🤝 Robinhood's Tokenized Stocks, Ondo Acquires Oasis Pro, and More RWA News

Summary and Key Takeaways

1. Robinhood Announces Tokenized Stocks and Blockchain

Although nothing new, last week truly pushed the boundaries of tokenized stocks both for public markets and private. Sure, Kraken, Gemini, Coinbase, and others are all actively exploring or offering tokenizing stocks through Xstocks, or even Republic and their new mirror tokens. However, Robinhood has changed the game entirely by announcing their own Chain (sounds a bit like Ondo doesn’t it?) that’s built on Arbitrum Orbit and their own version of tokenized stocks for public and private equities including OpenAI. This can’t be stopped or controlled by OpenAI even, despite best efforts by the company to tweet the trend out of legitimacy. That probably backfired given it only brought more attention to the whole debacle.

2. Ondo to Acquire Oasis Pro, Launches $250M Ecosystem Fund with Pantera

Ondo Finance has grown their star products OUSG and USDY to hundreds of millions in AUM and earlier this year announced they want to get into tokenized stocks with their Ondo Global Markets platform. The wait might soon be over with a big missing puzzle piece now announced and that’s Ondo acquiring Oasis Pro, an SEC-registered broker-dealer, alternative trading system (ATS), and transfer agent. Ondo was already planning on launching for non-US investors however this would allow their tokenized stocks to also be offered for U.S. participation as well, unlike other offerings that are solely for non-U.S. participants. This would put Ondo up against others like Dinari who was recently approved as a broker-dealer themselves. A big congratulations to Pat LaVecchia and team! 👏

The acquisition of Oasis Pro came out just a day after announcing their “Ondo Catalyst” with Pantera, meant to deploy up to $250M in protocols, platforms, and infrastructure for RWAs with a focus on those building in Ondo’s ecosystem. If that describes you, here’s a link to the application! On the momentum tokenization has right now, this initiative adds fuel to the fire, incentivizing growth while also winning over star projects to Ondo’s ecosystem and upcoming Ondo Chain.

3. Fasanara Expands from MMF to Private Credit Fund and Vault

Earlier this year Fasanara joined the treasury product race by tokenizing their money market fund, FAST, with Apex Group, Tokeny, Chainlink, Fireblocks, and XBTO. This past week we saw them go up the risk curve to now tokenize a part of their private credit fund, mF-ONE, with Midas and a vault ready to support liquidity from day 1 via Morpho and Steakhouse Financial. According to the article the fund invests into fintech-originated receivables, SME lending, real estate-backed credit, and delta-neutral digital strategies. Tokenizing a fund has its benefits but real utility comes from other applications like this vault, giving investors the ability to take a USDC loan out while still earning a decent yield. Will a looping mechanism follow? It only makes sense but we’ll keep an eye on it.

4. Circle and Ripple Apply for US Charter Bank Licenses

As the GENIUS Act moves closer to actual reality, stablecoin firms like Circle and Ripple are positioning themselves for pending compliance requirements by applying for a US Charter Bank License. This character license doesn’t mean they’d be a full on bank that can accept deposits but it does incur regulatory oversight from the OCC to help govern this burgeoning new trend in finance. One can expect that with the new administration, these firms will face less scrutiny than from past administrations where many faced obstacles (just look at Custodia Bank) and only one - Anchorage - proved to even achieve anything at all. In the end, the whole purpose is to get these firms to register instead of having a wild west with no law or clarity for what is now annually multi-trillions in dollar volume being powered on these rails.

5. July “Crypto Week” is Coming

July 14-18 is going to have a lot of attention from the web3 community as the House of Representatives plans to address multiple legislation initiatives including the GENIUS and CLARITY acts. The former deals with stablecoin legislation, potentially a reason why we’ve seen issuers start applying for US charter banks and has a chance of being adopted over the House’s STABLE act. This could be in the spirit of trying to get this passed into law before Congress goes on break. CLARITY is the digital market bill that clarifies SEC vs CFTC roles and provides safe harbors. These two alone will have an impact on how tokenization evolves, from stablecoins (tokenized cash) continuing to grow into mainstream adoption to new entrants taking the leap. This will also set the tone for the rest of the year and future legislation to come.

