[███░░░░]: Robinhood Chain Goes Live, Stablecoins Hit $300B, and the Clarity Act Countdown Resets

Welcome to the TAC's Progress Bar, where we combed through 1295 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).

America turned 250 last week and the results are definitively mixed.

On the positive side: everyone absolutely ripped it and was in high spirits. The world cup going on during our birthday was the best gift ever. Also, Securitize became our latest tokenized public company.

On the negative side: dog trauma, the US v. Belgium blowout, and, the absolute miss of the year on expectations, CLARITY Act still not passed.

Do I sound like a petulant child? Maybe.

But as a patriotic crypto bro I really wanted that sweet sweet clarity.

Fret not, we still have until August 7th to get it done. And I'll be watching the machinations of the senate like a hawk.

I do fear, however, given the broader macro and politicization of crypto (thanks $TRUMP) we may have to wait another 6 years...

Anyway, I'm back from a much needed break last week and a TON of stuff happened while I was away.

But first, your weekly metrics.

Market KPIs (brought to you by RWA.xyz)

📈 RWA market cap was up ~1% WoW to $33.2 billion
🏆 Biggest RWA winner: Syrup USDC added $124M to reach $1.4 billion
🏆 Biggest network winner: Stellar added $110M to reach $2.1 billion

📈 Stablecoin market cap was up ~2% WoW back above $300 billion
🏆 Biggest stablecoin winner: USDT added $5B (on Ethereum and Tron), surpassing $190 billion for the first time
🏆 Biggest network winner: Robinhood Chain debuted, adding $157M to reach $270M

📈 Onchain risk free rates:
Short term treasuries (1m): 3.58% (SOFR, up 5 bps)
Aave / DeFi: 3.56% (up 11 bps, closing the gap to nearly flat vs. SOFR)

Stories we're tracking this week

A big week on both the product and policy fronts. The US remained the most coveted and most locked-out market in tokenized assets simultaneously.

• Robinhood Chain launched its public mainnet in London, debuting as an Arbitrum-based Layer 2 focused on tokenized real world assets. Partners at launch include BitGo, Chainlink, Alchemy, RWA.xyz, Ethena (USDe), and Paxos (USDG). Maple Finance's Syrup product powers the Earn yield layer. US users can access Robinhood Earn but are blocked from the tokenized equities, reflecting a gap in US regulatory clarity that 120 other countries do not face.
• Ondo launched live custodial tokenized US securities operating within the existing US regulatory framework, using its Oasis Pro broker-dealer and ATS. The model includes a Broadridge integration for shareholder communications, regulatory filings, and proxy voting rights, replicating the full bundle of rights that come with holding a conventional security. This positions Ondo to move quickly once the SEC provides clearer guidance on tokenized equities.
• OpenUSD launched with over 140 announced corporate partners, including Visa, Stripe, Mastercard, BlackRock, and Coinbase, positioning itself as a revenue-sharing stablecoin network to compete with USDC. Within days, several South Korean companies including Samsung, Shinhan, and KBank publicly said they had no formal agreement with the project. Circle's stock dropped approximately 12% on the day of the announcement as Circle CEO Jeremy Allaire was presenting at the Goldman Sachs financial services conference.
• The Digital Asset Market Clarity Act missed its informal July 4th deadline without a Senate floor vote. CFTC Chair Brian Quintenz and Senator Cynthia Lummis indicated a push for a vote the week of July 14th, ahead of the August 7th Senate recess. Polymarket puts the probability of the bill being signed into law in 2026 at approximately 45%, reflecting the ongoing challenge of securing 60 votes in the Senate.
• Centrifuge partnered with New York Life Investment Management to tokenize a US high yield corporate bond strategy, adding another major asset manager to the onchain credit ecosystem. New York Life is one of the largest mutual life insurance companies in the US, making this one of the more significant institutional names to formalize a tokenization partnership in recent months.
• Gauntlet raised $125 million in a single-investor round from Japan's SBI Holdings, an unusually large check from a single non-venture capital source. The raise gives Gauntlet substantial runway to continue its risk and market-making infrastructure work across DeFi protocols.
• Securitize launched its own tokenized equity, ticker SZE, available on Solana and Avalanche onchain or via NYSE for traditional investors. The move puts Securitize in the same cohort as companies using public token launches to capture valuation arbitrage between crypto-native and public equity markets.

Tweet of the week

"Finally, the web has native monetization. Ads were not the only way. https://t.co/i5V9gUBm2B"
-- @brian_armstrong (Brian Armstrong)

Stars, Stripes, and Stablecoins

This week on The First Trillion, Johnny and Charlie dug into the Robinhood Chain mainnet launch in full, including the Morpho yield subsidy debate, the token probability question (Charlie: 90%, Johnny: 60%), and the structural logic behind revenue-sharing stablecoin networks like OpenUSD. They also covered Ondo's US regulatory breakthrough, the Clarity Act countdown reset to August 7th, and the fresh TAC survey data on where the ecosystem is really focused.

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 First Trillion podcast episode or summary.

Until next week,

The TAC Team