Highlights of This Issue
This week's newsletter covers the statistical period from December 5 to December 11, 2025.
This week, RWA market data shows that the total on-chain market capitalization has nearly stagnated, but the number of holders is steadily increasing, reflecting that the market is entering a deeper user penetration phase; the total market capitalization of stablecoins has surpassed $300 billion, but monthly transfer volume and monthly active addresses have significantly declined, presenting a dual pressure of "liquidity contraction and user activity decline" in the market.
On the regulatory front, some countries have made substantial progress in the issuance of tokenized assets. BRICS countries and Bhutan have launched digital currencies backed by gold, and the Crown Prince of Malaysia has introduced a ringgit stablecoin; at the project level, the diversification of stablecoins is accelerating: the Brazilian stablecoin project Crown and the African stablecoin payment infrastructure Ezeebit have both secured financing, and YouTube has introduced a stablecoin option for paying U.S. creators.
In stark contrast, stricter regulations in mainland China have led to a sharp decline in RWA business consultations in Hong Kong, indicating that the RWA market is evolving in parallel with global expansion and regional compliance challenges.
Data Insights
RWA Track Overview
According to the latest data from RWA.xyz, as of December 12, 2025, the total on-chain market capitalization of RWA is $18.47 billion, a slight increase of 0.56% compared to the same period last month, with growth rates significantly slowing to near stagnation; the total number of asset holders has steadily increased to approximately 567,500, up 6.63% from the same period last month, reflecting a continuous expansion of the investor base.
Stablecoin Market
The total market capitalization of stablecoins has reached $300.30 billion, a slight increase of 0.84% compared to the same period last month, with growth rates still at a low level, indicating that the overall scale has entered a low-speed expansion phase; however, key liquidity indicators have significantly deteriorated: monthly transfer volume has plummeted to $5.44 trillion, a substantial decline of 21.85% compared to the same period last month; simultaneously, the total number of monthly active addresses has fallen to 44.23 million, a slight decrease of 2.29% from the same period last month; the total number of holders has steadily increased to approximately 209 million, a slight increase of 3.53% compared to the same period last month, creating a strong divergence that reflects the market is facing dual pressures of "liquidity contraction and user activity decline." Although the market capitalization is barely maintained, the actual capital turnover efficiency and on-chain transaction activity are rapidly declining, indicating a weakening demand for payment settlement or capital outflow from the on-chain system. Data suggests that the market may have shifted from the "stock optimization" phase to the "liquidity reduction" channel. The leading stablecoins are USDT, USDC, and USDS, with USDT's market capitalization slightly increasing by 1.99% compared to the same period last month; USDC's market capitalization slightly increased by 0.58%; and USDS's market capitalization rose by 3.52% compared to the same period last month.
Regulatory News
Russian Legislators to Focus on Cryptocurrencies and Stablecoins in 2026
According to Cryptopolitan, Anatoly Aksakov, chairman of the Financial Market Committee of the State Duma (the lower house of parliament) in Russia, stated that cryptocurrencies and stablecoins will be a key focus of legislative work in Russia next year. As Russia begins to regulate its crypto sector, building a legal framework for digital finance will be a top priority. Aksakov warned that the Central Bank of Russia has announced its intention to launch comprehensive cryptocurrency regulatory policies in 2026.
Previously, Russian regulatory agencies had long opposed allowing free cryptocurrency trading in the Russian economy, but this week the agency signaled its readiness to support easing regulations on cryptocurrency circulation. Currently, crypto assets and their derivatives can only be purchased, traded, and consumed within a very limited "experimental legal framework" by a small number of privileged market participants, including companies engaged in foreign trade, financial companies, and "high-qualification" investors. Russian monetary authorities are discussing how to expand investor access and regulate transactions outside the "experimental legal framework." The authorities have previously revealed plans to allow banks to engage in digital currency-related businesses and permit funds to invest in cryptocurrency-based derivatives.
