Wall Street is going onchain. This week, major institutions advanced always-on markets and tokenized funds, while regulators moved to modernize rules for onchain securities. This week in tokenization ↓ 1️⃣ Wall Street’s tokenization push accelerates Forbes highlighted JPMorgan’s Kinexys processing more than $7B daily, Citi forecasting a $5.5T tokenized asset market by 2030, and Ondo’s USDY among the largest tokenized Treasury products. forbes.com/sites/ninabambysh… 2️⃣ Nasdaq advances its always-on markets strategy Nasdaq agreed to acquire LeveL Markets as it builds programmable, always-on infrastructure spanning traditional and digital markets. ledgerinsights.com/nasdaq-to… 3️⃣ SEC staff grants no-action relief for Franklin Templeton’s onchain fund The letter covers specified custody arrangements for affiliated Franklin Templeton funds investing in BENJI for cash management purposes. sec.gov/rules-regulations/no… 4️⃣ Ondo calls for one market standard Ondo submitted a comment letter supporting the proposed rescission of Rule 611 and calling for equal execution standards across tokenized and traditional securities. ondo.finance/blog/sec-commen… 5️⃣ The UK moves toward tokenized gold UK regulators, led by the FCA, are reportedly developing a framework for tokenized gold, including its potential use as collateral in wholesale markets. ft.com/content/9973f186-5834… 6️⃣ Itaú advances Brazil’s tokenization pilot Itaú announced a new initiative within ANBIMA’s pilot to explore tokenized debentures and investment funds. ledgerinsights.com/brazils-l…