TOKENIZE

U.S. Markets Intelligence

ETF TOKENIZATION.

The Future of Every ETF Is On-Chain

Institutional-grade intelligence on the tokenization of America's $17 trillion ETF market.
Track the regulators, players, and legislation reshaping capital markets.

0T

U.S. ETF AUM

$0B+

BlackRock BUIDL

0

WisdomTree Funds

0

CBDC Explorers

H2 '0

DTCC Pilot Launch

SEC Three divisions issue joint tokenized securities statement — Jan 28, 2026

DTCC Receives no-action letter for 3-year tokenization pilot — Dec 11, 2025

GENIUS Act Signed into law — first federal stablecoin framework — Jul 18, 2025

BlackRock BUIDL Surpasses $3B AUM — multi-chain expansion

CLARITY Act Passes House 294–134 — Senate markup pending

Janus Henderson Launches $1B tokenized AAA CLO ETF via Centrifuge

Franklin Templeton Announces Binance partnership for FOBXX distribution

CFTC Recommends tokenized MMFs as eligible margin collateral

SEC Three divisions issue joint tokenized securities statement — Jan 28, 2026

DTCC Receives no-action letter for 3-year tokenization pilot — Dec 11, 2025

GENIUS Act Signed into law — first federal stablecoin framework — Jul 18, 2025

BlackRock BUIDL Surpasses $3B AUM — multi-chain expansion

CLARITY Act Passes House 294–134 — Senate markup pending

Janus Henderson Launches $1B tokenized AAA CLO ETF via Centrifuge

Franklin Templeton Announces Binance partnership for FOBXX distribution

CFTC Recommends tokenized MMFs as eligible margin collateral

Regulatory Architecture

Three Agencies
Rewriting the Rules

The SEC, CFTC, and DTCC form the regulatory triad governing how tokenized securities enter American capital markets.

SEC

Securities & Exchange Commission

Chairman Paul Atkins · Crypto Task Force

On January 28, 2026, three SEC divisions — Corporation Finance, Investment Management, and Trading & Markets — issued a joint statement establishing the regulatory taxonomy for tokenized securities. Chairman Atkins has revoked SAB 121 and signaled a pro-innovation stance, issuing no-action letters to DTCC, Fuse Crypto, and DoubleZero.

SEC.gov →

CFTC

Commodity Futures Trading Commission

Acting Chair Caroline Pham · GMAC

The CFTC's Global Markets Advisory Committee recommended tokenized money market funds as eligible margin collateral in late 2025. Acting Chair Pham launched a tokenized collateral initiative and a "crypto sprint" with an August 2026 deadline to establish digital asset derivatives frameworks.

CFTC.gov →

DTCC

Depository Trust & Clearing Corp

CEO Frank La Salla · $100T+ Custody

The DTCC received an SEC no-action letter on December 11, 2025 authorizing a three-year pilot to test tokenized representations of Russell 1000 stocks, S&P 500/Nasdaq-100 ETFs, and U.S. Treasury securities via the Canton Network with Digital Asset's smart contract platform. Launch targeted H2 2026.

DTCC.com →

Office of the Comptroller of the Currency. Interpretive letters authorizing national banks to custody digital assets and participate in blockchain networks.

Federal Deposit Insurance Corporation. Reviewing stance on bank partnerships with digital asset firms. Paused restrictive guidance under new administration.

Executive Order 14178 established federal crypto policy coordination. Strategic Bitcoin Reserve and Digital Asset Stockpile created January 2025.

Crypto Czar David Sacks coordinates interagency digital asset policy. Pro-innovation executive orders reframe U.S. as crypto-friendly jurisdiction.

Institutional Players

Wall Street's
On-Chain Vanguard

The world's largest asset managers are racing to tokenize. These are the firms defining the infrastructure, products, and standards.

$3B+

Assets Under Management

BlackRock

BUIDL · Tokenized MMF

The world's largest asset manager launched BUIDL in March 2024 — now the dominant tokenized money market fund with over $3 billion in AUM. Multi-chain deployment across Ethereum, Polygon, Avalanche, Optimism, and Aptos. Partnership with Circle for $64 billion in cash management integration. CEO Larry Fink has declared tokenization of every financial asset inevitable.

