[RWA Track] Global Financial Giants Are Rushing to Capture the Tokenized RWA Market

In October 2022, JPMorgan Chase launched JPM Coin—a USD-pegged stablecoin operating on the Quorum blockchain—to enable tokenized USD deposits for its clients, with plans to soon roll out blockchain-based euro deposits as well. JPM Coin allows JPMorgan clients to transfer USD held in their JPMorgan accounts. In November 2022, the Monetary Authority of Singapore (MAS) launched its Digital Asset Pilot and decentralized finance (DeFi) services. Under Project Guardian, the first industry pilot—exploring potential DeFi applications in wholesale funding markets—completed its inaugural live transaction and is now testing broader use cases for asset tokenization and DeFi in finance. In this first pilot, DBS Bank, JPMorgan, and SBI Digital Asset Holdings executed foreign exchange and government bond trades using liquidity pools composed of tokenized assets. Goldman Sachs: Entering the RWA Space via Its Tokenization Platform GS DAP Another top-tier investment bank, Goldman Sachs—rivaling JPMorgan—is also actively exploring the RWA space. In April 2022, Mathew McDermott, Global Head of Digital Assets at Goldman Sachs, stated at the Crypto & Digital Assets Summit that, as investment banks deepen their involvement in cryptocurrency, Goldman is researching NFTs—particularly the tokenization of physical assets. According to a report published in June 2022, Goldman Sachs’ Digital Assets division is leveraging blockchain technology and smart contracts to offer digital issuance of debt, equities, funds, and derivatives—and digitizing their entire end-to-end lifecycle, including trading, settlement, custody, and asset servicing on distributed ledgers across both public and private blockchains. This includes building the strategic GS DAP platform for digital tokenization and lifecycle management. In November 2022, the European Investment Bank (EIB) announced its collaboration with Goldman Sachs Bank Europe, Banco Santander, and Société Générale to launch Project Venus—a €100 million, two-year, euro-denominated, digitally native bond. Issued, recorded, and settled using private blockchain technology, it marked the first issuance on Goldman Sachs’ GS DAP tokenization platform. In January this year, Goldman Sachs officially launched its Digital Asset Platform (GS DAP), built on Digital Asset’s Daml smart contract language and the privacy-focused Canton blockchain. The platform ensures data privacy by sharing sensitive information only with authorized stakeholders, while supporting the scalability required for globally connected assets.

How Is Europe’s Power Grid Being Transformed Across Seven Key Areas Through a Comprehensive Package of Measures?

Table of Contents (text is quite dense—feel free to skip to sections of interest): 1. Strategic Context: Why the Grid Is the ‘Missing Link’ 2. In-Depth Breakdown and Line-by-Line Interpretation of the Grid Action Plan We welcome insights from friends on the ground in Europe—or those deeply familiar with the European market—in the comments below. Too much text for one day—stay tuned for Part II tomorrow! 3. Technical Analysis of the 2025 Key Implementation Guidelines 4. Investment, Financing, and Supply Chain: An Industry Perspective 5. Licensing and Public Participation: A Social Perspective 6. Strategic Impact Assessment This report is compiled based on publicly available policy documents, technical guidelines, and industry analyses up to December 2025. 01 Strategic Context: Why the Grid Is the ‘Missing Link’ 1. Physical Bottlenecks in the Energy Transition Historically, European energy policy has prioritized clean generation—especially wind and solar deployment. However, as renewable penetration rises, the physical architecture of the power system has undergone fundamental change. The grid is no longer merely a unidirectional electricity conduit; it must now manage volatile generation sources, distributed connections, and cross-border balancing. According to the European Commission, achieving the EU’s 2030 climate targets requires an increase of 64 GW in cross-border transmission capacity—23 GW of which must be added by 2025. Yet reality presents stark challenges: • Aging infrastructure: Approximately 40% of Europe’s distribution grids are over 40 years old and urgently require modernization to support digitalization and bidirectional power flows. • Grid connection backlogs: In many Member States, wait times for grid connection permits range from 4 to 10 years—up to 8–10 years for high-voltage projects—causing numerous approved renewable projects to stall due to inability to connect. • Massive investment gap: The Commission estimates total grid investment needs of €584 billion this decade (through 2030), with €375–425 billion required specifically for digitalizing and expanding distribution networks. 2. Timeline of Policy Evolution The Grid Action Plan does not exist in isolation—it serves as the operational implementation tool for a series of EU energy laws. • November 2023: Publication of the Grid Action Plan (COM(2023) 757), outlining 14 urgent actions. • June 2024: Release of the amended Electricity Market Design (EMD) Regulation, establishing the legal foundation for forward-looking investments. • June 2025: The Commission formally issued Guidelines on Forward-Looking Investment in Electricity Networks and guidelines on cost-sharing for offshore wind. • December 2025: Launch of the comprehensive ‘European Grids Package’, converting selected actions into binding legislative proposals. Like this post before reading—wealth awaits! 02 In-Depth Breakdown and Line-by-Line Interpretation of the Grid Action Plan The European Commission categorizes the challenges into seven horizontal domains—and proposes 14 concrete actions accordingly. Below, we list the core logic of each policy provision verbatim, followed by detailed contextual interpretation and analysis of implementation status. The European Commission categorizes the challenges into seven horizontal domains—and proposes 14 concrete actions accordingly.

EIB and BNP Paribas Sign €700 Million Grid Guarantee Deal

18 hours ago

The European Investment Bank and BNP Paribas have signed a €700 million guarantee agreement to support European electricity grid manufacturers, aiming to mobilize up to €2.8 billion in investment for EU energy grid modernization.

reuters

2026-09-29

EIB and BNP Paribas Sign €700 Million Grid Guarantee Deal

EIB and BNP Paribas Sign €700 Million Grid Guarantee Deal

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