Highlights of This Issue
This week's newsletter covers the statistical period from September 19 to September 25, 2025. This week, the total on-chain market capitalization of RWA surpassed the $30 billion mark, with a slight rebound in ecosystem participation; the stablecoin market continues to exhibit structural characteristics of "institutional accumulation and retail withdrawal." The United States, Canada, and South Korea are actively advancing the legislative framework for stablecoins; traditional banking giants like HSBC and SBI Shinsei Bank are exploring tokenized cross-border transactions; platforms like Franklin Templeton's Benji and BlackRock's Securitize continue their multi-chain expansion strategy; DAT treasury companies like SharpLink and Forward Industries plan to tokenize equity or put stocks on-chain. The overall market shows a clear trend of accelerated compliance processes, deep integration of traditional finance with on-chain technology, and an expansion of application scenarios from financial assets to diverse fields such as sports IP and new energy.
Data Insights
RWA Track Overview
According to the latest data from RWA.xyz, as of September 26, 2025, the total on-chain market capitalization of RWA is $30.61 billion, an increase of 7.62% compared to the same period last month, maintaining steady growth; the total number of asset holders is approximately 402,300, up 8.61% from the same period last month; the total number of asset issuers has risen again to 221, indicating a slight rebound in ecosystem participation.
Stablecoin Market
The total market capitalization of stablecoins is $287.66 billion, an increase of 6.43% compared to the same period last month; monthly transfer volume has shrunk to $3.16 trillion, down 12.14% from the same period last month; the total number of active addresses has dropped to 26.55 million, a sharp decline of 24.72% from the same period last month; the total number of holders is approximately 193 million, a slight increase of 1.39% from the same period last month, indicating a persistent divergence between the two: market capitalization growth is driven by large fund accumulation, while retail trading activity is rapidly contracting. The leading stablecoins are USDT, USDC, and USDe, with USDT's market capitalization slightly increasing by 4.95% compared to the same period last month; USDC's market capitalization increased by 7.40% compared to the same period last month; USDe's market capitalization growth remained basically unchanged, increasing by 18.41% compared to the same period last month.
Regulatory News
According to Cointelegraph, the Bank of Canada has called for the establishment of a stablecoin regulatory framework to modernize the payment system and avoid lagging behind other countries in advancing related policies. On Thursday, Ron Morrow, Executive Director of Payments at the Bank of Canada, stated at a Chartered Professional Accountants conference in Ottawa: "Even if you are on the right path, stagnation can lead to being overtaken. For stablecoins to be regarded as currency, they must be as safe and stable as bank account balances. Governments around the world are strengthening regulations on stablecoins and other cryptocurrencies to benefit consumers and mitigate credit and liquidity risks. In fact, many jurisdictions globally have already implemented or are about to implement regulatory frameworks for crypto assets."
U.S. Treasury Initiates Rulemaking for Stablecoin Regulation under GENIUS Act
According to CoinDesk, the U.S. Treasury has officially initiated the process of converting the GENIUS Act into stablecoin regulatory rules and has opened a one-month public comment period. The proposed rulemaking covers issues such as issuer restrictions, sanctions compliance, anti-money laundering, tax treatment, and coordination between federal and state regulations. The Treasury is requesting feedback from the industry and the public on specific issues such as reserve asset custody and regulation of overseas payment stablecoins. The GENIUS Act is the first crypto legislation in the U.S. and will promote a broader regulatory legislative process for the industry.
CFTC Seeks Public Input on the Use of Tokenized Collateral like Stablecoins in Derivatives Markets
The U.S. Commodity Futures Trading Commission (CFTC) is seeking public input on the use of tokenized collateral, such as stablecoins, in derivatives markets. The topics for feedback include GMAC 2024 recommendations, the CFTC's observer role in industry initiatives, digital asset market pilot projects, suggestions for regulatory amendments based on the Presidential Working Group report (pages 52-53), and other related issues. The deadline for comments is October 20, 2025.