Ethereum Polygon Avalanche Optimism Aptos

$400M+

Assets Under Management

Franklin Templeton

FOBXX · BENJI Tokens

Pioneer of SEC-registered tokenized funds since April 2021. The OnChain U.S. Government Money Fund (FOBXX) issues BENJI tokens on Stellar, Ethereum, Polygon, and Base. Recently announced a Binance partnership to expand global distribution of tokenized fund shares.

Stellar Ethereum Polygon Base

13

SEC-Registered Tokenized Funds

WisdomTree

WisdomTree Connect Platform

The broadest tokenized fund lineup in the United States. Thirteen SEC-registered tokenized mutual funds spanning equities, fixed income, and commodities via WisdomTree Connect — deployed on Ethereum, Arbitrum, Avalanche, and Base. Positioning as the tokenized fund supermarket.

Ethereum Arbitrum Avalanche Base

Janus Henderson

$1B Tokenized CLO ETF

Launched a $1 billion tokenized AAA CLO ETF in June 2025 via Centrifuge and Grove — the largest single tokenized structured product issuance.

Kinexys Platform

Rebranded Onyx to Kinexys. Processes billions in daily tokenized repo transactions. Institutional blockchain infrastructure for wholesale settlement.

GS DAP™

Digital Asset Platform for tokenized bond issuance. Executed the European Investment Bank's blockchain bond and BHH digital green bond.

FBTC · $20B+ AUM

Spot Bitcoin ETF dominance with $20B+ AUM. Exploring tokenized share class structures for existing fund lineup.

USDY · OUSG

Leading DeFi-native tokenized treasury platform. USDY (yield-bearing stablecoin) and OUSG (tokenized short-duration treasuries) bridging TradFi and DeFi.

Apollo · KKR · Hamilton Lane

SEC-registered transfer agent powering tokenized private market funds for Apollo, KKR, and Hamilton Lane. Infrastructure layer for institutional tokenization.

Private Credit On-Chain

Both firms tokenizing private credit and PE fund interests via Securitize. Targeting 24/7 secondary liquidity for traditionally illiquid alternatives.

SEC-Approved dShares

SEC-approved tokenized U.S. equities platform. dShares enable global 24/7 access to American stocks via compliant blockchain wrapper.

Legislative Landscape

The Laws
Building the Rails

Federal legislation and regulatory guidance creating the legal infrastructure for tokenized securities in the United States.

Signed Into Law

GENIUS Act

The first federal stablecoin framework. Requires 1:1 reserve backing, monthly disclosures, and excludes stablecoins from SEC and CFTC jurisdiction. Establishes dual federal-state supervision. Passed Senate 68–30, House 308–122. Signed by President Trump on July 18, 2025.

Jul 18, 2025 · Public Law

Senate Pending

CLARITY Act

Digital Asset Market Clarity Act (H.R. 3633). Defines SEC vs. CFTC jurisdictional boundaries, classifies BTC and ETH as commodities under CFTC oversight. Passed House 294–134 on July 17, 2025. Senate markup delayed to January 2026. Analysts estimate 50–60% chance of passage before November 2026 midterms.

Jul 17, 2025 · House Passed · H.R. 3633

Regulatory Guidance

SEC Tokenized Securities Statement

Three SEC divisions — Corporation Finance, Investment Management, and Trading & Markets — jointly clarified the regulatory taxonomy for tokenized securities. Distinguishes issuer-sponsored vs. synthetic products. Confirms tokenized securities remain under federal securities law.

Jan 28, 2026 · Joint Divisional Statement

DTCC No-Action Letter

SEC authorized a three-year pilot program for tokenized securities on December 11, 2025. Covers Russell 1000, S&P 500/Nasdaq-100 ETFs, and U.S. Treasuries.

Executive Order 14178

Presidential executive order establishing the Crypto Czar position (David Sacks), Strategic Bitcoin Reserve, and Digital Asset Stockpile. January 2025.

CFTC Collateral Initiative

GMAC recommended tokenized money market funds as eligible margin collateral. "Crypto sprint" deadline August 2026 for digital asset derivatives frameworks.

Active Deal Pipeline

Deals in Motion

Live tracking of the most consequential tokenization initiatives reshaping U.S. capital markets infrastructure.

