Real-World Assets & On-Chain Commodities

The CFTC issued updated guidance allowing regulated derivatives platforms to treat tokenized forms of permissible investments as eligible for customer funds when rights are the same or functionally equivalent. Staff confirmed blockchain systems can fulfill official recordkeeping duties without mandatory off-chain copies. The moves remove key hurdles for tokenized gold, oil and other commodities entering institutional commodity trading and clearing workflows. Read →

Hyperliquid’s CL-USDC WTI crude perpetual contract posted over $1.2 billion in 24-hour volume, becoming the platform’s second-most traded market behind Bitcoin. Volumes jumped from roughly $21 million daily before the latest Iran-related escalation to the new peak, with open interest reaching $183 million and nearly $75 million in shorts liquidated. The 24/7 on-chain venue priced the move to $107 intraday ahead of traditional exchanges. Read →

Tokenized commodities climbed 11% over the prior month to $3.93 billion according to RWA.xyz data, with Tether Gold (XAUT) at $1.74 billion and Paxos Gold (PAXG) at $1.61 billion as the largest holdings. Spot gold hit a record $4,530 per ounce and silver briefly touched $74.56 amid the rally. The category enables 24/7 on-chain transfer and trading of precious-metals exposure outside traditional market hours. Read →

Tether minted approximately 119,670 XAUT tokens valued at $494.57 million on September 29, with each token backed 1:1 by physical gold in Swiss vaults under London Good Delivery standards. The issuance exceeds the prior month's mint and expands the tokenized gold supply amid growing demand for on-chain precious metals exposure. XAUT remains one of the largest tokenized commodities by market cap, representing a direct claim on allocated physical gold. Read →

CFTC staff released updates to the FAQs originally issued March 20, 2026, adding guidance on customer-fund investments in tokenized forms of permitted investments and the use of blockchain for recordkeeping. Chairman Michael S. Selig said the updates align with ongoing efforts to provide regulatory clarity. The changes build on prior staff letters on tokenized collateral without creating new binding rules or exemptions. Read →

As of September 24, Hyperliquid's gold perpetual futures contract ranks second by open interest with $299.55 million, behind only the S&P 500 contract, and has outpaced equities, top stocks, and oil in recent trading activity under the HIP-3 framework. Tokenized gold and commodities total nearly $5 billion in value, dominated by Tether's XAUT and Paxos Gold. Large positions include a $40.83 million long held by one of 39 whale accounts, underscoring active leveraged trading of the commodity on the on-chain venue. Read →

The CFTC updated FAQs Thursday confirming that registered firms may invest customer funds in tokenized versions of already-permitted assets, provided legal and economic rights match the traditional form. It also stated blockchain technology satisfies recordkeeping obligations. The move gives explicit regulatory backing for tokenized commodities and RWAs within CFTC oversight. Read →

Gold perpetual futures rank second on Hyperliquid with $299.55M open interest, outpacing many equity contracts and oil perps on HIP-3 markets. Tokenized gold totals nearly $5B, dominated by XAUT and PAXG. 24/7 on-chain access draws traders seeking directional bets amid gold volatility near 27%. Read →

The CFTC released updated FAQs on tokenized permitted investments and blockchain recordkeeping the same day tokenized RWAs reached $46B market cap. Commodities represent roughly $7.7B of that total. The clarification applies to CFTC-registered platforms handling customer funds and regulatory data. Read →

Tokenized commodities trading volume on Solana reached $87 million over the past week, with Raydium capturing about 70% of activity. Supply of tokenized commodities on the network hit roughly $50 million by late August, driven by PAXG and Dominion Market’s SILV tokenized silver token that posted over $4 million in 24-hour volume shortly after launch. Tokenized gold supply on Solana grew 689% year-over-year through August, while GMTrade added 24/7 perpetual contracts on gold, silver and WTI crude oil in early September. Read →

CFTC Chairman Michael Selig stated at the September 22 U.S. Treasury Market Conference that markets must prepare for mass tokenization, stablecoin integration and 24/7 trading as blockchain and AI reshape finance. He highlighted prior steps including expanding eligible tokenized collateral to stablecoins from national trust banks and seeking comments on continuous trading suitability by asset class. Selig emphasized principles-based rules rather than piecemeal retrofits amid ongoing tokenized equities pilots and RWA growth. Read →

