SpaceX has transferred Bitcoin for the first time in six months, while its newly listed SPCX shares have fallen more than 25% from recent highs despite joining the Nasdaq-100.

According to Arkham Intelligence, a wallet linked to Elon Musk’s SpaceX moved just $88 worth of Bitcoin on July 8, ending a six-month period without on-chain activity. Although the transfer was tiny, it quickly fueled speculation across crypto markets because the company’s wallets have historically remained inactive for long periods.

Arkham Intelligence data showed that SpaceX still holds about 18,712 BTC, worth roughly $1.16 billion at current prices. The receiving wallet now contains 614 BTC valued at about $38 million. The blockchain analytics platform also showed that the company’s previous major transfer involved more than 1,016 BTC worth nearly $100 million.

Why did a small Bitcoin transfer attract attention?

While the latest transaction involved only a nominal amount, it arrived after a series of larger Bitcoin sales by corporate treasury holders. Strategy, MARA Holdings, Nakamoto Holdings, and Sequans Communications have all disclosed Bitcoin sales in recent weeks.

Last week, Strategy announced a Bitcoin sale worth about $216 million, adding to investor sensitivity around transfers from large institutional wallets.

Past activity has also added to the attention. Arkham Intelligence data indicates that outflows from SpaceX to unidentified wallets accelerated around the crypto market decline on Oct. 10 last year before slowing as the company’s attention turned toward its public listing.

Meanwhile, Bitcoin traded above $62,000 but remained nearly 2% lower on the day as geopolitical tensions weighed on risk assets. The decline followed renewed U.S.-Iran strikes, while President Donald Trump questioned whether the cease-fire between the two countries would hold after both sides exchanged fresh attacks.

Why has SPCX remained under pressure despite Nasdaq-100 inclusion?

Selling pressure has continued in SpaceX shares even after the company secured a place in the Nasdaq-100. SPCX closed 6.83% lower at $149.47 on Tuesday after touching an intraday low of $148.86, leaving the stock below its IPO debut price and more than 25% below levels seen about a month ago. Premarket trading on Wednesday showed the shares edging up 0.49%.

Nasdaq confirmed that SpaceX qualified for accelerated inclusion under revised eligibility rules that allow certain large newly listed companies to enter the Nasdaq-100 much sooner than previously permitted. The company officially joined the benchmark before the opening bell on July 7, making it one of the fastest IPOs to enter the technology-focused index.

According to JPMorgan, the index addition is expected to generate roughly $4.3 billion in compulsory buying by passive exchange-traded funds and other index-tracking portfolios that must rebalance their holdings to match the Nasdaq-100. Even with that expected inflow, investors continued taking profits after the stock’s strong rally following its market debut.

Wall Street has nevertheless remained constructive on the stock. As previously reported by crypto.news, analysts at Morgan Stanley, Goldman Sachs, and Citigroup have initiated coverage on SpaceX with higher valuation targets.

Morgan Stanley has taken the most bullish stance, assigning a $300 price target while arguing that the company’s long-term growth prospects remain intact despite the recent pullback.

Stablecoins are increasingly showing up at the heart of tokenized finance, not just as short-term trading tools. In a report released by Binance Research, stablecoin-settled perpetual contracts tied to traditional financial assets generated more than $1.1 trillion in trading volume in the first half of 2026—highlighting how on-chain dollar instruments are being used to mirror parts of TradFi through crypto.

Binance Research also points to a broader shift in behavior among exchange users: stablecoins are becoming long-term portfolio holdings rather than assets held only for brief trading windows. That dual role—derivatives settlement and everyday value storage—helps explain why stablecoin activity is rising alongside the market’s size.

Key takeaways

• Binance Research reports stablecoin-settled TradFi-linked perpetual contracts topped $1.1 trillion in first-half 2026 volume.
• Those TradFi perpetuals accounted for roughly 11% of all crypto perpetual trading volume in the first five months of 2026, per Binance Research.
• Binance data cited in the report shows stablecoins are moving from “temporary” trading assets toward longer-term holdings (with stablecoin-heavy portfolios becoming far more common).
• Stablecoin usage for cross-border transfers is accelerating in Latin America, where transfer-user share on Binance rose to 38% in 2026 from 17% in 2025.
• Overall stablecoin market capitalization is around $311 billion, with payment-related activity supported by recent record transaction volumes tracked by Visa’s Allium dashboard.

