RWA Weekly Report | The number of RWA asset holders increased by nearly 60,000 in one week; the market value of the tokenized silver sector surpassed $200 million (10.8-10.14)

Original | Odaily Planet Daily (@OdailyChina)

RWA Market Performance

As of October 14, 2025, the total on-chain value of RWA is $33.84 billion, an increase of $170 million from $33.67 billion on October 10, with a growth rate of 0.51%. The growth rate has slowed compared to the previous week, but it remains in an upward trend. The total number of asset holders rose from 422,820 to 482,446, with a net increase of 59,626 people in a single week, a growth rate of 14.1%, marking the largest single-week user growth in recent months. The number of asset issuers remained unchanged at 224, indicating a steady pace of project expansion. In the stablecoin market, the total market value decreased from $31.836 billion to $29.384 billion, a pullback of $2.452 billion, down 7.7%, marking the first decline in nearly a month. The number of stablecoin holders increased from 195.38 million to 195.88 million, an increase of about 500,000 people, with a growth rate of 0.26%.

From the asset structure perspective, private credit grew by $100 million this week, rising from $17.5 billion to $17.6 billion, with a growth rate of 0.57%, maintaining a market cap share of over 50%. U.S. Treasury bonds saw a slight decline, retreating from $8.4 billion to $8.3 billion, down $100 million, a decrease of 1.19%, possibly influenced by rising secondary market interest rates, leading to some short-term capital exit. Commodity assets continued to grow, increasing from $2.5 billion to $2.6 billion, a growth of 4%, indicating that market sentiment towards physical asset allocation has not weakened. The growth of institutional alternative funds rose from $2.6 billion to $2.7 billion, with a growth rate of 3.85%, showing that institutions are still increasing their interest in diversifying non-standard assets. Other categories, such as non-U.S. government debt, remained at $1 billion, while corporate bonds, stocks, and other small categories had little change.

Trends (Compared to Last Week)

Overall, the RWA market this period shows a new phase characterized by "market cap consolidation + user explosion." On one hand, the market cap has slightly increased but the growth rate has slowed, mainly driven by commodity assets and alternative funds; on the other hand, the user count has surged by nearly 60,000, becoming the biggest highlight of the week, possibly related to some platforms launching new products and incentive mechanisms. The decline in stablecoin market cap may be related to short-term liquidity adjustments and cross-platform transfers, which have not had a substantial impact on the main RWA market.

Future market focus includes: first, whether the stablecoin market cap can stop falling and stabilize, which will determine the strength of on-chain capital supply; second, whether user growth is sustainable and can drive the protocol layer TVL upward. Overall, the RWA market is in a phase of "user-driven growth + gradual structural expansion," still possessing strong development momentum.

Key Events Review

White House May Nominate SEC Crypto Special Working Group Chief Counsel Mike Selig as CFTC Chair

The White House is close to announcing a nominee for the new chair of the U.S. Commodity Futures Trading Commission (CFTC), with SEC Crypto Special Working Group Chief Counsel Mike Selig being the most likely candidate.

Sources say Selig remains the "preferred candidate" of the government, and the White House has begun reviewing potential commissioner candidates to rebuild the current five-member commission, which is only led by acting chair Caroline Pham. This nomination is seen as a significant milestone in the crypto regulatory landscape, coinciding with Congress's push to expand the CFTC's regulatory authority over the crypto market through the "Market Structure Act."

Selig is currently a senior advisor to SEC Chair Paul Atkins and has previously served as a commissioner assistant judge at the CFTC, as well as working for ten years in the digital asset teams at Perkins Coie and Willkie Farr & Gallagher law firms.

Tokenized Silver Market Cap Surpasses $200 Million, 24H Increase of 5.6%

According to Coingecko data, as spot silver breaks through $53 per ounce to set a new historical high, the market cap of tokenized silver has surpassed $200 million, currently reported at $206,065,942, with a 24H increase of 5.6%.

(Note: Tokenized silver refers to the digital representation of physical silver on blockchain platforms.)

