Highlights of This Issue
This week's newsletter covers the statistical period from September 5 to September 11, 2025. The total market capitalization of RWA on-chain continues to show steady growth, but the number of asset issuers has significantly declined, indicating that the market is entering a phase of structural clearing; although the market capitalization of stablecoins has increased, the number of monthly active addresses has sharply decreased, reflecting a degradation of retail liquidity and a trend dominated by institutions. Nasdaq has officially applied to the U.S. SEC for approval of stock tokenization, aiming to promote the on-chain of traditional financial assets within a compliant framework, highlighting the ongoing integration of technological innovation and regulatory balance.
Data Insights
RWA Sector Overview
According to the latest data from RWA.xyz, as of September 12, 2025, the total on-chain market capitalization of RWA is $29.02 billion, an increase of 8.27% compared to the same period last month, continuing a steady growth trend; the total number of asset holders is approximately 385,300, up 9.22% from the same period last month; the total number of asset issuers has decreased to 209, a significant drop of 20.20% compared to the same period last month, indicating that the market is undergoing structural clearing.
Stablecoin Market
The total market capitalization of stablecoins is $278.14 billion, an increase of 6.15% compared to the same period last month; the monthly transfer volume is $3.34 trillion, a slight decrease of 0.64% compared to the same period last month; the total number of monthly active addresses has sharply decreased to 28.96 million, a drastic drop of 27.55% compared to the same period last month; the total number of holders is approximately 191 million, a slight increase of 1.39% compared to the same period last month, indicating extreme polarization in the market, which is trapped in liquidity degradation and structural imbalance: institutional funds have driven up market capitalization, but the continuous withdrawal of retail investors has led to a deterioration in trading frequency and activity. The leading stablecoins are USDT, USDC, and USDe, with USDT's market capitalization slightly increasing by 4.38% compared to the same period last month; USDC's market capitalization increased by 8.79% compared to the same period last month; USDe's market capitalization has maintained an upward trend, surging by 22.07% compared to the same period last month.
Regulatory News
New Zealand Financial Markets Authority Initiates Public Consultation on Tokenization Regulation
According to Ledger Insights, the New Zealand Financial Markets Authority (FMA) has launched a public consultation on tokenization, which will run until the end of October. The FMA stated that it has received multiple inquiries related to tokenization this year, but there are few actual projects being implemented. The FMA is concerned that existing regulations may pose obstacles for startups, leading some companies to bypass local regulations and turn to overseas markets, thereby weakening consumer protection.
Nasdaq Seeks SEC Approval for Stock Tokenization
According to CoinDesk, Nasdaq is seeking to bring stocks into the blockchain space and has submitted an application to the U.S. Securities and Exchange Commission (SEC) on Monday, hoping to be approved to advance its related plans—at a time when other institutions in the securities industry are also competing towards the same asset tokenization goal. In its application, Nasdaq stated: "Nasdaq believes that the market can continue to provide the various benefits and protections of the national market system while adopting tokenization technology. Tokenized assets should be traded in regulated markets, including national securities exchanges, alternative trading systems, and broker-dealers regulated by the Financial Industry Regulatory Authority (FINRA) in the U.S." Nasdaq indicated that it will treat this business as regular stock trading, with the trading, clearing, and settlement of tokens conducted through a custodial trust company. Investors purchasing these tokens will receive all rights associated with the relevant stocks, including voting rights and liquidation rights.
Local Developments
Market News: Hong Kong SAR Government Prepares for Third Digital Bond Issuance
According to market news, the Hong Kong SAR government has commissioned banks to prepare for a potential digital bond issuance. If this issuance proceeds, it will be the third digital bond issuance by Hong Kong. In 2023, the Hong Kong SAR government successfully issued HKD 800 million in tokenized green bonds under its government green bond program, making it one of the first tokenized green bonds issued by a government globally, followed by the issuance of the world's first multi-currency digital green bonds in 2024, involving approximately HKD 6 billion.
Funds in Hong Kong with State-Owned Enterprise Investment Actively Plan Coin-Stock Linkage Projects
According to Tencent News, funds in Hong Kong that have received investment from state-owned enterprises are actively planning coin-stock linkage projects. Financial industry insiders state that while state-owned enterprise funds cannot directly invest in cryptocurrency funds, they can indirectly participate in the digital currency market by purchasing shares of listed companies that hold Bitcoin, and currently, this method is not restricted.
According to Bloomberg, Ant Digital Technologies, a subsidiary of Ant Group, has uploaded over 60 billion RMB (approximately $8.4 billion) worth of energy infrastructure data and data from 15 million new energy devices (such as wind and solar) to the AntChain blockchain, and has completed financing for three clean energy projects through asset tokenization, raising a total of about 300 million RMB. Future plans include circulating the relevant tokens on overseas decentralized exchanges, with specific progress depending on regulatory approval. The company is also collaborating with Pharos Network and Hong Kong Yunfeng Financial Group to explore the on-chain of physical assets.
Hong Kong listed company Singularity Global Holdings Limited (stock code: 1280) announced that its Baijiu raw spirit and shareholder shares have been used as underlying assets for real-world asset (RWA) products and have been officially issued on the decentralized RWA issuance management platform ADG deployed on the BNB Chain. The initial planned issuance scale is HKD 500 million, with the first phase issuing HKD 100 million. The company stated that RWA tokenization will help promote Baijiu culture globally and lay the foundation for the integration of technology, finance, and industry.
EXIO Group Collaborates with CITIC Trust to Issue the First Convertible Bond RWA Digital Token
According to reports, licensed virtual asset trading platform EXIO Group announced a collaboration with CITIC Trust International Capital's trust company to issue the first real-world asset (RWA) digital token $EXCB-25 (on the Ethereum mainnet) using a convertible preferred note structure in Hong Kong. This product supports subscription in stablecoins, with the trust institution registering asset ownership, reducing issuance costs and enhancing on-chain asset confirmation, thereby strengthening asset value stability.