BRICS Countries Launch Gold-Backed Digital Currency "Unit"
According to Intellinews, citing the Institute for Economic Strategies of the Russian Academy of Sciences (IRIAS), the BRICS group has launched a working prototype of a trade currency called "Unit," which is backed by gold. This digital trading tool is supported by a reserve basket containing 40% physical gold and 60% BRICS currencies, with equal weight given to the Brazilian real, Chinese yuan, Indian rupee, Russian ruble, and South African rand. The pilot project was initiated by IRIAS, which issued 100 Units on October 31, each initially pegged to 1 gram of gold. Although this initiative has not yet become official policy, its existence is a direct step towards de-dollarization. The value of "Unit" is designed to fluctuate daily with the movements of the component currencies against gold. As of December 4, market fluctuations had adjusted the value of the reserve basket to the equivalent of 98.23 grams of gold, effectively making each unit worth 0.9823 grams of gold.
Crypto KOL @Mark4XX reminds that this is just a pilot project and not an officially adopted currency. It is initiated by the IRIAS organization and promoted by some BRICS member countries. Other countries, including some in Africa, are closely monitoring it.
Crown Prince of Malaysia Launches Ringgit Stablecoin RMJDT for Crypto Payments
According to Bloomberg, Bullish Aim, a company initiated by Ismail Ibrahim, the Crown Prince of Johor, Malaysia, has launched the RMJDT stablecoin, backed by ringgit cash and short-term government bonds, with plans to issue it on the Zetrix blockchain. RMJDT aims to become the standard for crypto payments in Malaysia, enhancing transaction efficiency and security. Zetrix provides technology for the state-supported "Malaysian Blockchain Infrastructure" platform. Bullish Aim will also invest 500 million ringgit to establish a digital asset vault to purchase Zetrix tokens.
Bhutan Issues Gold-Backed Digital Token TER on Solana Blockchain
According to CoinDesk, Bhutan is expanding its national blockchain strategy with a gold-backed digital token issued by the special administrative region of Gelephu Mindfulness City, supported by the kingdom's sovereign framework. According to a Thursday announcement, the TER token aims to serve as a new bridge between traditional value storage methods and blockchain-based finance. The token is issued on the Solana blockchain, with issuance and custody managed by Bhutan's first licensed digital bank, DK Bank. In the first phase, investors can directly purchase TER tokens through DK Bank, combining the familiarity of traditional asset purchases with the transparency of on-chain ownership. The announcement states that TER aims to provide international investors with an accessible, tokenized version of gold, while also offering the advantages of digital custody and global transferability.
UK FCA States Stablecoins Will Be One of Its Future Regulatory Focuses
According to DL News, the UK Financial Conduct Authority (FCA) has announced that stablecoins pegged to fiat currencies (such as the US dollar or British pound) will become a major focus of future regulation. This move is part of a broader initiative by the UK to promote economic growth, which also includes the digitization of financial services, enhancing international trade competitiveness, and expanding loan services to small businesses. FCA CEO Nikhil Rathi wrote in a letter to UK Prime Minister Keir Starmer that the FCA plans to "finalize digital asset rules and promote the progress of pound stablecoins issued in the UK by 2026." Rathi stated, "We will continue to take on greater risks to support economic growth while upholding our commitment to consumer protection and market integrity." Rathi also mentioned that in addition to advancing AI use cases, the agency prioritizes migrating traditional assets to blockchain. He said, "We will also enable our world-leading asset management industry to tokenize its funds, thereby improving efficiency and enhancing competitiveness."
US SEC Allows DTCC to Custody and Recognize Tokenized Stocks and Other RWA Assets on Blockchain
According to Bloomberg, the US Securities and Exchange Commission (SEC) has granted permission to the Depository Trust & Clearing Corporation (DTCC) to custody and recognize tokenized stocks and other real-world assets (RWA) on the blockchain in the form of a no-action letter. This move allows DTCC to provide tokenization services on a pre-approved blockchain for a period of three years. SEC Commissioner Hester Peirce stated in a statement, "Although the project is still in the pilot stage and subject to various operational limitations, it marks an important step towards on-chain migration." Michael Winnike, head of global strategy and market solutions for DTCC's clearing and securities services division, stated in an interview that after obtaining permission, DTCC will also expand its record-keeping operations to the blockchain. DTCC plays a crucial role as the core clearing and settlement center of the US financial system, particularly in the stock and fixed income sectors. Many liquid assets in the US market are held in DTCC's custody department—Depository Trust Co. The company expects to launch new tokenization services in the second half of next year.
Additionally, SEC Chairman Paul Atkins stated on the X platform that the US financial market is moving towards an "on-chain" era, and the SEC is prioritizing innovation and actively embracing new technologies to facilitate this on-chain future.
