BUIDL · 398

Shinhan Asset Management cooperates with Solana Foundation and others to promote the issuance of tokenized funds denominated in Korean won

Comparatively, South Korea's Shinhan Asset Management Co., Ltd. signed a four-party memorandum of understanding with the Solana Foundation, Etherfuse, and Orca to jointly promote proof of concept for the issuance of tokenized funds denominated in Korean won. The fund structure is based on BlackRock's BUIDL fund. Overseas institutional investors purchase a won ultra-short-term bond fund managed by Shinhan Asset Management, and their holdings will be issued in tokenized form. The proof of concept will cover KYC/AML frameworks, security audits, blockchain operations, compliance, and on-chain liquidity design. Lee Seok-won, CEO of Shinhan Asset Management, said that the goal is to have corresponding capabilities as soon as the system is implemented and lead the Korean won digital financial products market. The National Assembly of South Korea passed an amendment to the STO legal framework in January of this year, which will take effect in February 2027.

1d ago

Millions of dollars are rushing into the market, but some are in a hurry to exit: Pharos's high-interest treasury causes a “view of time” collision

Article: Sanqing, Foresight NewsSharos Network joined forces with Vault infrastructure agreement R25 and credit asset management agency Axil to launch Axil Prime Credit Vault (APC), an institutional consumer credit RWA wealth management product issued by Pharos on July 15. The products were launched simultaneously with Binance Wallet, TopNod, OKX Wallet, Bitget Wallet, and KuCoin Wallet, with a total fundraising limit of 100 million USDC, with a target annualization of about 14.3%. As of the closing of the deposit window, a total of $45.39 million had been deposited. This year, there have been frequent security explosions in Web3 on-chain strategies. User funds are looking for new stable income sources, and project parties are also there. Binance Wallet is now offering an additional $300,000 PROS as an incentive to explore RWA Vault's market space, causing the Vault to generate a lot of discussion in the market. The launch time coincided with the redemption period of the Pharos TGE pre-deposit campaign. The previous treasury required the submission of a redemption application about half a month before the end of the lockdown period, stop accruing interest on July 20, and complete the redemption within 7 days. Users accustomed to DeFi T+0 looked back and found that they couldn't help but missed the redemption period and began to question the redemption time and asset safety. R25 and Axil then held an AMA at Binance Square. Well-known KOLs such as Haotian and Tianqing participated in discussions, detailing the differences between RWA assets and DeFi Vault, the role of fund managers (Curators), why consumer credit is worth allocating, and risk management methods from pre-investment to post-investment. In complex asset logic and mixed social media discussions, some users put in one million funds on the last day, while others sought early redemptions from the project party. On July 23, Pharos issued an announcement: Users who submitted applications on time in the previous issue have received all principal and interest, breaking the “financial security” concerns; funds that missed the window will automatically be carried forward to the next three-month cycle according to the treasury's preset rules, and interest will continue to be accrued at 14% USDC per annum. The controversy revealed more important issues than the redemption itself. Although the RWA TVL has exceeded $38 billion, non-institutional chain users are clearly dissatisfied when investing in RWA products. Institution-driven, stable, and high interest rates, but often require longer lockdown periods and complex understanding costs. From DeFi to RWA, is the market really ready? High yield, low threshold, and high liquidity. BlackRock's “impossible triangle” of RWA's BUIDL threshold is $5 million. It is only open to qualified buyers, yet it can be redeemed almost instantly through the stablecoin channel; the APC threshold is so low that ordinary users can buy it at will; instead, it must be locked for three months. Liquidity has never been determined by how high or low the threshold is, but rather how quickly the underlying assets can be realized. The bottom layer of BUIDL is US treasury bonds, and the world's deepest secondary market can take over at any time; the bottom layer of APC is hundreds of thousands of emerging market consumer loans, and few people are ready to buy large amounts of capital at any time. This has formed a triangle that RWA cannot bypass at this stage: high yield, low threshold, and high liquidity; the three can only take two. For example, Franklin Templeton's BENJI starts at $20 (low threshold) and supports daily redemption (high liquidity), and the annualization is only 3% to 5%; if you want double-digit returns, you have to accept non-standard assets and a lock-up period. This is the liquidity premium. A significant portion of the excess income is the consideration for abandoning liquidity. APC, on the other hand, is a combination of high returns and a low threshold, and the cost is liquidity. There is nothing wrong with this trade-off itself; it also explains the full source of this controversy. Retail investors have obtained assets that were originally only open to institutions, and they have also taken over the agency's time rules that focus on long-term matching. The period of use of institutional funds is scheduled before investment, and the lockdown period is a predictable cost; private equity credit and closed-end funds already have redemption restrictions. However, most ordinary users on the chain are not the same; most of the latter's first appeal is to go in and out. So the current “retail” RWA is mostly just distribution-side retailing, to be precise. Web3 wallets and low initial investment amounts have contributed to a low threshold, but the liquidity structure is still designed according to institutional logic. Having understood this triangle, the remaining questions became specific: why must the liquidity side be sacrificed, a high income of 14.3%...

