China extends crypto ban to stablecoins and tokenised assets
Chinese regulators, including the People’s Bank of China and securities authorities, have expanded their crypto crackdown to explicitly cover stablecoins and tokenised real-world assets. The updated rules prohibit the issuance of RMB-linked stablecoins without approval, restrict overseas tokenisation of domestic assets, and extend compliance obligations to financial institutions and technology providers involved in such projects. The move reinforces China’s long-standing priority of maintaining monetary sovereignty and tight control over capital flows, even as other jurisdictions explore tokenisation frameworks.
Why it matters: China is signalling that tokenisation linked to domestic assets, payments, or currency exposure will remain tightly controlled, highlighting how regulatory fragmentation continues to shape where RWA markets can realistically scale.
News in Brief
Retail access to tokenised markets expands
MetaMask has integrated Ondo Global Markets, allowing eligible users to trade more than 200 tokenised U.S. stocks, ETFs and commodities directly from self-custodial wallets. At the same time, industry groups, including ChainUp and 1exchange, are forecasting that 2026 will be the year secondary market liquidity becomes the priority rather than simple token issuance, with an increasing focus on continuous trading and deeper order books. Why it matters: The narrative is shifting from creating tokenised assets to building functional trading infrastructure that mirrors traditional capital markets.
Institutional tokenisation accelerates in emerging markets
The XDC Network, working with Liqi Digital Assets, has surpassed $100m in tokenised RWAs in Brazil, with major banks such as Itaú and ABC focusing on credit assets and regulated debt instruments. Separately, NewGen has launched a tokenised real estate bond initiative via Hong Kong’s regulated Evident Capital platform, reflecting continued interest in property-backed issuance structures. Why it matters: Banks are moving beyond pilots into credit, trade finance and real estate — sectors where tokenisation can improve liquidity, transparency and investor access.
News Deep Dive: Tokenising seismic data
Blue Horizon tests a new frontier in RWA used in energy exploration, which has historically generated licensing revenue but has remained difficult to value transparently.
Blue Horizon is assessing whether blockchain-based asset structuring could unlock value from a 3D seismic dataset in Montana with an estimated internal fair value of roughly CAD $15m. The data used in energy exploration has historically generated licensing revenue but has remained difficult to value transparently in public markets. Management argues that long-life data assets, such as seismic surveys, often trade at a discount because they are illiquid, generate uneven cash flows, and sit outside a company’s core operations. Rather than selling the asset outright or raising traditional financing against it, the company is considering a regulated tokenisation structure designed to surface embedded value while retaining strategic control.
The proposed model would place economic rights from the dataset into a special purpose vehicle (SPV), which could issue regulated securities linked to licensing income. Blue Horizon would keep operational oversight, while investors would gain exposure to revenue streams without governance control. If implemented, blockchain would function primarily as an administrative registry and settlement layer rather than a speculative crypto vehicle. The initiative remains exploratory, with no confirmed issuance timeline. The broader implication is that tokenisation is expanding beyond traditional financial assets into data, intellectual property and resource analytics — areas where valuation opacity and illiquidity have historically constrained capital formation.