UK Lawmakers Urge Chancellor to Question Bank of England on Stablecoin Plans
According to Bloomberg, a cross-party group of UK lawmakers has urged Chancellor of the Exchequer Rachel Reeves to oppose the Bank of England's proposal to set a cap on the amount of stablecoins individuals can hold, stating that the bank's policy would undermine the government's efforts to position the UK as a leader in the digital asset space. In a letter to Reeves, members of the House of Lords, including CMC Markets Plc CEO Peter Cruddas, expressed that the Bank of England's plan to limit the number of stablecoins individuals can hold would not reduce risk but rather drive capital overseas. The group wrote, "We are deeply concerned that the UK is gradually moving towards a fragmented and restrictive approach that will stifle innovation, limit adoption, and push activity offshore."
Last month, the Bank of England announced its proposed stablecoin rules, stating it would temporarily set a cap of £20,000 (approximately $26,350) on individual stablecoin holdings and £10 million for businesses. The bank also requires issuers of tokens pegged to the pound to hold at least 40% of the reserves backing the token as non-interest-bearing deposits at the central bank. These proposals have faced criticism from cryptocurrency companies, which argue that they are overly stringent.
Indian Central Bank Deputy Governor Warns of Stablecoin Risks
According to Zhitong Finance, the Deputy Governor of the Reserve Bank of India stated in a public speech that stablecoins could exacerbate the risk of dollarization of local currencies, weaken emerging economies' ability to manage capital flows, and threaten monetary policy independence. Additionally, their circulation could raise credit costs and trigger currency substitution effects. Foreign stablecoins could lead to a loss of seigniorage revenue for many countries.
Domestic Dynamics
Mainland Enterprises' Consultations for RWA Business in Hong Kong Plummet Over 90%
According to Yicai, consultations for mainland enterprises seeking RWA business in Hong Kong have frozen, with a more than 90% drop in inquiries over two months, and most projects have been asked to pause. Seven industry associations jointly issued a risk warning, clearly stating that member units are prohibited from participating in virtual currency and RWA token issuance and trading within the mainland, emphasizing that "knowing or should have known" will be held accountable, negating the "overseas entity + domestic team" model. Regulators stated that no RWA tokenization activities have been approved and warned of risks such as false assets, operational failures, and speculative trading. Stocks related to the RWA concept have seen price declines, with companies like Longxin Group and GCL-Poly Energy significantly retreating from recent highs.
Project Progress
According to Criptonoticias, international remittance giant Western Union announced it will issue a payment card that supports stablecoin preloading, primarily targeting countries and regions with high inflation, aiming to further integrate digital assets into payment services. Western Union CFO Matthew Cagwin stated that the payment card aims to provide greater stability in purchasing power, especially in economies where currencies are significantly depreciating, such as Argentina, which experienced inflation exceeding 200% last year. The dollar-pegged stablecoin card will help remittance recipients better preserve value. Additionally, Western Union revealed it is still preparing to launch the USDPT, a dollar payment token issued by Anchorage Digital on the Solana network, which was previously planned for release in 2026.
Paradigm Invests $13.5 Million in Brazilian Stablecoin Project Crown
Crypto venture capital firm Paradigm announced a $13.5 million investment in Brazilian stablecoin company Crown, with this round valuing the company at approximately $90 million, marking Paradigm's first investment in Brazil. Crown stated that its stablecoin BRLV, pegged to the Brazilian real (BRL), has become "the largest emerging market stablecoin globally," fully backed by Brazilian government bonds, with a current scale of approximately 360 million reais (about $66 million).
BRLV primarily targets institutional clients, allowing investors to earn high-interest returns (around 15%) by holding the stablecoin. Paradigm noted that Crown has established strong economies of scale and is expected to expand rapidly in Brazil.
According to PR Newswire, Singapore-licensed stablecoin cross-border payment and fund management service provider MetaComp announced it has completed $22 million in Pre-A financing. Investors in this round include Eastern Bell Capital, Noah, Sky9 Capital, Freshwave Fund, and Beingboom Capital, with 100Summit Partners serving as the exclusive financial advisor.
