The article discusses the transformative potential of tokenization in financial markets, comparing it to the digitization boom of the 1970s. It highlights the advantages of tokenized assets, such as immediate settlement and global accessibility, while addressing the challenges and regulatory shifts necessary for widespread adoption. The piece also examines Robinhood's approach to tokenizing stocks and private equity, underscoring the evolving landscape of finance and the need for clearer regulations.

Liquid is an innovative auto-regressive model that integrates visual comprehension and generation by tokenizing images into discrete codes and learning them alongside text tokens. This multimodal large language model operates within a shared feature space, allowing for seamless understanding and generation without relying on external visual embeddings. Liquid is available in multiple sizes and explores the scaling laws of multimodal models, revealing mutual benefits between understanding and generation tasks.

Tokenization is rapidly transforming capital markets, with over $24 billion in real-world assets now on public blockchains, driven by major players like Robinhood and BlackRock. The shift toward onchain infrastructure is allowing fintechs and corporations to streamline processes, reduce reliance on traditional financial intermediaries, and enhance global liquidity. However, challenges remain regarding full ownership rights and the integration of onchain assets with offchain constructs.

Coinbase is set to expand its trading app to include tokenized stocks, derivatives, prediction markets, and other assets, aiming to create an "everything exchange" for U.S. users, with plans for international rollout. This move intensifies competition with platforms like Robinhood and aligns with recent pro-crypto regulatory changes in the U.S. as the company seeks to enhance consumer engagement and become a leading financial services app.

Fidelity has launched a tokenized treasury fund on the Ethereum blockchain, enabling investors to gain exposure to U.S. Treasury securities in a more efficient and streamlined manner. This initiative aims to enhance liquidity and accessibility for institutional investors looking to invest in treasuries through digital assets.

Ant Digital Technologies, a subsidiary of Ant Group, is set to tokenize energy assets worth approximately $8.4 billion, moving operational data from 15 million new energy devices onto its blockchain, AntChain. The initiative aims to enhance liquidity for real-world assets through tokenization, contingent on regulatory approval.

FlexTok is a method for resampling images into 1D token sequences of flexible length, with official implementations and pre-trained models available on GitHub. The repository includes instructions for installation, usage examples, and model checkpoints, emphasizing the importance of using trusted sources for loading checkpoints due to potential security vulnerabilities. Users can easily integrate the FlexTok tokenizer and VAE inference into their projects using provided code snippets and Jupyter notebooks.

Hong Kong's government has announced a new regulatory framework for digital assets, aiming to enhance risk management and investor protection as it seeks to establish itself as a global cryptocurrency hub. The Securities and Futures Commission will regulate exchanges, custodians, and stablecoins, while also reviewing the legal framework for tokenizing real-world assets. With significant growth in tokenization, the government plans to encourage secondary market trading of tokenized ETFs and the issuance of tokenized government bonds.

BlackRock is planning to tokenize exchange-traded funds (ETFs) following its recent success with a Bitcoin fund. This initiative is part of a broader trend to leverage blockchain technology in traditional finance, aiming to enhance liquidity and accessibility for investors.

The Bank for International Settlements claims that stablecoins fail to meet three essential criteria for monetary systems: singleness, elasticity, and integrity. Despite concerns about their potential to undermine financial integrity and national sovereignty, the BIS acknowledges the transformative potential of tokenization in traditional finance.

The article discusses the trend of tokenizing stocks within the fintech sector, highlighting its potential to revolutionize asset ownership and trading. It emphasizes the benefits of increased accessibility and liquidity for investors, as well as the implications for traditional stock markets. The piece also touches on the growing interest in blockchain technology as a driving force behind these developments.

Republic, an investment startup, is set to offer retail investors the opportunity to buy tokenized shares of SpaceX, marking a significant shift in access to private equity. The initiative reflects a broader trend of tokenization in the financial industry, with plans to expand offerings to other major private companies, amid evolving regulatory frameworks under a pro-crypto U.S. administration. Concerns about legality and market impact remain as the sector navigates these innovations.

Goldman Sachs and Bank of New York Mellon are launching tokenized money market funds for institutional investors, recorded on Goldman's blockchain platform. This innovation aims to enhance efficiency, allowing round-the-clock trading and faster settlements while making these funds more attractive for cash management compared to traditional money market options.

Global regulators are intensifying their scrutiny of tokenized stocks, aiming to address concerns related to investor protection and market integrity. This crackdown is part of a broader effort to establish clear regulations that govern the emerging digital asset landscape, ensuring compliance and reducing risks associated with tokenized financial products.

