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- Grove's $1B Allocation, Dinari's US Stocks, Tokenized SpaceX & More
Grove's $1B Allocation, Dinari's US Stocks, Tokenized SpaceX & More
Your Bi-Weekly RWA Breakdown
Welcome to the Monday edition of What’s Drippin’. Enjoy a summary of the top headlines, market movements from the data team, special announcements, and Herwig’s thoughts on what’s going on in this fast-evolving space.
Without further ado, it's time to…
Get Liquid 💧
Summary and Key Takeaways
1. Grove’s $1B Allocation for Janus Henderson Anemoy AAA CLO Strategy
That’s right, a billion with a b. Just like that we have seen another RWA hit the nine zeroes mark and it did with style! Powered by Centrifuge’s tech, the Anemoy fund managed by $330B+ AUM Janus Henderson was also a winner in the Grand Prix RWA competition by Sky/ Maker, which Grove is a part of as its decentralized credit infrastructure. Centrifuge also recently launched deRWA vaults for its RWAs too making it clear that the most successful tokenization companies are the ones that are building vertically-integrated ecosystems. Makes you wonder if Centrifuge never brought in Janus Henderson last year, if they would have still had the same success. Will more latecomer asset managers look for similar partnerships?
2. Tokenized Stock Updates: Dinari’s US Broker Dealer License and Superstate’s New Onboard
Tokenized stocks are making a quick comeback from back in 2021’s FTX days. People worldwide have been participating via venues like Dinari, Swarm, and Backed to name a few. Basically everyone except U.S. investors could participate… until now. Last week Dinari was granted the first broker dealer license to offer tokenized stocks to U.S. investors, beating Robinhood, Coinbase, and others to the punch. Even Kraken’s partnership with Backed (great one) is also just for non-US investors. Why does this matter? Yes U.S. investors have easier access to stocks, however they should also have the opportunity to have their assets onchain and use them in DeFi applications for collateral mobility, leverage, and other perks.
Dinari’s not the only U.S. company with updates in this asset class though! Earlier this year Superstate announced that they’re expanding from treasuries and funds to tokenized stocks through their Opening Bell platform, with SOL Strategies being their first client. This week we heard of their second: Upexi (NADAQ: UPXI). The consumer products company also has a large SOL treasury, as of June 24 holding 735,692 SOL, making this move more closely aligned. Tokenized stocks are coming onchain faster meaning the next step (DeFi vault) is also coming. With that in mind, there’s plenty of plumbing (back and middle office) to enhance with the blockchain if tokenized stocks are going to truly make markets more efficient and be interoperable with them.
3. Republic’s SpaceX Mirror Tokens
Public companies aren’t the only ones being tokenized, pre-IPO shares have been getting tokenized for a while now too just as we’ve seen with companies like Aktionariat and Orderbook. There are big, household name companies that investors would LOVE exposure to yet is hard to achieve but Republic is changing that with their mirror tokens. They just announced they’re opening access to SpaceX through an interesting model. Instead of tokenizing the shares, Republic is offering debt securities entitling the investor to a payout after a liquidity event (IPO, acquisition, etc.). These rSpaceX tokens now have a waitlist at a $50 minimum as they “test the waters” in this RegCF offering, allowing investors (U.S. and non-U.S.) to participate whether retail or accredited.
What other companies could do this? Republic is teasing cool ones like Revolut, Anthropic (Claude AI), Epic Games, Stripe, and more! Let us know what YOU would like to see on Monday’s Onchain at 11am ET!
4. SPiCE VC Executes Third Investor Payout Exemplifying Tokenized Fund Capability
Here’s one of the pioneers in the tokenization space! SPiCE VC is one of the few tokenized venture capital firms, believing early on in this space as both an allocator and issuer. That has proven to pay dividends (literally) with their imminent third investor payout. According to the press release, “SPiCE’s total payouts to investors now exceed 2.1x DPI (Distributions to Paid-In Capital)-more than double what even top decile early-stage VC funds typically return by year seven.” This is reflective of quality investments Tal Elyashiv and team have made including Securitize, Blockdaemon, Ripio, and thankfully STM.co.
5. Canton Network (Digital Asset) Secures $135 Million Funding
What do Goldman Sachs, Citi Ventures, BNP Paribas, Citadel Securities, Circle Ventures, Paxos and the DTCC all have in common? They’re now all shareholders of Digital Asset! The Canton Network’s privacy-first, institutional-grade blockchain has skyrocketed into the big leagues with one of the biggest warchests and elite investor groups around. It’s not surprising given that they’ve already announced huge milestones and customers, on track to bring hundreds of billions in RWAs already. Two of those being Nasdaq and QCP just after this announcement. Catch the TokenizeThis panel featuring Digital Asset co-founder on permissioned v public blockchains here.
This is not financial advice.
Notable Market Headlines
6/27 - Tokenization Firm Midas Introduces Private Credit Product with Fasanara, Morpho and Steakhouse
6/26 - Particula Insights Report - Stablecoins: The New Force in the US Treasury Market
6/26 - Dinari granted first broker-dealer registration to offer tokenized stocks
6/26 - Upexi Announces Intent to List SEC-Registered Shares On-Chain via Superstate’s Opening Bell
6/26 - Ripple Expands Multichain Interoperability Infrastructure with Wormhole Integration
6/26 - Hong Kong reveals new stablecoin rules and tokenized bond plans
6/25 - Republic to offer tokenized SpaceX, other unicorn tracker security tokens
6/24 - Matrixdock Expands Real-World Asset Tokenization to Include Silver, Platinum, and Palladium
6/20 - Plume And Blocksense Unite To Bring Verifiable Real-World Assets Fully On-Chain
6/19 - Ethena Labs and Securitize enable 24/7 swaps between USDtb and BlackRock's BUIDL
Institutional Activity
6/26 - Nasdaq and QCP Set New Standard of Capital Efficiency by Connecting Canton Network to Nasdaq Calypso
6/25 - KfW Issues CHF 140M Senior Unsecured Digitally-Native Bond on SDX
6/24 - Digital Asset, Builder of Privacy-Focused Blockchain Canton, Raises $135M
6/24 - BIS sees a tokenized future but stablecoins as unsound money
6/23 - Mastercard enables stablecoins USDG, PYUSD, USDC, FIUSD on its network
6/23 - EFAMA urges reform of EU regulations for fund tokenization to keep up
6/23 - Fiserv to launch stablecoin, work with banks on tokenized deposits
6/20 - Revealed: First UK tokenised fund - Baillie Gifford on Archax
RWA Foundation & WALLY DAO
Check out this new ad for RWAs created by STM in-house using AI and a weekend of messing around. The WALLY DAO website is officially live! Check it out at WALLYDAO.xyz
Monday’s Onchain: Weekly X Spaces

