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The parent company of Kraken, Payward, announced a partnership with the London Stock Exchange (LSE) to tokenize the stocks of the 100 largest companies listed on the LSE into xStocks, which are backed 1:1. The first London-listed xStocks are expected to be launched on Kraken and other platforms supporting the xStocks Alliance in the coming weeks, available to investors in over 110 countries, but not yet open to UK investors.Subject to regulatory approval, the LSE plans to list and support xStocks trading on its newly launched extended trading hours, LSE 24. LSE CEO Julia Hoggett stated that by collaborating with Payward and continuously working with the market infrastructure ecosystem, they are exploring how issuers and investors can benefit from new access methods while maintaining the standards that underpin the public market. In addition to tokenizing existing stocks, both parties will also explore the issuance of native equity tokens through LSE infrastructure, which have the same rights as traditional stocks and are fully interchangeable.Payward's tokenized stock framework was launched in June 2025 and acquired by Payward in December, having processed over $40 billion in total trading volume, covering more than 200,000 holders, with nearly $20 billion settled on-chain. According to RWA.xyz data, there are currently approximately $2.53 billion in existing tokenized stocks, with xStocks tokenizing about $606.6 million, making it the second-largest issuer after Ondo.

The London Stock Exchange (LSEG) and Payward, the parent company of the cryptocurrency exchange Kraken, announced a partnership to bring stocks of the largest listed companies in the UK onto the blockchain. In the coming weeks, the stocks of the top 100 companies listed on the LSE will be available on Payward's xStocks tokenized stock framework. These xStocks are tokens that correspond one-to-one with the underlying stocks, allowing for 24/7 trading on centralized exchanges, self-custody wallets, and on-chain applications.This initiative continues the rapidly expanding framework of Payward. Over the past year, the cumulative trading volume of xStocks has exceeded $40 billion, with nearly $20 billion settled on-chain, and more than 200,000 product holders. Through the blockchain channel, UK-listed stocks will be able to reach investor groups in over 110 countries, although xStocks are currently not available to domestic UK investors.Subject to regulatory approval, the LSE plans to list and support xStocks trading on its newly launched 24-hour trading platform, LSE 24, and will gradually cover tokenized stocks and more asset classes in the US, EU, UK, and Hong Kong. Both parties also stated that they will explore stock tokens issued natively by the LSE, allowing LSE members to issue and service stocks directly on-chain, with the same full interchangeability and rights as traditional stocks. Payward Co-CEO Arjun Sethi stated that for years, people have assumed that crypto and traditional finance must collide and one side would lose, but that has never been the real story;

The Hong Kong Securities and Futures Commission has listed Star Bridge Capital, Star Bridge Capital Group, SBCFX, Star Bridge Capital Group, Star Bridge Capital Pty Limited, and Topical Wealth International Ltd as unlicensed companies, prohibiting them from engaging in any regulated activities in Hong Kong or actively promoting their services to the public in Hong Kong (whether within or outside Hong Kong).Previously, it was reported that Star Bridge Capital experienced an abnormal liquidation incident in London gold trading, and after the incident, the Hong Kong office of the platform was empty. Due to some funds being deposited through USDT stablecoin, tracking the funds has become more difficult. The Hong Kong police have accepted the case and temporarily classified it as fraud, but no arrests have been made yet.

Ondo Finance announces the latest progress in its ecosystem. The newly launched Ondo Perps open contracts have surpassed $100 million, continuing to grow steadily since their launch in July, with particularly strong recent performance.According to DefiLlama data, Ondo Perps has entered the top three RWA perpetual contract platforms. Meanwhile, the cumulative number of holders for Ondo Stocks has exceeded 270,000, with less than a year until its launch in September 2025, primarily driven by new participants. All tokens are fully backed by corresponding stocks or ETFs and are held by licensed U.S. custodial brokerages.

According to on-chain analyst Ai Yi's monitoring, the Ondo team associated address has recharged 13.43 million tokens, and in the past 30 days, it has allegedly sold 29.94 million dollars' worth of ONDO.Two multi-signature addresses have recharged tokens worth 4.42 million dollars to Coinbase in the past 10 hours, and the associated address still holds 12.68 million dollars' worth of ONDO on-chain.

