Spiko has raised $90 million in a Series B led by NEA (New Enterprise Associates). The Paris company runs regulated money market funds whose shareholder register lives on public blockchains, and it now manages $2.7 billion in them, more than five times what it had a year ago. Most of that money arrived in the last twelve months.

Index Ventures, which led the Series A, came back for more. Bpifrance, Speedinvest, White Star Capital, Flourish Ventures and Wintermute Ventures are in the round as well, along with an angel whose name carries weight in Frankfurt and Zurich: Axel Weber, the former Bundesbank president who went on to chair UBS for ten years. Spiko has raised about $120 million since it was founded in 2023.

ChangXin Memory Technologies begins trading on Shanghai’s STAR Market on Monday. A market for its shares has already existed for a week and a half — not in Shanghai, but on a decentralized derivatives exchange most of the company’s domestic subscribers have never heard of and cannot legally access.

Trade.xyz deployed a pre-IPO perpetual futures contract on Hyperliquid in mid-July, on the eve of subscriptions opening for what is Asia’s largest share sale of the year and the largest semiconductor offering ever run through China’s domestic A-share market. CXMT priced at 8.66 yuan, roughly $1.28, selling 6.69 billion shares for about 10 percent of the post-offering count and raising close to $8.6 billion. Within days the on-chain contract was trading near $8. Against a post-IPO share count of 66.881 billion, that implied a valuation around $535 billion — about 6.3 times what the underwriters had just settled on with institutional bookrunners in Shanghai.

Datavault AI (NASDAQ: DVLT) has laid out its strategic priorities for the third quarter of 2026, centered on three tracks: commercializing its Project Qestrel token program, expanding its SanQtum edge AI infrastructure, and advancing a cluster of tokenized data-exchange platforms that depend on U.S. digital-asset rules taking shape.

The token program

The centerpiece is the Qestrel token ($QEST), tied to a roughly $10 billion, ten-phase nationwide edge infrastructure buildout with a partner called Available Infrastructure. Datavault AI says the $1 billion phase-one deployment and an initial token offering are targeted for completion this quarter, with the company providing tokenization, clearing, valuation, and exchange services under contract and generating revenue from that work.

N3XT, the blockchain-powered narrow bank targeting institutional B2B payments, has launched the N3XT Digital Dollar (NDD), a bank-issued tokenized deposit backed one-to-one by cash or short-term U.S. Treasuries. The announcement was made at Money 20/20 Asia in Bangkok.

The distinction N3XT draws — and leans on heavily — is that NDD is not a stablecoin. It is issued under a Wyoming Special Purpose Depository Institution charter, making each unit a direct digital representation of a regulated bank deposit rather than a liability of a private issuer operating outside banking law. N3XT operates on a full-reserve model and does not lend, which removes the fractional-reserve risk that has historically complicated institutional adoption of deposit-like digital instruments. Reserve holdings are fully transparent and auditable.

OpenAssets, a full-stack digital asset infrastructure provider, has selected Chainlink as its oracle platform of record to support the issuance and distribution of institutional tokenized assets across onchain finance. The partnership joins two operators with established institutional footprints: OpenAssets counts ICE, Tether, Fanatics, Mysten Labs, and KraneShares among its network participants, while Chainlink has been integrated by Swift, Euroclear, and Mastercard.

The arrangement gives financial institutions access to OpenAssets’ modular, protocol-agnostic and asset-agnostic white-label tokenization platform alongside Chainlink’s data and interoperability stack. On the Chainlink side, the integration spans the Chainlink Runtime Environment (CRE) for orchestration and legacy system connectivity, the Cross-Chain Interoperability Protocol (CCIP) for multi-chain settlement, the Digital Transfer Agent (DTA) technical standard, NAVLink for net asset value data feeds, and Price Feeds for market data. The combined offering is positioned as a turnkey infrastructure layer for institutions seeking to launch proprietary tokenization platforms and stablecoin engines without building foundational components from scratch.

The promise of tokenizing real-world assets — putting the ownership of bonds, real estate, private credit, and commodities on a blockchain — has been circulating in crypto industry presentations since at least 2017. It has generally been treated as inevitable in theory and elusive in practice. Something changed in 2024, and the something was U.S. Treasury bonds.

BlackRock’s BUIDL fund, launched on Ethereum, allows accredited investors to hold tokenized short-term U.S. government securities. Franklin Templeton’s OnChain U.S. Government Money Fund operates on Stellar and Polygon. Ondo Finance’s OUSG provides on-chain exposure to short-duration Treasuries. The combined assets under management in these and competing products crossed $3 billion in 2024 and has continued to grow. The use case is narrow, the product is simple, and the adoption is real.