Original | Odaily Planet Daily (@OdailyChina)
Author | Ethan (@ethanzhangweb3)_
RWA Market Performance
As of September 30, 2025, the total on-chain value of RWA is $31.27 billion, an increase of $850 million from $30.42 billion on September 24, with a growth rate of 2.79%, continuing the upward trend from the previous week. The total number of asset holders grew from 400,880 to 407,788, with an increase of 6,908 people over the week, a growth rate of 1.72%, indicating a continuous expansion of the on-chain user base and a steady increase in market activity. The number of asset issuers rose from 215 to 221, with an addition of 6, reflecting a growth rate of 2.79%, maintaining moderate growth. In the stablecoin market, as of September 30, the total value is $289.06 billion, an increase of $2.66 billion from last week's $286.4 billion, with a growth rate of 0.93%; the number of stablecoin holders slightly increased from 192.83 million to 193.52 million, an increase of about 690,000 people, with a growth rate of 0.36%.
From the asset structure perspective, private credit, as the core of the RWA sector, saw a slight increase this week, rising from $17 billion to $17.3 billion, an increase of $300 million, with a growth rate of 1.76%, accounting for 55.3% of the total market value of RWA. U.S. Treasury bonds slightly rebounded from $7.3 billion to $7.7 billion, an increase of $400 million, with a growth rate of 5.48%, reversing the continuous decline of the previous two weeks, possibly related to the stabilization of U.S. Treasury yields and a return of risk appetite. Commodity assets remained unchanged at $2.1 billion this week, with a slowing growth but still at a high level. Institutional alternative funds slightly increased from $2 billion to $2.3 billion, an increase of $300 million, with a growth rate of 15%, marking the highest growth among structural items this week, indicating that some funds are seeking Alpha return opportunities in non-traditional categories. Non-U.S. government debt was listed separately for the first time, with a scale of $1 billion, while other categories such as stocks, private equity, and actively managed strategies showed marginal fluctuations, contributing little to the overall structure.
Trends (Compared to Last Week)
This week, the RWA market entered a rhythm of "continuous accumulation + structural switching." The market value continues to rise steadily, and user growth remains positive, further indicating that the RWA sector still possesses strong capital support under the backdrop of stablecoin consolidation and a risk appetite that has not yet fully rebounded. Compared to last week, the most noticeable changes this week came from the rebound of U.S. Treasury bonds and the rapid rise of institutional alternative assets, suggesting that institutional funds have begun to transition from conservative allocations to light leverage strategies. The number of asset issuers has increased for the second consecutive week, indicating that the ecosystem is still in an expansion phase, but compared to the pace of asset volume expansion, the rebound in project numbers remains moderate.
Combining the trends of the past three weeks, the RWA market is operating under the dual logic of "breaking through the platform + reconstructing valuation." After stabilizing above the $30 billion platform, the allocation behavior has become more structural; the moderate expansion of users and issuers also lays the groundwork for the next phase of valuation reassessment and liquidity deepening.
Key Events Review
SEC Chair Atkins: Launching "Innovation Exemption" by Year-End to Accelerate Crypto Product Listings
According to Fox Business, Paul Atkins, Chair of the U.S. Securities and Exchange Commission (SEC), stated in an interview that he plans to implement an "Innovation Exemption" by the end of 2025 to allow companies to quickly bring on-chain products and services to market.
Since taking office in April, Atkins has been advocating for crypto-friendly policies and initiated a rule modernization plan called "Project Crypto." In June, he instructed his team to study the innovation exemption mechanism to simplify the product listing process.
Meanwhile, the U.S. Congress is advancing legislation on crypto market structure, which is expected to pass by the end of the year. Atkins expressed his "expectation for Congress to take action on the market structure bill" and emphasized that the SEC and the Commodity Futures Trading Commission (CFTC) are working closely together, with both sides set to hold a roundtable next week to discuss how to bring more innovative products to the U.S. market.
CFTC Launches Tokenized Collateral Program, Allowing Derivatives Trading with Stablecoins
Caroline D. Pham, acting chair of the U.S. Commodity Futures Trading Commission (CFTC), announced the launch of a "Tokenized Collateral" program, allowing derivatives traders to use stablecoins and other non-cash assets as collateral to enhance market efficiency and transparency. This initiative continues a pilot project launched in February with Circle, Coinbase, Crypto.com, Ripple, and Moonpay, and invites industry feedback by October 20. This move is seen as an important step for the CFTC in advancing capital market modernization and clarifying crypto regulation.
Naver Financial Plans Comprehensive Share Swap with Upbit Parent Company Dunamu
According to industry news in South Korea, Naver is planning to acquire Upbit's parent company Dunamu through a share swap, establishing a holding structure with Naver (parent company) - Naver Financial (subsidiary) - Dunamu (grandchild company). If the transaction is completed, it will combine Naver Pay's payment infrastructure with Upbit's crypto asset distribution network to create a new digital financial ecosystem centered around a Korean won stablecoin.
