Original | Odaily Planet Daily (@OdailyChina)
Author | Ethan (@ethanzhangweb3)_
RWA Market Performance
As of November 25, 2025, the total on-chain value of RWA has risen to $36.01 billion, an increase of $340 million from $35.67 billion on November 19, representing a growth rate of approximately 0.95%. This marks a reversal from the slight pullback seen in the previous week, re-establishing an upward trend and breaking through the $36 billion threshold. The total number of asset holders increased from 539,895 to 549,443, with a significant weekly addition of 9,548 individuals, reflecting a growth rate of 1.77%, which is notably faster than last week. The number of asset issuers saw a slight adjustment, decreasing from 251 to 250, a reduction of one. In the stablecoin market, the total market capitalization rose moderately from $29.772 billion to $29.824 billion, an increase of $520 million, with a growth rate of 0.17%. The number of stablecoin holders steadily surpassed the 204 million mark, rising from 203.30 million to 204.33 million, an increase of approximately 1.03 million, with a growth rate of 0.51%. The underlying liquidity foundation remains solid.
In terms of asset structure, private credit maintained its position at $18.9 billion this week, unchanged from the previous week, demonstrating strong stability as a cornerstone sector of RWA, unaffected by market fluctuations. In stark contrast, the U.S. Treasury segment showed robust growth, with its scale rapidly climbing from $8.4 billion to $9.1 billion, a net increase of $700 million in a single week, representing a growth rate of 8.3%, making it the core driver of total market capitalization growth this week. Institutional alternative funds saw a slight recovery, increasing from $2.9 billion to $3 billion. Commodity assets continued to remain quiet, holding steady at the $3 billion level, appearing relatively stable amid significant market volatility. Notably, the non-U.S. government debt segment experienced a significant contraction, dropping sharply from $1.2 billion to $638.3 million, nearly halving.
Trend Analysis (Comparison with Last Week)
This week, the RWA market concluded a brief period of consolidation, establishing a rebound trend driven by strong inflows into U.S. Treasury assets, presenting an overall positive pattern of "U.S. Treasuries leading, credit stabilizing." The user growth rate accelerated significantly compared to last week, with nearly 10,000 new token holders indicating a resurgence in market attention, and incremental funds beginning to convert into actual on-chain asset holdings. The flow of funds exhibited a pronounced structural rotation characteristic: funds seem to be rapidly withdrawing from marginal assets like non-U.S. government debt, concentrating instead on more liquid and widely accepted U.S. Treasury assets, leading to a significant increase in the proportion of U.S. Treasuries. Private credit, as a ballast for existing holdings, maintained extremely high stickiness, while the steady expansion of stablecoins also provided ample ammunition for further asset scale advancement.
Market keywords: rebound, rotation, U.S. Treasuries leading.
Key Event Review
Jamie Selway, Director of Trading and Markets at the U.S. Securities and Exchange Commission, stated at the SIFMA Market Structure Conference that although crypto assets are built on a "trustless" decentralized mechanism, healthy trading still relies on a "trust-based" market structure. Selway pointed out that the SEC will promote clear regulatory rules through "Project Crypto" to support competition and innovation, avoiding regulatory distortions of fair market competition. He emphasized that policy-making should treat both new and old market participants fairly, as the market itself is the ultimate arbiter of value.
Hong Kong SFC Finalizing Regulatory Framework for Digital Asset Trading and Custody Services
SFC CEO Ashley Alder stated that Hong Kong is committed to building a safe and reliable digital asset platform and is finalizing the regulatory framework for digital asset trading and custody services, which will be the last two pieces of the regulatory "puzzle" for establishing a robust digital asset ecosystem. The adoption of tokenized financial products in Hong Kong is increasing, such as green bonds, money market funds recognized by the SFC, and retail gold products, with the market size of related tokenized products in Hong Kong approximately $3 billion.
