#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

Another week of running the HYBOND market on Euler, now with boosted EDEN incentives on both sides of the market.

Receive higher incentives from now till 29 July. Claimable on Merkl.

https://x.com/OpenEden_Fdn/status/2080213873442038240?s=20

BNY, the world’s largest custody bank, is building towards an always-on market. Earlier this year, it facilitated an after-hours Treasury transaction involving OpenEden and Ripple after Fedwire Securities had closed.

The trade demonstrates how Treasury activity supporting digital assets can continue beyond conventional market cut-off times. It also points to BNY's broader effort to close the structural gap between 24/7 on-chain markets and settlement that still follows traditional operating windows.

OpenEden was built for this transition. TBILL brings US Treasuries on-chain. USDO brings Treasury-backed yield into a regulated yield-bearing stablecoin. HYBOND expands on-chain fixed income with tokenized access to the BNY Mellon Global Short-Dated High Yield Bond Fund.

https://www.bloomberg.com/news/articles/2026-07-22/bny-pushes-toward-24-7-treasury-settlement-for-digital-assets

https://x.com/OpenEden_X/status/2080514627302228392?s=20

#OpenDigest | 24 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: $309.689B
→Total RWA on-chain market cap: $36.72B
→Total stablecoin holders: 276.79M
→Total RWA assets holders: 1,309,776

🟣 Top Headlines
→ According to a new survey from Broadridge, tokenization has become a strategic priority for much of Wall Street, with 84% of financial institutions saying the technology is important to their business.
→ The value of tokenized US Treasuries has surged nearly 2.5 times in a year, based on latest data from RWA.xyz. The value of tokenized US Treasuries, which stood at $6.51 billion on 20 July 2025, has surged to $15.92 billion within a span of a year.
→ Brazil’s securities regulator forms a task force, the Securities Tokenization Working Group, with 60-day deadline for tokenization proposal. Its scope covers essentially every layer of the tokenized securities stack: registration, custody, trading, settlement, cybersecurity, and operational risk.
→ Goldman Sachs CEO David Solomon has thrown his support behind the CLARITY Act, saying the legislation would provide much-needed regulatory certainty for the digital asset industry even as some of Wall Street's biggest banks continue to oppose key provisions of the bill.

🟣 OpenEden's Updates
→ 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.
→ 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”).
→ Another week of running the HYBOND market on Euler Labs, now with boosted EDEN incentives on both sides of the market. Receive higher incentives from now till 29 July. Claimable on Merkl.
→ BNY is building towards an always-on market with 24/7 settlement. Earlier this year, it facilitated an after-hours Treasury transaction involving OpenEden and Ripple after Fedwire Securities had closed.

✅ Read the full digest on our X: https://x.com/OpenEden_X/status/2080652817480749081?s=20

A stablecoin is only as sound as its backing.

Our Head of Americas, Nathan Paitchel, will join Spout Finance and Huma Finance today to unpack what changes when that backing is real yield.

🗓️27 Jul, 2PM UTC

https://x.com/i/spaces/1nJOLLaPdbvxR?s=20

Are tokenized RWAs genuinely diversifying portfolios, or simply repackaging familiar yield on new rails? And beyond the market projections, who are these products actually being built for?

Tomorrow, our Chief Strategy Officer, Stephanie Chew, will be joining a panel at Malaysia Blockchain Week to address these questions and more.

🗓️29 Jul, 2:15PM UTC+8
📍DFNS Institutional Stage, Malaysia Blockchain Week

https://x.com/OpenEden_X/status/2081996938489262536?s=20

Large on-chain allocators in RWA markets invest the most in tokenized credit and Treasuries because these products closely mirror their off-chain equivalents and align with the allocators’ risk mandates and investment objectives.

HYBOND is precisely designed for them. It is the first tokenized high yield bond offering in the market, providing eligible investors 1:1 exposure to the BNY Mellon Global Short-Dated High Yield Bond Fund.

The fund is managed by BNY Investments, a global asset manager with approximately $2.2 trillion in AUM. It has a track record dating back to 2016, and its current portfolio has a 3-year annualized return of 9.47% and an average yield to expected maturity of ~7%.

At scale, HYBOND's institutional profile makes it much easier for allocators to evaluate, underwrite, and size meaningfully. But holding it is only half of what they can do with it.

The HYBOND market on Euler Labs marks the first time a tokenized bond fund can be posted as on-chain collateral for borrowing. The allocator can post the token as collateral, borrow USDC, and retain exposure to the underlying bond strategy.

For allocators who have built positions in tokenized Treasuries, HYBOND is the next asset class to add. It moves down the credit curve into managed corporate bonds without leaving the on-chain rails they already use.

https://x.com/jeremyng777/status/2082320830865031360?s=20

BNY Investments brings institutional scale and deep fixed-income expertise to the strategy behind HYBOND. The firm manages approximately $2.2 trillion in assets, while Insight Investment, its specialist fixed-income investment firm, manages €230.2 billion in global fixed-income assets with 167 fixed-income specialists.

In 2025, Insight Investments ranked first for Overall Fixed Income Quality among UK investment consultants, its tenth first-place ranking in 12 years, and was named Best Asset Manager for Institutional Investment in the UK for the eighth time in 11 years.

In the full thread, we examine how BNY Investments’ fixed-income capabilities translate into the management of the underlying strategy, and how tokenization changes the way investors access and finance the position without changing the investment process behind it.

Read the full thread here: https://x.com/OpenEden_X/status/2082417582448222387?s=20