Tokenized RWAs have grown 40% YTD while the broader crypto market fell 20%.

The asset mix explains why.

Private credit and US Treasuries make up the majority of tokenized assets today, both defined by transparent cash flows, familiar risk profiles, and regulated structures.

Institutional adoption is driven by asset fundamentals, not crypto market cycles. And tokenization scales where it has real utility.

https://www.theblock.co/post/405578/tokenized-rwa-market-cap-rises-51-billion-industry-races-define-equity-tokenization-model-bernstein

Tokenized RWAs sit at $32.2B today, about 0.005% of global assets.

BCG projects the market reaches $16T by 2030.

The gap between those two numbers is where the opportunity lies.

https://x.com/OpenEden_X/status/2070177872829141293?s=20

#OpenDigest | 26 June 2026

Each week, we bring you the biggest headlines, sharpest insights, and key updates on stablecoins, tokenized RWAs, and the OpenEden ecosystem.

🟣 Stablecoin & RWA Market Pulse

→Total stablecoin market cap: $314.258B
→Total RWA on-chain market cap: $31.46B
→Total stablecoin holders: 268.36M
→Total RWA assets holders: 943,234

🟣 Top Headlines

→ Fed Governor Christopher Waller said stablecoins and tokenized assets are creating new dollar channels outside the banking system, and that stablecoins "have the potential to maintain and extend" the dollar's global reach.
→ Tokenized real-world assets have crossed $51 billion in market cap, up 40% year-to-date, even as the broader crypto market has lost roughly a fifth of its value over the same period, according to Bernstein.
→ BNY’s global head of exchange-traded funds (ETFs), Ben Slavin said that 'FOMO' is driving asset managers into tokenized funds to gain an early foothold in tokenized finance.
→ Ripple's latest Impact Report reveals that tokenized assets on the XRP Ledger have surged by 2,200%, increasing from $24.7 million at the beginning of 2025 to $568 million by year-end.
→ The Philippine Securities and Exchange Commission (SEC) has shown its interest in the RWA market and signalled that regulators already have the legal foundation needed to support RWA tokenization.

✅ Read the full digest on our X: https://x.com/OpenEden_X/status/2070489557733437796?s=20

HYBOND is now listed on EX.IO's RWA Market and available to professional investors in Hong Kong.

The listing brings HYBOND into a regulated third-party marketplace. Now, investors can have 1:1 tokenized exposure to the BNY Mellon Global Short-Dated High Yield Bond Fund through an SFC-licensed VATP.

Tokenized fixed income scales when issuance is matched with regulated distribution.

https://x.com/OpenEden_X/status/2071527325045502152

Credit vs. equity: which scales faster on-chain?

The full video of our Head of Americas, Nathan Paitchel's panel at The Capital Summit during Consensus Miami week is now live.

Watch it here: https://www.youtube.com/watch?v=jVGvc_lW3so

https://x.com/OpenEden_X/status/2071568622829613317?s=20

For tokenization to succeed, BlackRock COO Rob Goldstein shared that people need access to tokenized capital market instruments to build long-term portfolios, not just digital assets.

That means on-chain access to instruments across different risk, yield, and liquidity profiles. The broader solution Goldstein described is being built at OpenEden.

TBILL for tokenized Treasuries, HYBOND for short-dated high-yield credit, PRISM for multi-strategy yield.

https://www.youtube.com/watch?v=jTiWpAkTyz0

https://x.com/OpenEden_X/status/2071917548774523124?s=20

"Tokenization is infrastructure, not an investment thesis."

In his latest interview with RWA Week, Jeremy Ng, our Founder and CEO, shared why tokenized Treasuries are the foundation of on-chain capital markets, why trust infrastructure matters more than yield, and how on-chain finance will reshape market structure over the next decade.

Read the full interview: https://rwaweek.com/journal/person-spotlight-jeremy-ng-founder-ceo-openeden

https://x.com/OpenEden_X/status/2072251037784866997?s=20

For the first time, a tokenized bond fund can be posted as on-chain collateral.

The HYBOND market, curated by Clearstar Labs, is live on Euler.

Deposit HYBOND, borrow USDC against it, and retain exposure to HYBOND’s underlying bond strategy.