According to Decrypt, South Korea's ruling Democratic Party has established a digital asset task force to draft comprehensive legislation for stablecoins and cryptocurrencies. The task force aims to enact digital asset laws during this year's regular session and the National Assembly meeting at the end of the year. The country is facing increasing pressure from capital outflows, with $40.6 billion in digital assets transferred abroad in the first quarter of 2025, half of which were stablecoins.
Local Developments
According to an announcement from the Hong Kong Stock Exchange, Hong Kong-listed company China Resources New Energy has announced a strategic cooperation framework agreement with Ant Blockchain Technology (Shanghai) Co., Ltd. to explore fields such as new energy digital assets and new energy artificial intelligence ecosystems. Ant Blockchain will provide technical support in blockchain technology, data asset full-chain solutions, artificial intelligence large models, and ecosystem integration.
Digital Renminbi International Operation Center Officially Launched in Shanghai
According to Xinhua News Agency, the Digital Renminbi International Operation Center has officially launched in Shanghai, introducing three major business platforms: a cross-border digital payment platform for digital renminbi, a blockchain service platform, and a digital asset platform.
The cross-border digital payment platform aims to address the pain points of traditional cross-border payments; the blockchain service platform provides standardized cross-chain transaction information transfer and on-chain payment services; the digital asset platform supports the expansion of existing financial infrastructure to on-chain business. In June of this year, Pan Gongsheng, Governor of the People's Bank of China, announced the establishment of this center at the Lujiazui Forum to promote the international operation of the digital renminbi and digital financial innovation.
Lu Lei, Deputy Governor of the People's Bank of China, pointed out at a promotional meeting on the 24th that the three principles of "non-destructive, compliant, and interoperable" have become the basic guidelines for the construction of cross-border infrastructure for legal digital currencies, and the cross-border financial infrastructure system for digital renminbi has been initially established. In the future, the Digital Renminbi International Operation Center will provide important support for facilitating cross-border trade and investment.
Previously, the People's Bank of China's Shanghai headquarters focused on the application of digital renminbi in its work meeting for the second half of the year.
Project Progress
NBA Player Tristan Thompson to Launch Web3 Project basketball.fun to Tokenize NBA Players
According to CoinDesk, NBA player Tristan Thompson is collaborating with Improbable CEO Herman Narula and co-founder Hadi Teherany to create a new Web3 experience project that brings a new viewing experience to basketball fans in the digital age. The project, named basketball.fun, will launch before the NBA season in October and gamify the interaction between fans, players, and games. It is developed on the Layer1 blockchain Somnia, which went live earlier this month. Unlike traditional fantasy sports or fan tokens, the platform will tokenize NBA players, with player value fluctuating in real-time based on fan sentiment and performance. Fans can build lineups, predict rising stars, and earn rewards. Teherany emphasized that the application does not issue a native token, and unlike projects that rely on token prices, player value will reflect fan sentiment and game results.
According to Cointelegraph, SBI Shinsei Bank is collaborating with Partior and DeCurret to conduct tokenized cross-border settlement trials.
Listed Company SunCar Plans to Invest Up to $10 Million in Real World Asset Cryptocurrencies
According to Businesswire, digital auto insurance and service provider SunCar Technology Group (NASDAQ: SDA) announced that its board has authorized the company to invest up to $10 million in mainstream cryptocurrencies that are expected to benefit from the rapid development of real-world asset (RWA) tokenization. Additionally, SunCar is exploring strategies to integrate blockchain and risk-weighted asset (RWA) tokenization into its existing cloud-based digital insurance business model.
BlockRock Partners with Ning Investment to Launch $20 Million RWA Tokenization of New Energy Assets
According to Medium, BlockRock, a financial derivatives platform incubated by WLFI, has announced a partnership with clean energy company Ning Investment Limited to promote the tokenization of clean energy assets worth $20 million, including rooftop solar, energy storage stations, and electric vehicle charging infrastructure. The two parties will use blockchain technology to map the revenue rights of over 30 projects on-chain, with an expected annualized return exceeding 25%. All project financial data will be publicly available on-chain, allowing global investors to participate and track asset performance.
