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Tokenized Treasurys and money market funds retreat
The market value of tokenized U.S. Treasury products fell 5.3% over the week to $8.76 billion as of 9:30 a.m. Nov. 1 in South Korea, while tokenized private credit rose 1.6% to $27.63 billion, according to CoinGecko category data.
Tokenized money market funds declined 6.1% to $2.83 billion. Tokenized gold fell 2.5% to $5.4 billion, commodities dropped 2.2% to $5.71 billion and real estate slipped 1.7% to $109.4 million. Tokenized stocks moved in the opposite direction, gaining 2.8% to $2.76 billion.
The categories can overlap because one asset may appear in more than one segment, so the figures should not be added together. The market capitalization of tokens associated with real-world asset protocols fell 0.7% to $12.05 billion. Chainlink and Ondo each gained 0.9% during the week, while Collector Crypt fell 25.1% and Maple Finance dropped 9.7%.
Ondo US Dollar Yield was the largest listed tokenized Treasury product at $2.4 billion, followed by Circle USYC at $2.36 billion and BlackRock's USD Institutional Digital Liquidity Fund at $2.02 billion. Invesco's Short Duration U.S. Government Securities Fund stood at $646 million.
Ondo expands tokenized portfolios to Solana
Ondo launched seven Intelligent Portfolios on the Solana blockchain Oct. 29. The products combine baskets of stocks and exchange-traded funds into individual tokens. Three — BLKHIon, BLKGRWon and BLKDIGon — use BlackRock model strategies.
Ondo offered differing figures for the portfolios' combined deposits on Ethereum and BNB Chain. A company blog said the total exceeded $45 million, while a news release said it had surpassed $40 million within four weeks.
At the time of the Solana launch, Ondo had more than $500 million in tokenized assets deposited on the network, and more than 1.6 million blockchain addresses held tokenized stocks there. Solana's on-chain real-world asset market reached a record $5.19 billion Oct. 29, after passing $2 billion around March 2026 and $4 billion during October.
Tokenized stock ownership surges
The number of addresses holding tokenized stocks rose from about 502,000 in June 2026 to roughly 5.3 million in October, according to an Oct. 27 tally. Addresses holding all types of tokenized assets increased from 1.4 million to 6.4 million over the same period. Tokenized stock holders grew from 37% to 83% of all real-world asset holders.
Robinhood accounted for about 1.5 million addresses, or 24%, while Binance's bStocks represented roughly another 1.5 million, or 23%. BNB Chain led by network with 2.1 million addresses, followed by Solana with 1.6 million and Robinhood Chain with 1.5 million.
Hong Kong opens secondary trading
PantherTrade, licensed by Hong Kong's Securities and Futures Commission, began round-the-clock secondary trading Oct. 26 in two digital money market funds denominated in Hong Kong and U.S. dollars and issued by ChinaAMC Hong Kong. It marked the first secondary trading approved by the commission for tokenized funds offered to the public.
“Secondary trading of tokenized money market funds is an important milestone in the Securities and Futures Commission's continued efforts to advance Hong Kong's digital asset development,” said Christina Choi, the regulator's executive director of investment products.
The framework builds on a pilot program introduced in April 2026 and could expand to other products as the market develops.
Uber tests weekend settlement
Canton Network, Tradeweb and Fireblocks completed a trial settlement involving an Uber transaction in a tokenized money market fund Oct. 30. Uber bought shares in a Franklin Templeton fund on a Thursday using a tokenized deposit claim issued by HSBC, then redeemed them Sunday. The transaction allowed the company to capture an additional 1.5 days of yield during a weekend when conventional banking infrastructure was not operating.
The test illustrates how U.S. companies and major financial institutions are examining blockchain-based markets for continuous trading and settlement rather than limiting transactions to traditional banking hours.
Regulators assess a growing market
The European Securities and Markets Authority held a workshop on tokenized capital markets at its Paris headquarters Oct. 28. Panels addressed market infrastructure, settlement, cash, interoperability, investor protection and tokenized funds.
RWA.xyz reported that distributed tokenized assets excluding stablecoins were valued at $39.17 billion on Nov. 1, while represented assets totaled $398.06 billion. Stablecoins were valued at $286.62 billion.
The figures are a snapshot of publicly available market data, not investment advice. Tokenized products have different issuance structures, eligibility requirements and regulatory treatment, and investors can lose principal.
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