{
 "assessed_on": "2026-08-24",
 "rows": [
  {
   "id": "blackrock-buidl",
   "entity": "BlackRock",
   "entity_type": "asset manager",
   "instrument": "tokenised money market fund",
   "network": "Ethereum",
   "first_observed": "2024-03",
   "status": "live",
   "figure": "~$2.56B AUM all chains, of which ~$1.07B on Ethereum",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R1",
    "R3",
    "R6"
   ],
   "source_url": "https://securitize.io/learn/press/blackrock-launches-first-tokenized-fund-buidl-on-the-ethereum-network",
   "source_name": "Securitize",
   "note": "Issued via Securitize as transfer agent; BNY is fund administrator and custodian. Multichain: Ethereum plus Arbitrum, Optimism, Polygon (Ethereum-family) and Solana, Avalanche, Aptos, BNB Chain, Tempo (not Ethereum-family). Figures from rwa.xyz, an aggregator, dated 2026-08-24; the Securitize release evidences existence, not the figure."
  },
  {
   "id": "blackrock-ics-tokenised-share-classes",
   "entity": "BlackRock",
   "entity_type": "asset manager",
   "instrument": "tokenised UCITS money market fund share classes",
   "network": "Ethereum",
   "first_observed": "2026-08",
   "status": "live",
   "figure": "$311B combined AUM of the six underlying ICS funds",
   "figure_as_of": "2026-06-30",
   "bears_on": [
    "R1",
    "R3",
    "R6"
   ],
   "source_url": "https://www.theblock.co/post/410554/blackrock-debuts-tokenized-share-classes-for-select-european-money-market-funds-with-311-billion-in-assets",
   "source_name": "The Block",
   "note": "Tokenised share classes across six Institutional Cash Series UCITS funds in USD, EUR and GBP, on public Ethereum, with Kinexys by J.P. Morgan as tokenisation platform and transfer agent. CAVEAT: the $311B figure is the AUM of the whole underlying fund range, NOT the tokenised amount; no on-chain figure has been published."
  },
  {
   "id": "blackrock-stablecoin-reserve-funds",
   "entity": "BlackRock",
   "entity_type": "asset manager",
   "instrument": "tokenised money market funds for stablecoin reserves",
   "network": "Ethereum",
   "first_observed": "2026-08",
   "status": "announced",
   "bears_on": [
    "R1",
    "R3"
   ],
   "source_url": "https://www.theblock.co/post/410554/blackrock-debuts-tokenized-share-classes-for-select-european-money-market-funds-with-311-billion-in-assets",
   "source_name": "The Block",
   "note": "BRSRV (newly established) and BSTBL (tokenised share class of the Select Treasury Based Liquidity Fund), introduced 2026-08-03, one day before the European ICS launch. Permissioned ERC-20 share classes on Ethereum. Not visible on rwa.xyz as at 2026-08-24, so on-chain issuance is unconfirmed; treated as announced rather than live."
  },
  {
   "id": "franklin-templeton-benji",
   "entity": "Franklin Templeton",
   "entity_type": "asset manager",
   "instrument": "tokenised money market fund",
   "network": "Ethereum",
   "first_observed": "2024-11",
   "status": "live",
   "figure": "~$719.7M AUM all chains, of which ~$48M on Ethereum",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R1",
    "R3"
   ],
   "source_url": "https://www.theblock.co/post/326575/franklin-templeton-expands-tokenized-money-market-fund-to-ethereum",
   "source_name": "The Block",
   "note": "BENJI is one share of the Franklin OnChain U.S. Government Money Fund (FOBXX), first launched on Stellar in 2021; Ethereum added 2024-11-14. Also on Base, Arbitrum, Polygon (Ethereum-family) and Stellar, Solana, Aptos, Avalanche, BNB Chain. Stellar remains the largest chain; Ethereum holds a small minority. Figures from rwa.xyz."
  },
  {
   "id": "fidelity-fdit",
   "entity": "Fidelity Investments",
   "entity_type": "asset manager",
   "instrument": "tokenised money market fund",
   "network": "Ethereum",
   "first_observed": "2025-08",
   "status": "live",
   "figure": "~$47.4M",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R1",
    "R3"
   ],
   "source_url": "https://app.rwa.xyz/assets/FDIT",
   "source_name": "RWA.xyz",
   "note": "FDIT is an on-chain share class of the Fidelity Treasury Digital Fund (FYOXX), Ethereum only. CAVEAT: this row's source is an aggregator; Fidelity's own launch release was not retrieved in this pass, so the launch month and the figure both rest on rwa.xyz. Weaker sourcing than the rest of the fund rows."
  },
  {
   "id": "fidelity-fidd",
   "entity": "Fidelity Investments",
   "entity_type": "asset manager",
   "instrument": "stablecoin",
   "network": "Ethereum",
   "first_observed": "2026-02",
   "status": "live",
   "bears_on": [
    "R1",
    "R3"
   ],
   "source_url": "https://newsroom.fidelity.com/pressreleases/fidelity-investments--expands-digital-asset-investment-lineup-with-stablecoin-launch--fidelity-digit/s/3b55e2d1-1dba-4120-9528-1e07e632f3f4",
   "source_name": "Fidelity Investments",
   "note": "Fidelity Digital Dollar (FIDD), issued on Ethereum mainnet by Fidelity Digital Assets, National Association, as a GENIUS Act payment stablecoin. Announced 2026-02-04. No dated supply figure has been disclosed, so no figure is given."
  },
  {
   "id": "ubs-umint",
   "entity": "UBS",
   "entity_type": "asset manager",
   "instrument": "tokenised money market fund",
   "network": "Ethereum",
   "first_observed": "2024-11",
   "status": "live",
   "figure": "~$10.3M",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R1",
    "R3"
   ],
   "source_url": "https://www.ubs.com/global/en/media/display-page-ndp/en-20251104-chainlink.html",
   "source_name": "UBS",
   "note": "UBS USD Money Market Investment Fund Token, a Singapore-domiciled VCC sub-fund on UBS Tokenize, Ethereum only. The cited release records a further milestone on 2025-11-04: the first in-production end-to-end tokenised fund subscription and redemption using Chainlink's Digital Transfer Agent standard, with DigiFT as on-chain distributor. Figure from rwa.xyz; rwa.xyz gives a launch date of 2024-10-08 against a widely reported November 2024 launch."
  },
  {
   "id": "ubs-project-guardian-vcc",
   "entity": "UBS",
   "entity_type": "asset manager",
   "instrument": "tokenised fund settlement pilot",
   "network": "Ethereum",
   "first_observed": "2023-10",
   "status": "pilot",
   "bears_on": [
    "R1",
    "R3",
    "R6"
   ],
   "source_url": "https://www.ubs.com/global/en/media/display-page-ndp/en-20230927-first-blockchain-native.html",
   "source_name": "UBS",
   "note": "First live pilot of a tokenised Variable Capital Company money market fund, represented as a smart contract on public Ethereum, under the Monetary Authority of Singapore's Project Guardian. Pilot subscriptions and redemptions only; distinct from and preceding uMINT."
  },
  {
   "id": "apollo-acred",
   "entity": "Apollo Global Management",
   "entity_type": "asset manager",
   "instrument": "tokenised private credit fund",
   "network": "Ethereum",
   "first_observed": "2025-01",
   "status": "live",
   "figure": "~$95.5M AUM all chains, of which ~30% on Ethereum",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R1",
    "R3",
    "R6"
   ],
   "source_url": "https://app.rwa.xyz/assets/ACRED",
   "source_name": "RWA.xyz",
   "note": "Securitize Tokenized Apollo Diversified Credit Fund, a BVI feeder into the Apollo Diversified Credit Fund; Securitize Capital manages, Apollo sub-advises. CAVEAT: aggregator-sourced for both existence details and the figure; the Apollo/Securitize launch release was not retrieved in this pass."
