Block & Bond Brief — 2026-05-10

Your daily edge on tokenized securities and real-world assets 10

4cc TOP STORY

Tokenized real-world assets have surpassed $30 billion in total value in 2026, with major institutional players driving the market forward. Ondo Finance holds more than $2.4 billion in tokenized U.S. Treasury exposure, leading the DeFi-native segment, while BlackRock's BUIDL fund has rapidly scaled past $2.99 billion in assets under management. BlackRock recently filed with the SEC for two new tokenized funds aiming to deepen its blockchain-based investment footprint. Franklin Templeton, JPMorgan Onyx, and others are also expanding their offerings, signaling a structural shift toward tokenized securities on public blockchains like Ethereum, Stellar, and Polygon. (Source: yellow.com, mexc.com)

3e6 COMPANY MOVES

• BlackRock 1 Filed two applications with the U.S. SEC for new tokenized money-market funds, expanding its blockchain investment products beyond the BUIDL fund launched in 2024. The funds will hold cash, short-term U.S. Treasuries, and overnight repo agreements, with ownership records maintained by Securitize and BNY Mellon on Ethereum. (Source: mexc.com)
• Ondo Finance 1 Continues to dominate tokenized U.S. Treasury offerings with over $2.4 billion AUM in regulated fund products structured for DeFi composability. Ondo9s OUSG and USDY products lead in DeFi-native tokenized government securities. (Source: yellow.com)
• BlackRock 1 Integrated the BUIDL fund with UniswapX to enable 24/7 on-chain liquidity and trading for institutional investors via a whitelisted subscriber model. (Source: theasianbanker.com)
• JPMorgan, Ripple, Mastercard 1 Completed a pilot settlement of tokenized U.S. Treasuries using the XRP Ledger, enabling near real-time cross-border settlement outside banking hours. (Source: YouTube)

67b REGULATORY WATCH

The U.S. SEC continues to clarify regulations allowing tokenized securities to be issued and transferred on public blockchains under existing securities laws, facilitated by compliant transfer agents and broker-dealers. BlackRock's recent filings underscore growing institutional compliance as tokenized funds require qualified purchasers and maintain shareholder records on-chain. In the EU, MiCA implementation is advancing the institutional RWA sector, while the US FIT21 bill gained traction. The regulatory environment is converging globally to enable digital securities issuance with frictionless settlement while preserving investor protections.

4ca MARKET SNAPSHOT

Data via DeFiLlama b7 2026-05-10 05:00 ET

50d WORTH WATCHING

The integration of tokenized funds with decentralized exchanges, exemplified by BlackRock's BUIDL fund on UniswapX, is expanding liquidity and investor access in the institutional on-chain fixed income market. Meanwhile, banks and payment networks like JPMorgan, Mastercard, and Ripple are piloting real-time settlement of tokenized government securities using the XRP Ledger, pointing to a future where blockchain infrastructure is deeply embedded in traditional finance's plumbing.

4da SOURCES

• yellow.com - RWA Tokenization Is Turning Blockchain Into A Back Office For Wall Street
• mexc.com - BlackRock files for two new tokenized funds with the U.S. SEC
• theasianbanker.com - BlackRock9s BUIDL fund integrates with Uniswap
• YouTube - JPMorgan, Ripple, Mastercard complete tokenized Treasury settlement on XRP Ledger

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