Derivatives settlement moves closer to TradFi

One of the clearest signals from Binance Research is that stablecoins are increasingly being used as settlement rails for perpetual contracts linked to traditional financial assets. These “TradFi perpetuals” are designed to give traders exposure to assets familiar from conventional markets, while using crypto infrastructure and stablecoin settlement.

According to Binance Research, this segment expanded to roughly 11% of total crypto perpetual trading volume across the first five months of 2026. The first-half 2026 figure—over $1.1 trillion in stablecoin-settled TradFi perpetual trading—suggests the category is no longer a niche experiment and has become a meaningful slice of derivatives activity.

The practical implication for traders and market makers is that stablecoins are becoming less optional in derivatives routing. Instead of merely being a quote asset or temporary buffer, they are increasingly embedded in how positions are effectively settled and maintained.

Stablecoins shift from trading fuel to portfolio core

Binance Research argues the stablecoin story is not only about derivatives. It says stablecoins are increasingly used as longer-term stores of value, with measurable changes in how exchange users allocate their holdings.

The report states that 30% of Binance exchange users now hold more than half of their portfolios in stablecoins, up from 4% in 2020. This is a large behavioral change, suggesting that many participants are treating stablecoins as a default “base” for account value—whether for risk management, quick deployment into trades, or keeping capital positioned on-chain without exposure to higher volatility assets.

For investors and traders, the takeaway is that stablecoins may be playing an increasingly structural role in liquidity and capital allocation. If more participants keep a stablecoin-heavy allocation, it can affect how quickly liquidity appears across markets and how sensitive exchange order books are to broader market swings.

Payments momentum and record transaction volumes

Beyond exchange behavior and derivatives, the report frames stablecoins as part of a wider payment and settlement ecosystem. DefiLlama data cited in the article shows global stablecoin market capitalization is roughly $311 billion, up from about $254 billion a year earlier.

Visa’s Allium-powered stablecoin dashboard adds another layer to the activity picture. According to Visa’s dashboard figures referenced in the article, adjusted stablecoin volume reached a record $1.79 trillion in June—exceeding the previous high set in February. The combination of a higher market cap and stronger transaction activity points to demand that is not limited to speculative trading.

For readers, this matters because stablecoin growth that is supported by transaction throughput is generally more resilient than growth driven solely by short-lived leverage cycles. When payment rails and settlement demand rise, stablecoins can become more tightly linked to real usage patterns.

Latin America becomes a focal point for transfer adoption

Binance Research also highlights a geographic shift in stablecoin usage for cross-border payments, with Latin America standing out. The report says the region’s share of Binance stablecoin transfer users more than doubled to 38% in 2026 from 17% in 2025, attributing the change to growing demand for faster and lower-cost international transfers.

The report’s findings align with broader marketplace signals. A report highlighted in the article from Bitso—an exchange based in Mexico City—found that US dollar-pegged stablecoins represented 40% of crypto asset purchases on its platform in 2025. That share surpassed Bitcoin’s 18% for the first time, suggesting stablecoins are increasingly the gateway asset for purchases and on-chain value conversion in the region.

Industry participants have also framed stablecoin payments as an opportunity set beyond the traditional US-to-Mexico remittance corridor. The article notes that in May, Claudia Wang, a former Bybit executive, estimated remittance corridors outside the US-to-Mexico market represent a $112 billion opportunity for stablecoin issuers.

Traditional players appear to be moving in parallel. In May, Western Union launched its USDPT stablecoin on the Solana network for cross-border payments. Later, MoneyGram launched its MGUSD stablecoin on the Stellar network for remittances using its consumer app, expanding the set of on-chain rails available to customers.

Taken together, these developments reinforce the idea that stablecoins are increasingly treated as payments infrastructure, not just speculative tokens. As adoption concentrates in regions with strong remittance demand, competitive pressure may shift toward reliability, coverage, fee efficiency, and user onboarding—areas where crypto-native rails can compete directly with legacy systems.

Looking ahead, investors and builders should watch whether stablecoin usage keeps deepening beyond trading venues—especially in high-throughput payment corridors like Latin America—and whether derivatives growth continues at a similar pace as market structure evolves. The key open question is how quickly stablecoin-settled TradFi perpetuals and real-world transfer flows can reinforce each other in sustained volume.

Crypto markets could benefit from increased liquidity if the US central bank steps in to support the $75 trillion equity market in a bear market, as it is “too big and too important to fail,” according to analysts.

