# Tokenization Articoli collegati

Il Centro Notizie HTX fornisce gli articoli più recenti e le analisi più approfondite su "Tokenization", coprendo tendenze di mercato, aggiornamenti sui progetti, sviluppi tecnologici e politiche normative nel settore crypto.

Will DeFi and TradFi Ultimately Merge? a16z Challenges Mainstream Market Predictions

The popular notion of DeFi and TradFi merging into a unified hybrid system is largely incorrect, argues this a16z analysis. In reality, traditional finance will selectively adopt blockchain technology—not for its decentralized ethos, but for its compelling cost advantages in areas like settlement, reconciliation, and new distribution channels. This adoption, however, comes with strict conditions: technologies must optimize costs and risks while remaining compatible with institutional controls, compliance, and accountability frameworks. Features like open access and anonymity, core to DeFi, are typically discarded or heavily modified. The result is not a fusion with DeFi but the rise of a new category: *programmable financial infrastructure*, built on blockchain but optimized for institutional constraints (e.g., permissioned networks like Canton, tokenized money market funds). This institutional track and the open, permissionless DeFi track represent two distinct but potentially complementary opportunities for developers. The open network remains the primary source of foundational innovation (e.g., atomic settlement, AMMs, programmable money), which institutions later adapt. Developers should choose their path clearly: building for institutions requires deep understanding of procurement and compliance, while building for the open network focuses on permissionless innovation and composability. The true future convergence is likely at the shared settlement layer (public blockchains), not in one system subsuming the other.

Foresight News55 min fa

Will DeFi and TradFi Ultimately Merge? a16z Challenges Mainstream Market Predictions

Foresight News55 min fa

JPYSC Launch, Heavy Bet on DeFi: Deconstructing Japanese Financial Giant SBI's On-Chain Financial System

Japanese financial giant SBI Holdings is intensifying its focus on building an integrated on-chain financial ecosystem, shifting from its earlier scattered digital asset investments. Following its sponsorship of Tokyo's WebX conference, SBI has launched the yen-pegged stablecoin JPYSC, partnered with Solana, and made significant investments in DeFi protocols Morpho ($175M) and Gauntlet ($125M). SBI's strategic framework organizes its on-chain vision into layers: settlement (featuring JPYSC, USDC, and RLUSD), assets (via the Strium blockchain and RWA platform SBI Onchain), markets (Morpho), and yield vaults (Gauntlet). JPYSC, a trust-structured stablecoin, aims for enterprise and cross-border use, though its circulation is currently limited to SBI's internal platform. The company is also pursuing a multi-chain approach, developing Strium for tokenized securities while partnering with Solana for high-performance applications. The goal is to combine SBI's traditional financial licenses and client base with acquired blockchain-native technologies to recreate services like settlement, asset issuance, trading, and wealth management on-chain. While the strategic outline is clear, the full integration and practical success of this on-chain financial system remain to be tested over time.

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JPYSC Launch, Heavy Bet on DeFi: Deconstructing Japanese Financial Giant SBI's On-Chain Financial System

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Understanding the Q2 Crypto Market in 5 Charts: RWA Explosion, Fundamentals Continue to Recover

