The Hong Kong Monetary Authority launched the pilot phase of Project Ensemble on Thursday, moving from sandbox testing to live transactions using tokenized deposits and digital assets. The pilot will run through 2026, initially focusing on tokenized money-market fund transactions and real-time treasury management. Interbank settlement will be supported by the HKD Real Time Gross Settlement system.

Chainlink has expanded beyond its original oracle network function into full-stack blockchain infrastructure serving institutional finance. The protocol now supports over 80% of real-world asset data feeds and cross-chain interoperability solutions, according to Messari. Major banks including J.P. Morgan, UBS, and Fidelity are deploying Chainlink's Cross-Chain Interoperability Protocol for tokenized asset operations, with total value locked across tokenized RWA platforms exceeding $10 billion in 2025.

U.S. Securities and Exchange Commission Chairman Paul Atkins outlined the next stage of Project Crypto, establishing guidelines for digital asset regulation under federal securities laws. The framework categorizes tokens by function, excluding digital commodities, collectibles, and practical tokens from SEC oversight while maintaining regulation of tokenized securities.

The U.S. Department of Justice filed civil forfeiture complaints for $15.1 million in USDT seized from North Korean military hacking group APT38. The stablecoin was stolen in 2023 attacks against four international virtual currency platforms. Separately, five individuals pleaded guilty to facilitating a scheme in which North Korean IT workers used stolen identities to fraudulently secure employment at 136 U.S. companies.

Real-World Asset (RWA) tokens are showing resilience during the broader crypto market decline, with developer activity accelerating across major projects. Chainlink leads all RWA initiatives in development momentum, according to on-chain data. Hedera and Avalanche also rank among the top contributors to the sector's growth.

Uniswap introduced its Continuous Clearing Auctions (CCA) protocol on November 13, 2025, designed to streamline token launches on its decentralized exchange. The mechanism aims to address liquidity challenges and transparency issues in traditional token launch methods. Aztec Network became the first project to utilize CCA, launching as a privacy-focused Layer 2 solution on Ethereum. The protocol conducts continuous clearing processes that distribute token supply gradually over time through on-chain auctions.

BlackRock's tokenized U.S. Treasury fund BUIDL will be accepted as institutional collateral on Binance and expanded to BNB Chain. The fund has accumulated $2.5 billion in assets since its March 2024 launch. Data show BUIDL is the largest tokenized money market fund on public blockchains.

Aave Labs received regulatory authorization from the Central Bank of Ireland under the Markets in Crypto-Assets framework to operate its fiat-to-crypto platform, Push, across the European Economic Area. The platform enables zero-fee conversions between euros and digital assets, including Aave's stablecoin GHO. Push operates through a wholly-owned Irish subsidiary and positions itself as a regulated gateway for DeFi users seeking direct access to stablecoins.