DTCC × Canton Network

Active Pilot

Three-year SEC-authorized pilot to tokenize Russell 1000 stocks, S&P 500/Nasdaq-100 ETFs, and U.S. Treasury securities. Built on Digital Asset's Canton Network with ComposerX smart contract platform. H2 2026 launch target.

Phase: Infrastructure BuildLaunch: H2 2026

BlackRock iShares Exploration

R&D Phase

BlackRock CEO Larry Fink confirmed exploration of tokenized share classes for the $3.5 trillion iShares ETF franchise. Would represent the largest single tokenization event in financial history. Leveraging BUIDL infrastructure and Circle partnership.

Phase: Strategic ExplorationTimeline: TBD

Franklin × Binance

Partnership

Franklin Templeton partnered with Binance to distribute FOBXX tokenized fund shares to global retail and institutional investors. Expands BENJI token access beyond U.S. borders via the world's largest crypto exchange.

Phase: Distribution Build-OutStatus: Announced

Janus × Centrifuge CLO

Live

$1 billion tokenized AAA CLO ETF launched June 2025 via Centrifuge and Grove. The largest single tokenized structured product issuance to date. Opens institutional structured credit to on-chain settlement and 24/7 liquidity.

Phase: Live TradingAUM: $1B

Chronology

The Arc of Tokenization

April 2021

Franklin Templeton launches FOBXX

The first SEC-registered tokenized U.S. mutual fund goes live on Stellar. BENJI tokens issued on blockchain for government money market fund shares.

March 2024

BlackRock launches BUIDL

BlackRock's tokenized USD Institutional Digital Liquidity Fund goes live on Ethereum, rapidly becoming the dominant tokenized MMF globally.

January 2025

Executive Order 14178

President Trump signs executive order establishing Crypto Czar David Sacks, Strategic Bitcoin Reserve, and Digital Asset Stockpile. SAB 121 revoked.

June 2025

Janus Henderson $1B CLO ETF

Largest single tokenized structured product issuance. $1 billion AAA CLO ETF via Centrifuge/Grove platform.

July 2025

GENIUS Act + CLARITY Act pass House

GENIUS Act signed into law July 18 (first federal stablecoin framework). CLARITY Act passes House 294–134 on July 17, Senate pending.

December 2025

DTCC no-action letter

SEC authorizes three-year DTCC pilot for tokenized Russell 1000 stocks, S&P 500/Nasdaq-100 ETFs, and U.S. Treasuries via Canton Network.

January 2026

SEC tokenized securities statement

Three SEC divisions jointly clarify regulatory taxonomy. Issuer-sponsored vs. synthetic tokenized products defined. Federal securities law applies.

H2 2026

DTCC pilot goes live

Tokenized settlement infrastructure targets launch via Digital Asset and Canton Network. The moment American capital markets infrastructure begins its on-chain migration.

Research & Analysis

Intelligence Briefs

Institutional-grade analysis on the regulatory, commercial, and technological forces driving ETF tokenization.

Ecosystem Guide

The Complete Guide to U.S. ETF Tokenization in 2026

A comprehensive analysis of the American ETF tokenization ecosystem — from SEC regulatory frameworks and DTCC infrastructure pilots to BlackRock's BUIDL dominance and the emerging competitive landscape. Covers the GENIUS Act, CLARITY Act, Canton Network pilot, Franklin Templeton, WisdomTree, and 11 institutional players. Everything investors need to understand about the $17 trillion transformation.

5,200 Words · Feb 2026 · Pillar Article

Regulatory Analysis

SEC January 2026 Statement: What It Means for Tokenized Funds

On January 28, 2026, three SEC divisions — Corporation Finance, Investment Management, and Trading & Markets — issued their first joint statement on tokenized securities. We break down the taxonomy between issuer-sponsored and synthetic tokenized products, the registration implications, and what it signals for BlackRock, WisdomTree, and every fund manager considering tokenized share classes.

2,800 Words · Feb 2026

Infrastructure

Inside the DTCC Tokenization Pilot: Canton Network Architecture

The DTCC received its SEC no-action letter on December 11, 2025 — authorizing the most significant infrastructure pilot in American capital markets since dematerialization. We go deep on the Canton Network architecture, Digital Asset's ComposerX smart contract platform, the Russell 1000/S&P 500/Treasury scope, and the H2 2026 launch roadmap.