The new funds will be used to accelerate the expansion of its StableX Network, which integrates SWIFT with multiple stablecoin networks to provide real-time cross-border settlement layers for businesses. MetaComp holds a major payment institution license issued by the Monetary Authority of Singapore, and its stablecoin payment business has exceeded $1 billion in monthly transaction volume, covering over 30 markets. The company plans to deepen its business layout in Southeast Asia, South Asia, and the Middle East.
African Stablecoin Payment Infrastructure Ezeebit Completes $2.05 Million Seed Round Financing
According to bitcoinke, South Africa FSCA-regulated crypto payment startup Ezeebit announced it has completed $2.05 million in seed round financing, which will be used to accelerate product development and merchant expansion in South Africa, Kenya, and Nigeria. The company supports instant settlement of stablecoins and next-day local currency payments, having processed over 30,000 transactions. Investors include Raba Partnerships, Founder Collective, and industry executives from VISA, Revolut, and Talos.
RWA Tokenization Network Real Finance Announces $29 Million Private Placement Financing
According to Cointelegraph, the real-world asset (RWA) tokenization network Real Finance announced it has secured $29 million in private placement financing to build the RWA infrastructure layer. This round of financing includes a $25 million capital commitment from digital asset investment firm Nimbus Capital, with Magnus Capital and Frekaz Group participating in the investment.
The funds will be used to expand its compliance and operational infrastructure to develop a full-stack RWA platform. The company's short-term goal is to tokenize $500 million worth of RWA, accounting for about 2% of the current tokenized asset market size. The current RWA market is primarily dominated by U.S. Treasury products, private credit, and institutional alternative funds, with asset types like tokenized money market funds also growing rapidly. Industry insiders expect that as the regulatory environment becomes clearer, the market may see stronger growth in the coming year.
Circle to Launch USDCx Stablecoin with "Bank-Level Privacy," Deployed on Aleo Blockchain
According to Fortune, Circle will collaborate with the privacy public chain Aleo to launch a new stablecoin, USDCx, aimed at providing "bank-level privacy." The transaction history of this coin will be invisible to the public, displayed only as encrypted data "information blocks," but each transaction will include compliance records that Circle can access under law enforcement requests. Aleo co-founder Howard Wu stated that USDCx meets institutional demands for confidentiality and has attracted potential partners such as Request Finance and Toku.
Stripe and Paradigm's Tempo Blockchain Now Open for Public Testing
According to Bloomberg, the Tempo blockchain developed by Stripe in collaboration with crypto venture capital firm Paradigm is now open for public testing, available to all businesses and focusing on stablecoin payment scenarios. New partners include UBS, Cross River Bank, and prediction market platform Kalshi, while existing partners include Deutsche Bank, Nubank, OpenAI, and Anthropic. Tempo is designed with independent payment channels to achieve fixed transaction fees (0.1 cents per transaction), reducing the impact of gas fee fluctuations on settlements and supporting any dollar-pegged stablecoin as a means of fee payment.
According to The Block, Superstate, led by Compound founder Robert Leshner, announced the launch of "Direct Issuance Programs," allowing publicly listed companies to raise funds directly from KYC-verified investors by issuing tokenized stocks, with investors paying in stablecoins and settling instantly. This service will operate on Ethereum and Solana, with the first issuances expected to start in 2026. The program does not require underwriters and complies with SEC regulatory frameworks, aiming to promote the on-chain transformation of capital markets.
Stripe Acquires Valora Wallet Team to Expand Its Stablecoin Services
According to The Block, payment giant Stripe has expanded its cryptocurrency business by acquiring the team of crypto startup Valora through "acquihiring." On Wednesday, Valora founder Jackie Bona announced that the team will join Stripe to pursue the mission of expanding access to the global financial system. The specific terms of the deal, including the number of Valora employees joining Stripe, were not disclosed. According to Bona, this acquisition by Stripe does not seem to include the intellectual property behind Valora's technology. She wrote that the app will "return to its origin at cLabs to continue operations, with cLabs leading its future development."
Valora was launched in 2021 and developed a mobile-first, user-custodied cryptocurrency wallet application, particularly targeting stablecoins on the CELO blockchain. Valora aims to make sending cryptocurrency as simple as sending a text message and has previously partnered with peer-to-peer applications like M-Pesa to expand into the African market, as well as collaborating with stablecoin issuer Tether to promote global stablecoin adoption.
