Who Wins the Stablecoin Race Under the GENIUS Act?
Your daily edge on tokenized securities and real-world assets 6-05-15
4cc TOP STORY
The asset tokenization market has surged to $50 billion as of the end of March 2026, driven by rapid growth in tokenized products including money market funds and government bond-based tokens involving major financial institutions like BlackRock. Market experts project the tokenization market could grow to $2-4 trillion by 2030, with innovations enabling 24-hour trading and improved issuance, distribution, and settlement efficiencies. However, researchers caution about risks including price discrepancies and potential cascading sell-offs during market instability. (Chosun)
3e6 COMPANY MOVES
- Hana Financial Group 6 Announced a surprise investment in Dunamu, operator of Upbit, to foster blockchain-based infrastructure for digital finance and stablecoin issuance, aiming to create a global payments and asset management ecosystem. (MK)
- BlackRock BUIDL 6 Tops the tokenized asset AUM rankings with nearly $3 billion, operating on Ethereum and Aptos chains. (DeFiLlama)
- HSBC 6 Paused a $4 billion private credit investment plan following a fraud loss related to a mortgage lender collapse. (Sina Finance)
6d1 REGULATORY WATCH
The U.S. Senate Banking Committee passed the so-called CLARITY Act digital asset market clarity bill, creating a new legal category "ancillary assets" for tokens that depend on the issuer or team's efforts, distinct from traditional securities. The bill clarifies oversight roles for the SEC and CFTC, bans interest payment on stablecoins but allows other forms of compensation, and introduces anti-money laundering rules for virtual asset exchanges. In Europe, 12 banks, including ING and BNP Paribas, are collaborating on a MiCA-compliant euro stablecoin to enhance cross-border payments and tokenized asset settlement infrastructure. (MK, RWA Times)
4ca MARKET SNAPSHOT
| Protocol | AUM | Chain(s) |
|---|---|---|
| Tether Gold | $3.26B | Ethereum/Monad |
| BlackRock BUIDL | $2.99B | Ethereum/Aptos |
| Circle USYC | $2.98B | Binance/Ethereum |
| Ondo Yield Assets | $2.73B | Ethereum/Plume Mainnet |
| Paxos Gold | $2.15B | Ethereum |
| Maple | $2.13B | Ethereum/Solana |
| Centrifuge Protocol | $1.59B | Ethereum/Avalanche |
| Spiko | $1.18B | Stellar/Arbitrum |
| Anemoy Capital | $1.09B | Ethereum/Celo |
| Ondo Global Markets | $1.02B | Ethereum/Binance |
Data via DeFiLlama 2026-05-15 05:00 ET
50d WORTH WATCHING
Institutional tokenization efforts are shifting toward building interoperable and privacy-preserving on-chain infrastructures, as illustrated by projects like ZKsync's 'Previdium,' Abu Dhabi's ADI Chain stablecoin, and Xsolla's on-chain settlement model aiming at real-time settlements and reduced payment processing times.
4da SOURCES
Block & Bond 6 your daily edge on tokenized securities & real-world assets. | blocknbond.xyz