3,100 Words · Jan 2026

Legislation

CLARITY Act Senate Outlook: Jurisdictional Lines Redrawn

The Digital Asset Market Clarity Act passed the House 294–134 but faces a tougher Senate path. We analyze the jurisdictional split between the SEC and CFTC, the classification of BTC and ETH as commodities, lobbying dynamics, and the 50–60% odds of passage before November 2026 midterms.

2,200 Words·Jan 2026

Legislation

The GENIUS Act: How Stablecoin Law Enables Tokenized Settlement

The first federal stablecoin framework — signed into law July 18, 2025 — does more than regulate stablecoins. Its 1:1 reserve mandate, monthly disclosures, and dual federal-state supervision create the settlement rail that tokenized ETFs need. We map the infrastructure implications for Circle, Paxos, and institutional settlement flows.

2,400 Words·Dec 2025

Competitive Intel

BlackRock vs. Franklin Templeton: The Tokenized Fund War

Two radically different strategies for the same prize. BlackRock's BUIDL ($3B+ AUM, multi-chain, institutional-first) versus Franklin Templeton's FOBXX (first-mover, Binance distribution, retail reach). Head-to-head AUM trends, chain strategy, partner ecosystems, and who wins the tokenized fund race.

3,000 Words·Feb 2026

Market Structure

Tokenized Collateral: How the CFTC Is Rewiring Margin

The CFTC's Global Markets Advisory Committee recommended tokenized money market funds as eligible margin collateral — a structural shift that could unlock billions in capital efficiency. We analyze the mechanics, the August 2026 "crypto sprint" deadline, and what it means for JPMorgan Kinexys and prime brokerage.

2,100 Words·Jan 2026

Market Analysis

From Spot ETFs to Tokenized Shares: The Gateway Thesis

Spot crypto ETFs pulled in $115 billion — BlackRock's IBIT alone hit $75 billion, Fidelity's FBTC cleared $20 billion. We argue this was Phase 1: getting Wall Street comfortable with crypto rails. Phase 2 — tokenizing the ETF shares themselves — is the $17 trillion endgame. How the on-ramp becomes the infrastructure.

2,500 Words·Dec 2025

Comparative

U.S. vs. EU vs. Singapore: Three Models for Tokenized ETFs

Three regulatory philosophies, three market structures, three outcomes. The U.S. (SEC/DTCC pilot model), the EU (MiCA + DLT Pilot Regime), and Singapore (MAS Project Guardian). Comparative analysis of regulatory speed, institutional adoption, and which jurisdiction leads tokenized capital markets by 2028.

3,200 Words·Feb 2026

Knowledge Base

Frequently Asked

What is ETF tokenization?

ETF tokenization converts traditional exchange-traded fund shares into blockchain-based digital tokens. This enables 24/7 trading beyond traditional market hours, fractional ownership down to cents, near-instant settlement (compared to T+1 or T+2), programmable compliance via smart contracts, and global accessibility. The underlying ETF shares remain regulated by the SEC — tokenization changes the settlement and custody infrastructure, not the regulatory status. BlackRock's BUIDL, Franklin Templeton's FOBXX, and WisdomTree's 13 tokenized funds are leading examples.

Which firms lead U.S. ETF tokenization?

BlackRock leads with BUIDL, a tokenized money market fund exceeding $3 billion in assets under management across Ethereum, Polygon, Avalanche, Optimism, and Aptos. Franklin Templeton pioneered with FOBXX in April 2021 — the first SEC-registered tokenized U.S. mutual fund. WisdomTree offers the broadest lineup with 13 SEC-registered tokenized mutual funds. Janus Henderson launched a $1 billion tokenized CLO ETF in 2025. Infrastructure providers include Securitize (SEC-registered transfer agent), Ondo Finance (DeFi-native treasuries), and Dinari (SEC-approved tokenized equities).

Is ETF tokenization legal in the United States?

