SEC approves conditional Innovation Exemption for tokenized stocks; SWIFT pilots cross-border tokenized deposits with major banks; Aave launches RWA lending on Avalanche.
Regulation & Gov ·
The SEC has approved a conditional Innovation Exemption for tokenized National Market System stocks, establishing a five-year data-gathering pilot program that marks the first substantial regulatory clearance for this asset class. Real-world asset market capitalization stands at $38.53 billion with 4.44 million holders, reflecting month-over-month growth of 85.84 percent, while stablecoin volume increased 14.41 percent over the same period.
Infrastructure expansion continues across multiple fronts. SWIFT partnered with 17 major banks—including Citigroup, MUFG, Wells Fargo, BNY Mellon, and UBS—to pilot tokenized deposit transfers across borders. Hong Kong's policy address directed gold and real-world assets onto licensed platforms and signaled plans to test Electronic Fund Bridge Network tokenization by year-end. Ondo's subsidiary became the first tokenized entity to join the DTCC's Fund/SERV service.
Lending applications are advancing as Aave deployed a dedicated real-world asset lending market on the Avalanche blockchain. Whether these pilots will mature into standardized infrastructure or face further regulatory constraints remains uncertain, as does the timeline for broader adoption beyond the five-year exemption window for tokenized stocks.