Nasdaq moves to enable trading of tokenized securities

Nasdaq said it is working with U.S. regulators on a plan to allow trading of tokenized securities alongside traditional stocks, reflecting Wall Street’s growing push to bring real-world assets onto blockchains. The exchange is engaging on listing standards and market structure so that tokenized versions of equities and ETFs could be supported on its venues. The effort comes amid a broader thaw in U.S. crypto policy and a wave of tokenization pilots by large financial institutions. Tokenized trading could offer faster settlement, programmability and 24/7 transferability while remaining within existing market safeguards. While no launch date was given, Nasdaq’s move signals that public-market infrastructure is preparing for on-chain asset rails.

Figure soars in Nasdaq debut, raising $787.5M and valuing lender near $7.6B

Blockchain lender Figure Technology Solutions surged in its Nasdaq debut after pricing an upsized IPO at $25 per share, raising about $787.5 million. Shares opened sharply higher and the closing price implied a valuation of roughly $7.6 billion, marking one of the week’s strongest U.S. listings. Figure originates home-equity loans on its Provenance blockchain and says the network is used by major mortgage firms and banks. The offering adds to a resurgence in tech and fintech IPOs as equity markets remain supportive. Investors framed the deal as a signal of mainstream demand for regulated, real-world blockchain use cases beyond pure crypto trading.

BlackRock explores tokenizing ETFs after spot bitcoin success

BlackRock is evaluating ways to issue tokenized versions of exchange-traded funds on public blockchains, according to reports citing people familiar. The firm views tokenization as a natural extension of its experiments in on-chain money-market funds and broader real-world asset initiatives. Tokenized ETFs could enable faster settlement cycles, round-the-clock distribution and more granular ownership while preserving compliance controls. Any rollout would depend on regulatory considerations and market plumbing across custodians and transfer agents. The exploration underscores how the world’s largest asset manager is positioning blockchain as part of its next phase of fund infrastructure.

XLM arrives on Metal X DEX

Metallicus announced this week that Stellar (XLM) is now available for trading on the fully on-chain Central Limit Order Book (CLOB) powered DEX, Metal X. Users can now buy and sell XLM without paying any gas fees, thanks to the XPR Network’s feeless transaction architecture.

Start Trading: https://app.metalx.com/dex/XXLM_XMD

Bitcoin ETF Flows

Bitcoin ETFs started the week with solid buying on Monday, bringing +$364.3m of net inflows led by Fidelity’s FBTC (+$156.5m) alongside ARK’s ARKB (+$89.5m) and BlackRock’s IBIT (+$25.5m). Tuesday was nearly flat at +$23.0m as outflows in FBTC (−$55.8m) and ARKB (−$72.3m) were largely offset by IBIT’s +$169.3m. The strongest day was Wednesday with +$741.5m, powered by FBTC (+$299.0m), IBIT (+$211.2m) and ARKB (+$145.1m). Thursday stayed firm at +$552.7m, with IBIT (+$366.2m) and FBTC (+$134.7m) the main contributors. Overall, the week flipped decisively positive after a soft prior Friday, with large issuers re-adding exposure mid-week.

ETH ETF Flows

Ethereum ETFs opened the week with net outflows on Monday at −$96.7m, driven by BlackRock’s ETHA (−$192.7m) and partly cushioned by Fidelity’s FETH (+$75.2m) plus small Grayscale inflows. Tuesday flipped positive at +$44.2m on ETHA buying. The strongest day was Wednesday with +$171.5m, a broad advance led by ETHA (+$74.5m), FETH (+$49.5m), and smaller adds across ETHV, TETH, ETHE and ETH. Thursday added +$113.1m, paced by FETH (+$88.3m) and ETHW (+$19.6m). Overall, early redemptions gave way to steady mid-week inflows, leaving the week modestly positive.

Top Gainers (Coins Available on Metal Pay)

Dogecoin topped the 7-day board at +25.7%, buoyed by renewed memecoin risk appetite during a broader tech-IPO upswing and tokenization headlines that kept altcoins in focus. Solana (+16.9%) also climbed as interest in high-throughput chains stayed firm, while ecosystem tokens XPR (+16.7%), LOAN (+16.0%) and METAL (+15.0%) held up as sentiment improved across the week. Overall breadth was positive even as bitcoin flows dominated attention mid-week.