Summary of Q2 Crypto Market: RWA Boom and Continued Fundamental Recovery The second quarter of 2026 presented a mixed picture for the crypto market. While major crypto asset prices declined by 36% in H1 2026, the fundamentals of the industry showed significant strength. Key highlights from Bitwise's market review include: 1. **Divergence Between Crypto Stocks and Tokens:** Crypto-related public equities, tracked by the Bitwise Crypto Innovators 30 Index, rose 23% in H1, outperforming most major asset classes. This signals robust investment opportunities within the crypto ecosystem, such as Bitcoin miners benefiting from AI and traditional finance firms deepening crypto integration, even during a bear market for tokens. 2. **Substantial Crypto Application Revenue:** Leading decentralized applications generated a combined $5.9 billion in revenue over the past 12 months, with top protocols like PancakeSwap, Hyperliquid, and Aave each nearing $1 billion. This demonstrates the existence of real, revenue-generating businesses within the sector. 3. **Breakout Growth in Real-World Asset (RWA) Tokenization:** The total value of tokenized real-world assets reached a record $33 billion in Q2, up 12% quarterly and 45% year-to-date. Growth is driven by tokenized U.S. Treasuries, corporate credit, equities, and venture capital shares, indicating accelerating institutional adoption. 4. **Expanding Prediction Markets:** Prediction market open interest hit a new high of $1.8 billion in Q2, with sports being a key category. Quarterly trading volume also reached a record $43 billion. Platforms like Polymarket represent a form of mainstream, albeit often unaware, adoption of crypto infrastructure for event betting, with further growth expected around the U.S. midterm elections. 5. **Attractive Profile of Crypto Equities:** The Bitwise Crypto Innovators 30 Index exhibited low 90-day rolling correlations with most major assets (developed market stocks, EM stocks, REITs, bonds, gold) and negative correlation with commodities. This combination of high returns and portfolio diversification is highly attractive to institutional investors. In conclusion, despite weak token prices, core industry fundamentals—including user activity, business revenues, and institutional adoption—continue to advance, building a strong foundation for the next market cycle.

Foresight News3 h fa

Understanding the Q2 Crypto Market in 5 Charts: RWA Explosion, Fundamentals Continue to Recover

Foresight News3 h fa

Less Money, More Problems: Maple's Opaque Buybacks, Uniswap V4 Fees Kick In, Sky's Unreadable Ledger

The article discusses a shift in the crypto industry from vanity metrics like TVL to a focus on real revenue generation and how that value is distributed. It highlights three key examples: * **Maple's Opaque Buybacks:** While implementing a revenue-linked token buyback program, the purchased tokens go to a Strategic Fund for undefined uses, leading to community concerns about a lack of true value accrual for holders. * **Uniswap V4 Fees & LP Concerns:** With fees activated on Uniswap V4, there is a risk that liquidity providers (LPs) may migrate to avoid them. Proposals suggest making fees conditional on LP profitability. * **Sky's Complex Value Flow:** Despite strong revenue, Sky’s structure involving Prime Agents makes it difficult for token holders to track and claim their share of value, as profits can flow to various ecosystem entities. The piece also notes the trend of tokenized assets (like Fidelity's fund in Theo's thBILL) evolving from simple issuance to becoming useful components in DeFi products, and covers other developments like Ondo's new perps product using tokenized stocks as collateral.

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Less Money, More Problems: Maple's Opaque Buybacks, Uniswap V4 Fees Kick In, Sky's Unreadable Ledger

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Japan RWA, Stablecoin, and BNB Ecosystem Closed-Door Exchange Meeting Held in Tokyo

On July 13, 2026, during WebX, the "Japan RWA, Stablecoin, and BNB Ecosystem Closed-Door Exchange" was held in Tokyo. Organized by ASIAN STAR and co-hosted by Hash Global, with BNB Chain as the blockchain ecosystem partner, the event brought together Japanese traditional financial institutions, listed companies, real asset holders, stablecoin issuers, and Web3 infrastructure teams. Discussions centered on tokenizing real-world assets (RWA), stablecoin settlement, global distribution, and institutionalized on-chain finance. Speakers highlighted Japan's high-quality assets, such as real estate and REITs, and emphasized that RWA success depends on compliance, governance, valuation, and investor protection—not just tokenization. The industry is shifting from defining RWA to achieving scale, where tokenized assets must enable real financial activities like collateralization and lending. BNB Chain was presented as providing global distribution, stablecoin ecosystems, and on-chain liquidity infrastructure. A key synergy framework was proposed: combining Japanese asset quality and compliance with dollar/yen stablecoins and BNB Chain's global network. While Japan's security token market has seen issuance, greater connection to global Web3 liquidity is needed. Panels agreed that liquidity stems from trusted underlying assets, clear regulation, licensed partners, and robust distribution—not from tokenization alone. Compliance enables institutional capital entry. Stablecoins were identified as a crucial settlement layer for connecting Japanese assets to global capital, requiring trust, licensing, and reliable fiat channels. For initial RWA pilots, key elements include licensed partners, compliance tools, custody, investor suitability checks, stablecoin settlement, and real global distribution plans. The event concluded with ASIAN STAR and Hash Global signing a strategic MOU to collaborate on a Japanese real estate fund project within the BNB Chain ecosystem, exploring compliant issuance, on-chain settlement, and liquidity. The discussion marks a step towards building institutional-grade financial infrastructure for Japanese assets in the global Web3 space.

