727 FinanceThe market capitalization of RWA on-chain rose slightly by 0.02% to USD 39.36 billion this period, with holders increasing to 5.65 million; stablecoin market capitalization fell back to USD 283.05 billion, while monthly transfer volume increased by 46.11%. The Hong Kong Securities and Futures Commission plans to pilot a tokenized gold ETF, and Standard Chartered has launched a tokenized deposit service for enterprises.
This weekly report covers the statistical period from October 30, 2026 to November 6, 2026.
This week, the total on-chain market capitalization of RWA stood at USD 39.36 billion, a slight month-on-month increase of 0.02%, while the number of asset holders climbed to 5.6537 million, up 7.17% month-on-month, presenting a pattern of stable asset scale and continued user-side expansion; the total market capitalization of stablecoins fell back to USD 283.05 billion, with monthly transfer volume surging 46.11% month-on-month, and the total number of holders reaching 306 million, though monthly active addresses declined markedly, reflecting the divergent characteristics of active turnover of existing funds and marginally weakening new interactive users.
At the regulatory level, China and Oman signed a memorandum on local currency swap and digital currency cooperation; the Hong Kong Securities and Futures Commission plans to pilot tokenized gold ETFs, and the HKMA's EnsembleTX completed all-weather real transactions of tokenized deposits and plans to expand to regulated stablecoins; France's crypto tax amendment was shelved due to the budget bill; the Dubai DIFC Court proposed the Dispute Resolution Oracle (DRO) to enable off-chain judicial rulings to drive on-chain asset enforcement; the Central Bank of Nigeria issued regulations on non-security virtual assets, clarifying high capital thresholds for foreign currency stablecoin issuers and delineating regulatory responsibilities between the central bank and the SEC.
On the domestic front, Hong Kong's RWA development continued to materialize, with Standard Chartered launching tokenized deposit services for enterprises, the HKD stablecoin HKDAP set to launch on Solana, and Fosun Wealth FinChain partnering with Plume to launch the FUSD leveraged looping yield strategy.
At the project level, Canton Network's TSV LLC completed the first issuer-led tokenized US equity trades under the SEC's innovation exemption framework, Morgan Stanley became one of the first partner banks for DTCC's tokenization services, while OKX-ICE's third-party tokenized US equity plan faced public opposition from a total of 67 listed companies including Meta and S&P Global exercising their right to object; the NYSE introduced Broadridge to provide on-chain shareholder voting and transfer services, and European asset management giant Amundi launched tokenized shares of index funds and money market funds on Ethereum.
At the financing level, tZERO finalized its SPAC merger and listing plan, and tokenized securities and stablecoin payment service providers such as Lombard Systems, Takenos, and Bloquo successively completed financing.
RWA Sector Overview
According to the latest data from RWA.xyz, as of November 6, 2026, the total on-chain market capitalization of RWA reached USD 39.36 billion, a slight month-on-month increase of 0.02% compared with the same period last month. The total number of asset holders climbed to 5.6537 million, up 7.17% month-on-month compared with the same period last month. The elasticity of holder-side growth was significantly higher than that of the asset scale itself, reflecting a pattern in the RWA sector of steadily rising asset stock and continued expansion of participating entities.
Stablecoin Market
The total market capitalization of stablecoins reached USD 283.05 billion, down 4.17% month-on-month compared with the same period last month; monthly transfer volume was USD 9.9 trillion, up sharply by 46.11% month-on-month compared with the same period last month; the total number of monthly active addresses was 56.03 million, down 9.42% month-on-month compared with the same period last month; the total number of holders reached 306 million, up 3.27% month-on-month compared with the same period last month. This month, the stablecoin sector exhibited divergent characteristics of pressure on existing scale, a significant rise in on-chain fund circulation activity, continued expansion of new coin-holding entities, but weakening active interaction addresses, reflecting an increase in the turnover frequency of existing funds but a marginal decline in the willingness of new active participants.
The leading stablecoins are USDT, USDC, and USDS, among which USDT's market capitalization decreased by 3.53% month-on-month compared with the same period last month; USDC's market capitalization declined by 4.31% month-on-month compared with the same period last month; USDS's market capitalization slightly increased by 0.03% month-on-month compared with the same period last month.
