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Original Article
Design and Adoption Signals in Tokenized Finance: Evidence from On-Chain Stable coin, MMF, and RWA Activity
Ian Staley1
1 Independent Researcher, United States.
Published Online: July-August 2026
Pages: 140-159
Cite this article
↗ https://www.doi.org/10.59256/ijire.20260704017
References
1. P. Azar, F. Carapella, J. P. Perez-Sangimino, N. Swem, and A. P. Vardoulakis, "The emergence of tokenized investment funds and their use cases," Federal Reserve Bank of New York Liberty Street Economics, Sep. 24, 2025, doi: 10.59576/lse.20250924a.
2. M. Aquilina, U. Lewrick, F. Ravenna, and L. Schonleber, "The rise of tokenised money market funds," BIS Bulletin, Bank for International Settlements, Basel, Switzerland, 2025. [Online]. Available: https://www.bis.org/publ/bisbull115.pdf (accessed Jan. 28, 2026).
3. K. Anadu et al., "Runs and flights to safety: Are stablecoins the new money market funds?," Federal Reserve Bank of New York Staff Report No. 1073, New York, NY, USA, 2024. [Online]. Available: https://www.newyorkfed.org/research/staff_reports/sr1073 (accessed Jan. 28, 2026).
4. Y. Guo, H. Zhu, M. Xu, X. Cheng, and B. Xiao, "Tokenized real-world assets: Survey, applications, and challenges," IEEE Commun. Surv. Tutorials, 2025, early access.
5. Federal Reserve Bank of Boston, "Tokenized money market funds and financial stability," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System, Washington, DC, USA, 2026. [Online]. Available:https://www.federalreserve.gov/econres/feds/files/2026002pap.pdf (accessed Jan. 28, 2026).
6. L. Zhang, "SoK: Stablecoins for digital transformation, design, metrics, and application with real world asset tokenization as a case study," arXiv:2508.02403, 2025. [Online]. Available: https://arxiv.org/abs/2508.02403 (accessed Jan. 28, 2026).
7. C. Catalini and J. S. Gans, "Some simple economics of the blockchain," Commun. ACM, vol. 63, no. 7, pp. 80-90, Jul. 2020, doi: 10.1145/3359552.
8. L. W. Cong and Z. He, "Blockchain disruption and smart contracts," Rev. Financ. Stud., vol. 32, no. 5, pp. 1754-1797, May 2019, doi: 10.1093/rfs/hhz007.
9. D. Bullmann, J. Klemm, and A. Pinna, "In search for stability in crypto-assets: Are stablecoins the solution?," ECB Occasional Paper No. 230, European Central Bank, Frankfurt, Germany, 2021. [Online]. Available: https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op230~400ad964a5.e n.pdf (accessed Jan. 28, 2026).
10. D. Costa, J. Santos, T. Dias, and M. Correia, "A decentralized marketplace for tokenized real estate," in Proc. 20th Eur. Dependable Comput. Conf. Companion (EDCC-C), 2025, pp. 157-162, doi: 10.1109/EDCC-C66476.2025.00053.
11. S. Ba, Y. Wang, H. Bai, and H. T. Zhu, "Typical case of RWA and tokenization in investment and financing," in RWA Tokenisation in Web 3.0 Era. Singapore: Springer Nature Singapore, 2025, pp. 151-218, doi: 10.1007/978-981-96-7663-7_5.
12. R. Mafrur, "Tokenize everything, but can you sell it? RWA liquidity challenges and the road ahead," arXiv:2508.11651, 2025. [Online]. Available: https://arxiv.org/abs/2508.11651 (accessed Jan. 28, 2026).
13. Bank for International Settlements, Annual Economic Report 2023. Basel, Switzerland: BIS, 2023. [Online]. Available: https://www.bis.org/publ/arpdf/ar2023e.pdf (accessed Jan. 28, 2026).
