Weekly briefing · Edition 25 · 2 November 2026 · covering 27 October to 2 November
Hong Kong approves first regulated 24/7 trading of a retail tokenised money market fund
Edited by Cliffton Lee · Singapore · 37 items covered from 484 sources reviewed
Key points
The DTCC launched its Tokenization Service on 28 October 2026 with 20 participants including JP Morgan, Citi, Barclays, UBS and State Street, offering tokenised entitlements on 34 eligible securities against an SEC no-action letter covering roughly $30 trillion of the $114 trillion DTC holds in custody.
Hong Kong's SFC approved the first 24/7 retail trading of a tokenised money market fund on 27 October 2026, with the ChinaAMC Digital Money Market Fund (around $660 million AUM) now trading in USD and HKD on PantherTrade and settling via HSBC tokenised deposits and Standard Chartered's Anchorpoint HKD stablecoin.
HSBC, Franklin Templeton, Tradeweb and Fireblocks completed a 24/7 corporate treasury settlement pilot with Uber on the Canton Network on 30 October 2026, letting Uber buy and redeem tokenised money market funds with HSBC tokenised deposits over a weekend while still earning yield.
Ripple received its final OCC national trust bank charter on 27 October 2026 for Ripple National Trust Bank, which will manage RLUSD reserves and act as collateral trustee, as BNY added XRP and RLUSD to its Digital Asset Custody platform and Robinhood agreed to offer RLUSD to its roughly 28.6 million funded customers.
The Bank of England opened a consultation on 29 October 2026, closing 12 February 2027, on supervisory expectations for CCPs accepting tokenised collateral, explicitly soliciting evidence on regulated stablecoins, tokenised money market fund units and tokenised gold as potential future eligible collateral.
At launch only 34 securities are eligible, but the SEC no-action letter behind it covers the full Russell 1000, US Treasuries and major index ETFs, roughly $30 trillion of the more than $114 trillion DTC holds in custody, and the tokens share the same CUSIP and ownership rights as street-name positions. Asia moved in parallel on the retail side, with Hong Kong's SFC approving the first regulated 24/7 trading of a tokenised money market fund and pairing it with tokenised-deposit and regulated-stablecoin settlement.
The SFC cleared 24/7 trading of the ChinaAMC Digital Money Market Fund in USD and HKD on PantherTrade, Futu's virtual asset trading platform, with the fund at around $660 million AUM as of 27 October 2026 and about 16% in retail share classes. The settlement stack is the operator story, since ChinaAMC began incorporating HSBC tokenised deposits into the fund itself last month and completed a subscription-redemption use case on Standard Chartered's Anchorpoint regulated HKD stablecoin in September, so a Hong Kong VATP licence now carries both tokenised securities and crypto on one venue where other jurisdictions demand a separate securities licence.
The SFC's formal approval of secondary trading for tokenised public funds is the regulatory spine under the ChinaAMC listing, converting what had been subscription-and-redemption-only products into instruments an investor can exit mid-cycle. This is the piece that distinguishes a tokenised fund that merely settles faster from one that trades, and it puts Hong Kong ahead of Singapore on the retail secondary-market calendar for tokenised cash products.
Progmat's 367-member Digital Asset Co-Creation Consortium published an interim report proposing tokenised JGB on-chain repo aimed squarely at the roughly 40% of Japan's repo market, around JPY 106 trillion, that settles bilaterally outside the JSCC clearing house by fax and email. A Canton Network testnet simulation runs November through March connecting multiple domestic and overseas repo and collateral platforms, and the working group is candid that the case rests on participants who lack cheap Bank of Japan intraday liquidity, chiefly non-residents, trust-custody funds and firms needing funding outside Tokyo settlement hours.
DBS commissioned EY to poll 422 finance leaders at companies with revenue above $500 million, finding 88% in live deployment or pilots as of 28 October 2026, with 24% at scale, stablecoins leading instruments in use or planned at 63%, tokenised deposits at 53% and tokenised money market funds at 52%. The usual discount applies given over 70% of respondents sit in eight APAC markets and DBS itself sells the Token Services infrastructure the survey examines, but the instrument ranking is the useful signal, and 64% of respondents wanting banks as a single access point maps directly to the orchestration role DBS is positioning for.
Mirae's Hong Kong arm tokenised a $12.5 million six-month USD floating-rate note out of Hong Kong as its first issuance under a larger $3 billion guaranteed structured-product programme, with Singapore's Marketnode as distribution partner for the private placement to eligible institutions. Mirae ran the tokenisation on its own proprietary infrastructure using Solana rather than handing the tokenisation to Marketnode, and the Solana Foundation's involvement signals the chain choice was deliberate rather than casual, which is the detail worth watching as a Korean house builds its own issuance stack rather than renting one.
