Real world breakthrough
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 28th October 2025.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
Dominant Tokenization Player Aims Huge
Gorging on a growing "real world asset" marketplace that potentially could one day swell into something unfathomably enormous, fintech darling Securitize is set to go public via a merger with a Nasdaq-listed special purpose acquisition company, Cantor Equity Partners II.
Securitize's RWA protocol famously enables BlackRock’s landmark USD Institutional Digital Liquidity Fund (BUIDL), a tokenized money market fund launched last March on Ethereum and which now has nearly $3 billion.
The total market for tokenized treasury bonds has tripled to $8.6 billion, according to one data provider. Franklin Templeton’s BENJI fund ($852M) and Ondo’s OUSG ($788M) are the next two biggest tokenized U.S. bond vehicles after BUIDL. The RWA tokenization market as a whole is now worth about $35 billion, up 135% in the past year. Securitize so far has captured one-fifth of the market.
Tokenizing assets can bolster the speed and efficiency of an outdated financial system, proponents argue. Citi analysts have forecast that the tokenized RWA market could grow to $4 trillion by 2030. Ripple and Boston Consulting Group predict tokenization will grow to a $19 trillion industry by 2033. And some tokenization champions are convinced such estimates are more of a floor than a ceiling.
“There’s $400 trillion out there of assets that could potentially be tokenized,” insists Securitize CEO Carlos Domingo. “Within the next five to 10 years, you will see everything will be on-chain.”
The new company's new ticker, SECZ, could debut on the Nasdaq as soon as January. The Cantor SPAC currently trades under the ticker CEPT. The planned deal values Securitize’s business at $1.25B (CNBC).
What's down
HASH Token Conspicuously Lags
Crypto is stuck in neutral but the general condition is markedly better compared to one week ago. Bitcoin, which over the past 24 hours has found a steady, regular hang in the neighborhood of $114,000, has gained 5% relative to last Tuesday morning. XRP is a relatively sturdy $2.65, up 9% in the past week. Most Top 100 coins are solidly in the green on the week.
One noteworthy laggard: HASH. It's down about 5%. That modest yet incongruous decline led us to discover that HASH is the native token of Provenance Blockchain. We'd recognized Provenance from a quick search of CoinGecko's largest RWA-related coins.
Blockchain-based fintech Figure uses the Provenance chain to issue/record loans it underwrites and issues; Figure's most popular offering is its Home Equity Line of Credit, or HELOC, a type of loan taken out against the value of a house. Figure says it has originated $13B worth of HELOCs. On Friday, a massive-in-capitalization ($18B) but thinly traded token, FIGR_HELOC, experienced a scary flash crash. However, it has since more than rebounded, strangely so. FIGR_HELOC is supposed to trade at about $1, owing to its relationship with Figure's YLDS stablecoin. Frighteningly, on Friday, and albeit only briefly, FIGR_HELOC fell to as low as 19 cents. Now it's well above $1 after a double-digit daily advance Monday into Tuesday. No explanation for the Friday flash crash, nor for the subsequent overcorrection, has yet emerged, and the episode has not received much coverage, outside a story by DL News.
What's next
Financial Titans Put Circle's Payments Chain Through Its Paces
Circle, issuer of USDC, second-largest stablecoin, has begun to test out its payments-focused Arc blockchain via a roster of giant guinea pigs.
Per fresh reports this morning, Circle has deployed Arc's public testnet to an expanded cadre of 100 financial institutions and tech firms joining some big firms already playing in the test-phase sandbox. These early payments-space movers include Visa, HSBC and BlackRock.
Among the other large traditional financial firms now exploring Arc's possibilities: State Street, Deutsche Bank, Invesco, and Société Générale.
CoinDesk has chronicled some of this wonky-sounding but vital experimental activity: Visa, for example, is using the testnet to evaluate how stablecoin-backed payment infrastructure could speed up the global movement of money; HSBC is testing Arc’s potential for faster international payments; BlackRock is exploring how Arc’s support for stablecoin settlement could unlock liquidity in capital markets; Invesco is using the testnet to evaluate how blockchain might help tokenized funds operate more efficiently; and Société Générale is focused on "programmable settlement and transparency in cross-border capital flows."
Circle has said its long-term goal is to see Arc bend toward a decentralized, community-governed system. "While Circle is leading the initial rollout," CoinDesk said, "the roadmap includes opening validator participation and setting up public governance frameworks to guide the network’s future development."