Read the announcement: https://x.com/OpenEden_X/status/2072355236195565891

#OpenDigest | 3 July 2026

Each week, we bring you the biggest headlines, sharpest insights, and key updates on stablecoins, tokenized RWAs, and the OpenEden ecosystem.

🟣 Stablecoin & RWA Market Pulse
→Total stablecoin market cap: $311.303B
→Total RWA on-chain market cap: $30.62B
→Total stablecoin holders: 270.65M
→Total RWA assets holders: 954,348

🟣 Top Headlines
→ UK’s FCA said it would reduce its planned capital requirements for stablecoin issuers after industry pushback, as it unveiled regulations to bring the crypto asset sector fully within its remit for the first time.
→ European Central Bank’s chief economist puts tokenization and AI at the centre of central banking’s future.
→ Taiwan's Legislative Yuan passed the Virtual Asset Service Act in its third reading on June 30, putting virtual asset firms under FSC oversight for the first time and sets reserve-and-trust rules for stablecoins.
→ BeInCrypto’s latest research shows that more than half of tokenized RWA value showed no weekly transfer activity, with 910 assets worth $32.9 billion recording zero transfers.

🟣 OpenEden's Updates
→ HYBOND is now listed on EX.IO's RWA Market and available to professional investors in Hong Kong, bringing them 1:1 tokenized exposure to the BNY Mellon Global Short-Dated High Yield Bond Fund through an SFC-licensed VATP.
→ In his latest interview with RWA Week, Jeremy Ng, our Founder and CEO, shared why tokenized Treasuries are the foundation of on-chain capital markets, why trust infrastructure matters more than yield, and how on-chain finance will reshape market structure over the next decade.
→ The HYBOND market, curated by Clearstar Labs, is live on Euler. For the first time, a tokenized bond fund can be posted as on-chain collateral.

✅ Read the full digest on our X: https://x.com/OpenEden_X/status/2072944667617038790?s=20

The first tokenized bond fund market on Euler just got better. 

Supplying USDC to the HYBOND vault on Euler now earns EDEN rewards, claimable through Merkl.

This incentive campaign runs in four weekly rounds, refreshing through the month.

The market also allow HYBOND holders to borrow USDC against their tokens while retaining full exposure to the token’s underlying bond strategy. 

One market, two levers, two opportunities. 

Check it out here: https://app.merkl.xyz/opportunities/4409894614570521979

https://x.com/OpenEden_X/status/2074037629675352263?s=20

BlackRock describes today's fixed income as offering some of the most attractive income opportunities in over a decade.

Fixed Income consists of bonds with varying credit risks. From risk-free treasuries, investment-grade corporates to high yield.

But high yield carries more credit risk than Treasuries. So why do institutions deliberately allocate to it?

Let us deep dive into this asset class and share how investors can access it on-chain via HYBOND—Tokenized BNY Mellon Short-Dated High Yield Bond Fund.

Read the full thread here: https://x.com/OpenEden_X/status/2074060769076064395?s=20

Week 2 of EDEN incentives on the HYBOND vault is starting today.

The capped reward APR for supplying USDC on Euler Labs has been raised to 5%, up from 3%, claimable via Merkl.

Combined with the vault's base supply rate, total yield is now even higher than most other Earn rates in the market.

https://app.merkl.xyz/opportunities/4409894614570521979

https://x.com/OpenEden_X/status/2074842198315868326?s=20

#OpenDigest | 10 July 2026

Each week, we bring you the biggest headlines, sharpest insights, and key updates on stablecoins, tokenized RWAs, and the OpenEden ecosystem.

🟣 Stablecoin & RWA Market Pulse

→Total stablecoin market cap: $311.968B
→Total RWA on-chain market cap: $33.52B
→Total stablecoin holders: 272.25M
→Total RWA assets holders: 994,801

🟣 Top Headlines

→ Deloitte’s report shares that the rise of crypto-backed cards, agentic commerce, and merchant-issued digital currency could drive more than $200 billion in stablecoin-enabled US retail purchases by 2030.
→ The EU is preparing to reopen its Markets in Crypto-Assets (MiCA) rulebook, likely in 2027, to regulate non-EU stablecoin issuers and broaden its scope.
→ Swift rolls out new blockchain ledger to bring 24/7 banking through live transactions using tokenized digital assets to 17 global giants, including HSBC, UBS, Wells Fargo and Citi.
→ HSBC has completed its first blockchain-based issuance of a digitally native structured product, using tokenized US dollar-denominated notes in a private placement for institutional investors in Hong Kong.
→ A GDF-ISDA report finds 66% of institutions plan tokenized money market funds by 2027 as the market tops $15 billion in on-chain assets.

