Tokenized stocks just reached $4.64B in market cap, the same level stablecoins first passed in March 2020. That's the comparison @tokenterminal draws in its latest Snapshot. Since then, stablecoins have grown 63.85x. The model is the same too. An issuer holds the shares with a custodian, issues tokens backed one-to-one, and those tokens move on public blockchains. 85.74% of tokenized stock market cap is built this way. The market is still concentrated. Three issuers hold 81.17% of it, and 91.70% tracks US companies and US-listed ETFs. As Token Terminal puts it: "Stablecoins showed that third-party issuers, custodians, and public blockchains can take a U.S. asset to users worldwide." On Rayls, that stablecoin model already runs the network. Gas on the Rayls Public Chain is paid in $USDr, a USD stablecoin backed 1:1 by USDC.e, so transaction costs stay predictable for institutions and builders alike. The full breakdown from Token Terminal 👇

Join @CNPYNetwork and Rayls for a live AMA as both teams share what they’re building, the challenges they’re tackling, and what it will take to drive wider adoption across the industry. Hear directly from the founders @AdamLiposky and @x10xalex, get insights into their roadmaps, and bring your questions to the conversation. 📅 Wednesday, November 4 🕐 6 PM UTC Don’t miss it 🔔

The RWA market has crossed an important threshold. @Dune's latest data shows $32B+ in tokenized real-world assets across the four largest asset classes. The bigger story, however, is what’s developing around those assets 🧵

“The future of institutional finance won’t be fully private or fully public. It will be connected.” Rayls Sovereign is built around that reality. Institutions can operate in a controlled environment while accessing the programmability of EVM infrastructure and connecting to public networks when they need to. Private when it needs to be. Connected when it matters.

One of the standout events during TOKEN2049 week was @blockworksDAS, bringing together institutional leaders, financial institutions, and some of Singapore’s largest banks, including OCBC, to discuss the future of digital finance. @bm_allan_ represented Rayls at the summit, where the focus was on how institutions can move beyond exploring digital assets and start integrating them into real financial markets. That requires infrastructure built around the realities of institutional finance: privacy, compliance, control, and access to broader onchain liquidity. Rayls is built to meet these requirements, combining private blockchain networks for regulated institutions with a public chain that connects them to the wider digital asset ecosystem. With Rayls already operating in production with tier-1 banks in Brazil, we’re bringing that experience to the global institutional conversation. Stay tuned 🚊

Institutional adoption is becoming a global conversation, and Singapore is at the centre of it. Allan is on the ground at @token2049 representing Rayls and connecting with banks, asset managers, exchanges, and infrastructure leaders shaping the next generation of financial markets. From our work with tier-1 institutions in Brazil to our growing presence across Asia, we’re focused on one thing: building the infrastructure that makes institutional finance work onchain - with the privacy, compliance, and connectivity it requires.

If you’re at @token2049 this week and working on the institutional side of digital assets, this is a good time to connect. Allan is on the ground all week, meeting banks, asset managers, exchanges, and infrastructure teams across the ecosystem. If you’re building institutional digital asset infrastructure or looking to bring these capabilities into your market, reach out to Allan while he’s in Singapore.

EastPoint brought together some of the people closest to the future of finance in Korea - from banks and card networks to regulators and digital asset builders. We were glad to have @bm_allan_ representing Rayls in the room and contributing to a discussion that went beyond stablecoin adoption as a concept and into what it takes to make stablecoins part of everyday financial infrastructure. The opportunity ahead is bigger than dollar liquidity alone. Connecting local currencies, institutions, and global liquidity on infrastructure built for real-world financial activity will be key to unlocking the next phase. Thank you to @hashed_official, @bloomingbit_io, and @kedglobal for bringing the ecosystem together in Seoul.

Proud to have been a Gold Sponsor of Blockfesta and to contribute to a conversation that is increasingly focused on the realities of institutional tokenization.

The most interesting part of Dune’s latest RWA report isn’t the $34B+ of assets now sitting onchain. It’s what happens after issuance. Because putting an asset onchain is only the beginning. Today, a tokenized asset can have a price, holders, and even a NAV, yet still be difficult to trade, use as collateral, or move between counterparties. Dune found that just 6.1% of measurable RWA supply is currently sitting in lending protocols, with another $185M in DEX liquidity. The reason comes down to something less exciting than tokenization, but far more important for markets: access. If an asset requires KYC, issuer approval or a managed account every time someone wants to use it, being onchain does not necessarily make it more liquid or more useful. Equities show what happens when those barriers start coming down. The category has grown to more than 1M holders and generated $12.6B in spot volume in August, alongside $72.4B in perpetual volume. As Base’s Antonio García Martínez put it: “A share that lives onchain settles in seconds, trades on a Sunday, and can be posted as collateral in a lending market the same day someone buys it.” That sentence captures where the market is heading. The value of tokenization isn’t simply that an asset now has a blockchain representation. It is that the asset can start participating in a financial system that is faster, more connected and capable of doing things its offchain version could not. And that is the infrastructure problem Rayls is working on: giving regulated institutions the privacy, compliance and connectivity to bring real financial activity onchain The full breakdown of stocks, credit, gold and cash is in @Dune's After Issuance report 👇