Ondo posted on platform X that tokenized stocks are making history. A buy transaction worth $2,328,595.73 for QQQon has been completed on Ethereum in a single transaction.Ondo stated that this seven-figure execution was achieved exclusively on Ondo Stocks. Ondo is a platform focused on the tokenization of real-world assets, and its Ondo Stocks product supports the trading of traditional financial assets like U.S. stocks in tokenized form on-chain.

According to Chainwire, Ondo Finance's tokenized stock platform Ondo Stocks has reached a total locked value (TVL) of $1.01 billion, less than a year since its launch in September 2025. The platform became the world's highest TVL tokenized stock service provider within 48 hours of its launch and continues to lead, offering over 440 types of assets. Each token is fully backed by the corresponding stock or ETF and is held by a licensed U.S. custodial broker.In addition, Ondo Finance officially disclosed that the perpetual contract platform Ondo Perps, launched in July, has accumulated a trading volume of over $8 billion, with more than $5 billion traded in nearly 30 days since its public launch.

According to Cointelegraph, data from RWA.xyz shows that in the past month, the number of tokenized stock holders has more than doubled, reaching 1.31 million. During the same period, monthly transaction volume surged nearly 180%, reaching $23.13 billion, while the number of monthly active addresses grew by 34.62%, reaching nearly 572,000. The total value of tokenized stocks also increased by 5.9%, reaching $2.38 billion.Ondo leads the market with a value of approximately $872 million, followed by Kraken's xStocks ($557.8 million) and Binance's bStocks ($521.8 million). The largest individual tokenized assets include Securitize ($145.2 million), Strategy PP Variable xStock ($135.6 million), and Ondo's tokenized Circle shares ($99.7 million).

According to official news, Saturn announced a partnership with Ondo to bring institutional-grade tokenized assets into Saturn's (STRC) structured products.At the same time, Ondo also made a strategic investment in Saturn.

According to The Block, Grvt announced a partnership with the tokenization company Ondo Finance, planning to establish a $100 million USDY position over the next year. USDY is a tokenized yield product primarily anchored to short-term U.S. Treasury assets.Grvt will integrate USDY into Grvt Earn, with the platform holding and managing the related assets on its balance sheet, and approximately 3.5% yield will be credited to users' existing base earnings, allowing users to avoid directly holding the token. This move reflects the continued institutional commitment to on-chain fixed income and the tokenization of real-world assets.

The UK's Financial Conduct Authority (FCA) is exploring how tokenized gold can be incorporated into the wholesale market, including whether it can be used as collateral. The discussions involve regulatory approaches aimed at the institutional market, with relevant rules expected to be announced in the coming months.This regulatory discussion comes as London seeks to solidify its position as a global gold trading hub. Data from the World Gold Council shows that London currently accounts for about 70% of global gold trading volume, while Shanghai and Hong Kong are vying for a larger share of wholesale business. HSBC launched a tokenized gold product for retail investors in Hong Kong over two years ago and reported that the cumulative trading volume has exceeded $2.2 billion, with more than 276,000 transactions. The FCA does not directly regulate physical gold trading but oversees gold derivatives and publicly traded products in the market.

According to official data, Ondo Perps has a total trading volume approaching $7 billion. In addition, the platform now supports traders using tokenized gold and silver as effective capital for collateralizing perpetual futures positions.It is reported that built on Ondo Finance technology, Ondo Perps allows users to directly use tokenized stocks and ETF holdings as margin for perpetual contracts, offering up to 20 times leverage for investors outside the United States. The trading targets include stocks such as Tesla (TSLA), Nvidia (NVDA), Apple (AAPL), as well as commodities like gold and silver.

