Wall Street's Tokenization Era Going Live
The DTCC sets a July pilot and October launch for tokenized securities with 50+ institutions onboard
Market Moves
Bullish to acquire Equiniti from Siris in $4.2 billion transaction, creating the global transfer agent for tokenized securities
Bullish has agreed to acquire Equiniti, a global transfer agent processing $500B annually, for $4.2 billion — combining its tokenization stack with legacy securities registry infrastructure. The deal is one of the largest crypto-to-TradFi acquisitions on record and signals that tokenized securities will require traditional settlement plumbing to scale.
State Street Investment Management and Galaxy Digital Bring Cash Management Onchain
State Street Investment Management and Galaxy Digital have launched the State Street Galaxy Onchain Liquidity Sweep Fund on Solana, enabling institutional investors to automatically sweep idle stablecoins into a yield-bearing tokenized money market vehicle. The product represents a major traditional asset manager bringing cash management fully on-chain for the first time.
SoFi to launch its stablecoin on Solana, citing speed and cost
SoFi Bank, a nationally chartered U.S. bank, is launching SoFiUSD — a fully reserved dollar stablecoin on Solana — marking one of the first bank-issued stablecoins to enter the market. The move illustrates how chartered banks are moving beyond observation into direct stablecoin issuance.
https://www.theblock.co/post/400098/sofi-to-launch-its-stablecoin-on-solana-citing-speed-and-cost
Western Union launches USDPT stablecoin issued by Anchorage on Solana
Western Union has launched USDPT, its Solana-based stablecoin issued by Anchorage Digital and powered by Fireblocks infrastructure, targeting cross-border agent settlements across its global network. The launch by a 175-year-old payments institution signals that incumbent remittance operators view stablecoin rails as a strategic necessity, not a novelty.
https://www.theblock.co/post/399890/western-union-launches-usdpt-stablecoin-anchorage-solana
FINRA green lights Securitize for tokenized IPO underwriting and custody
FINRA has approved Securitize to conduct tokenized IPO underwriting, custody, and atomic settlement — making it the first broker-dealer cleared for the full tokenized securities stack. Paired with Jump Trading as market maker and Jupiter for access, Securitize is assembling a complete regulated trading venue for on-chain equities.
Regulation & Policy
Negotiators brush off bank concerns with stablecoin-yield compromise
Senators Tillis and Alsobrooks brushed off bank industry objections to the CLARITY Act’s stablecoin-yield compromise, saying they ‘agree to disagree’ with bank lobbyists. The standoff — with banking associations warning the provision risks deposit flight while Senate negotiators hold firm — sets the terms for a pivotal markup expected in May.
DTCC sets October launch for tokenized securities platform in Wall Street blockchain push
The DTCC has confirmed a July pilot and October full launch for its tokenized securities platform, with more than 50 firms from both TradFi and digital asset sectors joining the industry working group. With $114 trillion in custodied assets under its umbrella, DTCC’s timeline transforms on-chain securities settlement from pilot into scheduled market infrastructure.
Brazil imposes partial ban on stablecoins, crypto for cross border payments and FX
Brazil’s central bank has banned stablecoins and crypto from regulated cross-border payment and FX settlement channels, a significant policy restriction that runs counter to the trend of stablecoin adoption in cross-border corridors. The move is a meaningful data point for regulators and banks assessing sovereign risk in digital payment infrastructure.
Research & Analysis
The impact of stablecoins on the international monetary and financial system
A new BIS publication examines how widespread stablecoin adoption could reshape the international monetary and financial system, with particular concern for emerging market and developing economies. Using the framework of international currency functions, the paper argues stablecoins are most likely to substitute for foreign cash holdings — with significant implications for dollar dominance and EMDE monetary sovereignty.
https://www.bis.org/publ/bppdf/bispap170.htm
FEDS Note: Banks in the Age of Stablecoins: Lessons from Their Historical Responses to Financial Innovations
A Federal Reserve FEDS Note draws on banking history to assess how stablecoins may affect bank funding and deposit structures, as stablecoin market cap moves from the periphery to the center of U.S. policy debate. The paper offers regulators and bank executives a historically grounded framework for assessing the deposit-substitution risk that now dominates the CLARITY Act debate.
Tokenized Money
Chiara Scotti: Digital money and the architecture of trust
Bank of Italy Deputy Governor Chiara Scotti, speaking at a joint Bank of Italy/ECB workshop on digital assets and monetary policy transmission, addressed the architecture of trust required for digital money. Her remarks, alongside a related Bank of Italy call to explore tokenized SEPA payments, signal growing European central bank engagement with tokenized payment rails at the infrastructure level.