The US equity market has grown by 68% over the past five years and has added roughly $6 trillion in market value so far this year. However, analysts and experts, such as goldbug Peter Schiff, have warned that years of rapid growth could be setting up the market for a major correction.

Such a correction could see the Fed “break decades of precedent” and buy equity ETFs to support the stock market, Balchunas said on Tuesday, while other analysts said the resulting move to increase liquidity could set up an environment for cryptocurrencies to benefit.

“Once the Fed steps in, rate cuts, balance-sheet expansion, even targeted ETF purchases, crypto has historically entered a medium-to-long-term uptrend, similar to what we saw in 2021, as risk appetite returns and capital rotates back into high-beta assets,” Bitget Wallet chief operating officer Alvin Kan told Cointelegraph.

Stocks deeply embedded in American households

Balchunas said that 58% of Americans own stocks, so “the political pressure to keep stocks out of a prolonged bear market is going to be very powerful.”

In 2020, the Fed bought corporate bond ETFs during COVID-19 to act as a “buyer of last resort” to restore liquidity to frozen credit markets. The unprecedented move saw it acquire $8.7 billion worth of ETFs, which helped to limit economic damage from the pandemic.

“I think there’s a good chance the Fed will buy equity ETFs in the next major downturn to support [the] market, and it will be common practice going forward,” said Balchunas.

Related: Crypto turns ‘contrarian bet’ as AI stocks draw investor attention: Bitwise

Central banks in China and Japan currently use indirect equity ETF purchases via authorized intermediaries with public funds to boost liquidity, and America could follow, he added.

“This is just one byproduct of the ‘Nothing Stops This Train’ monetary supply explosion and debt extravaganza sweeping the world, but especially in the US, which at this point feels irreversible.”

US stock market cap growth over the past five years, as measured by the Wilshire 5000 Total Market Index. Source: Yahoo Finance

Crypto remains tied to dollar liquidity

HashKey Group senior researcher Tim Sun said that a prolonged, severe bear market “would do far more than just erode investor wealth — it would directly shock consumer spending, compromise pension stability, stall corporate credit expansion, and dent tax revenues.”

While cryptocurrencies will not receive direct backing from the central bank, “their macro pricing remains fundamentally tied to US dollar liquidity, real interest rates, and equity market risk sentiment,” Sun added. 

“Once market participants are convinced that a policy floor effectively underpins risk assets, the risk premium demanded for highly volatile assets will compress. As a result, Bitcoin and mainstream crypto assets are poised to benefit significantly from improving liquidity expectations and a broader revival in risk appetite.”

Bitcoin has underperformed US stock markets this year. Source: Google Finance

Strong incentive to backstop major drawdowns

“This structural backstop supports a more resilient macro backdrop, and that’s ultimately bullish for crypto’s role as a growth and diversification asset in a world of expanding global liquidity,” Kan said. 

Meanwhile, Jeff Mei, the operating chief of BTSE, told Cointelegraph that in the event of a downturn, “it’s difficult to see the Fed printing more money to stimulate it, given that inflation is still high. However, there are other tools they can deploy to take action.”

Features: The biggest blockchain upgrades still to come in 2026

Bitcoin Standard Treasury Company (BSTR), founded by Blockstream CEO Adam Back, is seeking to renegotiate its proposed merger with Cantor Equity Partners I, a SPAC backed by Cantor Fitzgerald. In an announcement released Wednesday, BSTR and Cantor Equity Partners I said they have scrapped the original deal terms and will move into new negotiations, citing the need for provisions that “better reflected market conditions.”

The change arrives as investors watch SPAC-backed crypto-adjacent companies for signs of whether tokenization and Bitcoin-treasury themes can still clear public-market hurdles. A shareholder meeting scheduled for Friday to vote on the merger and related public offering has been postponed indefinitely, with the companies saying they will share further details later.

Key takeaways

• BSTR and Cantor Equity Partners I have terminated the original 2025 merger terms and will negotiate a revised agreement.
• The planned shareholder vote on the SPAC merger and public offering has been postponed indefinitely.
• BSTR’s initial structure included a contribution of more than 30,000 BTC plus $1.5 billion in PIPE financing.
• The U.S. SEC recognized the registration statement for the original deal in June, but the offering timeline has now stalled.
• The broader SPAC backdrop is under pressure after a Cantor-associated tokenization deal by Securitize began trading last week.