State Street and Galaxy to Launch Tokenized Liquidity Fund on Solana Chain Next Year
According to CoinDesk, State Street and Galaxy Asset Management plan to launch a tokenized liquidity fund in early 2026 that will use stablecoins to facilitate round-the-clock investor fund flows, thereby expanding the application of public chains in institutional cash management. The fund, named "State Street Galaxy Onchain Liquidity Sweep Fund" (SWEEP), will accept subscriptions and redemptions in PayPal-issued stablecoin PYUSD as long as the fund has available assets to process related requests. Only qualified purchasers meeting established thresholds will be able to invest in the fund. Ondo Finance has committed approximately $200 million as seed funding for this product. The two companies expect the SWEEP fund to be issued on the Solana blockchain initially, with plans to expand to Stellar and Ethereum blockchains later. Galaxy Asset Management plans to utilize Chainlink's tools for cross-chain data and asset transfers.
Figure Plans to Introduce Securitized Stablecoin YLDS on Solana
According to Business Insider, Figure Technology's subsidiary Figure Certificate Company (FCC) plans to natively mint YLDS—a registered public debt security—on the Solana blockchain. YLDS is a securitized stablecoin designed to maintain a fixed dollar price and provide continuous returns through U.S. Treasury bonds and repurchase agreements. The decentralized finance yield exchange platform Exponent Finance on Solana plans to become the first user of YLDS.
Keel Launches $500 Million Initiative to Promote RWA Development on Solana
According to CoinDesk, Keel, a capital allocation platform under the Sky ecosystem, has announced the launch of a $500 million investment initiative called "Tokenization Regatta," aimed at attracting real-world asset (RWA) projects to the Solana network through funding support and resource connections. The initiative will provide direct financing for projects issuing debt, credit, funds, and more, with over 40 institutions already expressing interest.
JPMorgan Creates USCP Token on Solana to Assist Galaxy Digital Debt Issuance
According to The Block, Coinbase and Franklin Templeton completed a transaction on the Solana blockchain, purchasing debt tokens from Galaxy Digital. According to a Thursday announcement, JPMorgan arranged a commercial paper issuance for a subsidiary of Galaxy Digital Holdings, marking one of the "first debt issuances ever executed on a public blockchain." The companies did not disclose the size or terms of this debt issuance.
This move marks Galaxy Digital's first issuance of commercial paper in the U.S. and the debut of the USCP token. The USCP token is a tokenized version of Galaxy Digital's short-term corporate debt created by JPMorgan on Solana to facilitate this transaction. Proceeds from the issuance and redemption will be paid using Circle's USDC stablecoin. Coinbase is one of JPMorgan's blockchain partners, providing private key custody and wallet services for the newly issued USCP token and facilitating USDC deposits and withdrawals.
YouTube Introduces New Option for Creators to Receive Earnings in Stablecoins
According to Fortune, YouTube is allowing its platform creators to choose to receive earnings through PayPal's stablecoin. PayPal's head of crypto business, May Zabaneh, confirmed this arrangement, stating that the feature is officially live and currently available only to U.S. users. A spokesperson for Google, YouTube's parent company, also confirmed this news, stating that YouTube has added the option to pay creators using PayPal stablecoins. PayPal introduced the ability for recipients to receive payments in PayPal stablecoin PYUSD in early Q3 this year. Subsequently, YouTube opted to offer this option to its creators, who can use it to receive their share of earnings from content published on the platform.
Ripple Completes $200 Million Acquisition of Stablecoin Platform Rail
According to Cointelegraph, Ripple has officially completed its $200 million acquisition of the stablecoin platform Rail.
Circle's Euro-backed Stablecoin EURC Now Live on World App
According to official news, Circle's euro-backed stablecoin EURC is now live on World App. Users can now buy, sell, and send EURC within the World Wallet.
According to Bloomberg, the operator of AirAsia has signed an agreement with Standard Chartered Bank Malaysia to explore the issuance of a stablecoin backed by the ringgit (Malaysian currency) in the Southeast Asian country. A few days prior, a member of the Malaysian royal family announced the launch of a similar token.
According to a statement released on Friday, Capital A, led by AirAsia founder Tony Fernandes, signed a letter of intent with Standard Chartered Bank Malaysia Berhad to jointly develop and test the stablecoin through the digital asset innovation center regulated by Bank Negara Malaysia. The statement noted that Standard Chartered Bank Malaysia will act as the issuer of the stablecoin, while Capital A may initially conduct pilot projects for wholesale use cases in real-world scenarios. This marks Capital A's first foray into the regulated digital asset space.
