JPMorgan Chase used the solana blockchain to arrange a $50 million short-term bond for Galaxy Digital Holdings, a deal that represents one of the earliest uses of public blockchain infrastructure for issuing and servicing traditional securities. The bond, purchased by Coinbase and Franklin Templeton and settled in the USDC stablecoin, highlights growing institutional adoption of tokenized debt as regulatory conditions ease and demand for digital-asset infrastructure expands.

Broadridge Financial Solutions' Distributed Ledger Repo platform has reported a significant increase in average daily trade volumes for repo transactions, reaching $368 billion in November for a total of $7.4 trillion. The year-over-year increase is 466%, which Broadridge attributes to the growth of tokenization activities in capital markets.

Digital Asset, working with a group of financial institutions, has completed a second set of transactions on the Canton Network, demonstrating progress toward a scalable, always-on capital markets infrastructure. The latest transactions show increased stablecoin liquidity, broader participation and real-time collateral reuse.

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The Securities and Exchange Commission has approved a three-year pilot from the Depository Trust Company to record certain securities on blockchains. The pilot will allow the DTC to mint and burn tokens representing securities entitlements already held in custody, and participants can shift securities including Russell 1000 stocks and US Treasurys into blockchain wallets.

JPMorgan Chase has launched its first tokenized money market fund, the My OnChain Net Yield Fund, allowing qualified investors to hold digital tokens representing fund ownership. The fund uses the Ethereum blockchain to record transactions and provides a more efficient investment option. JPMorgan's initiative follows similar efforts by BlackRock, Goldman Sachs and Bank of New York Mellon.

Doha Bank has issued a $150 million digital bond that settled instantly using Euroclear's distributed ledger technology, highlighting a shift toward regulated digital infrastructure over public blockchains. The bond, listed on the London Stock Exchange, achieved same-day settlement and was coordinated by Standard Chartered.

The Commodity Futures Trading Commission has established the CEO Innovation Council, composed of executives from firms such as Gemini, Kraken, CME Group, Nasdaq and Intercontinental Exchange, to address derivatives market structure, focusing on tokenization, cryptocurrency and blockchain. This initiative, led by acting Chairman Caroline Pham, is part of a broader effort to enhance US policy on digital assets, coinciding with a pilot program for cryptocurrency collateral in derivatives markets.

The Federal Deposit Insurance Corp. proposed a framework detailing how banks could apply to issue payment stablecoins through subsidiaries, marking an early regulatory step following the passage of the GENIUS Act. The plan would require regulators to assess reserve backing, capital and liquidity standards, operational risks and management fitness before granting approval, and is open for public comment.

The US House passed the bipartisan INVEST Act, a capital-formation and securities modernization package designed to expand access to capital and investor opportunities, including modifying requirements for private markets, broadening the accredited investor definition and allowing 403(b) plans to invest in collective investment trusts.

DeFi groups and crypto industry advocates have strongly pushed back against Citadel Securities' call for the SEC to impose stricter regulations on decentralized finance intermediaries, especially in relation to tokenized securities. In a recent letter, organizations including the DeFi Education Fund and Andreessen Horowitz criticized Citadel's interpretation of securities laws, arguing that DeFi operates fundamentally differently from traditional finance because it lacks intermediaries, making it difficult to apply the same regulatory framework.