According to CoinDesk, the tokenized asset company Ondo Finance is embroiled in a corporate control dispute following the death of founder Nathan Allman this year. The estate has filed a lawsuit in the Delaware Chancery Court, accusing former president and current CEO Ian De Bode of improperly attempting to seize control of the company while the estate certification process is not yet complete and the company's voting rights are temporarily suspended. The three legal documents request the judge to determine who legally controls Ondo Finance and to prohibit the company from taking significant actions until the governance dispute is resolved.According to the complaint, Nathan Allman was the CEO, sole director, and controlling shareholder of Ondo at the time of his death, and his voting rights could not be exercised until his mother, Kathleen Allman, was formally appointed as the estate representative through the Hawaiian probate process on June 26. The estate alleges that De Bode claimed to automatically become CEO and appointed himself as the sole director before this, taking actions such as hiring consultants and approving performance grants.After obtaining the voting rights, Kathleen Allman voted to remove De Bode from all positions and appointed herself as chairwoman and interim CEO during the board meeting on July 24. De Bode responded that he regretted the lawsuit filed by Allman, stating that her claims lack basis, and that the company still has the support of major investors and key stakeholders such as the Ondo Foundation. The court has not yet ruled on the related allegations, and the aforementioned documents only reflect the statements of the estate.

According to CoinDesk, Ondo Finance announced the appointment of former Blockchain.com Chief Financial Officer Adam Schlisman as Chief Financial Officer. Schlisman previously worked at Monashee Investment Management.Ondo stated that this appointment aims to support the expansion of its tokenized assets and on-chain capital markets business. The company, founded by former Goldman Sachs executives, is currently one of the larger tokenization platforms for real-world assets, with products covering blockchain-based U.S. Treasury bonds and stocks.

The tokenized asset company Ondo Finance is evaluating a potential acquisition deal, with a valuation range of $250 million to $500 million. According to insiders, the company has not yet appointed formal advisors and is considering expansion through mergers and acquisitions.In 2026, trading activity in the cryptocurrency sector remains active, with tokenization and institutional infrastructure being the acquisition directions of interest for companies seeking to scale.

According to data from the Dune platform, the trading volume of the stock token rToken launched by Bitget in the past 24 hours was approximately $30 million, while the total trading volume of Ondo stock tokens across all CEX and DEX was about $25 million. Ondo is one of the earliest RWA protocols to venture into stock tokens, with its assets previously listed on platforms such as Binance Wallet, Bitget, and Gate, peaking at a daily trading volume of 620 million. However, as various trading platforms began to launch their own stock tokens, Ondo's overall trading volume has significantly declined compared to the beginning of the year. 

The tokenized asset issuer Ondo Finance has abandoned its traditional Layer 1 blockchain plans and launched the Ondo Network instead. The platform is positioned as a trading network catering to institutional needs, designed to support private and high-speed trade execution.The first application of Ondo Network, Ondo Perps, will allow users to trade perpetual futures using tokenized assets as collateral, separating fast and private trade execution from public chain settlement. Ondo Finance has issued tokenized U.S. Treasury bonds and stocks, and is advancing broader trading infrastructure in the context of rising interest in tokenization and 24/7 markets on Wall Street.

Ondo Finance announced the launch of the new Ondo Network, positioned as a high-performance execution layer, aimed at combining the trading speed of centralized exchanges (CEX) with the non-custodial and secure settlement capabilities of blockchain. Ondo CEO Ian De Bode stated that the Ondo Network is an "evolutionary version" of the previous Ondo Chain plan, and the company will not operate two networks simultaneously, but will adjust its original plan of building a complete blockchain to focus on the execution layer architecture.According to reports, Ondo initially planned to fully bring real-world assets on-chain through Ondo Chain, but after developing the Ondo Perps perpetual contract trading platform and communicating with users, it was found that the current market's core bottleneck is not asset settlement, but trading execution efficiency. The Ondo Network adopts a separated architecture for execution, validation, and settlement, using secure hardware to isolate the execution environment, which enhances trading speed while maintaining user asset self-custody, verifiable transactions, and permissionless blockchain characteristics.Currently, Ondo Perps has become the first application built on this network, supporting 24-hour trading of stock and commodity perpetual contracts, and allowing the use of tokenized real assets as collateral. Ondo stated that in the future, the network will also support applications requiring high performance, privacy protection, and verifiable execution, such as spot trading, lending, and structured products. In addition, the launch of the Ondo Network will not change the positioning of the ONDO token. The CEO stated that ONDO will still serve as the governance and incentive token for the Ondo RWA ecosystem and market infrastructure, and as the network gradually decentralizes, ONDO will be used to coordinate the incentive mechanisms for validation nodes, observers, and ecosystem participants.