Original | Odaily Planet Daily (@OdailyChina)
Author | Ethan (@ethanzhangweb3)_
RWA Market Performance
According to RWA.xyz data, as of May 13, 2025, the total on-chain value of RWA reached $22.38 billion, an increase of 7.59% compared to 30 days ago. The total number of on-chain asset holders is 100,941, an increase of 5.33% from 30 days ago, with 189 asset issuances. The total value of stablecoins is $231.6 billion, an increase of 2.17% from 30 days ago, while the number of stablecoin holders is 161.92 million, up 2.83% from 30 days ago.
Historically, the total on-chain value of RWA has shown significant growth since 2019, particularly accelerating after 2023, peaking in early 2025, indicating the rapid adoption of tokenized assets. In terms of asset class distribution, private credit dominates with a value of $13 billion, accounting for 58.09% of the total value; US Treasury Debt is valued at $6.8 billion, making up 30.38%; commodities are at $1.5 billion, accounting for 6.7%; and international alternative funds are at $478.5 million, making up 2.14%. Stocks, non-US government debt, and corporate bonds have relatively small proportions.
Comparing with last week's data, this week's asset class distribution shows minor changes, but some trends can still be observed. The value of private credit slightly increased to $13 billion, with its share rising from 57.64% to 58.09%, further solidifying its dominance. The value and share of US Treasury Debt (at $6.8 billion, 30.38%) remained unchanged. Commodities and international alternative funds saw slight increases in value, but their proportions did not change significantly (6.7% and 2.14%). Stocks, non-US government debt, and corporate bonds still have small shares, indicating low investor interest in these asset classes.
Summary: Private credit continues to attract capital inflows, reflecting investors' preference for high-yield, alternative assets, while the stability of US Treasury Debt makes it a preferred safe-haven asset. Investors may consider seeking opportunities in the private credit space while also paying attention to US Treasury Debt as a stabilizer in their portfolios, but they should be wary of potential downturn risks in the stock and corporate bond markets.
Review of Key Events from Last Week
US Senate Rejects Advancement of Stablecoin Bill, Concerns Over Trump Intensify
Reportedly, on May 8, the US Senate voted 48 to 49 against the procedural vote for the stablecoin regulatory bill (GENIUS Act), failing to meet the 60-vote threshold for advancement, thus delaying the debate process. Republican Senators Josh Hawley and Rand Paul voted against it along with all Democrats, and Majority Leader John Thune also changed his vote to oppose it to allow for future reintroduction. Democrats opposed the bill due to concerns about the Trump family's ties to the crypto business and the bill's inadequate anti-money laundering provisions, with Senators Ruben Gallego and Mark Warner calling for a delay to refine the text. Republicans accused Democrats of lacking a willingness to cooperate, claiming this move could stifle the US crypto industry.
Superstate announced the launch of the "Opening Bell" platform, supporting the direct issuance and trading of SEC-registered stocks on the blockchain. This project will first be deployed on the Solana chain, achieving a native integration of traditional equity and blockchain infrastructure. Recently, Superstate has collaborated with several institutions to submit a framework proposal to the SEC.
Stripe Launches Stablecoin Accounts in Over 100 Countries
According to an announcement on May 7, global payment platform Stripe has launched stablecoin accounts in 101 countries, allowing users to send, receive, and hold USD stablecoin balances, similar to traditional bank accounts. This service supports Circle's USDC and the USDB stablecoin issued by the Bridge platform, which Stripe acquired in October 2024, covering countries like Argentina, Chile, and Turkey. The current total market value of stablecoins has exceeded $231 billion, especially in developing economies with high inflation and inadequate financial infrastructure, where the demand for stablecoins as a store of value and medium of exchange continues to grow.
Visa, through its venture capital arm Visa Ventures, has invested in the stablecoin payment infrastructure platform BVNK, marking Visa's first direct investment in a startup in this field, seen as a strong validation of the potential of stablecoins as a global payment infrastructure. BVNK currently processes $12 billion annually, with clients including Deel and dLocal. Previously, stablecoin infrastructure company BVNK completed a $50 million Series B funding round led by Haun Ventures.
BioSig Merges with Streamex to Create a Nasdaq-Listed RWA Company
Reportedly, BioSig Technologies has signed a letter of intent to merge with Streamex Exchange Corp., aiming to list an RWA company on Nasdaq through an all-stock transaction. Streamex provides tokenization infrastructure for commodity markets based on Solana, targeting the on-chain transformation of the $21 trillion mining and $142 trillion global commodity markets. After the merger, Streamex shareholders will hold approximately 19.9% of the company's common stock, increasing to 75% after converting preferred shares. BioSig CEO Anthony Amato stated that this move will enhance growth potential, while Streamex co-founders Henry McPhie and Morgan Lekstrom referred to it as an evolution of traditional finance.
Latest Updates on Hot Projects
Plume Network
Official Website: https://plumenetwork.xyz/
Introduction: Plume Network is a modular Layer 1 blockchain platform focused on the tokenization of real-world assets (RWA). It aims to transform traditional assets (such as real estate, art, equity, etc.) into digital assets through blockchain technology, lowering investment barriers and increasing asset liquidity. Plume provides a customizable framework that supports developers in building decentralized applications (dApps) related to RWA and integrates DeFi with traditional finance through its ecosystem. Plume Network emphasizes compliance and security, dedicated to providing solutions that bridge traditional finance and the crypto economy for institutional and retail investors.
Latest Updates: On May 9, it announced a partnership with Lorenzo Protocol (@LorenzoProtocol) to bring its financial abstraction layer into the Plume ecosystem, reducing friction costs for RWA staking and sustainable yields for native BTC and other CeFi products. On the same day, it announced integration with Hyperliquid, with the PLUME token launching on Hyperbridge.
On May 12, it announced the first step of its mainnet journey: Plume Alpha, marking the initial phase of mainnet deployment. Plume aims to make the on-chain RWA experience as seamless as native crypto assets, allowing users to stake, swap, lend, borrow, and speculate on RWA on Plume. This phase lays the groundwork for unlocking subsequent features such as asset tokenization and governance.
R2Yield (R2)
Official Website: https://www.r2.money/
Introduction: R2Yield is a stablecoin yield protocol that integrates real-world assets (RWA), traditional finance (TradFi), and decentralized finance (DeFi), aiming to provide users with stable yield opportunities through blockchain technology. Its core product, R2USD, is a stablecoin backed by real-world assets, including tokenized US Treasury bonds, money market strategies, and rental income from real estate. This design allows R2USD to combine stability with yield generation capabilities, breaking the limitation of traditional stablecoins (such as USDT and USDC) that do not directly generate yield for users. The mainnet is expected to officially launch in the second to third quarter of 2025.
Latest Updates: On May 8, the testnet's points dashboard was updated, allowing users to view points earned through tasks such as minting, staking, and providing liquidity. On May 9, it was announced that the number of testnet addresses has surpassed 200,000, with a total transaction count exceeding 10,000,000.
Since the testnet went live, R2 has completed deployments on multiple test networks, including Plume, ETH Sepolia, and Arbitrum Sepolia, attracting over 90,000 users in just one week.
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In the critical phase of the crypto market transitioning from "concept" to "real industry," Real World Asset (RWA) Tokenization is undoubtedly a core trend connecting the on-chain and off-chain asset worlds. This report combines depth and practicality, from J.P. Morgan's ABS pilot to Franklin Templeton's on-chain money market fund, and the entry of $30 billion in real estate assets on-chain, with precise cases and data that will help clarify RWA market trends.
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