CFTC Chairman Michael Selig told a New York Fed conference on September 22 that regulators must ready U.S. markets for mass tokenization, on-chain finance and 24/7 trading. He highlighted the agency's prior guidance on 24-hour energy derivatives and stablecoin collateral expansion. The remarks come days after the SEC's tokenized-stock exemption and signal accelerating regulatory focus on commodity and RWA derivatives. Read →

Hyperliquid's total open interest reached a record $18 billion on September 23, up from $16.36 billion four days earlier and above $13 billion at end-August. HIP-3 markets including gold, crude oil and equity indices now account for a rising share of activity alongside crypto perps. Gold perps showed roughly $302 million in open interest while S&P 500 and other tokenized-asset contracts added to the surge. Read →

MEXC data showed tokenized gold turnover jumping 358% on September 10 and another 178% on September 11 ahead of the Fed decision. Oil-linked products posted similar one-day spikes of nearly 199% in spot and futures. The moves tracked underlying physical price action as crypto traders sought commodity exposure amid rate-hike expectations. Read →

The European Central Bank launched Pontes on September 21, enabling eligible institutions to settle tokenized securities transactions in central bank money via the Eurosystem’s TARGET infrastructure. Thirteen institutions including Deutsche Bank and Santander have onboarded, with the ECB itself preparing to invest a portion of its own funds in tokenized euro-area public sector securities settled through the platform. The move provides a public-money alternative to stablecoins or commercial-bank deposits for wholesale tokenized markets and forms the first step in the Eurosystem’s 2028 tokenized-finance strategy. Read →

South Korea’s Hana Bank issued a $100 million five-year foreign-currency digital bond on September 18 via Euroclear’s D-FMI distributed-ledger platform, achieving T+0 settlement, the first such same-day completion for a Korean foreign-currency bond. Standard Chartered acted as sole lead manager; the bond uses existing GMTN documentation and remains interoperable with Euroclear’s traditional network. The transaction demonstrates Korean banks can plug directly into global blockchain settlement infrastructure ahead of Seoul’s February 2027 tokenized-securities framework. Read →

Ondo Finance activated in-kind minting and redemption for Ondo Stocks on September 21, allowing approved institutions to convert existing shares held at Alpaca directly into tokenized equities on Ethereum and BNB Chain without cash. The feature runs through Alpaca’s Instant Tokenization Network and complements Ondo’s cash-funded route, aiming to improve capital efficiency and secondary-market liquidity. Access is case-by-case for institutions with active accounts at both firms; Ondo Stocks now exceeds $1 billion in value locked. Read →

GGD launched a three-token tokenized physical gold ecosystem on BNB Chain with GGT representing 0.001 troy ounces of gold backed by the CSOP Gold ETF, plus GGU as a volatility buffer and GGD as governance token. The DAO structure enables onchain staking, minting, governance, and buybacks funded by protocol revenue, expanding tokenized gold options beyond dominant products like XAUT and PAXG. Read →

The SEC issued a five-year conditional exemption allowing Tokenized Securities Venues (TSVs) to trade tokenized National Market System stocks onchain using permissioned automated market makers and liquidity pools without registering as exchanges. Liquidity providers also gain dealer-registration relief. The move, part of Project Crypto, follows the Senate's failure to advance broader legislation and applies only to tokens with identical rights to underlying shares. Read →

The SEC granted TSVs a five-year exemption from the exchange definition to operate onchain AMM liquidity pools for tokenized NMS stocks. Issuers can opt out, synthetics are barred, and venues must be U.S. persons with participant screening. Chairman Paul Atkins called it a step to bring capital markets onchain while the agency gathers data for future rules. Read →

Hyperliquid recorded $239.24 billion in 30-day perpetual futures volume, far ahead of Arbitrum and others, with $8.31 billion in the latest 24 hours and $6.8 billion open interest. HIP-3 RWA and commodity perps, including equities and metals, drove much of the activity as the platform expands tokenized exposure. Read →