14. JPMorgan Kinexys, "Deposit tokens," New York, NY, USA, 2024. [Online]. Available:https://www.jpmorgan.com/kinexys/documents/deposit-tokens.pdf (accessed Jan. 28, 2026).
15. JPMorgan Kinexys, "Institutional DeFi: The next generation of finance," New York, NY, USA, 2024. [Online]. Available: https://www.jpmorgan.com/kinexys/documents/Institutional-DeFi-The-Next-Generation-of-Finance.pdf (accessed Jan. 28, 2026).
16. JPMorgan Kinexys, "Designing payment tokens for safety, integrity, interoperability, and usability," New York, NY, USA, 2024. [Online]. Available: https://www.jpmorgan.com/kinexys/documents/designing-payment-tokens-for-safety-integrity-interoperability-usability.pdf (accessed Jan. 28, 2026).
17. Financial Action Task Force, International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation (FATF Recommendations). Paris, France: FATF, 2012, updated periodically. [Online]. Available: https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Fatf recommendations.html (accessed Jan. 28, 2026).
18. DLA Piper, "Blockchain and digital asset regulation: Global perspectives," 2025. [Online]. Available: https://www.dlapiper.com/en/insights/publications/blockchain-and-digital-assets (accessed Jan. 28, 2026).
19. T. Hardjono and D. Avrilionis, "Provenance metadata registries for asset-referenced tokens," TechRxiv, 2025, doi: 10.36227/techrxiv.174060358.86907117/v1.
20. T. Hardjono, A. Lipton, and A. Pentland, "Interoperability challenges in tokenized asset networks," in Transactions of ADIA Lab. Singapore: World Scientific, 2025, pp. 179-228, doi: 10.1142/9789819813049_0007.
21. J. Luo, K. Tinn, S. F. Duran, D. Wu, and X. Liu, "Transaction profiling and address role inference in tokenized U.S. Treasuries," arXiv:2507.14808, 2025. [Online]. Available: https://arxiv.org/abs/2507.14808 (accessed Jan. 28, 2026).
22. H. Huang, W. Kong, S. Zhou, Z. Zheng, and S. Guo, "Blockchain scalability fundamentals," in Blockchain Scalability. Singapore: Springer Nature Singapore, 2023, pp. 1-49, doi: 10.1145/3441692.
23. Ethereum Foundation, "Scaling and layer-2 design discussion forum," Ethereum Research, 2024. [Online]. Available: https://ethresear.ch/ (accessed Jan. 28, 2026).
24. Y. Wang, S. Li, H. Liu, H. Zhang, and B. Pan, "A reference architecture for blockchain-based traceability systems using domain-driven design and microservices," arXiv:2302.06184, 2023. [Online]. Available: https://arxiv.org/abs/2302.06184 (accessed Jan. 28, 2026).
25. X. Xu, I. Weber, and M. Staples, Architecture for Blockchain Applications. Cham, Switzerland: Springer Nature, 2019, doi: 10.1007/978-3-030-03035-3.
26. M. Farhan, U. Butt, R. B. Sulaiman, and M. Alraja, "Blockchain-based digital identity and compliance frameworks for tokenized finance," preprint, 2025.
27. I. T. Staley, "Replication package for Design and adoption signals in tokenized finance: Evidence from on-chain stablecoin, MMF, and RWA activity," Zenodo, 2026, doi: 10.5281/zenodo.19668150.
28. RWA.xyz, "Tokenized asset categories, issuers, and network metadata," web application, 2026. [Online]. Available: https://app.rwa.xyz/ (accessed Jan. 28, 2026).
29. Entropy Advisors, "Franklin Templeton tokenized money market fund (BENJI) dashboard," Dune Analytics, 2026. [Online]. Available: https://dune.com/entropy_advisors/franklin-templeton-tokenized-money-market-fund-benji (accessed Jan. 28, 2026).
