// SAPINOVER · TOKENIZATION INTELLIGENCE
Twenty-four hour trading solves when a market trades. Tokenization decides how the position settles. In 2026 that stopped being a legislative story: the SEC opened a venue pathway, the OCC finalized the stablecoin rulebook, and DTCC put tokenization into production. We track every move the way we track the overnight tape: dated, sourced, and with proposals never dressed up as law.
AS OF 2026-11-07 · 72 EVENTS ON FILE · PRIMARY SOURCES ONLY
$39.56B
Distributed RWA value
2026-10-30 · RWA.xyz ↗
$367.85B
Represented RWA value
2026-10-30 · RWA.xyz ↗
$14.11B
U.S. Treasury product distributed value
2026-11-07 · RWA.xyz Treasuries ↗
$2.731B
U.S. registered tokenized MMF share-class net assets
2026-09-30 · SEC September MMF statistics ↗
$281.62B
Stablecoin market capitalization
2026-11-07 · RWA.xyz Stablecoins ↗
Snapshots, not live feeds. Distributed and represented value are different series; do not combine trackers without aligning universes.
MONEY LAYER
ADOPTED/FINALSigned July 18, 2025. OCC final implementing rule issued October 21, 2026; Act and rule take effect January 18, 2027.
Yield prohibition stands: issuers cannot pay interest for holding a payment stablecoin. Fed and Treasury rules remain proposals; no completed issuer approval verified.
MARKET LAYER
PENDINGPassed the House July 2025. Senate cloture failed 49 to 50 on September 15, 2026; a motion to reconsider is pending.
The SEC/CFTC jurisdictional split and tokenized-security provisions remain legislative text. The 119th Congress ends January 3, 2027.
VENUE LAYER
EFFECTIVEEffective September 17, 2026: five-year conditional relief lets Tokenized Securities Venues run permissioned AMMs in tokenized NMS stocks.
First venue live November 4, 2026: five trades, $40,296 gross, stock token against a stablecoin. Two more venues have filed notices.
PLUMBING
EFFECTIVEDTCC Tokenization Service live October 28, 2026 on Canton and private Besu, 20 participants signed; same-chain transfers run 24/7.
NSCC clearing has run 24x5 since June 28, 2026. The equity SIPs go 23x5 in production on December 6, 2026.
Orders appear after a notice of settlement in Liquid Rarity Exchange v. Securitize, 1:26-cv-00698
U.S. / D. Del.
Opens permissioned AMM trading in issuer-sponsored Canton Strategic Holdings stock on Canton
U.S. / TSV LLC
Publishes fact-specific no-action position on Canton Coin
U.S. / SEC CorpFin staff
EnsembleTX adds 24/7 interbank settlement of tokenized deposit transactions in tokenized central-bank money (real-value pilot)
Hong Kong / HKMA
Securitize Stocks expands to 25 U.S. names and reports USDC settlement on Solana
U.S. / Securitize
Issuer engages Fairmint to tokenize its shares and announces agreement with TSV LLC
U.S. / Canton Strategic Holdings
2026-11-20 and 2026-12-04
Scheduled final prelaunch overnight industry tests cited by 24X. Check test results for SIP, venue, and downstream data readiness.
2026-11-23
OCC application and foreign-issuer registration information-collection comments due. Monitor OMB approval and the separate OCC application-intake release.
2026-11-30
Comments due on the Fed’s September GENIUS proposals.
2026-12-06
Planned Sunday evening SIP production start and 24X overnight target. Check venue-specific first trading dates, TRF implementation, price bands, reporting, and trade-date rollover.
72 dated events, May through November 2026, filterable by status and jurisdiction, every one linked to its primary source.
INTERACTIVEWhat each tokenized stock product legally is, its cash leg, and what volume is actually verified. Plus three trade paths at 2 AM ET, side by side.
EXPLAINERThe long-form build: custody morphism, the money and market layers, legacy settlement against DLT, and the systemic risks.
RESEARCHWho is building which layer, from issuers to settlement rails.
RESEARCHThe patent assertions forming around tokenization infrastructure, including two live District of Delaware dockets.
HUBThe venue, tape, and clearing timeline that tokenized settlement plugs into.
Compiled from primary sources (congress.gov, Federal Register, sec.gov, occ.gov, federalreserve.gov, dtcc.com, court dockets, regulator dashboards) as of 2026-11-07. Informational only; not investment or legal advice.
