Original | Odaily Planet Daily (@OdailyChina)
Author | Ethan (@ethanzhangweb3)_
RWA Sector Market Performance
According to RWA.xyz data, as of May 27, 2025, the total on-chain value of RWA reached $22.96 billion, an increase of 1.59% from $22.6 billion on May 20. The total number of on-chain asset holders rose from 101,854 to 102,846, a growth of 0.97%; the number of asset issuances increased from 191 to 192. The total value of stablecoins rose from $232.17 billion to $234.76 billion, an increase of 1.11%; the number of stablecoin holders grew from 163.02 million to 164.34 million, a rise of 0.81%.
In terms of asset categories, private credit increased from $13.1 billion to $13.3 billion, with its proportion slightly decreasing from 57.96% to 57.92%, indicating a slight dilution of its dominant position in total assets; US Treasury bonds increased from $7 billion to $7.1 billion, with the proportion dropping from 30.97% to 30.92%. Despite the increase in amount, the slight decline in proportion reflects that the market still maintains allocation but has not significantly increased its holdings.
Notably, commodity assets grew from $1.4 billion to $1.5 billion, with the proportion rising from 6.19% to 6.53%, showing a rebound in allocation interest, possibly driven by macro inflation or commodity market trends. Institutional alternative funds rose from $511.8 million to $518.3 million, maintaining a stable proportion of 2.26%, indicating their continued role as a small-scale, robust supplement. Categories such as stocks, non-US government debt, and corporate bonds still occupy a small proportion and have not significantly expanded.
Comparing with last week's data, this week's changes in asset category distribution are relatively minor but show some noteworthy trends:
Private credit continues to grow, but the growth rate has slowed, and the proportion has slightly declined, reflecting a potential adjustment period in market preference for this type of asset; US Treasury bonds continue to attract stable funding, with a slight decrease in allocation proportion but a continuous increase in total value; the growth of commodity assets is more pronounced, indicating that the market is beginning to strengthen its focus on inflation-hedging assets; while niche assets like alternative funds remain stable, showing their robust allocation value in institutional portfolios.
Overall, RWA on-chain assets remain dominated by high-yield and low-volatility assets. It is recommended that investors continue to seize opportunities in private credit while paying attention to potential opportunities in commodity assets and moderately increasing allocations to low-risk assets like Treasury bonds to optimize the overall risk-return profile of their portfolios. Meanwhile, stocks and corporate bonds remain under-allocated and can be dynamically adjusted based on market conditions.
Key Events Review
US Senator Proposes Amendments to GENIUS Act to Limit Trump's Family from Profiting from Stablecoins
Some Democratic senators plan to propose amendments to the ongoing "US Stablecoin National Innovation Act (GENIUS Act)" to address potential conflicts of interest involving former President Trump and his family with cryptocurrency platforms. According to Axios, Senate Minority Leader Chuck Schumer, along with Senators Elizabeth Warren and Jeff Merkley, will propose a ban on US presidents profiting from stablecoins.
Previously, the Trump family was involved with the crypto platform World Liberty Financial and launched the USD1 stablecoin in March. An investment firm in Abu Dhabi announced it would use USD1 to complete a $2 billion investment in Binance, raising concerns among Democrats about potential conflicts of interest.
Additionally, Merkley and Warren criticized Trump for hosting a private dinner on May 22, entertaining many individuals who purchased his personal "Meme coin," calling it "one of the most serious corruptions." This incident has sparked protests from progressive organizations, and Democratic lawmakers are demanding the guest list from the dinner be made public.
Circle Denies Rumors of Sale to Coinbase or Ripple
Stablecoin issuer Circle has denied rumors of selling its company to San Francisco crypto firms Ripple Labs or Coinbase. A spokesperson for Circle recently refuted the claim in a statement to PYMNTS, following reports that Circle was in informal discussions to seek a sale at a $5 billion valuation, consistent with its target valuation for an initial public offering (IPO). Despite these reports, the Circle spokesperson emphasized the denial of any plans to sell to entities including Coinbase and Ripple, stating that Circle is committed to achieving its long-term goals.
Robinhood Proposes to Create Federal Framework for Tokenized RWA to US SEC
Robinhood has submitted a 42-page proposal to the US Securities and Exchange Commission aimed at creating a federal framework for tokenized real-world assets to modernize the US securities market. The plan may include tokenizing traditional assets such as bonds and stocks to achieve higher liquidity and transparency. This move is seen as an important step in promoting the on-chainization of Wall Street assets, which could have profound implications for both traditional finance and the crypto market.
Tether's US Treasury Holdings Exceed Germany, Reaching $120 Billion
According to data from the US Treasury Department, stablecoin issuer Tether's holdings of US Treasury bonds have surpassed Germany's $111.4 billion, reaching $120 billion, making it one of the major holders globally.
As a stablecoin issuer with a market capitalization exceeding $151 billion, Tether relies on a diversified reserve strategy centered around US Treasury bonds, demonstrating greater stability in responding to fluctuations in the crypto market. This breakthrough also highlights its increasing scale of asset allocation within the global financial system.
Hong Kong SAR Legislative Council Passes Stablecoin Regulation Draft
On the evening of May 21, the Hong Kong SAR government’s "Stablecoin Regulation Draft," submitted at the end of 2024, was passed in the Hong Kong Legislative Council after three readings. This move signifies that the Hong Kong SAR is beginning to establish a licensing system for fiat stablecoin issuers, marking an important step in improving the regulatory framework for virtual asset activities locally. Compliant stablecoins in Hong Kong are expected to be officially launched by the end of this year.
Hot Project Updates
Ondo Finance (ONDO)
Website: https://ondo.finance/
Introduction: Ondo Finance is a decentralized finance protocol focused on structured financial products and the tokenization of real-world assets. Its goal is to provide users with fixed-income products, such as tokenized US Treasury bonds or other financial instruments, through blockchain technology. Ondo Finance allows users to invest in low-risk, high-liquidity assets while maintaining decentralized transparency and security. Its token ONDO is used for protocol governance and incentive mechanisms, and the platform also supports cross-chain operations to expand its application scope within the DeFi ecosystem.
Recent Updates: On May 21, Ondo announced that the TVL of on-chain tokenized US Treasury bonds exceeded $7 billion for the first time, with Ondo's USDY and OUSG being the main drivers. Ondo also stated that it took stablecoins five years to reach this scale, while tokenized Treasury bonds achieved it in less than three years, indicating that the growth rate of RWA far exceeds expectations; on May 23, Ondo announced the launch of the "Ondo Global Markets" platform, which will support on-chain trading of public securities (including stocks) on the Solana blockchain.
Plume Network
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, aiming to provide solutions that bridge traditional finance and the crypto economy for institutional and retail investors.
Latest Updates: On May 21, Plume partnered with Espresso Systems to launch Composables NFT (cross-chain Web3 avatar NFTs); on May 22, Plume announced that the scheduled Plume Room live stream (with @CulturedRWA, @truflation, and @stevenmai) was postponed to May 26 at 14:00 UTC due to unforeseen circumstances. The live stream will discuss RWAfi and yield strategies; on May 23, Plume collaborated with Skate Chain to unlock cross-chain RWA liquidity, allowing users to seamlessly access Plume's real yield assets across different blockchain ecosystems.
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