Original | Odaily Planet Daily (@OdailyChina)
Author | Ethan (@ethanzhangweb3)_
RWA Market Performance
As of November 19, 2025, the total on-chain value of RWA is $35.67 billion, slightly down from $35.69 billion on November 11, a decrease of $0.02 billion, with a drop of approximately 0.06%. The market overall maintains a high-level consolidation pattern, continuing the previous "platform period" trend. The total number of asset holders increased from 534,725 to 539,895, a weekly growth of 5,170, or 0.97%, with the user growth rate gradually slowing down. The number of asset issuers rose from 249 to 251, with an addition of 2, showing a slowing growth rate. In the stablecoin market, the total market capitalization decreased from $29.685 billion to $29.772 billion, an increase of $0.87 billion, with a growth rate of 0.29%; the number of stablecoin holders also grew from 201.66 million to 203.3 million, an increase of about 1.64 million, with a growth rate of 0.81%, indicating a slight improvement in liquidity compared to last week.
In terms of asset structure, the total value of private credit increased from $18.6 billion to $18.9 billion, a growth of $0.3 billion, with a growth rate of 1.61%, returning to a slight growth trend, continuing to hold the position of the largest single asset category on-chain. U.S. Treasury bonds decreased from $8.7 billion to $8.4 billion, a drop of $0.3 billion, with a decline of 3.45%, being one of the main drag factors this week. Commodity assets remained unchanged at $3 billion, continuing a sideways trend. Institutional alternative funds slightly decreased from $3 billion to $2.9 billion, a reduction of about $0.1 billion, but overall still within a stable range. Non-U.S. government debt saw a slight increase from $1 billion to $1.2 billion, a growth of 20%, being one of the structural highlight assets this week. Public equity fell from $660.6 million to $615.5 million, a decrease of $45.1 million, with a drop of 6.82%, being the asset category with the largest pullback this week. Other minor asset categories such as private equity, corporate bonds, and actively managed strategies have limited representation in the overall structure and showed little change during this period, basically maintaining the status quo.
Trend Analysis (Comparison with Last Week)
This week, the RWA market maintained a consolidation pattern, with overall market value changes being minimal, approaching a "sideways" state. On the user side, both the number of asset holders and stablecoin holders steadily increased, indicating that the user base is still expanding, but funds have not yet been significantly converted into new asset value. In terms of asset structure, private credit continues to dominate with steady growth; U.S. Treasury bonds have regressed, and public equity has significantly corrected, leading to slight adjustments in structural allocation; non-U.S. government debt and commodity assets maintained marginal growth or stability, reflecting ongoing preference for low-volatility assets. Overall, the RWA market is transitioning from a phase of "incremental drive" to "structural optimization," with limited incremental space, making existing stock competition the main theme.
Market keywords: consolidation, stability, differentiation.
Key Event Review
U.S. Treasury Secretary Yellen: Stablecoin market could grow to $3 trillion by 2030
U.S. Treasury Secretary Yellen stated that by 2030, the stablecoin market could grow from $300 billion to $3 trillion, a tenfold increase.
The Monetary Authority of Singapore is developing a regulatory framework for stablecoins, focusing on reserve support and redemption reliability. Additionally, it will test tokenized bank liabilities and regulated stablecoin settlements. DBS Bank, OCBC Bank, and UOB have completed real-time trials of overnight interbank loans using Singapore dollar wholesale central bank digital currency (CBDC). The Monetary Authority of Singapore will expand these trials to include tokenized MAS bills settled with CBDC.
The Hong Kong Monetary Authority (HKMA) today announced the launch of EnsembleTX, marking the official trial phase of the Ensemble project. This milestone signifies an important step for Hong Kong in conducting real transactions with tokenized deposits and digital assets in a controlled trial environment.
The Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, Christopher Hui, elaborated on Hong Kong's strategic layout in fintech, asset management, and commodity markets in an exclusive interview, aiming to leverage the "one country, two systems" advantage to create a national "international asset vault" and serve the strategy of becoming a financial powerhouse.
Hui emphasized that the goal of developing fintech is to "empower the real economy," rather than for speculative trading. He cited asset tokenization (Tokenization/RWA) as an example, indicating that Hong Kong is exploring its applications in real economic scenarios such as international shipping leasing and corporate fund management, and mentioned that the successful issuance of the third batch of digital green bonds by the SAR government is an important step towards normalization.
