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OKXICE has filed with the SEC for a platform offering 24/7 trading in tokenised U.S. stocks. BlackRock has developed three model portfolios that Ondo Finance is bringing onchain. South Korea is also preparing rules that would bring stocks, bonds and funds into its token securities framework.
AdvertisementAt the same time, new data from Dune gives us a clearer picture of what is happening after assets are issued onchain. Tokenised real-world assets across the four largest categories have reached $33.9 billion, although trading activity and how those assets are used vary significantly by asset class.
These developments give us a useful picture of where the market currently stands. Issuance is growing, but there is now much more happening around trading, distribution, settlement, interoperability and the lifecycle of the asset after it has been created.
24/7 Trading Puts Pressure on the Rest of the MarketOKXICE, a joint venture between OKX and Intercontinental Exchange, has filed with the SEC to launch 24/7 trading in tokenised U.S. stocks.
The practical test is whether funding and settlement can support the same trading hours. If investors can trade over the weekend but cannot move cash or complete settlement until Monday, some of the promised efficiency remains out of reach.
Continuous trading still depends on ownership records, compliance checks, settlement and corporate-action processing operating alongside it. Tokenisation can support the continuous transfer of an asset, but the processes attached to that asset also need to remain coordinated.
This is particularly important for equities because ownership carries specific legal and economic rights. The infrastructure has to know who owns the security, whether that person is permitted to hold it and what rights they receive.
South Korea Is Setting Rules for Tokenised Stocks, Bonds and FundsProposed rules would allow stocks, bonds and investment funds to operate under the country's token securities framework when it comes into effect in 2027.
The framework includes requirements covering capital, compliance personnel, technology systems and the management of distributed ledger records. Proposed rules for retail OTC markets would also impose annual purchase limits for individual investors.
South Korea's proposed framework would require distributed ledgers to operate with designated account managers and involvement from the Korea Securities Depository.
The important question is which record determines legal ownership when systems disagree, and who is responsible for correcting it. Institutions need that answer before they can rely on tokenised securities at scale.
As more established securities move onto distributed ledgers, the legal status of the ownership record becomes just as important as the technology maintaining it. Investors and issuers need to know what the record represents, who is accountable for it and how disputes or discrepancies are resolved.
For institutions, that level of legal certainty will be central to whether these assets can be issued, distributed and held at scale.
The Data Is Showing What Investors Actually Do With Tokenised AssetsAcross the four asset classes covered in its Q3 report, tokenised assets reached approximately $33.9 billion, representing growth of more than 140% over the past year.
Cash equivalents account for around $17.8 billion, making them the largest category.
Tokenised equities have grown much faster from a smaller base, increasing approximately 25 times over the year. They also accounted for 93% of spot trading across the asset classes analysed in August. The usage patterns are very different elsewhere. Dune found that just 0.006% of cash-equivalent supply traded during August, while around 19% to 21% of tokenised credit was being used within lending protocols.
Tokenised stocks have grown by more than 2,000% while the number of active holders has passed one million.
I think this data is useful because it gives us a more detailed way of looking at the tokenised asset market. Total value issued tells us how much capital has entered the market. Trading volumes, holder numbers, collateral usage, transfers and redemption activity tell us what happens to that capital afterwards.
Different asset classes will naturally behave differently. A tokenised Treasury product may be held primarily as a cash-management instrument. Tokenised credit may have greater value as collateral. Equities may generate more secondary trading because investors use them differently. That means there is unlikely to be one metric that tells us whether tokenisation is succeeding. The more useful question is whether the infrastructure improves the way that particular asset is issued, held, transferred, traded or used.
The Asset Lifecycle Is Becoming the FocusThe common thread across these developments is what happens once the asset is already onchain.
Issuing a token is relatively straightforward. Managing everything that comes after it is where the work starts. Institutions need clear systems for ownership, compliance, settlement and the ongoing management of the asset after issuance.
For issuers, the focus will increasingly be on managing that full lifecycle rather than treating tokenisation as a one-off issuance event.
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