  },
  {
   "id": "invesco-ustb",
   "entity": "Invesco",
   "entity_type": "asset manager",
   "instrument": "tokenised Treasury fund",
   "network": "Ethereum",
   "first_observed": "2024-01",
   "status": "live",
   "figure": "~$649M AUM all chains, ~99% on Ethereum",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R1",
    "R3"
   ],
   "source_url": "https://www.prnewswire.com/news-releases/invesco-and-superstate-advance-institutional-tokenization-through-ustb-partnership-302722437.html",
   "source_name": "PR Newswire (Invesco / Superstate)",
   "note": "Launched 2024-01 as Superstate's short-duration US government securities fund; Invesco Advisers became investment manager in Q2 2026, retaining the same ticker, smart contracts and token address. Invesco's own release put AUM at over $967M as at 2026-03-24; rwa.xyz shows ~$649M as at 2026-08-24: a material decline, both figures given with their dates. Also on Plume (Ethereum-family) and Solana."
  },
  {
   "id": "janus-henderson-jtrsy",
   "entity": "Janus Henderson",
   "entity_type": "asset manager",
   "instrument": "tokenised Treasury fund",
   "network": "Ethereum",
   "first_observed": "2024-09",
   "status": "live",
   "figure": "~$884M AUM all chains, ~98.8% on Ethereum",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R1",
    "R3",
    "R6"
   ],
   "source_url": "https://www.janushenderson.com/corporate/press-releases/janus-henderson-to-partner-with-anemoy-and-centrifuge-on-its-first-tokenized-fund/",
   "source_name": "Janus Henderson",
   "note": "Anemoy Liquid Treasury Fund; issuer Anemoy, platform Centrifuge, Janus Henderson (via Tabula) sub-adviser. CAVEAT: Janus Henderson's own release names only 'Centrifuge's public blockchain' and does not name Ethereum; the Ethereum concentration is established from the ERC-20 supply recorded by rwa.xyz. Also on Base, Arbitrum, Optimism (Ethereum-family) and Stellar, Plume, Monad, Celo, Avalanche, BNB Chain."
  },
  {
   "id": "janus-henderson-jaaa",
   "entity": "Janus Henderson",
   "entity_type": "asset manager",
   "instrument": "tokenised AAA CLO fund",
   "network": "Ethereum",
   "first_observed": "2025-05",
   "status": "live",
   "figure": "~$705M AUM all chains, of which ~42% on Ethereum",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R1",
    "R3",
    "R6"
   ],
   "source_url": "https://app.rwa.xyz/assets/JAAA",
   "source_name": "RWA.xyz",
   "note": "Tokenised Janus Henderson Anemoy AAA CLO fund; issuer and manager Anemoy, Janus Henderson sub-adviser, Centrifuge platform. Widely reported as seeded by a $1B allocation from Sky via the Grove protocol in June 2025; the fund's current size is well below that headline seed, which is why the seed figure is not used here. CAVEAT: aggregator-sourced; the Grove and Centrifuge announcements returned 403 on fetch."
  },
  {
   "id": "vaneck-vbill",
   "entity": "VanEck",
   "entity_type": "asset manager",
   "instrument": "tokenised Treasury fund",
   "network": "Ethereum",
   "first_observed": "2025-05",
   "status": "live",
   "figure": "~$56.5M AUM all chains, of which ~36% on Ethereum",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R1"
   ],
   "source_url": "https://app.rwa.xyz/assets/VBILL",
   "source_name": "RWA.xyz",
   "note": "VanEck Treasury Fund, BVI-domiciled, managed by VanEck Absolute Return Advisers, Securitize-issued. Down roughly 70% over the 30 days to 2026-08-24: a small and volatile product. CAVEAT: aggregator-sourced; VanEck's launch release was not retrieved in this pass."
  },
  {
   "id": "wisdomtree-wtgxx",
   "entity": "WisdomTree",
   "entity_type": "asset manager",
   "instrument": "tokenised money market fund",
   "network": "Ethereum",
   "first_observed": "2023-01",
   "status": "live",
   "figure": "~$769.5M AUM all chains, ~98% on Ethereum",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R1",
    "R3",
    "R5"
   ],
   "source_url": "https://app.rwa.xyz/assets/WTGXX",
   "source_name": "RWA.xyz",
   "note": "WisdomTree Government Money Market Digital Fund, an SEC-registered 1940 Act fund whose transfer-agency record is maintained on-chain. Also on Arbitrum, Base, Optimism, Polygon (Ethereum-family) and Stellar, Avalanche, Solana. CAVEAT: aggregator-sourced; WisdomTree's own releases were not retrieved in this pass."
  },
  {
   "id": "wellington-ultra",
   "entity": "Wellington Management",
   "entity_type": "asset manager",
   "instrument": "tokenised Treasury fund",
   "network": "Ethereum",
   "first_observed": "2026-04",
   "status": "live",
   "bears_on": [
    "R1",
    "R6"
   ],
   "source_url": "https://libeara.com/libeara-partners-with-wellington-and-fundbridge-capital-to-launch-a-u-s-treasuries-fund-tokenised-on-public-blockchain/",
   "source_name": "Libeara",
   "note": "Delta Wellington Ultra Short Treasury On-Chain Fund. Deployed initially on Ethereum mainnet, with Arbitrum, Avalanche and Solana flagged as planned. Standard Chartered Bank is custodian and banker, Libeara (SC Ventures) is the tokenisation platform, FundBridge Capital the issuer, Wellington the sub-adviser. No fund-level AUM with an as-of date was found, so no figure is given."
  },
  {
   "id": "spiko-tbill-funds",
   "entity": "Spiko",
   "entity_type": "asset manager",
   "instrument": "tokenised UCITS money market funds",
   "network": "Arbitrum",
   "first_observed": "2024-05",
   "status": "live",
   "figure": "EUTBL ~$927.9M and USTBL ~$142.1M across all chains",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R1",
    "R3",
    "R5"
   ],
   "source_url": "https://app.rwa.xyz/assets/EUTBL",
   "source_name": "RWA.xyz",
   "note": "French-domiciled short-term VNAV money market funds authorised under the UCITS Directive and supervised in France, with fully tokenised share registers. Arbitrum is the largest single Ethereum-family network by value (~$284M of EUTBL); also Ethereum, Polygon, Base (Ethereum-family) and Stellar. One of the few EU-regulated, non-US products in this dataset. CAVEAT: aggregator-sourced."
  },
  {
   "id": "circle-usyc",
   "entity": "Circle",
   "entity_type": "fintech",
   "instrument": "tokenised money market fund",
   "network": "Ethereum",
   "first_observed": "2023-05",
   "status": "live",
   "figure": "~$2.92B all chains, of which only ~2.4% (~$62M) on Ethereum",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R1",
    "R3"
   ],
   "source_url": "https://app.rwa.xyz/assets/USYC",
   "source_name": "RWA.xyz",
   "note": "USYC was first issued by Hashnote; Circle acquired Hashnote in early 2025. Now the largest tokenised Treasury product by value, ahead of BUIDL. IMPORTANT: roughly 97% of USYC sits on BNB Chain, not Ethereum. This is a case where the headline product is large but its Ethereum footprint is small. CAVEAT: aggregator-sourced."