Join us on Monday’s Onchain to talk about
📰 Tokenization News
🚀 New RWAs
⭐️ Featured Guests and more!
Set your reminder and see you there!
STM.co Data
This week we decided to exclude real estate as individual properties make up all the top losses, however it’s something of note for those looking to invest in the asset class (not financial advice). Looking at the top gainers and losers of the week, Swarm did well in showing up on both sides, with more gains than losses. That being said, Orderbook hosted a big swing for Scale AI with their price rising from $3.52 to $7.55 on 6/25 and staying there. Why are people interested in Scale AI? The start up specialises in data labelling, which helps companies like Lyft, OpenAI, Zoox, Pinterest and Airbnb to focus on product development.
tZERO also saw a decent spike on Friday, growing their price from $3.05 to $3.50. Let us know your thoughts on these movements on Monday’s Onchain and the stats YOU would like us to show.

This is not financial advice.
Think Like Herwig

Hello readers,
Here at STM.co we feel pretty vindicated to see Brian Armstrong of Coinbase agree that the way to say onchain does not require a space or a hyphen. Why anyone thought it would be different than saying ‘online’ is beyond me but it goes to show you how far we still have to go for mainstream adoption to occur for the word.
And speaking of adoption the $135M for Canton Network was like a who’s who of prominent Wall Street firms and VCs alike. That kind of firepower illustrates how far along the industry has come. Grove is set to also become a major player in onchain credit with an allocation of $1 Billion showing the world just how easy and fast RWAs can (and will) grow. As we enter Q3, prepare for more tokenized public equities, private credit, yieldcoins, and vaults and DeFi underpinning it all. Stay tuned for major RWA Foundation news soon!
Happy tokenizing,
Herwig “Happy” Konings
CEO, Security Token Group
💦 What Else is Drippin’
Companies of the Week

Company of the Week - Herwig: Dinari
Company of the Week - Kyle: Davis Commodities
Find out why and more every Friday live around 12pm EST on LinkedIn or X/ Twitter. Past episodes available on Youtube or your favorite podcast platform!
Reports
RWA Tokenization: Key Trends and 2025 Market Outlook
Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.
What’s Inside?
✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth
STM’s RWA Market Prediction for 2030
STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.
Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.
In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.
This is not financial or investment advice.
Helpful Resources
$30 Trillion by 2030 - STM
Tokenizing an Asset in 3 Easy Steps - Security Token Show
Tokenization for Institutions - What You Need to Know - STM, Arca (YouTube)
We hope you enjoyed this week's What’s Drippin’ email - if you have any feedback on either what you liked or what you’d like to see, please reply to this email with it.
Everything in this newsletter is for informational and entertainment purposes only. Nothing in this report should be taken as financial advice or as an inducement to purchase or sell any security. Nothing in this newsletter should be used as legal advice. Always do your own research before making any decisions regarding financial transactions of securities.