It is reported that CITIC Trust is a Hong Kong subsidiary of CITIC Group, which has a state-owned background, and EX.IO (EXIO) was formerly known as xWhale.
Project Progress
According to a press release, tokenized asset management platform Plural announced the completion of a $7.13 million seed round financing, led by Paradigm, with participation from Maven11, Volt Capital, and Neoclassic Capital, bringing the total financing amount to nearly $10 million.
Plural is building financial infrastructure for the electronic economy. Through tokenization and smart contract automation technology, Plural transforms energy assets in the real world, such as solar energy, batteries, and data centers, into scalable and programmable investment products.
Stuttgart Stock Exchange Launches Pan-European Tokenized Asset Settlement Platform Seturion
According to Cointelegraph, the Stuttgart Stock Exchange Group, the sixth largest exchange operator in Europe, has launched a blockchain-based settlement platform called Seturion, aimed at handling cross-border transactions of tokenized assets across Europe. The platform is targeted at banks, brokers, trading venues, and tokenization platforms. The system supports both public and private chains, with settlements using central bank currencies or on-chain cash. Local banks have tested it in blockchain trials conducted with the European Central Bank (ECB). The group stated that its own exchange will be the first to connect to the platform, and currently, the DLT trading venue BX Digital, regulated by the Stuttgart Stock Exchange and located in Switzerland, has enabled this solution. Other market participants must obtain regulatory approval to connect.
MyStonks Reaches Strategic Cooperation with Oracle Project APRO in the RWA Field
According to official news, the decentralized trading platform MyStonks for U.S. stock tokens has announced a formal strategic cooperation with the oracle project APRO, focusing on deep data collaboration in the RWA field. It is reported that APRO is a professional oracle service provider that can provide verifiable data for DeFi, RWA, and artificial intelligence (AI) sectors: it ranks sixth in TVS in the DeFi field and has integrated over 30 blockchains; in the RWA field, it can provide precise anti-manipulation data for U.S. Treasury bonds, stocks, and commodities; in the AI field, it has collaborated with over 20 AI agents, supporting mainstream frameworks such as DeepSeek and ElizaOS. MyStonks has launched over 185 U.S. stock tokens, with a cumulative trading volume exceeding $1.45 billion and over 40,000 users. This cooperation will provide better underlying support for MyStonks' asset pricing mechanism, further optimize trading risk control, and strengthen the platform's decentralized trading operation attributes.
OCBC Launches $1 Billion Blockchain Digital Dollar Commercial Paper Program
According to Business Times, Singapore's OCBC Bank has announced the launch of a $1 billion blockchain digital dollar commercial paper (USCP) program, becoming the world's first issuer of USCP to achieve full lifecycle blockchain issuance. The program is supported by JPMorgan's Kinexys Digital Assets platform and Digital Debt Service application, with the first six-month note already issued, and the raised funds will be used for general purposes.
Cryptocurrency exchange Kraken has announced the expansion of its tokenized stock platform xStocks to the EU, allowing investors to trade tokenized U.S. stocks and ETFs via blockchain. xStocks was developed by Kraken in collaboration with Swiss fintech company Backed, operating on the Solana blockchain, providing low-cost, fast trading, and plans to support BEP-20 and Ethereum mainnet to enhance integration with the DeFi ecosystem.
Insights
PANews Overview: Nasdaq has officially applied to launch tokenized securities trading, with its core strategy being to optimize the infrastructure of traditional finance using blockchain technology rather than completely overturning it. The proposal allows assets such as stocks to be traded in token form on the Nasdaq platform, but these tokens must have the same rights and regulatory protections (such as dividends and voting rights) as the underlying traditional securities, with existing core clearing agency DTC responsible for backend records. The main advantage of this move is the theoretical ability to achieve faster settlement speeds (close to instant) and 24/7 trading, but its true value lies more in serving institutional clients, enhancing capital efficiency, and ensuring that Nasdaq can become a mainstream entry point in the tokenization wave with its compliant platform, preventing the formation of an independent crypto ecosystem beyond its control.
PANews Overview: The "Pool Gold Interest" (PGI) proposed by the World Gold Council (WGC) is a digital solution based on existing legal frameworks (such as the UK Sale of Goods Act), aimed at enabling institutional investors to efficiently conduct large gold transactions and use them as compliant collateral, with the core goal of enhancing the efficiency of traditional institutional markets. In contrast, existing XAUT and PAXG in the crypto market are tokens issued on public chains, primarily targeting retail and DeFi applications, facilitating small transactions and on-chain financial activities, but their legal clarity and regulatory recognition are not as strong as PGI. Therefore, the three serve different markets: traditional institutional finance, crypto-native, and compliant bridging, collectively promoting the digitalization of gold assets.
RWA Liquidity Paradox: $10 Billion Slow Assets on Chain, Could Repeat Subprime Tragedy?
PANews Overview: The RWA (real-world assets) tokenization market is growing rapidly, but there is a "liquidity paradox" behind it: tokenization merely wraps illiquid slow assets (such as real estate and credit) in a high liquidity guise that can be traded quickly, without changing the underlying assets' slow monetization and legal constraints. This severe mismatch of internal and external liquidity is extremely dangerous; once negative news arises (such as debtor defaults or asset value disputes), on-chain confidence could collapse instantly, triggering a death spiral of automatic liquidation and destroying the entire token value within minutes. The speed of contagion and systemic risk is far greater than that of the 2008 subprime crisis, as the crisis will spread at the speed of blockchain and code, rather than the months it took in traditional markets.
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