Merger terms scrapped, vote delayed indefinitely

According to the Wednesday update, BSTR and Cantor Equity Partners I decided to drop the original terms of their proposed business combination and negotiate a new set of provisions. The companies did not provide specifics on what would change, but they said the goal is to align the agreement more closely with current market conditions.

Because the shareholder meeting originally scheduled for Friday has been postponed indefinitely, the deal’s next steps are now uncertain. Both sides indicated they would provide additional information “in due course,” leaving investors to wait for details on the revised structure, timing, and any updated financing or equity economics.

What the original BSTR-Cantor framework included

The initial proposal contemplated a larger public-market launch for BSTR built around a Bitcoin treasury strategy. In the original deal, BSTR was set to contribute more than 30,000 Bitcoin (BTC) and $1.5 billion in PIPE (Private Investment in Public Equity) financing.

The SEC’s role was a key marker for progress: the regulator recognized the registration statement connected to the merger agreement in June. That recognition is often viewed by deal participants as an important step toward executing a SPAC-linked offering, which contributed to expectations that a public listing would follow soon after.

Now, with the shareholder vote delayed and the parties resetting negotiations, the original timeline appears to have been overtaken by the same “market conditions” rationale cited in the announcement.

SPAC flexibility and the shifting viability of “Bitcoin treasury” themes

While the BSTR update explains the immediate reason for renegotiation, the wider context is the scrutiny that Cantor SPAC structures have faced from industry observers.

Earlier coverage cited by Institutional Investor described Cantor as having “a lot of wiggle room” in SPAC transactions, moving beyond a narrow focus on Bitcoin treasury vehicles such as BSTR and Twenty One Capital. The report referenced Twenty One Capital’s completion of a $3.6 billion merger deal with Cantor in 2025, suggesting that the Cantor-backed ecosystem had been experimenting with broader or more flexible deal themes.

According to the same Institutional Investor piece, SPACInsider founder and CEO Kristi Marvin said that it was unclear whether a Bitcoin treasury-focused SPAC approach would remain attractive in the near term—adding that the outlook might look different once the next few months play out.

That tension helps frame what BSTR is now navigating: if market appetite for specific SPAC-linked crypto strategies has cooled or become more selective, even SEC-acknowledged registration steps may not be enough to guarantee deal execution on schedule.

Securitize’s Cantor-linked debut highlights the stakes for the category

The uncertainty around BSTR’s merger comes after Securitize, a tokenization company, made its debut on the New York Stock Exchange following a Cantor-related SPAC transaction.

Cointelegraph previously reported that Securitize received SEC approval for its SPAC deal with Cantor Equity Partners II in June and began trading on the NYSE about a week after shareholders signed off. Cointelegraph also noted that the shares started trading under the ticker SECZ.

In the days immediately following the listing, the price action underscored how quickly sentiment can shift. The article says the shares traded at $7.42 apiece on Wednesday, roughly 40% below their July 2 closing price of $12.30.

Taken together, Securitize’s early market performance may not directly determine BSTR’s outcome, but it illustrates the challenge of raising capital and maintaining investor confidence in public-market vehicles tied to digital asset infrastructure themes.

What investors should watch next

For BSTR and Cantor Equity Partners I, the next milestone will be the details of the revised merger terms—especially how the companies plan to rework financing and equity economics after scrapping the original agreement. Until a new shareholder process and timeline are established, investors will likely focus on whether the parties can rebuild deal certainty without losing market momentum.

Key Highlights

• SpaceXAI and Cursor are set to unveil their first collaborative AI model, potentially as early as Wednesday, according to The Information
• The release was postponed earlier in the week to enhance performance and efficiency
• The new model aims to rival OpenAI’s GPT-5.5 and Anthropic’s Opus 4.8
• This development precedes SpaceX’s proposed $60 billion all-stock purchase of Anysphere, Cursor’s parent company
• SpaceX (SPCX) became part of the Nasdaq-100 on Tuesday, marking a swift rise following its June 12 public offering, with shares trading near $151

SpaceXAI and Cursor are on the verge of unveiling their first collaborative artificial intelligence model, with the rollout potentially happening as early as Wednesday, based on reporting from The Information that referenced an internal company memo.

The two organizations initially targeted an earlier release this week but decided to delay the launch to refine the model’s performance and operational efficiency.