  },
  {
   "id": "bnp-paribas-am-tokenised-mmf",
   "entity": "BNP Paribas Asset Management",
   "entity_type": "asset manager",
   "instrument": "tokenised money market fund share class",
   "network": "Ethereum",
   "first_observed": "2026-02",
   "status": "pilot",
   "bears_on": [
    "R1",
    "R4"
   ],
   "source_url": "https://www.ledgerinsights.com/bnp-paribas-asset-management-pilots-tokenized-mmf-issuance-on-ethereum/",
   "source_name": "Ledger Insights",
   "note": "Tokenised share class of an existing money market fund issued on public Ethereum on 2026-02-23. Intragroup only, using permissioned tokens on a permissionless chain; BNPP CIB's AssetFoundry is the platform and BNPP Securities Services the transfer agent and wallet provider. A deliberate contrast with BNPP's Neobonds platform, which runs on permissioned Canton."
  },
  {
   "id": "jpmorgan-jpmd",
   "entity": "J.P. Morgan",
   "entity_type": "bank",
   "instrument": "deposit token",
   "network": "Base",
   "first_observed": "2025-06",
   "status": "live",
   "bears_on": [
    "R1",
    "R4",
    "R5",
    "R6"
   ],
   "source_url": "https://www.ledgerinsights.com/j-p-morgans-jpm-coin-deposit-token-goes-live-on-public-blockchain-base/",
   "source_name": "Ledger Insights",
   "note": "JPMD piloted on Base from June 2025 and moved into production under the JPM Coin brand on 2025-11-12, for institutional clients only, with 24/7 near-instant settlement. The first US dollar token issued by a bank on a public blockchain. Named early counterparties: B2C2, Coinbase, Mastercard. IMPORTANT: Kinexys' headline cumulative volume figures relate to J.P. Morgan's private permissioned rails, not to JPMD on Base; no Base-specific volume figure is published, so no figure is given."
  },
  {
   "id": "jpmorgan-project-guardian",
   "entity": "J.P. Morgan",
   "entity_type": "bank",
   "instrument": "tokenised FX and bond settlement pilot",
   "network": "Polygon",
   "first_observed": "2022-11",
   "status": "pilot",
   "figure": "~S$100,000 notional",
   "figure_as_of": "2022-11-02",
   "bears_on": [
    "R3",
    "R4",
    "R6"
   ],
   "source_url": "https://www.theblock.co/post/182056",
   "source_name": "The Block",
   "note": "First industry pilot under the Monetary Authority of Singapore's Project Guardian, with DBS Bank and SBI Digital Asset Holdings, executed on a modified permissioned Aave pool deployed to Polygon PoS mainnet. A one-off trial of deliberately token size; included because it is an early, well-documented case of a G-SIB transacting on a public Ethereum-family chain."
  },
  {
   "id": "sgforge-eurcv",
   "entity": "Société Générale-FORGE",
   "entity_type": "bank",
   "instrument": "euro stablecoin",
   "network": "Ethereum",
   "first_observed": "2023-04",
   "status": "live",
   "figure": "€145,270,413.36 in circulation across all chains",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R3",
    "R4",
    "R6"
   ],
   "source_url": "https://www.sgforge.com/product/coinvertible/",
   "source_name": "Société Générale-FORGE",
   "note": "EUR CoinVertible, a MiCA e-money token from July 2024, issued by the digital asset subsidiary of a G-SIB. Also on Solana, XRP Ledger and Stellar. The issuer's own product page carries an explicit 24/08/2026 update stamp, which is why this figure is dated precisely. Per that page the entire circulating amount is held by Société Générale itself: circulation here does not imply third-party adoption."
  },
  {
   "id": "sgforge-usdcv",
   "entity": "Société Générale-FORGE",
   "entity_type": "bank",
   "instrument": "dollar stablecoin",
   "network": "Ethereum",
   "first_observed": "2025-07",
   "status": "live",
   "figure": "$12,272,441 in circulation across all chains",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R1",
    "R3",
    "R6"
   ],
   "source_url": "https://www.sgforge.com/product/coinvertible/",
   "source_name": "Société Générale-FORGE",
   "note": "USD CoinVertible, with BNY as reserve custodian; also on Solana. Per the issuer's own breakdown on the same page, 89.63% is held by BNY and 10.37% by Société Générale: again, circulation concentrated in the issuer and its custodian rather than distributed to users."
  },
  {
   "id": "sgforge-defi-deployment",
   "entity": "Société Générale-FORGE",
   "entity_type": "bank",
   "instrument": "bank stablecoins deployed into permissionless DeFi",
   "network": "Ethereum",
   "first_observed": "2025-09",
   "status": "live",
   "bears_on": [
    "R3",
    "R4",
    "R6"
   ],
   "source_url": "https://www.sgforge.com/product/coinvertible/",
   "source_name": "Société Générale-FORGE",
   "note": "From 2025-09-30 SG-FORGE made EURCV and USDCV available for lending and borrowing on Morpho and spot trading on Uniswap, with MEV Capital curating the vaults and Flowdesk market-making. Notable as a G-SIB subsidiary placing its own tokens into unpermissioned protocols. CAVEAT: no TVL or usage figure is disclosed, and this row shares a source URL with the two CoinVertible rows above rather than having its own dedicated release retrieved in this pass."
  },
  {
   "id": "allunity-eurau",
   "entity": "AllUnity",
   "entity_type": "fintech",
   "instrument": "euro stablecoin",
   "network": "Ethereum",
   "first_observed": "2025-07",
   "status": "live",
   "figure": "~$550k across all chains, of which ~297k tokens on Ethereum",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R3",
    "R6"
   ],
   "source_url": "https://allunity.com/news/allunity-secures-bafin-emi-license-to-launch-its-micar-compliant-euro-stablecoin",
   "source_name": "AllUnity",
   "note": "Joint venture of DWS (Deutsche Bank's asset manager), Galaxy and Flow Traders; BaFin e-money institution licence granted 2025-07-02; the first MiCAR euro stablecoin under a German EMI licence. NOT issued by Deutsche Bank the bank. Also on Base and Arbitrum (Ethereum-family) and Solana, Stellar. CAVEAT: AllUnity's own release does not name a chain; the chain breakdown comes from rwa.xyz. Institutionally significant, economically negligible at roughly half a million dollars."
  },
  {
   "id": "bny-onchain-fund-data",
   "entity": "BNY",
   "entity_type": "bank",
   "instrument": "on-chain fund accounting data service",
   "network": "Ethereum",
   "first_observed": "2025-04",
   "status": "live",
   "bears_on": [
    "R1",
    "R6"
   ],
   "source_url": "https://www.bny.com/corporate/global/en/about-us/newsroom/press-release/bny-expands-digital-asset-platform-with-launch-of-innovative-on-chain-offering.html",
   "source_name": "BNY",
   "note": "BNY broadcasts selected fund accounting and NAV data to Ethereum via smart contract. BlackRock is the first client, for BUIDL, where BNY is also fund administrator and custodian. IMPORTANT: this publishes data to Ethereum; it is not asset issuance, and should not be counted as tokenisation."
  },
  {
   "id": "dbs-tokenised-structured-notes",
   "entity": "DBS Bank",
   "entity_type": "bank",
   "instrument": "tokenised structured notes",
   "network": "Ethereum",
   "first_observed": "2025-08",
   "status": "announced",
   "bears_on": [
    "R1",
    "R3"
   ],
   "source_url": "https://www.dbs.com/newsroom/DBS_expands_blockchain_capabilities_by_tokenising_and_distributing_structured_notes",
   "source_name": "DBS",
   "note": "DBS named public Ethereum and entered distribution arrangements with ADDX, DigiFT and HydraX, tokenising minimum US$100,000 notes into US$1,000 units with transfers restricted to whitelisted wallets. Announced 2025-08-21; no confirmation of a first on-chain issuance settling was found, so status is announced. The 'over US$1 billion traded in H1 2025' figure in the release is conventional-channel volume, not on-chain, and is therefore not used as a figure."
