Highlights of This Issue
This week's newsletter covers the statistical period from August 29 to September 4, 2025. The RWA market continues to show strong growth, with a total on-chain market capitalization reaching $28.34 billion, and the number of holders increasing by 8.69%, indicating a sustained rise in participation from small and medium investors. The stablecoin market has expanded to $277.26 billion, but the number of monthly active addresses has plummeted by 22.10%, suggesting a shrinkage in retail trading while institutional large settlements dominate the market. EU regulations emphasize the importance of transparency and investor protection, as the RWA ecosystem is penetrating from financial assets into the healthcare sector, with deepening institutional participation and regulatory compliance becoming core trends.
Data Insights
RWA Track Overview
According to the latest data from RWA.xyz, as of September 5, 2025, the total on-chain market capitalization of RWA is $28.34 billion, an increase of 7.62% compared to the same period last month, maintaining steady growth; the total number of asset holders is approximately 378,000, up 8.69% from the same period last month, with the growth rate of asset holders exceeding that of the total on-chain market capitalization, reflecting an increase in participation from small and medium investors; the total number of asset issuers has risen to 273.
Stablecoin Market
The total market capitalization of stablecoins is $277.26 billion, an increase of 7.40% compared to the same period last month; the monthly transfer volume is $3.53 trillion, up 7.05% from the same period last month; the total number of monthly active addresses has sharply decreased to 31.82 million, down 22.10% from the same period last month; the total number of holders is approximately 191 million, a slight increase of 1.51% from the same period last month, indicating a sharp divergence between the two, suggesting a drastic shrinkage in retail trading activity while institutional large settlements have become the dominant force in the market. The leading stablecoins are USDT, USDC, and USDe, with USDT's market capitalization slightly increasing by 4.24% compared to the same period last month; USDC's market capitalization surged by 12.36% compared to the same period last month; USDe's market capitalization continues to maintain a rapid upward trend, with an increase of 30.81% compared to the same period last month.
Regulatory News
EU Regulators Warn: Tokenized Stocks May Mislead Retail Investors
According to Cryptoslate, Natasha Cazenave, Executive Director of the European Securities and Markets Authority (ESMA), indicated that tokenized stocks, as a new type of digital asset, are linked to the stock prices of listed companies but may create a false sense of ownership for investors, thereby undermining market confidence. Cazenave warned that many tokenized stock products currently promoted in the EU do not grant investors actual shareholder rights, such as voting rights or dividend distribution rights. She stated that due to the lack of transparency in the presentation of these assets, retail investors may mistakenly believe they own company stocks when they do not.
Cazenave emphasized that although tokenization offers features like fractional share trading and 24/7 market access, the absence of ownership rights poses "specific risks of investor misunderstanding." Proponents argue that tokenization can drive financial modernization by lowering costs and broadening access to assets (covering various assets from stocks and bonds to real estate). Cazenave acknowledged this potential but pointed out that most existing projects are currently limited in scale and liquidity, far from achieving the efficiency improvements claimed by supporters.
Local Developments
New City Development announced that it will leverage its existing business accumulation and RWA tokenization technology to promote a strategic layout for related RWA applications. Additionally, a digital asset research institute will be established in Hong Kong on August 29, aimed at coordinating key tasks such as RWA tokenization within the group.
According to Zhitong Finance, Meinian Health Industry Holding Co., Ltd.'s wholly-owned subsidiary, Meinian Health Industry Co., Ltd., has signed a "Digital Asset Business Cooperation Framework Agreement" with Guofu Quantum Innovation Co., Ltd. and Jingbeifang Information Technology Co., Ltd. The three parties will explore comprehensive business cooperation in the digital asset RWA field based on their respective resource endowments, aiming to discover new paradigms for releasing the value of equipment and data assets in the healthcare sector, thereby aiding the upgrade and innovative development of the health industry.
Sanwei Xinan stated on its interactive platform that the company has years of technical accumulation in the blockchain security field and has led the formulation of China's first blockchain cryptography industry standard, "Blockchain Cryptography Application Technical Requirements." Its developed blockchain cryptographic machine has passed national commercial encryption certification and is applied in several blockchain infrastructure projects.
Additionally, the company’s internationally certified FIPS HSM can provide secure digital asset custody services, and its hardware wallet products have been applied in cryptocurrency exchanges. As a vice-chair unit of the Hong Kong Web 3.0 Standardization Association, Sanwei Xinan is actively participating in the standard-setting for Web 3.0 application scenarios such as stablecoins and RWA, providing products and solutions in RWA data on-chain, hot and cold wallets, and asset custody.
Futian Investment Holdings Issues the World’s First Public Chain RWA Digital Bond
Futian Investment Holdings announced the successful issuance of the world’s first publicly offered RWA digital bond on the Ethereum public chain in Hong Kong, with a bond size of 500 million RMB, a term of 2 years, a coupon rate of 2.62%, and the token name FTID TOKEN 001 (Fubao), rated A- by Fitch.
According to Yunfeng Financial's announcement, Yunfeng Financial has signed a strategic cooperation agreement with Ant Digital Technology and made a strategic investment in the Layer 1 public chain Pharos, which focuses on institutional-level RWA applications. The two parties will expand the tokenization of real-world assets (RWA) and Web 3.0-related fields based on Pharos' high-performance public chain, promoting the integration of blockchain with existing financial businesses. Both Ant Digital Technology and Pharos are independent third parties of Yunfeng Financial.
