Summary
Stablecoins are connecting tokenised assets to institutional financing: Bybit now accepts eligible Franklin Templeton fund shares as collateral for stablecoin credit lines, while OKX and ICE plan tokenised stock trading with stablecoin pairs. Bybit accepts Franklin Templeton tokenized funds as trading collateral OKX and NYSE Owner ICE Plan 24/7 Tokenized Stock Trading Stablecoins are not the only settlement route, however: the ECB has launched Pontes to settle tokenised assets without them. ECB launches Pontes
Key developments
Collateral utility is live. Eligible institutions can use Franklin Templeton tokenised fund shares issued through Benji to secure stablecoin credit lines at Bybit, while underlying assets remain in off-exchange custody. This is a financing application, rather than evidence of stablecoin settlement for fund subscriptions or redemptions. Bybit accepts Franklin Templeton tokenized funds as trading collateral
Tokenised equity trading remains planned. OKX and ICE propose round-the-clock trading under the SEC’s Innovation Exemption, with stablecoins serving as trading pairs. The announcement describes a planned market, not a confirmed live trading service. OKX and NYSE Owner ICE Plan 24/7 Tokenized Stock Trading
Atomic exchange infrastructure is available as code. Solana Foundation is offering banks open-source escrow code that exchanges tokenised assets and payment together—or executes neither transfer. The supplied description does not specify a stablecoin payment instrument. Solana Foundation Offers Banks Open-Source Code
Corporate payment integration is pending. Anchorage Digital acquired Routable to expand corporate payments. Integrated stablecoin and tokenised deposit services are planned over coming quarters, distinguishing the completed acquisition from the prospective service rollout. Anchorage Digital Buys Routable
A non-stablecoin alternative is operational. Pontes services, operating hours and participation will expand gradually, with full implementation targeted for 2028. Its launch establishes a separate settlement pathway for tokenised assets rather than a stablecoin deployment. ECB launches Pontes
Who is moving
Securitize and LG CNS partnered to explore tokenised funds and stablecoins with Korean financial institutions; resulting products require regulatory approval. The partnership is exploratory, not a confirmed issuance. Securitize Teams With Korea’s LG CNS
Bank Negara Malaysia and the Hong Kong Monetary Authority agreed to broaden cooperation across digital assets, tokenisation, trade finance and infrastructure. They plan a joint policy workstream exploring compliant cross-border stablecoin use. HKMA and BNM Expand Fintech Ties
J.P. Morgan contributed its institutional securities-settlement perspective to Solana Foundation’s initiative; that contribution should not be read as evidence of bank deployment. Solana Foundation Offers Banks Open-Source Code
What to watch
What launch milestones and operating arrangements will establish when OKX and ICE’s planned stablecoin-paired tokenised stock market becomes operational? OKX and NYSE Owner ICE Plan 24/7 Tokenized Stock Trading
Which regulatory approvals and product specifications will move Securitize–LG CNS exploration toward implementation? Securitize Teams With Korea’s LG CNS
How will Pontes expand participant access and operating hours as it approaches its full-implementation target? ECB launches Pontes
Sources
Cointelegraph — Bybit collateral
Unchained — Solana settlement code
The Defiant — Anchorage and Routable
Unchained — Securitize and LG CNS
Fintech News Hong Kong — HKMA and BNM
Information only — not investment advice. All reports