Highlights of This Issue
This week's report covers the statistical period from September 26 to October 3, 2025. The RWA market shows a trend of robust growth alongside structural differentiation: the total on-chain market capitalization and the number of asset holders have both increased, but the entry of new issuers has nearly stagnated, indicating a shift from scale expansion to deepening existing holdings. The market capitalization of stablecoins continues to grow, but transaction volumes and monthly active addresses have significantly declined, reflecting liquidity contraction and retail exit. Global regulatory paths are diverging, with Hong Kong steadily advancing the stablecoin licensing process and expanding the pilot for tokenized bonds, considering the integration of central bank digital currency subscriptions; the EU, on the other hand, is pushing to restrict multi-issuer stablecoins. RWA is expanding from fixed income to diverse assets such as equities, index funds, and IPs, with AlloyX and Circle having issued tokenized money market funds, while FG Nexus, Securitize, and Republic are tokenizing equity-type assets.
Data Insights
RWA Track Overview
According to the latest data from RWA.xyz, as of October 3, 2025, the total on-chain market capitalization of RWA is $32.56 billion, an increase of 12.28% compared to the same period last month; the total number of asset holders is approximately 412,100, up 9.18% from the same period last month; the total number of asset issuers has slightly increased to 222, with only one new issuer entering the market, indicating a near halt in new issuances.
Stablecoin Market
The total market capitalization of stablecoins is $289.86 billion, an increase of 5.78% compared to the same period last month; monthly transaction volume has dropped to $3.27 trillion, down 7.59% from the same period last month; the total number of monthly active addresses has shrunk to 27.06 million, a sharp decline of 19.60% compared to the same period last month; the total number of holders is approximately 192 million, showing nearly zero growth, indicating significant differentiation between the two metrics, reflecting a deterioration in market liquidity and an exacerbation of structural imbalance: market capitalization expansion relies on the accumulation of existing funds, while the accelerated exit of retail investors leads to a continuous decline in trading frequency and network activity. The leading stablecoins are USDT, USDC, and USDe, with USDT's market capitalization slightly increasing by 5.89% compared to the same period last month; USDC's market capitalization rose by 3.05% compared to the same period last month; USDe's market capitalization growth remained relatively unchanged, increasing by 18.31% compared to the same period last month.
Regulatory News
According to an exclusive interview with Caixin, Hong Kong's Financial Secretary, Xu Zhengyu, stated that the application for compliant stablecoin licenses is progressing according to the original framework, with the first batch of licenses expected to be issued as scheduled in early 2026. Hong Kong's regulatory positioning is very clear, aiming to achieve a balance in three areas: innovation, integration into the real economy, and risk control. The first step will be to implement the HKD stablecoin.
Regarding the issuance of RMB stablecoins in Hong Kong, Xu Zhengyu mentioned that from Hong Kong's perspective, the legal framework allows for different fiat currencies to serve as the underlying benchmarks for stablecoins, but currency carries sovereign intent and strategic considerations. Pegging to the RMB must take into account national exchange rates and monetary policy, requiring a comprehensive assessment of the associated risks and benefits. Additionally, the Hong Kong Inland Revenue Department has clarified that transactions involving tokenized ETF shares or units conducted on licensed digital asset trading platforms or other platforms in Hong Kong will be exempt from stamp duty.
Market News: EU regulators push to ban multi-issuer stablecoins due to concerns over collapse
The European Central Bank is seeking support to ban stablecoins issued simultaneously in the EU and other jurisdictions, setting the stage for future conflicts regarding how operators like Circle and Paxos manage cross-border operations. According to insiders, the European Systemic Risk Board (ESRB), responsible for maintaining the safety of the European financial system, passed a recommendation last week calling for a ban on so-called "multi-issuance" stablecoins. This guidance was approved by a high-level committee composed of central bank governors and EU officials, and while it is not legally binding, it will pressure regional regulators to implement related restrictions or explain how to maintain financial stability in the absence of such restrictions.
According to Jinshi reports, the Hong Kong Monetary Authority revealed that as of September 30, it had received stablecoin license applications from 36 institutions, including banks and technology companies. The Monetary Authority will review applications according to the "Stablecoin Ordinance" and aims to announce the first batch of licenses early next year, with only a few licenses to be issued in the first phase. Previously, the Monetary Authority encouraged institutions interested in applying for licenses to contact them by August 31 and submit applications by September 30.
According to Hong Kong media Ming Pao, the Executive Director of the Securities and Futures Commission's Intermediaries Division, Ye Zhiheng, stated in an interview that RWA accounts for less than 1% of the global digital asset management scale (AUM), with trading volumes far below 1%. Currently, the RWA tokenized products on the market are mainly related to fixed income products (such as money market funds). If applied to securities trading and settlement, the latency of blockchain technology does not provide advantages over the high efficiency of traditional exchange trading and settlement systems, making it difficult to accommodate high-frequency trading, and thus it is currently not suitable for stock trading.
Ye Zhiheng also revealed that the Intermediaries Division of the Hong Kong Securities and Futures Commission has about 300 colleagues, with 50 highly involved in virtual asset regulatory matters, including licensing, AML, etc., and plans to hire external personnel to enhance work efficiency.