  },
  {
   "id": "santander-blockchain-bond",
   "entity": "Santander",
   "entity_type": "bank",
   "instrument": "bond issuance",
   "network": "Ethereum",
   "first_observed": "2019-09",
   "status": "pilot",
   "figure": "$20m nominal",
   "figure_as_of": "2019-09-10",
   "bears_on": [
    "R3",
    "R6"
   ],
   "source_url": "https://www.santander.com/en/press-room/press-releases/santander-launches-the-first-end-to-end-blockchain-bond",
   "source_name": "Santander",
   "note": "The first bond issued, settled and redeemed end-to-end on public Ethereum. IMPORTANT: Santander issued it to itself, with no external investors, and it matured in December 2019. No repeat public-Ethereum issuance by Santander was found. Included as a documented milestone, not as evidence of a standing programme."
  },
  {
   "id": "abn-amro-vesteda-green-bond",
   "entity": "ABN AMRO",
   "entity_type": "bank",
   "instrument": "digital green bond arrangement",
   "network": "Polygon",
   "first_observed": "2023-09",
   "status": "live",
   "figure": "€5m",
   "figure_as_of": "2023-09-12",
   "bears_on": [
    "R3",
    "R6"
   ],
   "source_url": "https://www.ledgerinsights.com/abn-amro-digital-green-bond-public-blockchain/",
   "source_name": "Ledger Insights",
   "note": "ABN AMRO arranged the issuance on Polygon PoS; the issuer was Vesteda, the platform Tokeny, and the entire issue was bought by DekaBank. Since matured. Entity is recorded as ABN AMRO because the bank is the named institutional actor, but it is the arranger, not the issuer. Read the row accordingly."
  },
  {
   "id": "eib-digital-bond",
   "entity": "European Investment Bank",
   "entity_type": "public sector",
   "instrument": "digital bond",
   "network": "Ethereum",
   "first_observed": "2021-04",
   "status": "live",
   "figure": "€100m, two-year",
   "figure_as_of": "2021-04-28",
   "bears_on": [
    "R3",
    "R6"
   ],
   "source_url": "https://www.sgforge.com/european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain/",
   "source_name": "Société Générale-FORGE",
   "note": "Joint lead managers Goldman Sachs, Santander and Société Générale; the cash leg settled in Banque de France experimental wholesale CBDC on a separate private ledger. Matured 2023. IMPORTANT: this remains the only EIB digital bond on a public chain: every EIB digital issuance since has used private platforms. Source is a lead manager reproducing the release, because eib.org returns 403 to automated fetch."
  },
  {
   "id": "kfw-digital-bond",
   "entity": "KfW",
   "entity_type": "public sector",
   "instrument": "digital bond (crypto security)",
   "network": "Polygon",
   "first_observed": "2024-07",
   "status": "live",
   "figure": "€100m, 3.125% coupon",
   "figure_as_of": "2024-07-04",
   "bears_on": [
    "R3",
    "R5",
    "R6"
   ],
   "source_url": "https://www.ledgerinsights.com/kfw-issues-first-blockchain-bond-crypto-security/",
   "source_name": "Ledger Insights",
   "note": "Germany's first syndicated crypto security under the eWpG, on Polygon PoS. Registrar Cashlink, custodian Boerse Stuttgart Digital; investors included DZ Bank, DekaBank and Union Investment. Matured 2025-12-10. KfW issued a further €50m on Polygon PoS in August 2024 within the ECB's wholesale DLT settlement trials. IMPORTANT: KfW's later issuances moved to permissioned platforms, so this is not a continuing public-chain programme."
  },
  {
   "id": "nrw-bank-digital-bond",
   "entity": "NRW.BANK",
   "entity_type": "public sector",
   "instrument": "digital bond (crypto security)",
   "network": "Polygon",
   "first_observed": "2025-07",
   "status": "live",
   "figure": "€100m",
   "figure_as_of": "2025-07-11",
   "bears_on": [
    "R3",
    "R6"
   ],
   "source_url": "https://www.ledgerinsights.com/nrw-bank-issues-e100m-blockchain-bond/",
   "source_name": "Ledger Insights",
   "note": "Development bank of the German state of North Rhine-Westphalia; registrar Cashlink; leads Deutsche Bank, DZ BANK and DekaBank. Issued outside the ECB trials, on a normal commercial basis: one of the clearer cases of a public-sector issuer choosing a public Ethereum-family chain without a central-bank experiment wrapped around it."
  },
  {
   "id": "wibank-registered-bond",
   "entity": "WIBank",
   "entity_type": "public sector",
   "instrument": "registered bond in ECB wholesale DLT settlement trial",
   "network": "Polygon",
   "first_observed": "2024-10",
   "status": "pilot",
   "figure": "€5m",
   "figure_as_of": "2024-10-08",
   "bears_on": [
    "R3",
    "R6"
   ],
   "source_url": "https://www.ledgerinsights.com/wibank-issues-blockchain-bond-with-bundesbank-trigger-solution/",
   "source_name": "Ledger Insights",
   "note": "Development bank of the German state of Hesse, part of Helaba. Investor Bankhaus Metzler, DLT operator Cashlink, delivery-versus-payment via the Bundesbank Trigger Solution, a bridge to TARGET2 rather than on-chain cash. The chain is named in the ECB's own Annex II documentation of the 2024 exploratory trials."
  },
  {
   "id": "cdp-digital-bond",
   "entity": "Cassa Depositi e Prestiti",
   "entity_type": "public sector",
   "instrument": "digital bond",
   "network": "Polygon",
   "first_observed": "2024-07",
   "status": "pilot",
   "figure": "€25m",
   "figure_as_of": "2024-07-18",
   "bears_on": [
    "R3",
    "R6"
   ],
   "source_url": "https://www.cdp.it/sitointernet/en/comunicati_dettaglio.page?contentId=CSA45884",
   "source_name": "Cassa Depositi e Prestiti",
   "note": "Italy's first digital bond under the national Fintech Decree, with Intesa Sanpaolo as sole investor and the cash leg settled in central bank money via Banca d'Italia's TIPS Hash Link. Part of the ECB's 2024 exploratory DLT trials; matured November 2024. The ECB's Annex II describes the asset leg as running on the Ethereum-based Polygon public blockchain."
  },
  {
   "id": "banque-de-france-ethereum-dvp",
   "entity": "Banque de France",
   "entity_type": "public sector",
   "instrument": "wholesale CBDC settlement against an Ethereum-mainnet asset leg",
   "network": "Ethereum",
   "first_observed": "2024-11",
   "status": "pilot",
   "bears_on": [
    "R3",
    "R4",
    "R6"
   ],
   "source_url": "https://www.ecb.europa.eu/press/intro/publications/pdf/ecb.miptopical241120_annex.en.pdf",
   "source_name": "European Central Bank",
   "note": "SG-FORGE issued a senior preferred structured note on Ethereum mainnet; the cash leg settled on Banque de France's private DL3S wholesale CBDC platform, with Swift providing hash-timelock connectivity and OFI-Invest as investor. The ECB's own text states the market DLT is the Ethereum public blockchain. This is the only verified case in this dataset of Eurosystem central bank money settling delivery-versus-payment against Ethereum mainnet. DATE CAVEAT: the exact transaction month is not published; first_observed is set to the close of the ECB trial window (May–November 2024), not to a confirmed transaction date."