PBOC and Central Bank of Oman Sign Local Currency Swap Agreement and Memorandum on Digital Currency Cooperation
According to the official website of the People's Bank of China, PBOC Governor Pan Gongsheng and Central Bank of Oman Governor Ahmed Al Musalmi recently signed the RMB/Omani Rial Bilateral Local Currency Swap Agreement and the Memorandum of Understanding on Strengthening Cooperation in Digital Payments and Legal Digital Currency, witnessed by the heads of state of the two countries. The swap agreement is sized at RMB 30 billion/OMR 1.5 billion and is valid for five years. The two sides met the same day and exchanged views on bilateral economic and financial cooperation and other topics. The central bank stated that the purpose of the agreement is to deepen monetary and financial cooperation between the two countries, enhance the level of facilitation of cross-border digital payments, and safeguard financial market stability.
Hong Kong SFC: Hopes to Combine Tokenized Funds with Digital Currency, Plans to Pilot Tokenized Gold ETF
Christina Choi, Executive Director of the Investment Products Division of the Hong Kong Securities and Futures Commission, delivered a speech titled "Channeling the Track, Drawing the Flow: Expanding Hong Kong's Capital Market Tokenization Landscape" at Hong Kong FinTech Week, in which she pointed out that an "Innovation Pathway" will be launched, hoping to combine tokenized funds with digital currency to enhance liquidity and treasury management efficiency.
Choi revealed that the first batch of tokenized money market funds are conducting secondary market trading on licensed trading platforms, and tokenized gold ETFs may become the next pilot. Hong Kong currently has 17 approved tokenized retail products, covering money market funds, gold products, and ETFs, with total assets under management reaching USD 1.3 billion. In the medium to long term, the Hong Kong SFC will also promote tokenized assets as collateral, expand the on-chain migration of assets such as stocks and bonds, and explore the application of smart contracts in investment decisions and transaction process automation.
HKMA: Ensemble TX Achieves All-Weather Real Transactions of Tokenized Deposits, Plans to Expand to Regulated Stablecoins
The Hong Kong Monetary Authority stated that it has advanced Ensemble TX to a new stage, achieving 24/7 all-weather real-value transactions of tokenized deposits, and plans to expand the scope of experimentation to regulated stablecoins. The HKMA also completed pilot secondary market transactions of tokenized Exchange Fund Bills conducted by recognized dealers, and partnered with Cyberport to launch the tConnect Launchpad to explore and validate tokenized application scenarios.
French Budget Bill Rejected, Provisions on Stablecoin Taxation and Self-Custodial Wallet Reporting Shelved
According to Cointelegraph, the French National Assembly on Wednesday evening rejected the "revenue" section of the 2027 national budget bill, causing three crypto-related amendments previously incorporated into the bill to be removed and no longer included in the version of the bill to be submitted to the Senate, though they may still be reintroduced during the Senate review stage in the future.
The National Assembly had passed three crypto-related amendments. On October 16, lawmakers passed an amendment stipulating that gains from converting cryptocurrencies into stablecoins would be included in the tax scope. On Tuesday, lawmakers passed another amendment requiring taxpayers to declare their holdings of self-custodial crypto assets; declaration would be required if the total reaches or exceeds EUR 100,000 (approximately USD 112,000). The threshold is assessed as of December 31 of the tax year. In addition, another amendment proposed raising the fine faced by crypto platforms from EUR 10,000 to EUR 50,000 if they fail to provide information requested by tax authorities.
DIFC Courts Propose Oracle for Enforcing Court Rulings Involving Tokenized Assets
According to CryptoBriefing, the Dubai International Financial Centre (DIFC) Courts on November 5 released a white paper on the "Dispute Resolution Oracle" (DRO), proposing a scheme for off-chain court or arbitration rulings to directly trigger on-chain enforcement of tokenized assets. The mechanism is entirely voluntary, with parties required to designate a dispute resolution forum in advance, and the DIFC Courts will serve as the first qualified provider. The DRO itself does not actively alter assets, but is responsible for verifying enforcement instructions and generating auditable enforcement records on participating blockchains; actual dispute adjudication, arbitration, and mediation still proceed in the traditional manner.
The white paper positions the framework as an open technical and legal standard and lists five core elements: jurisdictions with enforcement capacity, adoptable open standards, a registry of qualified providers, a controlled pilot program, and international dialogue on mutual recognition. The proposal was announced at the Dubai Future Tokenization Forum and is part of the DIFC Courts' 2026-2030 growth strategy.