Local Developments
According to Caixin reports, Hong Kong Monetary Authority Assistant Chief Executive (External Affairs) Xu Huaizhi disclosed that the Hong Kong SAR government has issued approximately HKD 386 billion worth of RMB, HKD, EUR, and USD bonds through the "Government Sustainable Bond Program" and "Infrastructure Bond Program" since 2019. In February 2023 and February 2024, two batches of tokenized green bonds were successfully issued, amounting to USD 100 million and USD 750 million, respectively. The third batch of tokenized bonds will not only focus on asset-side tokenization but also consider implementing funding-side tokenization. Given that the development of funding-side tokenization in Hong Kong is early and most mature with central bank digital currency (CBDC), this batch of tokenized bonds may connect to CBDC subscriptions.
Hong Kong-listed company Zhongjiu Mobile Games (00302.HK) announced a strategic cooperation with institutional-level crypto financial service provider Amber International Holding Limited. The two parties will jointly promote the implementation of the "Xianjian Qixia Zhuan" IP RWA plan under compliant regulation.
According to CoinDesk, Hong Kong stablecoin infrastructure company AlloyX announced that it has partnered with Standard Chartered and Polygon to launch a tokenized money market fund named RYT on the Polygon network, with Standard Chartered providing asset custody services for the fund.
AlloyX was recently acquired by Hong Kong-listed company Solowin Holdings. The company stated that RYT will initially be available only on the Polygon network, with plans to expand to other networks in the future.
Project Progress
Centrifuge launches S&P 500 index fund SPXA on Base network
According to CoinDesk, the RWA project Centrifuge announced the launch of the first blockchain S&P 500 index fund SPXA authorized by S&P Dow Jones Indices on the Coinbase Base network. The fund is managed by Janus Henderson and Centrifuge's Anemoy, supporting round-the-clock trading and public holdings. FalconX anchors the investment side, while Wormhole is responsible for cross-chain expansion.
Multiple institutions in the UK launch tokenized deposit pilot projects,Quant reveals it has been selected to provide infrastructure for the UK tokenized pound deposit project
According to Global Market reports, several of the largest lending institutions in the UK are advancing plans to launch tokenized versions of customer deposits next year. Previously, Bank of England Governor Bailey had called for tokenization technology to be prioritized over stablecoins, and this banking initiative is a response to that call. The UK Finance Association revealed on Friday that institutions such as HSBC, National Westminster Bank, and Lloyds Bank have initiated pilot projects to use tokenized deposits for payments through online markets. The UK's tokenized deposit pilot also involves Barclays Bank, Nationwide Building Society, and Santander Bank, with the pilot set to continue until mid-2026. Additionally, the pilot will test the application scenarios of tokenized deposits in the remortgage process and digital asset settlement.
Despite the UK Financial Conduct Authority (FCA) not finalizing stablecoin regulatory rules until the end of 2026, the Bank of England has made it clear that banks can conduct trials of tokenized deposits within the existing regulatory framework. Currently, several large banks are simultaneously exploring tokenized deposits and stablecoins. Citigroup's CEO stated in July that the importance of tokenized deposits may surpass that of stablecoins.
Quant CEO Gilbert Verdian stated on the X platform: "Quant has been selected to build a new payment infrastructure and banking technology for the UK Tokenized Pound Deposit (GBTD) project. This project is a pioneering financial market infrastructure initiative led by UK Finance and is in collaboration with major commercial banks including Lloyds, Barclays, HSBC, NatWest, Santander, and Nationwide."
Previously, multiple institutions in the UK launched pilot projects for tokenized deposits.
Maple Finance collaborates with Elwood to promote institutional digital asset lending
Crypto lending platform Maple Finance has announced a partnership with Elwood Technologies to support large financial institutions entering the digital asset lending market. Maple's on-chain lending and asset management platform will integrate Elwood's trading execution, portfolio management, and risk tools to address the infrastructure and operational barriers faced by traditional institutions in the crypto space.
Maple focuses on structured lending products and yield strategies based on public chains, while Elwood, supported by hedge fund manager Alan Howard, provides global exchange, custodian, and fund management connectivity and data analysis services.
Republic plans to tokenize equity in Animoca Brands
Investment platform Republic has announced plans to tokenize equity in global Web3 company Animoca Brands, opening a new avenue for global investors to access Animoca Brands. The tokenized equity will be minted on the Solana chain and distributed to participating investors' wallets. Token trading will take place on Republic's global marketplace platform. More details about the tokenization process will be announced later.
Chainlink and UBS advance on-chain fund industry through Swift
According to CoinDesk, Chainlink has launched a CRE-based technical process that allows banks to interact with on-chain "tokenized funds" via Swift (ISO 20022), completing fund subscriptions and redemptions in a pilot with UBS. The process is triggered by UBS's existing systems, with CRE executing on-chain instructions after receiving Swift messages. This initiative aims to provide blockchain integration for the global fund industry, valued at over $100 trillion, and continues the cross-chain interoperability exploration of Singapore's "Project Guardian." Chainlink has also conducted corporate action data standardization pilots with 24 global banks, DTCC, and Euroclear.