Yes. The SEC confirmed on January 28, 2026 that tokenized securities remain under existing federal securities laws. Multiple tokenized funds are SEC-registered, including Franklin Templeton's FOBXX and WisdomTree's 13 funds. The GENIUS Act (signed July 2025) provides the stablecoin infrastructure layer. The DTCC received an SEC no-action letter in December 2025 for a three-year tokenization pilot. The regulatory framework is actively being built to accommodate tokenized securities within existing legal structures.

What is the DTCC tokenization pilot?

The DTCC — which clears and settles over $100 trillion annually — received SEC authorization via no-action letter on December 11, 2025 for a three-year pilot program. The pilot will test tokenized representations of Russell 1000 stocks, S&P 500 and Nasdaq-100 ETFs, and U.S. Treasury securities. Built on the Canton Network using Digital Asset's smart contract platform (ComposerX), the pilot targets H2 2026 for launch. CEO Frank La Salla has described it as the most significant infrastructure evolution since dematerialization.

How large is the tokenized asset market?

Tokenized real-world assets exceeded $28 billion globally by late 2025 according to rwa.xyz. The total U.S. ETF market represents approximately $17 trillion in assets under management. Spot crypto ETFs alone have attracted over $115 billion (led by BlackRock's iShares Bitcoin Trust at $75 billion and Fidelity's FBTC at $20 billion+). The stablecoin market exceeds $250 billion with $27.6 trillion in on-chain transfers in 2024. BlackRock CEO Larry Fink has stated that tokenization of every financial asset is inevitable, and the firm is exploring tokenized share classes for its $3.5 trillion iShares franchise.

About ETF Tokenization

Last updated: February 2026

ETF Tokenization is an independent intelligence platform providing institutional-grade analysis on the tokenization of exchange-traded funds and broader securities infrastructure in the United States.

Our Mission

We track the convergence of traditional capital markets and blockchain technology — from SEC regulatory frameworks and DTCC infrastructure pilots to institutional product launches and legislative developments. Our goal is to be the most authoritative, current, and analytically rigorous resource in this emerging space.

Editorial Team

Our editorial team brings decades of combined experience across institutional banking, government advisory, fintech entrepreneurship, and capital markets regulation. Our founder holds an MBA from Imperial College London and has served as a strategic advisor to government institutions and financial services firms across multiple jurisdictions.

Independence

ETF Tokenization operates independently of any asset manager, exchange, blockchain protocol, or financial institution covered in our reporting. We do not accept payment for coverage, and our analysis is driven solely by editorial judgment. Any potential conflicts of interest are disclosed prominently.

Contact

Editorial inquiries: [email protected]

General inquiries: [email protected]

Privacy Policy

Effective: February 14, 2026

ETF Tokenization ("we," "our," "us") respects your privacy. This Privacy Policy explains how we collect, use, disclose, and safeguard your information when you visit etftokenization.com.

1. Information We Collect

We may collect information about you in the following ways:

Automatically Collected Data: IP address, browser type, operating system, referring URLs, pages viewed, time and date of visits, and browsing behavior via cookies and similar technologies.
Cookies and Tracking: We use first-party and third-party cookies for site analytics (Google Analytics) and advertising (Google AdSense). Google and its partners use cookies to serve ads based on your prior visits to this and other websites. See How Google uses information from sites that use its services.
Voluntarily Provided: Email address if you subscribe to our newsletter; name and message if you use our contact form.

2. How We Use Your Information

We use collected information to operate and improve our website, deliver relevant advertising via Google AdSense, analyze traffic patterns, send newsletter communications (with your consent), and respond to inquiries.

3. Google AdSense & Advertising

We use Google AdSense to display advertisements. Google uses cookies (including the DoubleClick cookie) to serve ads based on your browsing history. You may opt out of personalized advertising by visiting Google Ads Settings or aboutads.info.

4. Your Rights Under GDPR (EEA/UK/Switzerland)

If you are located in the European Economic Area, United Kingdom, or Switzerland, you have the following rights:

Right of Access — Request copies of your personal data.
Right to Rectification — Request correction of inaccurate data.
Right to Erasure — Request deletion of your personal data.
Right to Restrict Processing — Request limitation of data processing.
Right to Data Portability — Request transfer of your data in a structured format.
Right to Object — Object to processing based on legitimate interests.
Right to Withdraw Consent — Withdraw consent at any time without affecting prior processing.

To exercise these rights, contact [email protected]. We respond within 30 days.