A Daiwa fund's purchase of a Blackstone Tokyo office complex structured to include retail digital securities keeps Japanese real-estate security tokens on their steady institutional-to-retail path, following the established Japanese ST-real-estate template rather than breaking new ground on interoperability or settlement. The signal is continuity of a working domestic market, not a structural shift, which is why it sits as an Asia-band note rather than a lead.
Shoko Chukin and top Japanese banks are building digital-currency systems for trade settlement ahead of proposed legalisation of digital trade documents, with Circle, Citi, MUFG and HSBC all named in the surrounding activity. The operator read is that Japan is sequencing the money leg to arrive alongside the legal-document leg, which is the correct order for a trade-settlement use case that stalls if either side moves alone.
Circle's chief strategy officer argued at a Bangkok event that Asian jurisdictions should leave competitive space for both large banks and startups, pointing to US and EU experience as evidence the sector accommodates both, with Nomura, HSBC, Standard Chartered and MUFG cited in the surrounding context. This is policy advocacy rather than a regulatory decision, but it reads as Circle positioning against bank-only stablecoin regimes as several Asian frameworks firm up.
Uber used HSBC tokenised deposits to buy Franklin Templeton tokenised money market funds on Tradeweb through delivery-versus-payment transactions on Canton via Fireblocks, and crucially liquidated part of the holding over a weekend while continuing to earn yield. The pilot targets the structural corporate-treasury tradeoff between yield and operational liquidity, since traditional MMF redemption faces cutoff windows and T+1 settlement, and keeping eligible cash invested until the moment of disbursement cuts the idle buffer a platform company has to hold.
This is the same Uber-HSBC-Franklin Templeton Canton treasury pilot reported from the corporate-treasurer angle, framing the use case as putting idle operating cash to work without sacrificing access. The reporting adds the treasury-practitioner lens that the barrier being removed is the policy tradeoff between yield and liquidity rather than a technical one.
RLUSD is set to reach Robinhood's app by end-2026 across a platform with about 28.6 million funded accounts, alongside Bitstamp settlement in RLUSD and Robinhood adopting Ripple's treasury software. The twist is that Robinhood helped found the Global Dollar Network promoting the rival USDG, so carrying both tokens shows distribution incentives no longer lock a platform to a single stablecoin.
Janus Henderson, with roughly $500 billion AUM, launched JQQQ natively on Stellar under a Nasdaq index licence, open to non-US professional investors with a 100,000 USDC minimum. The index licence is the load-bearing detail, since a fund replicating the Nasdaq-100 directly needs its own licence, which cleanly separates this issuer-sponsored structure from synthetic wrappers that track price without the index right or shareholder entitlements.
The European Stability Mechanism raised EUR 1 billion in its first digital bond, the first transaction on the Eurosystem's Pontes platform since it went live five weeks earlier, settled in central bank money via the trigger solution rather than cash tokens. The hybrid design is the operator takeaway, since the bond is created on Deutsche Börse's D7 DLT platform but investors hold it through conventional Clearstream accounts and need no DLT capability, with DZ BANK passing the entire EUR 1 billion cash leg through its single T2 account on T+5.
BayernLB issued EUR 100 million of tokenised commercial paper on the SWIAT blockchain with Pontes central-bank-money settlement, compressing the traditional day-plus gap between trade and settlement of commercial paper to minutes. The CFO framed same-minute transfer of ownership and payment as the milestone for short-term refinancing, which is exactly where settlement-cycle compression earns real money.
Clearstream became a control agent under Luxembourg's Blockchain Law IV, letting managers tokenise a single share class of an existing UCITS or AIF while keeping their transfer agent, administrator, custodian and depositary in place. The positioning is deliberately the opposite of fintech control agents like Investre, which pitch native DLT funds without the traditional chain, so Clearstream inserts a DLT layer underneath the existing fund ecosystem with whitelisted accounts as the only permitted holders.
A Canton-based tokenised equity venue may execute the first trade under the SEC's innovation-exemption framework ahead of the higher-profile OKX-ICE joint venture, which is bogged down in issuer objections. The precedent of who trades first matters because it shapes which venue model, issuer-sponsored or automated-market-maker, becomes the reference for US tokenised equities.
Issuer objections to the OKX-ICE tokenised-stock venue have climbed to 26, including JP Morgan, Goldman Sachs, Wells Fargo, Microsoft, Alphabet, IBM, Oracle and Intel, with each company given 30 days under the SEC exemption to block its shares from being listed. The weight of blue-chip refusals, roughly 37% of the original proposed roster, is the signal that building a tokenised equity market issuers will join is harder than securing the regulatory exemption.
