Highlights of this issue
This weekly statistical period covers August 22–28, 2025. This week, the total market capitalization of RWA on-chain increased by 5.10% month-over-month, and the number of holders rose by 9.91%. The total outstanding amount of private credit reached $16.01 billion, with an average interest rate of 9.75%, highlighting the attractive returns of the on-chain credit market. Regulatory oversight continues to deepen, demonstrating that compliance and risk management remain key priorities. Institutional investment is becoming more diversified, with listed companies actively participating. At the project level, the tokenization of alternative assets such as carbon emission reduction assets and Thai government bonds (G-Tokens) is accelerating, demonstrating that RWA is rapidly penetrating from financial assets into the real economy, ESG, and government-level applications, increasing ecosystem diversity and improving infrastructure.
Pivot
Panoramic view of RWA track
According to the latest data disclosed by RWA.xyz, as of August 29, 2025, the total market value of the RWA chain was US$26.71 billion, up 5.10% from the same period last month, continuing its steady expansion trend; the total number of asset holders was approximately 367,900, up 9.91% from the same period last month. The growth rate of asset holders was higher than the growth rate of the total market value of the RWA chain, reflecting the increased participation of small and medium-sized investors; the total number of asset issuers increased to 271, indicating that the entry of new issuers has accelerated the diversification of the ecosystem.
Stablecoin market
The total market capitalization of stablecoins reached $270.14 billion, a 5.53% increase from the same period last month. Monthly transfer volume reached $3.59 trillion, a significant 15.53% increase from the same period last month. The total number of monthly active addresses reached approximately 34.57 million, a significant decrease of 17.48% from the same period last month. The total number of holders reached approximately 190 million, a slight increase of 2.02% from the same period last month. These two factors formed a sharp divergence, indicating a sharp decline in retail trading willingness and an expansion of the long-term holder base. The leading stablecoins were USDT, USDC, and USDDe. The market capitalizations of USDT and USDC increased slightly by 2.21% and 7.83% month-on-month, respectively, while the market capitalization of USDDe surged by 57.62% month-on-month.
Private credit market
The total outstanding loans in the private credit market reached $16.01 billion, representing approximately 54.7% of the $29.28 billion in total historically issued loans. The current average annualized interest rate is 9.75%, significantly higher than the traditional corporate bond market, reflecting the liquidity premium and risk pricing advantages of on-chain credit. A total of 2,582 loans were issued, with an average loan size of approximately $6.2 million, confirming the dominance of institutional-grade financing. Figure holds the highest total outstanding loans and cumulative issuance, at $15.015 billion and $11.771 billion, respectively.
Regulatory News
According to Caixin.com, the Hong Kong Monetary Authority recently issued a circular, confirming that it will fully implement new bank capital regulations based on the Basel Committee on Banking Supervision's crypto asset regulatory standards in Hong Kong from January 1, 2026.
In an exclusive interview with Caixin, Faith, a Hong Kong partner at King & Wood Mallesons and a lecturer at the Faculty of Law at the University of Hong Kong, said that the new regulations set a maximum risk weight of 1250% for crypto asset exposures using permissionless blockchain technology, which means that banks must hold capital for these crypto asset exposures at a ratio of at least 1:1. Such high regulatory capital requirements will make many banks unwilling to hold such crypto assets.
World Federation of Exchanges calls for crackdown on tokens that mimic stocks
According to Finance Feeds, the World Federation of Exchanges (WFE) has called on global regulators to address the risks posed to stock tokenization by unregulated brokers and crypto-asset trading platforms. The organization sent a letter to the U.S. Securities and Exchange Commission's Cryptocurrency Working Group, the International Organization of Securities Commissions' Fintech Task Force, and the European Securities and Markets Authority, highlighting concerns about investor protection and market integrity. The WFE noted that while such tokens mimic the performance of U.S. stocks, they often lack the shareholder rights and safeguards associated with traditional stocks, potentially leading to regulatory arbitrage, legal uncertainty, and a lack of transparency, undermining public confidence in regulated markets. Key issues include fragmented liquidity, jeopardized retail investor rights, inadequate platform risk disclosure, and custody and legal recourse risks. The WFE urged regulators to take four measures: apply existing regulations equally to tokenization and traditional instruments; ensure consistent disclosure and settlement standards; strengthen international regulatory coordination; and clarify the legal framework for ownership and custody.
