Muriel Siebert Selects tZERO for Tokenised Securities

Muriel Siebert & Co. has selected tZERO to provide the digital securities infrastructure for its new asset tokenisation business. Siebert, which manages some $20 billion in assets, is deploying tZERO’s technology stack to support its expansion into DLT-based investments. The platform will handle the entire lifecycle of Siebert’s digital assets, covering investor onboarding, compliance, custody, and secondary market trading.

The first investment product to be supported on Siebert’s tZERO’s platform will be GLDY, a gold-backed, yield-bearing tokenised security developed by Streamex. Siebert will provide private placement services utiising Rule 506(c) of Regulation D under the Securities Act to offer tokenised securities to accredited investors through its traditional brokerage channels.

Circle Set to Diversify Services via Trust Bank

Circle, the issuer of the world’s largest regulated stablecoin – USDC – has received approval from the US Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, N.A., a national trust bank. The bank will operate under the name Circle National Trust.

Via its trust bank, Circle will be able to offer digital asset custody services to itself, its affiliates, and to a limited number of institutional customers. Those customers could include banks and other financial institutions, such as regulated derivatives organisations. It also can manage its USDC Reserve fund directly, reducing costs and bringing the operation under federal regulatory oversight to further enhance the safety, transparency, and trust of USDC.

Strategically, the trust capability allows Circle to diversify from mainly issuing stablecoins to becoming a fuller service infrastructure provider to institutions issuing tokenised assets. Such a broadening of its services could be important as Circle is likely to face increased competition for stablecoin issuance once the Open Standard’s Open USD launches later this year.

Robinhood Chain Launches with Dedicated Public Trading Pool

The Public Mainnet of Robinhood Chain has officially launched, creating a new institutional-grade Layer 2 blockchain built on the Arbitrum platform. The new chain connects directly to Robinhood’s base of onchain users and features tools for lending and borrowing. Focused on real-world assets, it offers application developers fast transaction speeds and was built with technology partners Alchemy, BitGo, and Chainlink.

The chain’s ecosystem supports a number of day-one partners to provide initial liquidity. Uniswap, a leading decentralised crypto exchange, is deploying a dedicated Automated Market Maker (AMM) to serve as the chain’s main public trading pool. Additionally, the Pleiades AMM will offer a private trading venue, helping to integrate advanced decentralised financial tools into everyday professional workflows.

Robinhood announced its mainnet alongside a slew of other offerings, including tokenised stock trading available in 120+ countries (but currently not the US, Canada or the UK) and agentic AI-driven crypto trading.

Bloomberg Taps Kaiko to Add Broadridge’s Onchain Data to its Terminal

Bloomberg has added Broadridge’s Distributed Ledger Repo (DLR) platform data to its Terminal, marking the first time the service has included live data from a blockchain-native fixed income market. Distributed through Kaiko’s regulated data infrastructure, Bloomberg now publishes daily repo par value, turnover, and trade count alongside traditional fixed income data.

This development is a significant milestone for institutional investor workflows. The DLR platform currently processes $7.5 trillion in monthly volume (a 457% year-over-year increase) and handles $362 billion in daily settlements.

Kaiko provided the technology bridge from data held on Broadridge’s DLT to Bloomberg’s formatting, entitlement, and compliance standards.

Chainlink’s DLT-Based Project Pangea Tackles T+0 FX Settlement

Oracle provider Chainlink’s Project Pangea has assembled 50+ banks across 16 countries to bring DLT-powered real-time atomic settlement to the $9.6 trillion per day foreign exchange market.

The project’s bank partners include members of three European and Korean consortia, while the technology base comprises Chainlink’s CCIP (Cross-Chain Interoperability Protocol), Swift’s ISO 20022 messaging service and DLT-based settlement technology from FairSquareLab, a Korean digital asset infrastructure developer.

FairSquareLab’s onchain settlement technology uses stablecoin transfers and smart contracts running on Ethereum, Polygon, and a proprietary L1 network. Banks access Pangea via existing Swift connections while Chainlink supports digital asset transfers and FX market data.

State Street Launches GENIUS Act Stablecoin Fund

State Street Investment Management has launched the State Street Stablecoin Reserves Money Market Fund, a regulated money market fund designed to support stablecoin issuers. The fund, which complies with the recently introduced GENIUS Act, offers a regulated reserve option for stablecoin issuers. State Street Bank and Anchorage Digital are the first investors in the fund.

Already the largest real-world application of DLT, USD-denominated stablecoins account for trillions of dollars in annual transactions. Since they are typically backed by short-term U.S. Treasury debt, the U.S. government views them as strategic to the country’s economy and as a result, issuers are required to maintain secure, liquid, and regulated funding pools.

