The really transformational crypto framework is the House Market Structure bill, says Katie Haun

Katie Haun, Haun Ventures founder and CEO, joins 'Squawk Box' to discuss the Senate's passage of the GENIUS Act, impact on the crypto industry, future of stablecoins, bitcoin price outlook, and more.

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Forbes

35 minutes ago

• Forbes

Real-World Asset Tokenization Hits $24 Billion As Wall Street Bets Big

TOPSHOT - A trader works on the floor of the New York Stock Exchange (NYSE) during afternoon trading ... More on April 9, 2025 in New York. Wall Street stocks rocketed to close solidly higher Wednesday, with dramatic advances on all three major indexes as US President Donald Trump delayed steep new tariffs hours after they took effect. The Dow Jones Industrial Average surged 7.9 percent to 40,608.45, the broad-based S&P 500 Index rallied 9.5 percent to 5,456.90, and the tech-focused Nasdaq Composite Index jumped more than 12.2 percent to 17,124.97. (Photo by ANGELA WEISS / AFP) (Photo by ANGELA WEISS/AFP via Getty Images) AFP via Getty Images Major financial institutions are racing to tokenize everything from U.S. Treasuries to real estate, but how long will it last? The tokenization revolution is accelerating at breakneck speed with the Senate just passing the GENIUS Act, providing the first federal framework for digital assets that Wall Street had been waiting for. Over 185 crypto tokens are classified as Real-World Assets (RWAs) with their market capitalization over $10.62 billion, a 61% increase from the previous month, according to Tangem. On top of that, the total market value of tokenized RWAs on public blockchains had surged to nearly $18 billion by early 2025, up from about $10 billion just a year before. This unprecedented growth has been driven by institutional adoption that's finally materializing. BlackRock's BUIDL fund now holds $2.9 billion in tokenized U.S. Treasuries, making it the world's largest tokenized asset fund. Franklin Templeton's BENJI follows at $776 million, while VanEck launched its tokenized RWA fund called VBILL, offering exposure to US Treasury bills across multiple blockchains in partnership with Securitize. 'BlackRock tokenized a money market fund on Ethereum. Franklin Templeton is running US government bond funds on public blockchains. JPMorgan just ran a cross chain Delivery versus Payment pilot with Chainlink and Ondo. These are not retail projects. These are the most conservative institutions in finance validating a new model,' Mitchell DiRaimondo, founder at Steelwave Digital, told me in a written response. The current market shows $24 billion in total tokenized assets across 194 issuers, with over 205,000 asset holders, indicating steady growth despite market volatility. Why Traditional Finance Is Going On-Chain Tokenization strips away the friction that has plagued traditional asset management for decades. Settlement times drop from days to minutes, previously illiquid assets like real estate can be traded 24/7, and compliance becomes programmable rather than paper-based. 'The biggest risk today is assuming that a legal wrapper and a blockchain alone create value,' Ian Balina, CEO of Token Metrics, told me. "Without real composability, reliable secondary markets, and trusted custody, tokenized assets remain stuck in marketing decks rather than investment portfolios." The Infrastructure Play Ethereum still dominates the tokenized asset landscape, hosting the majority of Real-World Asset value. But emerging Layer 2 solutions are gaining ground as institutions seek faster, cheaper transactions. The infrastructure buildout extends beyond blockchain networks. Zero-knowledge proofs are enabling privacy-preserving compliance, allowing banks to prove asset backing without revealing sensitive financial information. Cross-chain interoperability solutions are connecting fragmented tokenized asset markets. "The introduction of zero-knowledge proofs—which make it possible to securely verify that RWAs are backed by real world assets, without revealing sensitive information—has been a huge catalyst for RWAs," Maxim Legg, CEO of The Pangea Foundation, told me in a written response. "Banks are able to prove that their tokenized funds are backed by real assets, without disclosing sensitive financial information." Real Yield In A Digital World 'It's a structural evolution in how private credit and fixed income funds operate,' David Robnett, Managing Director of Asset Token Ventures, told me in a written response. 'Tokenization solves real-world inefficiencies, such as post-trade friction, tax drag, and illiquidity. That makes growth not just sustainable, but inevitable.' Unlike the speculative crypto cycles of previous years, RWA tokens offer something fundamentally different: real yield backed by real assets. Tokenized Treasury bills currently yield 4-5%, while private credit tokens can offer 8-10% returns—comparable to traditional alternatives but with blockchain's added benefits. 'Unlike the NFT bubble, where speculative JPEGs dominated and predictably lost value, NFT 2.0, AKA Tokenized RWAs, are grounded in utility,' Dan Silverman, CEO at Balcony Technology, told me in an interview. "The RWA is worth what the underlying asset is worth, eliminating the volatility of speculative hype." While stablecoins, tokenized fiat currencies representing over $240 billion of the RWA market, have paved the way, the focus is now shifting to higher-yielding tokenized assets. The GENIUS Act's framework creates the regulatory foundation for the broader RWA expansion. Here is the sector breakdown: U.S. Treasuries: $6.2 billion (led by BlackRock's BUIDL at $2.5 billion and Franklin Templeton's BENJI at $776 million) Private Credit: $12.9 billion (platforms like Centrifuge, Maple, and Apollo's new tokenized fund) Commodities: $1.4 billion (primarily tokenized gold through Tether Gold and Paxos Gold) Real Estate: Growing rapidly, with about $3.8 billion in tokenized properties What's Next For RWA Tokenization "Real-World Asset is real and sustainable. It's likely to go in waves," Paul Brody, Global Blockchain Leader at Ernst & Young, told me in an interview. "We are going to move towards a second wave of real-world assets like real estate, physical infrastructure, intellectual property, and more that exist off-chain but could benefit from the automation possible with smart contracts and in the efficiency of on-chain settlement." Regulatory clarity and guidelines for tokenized assets remain critical for their future development. Infrastructure scaling with cross-chain interoperability solutions and institutional-grade custody services are also maturing rapidly. The RWA market is projected to hit a $50 billion market cap by the end of this year. For investors, this represents both opportunity and risk, but the institutional validation is real—BlackRock doesn't deploy billions into experimental technologies. "The promise of RWAs is to deliver the efficiency and immediacy of crypto markets to a wider investor pool," Stuart Popejoy, CEO of Kadena, wrote to me in a response. "We're not trying to tear down the financial system. We're upgrading it." The smart money is actively participating, with careful due diligence and risk management. Whether this marks the dawn of a new financial era will depend on execution.