On the day the news was announced, Naver's stock price surged by 11.4%. Analysts believe that Naver Pay will be responsible for stablecoin issuance, while Upbit will handle distribution, and the collaboration is expected to achieve an annual revenue of 300 billion won by 2030. This transaction will also promote the deep integration of South Korea's fintech and crypto industries and enhance competitiveness against overseas giants like PayPal, Stripe, and Coinbase. (Details: From Missing Bithumb to Acquiring Upbit: The Evolution of Naver's Crypto Ambitions)
Tether Plans to Raise Up to $20 Billion at a $500 Billion Valuation
According to insiders, stablecoin issuer Tether Holdings is in talks with investors to raise $15 billion to $20 billion through a private placement, representing about 3% of the company's shares. If the deal is completed, the company's valuation could reach $500 billion, potentially making it one of the most valuable private companies in the world. (Details: Launching $20 Billion Private Placement, "On-Chain Federal Reserve" Tether's Global Payment Empire Ambition)
SharpLink to Collaborate with Superstate to Issue Tokenized Stocks on Ethereum
SharpLink (SBET) announced on the X platform that it will collaborate with Superstate to issue tokenized SBET stocks directly on the Ethereum blockchain. SharpLink will be the first publicly traded company to do so. Both parties will work together to promote the future trading of tokenized public equity in a fully compliant manner on automated market makers (AMM) and other DeFi protocols.
Cloudflare Plans to Launch Dollar-Backed Stablecoin NET Dollar to Serve AI
According to Investing, Cloudflare (NYSE: NET) announced plans to launch NET Dollar. NET Dollar is a dollar-backed stablecoin designed to provide instant and secure transactions for AI-driven online activities.
According to the company, NET Dollar will modernize payment infrastructure by enabling cross-currency, cross-region, and cross-timezone transactions. The stablecoin aims to facilitate programmatic operations, allowing AI agents to make instant payments based on predetermined conditions. The company positions NET Dollar as part of a system transitioning from an ad-based revenue model to one that rewards content creators and developers while enabling AI companies to compensate content sources.
Hot Project Updates
Plume Network (PLUME)
One-Sentence 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, committed to providing solutions that bridge traditional finance and the crypto economy for both institutional and retail investors.
Recent Updates:
On September 25, Mastercard officially announced the selection of Plume to join its Start Path program, one of only five globally.
On September 30, it was reported that Plume announced a partnership with the Web 3 wallet TopNod to promote the large-scale adoption of RWA.
Previously reported, Centrifuge and Plume jointly launched the "Anemoy Tokenized Apollo Diversified Credit Fund (ACRDX)," which received a $50 million anchor investment from the credit infrastructure protocol Grove within the Sky ecosystem. This fund allows blockchain investors to participate in Apollo's diversified global credit strategy, covering direct corporate loans, asset-backed loans, and mismatched credit. ACRDX will be issued through Plume's Nest credit vault, with the token code nACRDX, enabling institutional investors to participate in the strategy on-chain. Chronicle will serve as the oracle provider, while Wormhole will handle cross-chain connectivity. Upon approval, Anemoy will act as the fund manager.
MyStonks (STONKS)
One-Sentence Introduction:
MyStonks is a community-driven DeFi platform focused on tokenizing U.S. stocks and facilitating on-chain trading. The platform collaborates with Fidelity to achieve 1:1 physical custody and token issuance, allowing users to mint stock tokens like AAPL.M and MSFT.M using stablecoins such as USDC, USDT, and USD 1, and trade them on the Base blockchain around the clock. All transactions, minting, and redemption processes are executed by smart contracts, ensuring transparency, security, and auditability. MyStonks is dedicated to bridging the gap between TradFi and DeFi, providing users with a high liquidity, low-barrier entry for U.S. stock investments on-chain, building "the NASDAQ of the crypto world."
Latest Updates:
On September 25, MyStonks announced a brand upgrade, officially changing its domain to msx.com, stepping into a new era of global fintech. According to the announcement, this upgrade not only simplifies access but also helps users connect easily, reflecting a shift from meme culture to a professional international financial brand, showcasing its determination in digital financial innovation and global expansion. The msx.com team stated that they will continue to focus on users, drive technological innovation, and enhance the security and efficiency of digital financial services.
Previously, MyStonks officially launched Hong Kong stock contract trading, allowing users to participate in trading directly using wallets with USDT/USDC, supporting up to 20x leverage. The contracts cover several high-quality Hong Kong stocks, including Guotai Junan International (1788.HK), BYD Company (1211.HK), Xiaomi Group (1810.HK), Miexue Group (2097.HK), Meituan (3690.HK), Tencent Holdings (700.HK), Pop Mart (9992.HK), JD Group (9618.HK), and SMIC (981.HK), spanning multiple industries such as technology, automotive, retail, internet, and semiconductors, meeting users' diverse asset allocation needs.
Related Links
Summarizing the latest insights and market data in the RWA sector.
《Comprehensive Guide to RWA Asset Issuance in Hong Kong》
Moving towards a more open, transparent, and innovative financial new era.
《Comprehensive Analysis of RWA: The Key Bridge Connecting TradFi and DeFi》
The crypto industry is shifting from native assets like Bitcoin to tokenized real-world assets (RWA), such as government bonds and real estate.
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