Anchorage Digital Bank, the first federally chartered U.S. crypto bank, added institutional custody support for Etherlink (Tezos L2) assets including xU3O8, a token backed by physical uranium concentrate held by Cameco under UK-law trust. The $9M market-cap token now sits in segregated bank accounts alongside stablecoins and wrapped assets, enabling institutions to hold tokenized uranium with the same controls as other digital holdings and settle transfers in minutes rather than weeks. Read →

Tether accounted for the bulk of Gold.com Inc.'s $1.7B in outstanding precious-metals leases as of end-June, with $1.45B owed to the stablecoin issuer after Tether took a stake earlier this year. The financing, at a 1.75% annual lease rate, lets Tether monetize its 146-ton physical gold hoard while supplying low-cost liquidity to the U.S. bullion dealer, deepening crypto-native capital's role in physical gold markets. Read →

Kraken parent Payward announced plans to offer U.S. clients onchain perpetual futures on Hyperliquid’s blockchain via its CFTC-regulated Bitnomial exchange and clearinghouse, starting with HIP-3 permissioned markets and subject to regulatory approval. The structure would route client accounts through NinjaTrader Clearing while keeping execution on Hyperliquid’s public chain, marking the first regulated U.S. on-ramp for the platform’s commodity and other RWA perps. Read →

CoinDCX, India’s largest crypto exchange, added Tether Gold (XAUT) trading and launched a systematic investment plan allowing purchases starting at INR 100. Each XAUT token represents one troy ounce of physical gold held in Swiss vaults. The partnership targets Indian investors’ preference for gold as a long-term store of value via blockchain rails. Read →

Binance announced commodity-linked TradFi perpetual contracts including gold (XAUUSDT), silver (XAGUSDT), crude oil (CLUSDT), Brent (BZUSDT) and natural gas (NATGASUSDT) will trade on a 24/5 basis starting 21:00 UTC Sep 15, removing the prior daily one-hour maintenance window. The change applies to existing and future commodity contracts. Read →

The UK Financial Conduct Authority, working with HM Treasury and the Bank of England, opened a call for input on whether certain tokenized gold products should be exempt from collective investment scheme and alternative investment fund rules. The move targets making physical gold easier to divide, transfer and pledge as wholesale collateral while preserving London’s 70% share of global notional gold trading volume. No final decision has been taken; the consultation runs until October 23. Read →

Tokenized gold market capitalization stands at $5.1 billion, dominated by Tether Gold (XAUT) at roughly $2.4-2.7 billion and Paxos Gold (PAXG) at $1.8-1.9 billion, accounting for over 99% of on-chain commodities. The total has more than tripled from under $1.5 billion in late 2024, with Q1 2026 spot volume reaching $90.7 billion. The figure equals less than 0.02% of the estimated $30.1 trillion physical gold market. Read →

RWAperp, a decentralized perpetuals protocol for traditional assets live on OKX X Layer, closed a $2 million funding round at a $50 million post-money valuation with investors including Lime and Cresta AI co-founders. The platform offers 19 markets including gold, silver and WTI crude oil alongside equities and indices, settled in stablecoins without requiring custody or tokenization of underlying assets. Read →

The UK Financial Conduct Authority is reviewing, with the Treasury and Bank of England, whether to exempt certain tokenized gold products or infrastructure from collective investment scheme and alternative investment fund rules. The move targets easier division, transfer, and collateral use of physical bullion in wholesale markets while preserving London's 70% share of global gold trading volumes. No final decision has been made; proposals are expected Monday as part of broader tokenized wholesale-market work. Read →

On-chain RWA value reached $46.4 billion, with tokenized gold at $5.1 billion or 11% of the total. XAUT leads at $2.7 billion and PAXG at $1.9 billion among the tracked assets. The figure underscores gold's dominance within the tokenized-commodities segment amid broader RWA growth. Read →

Hyperliquid Policy Center filed an amicus brief, represented by former Solicitor General Elizabeth Prelogar, arguing CME lacks standing to challenge the CFTC's approval of crypto and commodity perpetual futures. The filing supports the regulator's position that any CFTC-registered exchange can list such products and warns that a CME win would stifle innovation across futures markets. Read →