Hong Kong has passed relevant legislation, aiming to issue stablecoin licenses starting next year, but the initial number of licenses will be very limited, with regulation being cautious, clearly stating that stablecoins aim to address pain points in the real economy such as cross-border payments, rather than being speculative tools.
Hong Kong will promote the transition of the Hong Kong stock market settlement cycle from T+2 to T+1, with plans to release a consultation document next year to clarify the timeline. Additionally, it will seek to optimize the "dual-class share" system, balancing international alignment and protection of small investors.
Hong Kong plans to increase its gold storage capacity to 2,000 tons within three years and is preparing to launch a gold central settlement system next year. At the same time, Hong Kong is actively promoting cooperation with the Shanghai Gold Exchange to enhance China's pricing influence in the global gold market through a strong partnership.
Hong Kong is actively attracting family offices and plans to submit a bill to the Legislative Council next year to expand the scope of tax exemptions to emerging product categories such as digital assets, private credit, and carbon credits, to better "capture" global funds.
Tether Holdings SA announced that it has deployed approximately $1.5 billion in credit lines to the commodity trade financing sector and plans to "significantly expand" this business.
The company stated that it will utilize its nearly $200 billion asset reserve to provide loans in U.S. dollars and its stablecoin USDT, covering commodity trades such as oil, cotton, and wheat. This move is seen as Tether's strategic transformation from a single stablecoin issuer to a comprehensive platform of "digital assets + trade financing," which may promote further integration of stablecoins with traditional physical assets.
HSBC plans to expand tokenized deposit services to the U.S. and UAE markets
According to Bloomberg, HSBC announced plans to begin offering tokenized deposit services (Tokenized Deposit Service, TDS) to its corporate clients in the U.S. and the United Arab Emirates (UAE) in the first half of next year, aiming to expand its application in blockchain payments.
Service Scope: TDS allows corporate clients to complete local and cross-border fund transfers around the clock in seconds, significantly enhancing liquidity management efficiency. This service has been launched in Hong Kong, Singapore, the UK, and Luxembourg, supporting transactions in euros, pounds, dollars, Hong Kong dollars, and Singapore dollars.
New Currency: As the business expands to the Middle East, HSBC will add support for UAE dirhams next year.
Tokenized Deposits vs. Stablecoins: Tokenized deposits are digital notes issued by banks, representing claims on existing deposits, and are part of the existing banking system, capable of earning interest. This differs from stablecoins, which are typically issued by non-bank entities and backed by high-quality liquid assets. Tokenized deposits are more attractive to corporate clients holding large amounts of funds due to their compliance with traditional regulatory frameworks.
Future Outlook: HSBC plans to expand the application scenarios of tokenized deposits in programmable payments and autonomous fund management systems (utilizing automation and AI to manage cash and liquidity risks). Additionally, HSBC is researching the stablecoin industry and is in discussions with some issuers to provide reserve management and settlement account services, but has not ruled out the possibility of issuing its own stablecoin or jointly issuing with other banks in the future.
BNY Mellon launches money market fund designed for stablecoin issuers
BNY Mellon is launching a money market fund specifically tailored for stablecoin issuers, who need to comply with the recently signed U.S. stablecoin legislation. The bank's BSRXX is one of the first funds designed for stablecoin providers, aiming to provide them with an investment venue to deposit funds received when issuing new tokens, while complying with the "GENIUS Act" signed into law earlier this year by Trump. This law requires U.S. dollar-backed digital token issuers to invest their reserves in ultra-safe investments with shorter durations than traditional money market funds. Stephanie Pierce, Deputy Head of BNY Mellon Investment Management, stated that the new fund is designed to meet the law's requirements by holding only securities with maturities of 93 days or less.
Alibaba Group's cross-border e-commerce department is planning to launch an AI-based subscription service and is collaborating with JPMorgan to test a "quasi-stablecoin" payment method to enhance cross-border settlement efficiency.
Reports indicate that this payment tool may be used for international trade and service transactions, aiming to reduce the uncertainty caused by exchange rate fluctuations and shorten settlement times.