Central Bank of Nigeria Issues Regulations on the Operation of Non-Security Virtual Assets: Minimum Paid-in Capital of NGN 15 Billion for Foreign Currency Stablecoin Issuers, P2P Transactions Must Verify BVNAccording to the Regulations for the Operations of Non-Security Virtual Assets in Nigeria issued by the Central Bank of Nigeria (CBN) (November 5, 2026), the CBN will regulate non-security virtual assets and stablecoins used for payment, settlement, and remittance purposes, while securities remain under the jurisdiction of the Securities and Exchange Commission (SEC). Foreign currency-pegged stablecoins (Class 2) must be issued by locally licensed entities in Nigeria, with a minimum paid-in capital of NGN 15 billion (approximately USD 11.16 million); Naira-pegged Class 1 issuers require NGN 10 billion; entities providing other non-security virtual asset services must additionally hold at least NGN 1 billion in capital, and those already holding SEC licenses may not double-count capital requirements with those of the CBN. P2P business matched by platforms must obtain specific CBN approval and verify that the Naira payment/receipt account name matches the Bank Verification Number (BVN) before releasing or crediting regulated tokens. Categories such as algorithmic stablecoins are prohibited, and the division of responsibilities between the CBN and SEC is delineated.
Standard Chartered launches tokenized deposit service for corporate clients in Hong Kong
According to CoinDesk, Standard Chartered Bank has launched a tokenized deposit service for corporate clients in Hong Kong, with Hong Kong being its first market to offer the service. The service is based on Standard Chartered's own blockchain system and the Hong Kong Monetary Authority's EnsembleTX infrastructure, supporting 24/7 real-time transfer of deposits between participating banks, with final settlement completed in central bank money. Standard Chartered has also partnered with Fireblocks to connect the service to digital asset clients, and HashKey has also joined. Standard Chartered did not disclose the scale of completed transactions or the number of institutions that can initially use the service. Previously, the Hong Kong Monetary Authority announced that EnsembleTX has supported 7×24 interbank settlement using tokenized central bank money, with participating banks and industry pioneers increasing to 12 and 20 respectively.
HKD stablecoin HKDAP to launch on Solana, supporting native minting and redemption
Solana posted on X platform that Anchorpoint, a Hong Kong-licensed stablecoin issuer jointly established by Standard Chartered Bank, HKT, and Animoca Brands, will bring the HKD stablecoin HKDAP to Solana, which Solana says is HKDAP's first collaboration with a public blockchain. HKDAP will be natively minted and redeemed on Solana, with use cases covering retail payments to tokenized assets. The memorandum of understanding (MOU) signed by both parties will also provide a regulated channel for global capital to access HKD payments, products, and tokenized assets. The Solana Foundation, as a strategic partner, joins Anchorpoint's Tokenised Money Adoption Programme alongside PwC.
Fosun Wealth's FinChain partners with Plume to launch FUSD leveraged looping yield strategy FLEX & FINO
According to PR Newswire, FinChain, an RWA platform incubated by Fosun Wealth Holdings, announced a joint launch with Plume of the on-chain yield enhancement strategy FLEX & FINO. Users use FUSD as collateral to earn its native yield, then borrow USDC to deploy into liquidity pools for additional yield. The product has a 90% utilization cap, with expected annualized yield of up to 7.2% under baseline assumptions. The redemption settlement cycle is T+2, and the interest settlement cycle is T+14 to T+30. FUSD is backed by tokenized U.S. short-term Treasury bills and compliant money market funds, with a collateralization ratio of no less than 100%. The product is the first implementation of the strategic cooperation between the two parties.
NYSE brings in Wall Street giant Broadridge to provide on-chain shareholder voting services for tokenized stocks
According to CoinDesk, the New York Stock Exchange (NYSE) announced a partnership with Wall Street financial services giant Broadridge Financial Solutions to provide on-chain governance and digital transfer agent services for its planned tokenized stock trading platform, covering shareholder record management, investor communications, and proxy voting functions. Investors will in the future be able to participate in shareholder voting through supported wallets, brokerage platforms, or Broadridge's existing ProxyVote service.