SPCX shares were hovering around $151 during early Wednesday market activity, reflecting an approximately 1.4% increase.

Space Exploration Technologies Corp., SPCX

The upcoming model has been engineered for rapid information processing. Based on available reports, it’s anticipated to perform competitively in select benchmarks against Anthropic’s Opus 4.8 and OpenAI’s GPT-5.5.

Officials from SpaceXAI and Cursor have not publicly confirmed the release timeline or disclosed comprehensive details about the model’s features. Reuters indicated it was unable to independently corroborate the information. Cursor representatives declined to provide commentary, while SpaceXAI did not respond to inquiries.

Release Timing Precedes Acquisition Completion

The model’s introduction is happening before SpaceX finalizes its acquisition of Anysphere, the organization that created Cursor. SpaceX revealed the all-stock transaction in June, placing Anysphere’s valuation at $60 billion.

The deal is projected to conclude during Q3 2026. For SpaceXAI, the acquisition strengthens its position in AI-powered coding solutions. For Cursor, it addresses a persistent challenge: insufficient computational resources.

AI-assisted coding represents one of the industry’s most rapidly expanding sectors, offering substantial revenue opportunities that have drawn intense competition from well-capitalized competitors.

This collaborative model marks the first significant product emerging from their partnership, arriving even before the transaction’s official completion.

It’s important to emphasize that this information stems from an unverified internal memo. Neither organization has issued official confirmation.

SPCX Achieves Nasdaq-100 Status

SpaceX reached another significant benchmark on Tuesday with SPCX’s addition to the Nasdaq-100 index, occurring less than 30 days after its June 12 market debut.

The rapid inclusion was facilitated by updated Nasdaq regulations that permit recently public companies to qualify for prominent indexes faster than previous standards allowed.

SPCX has experienced considerable price volatility since its initial public offering. Shares currently trade around $151, with Wall Street analysts monitored by TipRanks establishing an average 3-month price objective of $218.08.

Among 28 analysts following the stock, 22 assign it a Buy rating, 5 recommend Hold, and 1 suggests Sell — forming a Strong Buy consensus.

Inclusion in the Nasdaq-100 ensures SPCX will be incorporated into numerous index-tracking investment vehicles, expanding its exposure to institutional capital.

SpaceX’s accelerated progression from IPO to Nasdaq-100 membership positions it among the fastest companies to achieve this milestone under the exchange’s modernized listing criteria.

Tokenization of real-world assets (RWAs) is advancing faster than many investors expected, but a major constraint remains: DeFi access and infrastructure. A recent research note by Standard Chartered’s head of digital assets research, Geoff Kendrick, argues that on-chain finance could rapidly absorb tokenized products—provided DeFi ecosystems can actually integrate them.

Kendrick estimates that only about 3% of stablecoins and 10% of tokenized real-world assets are currently used in DeFi. He projects that these shares could rise to 30% by 2030. That would represent a dramatic shift in how tokenized assets flow through decentralized markets, according to the note—though the pace will likely hinge on regulatory clarity and, just as importantly, practical trading and custody plumbing.

Key takeaways

• Standard Chartered expects DeFi’s use of tokenized assets to expand sharply, with Kendrick projecting 30% usage by 2030.
• Tokenized Treasuries remain the largest RWA on-chain category by distributed value, around $15 billion, supported by yield-bearing demand.
• Tokenized private credit is growing but still far smaller than Treasuries, at roughly $6.2 billion across major issuer platforms.
• Tokenized stocks are still a small share overall, yet growth is accelerating alongside broader market-structure pilots.
• Tokenized commodities have shown resilience during market closures, with on-chain perpetuals seeing sharply higher weekend volumes in early 2026.

Why DeFi adoption could be the real bottleneck

Tokenization is not the same as decentralized utility. Kendrick’s research frames the current gap: stablecoins and RWAs do exist on-chain, but only a limited portion is deployed inside DeFi strategies. The difference matters because DeFi liquidity, lending, hedging, and derivative markets typically require robust token standards, reliable custody, and operational integrations with trading venues.

The research note’s optimistic outlook for DeFi usage rests on a broader expansion in tokenized markets. According to data compiled by RWA.xyz, tokenized real-world assets reached $32.22 billion in distributed on-chain value by the end of June, nearly three times the $11.8 billion reported a year earlier. When stablecoins are included—understood here as tokenized representations of fiat—the wider tokenized market stands above $328.8 billion, per the same dataset.

