Tokenisation news, 28 July 2026
Issuance, settlement and secondary trading all moved in the week of 21–27 July 2026 — and Europe's route to the last of them has barely been used.
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Key takeaways
- Uniswap released Permissioned Pools on 23 July 2026, allowing tokenised funds to trade on its infrastructure with investor eligibility enforced on-chain. Launch partners are Superstate, Securitize and Dowgo.
- BNY told clients on 22 July 2026 that it intends to settle US Treasuries at any hour of the day from 2027, with pilot trades on its private blockchain due by the end of 2026.
- Mubadala Capital issued one of its private markets strategies as a tokenised fund on 23 July 2026, drawing roughly $75 million, with Coinbase investing from its own balance sheet.
- More than $315 billion of assets now moves through stablecoins and tokenised money market funds.
Uniswap moves compliance inside the pool
Uniswap, the largest decentralised trading venue, has released a standard that lets tokenised funds, bonds and equities trade on its infrastructure with eligibility rules enforced inside the pool itself, rather than at the website layer or by a compliance check after the fact. The issuer keeps control of the list of approved wallets, and eligibility is verified before any trade or liquidity provision is allowed. Launch partners are Superstate, Securitize and Paris-based Dowgo, which will use the standard once it obtains DLT trading and settlement system authorisation under the EU's DLT Pilot Regime.
The Investre take: Issuing a tokenised fund is largely a solved problem; trading it in a secondary market is not, and that is the gap this closes. The European route runs through the DLT Pilot Regime, which has been available since 2023 and attracted strikingly few applicants — a venue that can enforce investor eligibility on-chain gives the next wave of applicants a much better reason to file.
BNY commits to settling US Treasuries at any hour from 2027
BNY has told clients that from 2027 it intends to settle US Treasuries — tokenised and conventional alike — at any hour of the day, with pilot trades on its own private blockchain due before the end of 2026. It has already settled one Treasury trade after Fedwire, the Federal Reserve's securities settlement system, had shut for the evening. Over $315 billion of assets now moves through stablecoins and tokenised money market funds, which can be redeemed at any hour, while the Treasuries backing them cannot move outside market hours.
The Investre take: Tokenised funds have been promising instant redemption on top of assets that still settle on banking hours, and BNY is closing that gap on the dollar side first. There is no equivalent commitment yet for euro-denominated assets, which is the wall every tokenised euro money market fund will hit next.
Mubadala Capital issues a private markets strategy as a tokenised fund
Mubadala Capital, the alternative asset management arm of Abu Dhabi's sovereign wealth fund, has issued one of its private markets strategies as a tokenised fund, with shares recorded directly on a blockchain instead of in a conventional register. Open to qualified investors, it runs on the Base, Solana and Sui networks using infrastructure from UAE tokenisation firm KAIO, and has drawn roughly $75 million so far. Coinbase has also invested in the fund from its own corporate balance sheet. Mubadala Capital manages around $430 billion.
The Investre take: Private markets were supposed to be the hard case for tokenisation — illiquid, bespoke, tightly gated — and a sovereign-backed manager has gone ahead anyway. European managers building the same thing inside an ELTIF or AIF already have the legal certainty to go further, provided the share register sits in a form the law actually recognises.
What this means for European fund managers
Luxembourg managers already have the legal basis the US institutions above are still building towards. Under the Blockchain IV Law, a fund's share register can be maintained on distributed ledger by an authorised Controlling Agent, which is what makes native fund tokens possible without a transfer agent or CSD. Investre became the first firm authorised for this role, and works with both UCITS managers and AIF managers on that basis.
Further reading: Investre becomes the first Controlling Agent under Blockchain IV Law, or The Final Block podcast.
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