2d agoForesight News#WEB3

Securitize's first earnings report after listing fell short of expectations, and the stock price plummeted 20% after the market

Comparative news, according to BIT (bit.com) market data, Securitize (SECZ) shares plummeted 20% during Wednesday's after-hours trading. The tokenization company failed to meet Wall Street's expectations for the second quarter in its first earnings report after going public last month. The company is known for issuing and managing BlackRock's BUIDL tokenized money market fund. The report showed revenue of $14.4 million, down 5% from the same period last year, and lower than analysts' estimates of $20.6 million. Securitize lost $2.37 per share, while the expected loss was just $0.15. Net losses totaled $21.7 million, and adjusted EBITDA changed from a profit of $1.8 million in the same period last year to a loss of $5.5 million.

9d ago

Circle's second-quarter revenue was $701 million, and USDC circulation increased 19% year over year to $73.3 billion

In comparison, Circle announced financial results for the second quarter of 2026. According to the data, by the end of the second quarter, USDC's circulation reached 73.3 billion US dollars, up 19% year on year; USDC's on-chain transaction volume reached 14.8 trillion US dollars during the quarter, up 151% year on year. The company's total revenue and reserve revenue for the second quarter was US$701 million, up 7% year on year; adjusted EBITDA was US$143 million, up 8% year on year; net profit from continuing operations was US$48 million, up US$530 million year over year. On the business side, Circle announced that the Arc public chain will launch on the main network on September 16, and institutions such as BlackRock, DTCC, Galaxy, Mastercard, Visa, and Standard Chartered will act as network validators. BlackRock plans to deploy BUIDL funds to Arc, and DTCC will enable DTC custodial assets to be tokenized on Arc. Furthermore, Circle has received final approval from the US Monetary Supervisory Service (OCC) to establish Circle National Trust, a national trust bank, and became one of the first stablecoin issuers to obtain a license from the US Federal Bank of America; at the same time, it was approved by the New York State Department of Financial Services (NYDFS) to establish the Circle New York Trust. Circle Payments Network (CPN) increased its annualized transaction volume to $14.7 billion over the past 30 days, up 76% month-on-month, and the number of connected financial institutions increased to 175, up 29% month-on-month. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

17d agoburnking#On-chain dynamics

BlackRock launches two tokenized money market funds that specialize in stablecoin reserve management

In comparison, BlackRock, the world's largest asset manager, announced today the establishment of two new on-chain funds: BSTBL (tokenized share of existing funds) and BRSRV (new stablecoin reserve instrument), which mainly invest in cash, short-term US bonds, and treasury bond pledges and buybacks. The two products are aimed at institutions and digital asset participants, and combine the liquidity of traditional cargo bases with the efficiency of blockchain operation. The move closely followed the Wall Street tokenization boom, and its first token fund, BUIDL, had already surpassed 2.6 billion US dollars. According to industry data, since March 2024, the overall size of tokenized assets has soared from about 2 billion to over 37 billion US dollars, and tokenized US bonds have also increased from 721 million to 16 billion US dollars.

