Tokenization stops wrapping and starts working
Bitwise's self-custodied stocks, Ethena's equity-perp dollar, and EDX's yield-bearing collateral show the tokenized product layer earning its keep.
PWD's weekly tracking logged CIMB settling a tokenized sukuk against tokenized deposits, EDX Markets accepting a yield-bearing digital security as collateral, and Ethena's synthetic dollar crossing a $4.1 billion funding base as it moved into equity perpetuals, each pointing the same way: the token is now a working asset. The week's numbers are modest by asset-gathering standards; the direction is not.
Certificates become collateral
Bitwise's Automated Token Portfolios are the cleanest expression of the shift, putting the model in Glider's hands and the token in the investor's wallet with Coinbase's ADGM-licensed issuer as anchor. Because the securities are tokenized stocks living in self-custody outside a broker's omnibus account, self-custody extends beyond bitcoin and ether into equities, turning the tokenized stock into a directly held instrument. The portfolio manager's job becomes allocating that direct holding, while issuing the stock as a token on a licensed rail sidesteps the compliance and operational barriers that kept equities out of self-custody. The wallet becomes the account, and the token becomes the access key.
EDX Markets is applying the same logic to margin, adopting Figure's YLDS as collateral and treasury so a firm's idle margin can sit in a yield-bearing digital security instead of a zero-yield stablecoin. The decision is as much about pricing as product: once a money-market-like token satisfies margin requirements, the opportunity cost of holding stablecoin collateral shows up on the exchange's own books, and the stablecoin issuers that treated collateral utility as a given now face pressure.
CIMB's sukuk pilot is the institutional version of the same move: the Malaysian bank settled a tokenized sukuk with tokenized deposits on its own rail, closing the delivery-versus-payment loop that earlier bank tokenization tests left to legacy settlement. The token is the settlement instrument itself, turning tokenization into infrastructure rather than a reporting layer. A tokenized deposit that only moves within the bank's own app is a database; one that settles a sukuk is a payment system, and the distance between the two is the distance between a demo and a product.
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