According to the source, real-world asset tokenization is moving from hype to regulated, institution-backed finance. BlackRock launched BUIDL, a tokenized U.S. dollar liquidity fund on Ethereum with Securitize as transfer agent, marking blue-chip entry into on-chain funds (source: BlackRock press release, Mar 20, 2024). J.P. Morgan’s Tokenized Collateral Network executed a live transaction using tokenized BlackRock money market fund shares as collateral for Barclays, demonstrating regulated collateral use on-chain (source: J.P. Morgan press release, Oct 11, 2023). Franklin Templeton’s Franklin OnChain U.S. Government Money Fund records share ownership and processes transactions on public blockchains under SEC oversight, evidencing compliant fund operations on-chain (source: Franklin Templeton press release, Apr 25, 2023). Singapore’s MAS expanded Project Guardian pilots for tokenized funds, bonds, and FX with regulated institutions like DBS and J.P. Morgan, enabling institutional DeFi under supervisory sandboxes (source: Monetary Authority of Singapore media releases, 2023–2024). Hong Kong issued multi-currency tokenized green bonds under the HKSAR Government programme, settling via regulated market infrastructure and DLT, showcasing sovereign-grade tokenization (source: Hong Kong Monetary Authority press release, Feb 7, 2024). The UK’s HM Treasury–backed Technology Working Group published a fund tokenisation blueprint endorsed by the FCA, paving regulated pathways for tokenised fund structures (source: UK Technology Working Group report supported by HM Treasury and FCA, Nov 2023). In the EU, tokenised financial instruments fall under MiFID II while MiCA governs other crypto-assets, clarifying the regulatory perimeter for RWA issuance and trading (source: Regulation (EU) 2023/1114 MiCA and MiFID II; European Commission/ESMA guidance, 2023). Trading take: These milestones validate on-chain T‑bill and money market yields, tokenized collateral, and regulated fund rails becoming investable, with direct implications for DeFi liquidity, stablecoin demand, and Ethereum (ETH) settlement usage; monitor inflows to tokenized funds (e.g., BUIDL), MAS/UK pilot timelines, and TCN collateral use cases for directional signals (sources: BlackRock 2024; J.P. Morgan 2023; MAS 2023–2024; UK TWG 2023).