MSX to host multiple RWA & Web3 themed events during TOKEN2049
Decentralized RWA trading platform MSX (formerly MyStonks) will showcase at TOKEN2049 in Singapore from October 1 to 2, hosting a series of events themed around "RWA & Web3," including a private lunch meeting "MSX 2049 Lunch Meeting," a keynote speech titled "Let Quality Assets Flow Freely" by the CMO at "Meta CryptoOasis: DeFi 3.0 & DAT Night," and setting up the "MSX MYSTARS" booth and related activities.
MSX will display its on-chain US stock spot and contract product matrix at various themed events and booths, exploring the compliance of RWA and the integration development path with global builders.
According to the official blog, Circle has announced that its tokenized money market fund USYC is now available on the Solana chain. USYC is a tokenized fund share launched by Circle, representing ownership in a short-term US government money market fund and eligible for returns from the underlying assets.
The official emphasized that USYC is only available to qualified non-US institutional investors who have completed KYC/AML and passed wallet whitelisting verification, making it a permissioned token.
On Solana, USYC can be used as an interest-bearing asset in lending protocols, collateral in perpetual DEXs, or deployed into automated yield vaults. In addition to Solana, USYC has previously supported networks such as Base, Ethereum, and NEAR.
World Liberty Financial (WLFI), a crypto venture capital firm supported by members of the Trump family, announced its latest plans at the TOKEN2049 conference. CEO Zach Witkoff stated that WLFI is actively working to tokenize real-world assets (RWAs) such as oil, natural gas, and real estate, and plans to expand its USD stablecoin USD1 to more blockchain networks.
Telegram Wallet joins xStocks alliance, bringing tokenized stocks xStocks to Telegram
According to official announcements, the xStocks alliance, composed of Kraken and Backed, has partnered with Telegram Wallet to bring the tokenized stock product xStocks to the Telegram platform. Under the plan, eligible Telegram users will soon be able to access a range of xStocks assets directly in their built-in custodial crypto wallet (Wallet in Telegram). In the second phase of the collaboration, xStocks will also expand to Telegram's self-custodial wallet based on the TON blockchain. This move will allow xStocks to be used as collateral in DeFi protocols and Web3 mini-apps within the TON ecosystem.
According to CoinDesk, Nasdaq-listed FG Nexus (FGNX) has announced a partnership with tokenization specialist Securitize, allowing investors to hold their common and preferred shares as tokens on the Ethereum blockchain.
This collaboration will make FG Nexus's dividend-paying preferred shares (FGNXP) the first fully on-chain US-listed dividend stock. The tokenized shares will have the same legal rights as traditional stocks but will enable near-instant settlement on-chain through Securitize's SEC-regulated Alternative Trading System (ATS).
Securitize CEO Carlos Domingo stated that this means US investors will be able to hold real stock tokens rather than synthetic wrappers. Securitize has previously provided technical support for BlackRock's tokenized money market fund.
Ondo Finance and Securitize are building on the Sei network
Layer 1 blockchain Sei announced on its official X platform that two major players in the RWA tokenization space, Ondo Finance and Securitize, have chosen to build or integrate on the Sei network.
Sei officials noted that these two companies collectively hold over 50% of the tokenized US Treasury market share. Sei stated that this move indicates that institutions are aligning towards building a settlement layer for the global scale market.
Insights
Avalanche on the Rise: Multiple AVAX Treasury Teams Collaborate to Drive RWA Ecosystem Expansion
PANews Overview: This article analyzes the two core expansion strategies of the public chain Avalanche: first, by promoting the establishment of listed companies holding large amounts of AVAX tokens (such as AgriFORCE, renamed AVAX One) to attract massive funds from traditional financial markets, thereby enhancing the value and ecological influence of AVAX. However, this "buying tokens to speculate on stocks" model has been questioned for potentially overextending market patience and being highly dependent on market conditions; second, by vigorously promoting the tokenization of real-world assets, attracting numerous traditional giants, including BlackRock, Visa's settlement network, and state government stablecoins, to issue assets on its chain, making Avalanche an important platform in the RWA field, significantly increasing on-chain trading volume and ecological activity. In short, Avalanche is striving to secure a favorable position in the next round of blockchain competition through a combination of "bringing traditional funds into the treasury" and "promoting real assets on-chain."
Stablecoin Summer is Here, Which Mines Should We Target?
PANews Overview: This article mainly introduces three popular projects, Plasma ($XPL), STBL ($SBTL), and Falcon Finance ($FF), which provide high-yield "mining" opportunities in the market frenzy of "Stablecoin Summer." Plasma, as a public chain focused on zero-fee stablecoin payments, offers the most pool options and diverse sources of income, including providing liquidity on exchanges and decentralized platforms; STBL's innovation lies in its "yield stripping" three-token model, allowing users to flexibly trade stablecoins while holding future rights to income, but its pool options are limited and carry higher risks; Falcon Finance, on the other hand, issues synthetic stablecoin USDF through over-collateralization of various assets, gaining significant market attention. PANews emphasizes that the information is for reference only and not investment advice.
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