  },
  {
   "id": "siemens-digital-bond",
   "entity": "Siemens",
   "entity_type": "corporate treasury",
   "instrument": "digital bond",
   "network": "Polygon",
   "first_observed": "2023-02",
   "status": "live",
   "figure": "€60m, one-year",
   "figure_as_of": "2023-02-14",
   "bears_on": [
    "R3",
    "R6"
   ],
   "source_url": "https://press.siemens.com/global/en/pressrelease/siemens-issues-first-digital-bond-blockchain",
   "source_name": "Siemens",
   "note": "CHAIN CAVEAT: Siemens' own release says only 'public blockchain' and does not name Polygon; the Polygon attribution comes from trade press. Investors DekaBank, DZ Bank and Union Investment; registrar Hauck Aufhäuser Lampe; cash leg settled conventionally. Siemens' larger 2024 follow-up issuance moved to SWIAT, a private permissioned chain, so this is a step away from public rails, not toward them."
  },
  {
   "id": "shenzhen-futian-bond",
   "entity": "Shenzhen Futian Investment Holdings",
   "entity_type": "public sector",
   "instrument": "offshore renminbi digital bond",
   "network": "Ethereum",
   "first_observed": "2025-09",
   "status": "live",
   "figure": "RMB 500m (~US$70m), two-year, 2.62%",
   "figure_as_of": "2025-09-01",
   "bears_on": [
    "R3",
    "R6"
   ],
   "source_url": "https://www.ledgerinsights.com/state-owned-shenzhen-futian-investment-issues-70m-ethereum-digital-bond/",
   "source_name": "Ledger Insights",
   "note": "UNCERTAIN: flagged rather than dropped. A Chinese state-owned issuer on permissionless Ethereum, Fitch A-, arranged by GF Securities (HK) and listed in Shenzhen and Macau. Single-source, and the reporting itself records that the issuer subsequently removed all mention of the issuance from its own website. Treat as unconfirmed by the issuer."
  },
  {
   "id": "wyoming-frnt",
   "entity": "State of Wyoming",
   "entity_type": "public sector",
   "instrument": "stablecoin",
   "network": "Ethereum",
   "first_observed": "2025-08",
   "status": "live",
   "figure": "~$969k total supply",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R3",
    "R6"
   ],
   "source_url": "https://app.rwa.xyz/assets/FRNT",
   "source_name": "RWA.xyz",
   "note": "Frontier Stable Token, the first fiat-backed stable token issued by a US public entity, via the Wyoming Stable Token Commission. Also on Base, Arbitrum, Optimism, Polygon (Ethereum-family) and Solana, Avalanche, Hedera. CAVEAT: aggregator-sourced in this pass. Symbolically important, economically trivial at under $1m."
  },
  {
   "id": "circle-usdc",
   "entity": "Circle",
   "entity_type": "fintech",
   "instrument": "stablecoin",
   "network": "Ethereum",
   "first_observed": "2018-09",
   "status": "live",
   "figure": "~$50.18B of USDC on Ethereum, out of $72.56B all chains",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R3",
    "R4",
    "R6"
   ],
   "source_url": "https://app.rwa.xyz/assets/USDC",
   "source_name": "RWA.xyz",
   "note": "Ethereum holds roughly 66% of all USDC. Base holds ~$4.31B and Arbitrum ~$2.61B on the same date: the largest Ethereum-L2 stablecoin footprints in this dataset. Also on 20+ other networks. CAVEAT: aggregator-sourced; Circle's own attested reserve reports were not retrieved in this pass."
  },
  {
   "id": "tether-usdt",
   "entity": "Tether",
   "entity_type": "fintech",
   "instrument": "stablecoin",
   "network": "Ethereum",
   "first_observed": "2017-11",
   "status": "live",
   "figure": "~$97.88B of USDT on Ethereum, out of $192.78B all chains",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R3",
    "R6"
   ],
   "source_url": "https://app.rwa.xyz/assets/USDT",
   "source_name": "RWA.xyz",
   "note": "Ethereum is the largest USDT chain alongside Tron. FIGURE CAVEAT: rwa.xyz's Ethereum figure (~$97.9B) differs materially from the ~$88.3B token-contract supply observed on Etherscan on the same date; the discrepancy is unresolved and the reader should treat the Ethereum share as approximate. Tether's own transparency page was not retrievable in this pass."
  },
  {
   "id": "paypal-pyusd",
   "entity": "PayPal",
   "entity_type": "fintech",
   "instrument": "stablecoin",
   "network": "Ethereum",
   "first_observed": "2023-08",
   "status": "live",
   "figure": "~$1.96B of PYUSD on Ethereum, out of ~$2.89B all chains",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R3",
    "R6"
   ],
   "source_url": "https://newsroom.paypal-corp.com/2025-07-17-PayPal-USD-Expands-to-Arbitrum-Bringing-Layer-2-Efficiency-to-Multi-Chain-Development-Stack",
   "source_name": "PayPal",
   "note": "Issued by Paxos Trust Company under NYDFS supervision. Ethereum holds roughly 68% of supply. Arbitrum was added on 2025-07-17 as PYUSD's first layer two; also on Solana and Stellar. No dated Arbitrum-specific figure was obtained. The cited release evidences the chain set; the supply split is from rwa.xyz."
  },
  {
   "id": "ripple-rlusd",
   "entity": "Ripple",
   "entity_type": "fintech",
   "instrument": "stablecoin",
   "network": "Ethereum",
   "first_observed": "2024-12",
   "status": "live",
   "figure": "~$1.03B of RLUSD on Ethereum, out of ~$2.02B all chains",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R3",
    "R6"
   ],
   "source_url": "https://app.rwa.xyz/assets/RLUSD",
   "source_name": "RWA.xyz",
   "note": "Issued by Standard Custody & Trust Company, a Ripple subsidiary, under NYDFS supervision. Notable that Ethereum now carries slightly more RLUSD than the XRP Ledger. DATE CAVEAT: rwa.xyz records first issuance as 2024-08-09, while general availability was reported in December 2024; Ripple's own press URLs returned 404 in this pass, so first_observed uses the general-availability month."
  },
  {
   "id": "visa-stablecoin-settlement",
   "entity": "Visa",
   "entity_type": "market infrastructure",
   "instrument": "stablecoin settlement",
   "network": "Ethereum",
   "first_observed": "2021-03",
   "status": "live",
   "figure": "$7B annualised settlement run rate across all supported chains",
   "figure_as_of": "2026-04-29",
   "bears_on": [
    "R3",
    "R6"
   ],
   "source_url": "https://investor.visa.com/news/news-details/2026/Visa-Accelerates-Stablecoin-Momentum-Adding-Five-Blockchains-for-Settlement/default.aspx",
   "source_name": "Visa",
   "note": "Ethereum settlement dates to Visa's 2021 USDC pilot; the cited 2026 release confirms Ethereum as pre-existing but does not date it, so first_observed carries that uncertainty. Base and Polygon were added on 2026-04-29 alongside Canton, Arc and Tempo. Arc and Tempo are separate chains, not Ethereum layer twos. No Ethereum-specific volume is published, and Visa's own release frames parts of the expansion in pilot terms."