This is not financial advice.

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

The tokenized RWA market saw significant volatility this past week, with standout gains and losses highlighting the sector's evolving nature. Leading the gains was XY Labs, surging an impressive 90.48%, signaling heightened investor interest. Similarly, tokenized exposure to tech giant NVIDIA, through Backed NVIDIA, climbed 48.14%, reflecting the continued momentum around AI infrastructure and the appetite for tokenized access to blue chip equities. INX and NexBridge's tokenized USTBL also posted healthy gains, underscoring renewed demand for digital securities with exposure to stable, yield-generating instruments. USTBL increasing by 10% from its original $1 stable value does raise a question as to why and the STM.co team will be looking into it.

On the down side, Republic declined by 14.29%, representing the sharpest pullback among tracked assets this week. 2nd-4th place are showing mixed sentiment across tokenized private equity and niche offerings. Notably, these fluctuations highlight both the opportunity and the risks as tokenized RWAs mature. Investors continue to selectively back projects with strong fundamentals while repricing others amid evolving market conditions.

This is not financial advice.

Think Like Herwig

Hello readers,

Many of us who have been pioneering in tokenization for over 7 years finally have received the very much delayed gratification of seeing RWAs get their mainstream moment! As Nico discussed on the show last week, Wall Street did not care when FTX or Binance did it in the past, or even Kraken today. “Who cares about some crypto companies..” they probably mutter to themselves. But when it’s an upstart that has managed to insert itself as a top dog in the finance industry in less than 15 years, they pay attention. Robinhood has officially brought tokenization mainstream and, I might add, in style as Vlad Tenev rolled up to Cannes in a 1961 Jaguar classic, wearing a fly white striped suit, and vintage Rolex on his wrist as he points to a chalkboard with an explanation of tokenization on it.

Stablecoins are now generally accepted as better money that is ultimately a good producer of demand for US debt. Why isn’t the same true for new money coming into US equities? The first version of it may not be the most pretty structure, but the genie is out of the bottle and there is no putting it back in now. That’s why Robinhood won my Company of the Week… and may just win Company of the Year!

Happy tokenizing, 
Herwig “Happy” Konings
CEO, Security Token Group 

Follow me on X / LinkedIn

Companies of the Week

Company of the Week - Herwig: Robinhood

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! 

STS Interviews:

This week’s interview features Yuval Rooz, CEO and Co-Founder of Digital Asset, for an inside look at their $135 million raise, the growing momentum behind Canton Network including integrating with Nasdaq Calyspo, and why privacy, composability, and real world asset tokenization as a whole are going to change global markets.

Yuval shares why institutional adoption hinges on more than flashy headlines. It's about focusing on building infrastructure that integrates with existing capital markets, enables true delivery versus payment (DVP), and unlocks native onchain finance. He also explains why tokenization today often falls short and how Canton aims to change that.

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

• Global Tokenized Real Estate Market Guide 2024 - STM

• TokenizeThis 2024: Highlights and Key Takeaways - STM

• TokenizeThis 2023: Highlights and Key Takeaways - STM

• State of Security Tokens 2023 - Q4 - STA

• State of Security Tokens 2023 - Q3 - STA

• State of Security Tokens 2023 - Q2 - STA

• State of Security Tokens 2023 - Q1 Extended - STA

• Real-World Asset Tokenization 2023 According to STM - STM

• Tokenizing an Asset in 3 Easy Steps - Security Token Show

• Rich Data in Private Assets - STM

• State of Security Tokens 2022 - STA

• State of Security Tokens 2023 - Institutional Edition - STA

• Tokenization for Institutions - What You Need to Know - STM, Arca (YouTube)