HSBC Launches Cross-Border Tokenized Deposit Service
According to Bloomberg, HSBC has launched a tokenized deposit service to support its corporate clients in securely transferring funds across borders. In a statement released today, the British bank announced that it completed its first cross-border dollar transaction between Hong Kong and Singapore this month using blockchain technology. HSBC stated that this cross-border transaction builds on its existing domestic payment products, which were initially launched earlier this year in Hong Kong and Singapore and later expanded to the UK and Luxembourg to support other currencies, including the pound and euro.
Solana Vault Forward Industries to Tokenize Equity on Superstate Platform
According to The Block, Forward Industries, the largest digital asset vault on Solana, has announced that it will tokenize its FORD stock on-chain through Superstate's Opening Bell platform. Backed by Galaxy Digital, Jump Crypto, and Multicoin Capital, Forward completed a $1.65 billion private financing round in September. Forward will collaborate with Solana ecosystem lending protocols Drift, Kamino, and Jupiter Lend, with FORD tokens serving as a new collateral option. Forward also plans to hold equity in Superstate to promote product development for both parties.
According to PR Newswire, Singapore-based startup Synthesys (formerly Equitize) has announced the completion of an $11 million seed and strategic round of financing to build tokenized securities infrastructure. This round of financing was led by Mark Pui.
Synthesys, established in 2023, has developed a global liquidity network that aggregates over 40 different primary and secondary distribution channels. Its platform automates compliance across jurisdictions and provides a universal liquidity layer for tokenized securities.
Ripple Stablecoin RLUSD Becomes Share Redemption Channel for BlackRock and VanEck Tokenized Funds
According to Cointelegraph, Ripple has integrated its stablecoin Ripple USD (RLUSD) as a share redemption channel for the tokenized funds of two major crypto investment giants, BlackRock and VanEck, in collaboration with the security token issuance platform Securitize. Ripple and Securitize have launched a smart contract that allows holders of BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) and VanEck's Treasury Fund (VBILL) to redeem their security token shares for the stablecoin Ripple USD (RLUSD). This smart contract enables BUIDL and VBILL investors to instantly convert their holdings into RLUSD, facilitating more on-chain transfer operations.
Franklin Templeton Integrates Benji Platform into BNB Chain, Expanding Tokenization Field
According to CoinDesk, global investment giant Franklin Templeton is expanding its proprietary Benji technology platform into the BNB Chain ecosystem. This move leverages the technical advantages of the Binance Smart Chain, including its scalable, low-cost infrastructure and high transaction throughput, amplifying Benji's expertise in institutional-grade asset tokenization to create new on-chain financial assets.
Franklin Templeton's Benji technology platform is an integrated system designed to facilitate the 24/7 trading, management, and yield distribution of tokenized assets, exemplified by the company's on-chain U.S. government money market fund BENJI token. Over the years, the platform has expanded to multiple blockchains, including Stellar, Ethereum, and VeChain.
Swarm to Launch Nine Stock Tokens on Plasma Mainnet
According to The Defiant, the DeFi platform Swarm has announced the launch of tokenized products for nine stocks, including Apple and MicroStrategy, on the Plasma mainnet, allowing users to trade on-chain using stablecoins. The related tokens are issued in accordance with EU prospectus regulations, granting holders rights to the underlying securities. Plasma is supported by Tether, Bitfinex, and others, and will have over $2 billion in liquidity at the mainnet launch. The on-chain value of the RWA sector has surpassed $30 billion.