Broadridge will help tokenized stocks retain traditional market shareholder rights while trading on-chain. The company currently serves more than 10,000 listed companies globally and processes settlement of more than USD 15 trillion in securities transactions daily. Previously, Securitize and tZERO were also included in the NYSE tokenized platform's transfer agent service arrangements.
Morgan Stanley becomes one of the first banks to adopt DTCC tokenization service
Morgan Stanley announced that it has become one of the first banks to tokenize real-world assets after the launch of DTCC's tokenization service (DTS), having converted U.S. equities and U.S. Treasuries into tokenized form. DTS was launched on October 28 and can create tokenized representations backed by DTC-custodied securities to enhance liquidity, collateral mobility, and capital efficiency.
Bullish selects Solana, Aptos, and Ethereum as initial networks for stock tokenization
According to Bullish's official announcement, NYSE-listed crypto exchange Bullish (BLSH) announced the selection of Solana, Aptos, and Ethereum as initial network partners for its stock tokenization service. Issuers may independently choose the network on which to issue tokenized stocks they originate, while official equity registration records remain with the transfer agent. Solana is the first supported network, with Aptos and Ethereum to be connected successively, with no specific timeline disclosed. Previously, Bullish and Equiniti demonstrated on October 27 at the NYSE the transfer of 61 million tokenized Bullish reserved shares on Solana, which are intended for the closing of its acquisition of Equiniti. The transaction is expected to be completed in January 2027 and remains subject to regulatory approval.
Amundi, Europe's largest asset manager, launches tokenized equity index fund shares on Ethereum and partners with CACEIS to launch tokenized shares of AMUNDI FUNDS CASH EUR
According to Cointelegraph, Amundi, Europe's largest asset management company, has launched tokenized shares of its STOXX Europe 600 equity index fund on Ethereum, with tokenization infrastructure provided by European asset servicing company CACEIS. The STOXX Europe 600 index covers 600 large-, mid-, and small-cap companies in developed European markets. Amundi stated that the fund will still be sold through traditional channels and that it plans to launch more tokenized funds in the future. Previously, Amundi launched its first tokenized money market fund shares in November 2025.
European asset manager Amundi, in partnership with CACEIS, has launched the first tokenized shares of its "AMUNDI FUNDS CASH EUR" money market fund. The fund adopts a hybrid distribution model: investors can invest through traditional channels or subscribe through the tokenized share class "AMUNDI FUNDS CASH EUR - J28 EUR DLT (C)." The solution uses distributed ledger technology on the public Ethereum blockchain to ensure transparency of fund share records and enhance transaction traceability.
Ondo launches MAG7Xon tokenized index combining Magnificent Seven and spot crypto ETFs
According to BeInCrypto, Ondo Finance has launched MAG7Xon, a tokenized index combining the "Magnificent Seven" and spot crypto ETFs. The token packages shares of Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla together with BlackRock's IBIT and ETHA into a single asset, operating 24/7 on Ethereum, BNB Chain, and Solana. The product is built on Ondo Stocks infrastructure and is accessible through decentralized venues and self-custodial wallets such as MetaMask, Trust Wallet, Gate, and 1inch.
Canton Network completes first batch of tokenized U.S. stock trades under SEC innovation exemption frameworkAccording to a press release issued by Canton Strategic Holdings, the first trades of the tokenized common stock supported by the issuer of this Nasdaq-listed company (CNTN) were completed on November 4, U.S. Eastern Time, on TSV LLC, a tokenized securities trading platform on the Canton Network. The company said this marked the first tokenized U.S. equity trades under the innovation exemption framework introduced by the U.S. SEC on September 17. In these trades, existing shareholder Five North was the seller, DRW Cumberland was the buyer, Flowdesk provided liquidity, and the trades were conducted through a permissioned pool of the Tradecraft AMM protocol and atomically settled on the Canton Network. The company stated that holders of the tokenized stock enjoy the same rights as shareholders holding shares through Nasdaq. Crypto journalist Eleanor Terrett posted on X that TSV LLC is the first trading venue to notify the SEC of its intention to operate under the innovation exemption.
Shopify and Coinbase partner to develop the stablecoin payment protocol Commerce Payments Protocol on Base
According to CryptoBriefing, Shopify and Coinbase announced the joint development of Commerce Payments Protocol for stablecoin payments on Base. The protocol is designed to simplify the process for Shopify Payments merchants to accept stablecoins such as USDC, allowing customers to pay from supported wallets without needing ETH to pay gas fees, while merchants can choose to receive funds in local currency or USDC.
