Bitwise Asset Management has launched automated portfolios of Coinbase’s tokenized US stocks that allow eligible investors outside the United States to follow preset investment strategies while keeping the assets in their own wallets.

The portfolios use Coinbase’s recently launched tokenized stocks, while Glider automatically rebalances users’ holdings to match model portfolios designed by Bitwise, according to a Tuesday announcement.

The initial lineup includes three strategies — the Mag7X, robotics and AI leaders — and include Apple, Nvidia, Microsoft, Tesla and SpaceX.

Tokenized listed stocks now total $2.49 billion, up 5.18% over the past month, with 2.25 million holders and $27.28 billion in monthly transfer volume, according to rwa.xyz.

Unlike a traditional fund, the tokenized stocks remain in users’ non-custodial wallets, with Bitwise setting the portfolio methodology and Glider handling trades and rebalancing. Bitwise charges a 0.15% methodology access fee, excluding trading and Glider platform fees.

Because users retain the individual tokens, Bitwise said the assets could also be used in DeFi applications for lending or borrowing, subject to the risks of those protocols.

The launch comes a day after Coinbase’s tokenized US stocks went live on Base, allowing eligible non-US users to trade the assets around the clock and use them across DeFi applications.

Magazine: MiCA is coming for DeFi vaults, but regulation will be difficult

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World Liberty Financial has rolled out its USD1 stablecoin natively on the Canton Network, positioning the token as a “cash leg” for settlements that pair stablecoin liquidity with tokenized real-world assets (RWAs). The company says the move is designed for institutional use cases where the stablecoin can sit alongside tokenized assets within the same transaction, including scenarios involving derivatives collateral, lending, and issuance and redemption flows.

According to a Tuesday announcement, USD1 is now issued and managed through the Canton integration with privacy and permissioning controls provided by the network. World Liberty adds that the design supports native issuance, allowing USD1 to be used directly in settlement rather than requiring institutions to rely solely on external exchanges or offchain routing.

Key takeaways

• World Liberty Financial launched USD1 natively on Canton to support institutional settlement alongside tokenized RWAs in the same transaction.
• USD1’s use cases span derivatives collateral, institutional lending, and RWA asset issuance and redemptions.
• The stablecoin’s market capitalization is about $4.05 billion, making it the sixth-largest stablecoin by DeFiLlama data.
• USD1 is issued and managed with reserves and mint/redemption processing handled by BitGo Bank & Trust, per World Liberty.
• The integration comes after additional Canton expansion plans, including a pilot connected to state-administered benefits distribution.

Why native USD1 on Canton matters for RWA settlement

For institutional finance, the key constraint in many tokenized-asset workflows is coordinating “cash” and “asset” legs efficiently and with appropriate governance. World Liberty’s announcement frames USD1 on Canton as a solution to this coordination problem: institutions can use USD1 directly for settlement that involves tokenized RWAs while simultaneously applying Canton’s permissioning and privacy features.

The company specifically highlights transaction categories where this structure is expected to be useful. In addition to serving as cash for tokenized asset transfers, USD1 is positioned for derivatives collateral, institutional lending, and the issuance and redemptions of tokenized assets. In practice, these are exactly the kinds of operations where onchain programmability needs to meet operational requirements typically associated with traditional settlement systems.

USD1 supply, reserves, and the role of BitGo Bank & Trust

USD1 has a market capitalization of about $4.05 billion, according to DeFiLlama’s stablecoin data, where it ranks as the sixth-largest stablecoin. That size matters because it suggests the token already has meaningful liquidity and visibility—two factors that institutions often consider when deciding whether a stablecoin can be operationally relied upon for settlement.

World Liberty states that USD1 is issued by BitGo Bank & Trust, which manages the stablecoin reserves and processes mints and redemptions. For readers assessing counterparty and operational risk, this is a notable detail: the integration is not simply a “token move” to a new chain, but a placement of USD1’s core issuance and redemption workflow into a Canton-based settlement environment.

When USD1 launched earlier, World Liberty said it was backed by reserves that include short-term U.S. Treasurys, government money market funds, and dollar deposits. The company’s current Canton deployment continues to emphasize the stablecoin’s use in institutional settlement rather than introducing a new asset class or altering the stated reserve backing in the announcement.

Canton’s institutional framing and network claims

Canton is described by the network as a public, permissionless blockchain intended for institutional finance. In the announcement, Canton’s positioning centers on scale and real-world asset throughput: the network claims it processes and issues more than $9 trillion in tokenized assets each month, and it reports moving more than $350 billion in onchain U.S. Treasurys daily.

