Tokenized stock and ETF trading reached $11.3B in July (288% MoM); BNY launched tokenized fund infrastructure, 28 banks and 5 central banks completed cross-border settlement pilots, and Ondo launched Ondo Network execution layer with $6B perps volume and $75M open interest.
DeFi & Yields ·
Tokenized stock and ETF markets accelerated sharply in July, with trading volume climbing to $11.3 billion—a 288 percent month-over-month surge. BNY Mellon, positioning itself as a major infrastructure provider, rolled out blockchain capabilities tailored for tokenized funds, drawing early adopters like Baillie Gifford. Separately, a cross-border settlement initiative involving 28 commercial banks and 5 central banks processed roughly $1 million across six currencies using tokenized reserves, completing transactions in roughly 80 seconds on average. Policymakers in the EU and U.S. also advanced discussions on securities tokenization and tokenized collateral frameworks through their joint regulatory forum.
On the application layer, Ondo launched Ondo Network as an execution system designed to blend centralized exchange performance with blockchain transparency. The platform's derivatives product, OndoPerps, achieved top-five standing among real-world asset perpetual platforms with $6 billion in cumulative volume and $75 million in open interest. Ondo's tokenized equity offering—featuring more than 20 stocks available for minting and redemption around the clock at minimal cost—continues expanding to include additional assets.
What remains unclear is the breadth of adoption beyond these pilot programs and whether the regulatory environment will crystallize into stable frameworks that accelerate or constrain further growth in tokenized markets.