Since money market funds currently represent the single largest tokenised asset category, the addition of funds designed to back stablecoins represents increased convergence of the traditional and digital asset securities spaces.

EIB Issues Commercial Paper on Clearstream’s D7 DLT; Looks to Hybrid Platform

The European Investment Bank (EIB) has issued the first DLT-native, Euro-denominated commercial paper on Clearstream’s D7 DLT platform. The EUR 77.5 million issuance was made in compliance with Europe’s Central Securities Depositories Regulation (CSDR) and involved Citi as sole dealer and issuing/paying agent, as well as BIL, DekaBank, DZ BANK, Eurex Clearing, Union Investment and Volksbank Mittlerer Schwarzwald as primary investors.

Subsequently, DekaBank and Eurex Clearing were able to demonstrate collateral mobility for the DLT-based tokenised securities through Clearstream’s triparty collateral management solution and the European Collateral Management System to support financing with the Bundesbank.

Launched in 2025 following substantial trials with the European Central Bank, D7 DLT is a private, permissioned distributed ledger platform designed by Clearstream in collaboration with Google Cloud.

Following the EIB issuance, Clearstream has announced plans to create a hybrid infrastructure to support both traditional and digital securities. Market participants will be able to hold and combine traditional securities, DLT-based tokenised securities and cash in a single portfolio.

The hybrid offering will launch in stages during 2026 and 2027. Subject to regulatory approval, it will cover the entire securities lifecycle, from issuance, distribution, settlement and custody, through to asset servicing, liquidity and financing.

Clearstream Unveils Next-Generation Hybrid Digital Securities Infrastructure

Clearstream, the post-trade business of Deutsche Börse Group, has announced a next-generation digital securities infrastructure designed to integrate traditional and tokenised asset markets. The hybrid platform will enable market participants to combine traditional securities, digital assets, and various cash forms within a single portfolio. Operating across Europe and connecting 60 global markets, the initiative aims to support the EU’s Savings & Investments Union by streamlining international investment flows.

Launching in phases throughout 2026 and 2027, the infrastructure remains subject to regulatory approval. Once live, it will span the full securities lifecycle—including issuance, settlement, custody, and financing—for all assets regulated under the EU’s MiFID and MiCA frameworks. The platform will grant institutional access to blockchain technology, stablecoins, and security tokens regardless of the underlying technology or asset type.

Developed alongside market partners, the platform builds on Clearstream’s existing financial infrastructure, which holds EUR 22 trillion in assets under custody. The collaboration focuses on practical market applications, such as large-scale asset tokenisation, direct blockchain settlement, and the reuse of digital assets as collateral across multiple transactions.

Gold-i Expands DeFi Access with Derive.xyz Integration on MatrixNET

Trading technology provider Gold-i has integrated Derive.xyz, the largest on-chain options exchange, into its multi-asset liquidity management and distribution platform, MatrixNET. The move marks Gold-i’s second decentralised finance (DeFi) integration, following its recent partnership with the perpetual futures and spot trading platform Hyperliquid.

The integration enables Gold-i’s institutional client base—including brokers, proprietary trading firms, and fund managers—to access Derive’s liquidity pools. This access is supported across several mainstream trading platforms, including MT4, MT5, DXtrade, and CLEO. Additionally, the partnership opens commercial avenues for Gold-i to offer its technology to Derive’s native user base of corporate treasuries and foundations.

By routing through MatrixNET’s ultra-low latency infrastructure, institutional users can access deep liquidity and customisable execution models. The platform provides advanced routing and aggregation features designed to help clients secure better pricing, attract more customers, and mitigate toxic trading.

DTCC and Stellar Development Foundation Partner to Tokenize Real-World Assets

The Depository Trust & Clearing Corporation (DTCC) and the Stellar Development Foundation (SDF) have announced a partnership to enable the tokenization of assets custodied by The Depository Trust Company (DTC) on the Stellar network. This collaboration follows an SEC No-Action Letter received in December 2025, which authorized DTC to implement a new service for digital asset tokenization. The initiative aims to provide market participants with faster settlement, greater asset mobility, and reduced costs while maintaining identical investor protections and safeguards as traditionally held securities.

The integration is projected to launch in the first half of 2027, supporting the rapid conversion of traditional assets alongside full lifecycle management, corporate actions, and reporting. In the interim, both organizations will collaborate to evaluate tokenization use cases for highly liquid asset classes. This will include constituents of the Russell 1000, exchange-traded funds (ETFs) tracking major indices, and U.S. Treasury bills, bonds, and notes, ensuring full compliance with DTC’s regulatory obligations.