  },
  {
   "id": "mastercard-stablecoin-settlement",
   "entity": "Mastercard",
   "entity_type": "market infrastructure",
   "instrument": "stablecoin settlement",
   "network": "Ethereum",
   "first_observed": "2026-06",
   "status": "live",
   "bears_on": [
    "R3",
    "R6"
   ],
   "source_url": "https://www.theblock.co/post/403474",
   "source_name": "The Block",
   "note": "Rollout announced 2026-06-03 covering USDC, PYUSD, USDG, USDP, RLUSD and others across Ethereum, Base, Arbitrum and Polygon plus non-Ethereum chains. First supporting institutions named as ARQ, CBW Bank, Cross River and Lead Bank. No volume figure published; Mastercard's own press URL returned 403 in this pass."
  },
  {
   "id": "bitmine-eth-treasury",
   "entity": "BitMine Immersion Technologies",
   "entity_type": "corporate treasury",
   "instrument": "treasury holding",
   "network": "Ethereum",
   "first_observed": "2025-06",
   "status": "live",
   "figure": "5,815,164 ETH (~$14.68B)",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R1",
    "R2",
    "R6"
   ],
   "source_url": "https://www.theblock.co/treasuries/bmnr",
   "source_name": "The Block",
   "note": "The largest corporate ETH holder by a wide margin; the tracker records that the strategy includes staking. DATE CAVEAT: first_observed is the widely reported month of the treasury strategy's announcement and was not re-verified from a primary filing in this pass. DISCLOSURE: BitMine is an anchor funder of Ethereum Institutional and its chairman chairs EI's board."
  },
  {
   "id": "sharplink-eth-treasury",
   "entity": "SharpLink Gaming",
   "entity_type": "corporate treasury",
   "instrument": "treasury holding",
   "network": "Ethereum",
   "first_observed": "2025-05",
   "status": "live",
   "figure": "868,699 ETH (~$2.19B)",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R1",
    "R2",
    "R6"
   ],
   "source_url": "https://www.theblock.co/treasuries/sbet",
   "source_name": "The Block",
   "note": "Buys and stakes ETH as part of a digital treasury strategy. DATE CAVEAT: first_observed is the widely reported announcement month, not re-verified from a primary filing in this pass. DISCLOSURE: SharpLink is an anchor funder of Ethereum Institutional and one of its directors sits on EI's board."
  },
  {
   "id": "sharplink-linea-deployment",
   "entity": "SharpLink Gaming",
   "entity_type": "corporate treasury",
   "instrument": "layer-two treasury deployment",
   "network": "Linea",
   "first_observed": "2025-10",
   "status": "announced",
   "figure": "$200m of ETH committed",
   "figure_as_of": "2025-10-28",
   "bears_on": [
    "R2",
    "R5",
    "R6"
   ],
   "source_url": "https://www.globenewswire.com/news-release/2025/10/28/3175383/0/en/SharpLink-Plans-to-Deploy-200M-of-ETH-on-Consensys-Linea-via-ether-fi-and-EigenCloud-to-Unlock-Enhanced-Ethereum-DeFi-Yields.html",
   "source_name": "GlobeNewswire (SharpLink)",
   "note": "STATUS IS ANNOUNCED, NOT LIVE: the release says SharpLink 'plans to deploy' $200m of ETH on Linea 'in a risk-managed manner over a multi-year commitment period', via ether.fi and EigenCloud staking and restaking, with ETH held and deployed through Anchorage Digital Bank. No confirmation of the amount actually deployed was found, and rwa.xyz shows no material tokenised-asset presence on Linea. The figure is a commitment, not a balance. DISCLOSURE: SharpLink is an anchor funder of Ethereum Institutional."
  },
  {
   "id": "ether-machine-eth-treasury",
   "entity": "The Ether Machine",
   "entity_type": "corporate treasury",
   "instrument": "treasury holding",
   "network": "Ethereum",
   "first_observed": "2025-07",
   "status": "live",
   "figure": "496,712 ETH (~$1.24B)",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R1",
    "R6"
   ],
   "source_url": "https://www.theblock.co/treasuries/dynx",
   "source_name": "The Block",
   "note": "UNCERTAIN: flagged rather than dropped. The SPAC merger with Dynamix Corporation that would have listed The Ether Machine as ETHM was mutually terminated around 2026-04-11, citing unfavourable market conditions; The Block still tracks the holding under the DYNX ticker and its own page is internally inconsistent about the outcome. Both the entity's listed status and the attribution of the holding should be treated as unresolved."
  },
  {
   "id": "bit-digital-eth-treasury",
   "entity": "Bit Digital",
   "entity_type": "corporate treasury",
   "instrument": "treasury holding and staking",
   "network": "Ethereum",
   "first_observed": "2025-07",
   "status": "live",
   "figure": "158,461 ETH (~$396.0M)",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R1",
    "R2",
    "R6"
   ],
   "source_url": "https://www.theblock.co/treasuries/btbt",
   "source_name": "The Block",
   "note": "Pivoted in July 2025 to a pure-play Ethereum staking and treasury company, operating institutional-scale validator infrastructure and offering validator operations, custody and yield services. One of the clearer named-institution staking cases in this dataset."
  },
  {
   "id": "btcs-eth-treasury",
   "entity": "BTCS Inc.",
   "entity_type": "corporate treasury",
   "instrument": "treasury holding and validator operations",
   "network": "Ethereum",
   "first_observed": "2026-08",
   "status": "live",
   "figure": "70,140 ETH (~$175.29M)",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R2",
    "R6"
   ],
   "source_url": "https://www.theblock.co/treasuries/btcs",
   "source_name": "The Block",
   "note": "DATE CAVEAT: first_observed is set to the date of the earliest dated holding verified in this pass, NOT to the start of the deployment. BTCS has run Ethereum validators for several years, but no primary source for the start month was retrieved, and a guessed month is not offered. Operates a NodeOps validator business and block-building alongside the treasury."
  },
  {
   "id": "robinhood-stock-tokens",
   "entity": "Robinhood Markets",
   "entity_type": "fintech",
   "instrument": "tokenised equities",
   "network": "Arbitrum",
   "first_observed": "2025-06",
   "status": "live",
   "figure": "200+ tokens at launch",
   "figure_as_of": "2025-06-30",
   "bears_on": [
    "R3",
    "R5"
   ],
   "source_url": "https://robinhood.com/us/en/newsroom/robinhood-launches-stock-tokens-reveals-layer-2-blockchain-and-expands-crypto-suite-in-eu-and-us-with-perpetual-futures-and-staking",
   "source_name": "Robinhood Markets",
   "note": "US stock and ETF tokens issued initially on Arbitrum for eligible EU and EEA customers. IMPORTANT: these are structured as instruments tracking the underlying, not legal share ownership. Contrast with the Ondo US row, where holders receive full shareholder rights."
  },
  {
   "id": "robinhood-chain",
   "entity": "Robinhood Markets",
   "entity_type": "fintech",
   "instrument": "Arbitrum-stack layer two",
   "network": "Robinhood Chain",
   "first_observed": "2026-07",
   "status": "live",
   "bears_on": [
    "R3",
    "R5",
    "R6"
   ],
   "source_url": "https://robinhood.com/us/en/newsroom/robinhood-launches-stock-tokens-reveals-layer-2-blockchain-and-expands-crypto-suite-in-eu-and-us-with-perpetual-futures-and-staking",
   "source_name": "Robinhood Markets",
   "note": "Announced 2025-06-30 as a layer two 'based on Arbitrum' and optimised for tokenised real-world assets, settling to Ethereum. CAVEAT: the cited source is the announcement; the mid-2026 go-live and any TVL figures were reported by trade press whose URLs were not retrieved in this pass, so first_observed is the reported launch month and no figure is given. A brokerage operating its own Ethereum layer two is the clearest R5 case in this dataset."
