Fracks

Morgan Stanley tripled its own forecast within a month. The bank’s base case for tokenized real-world assets by 2030 was $2.3 trillion in September. Its digital asset chief now says $3 trillion to $10 trillion is realistic, even as the bank pushes its own tokenized equities timeline back to account for the pace of institutional interest.

Full transparency and investor privacy usually work against each other in onchain compliance. FRACKS uses selective disclosure at the transfer layer, revealing only the specific attributes a transfer needs to verify, nothing more. Eligibility stays enforceable without exposing who’s actually holding the asset.

Every issuer that writes their own compliance logic from scratch ends up with assets that behave differently from everyone else’s. FRACKS builds on T-REX specifically so that doesn’t happen. A shared standard is what lets regulated assets actually interoperate instead of just existing next to each other.

Ondo Finance launched CRCLon and SPYon, tokenized representations of CRCL and SPY built on DTCC’s tokenized entitlements. It’s a DeFi-native product sitting directly on top of legacy clearing infrastructure instead of running parallel to it. Most tokenized products are still choosing one side or the other.

Pakistan is turning part of a $3B Eurobond into a tokenization test case. The plan follows a template Hong Kong has already proven at scale, announced by the finance minister after Pakistan’s sovereign rating was upgraded three times since April 2025. Sovereign debt is one of the hardest asset classes to move without losing the trust investors price into it.

Investors going through full KYC every time they access a new offering is still the default in most of this market. FRACKS lets verified identity carry across every FRACKS-issued asset, while each issuer still applies its own eligibility rules on top. The onboarding gets lighter without asking any issuer to loosen their requirements.

Pakistan is now exploring tokenization of Islamic sukuk, alongside digital bonds and AI-based financial oversight. These discussions with the IFC and World Bank point toward using tokenization to open new channels for international investment. That’s an opening for infrastructure built specifically around how Shariah-compliant finance moves.

The infrastructure clearing nearly all US securities is about to run tokenized assets through it. DTCC’s tokenization service launches this month, covering $114T in DTC-custodied assets, built on a dual-chain setup across Canton and Besu, after live production trades with JPMorgan, Ondo, and over 100 industry partners. Tokenization doesn’t get a bigger stage than this.

Standard Chartered recently announced institutional custody for tokenized assets in Singapore. The structure separates asset safekeeping from the rules governing who can hold and move them. That split, custody on one side, compliance on the other, is becoming what institutions expect before they'll touch tokenized markets at scale.

A $1.8T market just got a regulatory pathway. Pakistan's new virtual assets framework makes real estate tokenization possible, an asset class that still sits almost entirely offchain. Real estate has always been one of the hardest to fractionalize and transfer efficiently, and the unlock is infrastructure built for that shift, the regulation only clears the way.