RWA

Pakistan is evaluating the development of a stablecoin pegged to the rupee, according to Zafar Masud, President of the Pakistan Banks Association. Officials estimate the country could capture $20 billion to $25 billion in cryptocurrency-related economic growth. The banking sector has warned that delays in digital asset regulation may result in lost investment opportunities.

Ripple has publicly supported the U.S. Federal Reserve's proposed "skinny" master account framework for non-bank financial institutions. Chief Legal Officer Stu Alderoty characterized the limited-access model as a pragmatic compromise that could advance payment innovation while respecting traditional banking sector concerns, according to Reuters.

Citi's tokenized cash platform is live in the U.S., U.K., Hong Kong, and Singapore, processing billions in client transactions for supply chain payments and capital markets settlements. Executives from Citi, DTCC, and Taurus speaking at Chainlink's SmartCon 2025 conference said blockchain infrastructure is operationally ready, but fragmented regulatory frameworks and lack of interoperability standards remain the primary barriers to scaled adoption.

Franklin Templeton launched Hong Kong's first tokenized money-market fund on January 8, 2025. The Franklin OnChain U.S. Government Money Fund, registered in Luxembourg and backed by short-term U.S. Treasuries, uses blockchain tokens to represent investor shares and record ownership digitally. The launch aligns with Hong Kong's five-year fintech strategy focused on AI and blockchain integration across financial services.

UBS has completed the first live on-chain redemption of a tokenized money market fund using Chainlink's Digital Transfer Agent standard on Ethereum. The transaction involved UBS's uMINT fund and was settled with DigiFT as the on-chain distributor, demonstrating blockchain integration with traditional fund operations.

FTSE Russell has partnered with Chainlink to publish equity and digital asset indices across more than 40 blockchains using Chainlink's DataLink platform. The collaboration delivers institutional-grade benchmark data, including the Russell 1000, Russell 2000, and FTSE 100, directly into decentralized ecosystems. The indices represent over $18 trillion in assets under management globally.

A consortium led by SBI Holdings and major trust banks will launch round-the-clock trading of blockchain-based shares in 2026. The platform will allow investors to purchase tokenized versions of publicly listed companies starting at 1 Japanese yen, removing the current 100-share lot requirement. The system represents the first global venue enabling continuous on-chain equity trading.

UBS completed the first on-chain redemption of a tokenized investment fund on November 3, 2025, using Chainlink's Digital Transfer Agent standard. The transaction involved uMINT, UBS's USD Money Market Investment Fund Token on Ethereum. The development marks a significant milestone for the $100 trillion global fund industry, with the token now tradeable on DigiFT, Bybit, and KuCoin.

Standard Chartered projects the tokenized real-world asset market will grow to $2 trillion by 2028, up from the current $35.5 billion market capitalization. The bank cites stablecoin liquidity and decentralized finance infrastructure as primary drivers for the anticipated 57-fold expansion. Regulatory clarity remains the sector's key risk factor, according to the institution's analysis.

Standard Chartered Bank forecasts the tokenized real-world assets market will expand from $35 billion to approximately $2 trillion within three years, excluding stablecoins. The bank identifies Ethereum as the primary blockchain for institutional tokenization, citing its decade-long operational reliability. Geoffrey Kendrick, head of digital assets research at the bank, characterizes the growth trajectory as among the fastest in modern financial history.