RWA.xyz also reports that RWA asset holders grew to 937,928, up 13% in a single month—an indicator that the ownership layer is widening even if DeFi penetration is not yet where it could be.

Treasuries lead on-chain: yield, familiarity, and expanding access

Within RWAs, US Treasury instruments are currently the standout. Tokenized Treasuries are the largest category by on-chain value at about $15 billion. The appeal is straightforward: investors get familiar assets, low perceived risk, and yield—capabilities that stablecoins do not provide on their own.

BlackRock’s BUIDL fund, launched in March 2024, reached over $2.9 billion in total asset value by June 2025, and it was at $2.23 billion at the time of reporting. The article notes that some funds declined as capital was reallocated, reflecting competition among platforms and shifting allocations rather than a universal withdrawal.

Importantly for DeFi, tokenized funds are beginning to connect to decentralized trading venues. In February 2026, Uniswap Labs and Securitize announced that BUIDL shares were available for trade on UniswapX. The integration is described as restricted—meaning access is not fully open-ended—but it still signals a step toward bringing regulated, institutional-grade tokenized assets into DeFi-style execution.

Elsewhere, Franklin Templeton’s OnChain US Government Money Fund is represented by the BENJI token, which the article says has reached $2.44 billion. It runs across multiple networks, including Avalanche and Arbitrum as well as others listed in the report.

Beyond these flagship products, the piece highlights several additional Treasury offerings including Circle’s USYC (about $3.1 billion), Ondo’s tokenized suite (around $3.7 billion), and WisdomTree’s WTGXX (about $764 million). Together, these illustrate that Treasuries are not just the largest category by distributed value—they’re also where momentum is most visible across platforms.

Private credit and tokenized credit: liquidity where lockups used to dominate

Private credit—loans issued, negotiated, and held by non-bank institutions—has emerged as another growth lane within RWAs. The rationale overlaps with Treasuries but with a different incentive: private credit can offer higher yields than government debt, while tokenization can also address a long-standing pain point. Traditional private credit is often characterized by extended capital lockups; tokenization can make positions more transferable, usable as collateral, and redeemable.

According to RWA.xyz data cited in the article, the largest tokenized private credit platforms are Maple Finance and Stokr, each holding about a 22% market share. The total value of tokenized private credit is reported at approximately $6.2 billion—small relative to Treasuries, but meaningful for a sector that historically lacked liquid secondary markets.

Stocks and ETFs: pilots begin, but scale is still early

Tokenized stocks remain a fraction of the broader RWA ecosystem. RWA.xyz data referenced in the article places tokenized stocks at about $2.19 billion, with growth of nearly 50% in the previous 30 days at the time of writing.

The next potential step-change is market-structure modernization. In May, the Depository Trust & Clearing Corporation (DTCC) announced plans to pilot tokenized securities trading. DTCC clears and settles almost all US stock trades and custodies over $114 trillion in securities, according to the report. The pilots are described as beginning in the current month, with a full commercial launch considered possible by October. The pilot assets include Russell 1000 equities, major index ETFs, and US Treasuries, with participation listed across a wide range of financial firms including BlackRock, Goldman Sachs, JPMorgan, Citigroup, Bank of America, Morgan Stanley, Circle, Ondo Finance, and Ripple Prime.

In the tokenized equities space specifically, the article says Ondo Finance holds roughly 60% of the tokenized equity market through its Global Markets platform. It also points to partnerships Ondo has made to expand tokenization coverage, including a March 2026 partnership with Franklin Templeton to tokenize five ETFs and an April deal with Broadridge Financial Solutions aimed at enabling token holders to submit voting preferences for underlying shares.

Commodities, real resilience: trading around clock gaps

Tokenized commodities have delivered one of the clearest “use it or lose it” demonstrations of why on-chain markets can matter in real time. While tokenized gold and other commodities have existed for years, 2026 introduced a more stressful test.

The article describes a period of heightened US–Iran tensions when traditional markets faced closures, while tokenized oil and gold markets remained available. After US and Israel attacks on Iran earlier in the year, trading desks reportedly turned to on-chain perpetual futures platforms as a pricing venue during off-hours when conventional markets were not operating.