19d agoWendy#starters

Well-known traders: Heavy positions on Circle, Coinbase, and ETH, betting on financial restructuring in the supervised chain

Comparing the news, well-known trader Doctor Profit wrote that global capital is generally betting on AI, but larger long-term changes may be the reshaping of the financial system. He refers to Circle, Coinbase, and ETH as the Big Three Galaxy, and believes that the three correspond to regulated digital dollars, traditional capital entrances to the on-chain market escrow and transaction, and the tokenized settlement network for assets, respectively, and have established large-scale long-term positions on them. He is still optimistic about BTC for a long time, but the current cycle adjusted his crypto asset allocation to 60% ETH and 40% BTC. Doctor Profit said that Coinbase is the main custodian of BlackRock's Bitcoin spot ETF, and also holds shares in Circle, and its Base network is settled in Ethereum; Circle's USDC reserve fund is managed by BlackRock. Ethereum also hosts BlackRock's tokenized treasury bond fund BUIDL and occupies a major share of the real-world asset tokenization market. Doctor Profit believes that the CLARITY Act's potential benefits for ETH, Circle, and Coinbase may be greater than BTC, as it will further clarify the regulatory rules for tokens, trading platforms, stablecoin yield products, and DeFi. He determined that in the future, on-chain finance will be more biased towards compliance, regulation, and institution-led. It said it bought Circle for around $62 and expects its shares to reach at least $500 by 2030. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

22d agoburnking

179% during the year! RWA has skyrocketed, are institutions really entering the market?

Source: Token Dispatch Author: Vaidik Mandloi Compiled and edited by: BitPushNews Real World Asset (RWA) tokenization has soared 179% this year. Hyperliquid's trading volume on stocks and commodities now surpasses even crypto tokens. Everyone seems to have finally come to the conclusion: traditional finance (TradFi) is finally about to fully enter the chain. But when you go back to the roots and find out who is actually buying these RWAs, you'll find that this isn't a grand story of institutions entering the market at all — because most of the money actually comes from within the crypto industry. The treasury of major agreements and DAOs is frantically hoarding stocks and converting their reserves into tokenized US debt. This article will explore in depth: why this RWA spree looks more like a “dollarization” event of cryptocurrencies themselves than an institutional downgrade attack; and what it actually means when crypto protocols themselves become the biggest buyers of these tokenized US bonds. Who is actually trading RWA? Let me take you back to a few years ago: if you follow DeFi in 2020 and 2021, you'll see simply outrageous returns. Lending pools attract dollar deposits with an annualized yield of 15% to 20%, sometimes as high as 40%. Tens of billions of dollars are pouring in, yet almost no one is questioning where this money actually came from. Because these benefits come from token emissions — the agreement mints its own governance token, distributes it as a “reward” to depositors, and counts this subsidy as revenue. This is the ultimate trick to attract investors and increase TVL (total hedged value), but it only works on one condition: the token price must continue to rise. Later, when the market crashed and governance tokens plummeted by 80%-90%, the real organic yield of DeFi was actually only 2%-3%. This is even less than the yield on US short-term treasury bonds, and the risk is much higher. This revealed the harsh truth: the crypto world took years to build a financial system that simply couldn't generate competitive returns from its own economic activity. Because those benefits come from fresh capital to buy governance tokens, not from any productive use of the capital itself. Once the inflow of this new capital slows down, the entire model will return to its original form. As a result, major agreements can only protect treasury worth hundreds of millions of dollars, denominated in self-governing tokens, but are unable to earn any competitive returns within the crypto world. Then in 2023, many tokenized versions of US Treasury bonds and dollar credit products began to be launched on the chain; for the first time, the agreement was able to deposit reserves into assets that can earn real dollar returns without even leaving the on-chain ecosystem. Since then, this has become the norm. A recent study of on-chain buyers by Arrakis tracked a total of $91.3 billion in deposits across more than 10 tokenized dollar yield products. They found that of the $124 billion in high-profile buyer funds that can be clearly attributed, the full two-thirds are solely treasury funds attributable to crypto protocols and DAOs. The rest is scattered among local crypto investors, exchanges, and market makers. (Image source: Arrakis) Of the funds being tracked, the amount from institutions such as pensions, asset management companies, or banks was zero. In this $36.2 billion market, which is constantly being hyped up by the industry as “institutional entry,” traditional investors are simply hard to find. BlackRock has launched a BUIDL fund aimed at bringing institutional funding to Ethereum. It's a fully regulated, tokenized treasury bond fund with a risk-free interest rate, designed specifically for pensions, so they can buy cryptocurrency directly without explaining it to the board of directors. But as of today, 98% of the capital is in the hands of local crypto buyers. Ethena alone accounted for more than half of the fund's total value through its USDTB product. The remaining seats of the top 10 holders were also split by agreements such as Ondo and Sky's Spark Sub DAO. (Image source: Arrakis) BUIDL is no exception; looking at the entire market, almost every top five holder of a tokenized RWA product controls more than 90% of the supply. If you want to anticipate the future, the best example is MakerDAO. In 2021, the agreement held only around 17 million DAI in real-world assets. And today, this...

