Hello readers. Global Systemically Important Banks (G-SIBs) are now building tokenization into core banking infrastructure, not experimenting on the side.

This week’s moves from State Street, BNY, and Galaxy signal that institutional plumbing for digital assets is becoming standard rather than novel.

The question for developers shifts from whether banks will support this to whether your bank does yet.​​​​​​​​​​​​​​​​

In this weeks ReFi Brief:

• The Big Read: What credit markets onchain mean for development finance

• State Street digital asset platform launch

• BNY tokenized deposits for 24/7 settlement

• Ondo Finance’s $2B TVL milestone

THE BIG READ

Galaxy Digital’s $75M Tokenized CLO

Galaxy Digital has closed a $75 million tokenized Collateralized Loan Obligation on Avalanche, with Grove anchoring $50 million of the raise.

This tokenized CLO is among the first of its kind establishing a new model for institutional participation in onchain credit markets

For developers who package construction loans or bridge debt into larger credit facilities, this transaction demonstrates that complex securitization can now settle onchain.

The workflow implications extend beyond simple equity fractionalization into how credit products themselves get structured, traded, and administered.

What makes this notable is not the technology but the participants.

Galaxy and Grove are established institutional players, and the $75 million scale places this firmly beyond proof-of-concept territory.

Let’s explore.