Weekend volumes on on-chain commodity perpetuals are described as increasing ninefold since the beginning of 2026, and commodity perpetuals now represent more than 67% of builder-deployed contracts on DEXs, according to the piece. While volumes have pulled back from March—when tokenized commodities reached $5.8 billion—the article says current figures are about $4.7 billion, with gold still comprising the majority.

On-chain and traditional markets have also started to move together more reliably. The article notes that the correlation between tokenized gold volumes and traditional gold markets crossed a 0.70 threshold in Q1 2026, suggesting that the on-chain commodity market is maturing rather than trading in isolation.

Real estate: still small, but approvals in regulated markets are changing the outlook

Real estate tokenization has historically been more promise than large-scale reality. As a slice of the RWA pie, the article places real estate at about $202.7 million in assets currently, while arguing that expansion could accelerate as tokenized property enters major regulated markets.

Dubai’s Land Department began the second phase of its real estate tokenization project in February 2026, opening tokenized property units for resale. In the same quarter, Hong Kong’s Securities and Futures Commission approved real estate tokenization products from Derlin Holdings, the article states.

For investors, the potential benefit is fractional exposure. The token represents a share of a building, which can translate into proportional rents and, crucially, the ability to trade positions without waiting for a property sale—though the long-term impact will depend on liquidity and secondary-market depth.

Growth is real—but RWAs are still dwarfed by traditional markets

Despite rapid progress, tokenized RWAs remain early-stage by most benchmarks. Tokenized Treasury products, though the largest category at nearly $15 billion, are still far smaller than the traditional US Treasury market, estimated at around $30 trillion by SIFMA research referenced in the article. Tokenized stocks are also described as a rounding error compared with the DTCC’s $114 trillion in securities under custody.

Liquidity is another limiting factor. The article points to thin secondary trading and long holding periods across many RWA segments—conditions that can frustrate DeFi strategies that rely on consistent market access and tight spreads.

Regulation may determine how quickly these frictions ease. In March, the SEC reportedly approved a Nasdaq proposal allowing certain stocks to be traded and settled via tokens, according to Reuters coverage cited in the article. Observers described in the same reporting expect broader approval ahead, with SEC Chair Paul Atkins potentially supporting RWAs through an “innovation exemption.” Either way, the article frames the remaining question as timing: not whether tokenization will expand, but how fast infrastructure and oversight can keep up.

For investors and builders, the next watch items are clear: whether integrations like DeFi-friendly token trading of regulated funds scale beyond restricted access, and whether regulatory pilots for tokenized securities translate into sustainable liquidity. If DeFi penetration rises as Kendrick expects, it will likely be because tokenization finally meets the operational needs of on-chain markets—not just because RWAs exist.

Berachain is preparing a hard fork that will replace its dual-token incentive model with one centered on its main BERA token.

Set for Wednesday at 4 pm UTC, the hard fork will end Bera Governance Token (BGT) emissions and shift the network’s incentive system to Wrapped BERA (WBERA), the Berachain Foundation announced in a Tuesday X post.

Following the upgrade, the network will distribute fixed amounts of WBERA instead of BGT as block rewards. The change replaces Berachain’s previous dual-token model, which split the network’s functions between the transferable BERA token and the non-transferable governance token BGT.

Berachain said annual percentage rates (APR) could triple after the upgrade, though it warned yields may fluctuate during the first few days.

Berachain Foundation strives for a “simpler” token economy 

The Berachain Foundation said the upgrade replaces its BGT-based reward system with one centered on sWBERA, the staked version of WBERA, which it described as simpler and more sustainable.

Before the upgrade, users seeking higher yields had to navigate multiple reward mechanisms and liquid staking tokens tied to BGT.

The transition will occur in two stages. WBERA emissions began Tuesday, while Wednesday’s hard fork will halt BGT emissions.

Reward vaults and liquid staking incentives tied to BGT will be phased out in the days following the hard fork.

Related: Solana Foundation launches framework for protocol-level governance

BERA falls 7% ahead of hard fork as network activity remains muted

The BERA token fell 7% in the 24 hours to 8:34 am UTC, extending its decline over the past year to 88%, according to CoinMarketCap.

BERA/USD, 1-year chart. Source: CoinMarketCap

Berachain’s total value locked (TVL) fell by $1.79 million, or 3%, over the same period. The network ranks 37th by TVL with $56 million locked, according to DefiLlama. Over the past 24 hours, Berachain generated $41 in chain fees and $3,359 in application revenue while distributing $14,816 in token incentives.

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