Tokenization

Anyone not pricing $UNI yet might be making a big mistake In September alone, which is the biggest month yet for equities spot onchain; @Uniswap captured >50% of total volume, making it the largest onchain venue for tokenized stocks. In a future where there will be trillions in tokenized equities, Uniswap's permissioned and permissionless pools is positioned as the venue for mass and regulatable (per SEC innovation exemption) engagement. Disclaimer: longest time holder, these are my opinion and NFA

All roads lead to tokenization 🛣️ Stocks, funds, credit, treasuries, commodities, real estate, cash and deposits & more.

oh? Cboe and S&P Dow Jones Indices are eyeing tokenization. The firms extended their exclusive S&P 500 licensing agreement through 2051 — and said they may collaborate on products beyond traditional index derivatives, including tokenized options contracts.

RWAs monthly report for September

NEW: RWA lending markets have billions in deposits, but borrowing is still lagging Float Research estimates roughly $7.3B is deposited across RWA lending markets, with about $2.5B borrowed or around 34% utilization. Speaking with The Coinformer, @SethRWAs said that gap comes down to just one simple explanation. Read more on The Coinformer in the reply below.

RWA token hóa tháng 9 chứng kiến dòng tiền xoay khỏi trái phiếu kho bạc Mỹ Tháng 9/2026 ghi nhận sự dịch chuyển đáng chú ý trong cách tài sản thế giới thực (RWA) được sử dụng trên blockchain. Trái phiếu Kho bạc Mỹ token hóa, phân khúc lớn nhất của thị trường, ghi nhận dòng tiền ròng rút ra khoảng 1,3 tỷ USD, trong khi vốn và hoạt động giao dịch chuyển sang hàng hóa, chiến lược chủ động, phái sinh và cổ phiếu token hóa. Theo báo cáo của Seth (@SethRWAs), xu hướng này phản ánh sự xoay vòng phân bổ thay vì nhu cầu RWA suy giảm đồng loạt. Hàng hóa dẫn đầu dòng vốn vào với khoảng 451 triệu USD. WisdomTree tiếp tục đứng trong nhóm dẫn đầu dòng tiền ròng tháng thứ ba liên tiếp, trong khi Huma Finance ghi nhận khoảng 145 triệu USD dòng vốn vào. Thị trường perpetual RWA phi tập trung tăng mạnh trong tháng 9, với tổng khối lượng giao dịch đạt khoảng 153 tỷ USD, tăng 29% so với tháng trước. Open interest đạt khoảng 6,2 tỷ USD, tăng 14%. Hàng hóa dẫn đầu về khối lượng với khoảng 52 tỷ USD, trong khi cổ phiếu đứng đầu về open interest ở mức khoảng 2,8 tỷ USD, tăng 25%. Hyperliquid chiếm khoảng 42% khối lượng giao dịch và 62,5% open interest. Các cổ phiếu thuộc nhóm bán dẫn và bộ nhớ chiếm tỷ trọng open interest lớn, cho thấy dòng tiền đòn bẩy đang tập trung vào những phân khúc có biến động cao và hưởng lợi từ câu chuyện AI. Ở thị trường spot, cổ phiếu token hóa ghi nhận khoảng 22,9 tỷ USD khối lượng giao dịch, tập trung chủ yếu trên Robinhood Chain và Uniswap. QQQ, NVDA và SPY là những tài sản được giao dịch nổi bật nhất. Trong lĩnh vực cho vay on-chain, lượng RWA được sử dụng làm tài sản thế chấp duy trì quanh 3,1 tỷ USD, trong khi dư nợ đạt khoảng 2,5 tỷ USD. Về tổ chức và pháp lý, BlackRock cung cấp mô hình danh mục cho các sản phẩm của Ondo, trong khi Securitize token hóa ARK Venture Fund trên Ethereum. Ngày 17/9, SEC cũng cấp miễn trừ có điều kiện và tạm thời đến năm 2031, cho phép một số sàn được cấp phép giao dịch cổ phiếu NMS token hóa thông qua AMM và liquidity pool; quy định này không áp dụng cho quỹ và ETF. Báo cáo kết luận tháng 9 chủ yếu phản ánh quá trình xoay vòng và tập trung dòng vốn, thay vì một chu kỳ tăng trưởng đồng đều của toàn bộ thị trường RWA. Trong tháng 10, thị trường sẽ tiếp tục được theo dõi ở ba điểm: khả năng dòng tiền quay trở lại trái phiếu Kho bạc Mỹ token hóa, mức độ tập trung open interest vào nhóm cổ phiếu bán dẫn và bộ nhớ, cùng tốc độ mở rộng nguồn cung cổ phiếu token hóa, vốn đã tăng khoảng 4,5 tỷ USD.

