10 Major Tokenization Developments in November 2025

November 2025 was a landmark month for tokenization. Europe's largest asset manager went live on Ethereum, UBS completed the first end-to-end tokenized fund workflow, and regulators from Hong Kong to Washington signaled that tokenized assets are no longer experimental.

Here are the 10 developments that shaped the month.

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1. Amundi Launches Tokenized Money Market Fund on Ethereum

Amundi, Europe's largest asset manager with approximately €2.2 trillion in AUM, launched its first tokenized share class of the AMUNDI FUNDS CASH EUR MMF. The J28 EUR DLT share class settles on Ethereum, with CACEIS providing infrastructure. The first transaction occurred on November 4, 2025.

Why it matters: This is a mainstream euro money market fund on a public blockchain, not a niche pilot. It signals hybrid traditional and tokenized distribution is now production-ready.

Sources: PHOENIX | Joseph Young | Coin Bureau

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2. UBS Completes First End-to-End Tokenized Fund Workflow

UBS completed what it calls the world's first in-production, end-to-end tokenized fund workflow for its UBS USD Money Market Investment Fund Token (uMINT) on Ethereum. The implementation uses Chainlink's Digital Transfer Agent (DTA) technical standard.

Why it matters: This covers the full lifecycle: subscription, redemption, and data synchronization, all on-chain. A Tier-1 bank running a real MMF through tokenized rails.

Sources: Chainlink | RWA.xyz

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3. Tradeweb Puts U.S. Treasury Benchmark Prices On-Chain

Tradeweb announced that FTSE U.S. Treasury Benchmark Closing Prices, used in FTSE's World Government Bond Index, are now published on-chain via Chainlink's DataLink. The data is available to 2,000+ on-chain applications across 60+ public and private chains.

Why it matters: This is core market data for the global rates market. It's exactly the infrastructure layer that tokenized treasuries and RWA protocols depend on.

Source: Chainlink

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4. Hong Kong Launches EnsembleTX for Live Tokenized Settlement

The Hong Kong Monetary Authority launched EnsembleTX, the pilot phase of Project Ensemble, to support real-value transactions in tokenized deposits and digital assets. Focus areas include tokenized MMFs, liquidity management, and 24/7 settlement via HKD RTGS, evolving toward tokenized central bank money.

Why it matters: This is a central bank-backed, production-grade settlement layer for tokenized deposits and assets. Not a whitepaper. Live infrastructure.

Sources: BPayNews | Four Pillars | Novastro

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5. ChinaAMC Completes Tokenization Pilot Under EnsembleTX

China Asset Management, with Bank of China (HK), Futu, and Standard Chartered (HK), completed a real-world tokenization use case as part of the HKMA's EnsembleTX pilot. The demonstration included tokenized deposits and tokenized MMF transactions.

Why it matters: This shows actual product flows: fund transactions and interbank settlement on the new tokenization infrastructure.

Sources: Daily Coverage | Cyprx Research

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6. IOSCO Publishes Final Report on Asset Tokenization

IOSCO, the global securities regulatory body, released its Final Report on the Tokenization of Financial Assets. The report provides a global regulatory view on tokenized stocks, bonds, and funds. It highlights new risks (ownership ambiguity, counterparty risk, crypto spillover) but confirms that most risks fit within existing regulatory frameworks.

Why it matters: This is the closest thing to a global baseline regulatory stance on tokenization. It provides ammunition for regulators and institutions who want to proceed without rewriting the entire rulebook.

Source: BWA Industry

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7. BNY Launches Stablecoin Reserves Fund

BNY launched the BNY Dreyfus Stablecoin Reserves Fund (BSRXX), a government money market fund specifically structured to hold eligible reserve assets for U.S. stablecoin issuers under the GENIUS Act regime. BNY also noted it provides administration and custody for over 50% of tokenized fund assets globally.

Why it matters: While not a tokenized fund itself, this is direct infrastructure for tokenized money and acknowledges that tokenized funds are already a material asset class BNY services.

Sources: BNY | RWA Watchlist | Paul Kircher

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8. SEC Schedules Panel on Tokenization of Equities

The U.S. SEC's Investor Advisory Committee announced its December 4, 2025 meeting will include a full panel on "Tokenization of Equities: How Issuance, Trading, and Settlement Would Work with Existing Regulation."

Why it matters: The SEC is formally putting tokenized equities on the agenda, framing the question as "how to fit into current regulations," not "whether this should exist."

Source: Bitcoin News

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9. Deutsche Bank Research Publishes Asset Tokenization Report

Deutsche Bank Research released "Asset Tokenization 101: Everything you should know in 10 slides." The report highlights that tokenized U.S. Treasuries grew approximately 118% year-to-date in 2025 and identifies tokenized treasuries as the leading non-stablecoin tokenized asset class.

Why it matters: A major bank research arm is essentially saying RWA tokenization is the scalable use case, with real numbers and a bullish forward view.

Source: NewCryps

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10. Industry Responds to UK FCA's Fund Tokenization Roadmap

While the FCA's CP25/28 "Progressing fund tokenisation" consultation paper was released in October, November saw heavy industry response. ISDA submitted its formal response on November 21, and law firms published notes on how UK rules will support tokenized funds and direct-to-fund dealing.

Why it matters: The UK is writing the operational rulebook for tokenized funds in a major market. ISDA's involvement signals the derivatives industry is positioning around tokenized fund units as collateral.

Source: Gibson Dunn

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What This Means

November 2025 wasn't about announcements or roadmaps. It was about production deployments:

• Public chains: Amundi and UBS both chose Ethereum for real MMF operations
• Central bank infrastructure: Hong Kong's EnsembleTX is live settlement, not sandbox
• Regulatory clarity: IOSCO, SEC, and FCA are all converging on "fit into existing rules" rather than "wait for new ones"
• Data infrastructure: Tradeweb's benchmark prices on-chain means the oracle layer is institutionalizing

The tokenization of real-world assets is no longer a question of if. The question now is how fast.

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