[███░░░░]: Onchain > Nonchain

Welcome to the TAC's Progress Bar, where we combed through 224 relevant tokenization news stories from the week, analyzed the key stories on our weekly podcast, then distilled what you need to know into a few hundred words in this newsletter. Delivered to your inbox in time for Friday happy hour in NYC (usually).

DeFi is now beating the national mortgage rate by 100 basis points, tokenized stock is earning 7% yield in a lending pool, and a regulated money market fund can settle instantly while traditional funds make you wait until tomorrow.

Maddie's missed connections

We recently launched Maddie, our AI superconnector and we think there are a few people you all would want to meet. Reply to this email or have a chat with Maddie directly to connect with them.

• An institutional-grade tokenization platform with native cross-chain interoperability for real-world assets is seeking issuer partners for fixed income
• An RIA is seeking tokenized private credit fund managers with at least 5 years of track record to recommend to clients.
• A VC is actively seeking pre-seed founders in the digital asset space to invest in.

📈 RWA market cap was up 2% WoW to over $25 billion |
🏆 Biggest RWA winner: USYC (Circle/Hashnote) gained 4.4% to $1.6 billion
🏆 Biggest network winner: Ethereum, gaining nearly 2% to over $15 billion in RWA supply

📈 Stablecoin market holding at ~$298 billion, barely below all-time highs despite a significant broader market drawdown
🏆 Biggest stablecoin winner: USDC
🏆 Biggest network winner: Solana

📈 Onchain risk free rates:
- Short term treasuries (1m): 3.7%
- Aave / DeFi: recovering into the 3s

Worth flagging: crypto's broader market cap is down meaningfully from highs, yet stablecoin supply is barely off its all-time high. In prior cycles, both moved together. That correlation is breaking. The demand is getting filled from somewhere other than exchange liquidity. That's a structural shift.

Our friends at Centrifuge are publishing their annual report and you can contribute by filling out this survey. You are among 6,000 leaders in Tokenization and the more responses they get the better the data will be. It takes 5 minutes and will serve as an important benchmark for the industry. Thanks for taking a look!

Stories we're tracking this week

• Better.com, through a partnership with Framework Ventures and integration with the Sky ecosystem, is targeting sub-5% mortgage rates for borrowers, roughly 100 basis points below the national average. That's not a teaser rate. That's a structural cost advantage created by DeFi removing intermediary spread. On a $500,000 home over 30 years, that's somewhere between $50,000 and $100,000 in savings. This marks Sky's return to real-world lending after years focused on treasury-backed assets.
• Figure upsized its tokenized stock offering to $150 million and launched on Figure Markets. The headline number: holders of tokenized Figure stock can now supply it to on-chain lending pools and earn approximately 7% yield, driven by roughly 50% of Figure's float being lent out for short interest. In traditional markets, your broker captures most of those economics. On-chain, the protocol takes a minimal cut and the rest goes to the holder.
• WisdomTree received exemptive relief from the SEC to enable 24/7, instant settlement of WTGXX, their tokenized money market fund, against USDC. Traditional money market fund redemptions are gated by once-a-day NAV strikes. The SEC said: constraint lifted. Saturday night, New Year's Day, doesn't matter. This also positions WTGXX as an increasingly attractive alternative if the OCC's proposed ban on stablecoin yield holds: dollar-pegged, SEC-regulated, instantly liquid, and yielding treasury returns. Congrats to John O and Meredith at WisdomTree, both strong TAC partners.
• The OCC proposed a near-complete prohibition on stablecoin issuers passing yield to end users. The carve-outs are narrow. But capital will find yield, and the likely destination is tokenized money market funds like WTGXX, USYC, and BUIDL. The OCC may have accidentally fired the starting gun on money market fund adoption.
• Meta is reportedly planning a return to stablecoins, this time partnering with a third-party provider (Stripe was mentioned) rather than building its own. Integration across Facebook, Instagram, WhatsApp, and Marketplace could make this the largest stablecoin distribution event in history.

TAC Member Shoutouts

• Kraken / Magna: Congrats to Bruno and the Magna team on their acquisition. Bruno is now running an equity and vesting management business unit inside Kraken. Kraken also launched perpetual futures using X-Stox as the underlying.
• RWA.xyz: The team published a comprehensive paper defining what a "vault" actually is in the tokenized asset space. Go read it at rwa.xyz.

The First Trillion Podcast: Friday February 27, 2026

This was the week onchain stopped pitching potential and started posting receipts. DeFi is now a cheaper warehouse lender than any bank syndicate. Tokenized stock earns more yield in a DeFi pool than most managed lending programs. A regulated money market fund settles instantly while traditional funds make you wait until tomorrow. The OCC tried to kill stablecoin yield and may have accidentally supercharged tokenized fund adoption instead. And Meta is back, with 3 billion users and one stablecoin.

The episode is available below and we've summarized it for you here.

Stay ahead of the curve

Be sure to follow us on X, LinkedIn, and Spotify for real-time updates, behind-the-scenes insights, and the occasional hot take that didn't make it into the Progress Bar or the TACo Time episode or summary.

Until next time,

The TAC Team