30. Entropy Advisors, "Tokenized U.S. Treasury cross-chain supply dashboard," Dune Analytics, 2026. [Online]. Available: https://dune.com/entropy_advisors/ (accessed Jan. 28, 2026).
31. Circle Internet Financial, "Transparency and stability: USDC reserve reports and attestations," 2025. [Online]. Available: https://www.circle.com/transparency (accessed Jan. 28, 2026).
32. Franklin Templeton, "Benji technology platform and tokenized money market fund products (FOBXX)," 2026. [Online]. Available: https://www.franklintempleton.com/investments/options/money-market-funds/products/29386/SINGLCLASS/franklin-on-chain-u-s-government-money-fund/FOBXX (accessed Jan. 28, 2026).
33. Franklin Templeton, "Benji Investments app and transfer-agent workflow documentation," 2026. [Online]. Available: https://www.franklintempleton.com/benji (accessed Jan. 28, 2026).
34. Franklin Templeton, "Benji multi-chain deployment announcements," Franklin Templeton Digital Assets, 2025-2026. [Online]. Available: https://www.franklintempleton.com/press-release (accessed Jan. 28, 2026).
35. Franklin Templeton, "FOBXX daily-yield mechanism and BENJI token rebase operational documentation," 2026. [Online]. Available: https://www.franklintempleton.com/benji (accessed Jan. 28, 2026).
36. BlackRock, "BlackRock launches its first tokenized fund, BUIDL, on the Ethereum network," press release, Business Wire, Mar. 20, 2024. [Online]. Available:https://www.businesswire.com/news/home/20240320771318/en/ (accessed Jan. 28, 2026).
37. Securitize, "BlackRock USD Institutional Digital Liquidity Fund (BUIDL), tokenized by Securitize, surpasses $1B in AUM," press release, PR Newswire, Mar. 13, 2025. [Online]. Available: https://www.prnewswire.com/news-releases/blackrock-usd-institutional-digital-liquidity-fund-buidl-tokenized-by-securitize-surpasses-1b-in-aum-302401480.html (accessed Jan. 28, 2026).
38. F.Schar, "Decentralized finance: On blockchain- and smart contract-based financial markets," Federal Reserve Bank of St. Louis Review, vol. 103, no. 2, pp. 153-174, 2021, doi: 10.20955/r.103.153-74.
2. M. Aquilina, U. Lewrick, F. Ravenna, and L. Schonleber, "The rise of tokenised money market funds," BIS Bulletin, Bank for International Settlements, Basel, Switzerland, 2025. [Online]. Available: https://www.bis.org/publ/bisbull115.pdf (accessed Jan. 28, 2026).
3. K. Anadu et al., "Runs and flights to safety: Are stablecoins the new money market funds?," Federal Reserve Bank of New York Staff Report No. 1073, New York, NY, USA, 2024. [Online]. Available: https://www.newyorkfed.org/research/staff_reports/sr1073 (accessed Jan. 28, 2026).
4. Y. Guo, H. Zhu, M. Xu, X. Cheng, and B. Xiao, "Tokenized real-world assets: Survey, applications, and challenges," IEEE Commun. Surv. Tutorials, 2025, early access.
5. Federal Reserve Bank of Boston, "Tokenized money market funds and financial stability," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System, Washington, DC, USA, 2026. [Online]. Available:https://www.federalreserve.gov/econres/feds/files/2026002pap.pdf (accessed Jan. 28, 2026).
6. L. Zhang, "SoK: Stablecoins for digital transformation, design, metrics, and application with real world asset tokenization as a case study," arXiv:2508.02403, 2025. [Online]. Available: https://arxiv.org/abs/2508.02403 (accessed Jan. 28, 2026).
7. C. Catalini and J. S. Gans, "Some simple economics of the blockchain," Commun. ACM, vol. 63, no. 7, pp. 80-90, Jul. 2020, doi: 10.1145/3359552.