  },
  {
   "id": "robinhood-eth-staking",
   "entity": "Robinhood Markets",
   "entity_type": "fintech",
   "instrument": "brokerage ETH staking access",
   "network": "Ethereum",
   "first_observed": "2025-06",
   "status": "live",
   "bears_on": [
    "R2",
    "R3"
   ],
   "source_url": "https://robinhood.com/us/en/newsroom/robinhood-launches-stock-tokens-reveals-layer-2-blockchain-and-expands-crypto-suite-in-eu-and-us-with-perpetual-futures-and-staking",
   "source_name": "Robinhood Markets",
   "note": "Crypto staking launched starting with Ethereum and Solana, for eligible EU/EEA and US customers. Included because R2 is otherwise thin: this is one of the few verifiable cases of a named regulated broker offering ETH staking to clients. No participation figure is published."
  },
  {
   "id": "kraken-xstocks",
   "entity": "Kraken",
   "entity_type": "fintech",
   "instrument": "tokenised equities",
   "network": "Ethereum",
   "first_observed": "2025-09",
   "status": "live",
   "figure": "$25B cumulative transaction volume and ~$225M AUM across all chains",
   "figure_as_of": "2026-02-19",
   "bears_on": [
    "R3",
    "R5"
   ],
   "source_url": "https://www.theblock.co/news/markets/2026-02-19-tokenized-xstocks-surpass-25-billion-total-transaction-volume-kraken-390537",
   "source_name": "The Block",
   "note": "xStocks are issued by Backed Finance, which Kraken agreed to acquire. Ethereum held roughly 37% of xStocks market share at the figure date, behind Solana. FIGURE CAVEAT: rwa.xyz put the xStocks platform at ~$588M on 2026-08-24, which does not reconcile with the ~$225M AUM above; the dated February figure from established press is used in preference, and the discrepancy is recorded here rather than averaged away."
  },
  {
   "id": "ondo-global-markets",
   "entity": "Ondo Finance",
   "entity_type": "fintech",
   "instrument": "tokenised equities",
   "network": "Ethereum",
   "first_observed": "2025-09",
   "status": "live",
   "figure": "~$872.7M AUM across ~406 assets",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R3",
    "R5"
   ],
   "source_url": "https://www.prnewswire.com/news-releases/ondo-brings-over-100-tokenized-us-stocks-and-etfs-onchain-starting-on-ethereum-302545276.html",
   "source_name": "PR Newswire (Ondo Finance)",
   "note": "Launched 2025-09-03 on Ethereum with 100+ tokenised US stocks and ETFs, for non-US investors only; later expanded to BNB Chain and Solana. The largest tokenised-equity platform by AUM in this dataset. Figure from rwa.xyz; the launch and chain are evidenced by Ondo's own release."
  },
  {
   "id": "ondo-us-tokenised-securities",
   "entity": "Ondo Finance",
   "entity_type": "fintech",
   "instrument": "tokenised US securities with full shareholder rights",
   "network": "Ethereum",
   "first_observed": "2026-07",
   "status": "live",
   "bears_on": [
    "R1",
    "R3",
    "R6"
   ],
   "source_url": "https://ondo.finance/blog/ondo-launches-tokenized-securities-in-usa",
   "source_name": "Ondo Finance",
   "note": "Launched 2026-07-02 with BlackRock's iShares Core S&P 500 ETF (IVV) and Micron. Minted by Oasis Pro TA, LLC, an SEC-registered transfer agent and Ondo subsidiary, with underlying shares held by regulated custodians and proxy voting through Broadridge. The strongest R3 datapoint here: tokenised US securities inside the existing regulatory perimeter, with holders receiving the same rights as brokerage shareholders. First-party issuer claim; no independent size figure available."
  },
  {
   "id": "dinari-dshares",
   "entity": "Dinari",
   "entity_type": "market infrastructure",
   "instrument": "tokenised equities",
   "network": "Ethereum",
   "first_observed": "2026-08",
   "status": "live",
   "figure": "724 tokenised US stocks including the entire S&P 500",
   "figure_as_of": "2026-08-04",
   "bears_on": [
    "R3",
    "R5",
    "R6"
   ],
   "source_url": "https://cryptobriefing.com/dinari-circle-tokenized-stocks-us-investors/",
   "source_name": "Crypto Briefing",
   "note": "Dinari Inc. is an SEC-registered transfer agent and Dinari Securities a FINRA/SIPC broker-dealer; dShares are backed one-for-one by shares in qualified custody, settled in USDC. Also on Arbitrum, Base (Ethereum-family) and Avalanche. SOURCE CAVEAT: the publisher is a crypto trade outlet rather than a top-tier wire; corroborating coverage exists but returned HTTP 429 on fetch. The figure is an instrument count, not a value."
  },
  {
   "id": "deutsche-boerse-360x",
   "entity": "Deutsche Börse Group",
   "entity_type": "market infrastructure",
   "instrument": "regulated venue listing tokenised equities issued on public chains",
   "network": "Ethereum",
   "first_observed": "2026-04",
   "status": "live",
   "bears_on": [
    "R3",
    "R5",
    "R6"
   ],
   "source_url": "https://www.clearstream.com/clearstream-en/newsroom/260415-5080314",
   "source_name": "Clearstream (Deutsche Börse Group)",
   "note": "Announced 2026-04-15. 360X is an ESMA-regulated trading venue backed by Deutsche Börse Group; Ondo is the token issuer and Deutsche Börse provides the venue, not the token. Ten tokenised US equity and ETF instruments live, on Ethereum, Solana and BNB Chain. IMPORTANT: the Clearstream custody, settlement and collateral integration is phase two and is announced only, not live."
  },
  {
   "id": "coinbase-base",
   "entity": "Coinbase",
   "entity_type": "fintech",
   "instrument": "Ethereum layer two",
   "network": "Base",
   "first_observed": "2023-08",
   "status": "live",
   "figure": "~$4.63B stablecoin market cap and ~$375M tokenised RWA distributed value on Base",
   "figure_as_of": "2026-08-24",
   "bears_on": [
    "R5",
    "R6"
   ],
   "source_url": "https://docs.base.org/get-started/base",
   "source_name": "Base (Coinbase)",
   "note": "Base's own documentation describes it as 'The #1 Ethereum Layer 2, incubated by Coinbase'. DATE CAVEAT: the August 2023 public mainnet opening is widely reported but was not re-verified from a fetched primary source in this pass. Figures from rwa.xyz. NOTE ON THE NEGATIVE FINDING: Coinbase's own tokenised US equities offering was not verified as live as at 2026-08-24 and is deliberately absent from this dataset."
