active crypto investment pipeline. The firm has not disclosed the exact allocation split between crypto and AI for the new fund, but sources indicate that both sectors will receive substantial commitments.

Market Context and Implications
The fundraise comes at a time when global venture capital is increasingly concentrated in AI. According to PitchBook data, AI-related startups raised over $50 billion in 2025, while crypto venture funding remained subdued after the 2022 market downturn. Paradigm’s move allows it to capture growth in AI while maintaining exposure to a potential crypto resurgence.

For portfolio companies and limited partners, the dual-focus strategy offers diversification within a single fund. It also positions Paradigm to invest in convergence areas where AI and blockchain technologies intersect, such as decentralized computing and AI-driven DeFi protocols.

Vanguard is now hiring for a Head of Digital Assets, signaling yet another shot at the crypto market by the asset manager, which once denied clients access to crypto.

According to a job posting Monday, the $12 trillion asset manager is seeking a Head of Digital Assets in the United States to lead “digital assets strategy, roadmap, and enterprise execution,” across Vanguard Personal Wealth.

The successful candidate is expected to serve as “Vanguard’s senior subject matter expert for digital assets across Personal Wealth,” reads the job description.
The responsibilities include developing a “multi-year digital assets roadmap” and defining how Vanguard can implement “digital asset capabilities, products, and operating models.”

Vanguard also seeks an exec with knowledge on areas including “tokenization, stablecoins, wallets/custody models, settlement, blockchain-enabled operating models, and the broader digital asset ecosystem.”

The job posting apparently marks the first major crypto role being created at Vanguard, which was once seen as anti-crypto.

Vanguard U-turns on crypto
In 2024, Vanguard took a stance against Bitcoin ETFs, announcing at that time that they “have no plans to offer Vanguard Bitcoin ETFs or other crypto-related products” to clients.

“Our perspective is long-standing that cryptocurrencies’ high volatility runs counter to our goal of helping investors generate positive real returns over the long term,” the company said.

Nearly two years later, just when Bitcoin ETFs had seen over $113.29 billion in AUM led by BlackRock, Vanguard eased up its stance, announcing in December 2025 that it would allow trading of mutual funds and ETFs that primarily invest in cryptos on its platform.
“Cryptocurrency ETFs and mutual funds have been tested through periods of market volatility, performing as designed while maintaining liquidity,” Vanguard’s head of brokerage and investments, Andrew Kadjeski, concluded.

In the same month, Vanguard’s biggest rival BlackRock, with up to $10 trillion in AUM, had also opened a search for seven digital asset positions, as it continues to deepen its footprint in crypto. Six was based in the United States and one in Singapore.

BlackRock’s IBIT currently accounts for $46.7 billion in net assets.

Circle’s USDC stablecoin widened its lead over competitor Tether’s USDT by transaction volume during the first half of 2026, according to fresh data from Visa’s onchain dashboard.

In June alone, stablecoin activity increased to a record $1.79 trillion in adjusted transaction volume, up 63% from May's $1.1 trillion and 125% from about $795 billion in June 2025. Visa removes bot activity, exchange transfers and other blockchain transactions that do not reflect real economic activity before calculating adjusted volume.

These figures come as banks and other financial institutions expand their use of stablecoins for payments, settlement and treasury operations. Standard Chartered and BNY recently added services around Circles’s USDC rather than building their own infrastructure which also reflects a broader shift toward using established stablecoin networks as activity and demand for fiat-pegged digital assets increases.

The first six months of the year totaled $8.82 trillion in adjusted stablecoin transaction volume. That is more than the $5.8 trillion recorded during all of 2024 and $2 trillion less than the record $10.8 trillion reported in 2025.

USDC accounted for about 70% of adjusted transaction volume during the first half of 2026. USDT represented roughly 25%..

In 2020, USDT made up nearly 90% of adjusted transaction volume. USDC accounted for less than 10%. By 2022, USDC accounted for about 45% of adjusted transaction volume.

JPMorgan has revised its outlook for gold, suggesting prices may remain flat in the coming weeks before surging to $4,500 per ounce by the fourth quarter of 2026. The bank cited weakened demand in key buying channels as the main reason for its updated short-term assessment.

Short-term flat trend in focus
According to forecasts shared by Reuters, JPMorgan expects gold to average $4,300 per ounce in the third quarter of 2026 and rise to $4,500 in the final quarter of the year. The bank maintains that the overall direction for gold remains upward but believes the pace of increase could be more modest than previously anticipated.

In JPMorgan’s assessment, purchasing power has declined in major markets with traditionally robust gold demand. The bank has also highlighted gold’s increasing sensitivity to changes in real interest rates—a key macroeconomic factor that can make or break investor appetite for non-yielding assets like gold.

Glossary: Real interest rate refers to the yield after deducting inflation from the nominal rate. An increase in real rates can squeeze demand for gold, which offers no yield.

Against this backdrop, JPMorgan notes that gold has temporarily lost some of its appeal relative to other investment instruments, which could keep prices range-bound for a period. The bank now characterizes the current situation as a market trading within a defined band.

JPMorgan points out that gold prices are likely to trade sideways in the short term, with more pronounced recovery expected in the second half of 2026.

Long-term bullish outlook remains intact
Despite its more cautious short-term view, JPMorgan maintains an optimistic stance for the medium to long term. The bank identifies three core drivers that could support a continued rise in gold prices through 2027.

At the top of the list is ongoing accumulation of gold reserves by central banks. JPMorgan also expects physical demand for gold to strengthen in the months ahead, adding to positive momentum. Institutional investors seeking portfolio protection by holding gold further complement this view. As one of the United States’ largest banks, JPMorgan’s insights on commodities, forex, and macro markets are closely followed by industry watchers.