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Japan RWA, Stablecoin, and BNB Ecosystem Closed-Door Exchange Meeting Held in Tokyo

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The 'Great Divergence' of the Crypto Market in 2026: BTC Bear Market, but BlackRock, Franklin Templeton, and JPMorgan Are Simultaneously Doing One Thing

"2026 Crypto Market 'Great Divergence': BTC Bearish, But BlackRock, Franklin, JPMorgan Are Simultaneously Building Infrastructure." In July 2026, amidst BTC struggling at $62K, seven key events signal a profound shift: the 'Great Divergence' between price action and underlying infrastructure development. Franklin Templeton's CIO notes a "big disconnect" between price and fundamentals. Meanwhile, major institutions are advancing real-world blockchain adoption: BlackRock, Goldman Sachs, and JPMorgan join a UK government-backed tokenization taskforce targeting repo and gilts; Hyundai pilotes USDT for cross-border trade settlement; Bolivia considers integrating USDT into its national payment system; and Robinhood's new blockchain sees rapid adoption. This activity represents a quiet infrastructure bull market, driven by institutional strategy and long-term regulatory roadmaps, not short-term crypto price cycles. The core narrative is shifting from speculative price action to foundational utility. Infrastructure development—focused on upgrading traditional finance, enabling real-world payments, and tokenizing assets—is now decoupled from BTC's volatility. Historical parallels (e.g., dot-com bust/AWS birth, 2018 crypto winter/DeFi Summer) show that infrastructure built during downturns often becomes the next cycle's "toll booth." The critical question is no longer "Will BTC drop further?" but "Who will own the tolls when this new infrastructure is complete?" While BTC remains a key liquidity anchor, the valuation logic for crypto's real-world utility is increasingly separate from its most traded asset's price.

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The 'Great Divergence' of the Crypto Market in 2026: BTC Bear Market, but BlackRock, Franklin Templeton, and JPMorgan Are Simultaneously Doing One Thing

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a16z Crypto: Traditional Finance Wants Blockchain but Not DeFi

The article argues that the common narrative of traditional finance (TradFi) merging with decentralized finance (DeFi) is largely inaccurate. Instead, financial institutions are selectively adopting specific blockchain components—like atomic settlement, shared ledgers, programmable money, and AMM pricing models—that improve efficiency, reduce costs, and mitigate risk, while discarding core DeFi principles like open access, anonymity, and permissionless execution. This creates a new category: programmable financial infrastructure optimized for institutional constraints around compliance, control, and existing workflows. For builders, this presents two distinct, complementary opportunities. The first is to build infrastructure that institutions are ready to adopt today, focusing on enterprise delivery, procurement cycles, and regulatory compliance. The second is to continue innovating within open, crypto-native networks, which remain the primary source of new financial components and market structures. Success in one domain does not guarantee success in the other. While institutions will shape their own permissioned layers, the most important innovations for the future of finance will likely continue to originate from the open, experimental environment of DeFi.