Ripple received final OCC approval for Ripple National Trust Bank, which will manage segregated RLUSD reserves on a directed basis, act as collateral trustee for RLUSD holders and provide fiduciary crypto custody, while stablecoin issuance stays with the NYDFS-regulated Standard Custody. The federal charter, part of a wider wave of 21 trust-bank approvals under the current administration, hands a stablecoin operator bank-grade reserve and collateral infrastructure, though the Independent Community Bankers of America sued the OCC on 2 October seeking to void the rule underpinning these charters.
The BoE published a consultation closing 12 February 2027 on supervisory expectations for CCPs accepting tokenised collateral, holding to a "same risk, same regulatory outcome" line while explicitly seeking evidence on regulated stablecoins, tokenised money market fund units and tokenised gold as potential future eligible collateral. A tokenised gilt still counts as new collateral because its delivery mechanism differs, so CCPs must go through the Bank's approval process, and stablecoins may not yet meet the Rulebook's "highly liquid" standard without a rule change or waiver.
The Eurosystem will invite stakeholders to work on three priority Appia workstreams covering tokenised deposits and payments, tokenised securities and shared network governance, with cross-cutting testing in 2027 and a 2028 blueprint whose components will largely have been tested. The unresolved issue Piero Cipollone put to the ECON committee is the absence of a pan-European legal definition for tokenised deposits, which risks national fragmentation and is already complicating the Commercial Bank Money Token consortium.
The OCC urged community banks to seek permission to issue dollar-pegged tokens under the GENIUS Act, with finalised regulations taking effect 18 January 2027 and substantially complete applications eligible for temporary waivers. The push lands against banking-group lobbying to restrict stablecoin yields over deposit-flight fears, so the regulator is actively trying to pull smaller lenders into a market it does not want ceded to large banks and crypto firms.
Canada's draft regulations under the Stablecoin Act open a consultation to 23 December 2026, require non-bank issuers to register with the Bank of Canada and hold fully backed reserves, and extend the yield ban beyond the issuer level to income-sharing arrangements with third parties. This goes further than the GENIUS Act, which leaves exchanges free to share yield, so the Canadian rule targets the funding mechanism rather than just the paying entity, while still permitting transaction-based rewards and settling redemptions within three business days with fees capped at 1%.
Tether is hiring a Brussels-based head of regulatory affairs for Europe covering stablecoins, communication technology and AI legislation, after ESMA moved to stop EU crypto-asset service providers custodying unlicensed EMTs that had remained available to residents despite being dropped from exchange trading pairs. With a MiCA review consultation recently closed and Circle's MiCA-regulated USDC having taken Tether's place in EU dollar pairs, the hire reads as Tether weighing whether to launch a compliant EMT rather than stay outside the perimeter.
ICE agreed to be the exclusive onshore operator for Trade[XYZ] perpetual futures spanning crypto, equities, indices, commodities and FX, cleared through a dedicated structure with KYC-verified customers, while CME's June lawsuit argues perpetuals are swaps under Dodd-Frank rather than futures. The classification is the whole ballgame, since swap treatment would mean five-day margin periods instead of one, different clearing rules and ordinary-income tax instead of the Section 1256 blend, and ICE's entire Trade[XYZ] structure depends on the CFTC's futures position holding.
A full-page WSJ advertisement warned stock issuers that crypto will tokenise their shares on unregulated venues and that they could be liable, with the QR code linking to Nasdaq, which denied involvement and promotes issuer-sponsored tokens. The campaign landed as OKX-ICE faced objections on 39 of 63 intended listings, and Securitize ran a rebuttal ad, which frames the whole fight as incumbents and tokenisation-platform players contesting the venue model rather than tokenisation itself.
The SEC granted exemptive relief narrowing which inter-affiliate and non-US repo transactions fall under the Treasury central-clearing mandate, clarifying the pathway for broker-dealers and other participants ahead of the clearing rollout. The relief is guidance rather than a structural rule change, but it reduces friction for the repo flows that tokenised Treasury collateral increasingly rides.
Cipollone's keynote ahead of Europe's 11 October 2027 move to T+1 settlement positioned the shortened cycle, the digital euro, wholesale-payments modernisation and DLT as parts of a single strategy rather than separate projects. The operator point is that T+1 acts as a catalyst forcing standardisation and automation that a T+2 environment could absorb, which pulls the post-trade stack toward the same infrastructure tokenisation needs.
The DTCC launched its Tokenization Service on 28 October following the SEC's December 2025 no-action letter, with 20 DTC participants signed up including JP Morgan, Citi, Bank of America, Barclays, BNP Paribas, UBS, Morgan Stanley and State Street. Only 34 securities are eligible at launch, a mix of equities, Treasuries and ETFs, but the no-action letter covers the full Russell 1000, US Treasuries and major index ETFs, roughly $30 trillion of the more than $114 trillion DTC holds, and the tokens carry the same CUSIP and ownership rights as street-name positions, so a token transfer between registered wallets is the settlement with no T+1 wait. Notable absences are BNY, the largest custodian, and Goldman Sachs, which both joined the July trials, and 24/7 operation is intrachain only for now since cross-chain moves route through DTC's conversion service running 2am to 6pm ET on business days.