Insights from Sygnum survey on what APAC investors think about tokenization and do ↓ 1. 68% already hold tokenized RWAs, and another 12% are evaluating them. Only about 20% have no exposure 2. 66% prefer tokenized equities, ahead of tokenized Treasuries at 44% 3. 72% name portfolio diversification as their top reason for allocating 4. 80% of allocations involve fresh capital rather than a pure rotation out of crypto 5. 48% expect 15-30% of capital markets to move onchain within 3-5years, which they frame as roughly $40 trillion nominal 6. 40% of existing holders cite legal certainty over ownership rights as a barrier to larger allocations, and 43% cite secondary market liquidity 7. Crypto holders are about 7x more likely to already hold tokenized RWAs, making crypto ownership the strongest predictor Sygnum notes the 68% figure is high relative to fully regulated access in these markets and may partly reflect broader crypto-adjacent products Survey data across 212 HNWIs and professional investors in Singapore, Hong Kong, and South Korea.

Robinhood really dominated tokenized equities, the whole September Amid the volume draw down, @RobinhoodApp remains the highest issuer of tokenized equities, owning a market percentage of 27% vs Xstocks 21%

Uptober Watchlist Bought an alt basket and went to touch grass for a bit. Time to lock back in though. Here’s our watchlist below ● $NMR: agentic hedge fund + $500M fund investment commitment from JPMorgan + $1M buyback every half-year, $3.2M cumulative ● $AAVE: onchain RWA lending rolling out + weighing a burn of bought-back tokens ● $KMNO: TVL $800M → $1.3B, active loans $350M → $450M, clear rebound + Galaxy yield vaults & fixed-rate borrowing vaults w/ Figure and Hastra now live ● $GRASS: $14.53M H1 revenue from the AI data biz, backed by independent accounting verification ● $SYRUP: revenue doubled to $13.7M YTD + revenue-funded buybacks + bigger institutional push ● $ARX - Blackthorn GPU infrastructure for encrypted AI inference + listed on Korean exchanges. ● $AERO: Unified Aero dropping Oct 21, live across 7 chains ● $PYTH: ARR past $10.4M + revenue-funded token buys ● $PEAQ: machine token deposits + 50% exit burn, Doosan Robotics integration testing kicking off ● $NIL: Blacklight mainnet Oct 5 + Ethereum L1 migration in progress ● $QNT: picked to power The Clearing House's tokenized deposit settlement ● $SKY: surplus split of 22.5% to staking-reward buybacks + 5% to permanent buyback & burn Source ● $DRV: weekly buybacks rolling on, 137K $DRV bought in round #85, 27.78M cumulative as of Sep 23 ● $PUMP: 50% of revenue to auto buyback & burn for 1 yr from Apr 2026, 16.85% of initial supply burned as of Sep 28 ● $PHA: OpenRouter usage now threatens $VVV, but will the buyback actually happen? Whales already gave up in the last downturn. Phala 116.8B tokens/day vs. Venice 60.5B - 1.93× as of Sep 27, per Vantage. ● $NEAR, $ZEC, $HYPE: who's NOT watching these?

