THE TAPE
Twenty-one banks announced a 2027 stablecoin on Tuesday. That market added $1 trillion in monthly volume in ten days.
Tokenized real-world asset AUM
No fresh print landed this period. The line still sits above $38 billion.
That is the same reading as the last two Tapes. Three weeks of flat is now a pattern, not a pause.
The year still looks strong. The base was just over $21 billion in January, so growth runs near 80%.
Treasuries remain the anchor at roughly $16 billion. Six categories now clear a billion each, which is the real structural change.
That diversification matters more than the headline. A market resting on one asset class is one rate decision from a bad quarter.
Utilization is the weak spot nobody markets. Loans outstanding against tokenized collateral were still under $2 billion as of July.
Read that gap plainly. Most of these assets are parked, not working.
Two reasons keep them parked. Whitelisting at lending protocols is slow, and many tokens carry transfer restrictions by design.
BlackRock's new reserve vehicle is the one to watch here. It opened near $50 million on August 5, and no step change has been reported since.
AI-managed fund AUM and performance
No September print yet. August closed with systematic long-short funds up about 1.7%, per Goldman's mid-month estimate.
That month included their worst single day in more than two years. A 1.4% one-session loss, and they still finished positive.
Morgan Stanley marked the same session. Its pure momentum index fell more than 4% while the S&P 500 rose.
That pairing had not happened in at least five years. The failure mode is rotation, not a falling market.
The year-to-date figure has not been refreshed since July 9. It stood at 10.8% then.
Human stock pickers led at 12.9% for the first half. Nothing published since has closed that gap.
Allocators are still adding anyway. Goldman's July survey of 341 allocators found nearly half planning to increase in the second half.
Only 3% planned to cut. Capital keeps committing ahead of the evidence.
Watch for the first September note. Momentum broke in August, and how the models re-fit is the interesting part.
The end of the dollar as you know it
The downward slide has begun.
According to new research from Bloomberg, the U.S. dollar's share of global reserves has just fallen to the lowest level this century.
While everyone is distracted by hyped-up IPOs and the AI bubble, the world is walking away from the dollar – the foundation on which all of our lives are built is crumbling.
And I believe the consequences for the country – and your financial security – are extremely serious.
President Trump knows it. That's why he has taken emergency action by signing executive order 14241 to initiate the first full reset of the American dollar in half a century.
That means every dollar you have saved and invested… every good, every service, every asset… all of it could be about to be repriced against a new monetary anchor.
It’s not gold, or crypto – but something far more unexpected. An asset so fiercely contested and so critical that Vladimir Putin once claimed whoever controls it “will become the leader of the world”
Nobody can tell you exactly how this reset will play out.
But I do know that the last time America changed its money like this – half a century ago – it split the country in two. Between the folks who understood what was happening and responded accordingly – and those who got brutally left behind.
That line is being drawn again. And what you do with your money in the months ahead could decide which side you end up on.
I’d like to show you which investments could thrive – and which could be the most dangerous – inside Trump’s new monetary order.
On-chain settlement volume
This line did not move. It sprinted.
Monthly transfer volume reached $7.04 trillion as of September 3, up 44.94% over thirty days. Ten days earlier it was $6.01 trillion.
The last Tape asked whether September would hold above $6 trillion. It cleared $7 trillion instead.
Active addresses flipped direction too. They rose 2.46% to 54.55 million, after falling 2.42% at the last reading.
Holders kept climbing. That count hit 285.11 million, up 1.62% over thirty days.
The float barely budged. Stablecoin market cap sat at $303.04 billion, up 2.48% over the month.
Read those four together. Same money, far more turns.
Velocity is the story, not supply. A dollar on-chain is being used more often, by more wallets, than it was two weeks ago.
Put the ratio on it. Roughly $7 trillion of monthly movement sits on a $303 billion base.
That is about 23 turns a month. Two weeks ago the same math gave 20.
One honest caveat on gross volume. Independent work has put genuine economic payments at a small fraction of headline transfers.
A second caveat on the base. Separate supply data put the peak at $322.4 billion on May 17, so the float is still below its high.
Legacy fee pool compression
Quiet again. No new named cut landed in the window.
The FCA entry still stands. Its August 3 policy statement takes about £108 million a year out of UK trade reporting costs.
The July entries hold too. Chime cut 10% of staff naming AI, and Visa tied its own cuts to AI.
The DBS rollout belongs here as well. Credit memo work absorbs up to 40% of a relationship manager's time, and the bank is targeting a 30% cut.
That is a headcount claim wearing a productivity costume. No cuts were announced, and none needed to be.
The interesting compression this period ran the other way. Circle's stock fell about 6% on September 1.
That is a machine-native firm losing value to an incumbent announcement. This metric does not always point one direction.
Institutional crossover moves
Three named entries, and one of them is the biggest of the year.
Twenty-one financial institutions committed on September 1 to form a stablecoin company. Bank of America, Citi, Goldman Sachs, UBS, Deutsche Bank, MUFG and fifteen more.
The group started at ten banks in October 2025. Doubling in eleven months is the trend worth tracking.
Nothing is built yet. No company name, no token name, no chain, no reserve custodian.
Google Cloud launched Gemini Enterprise for Financial Services on August 25. Deutsche Bank was the design partner.
DBS scaled credit agents to about 1,500 bankers on August 19. That followed a 150-person pilot.
Two of those three are AI deployments, not tokenization. The crossover line is broadening past ledgers.
The prior entries still stand behind them. Marex on margin, State Street on funds, Fiserv on agents, BankChain on governance.
Off the Board
CME and Silicon Data announced two compute futures on August 11. Trading targets October 5, pending CFTC review.
The CFTC sent a draft comment request on compute derivatives to the White House in mid-August. It remains pre-rule.
ICE is building a rival contract on a different index. That one normalizes capacity by energy use.
Illinois faces two lawsuits over its 0.2% digital asset transfer tax. The levy still starts January 1.
Treasury's GENIUS Act Section 3 comment window closes October 19. It walls off US stablecoin distribution to licensed issuers from July 2028.
The OCC is targeting final GENIUS Act rules by November 2026. Those rules set reserve terms for every permitted issuer.
The EU AI Act's high-risk regime took effect August 2. Consumer credit scoring is inside it, and corporate lending is not.
Commentary
Settlement volume answered the question this Tape asked two weeks ago, and it answered it emphatically. Velocity rose across every measure while the float stayed flat, which means existing dollars are working harder rather than new dollars arriving. Watch whether the $7 trillion reading survives a full month, because a 45% jump in thirty days usually has one large mover inside it.
Territory
Territory: +machines on settlement.
Monthly stablecoin transfer volume added about $1 trillion in ten days while the banks planned for 2027.