  }
 ],
 "totals": {
  "rows": 58,
  "distinct_entities": 45,
  "distinct_networks": 6,
  "requirements_covered": 6,
  "by_entity_type": {
   "asset manager": 17,
   "fintech": 13,
   "bank": 9,
   "public sector": 8,
   "corporate treasury": 7,
   "market infrastructure": 4
  },
  "by_network": {
   "Ethereum": 45,
   "Polygon": 7,
   "Arbitrum": 2,
   "Base": 2,
   "Linea": 1,
   "Robinhood Chain": 1
  },
  "by_status": {
   "live": 48,
   "pilot": 7,
   "announced": 3
  },
  "by_requirement": {
   "R1": 27,
   "R2": 6,
   "R3": 46,
   "R4": 7,
   "R5": 12,
   "R6": 42
  },
  "earliest": "2017-11",
  "latest": "2026-08"
 },
 "gaps": [
  "INCOMPLETE CLUSTER, ON THE RECORD: one of six research workstreams (institutional staking programmes and named-institution staking counterparties, including ether.fi and Lido institutional vaults, Coinbase Institutional, Figment, Blockdaemon, Kiln, Twinstake, Anchorage, and whether US spot ETH ETFs from BlackRock, Fidelity, Grayscale or Bitwise stake their holdings) did not return before this dataset was closed. Nothing from it has been guessed at or included. As a result R2 (compliant staking access) is represented by only a handful of rows, and the dataset materially understates institutional staking. Treat R2 coverage as absent rather than thin.",
  "Excluded because the chain is private or permissioned, not public Ethereum: Swift's blockchain shared ledger (Swift's own releases name Consensys as prototype builder but do NOT name Linea or any public chain, and the network is permissioned and bank-controlled; the widely repeated 'Swift is building on Linea' claim is not supported by Swift's primary sources); Goldman Sachs GS DAP; HSBC Orion; Citi Token Services; Deutsche Bank DAMA 2; SIX Digital Exchange; BNP Paribas Neobonds on Canton; Brazil's Drex; most HKMA and BIS work. This is the single largest category of exclusion and it is not a scoring judgement, these are real, often large deployments that simply are not on the rails this dataset covers.",
  "Excluded because the chain is not Ethereum-family: Securitize's own tokenised stock SECZ (Avalanche and Solana only, despite Securitize being the issuer of BUIDL); Galaxy Digital's tokenised shares; Figure's FGRS on Provenance; much of the xStocks and bStocks supply on Solana and BNB Chain; Circle's Arc and Stripe's Tempo, which are separate chains rather than Ethereum layer twos.",
  "Excluded for aggregator-only sourcing, despite being economically significant: Franklin Templeton's iBENJI institutional share class (~$1.72B, majority on BNB Chain), no Franklin Templeton release or established-press article located; Ondo's OUSG (~$440M) and USDY (~$2.16B), both large, both on Ethereum, both traceable only to rwa.xyz in this pass. Their absence makes the Ethereum totals here conservative.",
  "Included but weakly sourced, and marked as such in the row notes rather than silently upgraded: Fidelity FDIT, Apollo ACRED, Janus Henderson JAAA, VanEck VBILL, WisdomTree WTGXX, Spiko, Circle USYC, Wyoming FRNT, and the USDC, USDT, PYUSD and RLUSD supply figures all rest on rwa.xyz for their figures and, in several cases, for existence details too. rwa.xyz is an aggregator; the brief disfavours aggregator-only claims and these rows sit at the edge of the standard.",
  "Could not verify and therefore dropped entirely: Coinbase's US tokenised equities (SEC status and go-live unconfirmed); UniCredit's tokenised minibond (the available source appeared to cover a different transaction); the Grove and Galaxy Digital on-chain warehouse facility (protocol blog and governance forum sourcing only); SharpLink's tokenised SBET equity via Superstate Opening Bell (announced 2025-09, no confirmation of live issuance); BNY's digital transfer agency launch (BNY's release names no chain; the Ethereum attribution would have been inferred); Baillie Gifford's natively issued tokenised fund (reporting conflicts on whether Ethereum was live at launch); Fasanara Capital's tokenised MMF on Polygon (vendor-blog sourcing only); Hamilton Lane's tokenised funds (no dated fund-level figure and no primary release retrieved).",
  "Excluded on definitional grounds, deliberately: an equity investment in a chain-native business is not a use of the chain, so ICE's stake in Polymarket is absent. DeFi protocols and DAOs are not institutions under the entity_type taxonomy, so Sky/USDS (~$6.6B, 99.9% on Ethereum), Maple, Grove and Centrifuge appear only where a named institution is the counterparty, which is why Janus Henderson carries the Sky and Grove relationship rather than Sky itself.",
  "Figure discrepancies left visible rather than reconciled: USDT's Ethereum supply differs by roughly $10B between rwa.xyz and the token contract on Etherscan; xStocks AUM differs by more than twofold between The Block (February 2026) and rwa.xyz (August 2026); Invesco's USTB fell from $967M to $649M between March and August 2026. Where two dated figures conflict, both are recorded in the row note and neither is averaged.",
  "Dates are the weakest field in this dataset. first_observed is meant to be the earliest credible report of a deployment being live, but for BitMine, SharpLink, Visa, Coinbase and Base, and Robinhood Chain it rests on widely reported months not re-verified from primary sources in this pass; for Banque de France it is set to the close of the ECB trial window rather than a confirmed transaction date; and for BTCS it is set to the observation date because no start month could be sourced. Every such case is flagged in its row note. No month was invented to fill the field.",
  "Structural biases a reader should assume are present: English-language sources only. Heavy US and EU skew, so Asian, Latin American, African and Middle Eastern deployments are almost certainly under-counted, and the single Chinese row is itself flagged as uncertain. Announcements are far easier to verify than quiet production usage, so the dataset over-represents institutions with active communications functions and under-represents private deployments that are never announced. Public-sector bond issuance is dominated by German development banks purely because Germany's eWpG produces disclosable crypto securities, a legal-transparency artefact rather than evidence that Germany leads. Several row counts are also an artefact of instrument-splitting: BlackRock, UBS, Janus Henderson, SG-FORGE, Robinhood, Ondo, Tether, Circle and Fidelity each hold multiple rows, so row counts must not be read as institution counts.",
  "Layer-two coverage is thin and the thinness is itself the finding: the large majority of rows are on Ethereum mainnet. Polygon's rows are almost entirely historical German and Italian bond issuance, most of it already matured. Linea's single row is an announced commitment, not a confirmed deployment, and rwa.xyz records no material tokenised-asset presence on Linea. Institutional issuance has so far concentrated on mainnet, with layer twos carrying stablecoin float (USDC on Base and Arbitrum) rather than tokenised funds or securities.",
  "Status is a coarse field. 'live' covers both standing programmes and one-off bonds that have since matured (Santander 2019, ABN AMRO and Vesteda, KfW, CDP, Siemens, EIB); the maturity is recorded in each note, but a visualisation that reads 'live' as 'currently operating' will overstate the present. 'pilot' is used for explicit trials; 'announced' for commitments with no confirmed on-chain execution."
 ],
 "integrity_note": "Inclusion in this dataset means one thing only: that on 24 August 2026 a named institution had a specific, publicly reported deployment on Ethereum mainnet or a named Ethereum layer two, and that at least one source URL for it is recorded in the row. It does not mean the deployment is large, successful, ongoing, or strategically important to the institution. Several rows are economically negligible, AllUnity's euro stablecoin stands at roughly half a million dollars and Wyoming's token at under one million, and are included because they are real and verifiable, not because they matter at scale. Several rows marked live describe bonds that matured years ago. Some circulating supply is held entirely by the issuer or its custodian and represents no third-party adoption at all. Where a figure appears it carries the date it was true; figures that could not be dated were dropped rather than estimated, and no month was invented to fill a date field. Rows resting on weaker sourcing, unconfirmed chains, unresolved entity status or unreconciled figures are flagged in their own notes rather than quietly upgraded, and the exclusions recorded in gaps are as informative as the inclusions: the largest bank programmes in the world run on permissioned chains and are absent here by definition, not by judgement. One of six planned research workstreams did not complete, so institutional staking is substantially under-represented and R2 should be read as absent rather than sparse. Absence from this dataset is therefore not evidence of absence in the world; it is evidence that nothing meeting this standard of proof was found in this pass. Two entities in this dataset, BitMine and SharpLink, are anchor funders of Ethereum Institutional and are represented on its board; their rows carry that disclosure, and any public use of this data must carry it too."
}