Central bank reserve building, anticipated growth in physical demand, and institutional portfolio hedges form the core of JPMorgan’s long-term gold forecast.

Competition with Bitcoin comes into focus
Throughout 2025 and into early 2026, gold and Bitcoin have often been compared as alternative hedges against macroeconomic risks. JPMorgan’s call for subdued gold prices in the short run could encourage some institutional funds to temporarily allocate more capital to digital assets like $BTC.
Even so, the bank expects gold to maintain its role as a safe haven and alternative reserve asset over the long term. While a lackluster near-term performance is possible, JPMorgan believes this does not undermine gold’s function as a proven store of value.

Solana surpassed $3.4 billion in tokenized real-world assets, setting records.

Institutional adoption and developer activity strengthened Solana’s growing tokenization ecosystem.
SOL climbed above $79 as momentum returned amid higher volumes.

Solana’s real-world asset ecosystem has surpassed $3.4 billion in total value, setting a new record for the blockchain’s tokenization market. According to data shared by the network, the milestone comes less than three years after Solana entered the real-world asset sector. The latest achievement highlights Solana’s growing role in the expanding tokenization industry. Moreover, it reflects increasing adoption among institutions seeking efficient blockchain infrastructure.

Real-world asset tokenization has continued gaining momentum across the digital asset market. Consequently, blockchain networks have intensified efforts to attract financial institutions and developers. Solana has emerged as one of the preferred platforms for these projects. Additionally, its transaction speed and low fees have supported broader adoption. The network has also benefited from consistent developer activity. As a result, more businesses continue bringing traditional financial assets onto blockchain infrastructure.

Institutional demand continues supporting Solana’s RWA expansion
According to the latest network update, Solana’s tokenized asset market has reached an all-time high. The ecosystem now exceeds $3.4 billion in total real-world asset value. The growth demonstrates rising confidence in blockchain-based financial products. Moreover, institutions continue exploring tokenization to improve settlement efficiency and asset accessibility.

The race to build the next generation of stablecoin infrastructure intensified this week after more than 140 companies spanning banking, payments, technology and digital assets formally lined up behind Open USD, a new dollar-backed stablecoin designed for enterprise-scale payments.

Open Standard unveiled the initiative, the industry’s attention has shifted from the announcement itself to what it represents: one of the largest cross-industry alliances yet attempting to reshape how stablecoins are governed, monetized and adopted by businesses worldwide.

Unlike previous launches led by a single issuer, Open USD is being introduced as a consortium-backed network whose members include payment giants Visa, Mastercard and Stripe, investment manager BlackRock, technology companies including Google and Shopify, major banks such as Standard Chartered and DBS, and crypto firms including Coinbase, Ripple, Fireblocks and MetaMask.

A shift from issuer economics to ecosystem economics
For years, the stablecoin business has largely revolved around issuing digital dollars backed by cash and short-term U.S. Treasury securities. While users benefited from fast blockchain-based payments, reserve income primarily flowed to the issuing company.

Open Standard is attempting to rewrite that model. According to the company, Open USD will allow participating businesses to mint and redeem tokens without fees or volume limits. More significantly, nearly all revenue generated from reserve assets will be returned to ecosystem partners after operational costs are deducted, while governance will be shared through an independent board representing participating organizations rather than controlled by a single issuer. That approach aims to make financial institutions, payment providers and fintech companies direct economic stakeholders instead of simply distribution partners.
Why the timing matters
The launch arrives as stablecoins move deeper into mainstream finance. Banks are expanding blockchain settlement capabilities, payment companies are integrating stablecoin rails into cross-border transfers, and regulators in several jurisdictions have introduced clearer frameworks for fiat-backed digital assets. In the United States, the recently enacted GENIUS Act has added further regulatory momentum to institutional stablecoin adoption.

Rather than competing only with established tokens such as USDT and USDC, Open USD is positioning itself as shared financial infrastructure that multiple institutions can help operate and commercialize. That strategy also reflects a broader industry trend: network effects are becoming as valuable as the token itself.
A cross-industry alliance takes shape
The consortium spans nearly every segment of digital payments. Payment networks include Visa, Mastercard, American Express, Discover, Adyen and Fiserv. Banking participants include BlackRock, BNY, Standard Chartered, DBS, BBVA and Commonwealth Bank of Australia. Technology firms such as Google, IBM, Shopify and Cloudflare have also joined alongside crypto infrastructure providers including Coinbase, Fireblocks, Anchorage Digital, Ripple, Solana, Polygon and Aave.

The breadth of participation suggests many institutions are increasingly willing to collaborate on common settlement infrastructure instead of developing proprietary stablecoin ecosystems. It also highlights the accelerating market for stablecoin payment solutions capable of supporting global commerce at enterprise scale.
Execution now becomes the biggest test
While the partner list has attracted widespread attention, several operational questions remain unanswered. Open Standard has said Open USD is expected to launch later this year, but details including its initial blockchain networks, reserve custodian, issuance mechanics and regulatory licensing are expected closer to launch. Those details will likely determine whether the consortium can convert corporate endorsements into meaningful payment volume.

What to watch next
The announcement marks a significant milestone for institutional stablecoins, but the next phase will be measured by execution rather than partner count.

Investors and industry participants will be watching for:

Launch timeline and supported blockchain networks.
Reserve management, custody and independent audit arrangements.
Regulatory approvals across key jurisdictions.
Commercial integrations by payment providers and financial institutions.
Whether Open USD complements or meaningfully challenges dominant stablecoins such as USDT and USDC.
For now, Open USD has succeeded in assembling one of the largest alliances the stablecoin industry has seen. The real competition begins when businesses decide which digital dollar they choose to move billions of dollars across global payment networks.