Tokenized Stock Trading Platform MSX Launches Spot and Contract Targets Across Multiple Tracks
According to official news, MSX has completed spot trading for U.S. telecom company $SATS.M, multinational alcoholic beverage company $DEO.M, Destiny Tech 100 closed-end fund $DXYZ.M, and BTC DAT $XXI.M; contract targets for global media and entertainment giant $DIS.M have also been newly listed.
Insights Highlights
Evolution of the Stablecoin Market in Latin America: From Survival to Growth
PANews Overview: Real-world assets (RWA) and stablecoins are profoundly restructuring the financial system globally, driven by two core forces: first, in developed markets (such as the U.S., Japan, and Europe), traditional finance is deeply integrating with blockchain technology, aiming to enhance asset liquidity, operational efficiency, and global accessibility through tokenization. A typical example is Japan's "dual-track" regulation, which clearly distinguishes institutional stablecoins from DeFi applications; second, in emerging markets (such as Latin America), structural challenges like high inflation and financial exclusion are forcing stablecoins to evolve from "survival tools" to "growth engines," directly giving rise to a new species of "crypto neobank" that integrates payment, savings, and high yields. The technological foundation for achieving all this lies in building trusted data bridges (such as Chainlink oracles ensuring the authenticity of asset values) and secure contract execution environments (such as Aave's institutional-grade risk control) to bridge the trust gap between on-chain and off-chain. However, large-scale implementation still faces severe bottlenecks, including legal rights confirmation and the disconnect with on-chain tokens, high compliance costs, cross-chain security risks, and valuation challenges for non-standard assets (such as real estate and equity). In the future, the evolution of RWA will present a "dual-driven" pattern: on one end, standardized, low-risk assets like government bonds and gold will serve as the foundation of trust and liquidity; on the other end, diversified, high-yield assets such as catastrophe bonds, fan economy, and equity in unlisted companies will continuously expand the boundaries. Ultimately, this transformation is not only about technology but also a fusion of institutional trust and algorithmic trust, which will redefine the paradigms of asset ownership, participation rules, and global capital flows.
Bloomberg: Stablecoins May Not Help the U.S. Escape the Debt and Deficit Quagmire
PANews Overview: Although the U.S. has established a regulatory framework for stablecoins through the landmark "Genius Act" and hopes to significantly purchase U.S. Treasury bonds by attracting overseas dollars and domestic funds, thereby reducing the government's long-term financing costs, strategists from mainstream financial institutions such as JPMorgan and Deutsche Bank remain cautiously skeptical. They believe that due to factors such as the prohibition of interest payments in the act, the growth of the stablecoin market may fall far short of the official expectation of trillions of dollars, with funding primarily coming from the transfer of existing Treasury bond holders like money market funds, rather than creating new demand. Even if the scale expands significantly, its incremental demand for Treasury bonds would be merely a "drop in the bucket" compared to the U.S.'s massive debt exceeding $30 trillion, and it may prompt the Federal Reserve to adjust its own balance sheet as a hedge, while also facing restrictions from overseas capital controls. Therefore, while stablecoins can play a certain role, they cannot single-handedly help the U.S. escape the fundamental dilemma of debt and deficits.
PANews Overview: Seven national financial industry associations in China have jointly issued a risk warning, explicitly categorizing the tokenization of real-world assets (RWA) as "illegal activities related to virtual currencies" for the first time. This signifies a fundamental shift in regulatory attitude—RWA is no longer viewed as an innovative technology awaiting regulation but is directly included in the scope of crackdown. The document clearly states that any RWA activities involve unapproved "financing and trading," posing multiple risks, and that "no real-world asset tokenization activities have been approved by our financial management departments," completely negating its current compliance space. More critically, the risk warning emphasizes that domestic institutions and individuals (including those involved in technology, promotion, payment, etc.) providing services for RWA projects will be held jointly liable, effectively declaring that the entire business and service chain built around RWA can no longer be sustained within China. Therefore, for relevant practitioners, the choice for conducting RWA business in the Chinese market has become very clear: either completely relocate all business, teams, and operations to compliant regions abroad, severing ties with the Chinese market; or completely abandon the direction of RWA business.
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