Ant Group may delay acquisition of Hong Kong stablecoin concept stock Yaocai Securities
Hong Kong's Yaocai Securities announced that the acquirer, Ant Group, is considering possibly extending the final deadline for the transaction. It is reported that this transaction requires approval from the Hong Kong Securities and Futures Commission and the National Development and Reform Commission, but it may not be possible to meet all transaction conditions before November 25. (Caixin)
CZ posted on the X platform soliciting debate points with Peter Schiff, with community members pointing out that gold is prepared for those who believe that fax machines may still make a comeback. CZ agreed and stated that he might use this viewpoint in the debate with Peter Schiff. Additionally, regarding the Czech National Bank's (CNB) announcement of creating a $1 million digital asset experimental portfolio covering Bitcoin, U.S. dollar stablecoins, and tokenized deposits, CZ humorously remarked that "the Czech central bank's digital asset experimental portfolio may need to include BNB."
Yala officially responded on X regarding the de-pegging of its stablecoin YU and the liquidity crisis.
On September 14, 2025, Yala suffered a hack, losing $7.64 million USDC (approximately 1,636 ETH at the time). Although this incident temporarily caused YU to de-peg, the core protocol had no vulnerabilities, and the team injected $5.5 million to maintain stability, after which YU regained its peg, and the protocol returned to normal operation.
On October 29, 2025, law enforcement in Bangkok arrested the hacker, and most of the affected funds have been recovered from the hacker, currently under judicial review. However, since some funds were converted to ETH before recovery, subsequent price declines and funds already consumed by the attacker have led to a shrinkage in the actual recovery value.
Recent retail withdrawals from the DeFi market have triggered further panic, putting additional pressure on an already illiquid market, which has also affected Euler. Some positions and liquidity previously used to stabilize YU are now restricted.
Yala has not integrated with Kamino's lending products, and the following wallet does not belong to the Yala team or related members:
AyCJS5t4kwRauXShpNygmUqhA2xzwjjVvafNTknNV41X.
- The team is assessing the scale of funding needed to stabilize the market and is advancing financing with law enforcement and funding partners. Given the current liquidity tightening across multiple protocols and assets, this process will take time. The team promises to announce a clear plan by December 15, 2025, including funding recovery paths and subsequent operational measures.
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. Treasury bonds 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 in the DeFi ecosystem.
Latest updates:
On November 19, Ondo Finance announced 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 base 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.
On the same day, Ondo Finance officially stated that since its launch, the trading volume of Ondo's tokenized stocks and ETFs has exceeded $1 billion, and its TVL has surpassed $315 million.
MyStonks (STONKS)
One-sentence introduction:
MyStonks 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 on the Base blockchain around the clock. All trading, minting, and redemption processes are executed by smart contracts, ensuring transparency, security, and auditability. MyStonks is committed to bridging the gap between TradFi and DeFi, providing users with a high-liquidity, low-barrier entry to on-chain investments in U.S. stocks, building a "Nasdaq of the crypto world."
Latest updates:
On November 5, the MyStonks MSX platform officially launched the S1 points season and M bean incentive mechanism. The platform will track points for real trading and holding behaviors in U.S. stock spot, 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 indicator of 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 adopts a T+2 update mechanism, automatically synchronizing bonuses, with historical trading points included in community incentives.
Previously, MyStonks platform announced a brand upgrade, officially changing its domain to msx.com, stepping into a new era of global financial technology. This upgrade not only simplifies access but also reflects the 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 it will continue to focus on users, drive technological innovation, and enhance the security and efficiency of digital financial services.
Related Links
Sorting out the latest insights and market data in the RWA sector.
《What is the main battlefield for RWA? What is the underlying business logic of stock tokenization?》
In the RWA boom, why is stock tokenization a direction we must pay attention to? What does it mean for intermediaries, institutions, and ordinary investors to enter the U.S. stock tokenization market? Does buying tokenized stocks equate to buying the stocks themselves, and what is the core difference? What are the compliance boundaries of such products?…
This article elaborates on global RWA regulatory practices and representative projects.
《What is RWA? A Beginner's Guide to Tokenizing Real-World Assets》
This guide will help you understand: what RWA is, its operational mechanisms, main asset types, and how to safely and confidently explore this emerging field through XT's RWA section.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