🟣 OpenEden's Updates

→ The first tokenized bond fund market on Euler just got better. Supplying USDC to the HYBOND vault on Euler Labs now earns EDEN rewards, claimable through Merkl.
→ High yield carries more credit risk than Treasuries, but institutions are still allocating to it. Read this analysis on this asset class and learn how investors can access it on-chain via HYBOND—Tokenized BNY Mellon Short-Dated High Yield Bond Fund.
→ Week 2 of EDEN incentives on the HYBOND vault is ongoing. The capped reward APR for supplying USDC on Euler has been raised to 5%, up from 3%, claimable via Merkl.

✅ Read the full digest on our X: https://x.com/OpenEden_X/status/2075575041954385986?s=20

As tokenization matures, institutions are evaluating assets differently.

The focus has shifted to collateral utility, capital efficiency, and legal structure.

Our Chief Strategy Officer Stephanie Chew shares how these priorities are shaping institutional adoption in her latest interview with Mpost.

https://mpost.io/openedens-stephanie-chew-why-winning-the-rwa-tokenization-race-now-comes-down-to-collateral/

https://x.com/OpenEden_X/status/2076942515551572131?s=20

🟣Please kindly note that all official OpenEden links are hosted on openeden.com and its subdomains.

When accessing our platform, verify the domain first. Links from any other source are not from OpenEden.

"Institutional appetite for digital assets was real and growing, but the bridge between the two worlds was thin."

That was the gap our Founder and CEO, Jeremy Ng, saw and the motivation behind how OpenEden was built to close it.

In his Unfiltered feature, Jeremy shares his experience as the founder of OpenEden, and why the credibility we hold today could only be earned.

https://www.linkedin.com/pulse/unfiltered-jeremy-ng-founder-ceo-openeden-qin-en-looi--ujqcc

BNY closed a record Q2 this week, with assets under custody and administration reaching $62.6 trillion. BNY's CEO, Robin Vince, called the shift toward an "always-on financial ecosystem" one of the defining opportunities in financial services over the next decade.

At OpenEden, we bring the BNY Mellon Global Short-Dated High Yield Bond Fund on-chain with HYBOND. BNY also serves as investment manager and custodian of the US Treasuries backing TBILL.

That's what an always-on financial ecosystem looks like in practice.

https://x.com/OpenEden_X/status/2077711444376969644?s=20

#OpenDigest | 17 July 2026

Each week, we bring you the biggest headlines, sharpest insights, and key updates on stablecoins, tokenized RWAs, and the OpenEden ecosystem.

🟣 Stablecoin & RWA Market Pulse

→Total stablecoin market cap: $309.716B
→Total RWA on-chain market cap: $34.79B
→Total stablecoin holders: 274.39M
→Total RWA assets holders: 1,091,507

🟣 Top Headlines

→ The U.S. and UK Treasuries have published 10 joint recommendations to align their regulation of stablecoins, tokenized assets, and capital markets, five of them focused on digital assets.
→ The UK has published a roadmap for tokenizing wholesale financial markets, saying the plan could add up to £33 billion in annual economic output and £14 billion in annual tax revenue by 2035 if it can move quickly to build the supporting infrastructure.
→ Binance believes its next phase of growth will come from becoming a super app that involves payments and financial services rather than cryptocurrency trading alone, as stablecoins reshape how people use digital assets.
→ South Korea’s Ministry of Finance and Economy said it will establish the “National Asset Basic Act” to update the government’s asset management system, including cryptocurrencies.
→ Visa has introduced a new platform that enables banks, fintechs and payment providers to issue, hold and transfer stablecoins through its payments network. The service is entering beta with select customers before a wider rollout.
→ The Bank of Thailand and the Thai SEC are jointly analyzing high-volume stablecoin transactions to catch illicit activities. Other measures include stricter controls on large cash deposits and withdrawals, gold trading, and accounts linked to online gambling.