5. Your Rights Under CCPA (California)

California residents have the right to:

Right to Know — Request disclosure of personal information collected, used, and shared.
Right to Delete — Request deletion of personal information.
Right to Opt-Out — Opt out of the sale of personal information. We do not sell personal information.
Right to Non-Discrimination — Equal service regardless of privacy choices.

6. Data Retention

We retain personal data only as long as necessary for the purposes outlined above or as required by law. Analytics data is retained for 26 months. Newsletter subscriptions are retained until you unsubscribe.

7. International Transfers

Data may be transferred to and processed in countries outside your jurisdiction, including the United States and Switzerland. We implement Standard Contractual Clauses (SCCs) where required.

8. Contact

Privacy inquiries: [email protected]

Terms of Service

Effective: February 14, 2026

1. Acceptance

By accessing etftokenization.com, you agree to these Terms of Service. If you do not agree, please do not use this website.

2. Informational Purposes Only

All content is provided for informational and educational purposes only. Nothing on this site constitutes financial advice, investment advice, legal advice, or tax advice. You should consult qualified professionals before making any financial decisions.

3. Intellectual Property

All original content, design, and branding are owned by ETF Tokenization and protected by applicable intellectual property laws. You may not reproduce, distribute, or create derivative works without written permission.

4. Third-Party Links

This site contains links to third-party websites (including SEC, CFTC, DTCC, and various financial institutions). We are not responsible for the content, accuracy, or privacy practices of third-party sites.

5. Limitation of Liability

ETF Tokenization, its owners, editors, and contributors shall not be liable for any direct, indirect, incidental, consequential, or punitive damages arising from your use of this website or reliance on its content.

6. Governing Law

These Terms are governed by the laws of Switzerland. Any disputes shall be resolved in the courts of Zurich, Switzerland.

7. Changes

We reserve the right to modify these Terms at any time. Continued use of the site constitutes acceptance of any changes.

Disclaimer

Effective: February 14, 2026

Not Financial Advice

ETF Tokenization does not provide financial, investment, legal, or tax advice. All content is for informational and educational purposes only. The information presented should not be construed as a recommendation to buy, sell, or hold any security, token, or financial product.

No Investment Advice

References to specific companies, funds, tokens, or financial products do not constitute endorsements. Mentions of BlackRock BUIDL, Franklin Templeton FOBXX, WisdomTree funds, or any other products are for informational context only.

Market Risk

Digital assets, tokenized securities, and related financial products involve substantial risk, including the potential loss of principal. Past performance does not guarantee future results. Market conditions can change rapidly.

Accuracy

While we strive for accuracy, we make no warranties regarding the completeness, reliability, or timeliness of any information. Regulatory landscapes evolve rapidly; always verify current regulations with official sources.

Affiliate Disclosure

This site may contain affiliate links. We may earn commissions from qualifying purchases or sign-ups. This does not influence our editorial coverage or analysis. All affiliate relationships are disclosed.

Editorial Policy

Last updated: February 2026

Sources

Our analysis draws from official government publications (SEC, CFTC, DTCC, Congress.gov), peer-reviewed research, institutional reports (BIS, IMF, World Economic Forum, Deloitte, McKinsey), financial data providers (Bloomberg, Reuters, S&P Global), and direct documentation from covered institutions.

Fact-Checking

All statistics, regulatory citations, and factual claims are verified against primary sources before publication. When data conflicts exist, we note discrepancies and cite multiple sources.

Update Frequency

Pillar articles are reviewed and updated at minimum quarterly or whenever material regulatory or market developments occur. News analysis is published within 48 hours of significant events.

Corrections

Errors are corrected promptly upon discovery. Material corrections include a dated correction notice at the top of affected articles. Report errors to [email protected].

Independence

Editorial decisions are made independently of advertising relationships. Sponsored content, if any, is clearly labeled. We do not accept payment for favorable coverage.

Contact

We'd love to hear from you

Editorial

For press inquiries, research collaboration, or editorial questions: [email protected]

General Inquiries

[email protected]

Partnerships

For advertising, sponsored content, or strategic partnerships: [email protected]

Privacy

For data access, deletion, or privacy-related requests: [email protected]

Corrections

To report factual errors: [email protected]