RWA

Andreessen Horowitz, the Uniswap Foundation, the DeFi Education Fund and The Digital Chamber opposed Citadel Securities' request that the SEC treat DeFi venues handling tokenized equities as regulated exchanges or broker-dealers. According to a Friday letter to the SEC, the coalition said Citadel's analysis is flawed and argued that thoughtfully designed onchain markets can protect investors without traditional registration.

Pakistan signed an MoU with Binance to explore tokenizing up to $2 billion in sovereign bonds, treasury bills and commodity reserves. The plan aims to improve liquidity and market access, while final approval remains pending, the finance ministry said. Separately, Pakistan’s regulator granted initial clearance for Binance and HTX to register locally and begin applying for full exchange licenses.

On Friday, several crypto industry groups sent a letter to the SEC opposing Citadel Securities' push to expand oversight of DeFi intermediaries tied to tokenized securities. The coalition argued the proposal misapplies securities law and risks sweeping in autonomous software and infrastructure providers. Earlier that day, the SEC granted DTC a no-action letter to tokenize select U.S. assets.

Stablecoin issuer Tether has submitted a binding all-cash proposal to acquire Exor's 65.4% shareholding in Juventus Football Club, with plans for a subsequent tender offer to remaining investors at the same price. The bid is backed by Tether's large reserve portfolio and includes a commitment to invest €1 billion in the club's long-term development, potentially making it the first stablecoin firm to control a major European football institution if regulators approve.

On December 12, 2025, Kamino said it is rebranding from a lending-only app and introducing six products, including a fixed-rate market, an RWA DEX, off-chain collateral, and a developer SDK. According to DeFi Llama, Kamino's TVL is $2.59B, representing up to 75% of Solana's $3.6B lending liquidity.

Michael Selig, Donald Trump's nominee to lead the CFTC, faces a full Senate confirmation following a 12–11 party-line committee approval last month. The decision comes after the CFTC's Dec 4 move to permit spot crypto trading on futures exchanges and a Dec 8 pilot allowing Bitcoin, Ether, and USDC as derivatives collateral.

On December 11, 2025, the US Commodity Futures Trading Commission issued staff no-action letters to Polymarket US, LedgerX, PredictIt, and Gemini Titan. The relief is conditional, requiring full collateralization of all contracts and publication of time-and-sales data to limit enforcement risk.

On 12 December 2025, Bhutan announced TER, a sovereign digital token backed by the country's gold reserves and issued through Gelephu Mindfulness City. DK Bank will safeguard the physical gold while Matrixdock builds the tokenized asset on Solana, aligning with Bhutan's broader effort to expand its blockchain ecosystem and modernize national finance.

On December 11, the U.S. SEC issued a No-Action Letter for DTCC’s Depository Trust Company, approving a three-year pilot to tokenize certain U.S. securities on selected blockchains. Under the program, scheduled to begin in the second half of 2026, DTC may mint and burn blockchain tokens representing security entitlements it already holds, using registered wallets and a permissioned setup. The initiative covers eligible assets such as leading index-tracking ETFs, U.S. Treasuries and Russell 1000 constituents, while requiring DTCC to file quarterly reports on participants, tokenized values and operational issues.

The US Securities and Exchange Commission has granted the Depository Trust Company, a subsidiary of DTCC, a no-action letter to pilot tokenization of traditional securities on selected blockchains from the second half of 2026 for three years. The program will cover US Treasuries, major index-tracking ETFs and Russell 1000 components, with tokenized assets retaining the same rights and protections as their conventional versions and being offered to DTC participants and their clients.