8. L. W. Cong and Z. He, "Blockchain disruption and smart contracts," Rev. Financ. Stud., vol. 32, no. 5, pp. 1754-1797, May 2019, doi: 10.1093/rfs/hhz007.
9. D. Bullmann, J. Klemm, and A. Pinna, "In search for stability in crypto-assets: Are stablecoins the solution?," ECB Occasional Paper No. 230, European Central Bank, Frankfurt, Germany, 2021. [Online]. Available: https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op230~400ad964a5.e n.pdf (accessed Jan. 28, 2026).
10. D. Costa, J. Santos, T. Dias, and M. Correia, "A decentralized marketplace for tokenized real estate," in Proc. 20th Eur. Dependable Comput. Conf. Companion (EDCC-C), 2025, pp. 157-162, doi: 10.1109/EDCC-C66476.2025.00053.
11. S. Ba, Y. Wang, H. Bai, and H. T. Zhu, "Typical case of RWA and tokenization in investment and financing," in RWA Tokenisation in Web 3.0 Era. Singapore: Springer Nature Singapore, 2025, pp. 151-218, doi: 10.1007/978-981-96-7663-7_5.
12. R. Mafrur, "Tokenize everything, but can you sell it? RWA liquidity challenges and the road ahead," arXiv:2508.11651, 2025. [Online]. Available: https://arxiv.org/abs/2508.11651 (accessed Jan. 28, 2026).
13. Bank for International Settlements, Annual Economic Report 2023. Basel, Switzerland: BIS, 2023. [Online]. Available: https://www.bis.org/publ/arpdf/ar2023e.pdf (accessed Jan. 28, 2026).
14. JPMorgan Kinexys, "Deposit tokens," New York, NY, USA, 2024. [Online]. Available:https://www.jpmorgan.com/kinexys/documents/deposit-tokens.pdf (accessed Jan. 28, 2026).
15. JPMorgan Kinexys, "Institutional DeFi: The next generation of finance," New York, NY, USA, 2024. [Online]. Available: https://www.jpmorgan.com/kinexys/documents/Institutional-DeFi-The-Next-Generation-of-Finance.pdf (accessed Jan. 28, 2026).
16. JPMorgan Kinexys, "Designing payment tokens for safety, integrity, interoperability, and usability," New York, NY, USA, 2024. [Online]. Available: https://www.jpmorgan.com/kinexys/documents/designing-payment-tokens-for-safety-integrity-interoperability-usability.pdf (accessed Jan. 28, 2026).
17. Financial Action Task Force, International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation (FATF Recommendations). Paris, France: FATF, 2012, updated periodically. [Online]. Available: https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Fatf recommendations.html (accessed Jan. 28, 2026).
18. DLA Piper, "Blockchain and digital asset regulation: Global perspectives," 2025. [Online]. Available: https://www.dlapiper.com/en/insights/publications/blockchain-and-digital-assets (accessed Jan. 28, 2026).
19. T. Hardjono and D. Avrilionis, "Provenance metadata registries for asset-referenced tokens," TechRxiv, 2025, doi: 10.36227/techrxiv.174060358.86907117/v1.
20. T. Hardjono, A. Lipton, and A. Pentland, "Interoperability challenges in tokenized asset networks," in Transactions of ADIA Lab. Singapore: World Scientific, 2025, pp. 179-228, doi: 10.1142/9789819813049_0007.
21. J. Luo, K. Tinn, S. F. Duran, D. Wu, and X. Liu, "Transaction profiling and address role inference in tokenized U.S. Treasuries," arXiv:2507.14808, 2025. [Online]. Available: https://arxiv.org/abs/2507.14808 (accessed Jan. 28, 2026).
22. H. Huang, W. Kong, S. Zhou, Z. Zheng, and S. Guo, "Blockchain scalability fundamentals," in Blockchain Scalability. Singapore: Springer Nature Singapore, 2023, pp. 1-49, doi: 10.1145/3441692.