DigiFT and Hash Global Launch Tokenized Fund, Providing Compliant Investment Channel for BNB
According to official news, Singapore-licensed crypto exchange DigiFT has announced a partnership with HashGlobal to provide qualified and institutional investors with a compliant tokenized channel for investing in BNB (the core asset of the BNB Chain ecosystem). The fund is established as a professional fund registered with the British Virgin Islands Financial Services Commission (BVIFSC), generating returns through long-term holdings of BNB. Additionally, the fund will participate in related activities within the BNB ecosystem, such as Launchpool mining and airdrops, with the proceeds becoming part of the dividend distribution. The fund is strategically supported by YZiLabs to further the application of BNB in traditional finance.
MyStonks Officially Renamed to msx.com, Comprehensive Brand Upgrade
According to official news, the MyStonks platform has announced a brand upgrade, with the domain officially changed to msx.com, marking a step into a new era of global financial technology.
msx.com states that this upgrade not only simplifies access but also helps users connect easily, reflecting a transition from meme culture to a professional international financial brand, showcasing its determination in digital financial innovation and global expansion. Additionally, the team will continue to focus on users, driving technological innovation to enhance the security and efficiency of digital financial services.
Ethereum Treasury Company SharpLink to Issue Tokenized Stock SBET on Ethereum
According to official news, Ethereum treasury company SharpLink Gaming has announced that it is collaborating with Superstate to issue tokenized stock SBET directly on the Ethereum blockchain. This will be achieved through Superstate's Opening Bell platform, expanding Superstate's multi-chain capital market infrastructure.
Securitize Expands to Sei Network and Launches Tokenized Credit Fund Apollo on the Network
According to CoinDesk, the RWA tokenization platform Securitize is currently expanding to the Sei blockchain, with its tokenized Apollo Diversified Credit Fund (ACRED) becoming the first platform to launch on this network, marking the first entry of tokenized private credit onto the Sei blockchain. Securitize stated that other funds will also be launching on the Sei blockchain soon.
According to RWA.xyz data, ACRED manages a total asset value of $112 million, complementing Apollo's private credit strategy, which covers corporate loans, asset-backed transactions, and distressed credit. The fund is limited to qualified investors and facilitates cross-chain token interoperability through the Wormhole protocol, enhancing asset flow across networks and improving liquidity.
Insights Highlights
PANews Overview: The Hong Kong RWA ecosystem has formed a clear three-party division of labor: first, the "liquidity providers," primarily licensed virtual asset exchanges like HashKey and OSL, which provide compliant secondary market trading and pricing venues for tokenized assets; second, the "technical support providers," including Ant Group's "Two Chains and One Bridge" and Fosun's Starlink Technology, responsible for building the underlying blockchain architecture and tokenization solutions; finally, the "service support providers," such as Cobo and Hex Trust, which offer secure custody and compliance assurance for assets, solidifying the trust foundation. This mature ecosystem, involving both traditional financial giants and crypto-native institutions, is accelerating the conversion of real assets like real estate, funds, and new energy into on-chain tokens, thanks to Hong Kong's clear regulatory framework, but the market frenzy is also accompanied by cautious regulatory scrutiny.
PANews Overview: The true cornerstone of RWA tokenization is a solid off-chain legal framework, rather than on-chain code. Early failure cases (such as RealT's unfinished project) demonstrate that if the assets behind the tokens are not genuinely isolated from bankruptcy and legally held through legal structures like "Special Purpose Entities (SPV)," then the "ownership" represented by on-chain tokens may be worthless in the face of real-world law. Current successful RWA projects (such as Figure and Ant Group's Jovay platform) adopt a dual-layer structure of "off-chain legal confirmation + on-chain trading circulation": SPVs ensure legal ownership and security of assets off-chain, while the blockchain enhances transaction efficiency and transparency. Therefore, the key question in assessing an RWA project is no longer "Can it be technically on-chain?" but "Can its legal structure protect investors' rights in court disputes?" This reveals a fundamental "impossible triangle" in the RWA field: it is challenging to perfectly achieve legal enforceability, capital efficiency, and decentralization simultaneously, and the current mainstream solutions prioritize the first two.
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