24d agoWendy#HYPERLIQUID #RWA topics #tokenize

Tom Lee: AI funding is rotating from memory chips to Ethereum, ETH outperforms DRAM ETFs by 72%

Comparatively, according to BeInCrypto, Tom Lee, co-founder of Fundstrat and chairman of Bitmine, said that AI funding is rotating from the memory chip sector to Ethereum. Citing data, the relative performance of Ethereum and Roundhill Memory ETF (DRAM) has expanded to 72 percentage points since June 25 — Ethereum rose 24%, while DRAM ETF fell 38% The DRAM ETF was launched in April of this year. It is the first fund to invest only in memory chip manufacturers. SK Hynix and Samsung together account for about 41% of the weight. The fund raised 6.5 billion US dollars in 27 trading days, setting the record for the fastest ETF issuance. Lee pointed out that BlackRock's tokenized BUIDL fund and applications such as Robinhood Chain are all built on Ethereum, which forms Ethereum's institutional bullish logic.

31d ago

BlackRock's on-chain tokenized assets reached US$2.93 billion, and BUIDL accelerated its expansion into a multi-chain ecosystem

Comparatively, BlackRock's US dollar institutional digital liquidity fund BUIDL's on-chain asset management scale has reached about US$2.93 billion, continuing to hit a record high, reflecting the continued growth in demand from institutional investors for tokenized US Treasury products. Currently, BUIDL has been deployed on multiple public chains such as Ethereum, Avalanche, and Solana, and Securitize is responsible for tokenizing and hosting by BNY Mellon. According to the data, Ethereum is still BUIDL's largest deployment network, with a hedging scale of more than 1 billion US dollars; Avalanche recently grew the fastest, doubling its asset size to about 900 million US dollars in a single week in July; and the Solana on-chain scale exceeded 550 million US dollars. According to the report, BUIDL mainly invests in US Treasury bonds, repurchase agreements and cash equivalents, maintains a net value of $1 per share, and provides an annualized yield of about 3%-5%. As more DeFi protocols use BUIDL as collateral and liquid assets, its application scenarios are expanding further from institutional cash management to on-chain financial infrastructure. According to market analysts, the rapid expansion of BUIDL is becoming an important example of the integration of traditional finance and blockchain, and is driving the continued development of the global tokenized real world asset (RWA) market.