BNY, already primary reserve custodian for RLUSD, now supports XRP and RLUSD on its Digital Asset Custody platform and plans to let clients mint and redeem RLUSD directly through BNY, while the two firms advance tokenised trade finance on the XRP Ledger. The framing from both sides is moving past issuance toward making tokenised assets usable for payments and collateral, which is the custody-to-utility step a stablecoin needs at a G-SIB custodian.
Goldman Sachs, a minority EquiLend shareholder and one of the industry's largest borrowers, joined the Canton-built 1Source platform that maintains a shared private ledger of agreed securities-lending transactions and changes, joining BNY and the National Bank of Canada who began transmitting live a year ago. The value is removing the manual reconciliation that causes trade breaks, a problem sharpened since securities lending moved to T+1.
Google unveiled Google Multi-Party Compute in private preview for institutions to safeguard and transfer crypto and tokenised assets, splitting private-key fragments across separate environments and applying institutional rules before signing, with commercial availability planned for early 2027 and Alphabet already using it on Ethereum and Solana. The timing is pointed given billions in private-key-related thefts, and the service is positioned to eventually support post-quantum cryptography.
CF Benchmarks, whose indices underpin BlackRock's bitcoin ETF and CME crypto futures and back products representing more than $120 billion in assets, launched CFB Oracle to supply digitally signed benchmark data for crypto, stocks, bonds, commodities and currencies to on-chain applications on Ethereum, HyperEVM and Robinhood Chain. Reliable institutional pricing is the input a tokenised index fund or a lending platform taking tokenised bonds as collateral needs to value portfolios and set liquidation thresholds.
BitGo Bank & Trust, an OCC-regulated digital-asset trust bank, will let eligible clients access WisdomTree's WTGXX government money market fund through BitGo Mint, moving between USD, supported stablecoins and fund shares and reallocating beneficial interests peer-to-peer over BitGo's Go Network. The point is keeping a yield-bearing tokenised MMF inside the same regulated-bank environment clients already use for digital assets rather than onboarding separately with the fund manager.
Securitize, which issues and manages BlackRock's BUIDL tokenised money market fund, added Stellar to a supported set that already includes Ethereum, Solana and Avalanche, citing Stellar's KYC, clawback and sanctions-compliance configurability. Franklin Templeton already runs a tokenised MMF on Stellar, so the addition extends an incumbent tokenisation platform's multi-chain reach rather than opening a new capability.
An XRP Ledger code proposal would let a sponsoring account cover another account's reserve and fees, allowing new wallets to hold zero XRP and start directly with stablecoins, which matters for Ripple's Privy-embedded-wallet work supporting RLUSD payments including by AI agents. The sponsorship amendment the proposal depends on had only 11 of the 29 validator votes needed as of 19 October, so this is early-stage and far from consensus.
This is the DTCC Tokenization Service launch reported from the markets angle, emphasising the $30 trillion no-action scope and the roster of major banks behind the go-live. The reporting underscores that the significance is the breadth of the eligible universe behind the 34 live securities, not the launch count itself.
The largest crypto hack on record saw TraderTraitor drain $6.36 billion from Binance, with Tether freezing $1.57 billion and Circle more than $800 million, while the hackers converted $729 million of USDT into ETH and TRX before freezes landed, accepting a 10%-plus discount by routing $325 million through UniswapX's RFQ-and-market-maker path to avoid AMM slippage. The relevance here is operational rather than infrastructural, since the episode is a live demonstration of stablecoin issuer freeze capability and the speed trade-off attackers face against it.
Worth watching next
How fast the DTCC expands its eligible-securities list beyond the launch 34 toward the full $30 trillion no-action scope, and whether BNY and Goldman Sachs, absent at launch despite joining the July trials, sign on.
Whether Hong Kong’s 24/7 tokenised-MMF trading extends beyond ChinaAMC to other issuers, and whether MAS responds on the retail secondary-trading leg where Hong Kong now leads.
The validator-vote trajectory on the XRP Ledger sponsorship amendment, at 11 of 29 as of 19 October, as the gating dependency for zero-XRP stablecoin and AI-agent wallets.
The outcome of CME’s suit against the CFTC over whether perpetual futures are swaps or futures, which determines the margin, clearing and tax treatment ICE’s Trade[XYZ] structure depends on.
Responses to the Bank of England‘s tokenised-collateral consultation by 12 February 2027, particularly the evidence case for stablecoins, tMMF units and tokenised gold as CCP collateral.
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