CNBC

an hour ago

• CNBC

Stocks making the biggest moves midday: GXO Logistics, CarMax, Nvidia, Circle & more

Check out the companies making the biggest moves midday: GXO Logistics — The stock popped more than 11% after the supply chain and warehousing management firm raised its full-year earnings outlook. The company now sees EBITDA between $860 million and $880 million. GXO also appointed Patrick Kelleher as CEO, effective Aug. 19. CarMax — Shares jumped 6% after CarMax reported first-quarter results that exceeded analyst expectations. The car retailer earned $1.38 per share on revenue of $7.55 billion. Analysts polled by LSEG expected a profit of $1.16 per share on revenue of $7.52 billion. GMS — The specialty building products stock jumped 26% as a bidding war for GMS has reportedly developed between QXO and Home Depot . QXO said late Wednesday that it was offering $95.20 per share for QXO, while the Wall Street Journal reported Friday that Home Depot had also made an offer privately. Semiconductor stocks — Chipmakers were under pressure after The Wall Street Journal reported, citing sources, that the U.S. wanted to revoke waivers used by major semiconductor names to access American technology in China. Nvidia shed nearly 1%, while KLA lost 2%. The VanEck Semiconductor ETF (SMH) dipped around 1%. Jack in the Box — The fast food stock lost 1% after a Stifel downgrade to hold from buy. The firm said the Trump's administration's immigration policies are a headwind for Jack in the Box . Accenture — Shares fell almost 7% after a 6% quarterly drop in new bookings overshadowed fiscal third-quarter earnings and revenue that topped analyst estimates. Circle — The stock continued to climb on Friday, gaining 18%, as investors cheered the Senate approval of its proposed stablecoin legislation , the GENIUS Act. For the week, shares are up 70%. Kroger — The grocery store chain rallied 9% on better-than-expected first-quarter earnings. The company posted a profit of $1.49 per share, excluding certain items. Analysts polled by LSEG expected earnings of $1.46 per share. Kroger also reiterated its full-year earnings guidance. Regencell Bioscience — Shares dropped more than 42%, continuing Regencell's volatile moves this week after a 38-for-1 split took effect. It jumped more than 280% on Monday and 30% on Tuesday — before falling more than 18% Wednesday. — CNBC's Brian Evans contributed reporting.

