> For the complete documentation index, see [llms.txt](https://city-protocol.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://city-protocol.gitbook.io/docs/platform/introduction/existing-onchain-infrastructure.md).

# Existing onchain infrastructure

The assets, settlement, standards and regulation that onchain structured products build on.

City Protocol builds on an asset and settlement layer that is already in production. Four developments make onchain structured products practical in 2026.

<figure><img src="https://3297077862-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FJxNp2waFk6hg1G4lEQZu%2Fuploads%2FYmgWwaAazYEzZDx7Pg2F%2Ffig-rails.png?alt=media&amp;token=6f0352dc-48f2-4ddc-8b17-94d08fa85512" alt="Four foundations support the product layer: real-world assets, stablecoin settlement, DeFi primitives and regulation"><figcaption><p>The assets, the settlement asset, the standards and the rules already exist. City Protocol adds the product layer on top.</p></figcaption></figure>

* **Real-world assets:** Tokenized real-world assets reached US$38.4 billion at 1 September 2026, and tokenized equities US$2.53 billion across 3,906 products, with US$26.8 billion of monthly transfer volume ([RWA.xyz](https://app.rwa.xyz/)). Treasury funds, private credit and listed shares now exist as tokens that settle onchain around the clock.
* **Stablecoin settlement:** Stablecoin supply, above US$300 billion at 1 September 2026, gives every subscription a global settlement asset ([RWA.xyz](https://app.rwa.xyz/)), and the Federal Reserve Bank of Kansas City estimates that roughly a fifth of stablecoins sit idle in wallets ([Kansas City Fed](https://www.kansascityfed.org/research/payments-system-research-briefings/what-are-stablecoins-used-for-today-estimating-the-distribution-of-stablecoins/)).
* **DeFi primitives:** Tokenized-vault standards define shares and asynchronous requests ([ERC-4626](https://eips.ethereum.org/EIPS/eip-4626), [ERC-7540](https://eips.ethereum.org/EIPS/eip-7540), [ERC-7575](https://eips.ethereum.org/EIPS/eip-7575)), account abstraction lets a portfolio sit in a programmable account that its owner controls ([ERC-4337](https://eips.ethereum.org/EIPS/eip-4337)), and onchain lending, trading and price-feed infrastructure supplies the building blocks of each strategy.
* **Regulation:** MiCA sets an EU framework for crypto-assets ([Regulation (EU) 2023/1114](https://eur-lex.europa.eu/eli/reg/2023/1114/oj)), and on 17 September 2026 the US Securities and Exchange Commission issued an innovation exemption under which qualifying venues can trade tokenized US-listed stocks onchain for five years, provided each token carries the same rights as the underlying share ([SEC press release 2026-90](https://www.sec.gov/newsroom/press-releases/2026-90-sec-issues-innovation-exemption-facilitate-trading-tokenized-nms-stock-request-comment)).

What remains missing is the product layer that packages these assets with mandates, methodologies, valuation, eligibility and lifecycle controls, and City Protocol supplies it.