The SEC proposed overhauling its transfer-agent rules for the first time in about 40 years, explicitly allowing blockchain ledgers to serve as the official ownership record for securities. The change would eliminate the need for duplicate off-chain registers, cutting reconciliation costs and legal uncertainty for tokenized assets. Comments are due in early November. Read →

Arya.ag, India’s largest agricultural warehousing firm, launched a dedicated Avalanche L1 blockchain to tokenize grain deposits, warehouse receipts and loan status covering about $2 billion in stored crops. Lenders gain verifiable on-chain proof of collateral for roughly $1.3 billion in annual agricultural loans. Three major banks are preparing to join the network. Read →

Hyperliquid’s WTI and Brent oil perpetuals printed deeply negative hourly funding rates, forcing short sellers to pay longs up to 500% annualized amid one-sided positioning. Oil rallied above $100 per barrel on geopolitical tensions, amplifying the skew. The extreme rates coincide with a futures contract roll on TradeXYZ HIP-3 markets. Read →

DMCC and VARA enabled issuance of fractional digital interests in a 1,971 kg Guinness World Record silver bar on Sep 7 via Tokinvest on BNB Chain. Brink's provides custody and DMCC Tradeflow verifies the physical asset as the first tokenized commodity under the framework. The launch marks Dubai's push to connect physical precious metals with on-chain fractional ownership for eligible investors. Read →

First Digital signed an MOU with ITCEN Group on Sep 9 to link FDUSD with KGLD, a LayerZero OFT gold-backed token, for compliant international access. ITCEN plans to tokenize 50 metric tons of physical gold over five years, targeting roughly $7.2 billion. First Digital will open a South Korea branch in Q4 2026 to support local stablecoin rules. Read →

OCBC, Lion Global Investors and DigiFT launched the GOLDX token, Southeast Asia’s first tokenized physical gold fund on public blockchains (Ethereum and Solana), allowing institutional and accredited investors to subscribe/redeem with stablecoins or fiat under MAS-regulated entities. The underlying LionGlobal Singapore Physical Gold Fund holds S$669.4 million in AUM; the product expands regulated on-chain gold access beyond Tether Gold and PAXG dominance. Read →

The Hyperliquid Policy Center filed a comment letter urging the SEC and CFTC to unify treatment of perpetual contracts by economic structure rather than underlying asset, citing over $480 billion in HIP-3 RWA volume (including oil, gold and silver) and $4 billion open interest. The push seeks clearer onshore pathways for commodity perps amid Trump administration comments on bringing Hyperliquid into U.S. compliance. Read →

The FCA is consulting banks on standards for tokenized gold as wholesale collateral under existing EMIR rules, aiming to bolster London's 70% global gold trading share against China. Discussions cover use in OTC derivatives and build on a May joint vision paper with the Bank of England and PRA; standards are expected in coming months. Read →

Polymarket launched perpetual futures on Brent and WTI crude alongside gold, silver and equities, offering up to 20x leverage with no expiry on its international platform. The offshore rollout expands 24/7 on-chain commodity access while U.S. traders are routed to a separate CFTC-regulated site. Kalshi is preparing a filing for a regulated U.S. WTI perpetual, intensifying competition for round-the-clock oil trading. Read →

Hyperliquid Policy Center and TradeXYZ filed a joint comment letter with the CFTC calling for regulated crude oil and natural gas perpetuals under existing authority. TradeXYZ’s HIP-3 markets have traded over $500 billion notional since October 2025, with oil perps capturing major weekend price moves during Middle East supply shocks. The push highlights on-chain venues’ role in 24/7 price discovery when traditional futures close. Read →

Tether Gold (XAUT) saw renewed trading activity with a wallet linked to Antalpha accumulating over 16,000 tokens worth $71 million. XAUT and PAXG together hold the bulk of tokenized commodities market cap near $4.6 billion, with rising DEX liquidity and use as collateral. The rebound reflects sustained demand for on-chain gold exposure amid broader RWA growth. Read →