🟣 OpenEden's Updates

→ In her interview with Metaverse Post, our Chief Strategy Officer, Stephanie Chew, shared more on the priorities that are shaping institutional adoption of tokenization.
→ Week 3 of earning EDEN incentives on the HYBOND vault has begun. Supplying USDC to the HYBOND market on Euler Labs earns EDEN rewards, claimable through Merkl.
→ In his Unfiltered feature, our Founder and CEO, Jeremy Ng, CFA shares his experience as the founder of OpenEden, and why the credibility we hold today could only be earned.
→ Our Chief Strategy Officer, Stephanie Chew, will be taking the stage at Malaysia Blockchain Week 2026. Catch her in Kuala Lumpur, from 29 to 30 July.

✅ Read the full digest on our X: https://x.com/OpenEden_X/status/2078048864016503189?s=20

Our Co-Founder and CTO, Duke Du, will be speaking at Coinfest Asia to share more on how tokenization is shaping the future of finance.

Meet him in Bali from 20-21 Aug!

https://x.com/OpenEden_X/status/2079462850645594196?s=20

BNY Investments, a global leading Asset Manager with $2.2 trillion AUM, has partnered with OpenEden to bring its BNY Mellon Global Short-Dated High Yield Bond Fund on-chain (“HYBOND”).

The $2.36B fund has a ten-year track record and invests in a globally diversified portfolio of short-dated, high-yield corporate bonds. Its 3-year annualized return is 9.47%, and the current portfolio has an average yield to expected maturity of ~7% and an average expected maturity of 2.4 years.

HYBOND, the first tokenized high yield bond offering in the market, gives eligible investors 1:1 on-chain exposure to the bond fund with daily liquidity and no lock-up.

🟣 Why High Yield Bond Exposure Now

Most tokenized products to date have focused on treasuries and cash equivalents. By tokenizing the BNY Mellon Global Short-Dated High Yield Bond Fund, we move the exposure further down the credit curve into a strategy designed to capture the credit risk premium while keeping interest rate risk low through shorter duration.

In its recent market insights, BNY noted that global short-dated high yield bonds help deliver a transparent carry profile without the complexity of longer-duration positions. BNY also pointed to a strong technical backdrop: high absolute yields, low default rates, and a solid institutional investor base, which supports the case for short-dated high yield bonds.

🟣 Borrow Against It: Portfolio Financing, Now On-Chain

Private banking offers Lombard loans: instead of liquidating a position to raise cash, the client pledges the portfolio and borrows against it. They stay invested and continue to earn carry while putting the borrowed liquidity to work elsewhere.

HYBOND brings that same construct on-chain. A new HYBOND market is live on Euler Labs. The market, curated by Clearstar Labs AG, marks the first time a tokenized high yield bond fund can be posted as on-chain collateral for borrowing. Holders deposit HYBOND, borrow USDC against it at up to 70% LTV, and retain exposure to the underlying bond strategy for the life of the loan.

Private banks screen a bond sleeve on volatility, risk-adjusted return, duration, and liquidity before lending against it. The Key Facts below show how the underlying fund measures against that screen and support the 70% LTV on Euler's HYBOND market.

🟣 BNY Mellon Global Short-Dated High Yield Bond Fund Key Facts (30 June 2026)

→ Annualized return: 7.18% (1y), 9.47% (3y), 6.78% (5y)
→ Avg. yield to expected maturity: ~7%
→ Avg. expected maturity: 2.4 years
→ Annualized 3-yr Sharpe ratio: 1.96x
→ Annualized 3-yr standard deviation: 2.39%
→ Daily subscription and redemption, with no lock-up
→ Min. investment: $10,000 initial, $1,000 subsequent

Held, HYBOND earns carry. Pledged, it raises liquidity without giving up that carry. Tokenized treasuries already move freely as collateral. HYBOND brings that same utility to actively managed high yield credit.

Access HYBOND here: https://app.openeden.com/hybond?chain=mainnet

https://x.com/OpenEden_X/status/2079649449148850637?s=20