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a16z Crypto: Traditional Finance Wants Blockchain but Not DeFi

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a16z Crypto: Traditional Finance Wants Blockchain, Not DeFi

The article argues that the common narrative of traditional finance (TradFi) merging with decentralized finance (DeFi) is incorrect. Instead, TradFi institutions are selectively adopting specific blockchain components—such as atomic settlement, shared ledgers, and programmable money—that offer cost reduction, improved efficiency, and better risk management, while deliberately discarding DeFi principles like open access, anonymity, and permissionless execution. This leads to a new category: programmable financial infrastructure optimized for institutional constraints, running on blockchain rails. Two parallel opportunities exist: 1) building infrastructure that institutions are ready to adopt today, which validates the technology and brings real capital on-chain, and 2) continuing to develop the open, crypto-native DeFi system. These paths are complementary, not competitive. Open networks serve as the innovation lab, producing components that institutions may later adopt. Success requires founders to choose their target market—institutional or open-network—and execute accordingly, as each has distinct customers, requirements, and distribution channels. The future financial infrastructure will likely incorporate elements from both, with the most significant innovations continuing to originate in open networks.

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a16z Crypto: Traditional Finance Wants Blockchain, Not DeFi

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Trillion-Dollar Stablecoin Surge Challenges Traditional Payments, US Banking Sector Launches Largest Coordinated Counterattack in History

U.S. banks are launching their largest coordinated effort yet to counter the rise of stablecoins, which now facilitate trillions in annual payments. Major institutions including JPMorgan Chase, Bank of America, and Citigroup, coordinated by The Clearing House (TCH), plan to build an interoperable network for tokenized bank deposits. This move, inspired by the successful collaboration that created Zelle, aims to leverage blockchain for faster, cheaper transfers while keeping funds within the regulated banking system. The initiative responds to the rapid growth of stablecoins like USDT and USDC, whose transaction volume surged 72% to approximately $33 trillion last year. Banks see a direct threat as these digital dollars, usable 24/7 across borders, are increasingly adopted by payment firms and financial institutions. The TCH-led network seeks to connect various bank-led blockchain systems, offering scale, deposit insurance, and interoperability that individual bank platforms lack. The goal is to launch next year, initially targeting wholesale payments and tokenized securities settlement. However, the banking consortium faces significant challenges. The sector is fragmented with multiple competing digital currency projects (e.g., from SWIFT and other bank alliances), and historical collaborations like Zelle took years to materialize. While banks hold advantages in trust and regulatory compliance, their slow decision-making contrasts with the crypto industry's pace. Analysts note that although stablecoin issuers currently dominate, if banks successfully unite and execute, their vast resources and existing customer base could pose a formidable challenge in the digital payments race.

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Trillion-Dollar Stablecoin Surge Challenges Traditional Payments, US Banking Sector Launches Largest Coordinated Counterattack in History

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Trillion-Dollar Stablecoins Challenge Traditional Payments, US Banks Launch Largest Coordinated Counterattack in History

Major U.S. banks, including JPMorgan Chase, Bank of America, and Citigroup, are launching a coordinated effort through The Clearing House to build a shared network for tokenized bank deposits. This move is a direct response to the rapid growth of stablecoins, which processed an estimated $33 trillion in transactions last year and threaten to erode banks' core payment businesses. The initiative aims to replicate the success of the Zelle network by creating interoperable, blockchain-based infrastructure for faster, cheaper digital dollar transfers that retain banking system benefits like deposit insurance. The project seeks to connect multiple bank-led digital currency systems, overcoming the current limitation of closed networks. While banks hold advantages in scale and regulation, the effort faces significant challenges, including slow decision-making among rivals, a crowded field of similar projects from consortia like SWIFT, and the need to keep pace with fast-moving crypto innovators. Despite these hurdles, banks are motivated by the clear competitive threat as stablecoins gain traction for corporate and cross-border payments. The network is slated to launch next year, initially focusing on wholesale payments and tokenized securities settlement.

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Trillion-Dollar Stablecoins Challenge Traditional Payments, US Banks Launch Largest Coordinated Counterattack in History

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