Today in the Crypto Market: Wall Street is Turning to Tokenization, US Aims to Globalize Stablecoins

In recent times, there have been numerous reports evidencing the convergence between traditional finance and blockchain in the crypto market.

As many new steps are announced, from Ondo and BlackRock's on-chain portfolio products to the NYSE's tokenized stock plan, the US government is also considering increasing the overseas use of dollar-backed stablecoins.

Ondo and BlackRock Move Strategies to Blockchain

The tokenization market is no longer limited to equity or bond assets. A new development today: Ondo Finance, focusing on the tokenization of real-world assets (RWA), announced the launch of three on-chain portfolio tokens based on models developed by BlackRock.

The products, called "Smart Portfolios," combine different asset classes such as stocks, bonds, and cryptocurrencies into a single tokenized investment basket. This allows investors to access strategies used in professional portfolio management through a single token on the blockchain.

DTCC to Launch Tokenization Service in October

Another development comes from DTCC. DTCC, which is at the center of the settlement and custody infrastructure of US financial markets, is preparing to launch its tokenization service in October 2026.

In the first phase, assets with high liquidity, such as shares of Russell 1000 companies, ETFs tracking major indices, and US Treasury bonds will be included.

Tokenized securities will retain the same ownership, dividends, and investor rights as their traditional forms. In July, DTCC conducted real transactions using tokenized stocks, ETFs, and US bonds with the participation of over 30 financial institutions.

US May Make Stablecoins Part of Global Dollar Strategy

It was also reported yesterday that the US government is working on a new initiative to promote the use of dollar-backed stablecoins abroad.

As part of the initiative under evaluation, the US Department of the Treasury, the Department of State, and the US International Development Finance Corporation are considering supporting joint projects with private companies. The aim is to strengthen the dollar's position as a global reserve currency and increase demand for US government bonds through stablecoins.

The plan has not yet been finalized, and no implementation timeline has been announced. For details on the topic;

How will the US's global stablecoin plan support $40 trillion in debt?

NYSE and Blockchain.com Reach Agreement on Tokenized Stocks

Recently, the New York Stock Exchange (NYSE) and Blockchain.com signed a memorandum of understanding for the provision of tokenized US stocks and exchange-traded funds to users.

Under the planned collaboration, Blockchain.com will deliver tokenized stocks and ETFs listed on the digital alternative trading system developed by the NYSE, pending regulatory approvals. This way, NYSE products can reach Blockchain.com's global user base.

European Union Wants to Include Crypto Loans in MiCA

While the use cases for tokenization and stablecoins expand in the US, the European Union is looking to broaden the scope of its regulatory framework.

The European Banking Authority (EBA) has called for the inclusion of borrowing and lending transactions conducted with crypto assets under MiCA. The proposal also covers cases where crypto asset service providers facilitate users' access to decentralized finance protocols.

Competition in Tokenized Stocks is Growing

When evaluating the day's developments together, it is clear that tokenization is no longer an area solely experimented with by crypto companies. Platforms like Ondo are moving portfolio strategies on-chain, while traditional market institutions like NYSE and DTCC are also developing direct tokenized securities infrastructures.

In response to major crypto platforms like Coinbase, Robinhood, and Crypto.com turning to tokenized stock products, traditional exchanges like NYSE and Nasdaq are also establishing their own digital trading systems.

One of the biggest steps in this area also came from the SEC. Last week, the US Securities and Exchange Commission (SEC) announced a five-year temporary exemption that facilitates the trading of tokenized US stocks on on-chain platforms.

SEC Issues Historic Exemption: What Will It Change in Crypto?

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