Yahoo

an hour ago

• Yahoo

Circle surges, Accenture earnings, what's next for Stellantis

Here are some of the stocks on the move on Friday, June 20. Shares of stablecoin issuer Circle (CRCL) are up more than 500% since it began trading earlier this month. The stock has benefited from the Senate passing the GENIUS Act, which establishes a framework for stablecoins. Accenture (ACN) shares are trading lower. The consulting giant posted better-than-expected revenue and profit in the third quarter, but investors are disappointed in the decline in bookings. Reuters is reporting that Stellantis (STLA) is considering potentially selling its Maserati unit as part of a broader brand overhaul. According to the report, Stellantis hired McKinsey to research the impact of US tariffs on Maserati and Alfa Romeo, and that the consulting firm is exploring the sale of Maserati as a possibility. A Stellantis spokesperson told Reuters that "'Respectfully, Maserati is not for sale'." To watch more expert insights and analysis on the latest market action, check out more Catalysts here. Now time for some of today's trending tickers. We are watching Circle, Accenture, and Stellantis. First up, Circle extending gains. The stablecoin issuer up more than 500% since its IPO earlier this month. This after the Senate passed the Genius Act this week and the legislation would establish a regulatory framework for stable coins. The bill now heads to the house. You know, as we're taking a look at shares of circle up right now by about 12 and a half percent. I I wonder how you're evaluating the crypto landscape more broadly, especially now with this interest that's very clear, whether that be from stablecoin issuer circle or whether that be from the largest bank in the US and JP Morgan that is now looking across, okay, where can our efforts move forward with a digital currency and a stable coin essentially? So So we have a lot of thoughts on this because we're in the game. So we we um we have a tokenized platform. We have our own wallet with entry prime where we have 13 different tokens. We have a debit card tied to a money market fund. So our money market fund is earning 4 and a half percent almost, and you can make payments with that. Okay? So that is disruptive to a JP Morgan Right. and the banks because the even circle, who's getting the interest on all your stablecoin assets? Circle is. You're not getting your USDC payments. They're they're taking your cash, buying treasuries, they keep it. Our money market fund, we pay out four percent. And so that is a version. It's not a stable coin as they refer to it, but it has the stable dollar and you can tie it to your payments with our debit card. So it's a very interesting dynamic, but it goes back to tether, right? They take your cash and tether Right. they take all the interest and with all their little employees, they're making so much money because they're keeping all your treasure income. So I think it's part of the rise of Bitcoin was in this payments world that the the financial system, the banking system, why is it nine to five, five days a week? 24/7 is what Bitcoin promises, but the payments architecture needs to change and that is what the blockchain is all about. That's a great point. Great insight as well here. But we're also tracking Accenture this morning. Accenture topped third quarter expectations and raised its full year revenue outlook. Still, the consulting giant reported a second straight drop in quarterly new bookings. That's weighing on the stock here as you can see. Shares down by about 7%. The company also announcing a new unit to boost its AI consulting services here. You know, as we're taking a look at the share price action over the course of this year as well, I've got it pulled up here on my screen. I'm taking a look at shares year to date down by about 18 and a half percent. So really hasn't participated in this rally back to the ballpark of highs. And you got to wonder for Accenture and what they're hearing from businesses that they consult with, how many of those businesses are are really just trying to look across their expense base and saying, okay, some of these larger contracts on consultant fees alone, we we even need to come down on a little bit right now. Well, that that there's a lot of memes going around about like the McKinseys and the consultants of the world and how like you get your AI interns and do you really need these $300,000 McKinsey contracts or hundreds of thousands of McKinsey contracts. So I I think some of that consulting world is facing that AI disruption and there's also the the government spending cutbacks as well. Um so it's it's being disrupted in a few different places and I think that's that's some of what you're seeing there. Oh my gosh. Yes. Absolutely. Finally here, let's talk Stellantis and go where the vehicles goes. Stellantis is considering a possible sale of its luxury Maserati unit. This is according to a report from Reuters. This comes after Stellantis hired consultant McKinsey to advise on the effects of tariffs on its Maserati and Alfa Romeo brands. A possible divestment of Maserati is reportedly among the options being considered by Stellantis spokesperson saying quote, Respectfully, Maserati is not for sale, end quote. Maserati sales fell more than half in 2024 here. So, uh you summon McKinsey into the conversation. I promise that wasn't planned. You know, but here's the thing, as we think about some of these super luxury ends of the vehicle market and of course there was always within crypto, the when Lambo conversation. Well, for Maserati and the client base that they go after, this is custom vehicles largely that we're talking about and ultra high net worth individuals that are looking at other assets that they can lean into right now versus some of these super luxury automotive spends and it seems like that's been apparent in the first half of this year as we've seen some of those money flows move around into other services or real property versus some of the luxury vehicle market right now. I mean global autos have come under a lot of pressure for many different reasons. They, you know, they are part of the tariff story. China's autos have been on the rise. We're like the only country that doesn't really, you know, no way. Um we're gonna we're prohibiting really the the China autos. Uh the only car company with a very good multiple is Tesla. Yeah. But you could argue it's definitely not about the cars. It's about self-driving, it's about his story on humanoids, be their AI play. So they're the only one who gets a nice multiple and everybody else is under a lot of pressure from a lot of different forces. Yeah, I think I was reading a report from EY Parthenon last week or earlier this week actually that was talking about how we could essentially see some of the larger deal making that was anticipated coming into this year really come in the form of deals like this, which is strategic divestitures and finding a potential suitor to purchase that asset and in this case Maserati. Uh I I believe it would find value in anybody's garage and then also in somebody else's portfolio if we were to see that sale go through. Uh excellent breakdown of some of these tickers here. You can also scan the QR code below to track the best and worst performing stocks with Yahoo Finance's trending tickers page. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data