Hong Kong InvestHK: Tokenized Funds Will Be as Common as ETFs in 10 Years
Leung Hung-king, Global Head of Financial Services and Technology at InvestHK, stated that recently some banks have received tokenized deposits from brokerages, successfully subscribing to tokenized money market funds issued by fund companies. The emergence of tokenized funds signifies the evolution of the asset management industry from "2.0" to "3.0," and he believes that in 10 years, the prevalence of tokenized funds will be comparable to today's ETFs.
In response to Sharplink CIO Matt Sheffield's mention that "13F filings (disclosure documents for large asset management institutions) are typically submitted within 45 days after the end of each quarter, leading to market data often being delayed," Ethereum co-founder, Consensys founder, and Sharplink Chairman Joseph Lubin expressed agreement on X platform. He noted, "Recent filing disclosures show a clear trend: institutions are continuously increasing their holdings in @SharpLink stocks. Even as stocks and the crypto market adapt to the current macro environment, holding data still indicates that institutional confidence is growing. Delayed disclosures make this easily overlooked; another reason is that tokenized stocks will ultimately provide clearer real-time transparency."
Faraday Future announced that QLGN, a Nasdaq-listed company in which FFAI has made a strategic investment, has been renamed AIxCrypto (AIXC) and unveiled three new business lines.
Among them, AIXC will engage in stock tokenization RWA business, with the first project being the tokenization of FFAI's stock. The company plans to purchase $5 million worth of FFAI stock through an independent third party, helping Faraday Future secure Web3 financing at a lower cost than Web2.
Circle: USYC On-chain Supply Surpasses $1 Billion, with $900 Million from BNB Chain
According to RWA.xyz data, Circle's yield-bearing stablecoin USYC has surpassed $1 billion in on-chain supply, with over $900 million deployed on BNB Chain.
This growth reflects that more global institutions are deploying on-chain assets on BNB Chain as a core infrastructure. Over the past year, several institutions have launched tokenized products on BNB Chain, including:
• BlackRock: Its BUIDL fund has been tokenized by Securitize and has been accepted as collateral by several mainstream institutions.
• Ondo: Launched 100 tokenized U.S. stocks and ETFs.
• CMB International: Tokenized a $3.8 billion money market fund.
• Franklin Templeton: Expanded its Benji platform to BNB Chain.
• Securitize × VanEck: Launched VBILL, providing exposure to U.S. Treasuries.
TopNod Wallet Integrates 1inch Swap API to Enhance RWA Asset Operation Experience
TopNod announced the official integration of the 1inch Swap API, introducing an RWA asset trading experience, allowing users to directly purchase on-chain assets like NVDAon and TSLAon using cryptocurrency. This integration aims to simplify user interaction with the real-world asset market. TopNod Wallet also launched a new user reward campaign with a total of 100,000 USDC, where users can earn participation opportunities by completing tasks.
Animoca Brands Signs MOU with Hang Feng Technology to Support Distribution of RWA Tokens
Animoca Brands announced the signing of a strategic cooperation memorandum of understanding (MOU) with Nasdaq-listed Hang Feng Technology, aiming to promote the latter's RWA ecosystem development and support the distribution of RWA tokens. It is reported that both parties will establish an RWA treasury in the on-chain treasury market NUVA and plan to jointly produce Web3 educational content.
Visa and Mastercard Seek Acquisitions or Investment Deals in the Stablecoin Sector
Visa and Mastercard are rapidly embracing cryptocurrency payments to leverage the growing popularity of stablecoins in developing countries and fend off competition from merchants attempting to bypass their networks. Both companies have been aggressively expanding their cryptocurrency payment businesses overseas and are actively seeking acquisition or investment opportunities. Visa aims to invest in stablecoin startups, particularly those that help expand its banking network and increase user numbers.
According to Coindesk, the crypto incubator Obex has announced the completion of a $37 million financing round, led by Framework Ventures, LayerZero, and the Sky ecosystem. Obex's core goal is to incubate and fund the next generation of yield-bearing stablecoin projects and is described as the "Y Combinator" of the stablecoin space (a well-known Silicon Valley incubator).
Key Focus Areas: Obex will concentrate on stablecoin strategies collateralized by high-quality real-world assets (RWA), employing institutional-grade risk control standards to avoid the failures seen in previous synthetic stablecoins.