The SEC has launched "Project Crypto" to modernize securities regulations and facilitate crypto-based trading, aligning with President Trump's vision of making the U.S. a leader in the crypto space. SEC Chair Paul Atkins emphasized the need to adapt rules to support on-chain technologies and prevent excessive regulation that could drive innovation offshore. This initiative follows a report from the President's Working Group on Digital Asset Markets that outlines strategies to enhance U.S. dominance in digital asset markets.

The U.S. Commodity Futures Trading Commission (CFTC) is initiating a policy to allow stablecoins as tokenized collateral for margin requirements in the derivatives market, led by acting chairman Caroline Pham. Pham emphasizes the importance of stablecoins in collateral management and is seeking industry input on this initiative, which aligns with recent regulatory developments and aims to enhance market efficiency.

Visa continues to lead the digital payments space with its innovative product ecosystem and advanced processing network, VisaNet, which facilitates secure transactions globally. The company is expanding into new payment flows, including B2B and P2P, and enhancing security through initiatives like tokenization, while also providing value-added services to optimize customer experiences. With a commitment to facilitate commerce across over 200 countries, Visa aims to uplift everyone in their payment experiences.

The article discusses the transformative potential of tokenization in financial markets, highlighting how it can enhance liquidity, transparency, and efficiency. A SEC commissioner emphasizes that tokenization can democratize access to various assets and streamline the process of trading and ownership. Regulatory clarity is seen as crucial for realizing these benefits in the evolving financial landscape.

Visa has announced the integration of Google Pay tokenization into its fleet cards, allowing for dynamic provisioning of fleet data tags during the tokenization process. This innovation aims to streamline the payment experience for fleet operators, reducing the time required for digital wallet provisioning and enhancing control for fleet managers.

The emergence of Fintech 3.0 is paving the way for a new financial system built on blockchain technology, characterized by instant payments, digital asset control, and regulatory clarity following the GENIUS Act. With the success of stablecoins and the potential for tokenization of various assets, there is a significant opportunity for startups to innovate and build onchain solutions. YC and Coinbase Ventures are eager to support and fund projects that leverage this evolving infrastructure.

Robinhood is engaging with European regulators about its blockchain-based "stock tokens," which are derivatives intended for retail investors rather than actual shares. The initiative has faced scrutiny, especially following OpenAI's disassociation from the promotion, prompting questions from the Bank of Lithuania regarding the tokens' structure. Robinhood has already issued approximately 215 stock tokens and plans to expand its offerings.

PayOS and Mastercard have successfully completed a milestone agentic payment transaction using the Mastercard Agent Pay platform and its tokenization technology. This advancement enhances user consent, authentication, and fraud protection, paving the way for the future of agentic commerce and improved user experiences.

Robinhood's stock surged nearly 13% after the company launched tokenized shares of OpenAI and SpaceX in Europe, making private equity accessible via blockchain for the first time. The move is part of Robinhood's strategy to expand its crypto offerings globally, allowing EU users to trade over 200 tokenized stocks and ETFs with no commission. However, U.S. users will face regulatory hurdles before accessing similar offerings.

Banks should embrace tokenized deposits as a way to compete in the evolving financial landscape, leveraging the benefits of on-chain finance. Tokenized deposits, backed by bank balance sheets, could provide banks with opportunities to offer global, instant payments in an open-loop system, complementing the existing stablecoin market. The article discusses the differences between tokenized deposits and stablecoins, and emphasizes the need for banks to innovate or risk being bypassed by fintech solutions.

SEC Commissioner Hester Peirce announced the agency's willingness to collaborate with industry participants on tokenizing assets, acknowledging the complex interactions between tokenized securities and traditional asset forms. The tokenization market, currently valued at $31 billion, is projected to grow to $2 trillion by 2030 as financial institutions increasingly adopt this technology to enhance liquidity and efficiency.

PayOS has successfully completed a significant agentic payment transaction using a Mastercard Agentic Token, marking a major step in the evolution of agentic commerce. The platform focuses on providing secure AI-driven transactions, enhanced user experiences, and better fraud prevention, while onboarding customers to leverage its advanced payment capabilities. Mastercard supports this initiative by building a secure ecosystem for digital commerce through tokenization technology.

The SEC has passed a new exemption under the Genius Act that allows for the tokenization of various assets, potentially streamlining the process for issuing digital tokens. This legislative change aims to enhance the accessibility and efficiency of tokenized offerings in the financial market.