Fosun in Hong Kong Tokenizes $328 Million Worth of Medical Company Stocks
According to The Block, Hong Kong-based Fosun Wealth Holdings has launched tokenized stocks of the Israeli company Sisram Medical, listed on the Hong Kong Stock Exchange, with a market value of approximately $328 million, issued through the Vaulta, Solana, Ethereum, and Sonic platforms. The company stated that the plan utilizes Vaulta's "Banking OS" and incorporates Solana into its technical architecture for stock issuance and settlement. Sisram Medical is an Israeli medical technology company with the stock code 1696.HK, and it is the first stock included in this plan. Fosun also plans to tokenize more corporate bonds and stocks in the future, but has not yet specified which companies or the timeline.
Project Progress
Kraken Partners with Backed to Launch xStocks on Ethereum, Moonshot Announces Launch of xStocks Tokenized Stocks
According to CoinDesk, Kraken and Swiss institution Backed announced the launch of their tokenized stock product xStocks on the Ethereum mainnet, allowing users to access xStocks on the Ethereum chain in the form of ERC-20 tokens and achieve interoperability with DeFi protocols. xStocks had previously launched on Solana, BNB Chain, and TRON, with a cumulative trading volume of $3.5 billion.
According to official news, Moonshot announced the launch of xStocks tokenized stocks, allowing users to participate in traditional markets and trading assets (such as NVDAx, COINx, and TSLAx) through xStocks. This service is available in certain countries/regions and is currently not applicable to U.S. users.
MyStonks and Paimon Finance Reach Strategic Cooperation to Co-build RWA Ecosystem
Decentralized RWA trading platform MyStonks has reached a strategic cooperation with RWA protocol Paimon Finance, and both parties will engage in multi-faceted collaboration in RWA ecosystem construction and application exploration. Paimon is set to launch a new product, Stockpad, which plans to support users in purchasing tokenized stocks on-chain at discounted prices.
It is reported that MyStonks has launched over 180 U.S. stock tokens, with a cumulative trading volume exceeding $1.25 billion and nearly 40,000 users; Paimon Finance focuses on tokenizing high-potential assets and has previously been selected for the BNB Chain MVB Season 8 Accelerator Program and YZi Labs Incubation Program.
Galaxy Digital Announces Equity Tokenization on Solana Chain
According to The Block, Nasdaq-listed company Galaxy Digital has partnered with Superstate to tokenize its SEC-registered stock GLXY on the Solana blockchain. Shareholders can tokenize GLXY stock through Superstate's Opening Bell platform and transfer it on DeFi platforms, limited to investors who have completed KYC. Superstate claims this is the first instance of a Nasdaq-listed company's stock being directly issued and traded on a public chain.
Ondo Finance Launches Over 100 U.S. Stocks and ETFs On-Chain Tokens
According to The Block, Ondo Finance and Ondo Foundation have launched over 100 U.S. stock and ETF tokens on the Ethereum chain, available for on-chain trading 24 hours a day. The Ondo Global Markets platform is open to qualified users in the Asia-Pacific, Europe, Africa, and Latin America, with plans to expand to 1,000 assets by the end of the year and support for BNB Chain and Solana. The platform supports asset minting, redemption, and on-chain transfers, with partners including OKX Wallet, Bitget Wallet, and Gate, while Chainlink provides price oracles.
RWA Commercial Lending Protocol Kasu Receives $1 Million Strategic Investment from XDC Network
According to official news, the RWA commercial lending protocol Kasu has announced a $1 million strategic investment from XDC Network.
Kasu is described as a credit infrastructure platform that connects DeFi capital with vetted real-world credit opportunities. With the support of institutional lenders and integration with compliant RWA protocols, Kasu provides depositors access to yield-generating credit markets through smart contracts and structured tranches.
Insights Collection
In-Depth Analysis of RWA Technical Details: Why is ERC-3643 the Most Suitable Token Standard?
PANews Overview: ERC-3643 is hailed as the most suitable standard for RWA tokenization because it cleverly balances efficiency on the blockchain with compliance in traditional finance. It ensures that only qualified investors who have completed KYC/AML can hold and trade tokens through its built-in on-chain identity verification system (ONCHAINID), thereby automatically and in real-time enforcing regulatory rules. This not only significantly reduces the costs of issuance and long-term compliance but also applies to various assets such as stocks, bonds, real estate, and even carbon credits, paving the way for traditional assets to be tokenized and providing global liquidity, thus garnering significant attention and recognition from regulators, including the U.S. SEC.
Deconstructing the Fragile Balance of Ant Digital Technology and Guotai Junan's RWA Experiment
PANews Overview: The collaboration between Ant Digital Technology and Guotai Junan is an ambitious attempt to tokenize traditional financial assets through blockchain technology and cross-chain them to Ethereum to enhance efficiency, attract global capital, and explore new business opportunities. However, this seemingly promising vision is fraught with significant challenges: technically reliant on centralized cross-chain bridges, posing security risks; commercially expensive and difficult to scale; most critically, it navigates a gray area between China's strict data sovereignty, capital controls, and the regulatory rules of Hong Kong and the global market, facing substantial policy uncertainty. Therefore, this is not a mature revolution but rather a fragile and high-risk strategic experiment seeking balance amid multiple contradictions, with its ultimate success or failure highly dependent on the final definitions and recognition from regulatory bodies.
PANews Overview: Stock tokenization involves converting traditional stocks into digital tokens through blockchain technology, aiming to enhance trading efficiency, lower barriers to cross-border investment, and bridge traditional finance with the crypto world. Ondo Finance, leveraging its three major U.S. financial licenses (Transfer Agent TA, Broker-Dealer BD, Alternative Trading System ATS), has constructed a full-service framework under compliance, attempting to promote this innovation in a highly regulated environment. Despite the broad prospects, stock tokenization still faces challenges such as liquidity, compliance, and market acceptance. Whether it is the next revolution in financial markets or merely "old wine in new bottles" remains to be seen through time and market validation.
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