39d ago

The next nine years: Binance's vision for the future of cryptocurrency and blockchain

By ChandlerZ, Foresight NewsThe crypto market in the first half of 2026 showed a rare split. Bitcoin has pulled back more than 35% from its high point, and DeFi's total hedging volume has dropped to $72 billion, and several crypto companies that originally planned to do an IPO have pressed the pause button. According to historical experience, these numbers usually herald the arrival of another cold winter. However, in the same half year that prices have cooled down, another set of data has been accelerating. The US SEC and CFTC have concentrated on releasing signals about the direction of US crypto regulation. The new US SEC document clarifies that 16 types of crypto assets such as BTC and ETH are “digital goods”; the US Depository Trust Clearing Company (DTCC) promotes DTC tokenization services and collaborates with more than 50 financial institutions, including traditional financial and cryptographic institutions such as BlackRock, J.P. Morgan, Circle, Ondo Finance, and Robinhood; the total market value of stablecoins hit in May The all-time high of $322 billion surpassed the size of 95 countries' foreign exchange reserves; the number of global cryptocurrency holders reached about 700 million people. Prices are shrinking and infrastructure is expanding. The reverse movement of the two lines may indicate that the industry is shifting from being driven by speculation to being driven by infrastructure. Launched on July 14, 2017, Binance has accumulated more than 300 million registered users over nine years, operated under a license in more than 20 jurisdictions, experienced the largest regulatory penalties in the industry, and witnessed the entire process from ICO frenzy to institutional entry. At the time point of the ninth anniversary, the question that is more valuable than looking back at history is what direction did this company bet its resources in? What's the logic behind these judgments? To what extent can they represent the direction of the entire industry? Where is the market for 3 billion people Binance Co-CEO Richard Teng repeated the same number on multiple public occasions: 3 billion users in 2030. That target is ten times higher than the current 300 million registered users. According to Binance's growth curve, it reached 100 million users in the first five years, then reached 200 million in the next two years, surpassed 300 million in the last 18 months, and added more than 180,000 per day. Growth is accelerating, but going from 300 million to 3 billion still means finding a growth engine of a completely different magnitude. Where this growth is coming from, Binance Research's July 2026 stablecoin report provides some clues. The report shows that in Binance's user base, 87% of fiat currencies need to pay a premium higher than the official exchange rate when exchanging stablecoins. This premium gradient accurately corresponds to the level of inflation. Users in hyperinflationary economies (over 10% inflation) pay an average of 62% of the premium, while high-inflation economies (over 5%) pay 27%, and 4% in a typical inflationary environment. The average premium for developed market users is only 0.3%. What does a 62% premium mean? A user from Nigeria or Argentina is willing to pay 60% more than the official exchange rate in order to exchange local currency for stablecoins. The driving force behind this behavior is wealth preservation. In an environment where the currency continues to depreciate, stablecoins act as no-threshold dollar savings accounts, requiring no US bank account, no foreign exchange quota, and no minimum deposit. Traditional fintechs (M-Pesa, Mercado Pago, etc.) also serve the financial needs of emerging markets, but they provide payments and transfers denominated in local currency. When users' core demands are to break away from the local currency and obtain dollar-denominated savings and earnings, cryptographic services provide products that cannot be replaced by traditional fintech, such as US dollar stablecoin savings, unintermediated cross-border transfers, and 24-hour uninterrupted liquidity. Willing to pay a 62% premium to acquire an asset has nothing to do with speculation. In economies where currency depreciation, capital controls, and foreign exchange channels are limited, stablecoins actually act as borderless dollar savings accounts. The premium paid by users is the cost they incur to preserve their purchasing power. Regional data confirms the scale of this demand. The share of stablecoin P2P transfers in Latin America and the Caribbean doubled from 17% to 38% in the past year, making it the fastest growing region. The Asia-Pacific region's on-chain value increased 69% year over year, and Latin America increased 63%. Globally, around 700 million people hold crypto assets, accounting for 8.5% of the world's population, with India at the top with 156 million and Nigeria with 45 million...

39d agoForesight News#SEC #Web 3.0 #Binance