Role of Sky: Obex will serve as the capital allocator for the Sky ecosystem (the successor to MakerDAO, which includes the USDS stablecoin). The Sky ecosystem has authorized the deployment of up to $2.5 billion in USDS to qualified projects incubated through Obex via governance voting, providing funding support and scalability for these stablecoin strategies.
Framework Ventures co-founder Vance Spencer stated that Obex will offer a 12-week incubation program, providing early teams with capital, technical resources, and access to Sky infrastructure, aiming to address the current lack of rigorous risk infrastructure in the yield-bearing stablecoin market.
Hot Project Updates
Ondo Finance (ONDO)
One-Sentence 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 U.S. Treasuries 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.
Latest Updates:
On November 24, Ondo Finance announced a strategic investment of $25 million in the stablecoin YLDS launched by a subsidiary of Nasdaq-listed Figure, aimed at enhancing the yield sources of its flagship tokenized fund OUSG and improving diversification.
Previously, Ondo Finance stated on the X platform that it has received EU approval to offer tokenized stocks and ETFs across Europe. This approval expands the coverage of its tokenized stocks and ETFs to over 500 million investors in the EU and the European Economic Area. The underlying prospectus for managing the issuance of tokenized stocks and ETFs has been approved by the Financial Market Authority of Liechtenstein (FMA). This move will allow Ondo Finance to offer tokenized stocks and ETFs to retail investors in 30 European markets.
MSX (STONKS)
One-Sentence Introduction:
MSX is a community-driven DeFi platform focused on tokenizing U.S. stocks and trading them on-chain. The platform achieves 1:1 physical custody and token issuance through a partnership with Fidelity. Users can mint stock tokens like AAPL.M and MSFT.M using stablecoins such as USDC, USDT, and USD1, and trade them around the clock on the Base blockchain. All transactions, minting, and redemption processes are executed by smart contracts, ensuring transparency, security, and auditability. MyStonks aims to bridge the gap between TradFi and DeFi, providing users with a high-liquidity, low-barrier entry into U.S. stock investments on-chain, building a "Nasdaq of the crypto world."
Latest Updates:
On November 5, the MyStonks MSX platform officially launched the S1 Points Season and M Beans incentive mechanism. The platform will track points for real trading and holding behaviors in U.S. stock spot, crypto-to-crypto contracts, and U.S. stock contracts, automatically settling the previous day's points daily at 10:00 (UTC+8). M Beans serve as a core metric for measuring user trading activity and contribution, and will be used for the future distribution and incentives of the platform token $MSX. The calculation of M Beans not only considers trading volume but also examines position duration, profit and loss performance, and team Boost levels to ensure fair incentives. The team Boost operates on a T+2 update mechanism, automatically synchronizing bonuses, with historical trading points included in community incentives.
Previously, MyStonks announced a brand upgrade, officially changing its domain to msx.com, moving towards a new era of global financial technology. This upgrade not only simplifies access but also reflects a transition from meme culture to a professional international financial brand, showcasing its commitment to digital financial innovation and global expansion. The msx.com team stated that it will continue to focus on users, drive technological innovation, and enhance the security and efficiency of digital financial services.
Related Links
Summarizing the latest insights and market data in the RWA sector.
Those relying on government bonds for interest, those generating yield through on-chain native mechanisms, and those seeking returns through active management. They share the same name but carry completely different risks. Understanding the structure is the first principle to grasp the future of stablecoins.
《OKX Research Institute | Why RWA Will Become a Key Narrative in 2025?》
RWA is not a fleeting crypto trend but an important bridge for the integration of Web3 and the trillion-dollar traditional financial market.
Global RWA rules are becoming clearer, with compliance and innovation progressing together. Understanding policy trends will help seize the next wave of assetization dividends.
Rising geopolitical risks are driving demand for stablecoins and on-chain government bonds. R2 aggregates assets from multiple institutions, providing a transparent, verifiable, and long-term stable entry into on-chain yields.
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