Whether institutions focus on the specific magnitude of those figures or not, Canton’s broader pitch is consistent—enabling financial institutions to connect tokenized assets with settlement rails that can fit into regulated workflows. World Liberty’s move to list USD1 natively on Canton is aligned with that pitch: instead of treating the stablecoin as a separate settlement instrument that must be bridged or swapped, the integration targets same-transaction settlement behavior.

What’s next: Canton expansion and RWA distribution experiments

The USD1 launch on Canton follows another Canton expansion announcement made last week. In that update, Digital Asset and former U.S. House Speaker Paul Ryan’s American Idea Foundation described plans for a Canton-based system intended to distribute state-administered benefits across three U.S. states beginning in 2027.

That parallel matters for investors and builders because it suggests Canton is pursuing both “market infrastructure” goals—like RWA and treasury settlement—and “public services” applications that require operational controls. If these tracks progress, networks and stablecoin issuers tied to Canton could see increased relevance in institutional settlement flows beyond financial derivatives and lending.

Still, readers should watch how quickly institutions adopt the integrated settlement design. The announcement explains the capability at launch and ties it to established USD1 issuance and reserve processes, but it does not specify which institutions are actively using the new settlement path or what volumes are expected in the near term.

For now, the practical question is whether native USD1 settlement on Canton becomes a repeatable rails-choice for tokenized RWA operations—especially in lending, collateral management, and issuance/redemption cycles—while Canton’s broader institutional and benefits-distribution initiatives move from planning into execution.

Tributes

Strategy’s Bitcoin treasury may be less vulnerable to a crypto market crash than to a prolonged loss of capital-market access, a risk that could threaten its ability to fund roughly $1.76 billion in annual obligations without selling Bitcoin, according to a recent analysis from Regime Intelligence.

According to the report, Strategy’s 840,447 BTC stash sits behind roughly $22 billion in debt and preferred claims, meaning the company’s Bitcoin accumulation model depends on its ability to continually raise fresh capital to meet obligations.

Contrary to popular belief, Strategy’s (MSTR) biggest vulnerability isn’t a Bitcoin-driven price drop or liquidity event, but its continued dependence on access to capital markets. The report noted that Strategy’s debt does not function like a conventional Bitcoin-backed margin loan, with no BTC-linked margin call that would force the company to liquidate its holdings as prices fall.

Regime Intelligence’s stress test found that Bitcoin would need to fall roughly 96% before Strategy’s Bitcoin holdings and reserves would no longer cover its convertible notes. However, that shifts the risk to the other side of the balance sheet, as Strategy must continue servicing roughly $1.76 billion in annual preferred dividends and interest regardless of Bitcoin’s price.

“In my opinion, MSTR’s principal challenge is to keep the flywheel running in order to cover the annual debt and preferred charges,” the report’s author, Sherif Saad, told Cointelegraph.

He said investors should watch Strategy’s preferred share price and cash reserves, which currently cover about 2.6 times its annualized charges.

If financing conditions deteriorate, its Bitcoin accumulation strategy could reverse, forcing greater reliance on reserves and Bitcoin sales to meet its obligations.

“During a prolonged BTC decline, the problem becomes more serious if MSTR’s share price and mNAV decline at the same time,” he said, adding that raising capital would then become “progressively more difficult or expensive.”

Following Bitcoin’s recent recovery, Strategy’s BTC stash is now worth $66.7 billion, higher than the company’s $63.36 billion cost basis. Source: BitcoinTreasuries.NET

Related: Standard Chartered analyst eyes $100K BTC as US Treasury doubles long-end buybacks

Michael Saylor’s juggling act

Much of the perceived risk surrounding Strategy centers on its willingness to tap the Bitcoin on its balance sheet, especially after executive chairman Michael Saylor spent years promoting a “never-sell” approach. So, it came as a surprise to some Bitcoiners when Strategy began selling BTC this year to meet its other business obligations. 

The company has sold Bitcoin four times since May, including a recent sale of 1,690 BTC, with proceeds from recent sales used to fund preferred stock dividends, share repurchases and its growing US dollar reserve.

Despite the sales, Strategy CEO Phong Le reminded investors that the company has accumulated “about 25 times more” Bitcoin than it has sold this year. He told CNBC earlier this month that the company plans to resume Bitcoin purchases later this year.

Related: Crypto Biz: Bitcoin’s $116M self-custody wake-up call