China's securities regulator has advised local brokerages to pause their real-world asset (RWA) tokenization business in Hong Kong, reflecting concerns over the rapid growth of digital assets. The move comes as Hong Kong seeks to establish itself as a digital assets hub despite China's cautious stance on cryptocurrency.

The article discusses the limitations of tokenization in large language models (LLMs) and argues for a shift towards more general methods that leverage compute and data, in line with The Bitter Lesson principle. It explores potential alternatives, such as Byte Latent Transformers, and examines the implications of moving beyond traditional tokenization approaches, emphasizing the need for improved modeling of natural language.

GigaTok is a novel method designed for scaling visual tokenizers to 3 billion parameters, addressing the reconstruction vs. generation dilemma through semantic regularization. It offers a comprehensive framework for training and evaluating tokenizers, alongside various model configurations and instructions for setup and usage. The project is a collaboration involving extensive research and experimentation, with resources available for further exploration.

Nasdaq has filed a proposal with the U.S. SEC to allow the trading of tokenized stocks alongside traditional methods, marking a significant shift in its operations towards blockchain integration. This move aims to enhance market efficiency and offer investors the choice of trading equities on-chain, while still ensuring the benefits of regulated markets. SEC Chairman Paul Atkins emphasized the importance of asset tokenization as part of the agency's priorities.

The article discusses the phenomenon that shorter tokens in language models tend to have a higher likelihood of being selected in various contexts. It explores the implications of this tendency for understanding how language processing works in computational models. Additionally, the author examines how the length of tokens can affect the efficiency and accuracy of these models.

Robinhood's second-quarter earnings showed a 32% increase in crypto trading volume, reaching $28 billion, alongside a 98% rise in transaction-based revenue to $160 million. The company also expanded its crypto services through acquisitions and launched tokenization initiatives, emphasizing its commitment to long-term growth in the crypto sector.

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Robinhood has expanded its tokenization efforts to include 500 US stocks and ETFs on the Arbitrum blockchain, allowing users to trade fractional shares of these assets. This move aims to enhance accessibility and democratize investing by leveraging blockchain technology for improved transaction efficiency and lower costs.

Morgan Stanley plans to launch crypto trading for retail customers through its E-Trade division in the first half of 2026, partnering with Zerohash for liquidity and custody. The bank aims to provide direct ownership of cryptocurrencies like bitcoin, ether, and solana, while also preparing for future tokenization of traditional assets, signaling a shift in wealth management practices.

Kevin O'Leary, the Shark Tank investor, has shifted his focus from NFTs, which he describes as a "fad," to investing in rare physical collectibles, specifically high-end sports cards. He recently co-purchased a $13 million card featuring Kobe Bryant and Michael Jordan, and believes that while NFTs lack tangible value, his physical assets could eventually be tokenized to improve management and liquidity.

SEC Commissioner Hester Peirce emphasized the agency's focus on tokenization and the importance of financial privacy during the DC Privacy Summit. She highlighted the need to rethink regulations related to the Bank Secrecy Act and anti-money laundering laws in the context of cryptocurrency, while also noting the impact of the ongoing government shutdown on regulatory progress.

StochasTok is a novel stochastic tokenization method that enhances large language models' (LLMs) understanding of subword structures by randomly splitting tokens during training. This approach significantly improves performance on various subword-level tasks, such as character counting and substring identification, without the high computational costs associated with previous methods. Additionally, StochasTok can be easily integrated into existing pretrained models, yielding considerable improvements with minimal changes.

The article discusses JPMorgan's innovative approach to tokenized treasury trading, highlighting how the financial institution is leveraging blockchain technology to enhance efficiency and transparency in treasury management. It also explores the implications of this development for the broader finance sector and the potential for increased adoption of digital assets.

The article discusses the significant opportunity stablecoins present for banks, highlighting how regulatory loopholes can lead to innovation and efficiency in the financial sector. It warns that if banks do not embrace stablecoins and tokenization, they risk losing market relevance to fintech companies and larger banks. The piece emphasizes that stablecoins can enhance financial services by providing real-value solutions beyond mere yield incentives.

Securitize plans to go public through a SPAC deal with a $1.25 billion pre-money valuation, aiming to tokenize its own shares post-merger. The firm, which has tokenized over $4 billion in assets, seeks to strengthen its balance sheet with $469 million in gross proceeds from the transaction.