RWA

A 2% valuation adjustment by Fasanara on its F-ONE tokenized private credit fund has highlighted vulnerabilities when such assets serve as collateral in DeFi lending protocols. The incident affected Morpho's curated vaults, where users borrowed against mF-ONE tokens backed by bundled SME loans. The private credit tokenization market has grown from $49,000 to $2.1B in 12 months, according to RWA.xyz data, prompting warnings about opacity and potential contagion risks in decentralized finance.

The International Monetary Fund published a 56-page report Thursday warning that foreign currency-denominated stablecoins pose risks to national monetary sovereignty. The analysis highlights how dollar-pegged tokens enable instant digital dollar access via smartphones, bypassing traditional banking systems. The IMF cautioned that widespread stablecoin adoption could weaken central banks' ability to manage domestic liquidity and interest rates, particularly once these digital assets become embedded in payments and savings patterns.

Bitcoin's current market cycle demonstrates increased maturity through rising institutional participation and declining volatility, data show. Tokenized real-world assets have surged 243% year-over-year to $24B, according to Glassnode, while Bitcoin has absorbed approximately $732B in new capital with one-year realized volatility nearly halving.

Kraken has entered into an agreement to acquire Backed Finance, the issuer of tokenized assets that powers its xStocks trading service. The acquisition strengthens Kraken's position in real-world asset tokenization as it prepares for a 2026 IPO. The xStocks platform has generated over $5 billion in cumulative trading volume since launch.

Fidelity's tokenized money-market fund operating on Ethereum has exceeded $250 million in assets under management, according to crypto trader Cryptorand. The fund experienced rapid growth from September through November 2025, while ETH maintained support above $3,000. The expansion reflects increased institutional adoption of blockchain-based yield products.

Nasdaq has elevated its tokenized stock proposal to a priority initiative, with digital assets chief Matt Savarese confirming the exchange will pursue SEC approval with urgency. The filing, submitted in September 2025, seeks permission to enable on-chain trading of blockchain-based share representations within existing market rules. Investor rights including voting privileges and dividend entitlements would remain intact under the framework.

The International Monetary Fund has warned that tokenized financial markets may experience heightened volatility as automation accelerates settlement processes. The institution highlighted potential flash-crash scenarios driven by instant execution mechanisms. Early modeling suggests asset-management costs could decline by up to 20%, though speed-driven efficiency may amplify systemic shocks during periods of market stress.

Amundi has transformed its €5 billion CASH EUR money market fund into blockchain-compatible units on Ethereum. The tokenized format allows investors to buy and redeem shares around the clock, bypassing traditional settlement windows. CACEIS handles the technical infrastructure, enabling 24/7 processing and stablecoin payments.

Animoca Brands will prioritize stablecoin issuance and real-world asset tokenization as core initiatives in 2026, Chief Strategy Officer Keyvan Peymani said. The Hong Kong-based Web3 investor announced plans for an RWA marketplace and stablecoin venture while pursuing a Nasdaq listing via reverse merger with Singapore fintech firm Currenc Group Inc.

The Philippines could develop a $60 billion tokenized asset market by 2030, according to a study by PDAX, Saison Capital, and Onigiri Capital. Equities and government bonds are expected to drive growth, with the analysis showing 14% of Filipinos hold cryptocurrencies compared to less than 5% participating in traditional investments. Tokenized government bonds via PDAX and GCash have lowered minimum investment thresholds to P500, expanding access for smaller savers.