23. Ethereum Foundation, "Scaling and layer-2 design discussion forum," Ethereum Research, 2024. [Online]. Available: https://ethresear.ch/ (accessed Jan. 28, 2026).
24. Y. Wang, S. Li, H. Liu, H. Zhang, and B. Pan, "A reference architecture for blockchain-based traceability systems using domain-driven design and microservices," arXiv:2302.06184, 2023. [Online]. Available: https://arxiv.org/abs/2302.06184 (accessed Jan. 28, 2026).
25. X. Xu, I. Weber, and M. Staples, Architecture for Blockchain Applications. Cham, Switzerland: Springer Nature, 2019, doi: 10.1007/978-3-030-03035-3.
26. M. Farhan, U. Butt, R. B. Sulaiman, and M. Alraja, "Blockchain-based digital identity and compliance frameworks for tokenized finance," preprint, 2025.
27. I. T. Staley, "Replication package for Design and adoption signals in tokenized finance: Evidence from on-chain stablecoin, MMF, and RWA activity," Zenodo, 2026, doi: 10.5281/zenodo.19668150.
28. RWA.xyz, "Tokenized asset categories, issuers, and network metadata," web application, 2026. [Online]. Available: https://app.rwa.xyz/ (accessed Jan. 28, 2026).
29. Entropy Advisors, "Franklin Templeton tokenized money market fund (BENJI) dashboard," Dune Analytics, 2026. [Online]. Available: https://dune.com/entropy_advisors/franklin-templeton-tokenized-money-market-fund-benji (accessed Jan. 28, 2026).
30. Entropy Advisors, "Tokenized U.S. Treasury cross-chain supply dashboard," Dune Analytics, 2026. [Online]. Available: https://dune.com/entropy_advisors/ (accessed Jan. 28, 2026).
31. Circle Internet Financial, "Transparency and stability: USDC reserve reports and attestations," 2025. [Online]. Available: https://www.circle.com/transparency (accessed Jan. 28, 2026).
32. Franklin Templeton, "Benji technology platform and tokenized money market fund products (FOBXX)," 2026. [Online]. Available: https://www.franklintempleton.com/investments/options/money-market-funds/products/29386/SINGLCLASS/franklin-on-chain-u-s-government-money-fund/FOBXX (accessed Jan. 28, 2026).
33. Franklin Templeton, "Benji Investments app and transfer-agent workflow documentation," 2026. [Online]. Available: https://www.franklintempleton.com/benji (accessed Jan. 28, 2026).
34. Franklin Templeton, "Benji multi-chain deployment announcements," Franklin Templeton Digital Assets, 2025-2026. [Online]. Available: https://www.franklintempleton.com/press-release (accessed Jan. 28, 2026).
35. Franklin Templeton, "FOBXX daily-yield mechanism and BENJI token rebase operational documentation," 2026. [Online]. Available: https://www.franklintempleton.com/benji (accessed Jan. 28, 2026).
36. BlackRock, "BlackRock launches its first tokenized fund, BUIDL, on the Ethereum network," press release, Business Wire, Mar. 20, 2024. [Online]. Available:https://www.businesswire.com/news/home/20240320771318/en/ (accessed Jan. 28, 2026).
37. Securitize, "BlackRock USD Institutional Digital Liquidity Fund (BUIDL), tokenized by Securitize, surpasses $1B in AUM," press release, PR Newswire, Mar. 13, 2025. [Online]. Available: https://www.prnewswire.com/news-releases/blackrock-usd-institutional-digital-liquidity-fund-buidl-tokenized-by-securitize-surpasses-1b-in-aum-302401480.html (accessed Jan. 28, 2026).
38. F.Schar, "Decentralized finance: On blockchain- and smart contract-based financial markets," Federal Reserve Bank of St. Louis Review, vol. 103, no. 2, pp. 153-174, 2021, doi: 10.20955/r.103.153-74.
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