European Commission: Existing Cryptocurrency Rules Address Stablecoin Risks

The European Commission stated on Friday that European cryptocurrency rules are sufficient to address stablecoin risks, and after the European Central Bank called for more safeguards, it believes no major adjustments are necessary. Europe has introduced landmark cryptocurrency-specific regulations, but Brussels lawmakers are under pressure from the European Central Bank to prevent the "multi-jurisdiction issuance" of stablecoins. The focus of the controversy is whether multinational stablecoin companies can consider tokens issued within the EU as interchangeable with those held outside the EU. On Tuesday, six cryptocurrency industry associations, including Circle, wrote to EU commissioners urging the issuance of guidance to confirm the multi-jurisdiction issuance model and clarify its operation under the "Markets in Crypto-Assets Regulation" (MiCA). An EU Commission spokesperson stated that MiCA provides a strong and moderate framework to address stablecoin risks and is working to provide clarifications as soon as possible.

Ethena Labs: USDtb Smart Contract Has Been Transferred to Anchorage Digital

According to official news, the USDtb smart contract has officially migrated to Anchorage Digital today. This migration marks the completion of the "localization" compliance process for the stablecoin, making it compliant under the U.S. federal regulatory framework based on the "GENIUS Act."

Kenya Passes Virtual Assets Bill, Plans to Build Africa's Crypto Financial Hub

The Kenyan Parliament has passed the "Virtual Asset Service Providers Bill," aimed at establishing a regulatory framework for the digital asset industry to attract investment and regulate market transactions.

The bill authorizes the Central Bank of Kenya to license and manage the issuance of stablecoins and other virtual assets, while the capital markets regulatory authority is responsible for issuing licenses for cryptocurrency exchanges and platforms. The government hopes to attract international platforms, including Binance and Coinbase, to invest and build Kenya into Africa's crypto financial hub.

Circle: No Plans to Issue HKD Stablecoin, but Open to Cooperation

Circle's Vice President for Asia Pacific, Chen Qinqi, stated that professional investors in Hong Kong can currently use USDC under the existing framework without additional regulation. The company has no plans to issue a HKD stablecoin at this stage, focusing primarily on the USD stablecoin USDC and the Euro stablecoin EURC.

Chen Qinqi also pointed out that Circle remains open to cooperation related to a HKD stablecoin and has engaged in discussions with several institutions, looking forward to the future launch of HKD and other stablecoins in the Hong Kong market.

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, dedicated to providing solutions that bridge traditional finance and the crypto economy for institutional and retail investors.

Recent Updates:

On October 8, Plume announced the acquisition of the institutional-grade staking protocol Dinero on Ethereum. This acquisition will integrate staking functions for ETH, SOL, and BTC into the Plume ecosystem, allowing institutions and DeFi users to earn yields and manage tokenized assets on the same platform.

Previously, Plume Network received approval from the U.S. Securities and Exchange Commission to become a registered transfer agent. As a registered transfer agent, Plume will now directly manage digital securities and shareholder records on-chain, supporting interoperability with the U.S. Depository Trust & Clearing Corporation (DTCC) settlement network. Additionally, it will facilitate a range of use cases, including on-chain IPOs, small-cap financing, and registered funds. Following the news of "Plume Network receiving SEC approval to become a registered transfer agent," PLUME broke through $0.13 USDT, with a 24H increase of 35%.

MyStonks (STONKS)

One-Sentence Introduction:

MyStonks is a community-driven DeFi platform focused on tokenizing RWA such as U.S. stocks and enabling 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 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 for U.S. stock investments on-chain, building a "NASDAQ of the crypto world."

Previous Updates:

On September 16, MyStonks platform officially launched Hong Kong stock contract trading, allowing users to participate in trading directly using their wallets with USDT/USDC, supporting up to 20x leverage. The launched contracts cover several high-quality Hong Kong stocks, including Guotai Junan International (1788.HK), BYD Company (1211.HK), Xiaomi Group (1810.HK), Mixue Group (2097.HK), Meituan (3690.HK), Tencent Holdings (700.HK), Pop Mart (9992.HK), JD Group (9618.HK), and SMIC (981.HK), covering multiple industries such as technology, automotive, retail, internet, and semiconductors, meeting users' diverse asset allocation needs.

On September 25, MyStonks platform 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, helping users connect easily, but also reflects a transition 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.

RWA Weekly Report | The number of RWA asset holders increased by nearly 60,000 in one week; the market value of the tokenized silver sector surpassed $200 million (10.8-10.14)

RWA Market Performance

Trends (Compared to Last Week)

Key Events Review

Hot Project Updates

Plume Network (PLUME)

MyStonks (STONKS)

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