10 days of back-to-back institutional moves on the RWA side
Securitize started trading on NYSE as SECZ on July 1
➛ $400M+ fund
➛ $4.4B in tokenized assets issued since 2017
➛ includes BlackRock's $2.2B $BUIDL fund
Ondo went live with the first tokenized BlackRock ETF and Micron shares within the SEC framework, in partnership with Broadridge
$807B New York Life launched its first tokenized high-yield bond fund with Centrifuge
BNY added USDC custody for institutional clients
but same week JPMorgan (July 9) put a question mark under all of it worth flagging
the real structural risk for Bitcoin and crypto isn't Strategy's selling plan. it's institutional tokenization bypassing public chains (including Ethereum) and migrating to bank-controlled permissioned infrastructure
the evidence is already on the field:
➛ JPMorgan, Citi, Bank of America, and Wells Fargo are building an interbank network with The Clearing House to move tokenized deposits
➛ target launch is first half of 2027. Swift is also piloting a similar blockchain ledger with 17 banks including UBS, HSBC, Citi, and BNY
so "RWA is growing" is true. but "this growth is bullish for crypto-native infrastructure (Ethereum, public chains)" is conditional
in the $31.7B RWA market Ethereum still leads with 57.8% share
but as banks mature their own closed networks, who that share belongs to is still an open question
