Archax launched $GOVY today, the first 24/7 perpetual tokenised T-Bill product designed to align with HQLA Level 1 principles. Built on Archax's patent-pending pool token technology and issued on Ethereum, Hedera, and Stellar, $GOVY gives institutional investors direct, legally enforceable beneficial entitlement to continuously rolling short-dated US T-bills with no active management required. As each T-Bill matures it is automatically replaced within the token by the next equivalent short-dated instrument. Investors can subscribe via an Archax brokerage account or from whitelisted wallets using eligible stablecoins and can redeem for stablecoins or take delivery of the underlying T-Bill at any time. Underlying assets are held 1:1 in regulated custody by Northern Trust, with legal title in an insolvency-remote nominee vehicle under UK trust law, no fund wrapper and no SPV. The HQLA Level 1 alignment is the institutionally significant detail: it positions $GOVY as a potential regulatory capital-qualifying collateral instrument for banks managing liquidity buffers, a use case not previously available in tokenised form from a UK-regulated platform. GBP and EUR versions are planned.
Alongside the $GOVY launch, Archax published details of a real-time streaming cash flow capability with Hedera, enabling stablecoin payments on a near second-by-second basis directly to investors' wallets via Circle's USDC. As securities are traded, cash flow payments automatically follow the asset each second, adjusting continuously based on where the security is held. Because underlying assets can be fractionalised, payments are also continuously divisible, supporting real-time coupon payments, continuous revenue distribution, and any structure that benefits from per-second settlement precision. As Archax CEO Graham Rodford put it, this is no longer simply a 24/7 market, it's a real-time, second-by-second one.
Elsewhere Citi launched Digital Depositary Receipts allowing institutional and wealth clients to access tokenised private company shares via regulated blockchain infrastructure operated by SIX Digital Exchange, with Citi acting as issuer and custodian. Bybit separately launched its RWA Earn platform offering tokenised bond funds from PIMCO and China Merchants Bank International, tokenised via Singapore-regulated DigiFT on Plume infrastructure, a further signal that tokenised fixed-income distribution is expanding beyond Treasuries into active credit strategies.
In the largest tokenisation-led acquisition of the year, Figure agreed to acquire Kiavi, the largest US residential transition loan lender, for $717 million. Kiavi originates over $7 billion in loans annually, all of which will flow onto Figure Connect, Figure's blockchain-native marketplace for tokenised real estate debt. The deal adds approximately 40% to Figure's first-lien volume and brings DSCR rental loans onto blockchain rails for the first time. Mizuho analysts described it as accelerating Figure's strategy to move lending onto tokenised rails while reducing costs, improving liquidity and preserving a capital-light, high-margin model. Expected close is August 2026.
The tokenised equity space produced its most instructive story of the week in the SpaceX IPO. xStocks and its distribution partners gathered more than $1 billion in customer orders, with Binance's campaign alone attracting $557 million in on-chain subscriptions, but when underwriters finalised allocations, xStocks could not deliver the underlying shares. Binance Wallet, Bybit, and Bitget received zero allocation and issued full refunds. The issue was not tokenisation technology failing but that crypto platforms had no leverage with traditional IPO underwriters. The appetite was there but the allocation was not. Coinbase announced its direct response on 16 June: 1:1 backed tokenised US stocks on Base blockchain via Coinbase Tokenize, with direct legal ownership, automatic dividend payments, and no derivatives. CEO Brian Armstrong positioned it explicitly against the xStocks model, stating that existing tokenised stock products are structured as derivatives or IOUs rather than genuine ownership, and that Coinbase's version would deliver the full benefits of owning an actual piece of the company on-chain.
Beneath the week's product launches, Standard Chartered's head of digital assets research published a note putting the broader market in context. Only 3% of stablecoins and 10% of tokenised RWAs are currently active in DeFi protocols, meaning the vast majority of tokenised assets sit on-chain but are not being used - they are issued but not composable. They project that share rising to 30% by 2030, implying total DeFi assets growing 37-fold to $2.7 trillion, driven by both tokenised RWAs and crypto-native assets moving through on-chain protocols. For now though the tokenisation story remains primarily one of issuance rather than usability, and the week's announcements, from $GOVY to Coinbase's tokenised stocks to Citi's DDRs, each represent a different approach to progress.
Looking ahead, the next thirty days carry more structural weight than any comparable period in tokenised markets. The GENIUS Act's July 18 deadline will set the reserve and licensing framework that determines how the products launched this week can ultimately scale. The Securitize shareholder vote on 29 June brings the infrastructure layer of tokenised capital markets to public markets for the first time. And the DTCC July production pilot will mark the first real tokenised securities trades through DTC infrastructure.