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- Ondo hits $4 billion TVL on tokenized stock growth
- BNY, Citadel Securities test tokenized U.S. Treasuries to speed up Wall Street financing
BNY and Citadel Securities said they completed a transaction using tokenized U.S. Treasuries, showing how blockchain could help move collateral between settlement and financing more quickly. The aim was to show that tokenized government bonds can move from settlement into financing, letting firms reuse collateral sooner and free up cash. BNY plans to add more digital cash and tokenized deposit capabilities and to extend the operating hours of its traditional settlement systems, aiming to match European and Asian trading hours next year. Other major firms, including BlackRock, Franklin Templeton and JPMorgan, have also embraced tokenized funds and securities.
- Securitize CEO Carlos Domingo on Tokenized Stocks and the Future of Capital Markets
Securitize has launched Securitize stocks, bringing major US stocks such as Apple and Nvidia onto the Solana blockchain for eligible investors worldwide, starting with 12 of the most traded and liquid names. CEO Carlos Domingo says the offering is US-compliant and gives real exposure to the shares, with rights such as dividends and voting, in line with recent SEC guidance. The company also tokenized the Ark Venture Fund with Ark Invest, giving retail investors exposure from a $500 minimum to companies such as OpenAI, Anthropic and Stripe. Domingo says more asset managers are moving into tokenization and plans to expand the stocks, add on-chain uses like borrowing against shares, and trade on an OKX platform planned for November and the NYSE's Digital ATS.
- Federated Hermes joins Wall Street's tokenization push with plans for first onchain fund shares
Federated Hermes, a Pittsburgh-based investment manager overseeing $911 billion in assets, plans to issue its first tokenized fund share classes in early 2027 and is partnering with Prometheum to make them available through brokerages and financial advisers. Unlike past arrangements in which third parties tokenized its products, the firm intends to issue the tokenized shares itself, with money market funds as a likely starting point, according to digital asset director Kevin Barr. Prometheum will provide regulated brokerage, custody and clearing services, and Barr said access, rather than blockchain technology, has been a main barrier to adoption. The move follows BlackRock, Franklin Templeton, JPMorgan and New York Life, and Citi projects the tokenized securities market could reach $5.5 trillion by 2030.
- Most Tokenized Stock Trading Happens Outside U.S. Market Hours, IMF Finds
According to new IMF data in the tokenization chapter of its Global Financial Stability Report, more than half of trading in tokenized U.S. stocks happens while Wall Street is closed. The tokenized equity market is about $2.3 billion as of July 31, a small part of roughly $65 billion in publicly tokenized real-world assets excluding repo. The IMF studied five liquid tokens from Ondo Finance and Backed Finance's xStocks, finding that about 80% of trades were for less than one share, which it reads as a sign of retail dominance. Within five minutes of the U.S. open, the underlying stocks absorbed over 87% of the overnight move in their tokenized versions, while realized volatility on tokenized venues was about 1.5 times that of traditional shares. The IMF says systemic risks remain limited for now and recommends circuit breakers and liquidity safeguards.
- Can JPMorgan Chase (JPM) Justify Above Fair Value After Token Push?
JPMorgan Chase’s share price has gained about 140% over the past three years, raising questions about whether its valuation reflects the returns it earns on capital, as tokenized money market funds and AI projects draw attention. Using an Excess Returns model, the article estimates stable EPS of $26.99 per share against a cost of equity of $12.07 per share, implying excess return of $14.92 per share on a book value of $133.01 and an average forecast ROE of 18.15%. This model value sits substantially above the current share price of $332.99, which the article partly links to fee-based infrastructure from tokenized money market funds aimed at regulated stablecoin reserves from 2027. The article also notes that its 13.9x P/E tells a different valuation story.
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