I just want to appreciate all my friends in Web3 I am really lucky that I've made so many good friends in a short amount of time even after my x account got sus. I always keep my connections above everything else. Love y'all. I can’t tag the third person to the photo gei @RahulOnChain

Standard Chartered predicts $4 trillion tokenized onchain by 2028, half stablecoins, half RWAs. They predicted $LINK to reach $200 by 2030. About 23.5× up from current $8.5 @chainlink infrastructure relative growth thesis with RWAs needs no price target to be true, chainlink currently runs 70% of DeFi's data layer. $32 trillion already have settled through it. It only makes sense that if the category surges to $4 trillions market, the underlying token settling that trillions (in this case way above $32T) surge in price with it.

Chips are currently highest by percentage of stocks perps OI and it will keep eating the market. Few reasons: ▫️ chips underlying stocks are one of the closest stocks that move like crypto relatively. And perps traders don't want equity beta; they want the most volatile corner of the equity market, leveraged. SanDisk could drop 35% in four days and bounce 17% in a morning. Apple does not do that. If the volatility story is repeatable over and over, then the target audience is perps. ▫️ They posses the kind of repricing that creates a one-way narrative and violent two-way tape: AI data centers took a huge share of the world’s memory supply. The high bandwidth memory that GPUs need comes from just three companies: SK Hynix, Micron, and Samsung. Building HBM uses the same wafer capacity that would otherwise make ordinary DRAM, so everyday DRAM and NAND got squeezed too. In early 2026, contract prices for that memory jumped more than 90% in a single quarter. Laptop memory prices also rose several hundred percent over the year. ▫️ Liquidity begets liquidity: HIP-3/ trade.xyz and CEX listings put the hot tickers on the board fast. Once SNDK, SKHX, and MU had depth, every new trader went there instead of JPM or a healthcare name. Memory went from ~2% of RWA volume in March to about 60% by July. After that, the chart necessarily has to look like Information Technology. ▫️ It maps onto a story crypto already believed: “AI needs compute” is already the crypto native macro. Memory is the bottleneck behind the GPU. SK Hynix / Micron / SanDisk is a more direct expression of that than NVDA alone, and higher beta. Funding rates on some of these names ran extremely long crowded, which is what a consensus onchain trade looks like. perps are built for violent directional bets, and those bets cluster where macro + micro demand aligns. Info: @Blockworks, coin marketcap, pyth network.

It has been a lot of work to put together this new section. Now covering every major chain, launchpad, DEX & more to show everything from volume to what wallets are actually buying when it comes this narrative. Proud to present the latest addition to RWA-Markets 👇

Stocks paired with memes have driven over ~$3B in volume over the past month. What if you could see what whales and other cohorts are buying, or which launchpad is the most active, and what stocks are seeing the most rewards? Presenting our new section: rwa-markets.xyz/equity?sub=m…

This. And the SEC and CFTC had outright said they were prepared to slice the Clarity Act into individual rules and regulations when it failed. Certainty > Uncertainty = Risk Cleared

The race for tokenized stocks has no clear winner, yet. Stocks paired with memes are now 26.7% of onchain stock spot volume, and Robinhood, Solana and BNB are battling for the #1 spot in this narrative. Here's the current landscape between the chains 👇

.@Daybreakcircles is coming to iMessage Ask what’s happening with a tokenized stocks on @base and @xlayer prestocks on @solana Catch up on company news Find public conviction markets by ai agents See what people are backing Your tokenized stock world, inside one Messages thread powered by @PhotonHQ We’re opening the private beta in small batches Join the waitlist: daybreakcircles.lol/imessage

This is the first time BlackRock has designed portfolios meant to be tokenized by another firm. Basically, eligible onchain investors are opportuned to use a portfolio strategy made by the world largest asset manger. This is one of many interesting innovation tokenization comes with