Samsung Wallet launches stablecoin accounts for U.S. Galaxy users, supporting USDC on Solana
According to Decrypt, Samsung Wallet has launched stablecoin accounts for eligible Galaxy users in the United States, supporting USDC on the Solana blockchain and covering approximately 82 million compatible devices. The service was built by Samsung in partnership with custody provider Bastion and Coinbase, supports fee-free transfers, and enables bank account withdrawals in more than 60 countries worldwide. Top-ups via credit card incur a 4% fee; the service is currently not available in New York State. Samsung plans to further explore stablecoin payments and other market applications in the future.
Meta, Palantir and others oppose OKXICE tokenization, with the number of opposing companies rising to 67
OKXICE TSV, the tokenized securities trading platform joint venture between OKX and Intercontinental Exchange (ICE), released a public notice updated on November 5 stating that Palantir (PLTR), S&P Global (SPGI), KLA (KLAC), Super Micro Computer (SMCI) and Meta (META) have joined the ranks of those opposing the tokenized trading of their shares on the platform, bringing the number of issuers that have submitted objections to 67 from 62 on November 4. Previously, companies including Apple, Nvidia, Tesla, Amazon and Microsoft had all raised objections.
U.S. stock token trading platform MSX lists 6 new U.S. stock tokens
U.S. stock token trading platform MSX has listed spot and contract trading for TOST, a U.S. cloud-based restaurant management software company; DDOG, a SaaS company; BILL, a financial operations software company; DOCN, a U.S. cloud infrastructure and AI platform provider; biotechnology company $AMGN; and the global clean energy ETF token ICLN.
Tokenization infrastructure company tZERO plans to go public via SPAC merger at a valuation of $350 million
According to an official announcement, tokenization infrastructure company tZERO announced that it has signed a definitive business combination agreement with Nasdaq-listed SPAC FG Imperii Acquisition Corp. (FGII). The transaction implies a pre-money equity valuation of $350 million for tZERO, of which up to $25 million is subject to achievement of certain milestones. Following the merger, the combined company's shares are expected to be listed on NYSE American under the ticker "TZRO." The combined company may receive up to approximately $231 million in cash from FG Imperii's trust account, depending on public shareholder redemptions. The boards of both companies have unanimously approved the transaction, which is expected to close in early 2027. tZERO said that in addition to an exchange listing, it will also explore on-chain trading, custody and other pathways. Previously, ICE, the parent company of the New York Stock Exchange, had invested in tZERO.
On-chain stock trading platform StableStock completes a new strategic funding round at a $75 million valuation, with Amber and others participating
On-chain stock trading platform StableStock recently completed a new strategic funding round at a $75 million valuation, with participants including Amber, Nomad Capital, Flow Traders and Gate. In August last year, StableStock completed YZi Labs' Easy Residency incubation program and closed a seed round with investors including YZi Labs, Matrix Partners China and Vertex Ventures.
News from August last year: StableStock completed a seed round with participation from YZi Labs and others.
Tokenized securities financing infrastructure Lombard Systems completes $4 million seed round
According to official news, tokenized securities financing infrastructure Lombard Systems (formerly SemiLiquid) has completed a $4 million seed round led by Ethereal Ventures, with participation from ALPS Capital, First Commit, Veris Ventures and ATKA.
Lombard Systems provides financing infrastructure for tokenized securities and maintains the "Delivery vs. Lock" (DvL) standard. This standard allows banks, brokers and transfer agents to accept tokenized and digital assets as collateral without moving the assets out of their original securities accounts; the assets remain locked in the owner's name, and the lender obtains an enforceable security interest evidenced by a cryptographically signed credit certificate.
Stablecoin financial platform Takenos completes $7 million seed extension round led by North Island Ventures and others
According to PR Newswire, Latin American stablecoin financial platform Takenos has completed a $7 million seed extension round led by North Island Ventures and Road Capital Management, with participation from existing investors Variant, Lattice and Reverie. This round brings Takenos' total funding to $12 million.
Founded in 2022, Takenos currently operates in six Latin American countries and processes more than $5 billion in annual transaction volume, with clients including global companies such as LATAM Airlines. The platform has developed a full technology stack covering local payment rails, consumer applications, enterprise APIs and an institutional trading desk, with partners including Stripe, Mastercard and Visa. The new funds will be used to expand its services to more than 15 countries by 2027.
Stablecoin cross-border payment platform Bloquo completes $3.7 million seed round
According to Dealroom, stablecoin cross-border payment platform Bloquo has completed a $3.7 million seed round led by Crescera Capital and Triaxis Capital, with participation from Lattice Fund.
According to the introduction, Bloquo is a Brazilian fintech company dedicated to building stablecoin-based financial infrastructure for banks and enterprises. Its platform integrates functions such as cross-border payments, foreign exchange trading and liquidity provision, supports stablecoins such as USDC and USDT, and can be accessed via API or dashboard. The company has registered with the U.S. FinCEN as a money services business and has applied to the Central Bank of Brazil for a virtual asset broker registration.
Stablecoin payment provider Yellow Card completes acquisition of Brazilian virtual asset service provider GoMoney, officially entering the Brazilian market
According to a Yellow Card announcement, the company completed the acquisition of Brazilian virtual asset service provider GoMoney in October, with the transaction amount undisclosed. Founded in 2018 and headquartered in São Paulo, GoMoney will continue to operate as a wholly owned subsidiary of Yellow Card under its founding team after the acquisition. The acquisition allows Yellow Card to conduct business directly in Brazil for the first time, enabling it to provide customers with local Brazilian real collection and payment services, including Pix, settled in stablecoins. GoMoney has applied to the Central Bank of Brazil for a virtual asset service provider license and continues to operate under a transitional regime during the approval period.Anthropic IPO Ticket Scramble: From Selling Bay Area Homes for Shares to Bitget's $100 Allocation
PANews summary: Anthropic has filed an IPO prospectus with the SEC, planning to list on Nasdaq under the ticker ANT, with market expectations valuing it at $1.5–1.75 trillion; its equity is highly sought after in Silicon Valley. Bitget's IPO Prime offers rANT token subscriptions through a VIP round and a public round, with a minimum investment of $100; rANT is backed 1:1 by real shares but carries no shareholder voting rights. The public round charges a 5% service fee, while the VIP round charges 12%; the historical allocation rate of 40–80% is for reference only. This model builds on its experience with token projects related to SpaceX and OpenAI, using crypto accounts to lower the threshold for ordinary users to participate in hot IPOs, but final returns depend on the allocation ratio and post-listing stock price performance, and the project itself still carries uncertainty.
Circle Q3 Earnings Breakdown: USDC Runs Faster, Circle Earns Less
PANews summary: Circle's Q3 total revenue was $865 million, of which $182 million came from the ARC token presale. Excluding this one-time revenue, core revenue fell 8% year over year, and reserve interest income also fell 8% year over year. USDC on-chain transaction volume surged, with its transaction volume share rising to 79%, but its outstanding supply share fell to 27%; faster capital turnover cannot bring direct revenue to Circle. Pressured by declining U.S. Treasury yields and profit-sharing squeezed by high-bargaining-power channels such as Hyperliquid and Binance, the company's profit margin is under pressure. Circle is pushing its Circle Payments Network and acquiring Tazapay to expand cross-border settlement, but this business is expected to contribute substantive revenue only in 2027; the company's main revenue source at this stage remains reserve interest.
Crypto Exchanges Storm the Heartland of U.S. Equity Derivatives; CFTC Greenlights U.S. Equity Perpetual Futures, Then Wall Street Giants Strike Back
PANews summary: On November 3, the CFTC cleared U.S. equity perpetual futures. Four crypto institutions—Kalshi, Coinbase, Bitnomial, and OG.com—are advancing related products under a mechanism whereby they take effect upon expiration of the 45-day review period; the products still need to complete relevant SEC registration. On the same day, Cboe and Citadel Securities-backed CMA filed a lawsuit. The core dispute is whether U.S. equity perpetuals should be classified as security futures or security-based swaps; if deemed the latter, sales to retail investors would be restricted. Behind the lawsuit is a contest of commercial interests: U.S. equity perpetuals would divert traditional options order flow and threaten traditional institutions' market-making and options businesses. Traditional institutions worry about regulatory arbitrage and want to raise barriers to entry and level the competitive rules. The category's subsequent development depends on multiple factors, including regulatory rulings, liquidity, and investor protection.