Local News
Hong Kong-listed company Shan Gao Holdings issued corporate tokenized notes totaling US$40 million
According to the Securities Times, Hong Kong-listed company Shangao Holdings announced the issuance of corporate tokenized notes with a total amount of US$40 million. The product is deployed on the HashKey Chain and intends to sprint for the construction of "AI computing power + data assets". In the future, the company's high-quality physical assets will also be "chained". It is reported that the corporate tokenized note is the first corporate note tokenized product in Hong Kong.
Fosun Wealth Holdings becomes distributor of DBS Bank's tokenized structured notes
According to Jiemian News, Fosun Wealth Holdings announced that it has become one of the distributors of tokenized structured notes for DBS Bank, Singapore's largest bank. The tokenized structured notes distributed are participation notes linked to cryptocurrencies. Cash payments are made when digital asset prices rise, while limiting downside risk.
According to Gelongbao, Chinese supply chain fintech service provider Lianyirong (09959) recently announced a strategic partnership with enterprise-level blockchain solutions provider XRPL. The two parties will jointly promote the deployment of Lianyirong's global digital supply chain finance application on the XRP Ledger mainnet and promote its scaled implementation. As a core component of this collaboration, Lianyirong will officially deploy its global digital supply chain finance application on the XRPL mainnet to support the circulation and cross-border settlement of digital assets in real-world trade. In the future, the two parties will explore deeper collaboration in areas such as stablecoins and supply chain finance innovation, including smart contract-based supply chain finance (RWA) asset trading, and the ecological integration of blockchain and AI in global trade finance scenarios, further expanding XRPL's technological capabilities in the enterprise real-world asset space.
Project Progress
SBI Holdings and Startale Partner to Launch On-Chain Stock and Real Asset Trading Platform
According to The Block, Japanese financial conglomerate SBI Holdings and blockchain infrastructure company Startale Group have announced a joint venture to launch a platform supporting 24/7 trading of on-chain stocks and physical assets. The platform will combine SBI's financial ecosystem with Startale's blockchain technology to offer cross-border settlement, sharded holdings, DeFi protocol integration, account abstraction, institutional custody, and real-time compliance monitoring. The two parties will establish two joint venture companies, one responsible for technology development and the other for brand and business development. The platform's launch date has not yet been announced.
Ondo Finance: Will launch an on-chain US stock trading platform on September 3
Ondo Finance tweeted that it will launch Ondo Global Markets, an on-chain US stock trading platform on the Ethereum network on September 3.
MANTRA is about to launch its first compliant RWA product: Pyse E-Bike Fleet
According to MANTRA’s official announcement, its first regulated real asset tokenization (RWA) product will soon be available on the MANTRA Finance platform. This product, the Pyse E-Bike Fleet, is compliant with VARA regulations.
Investors will be able to own a portion of the rental income generated from leasing commercial electric vehicles operated by the UAE’s top food and e-commerce companies, marking a significant development for MANTRA in the RWA sector.
VersaBank announces its US branch is launching a tokenized deposit pilot program
VersaBank, a provider of B2B digital banking and cybersecurity technology solutions, announced that its wholly-owned subsidiary, VersaBank USA, has launched an internal pilot program in the United States (the "USDVB Pilot Program") for its USDVB, the U.S. dollar version of its proprietary digital depository receipt (DDR). Developed exclusively by VersaBank using its proprietary technology, DDR is a tokenized, bank-issued deposit. It is a highly encrypted, 1:1 digital equivalent that offers greater security, stability, and regulatory compliance than physical cash deposits and offers greater security, stability, and regulatory compliance than stablecoins.
Consistent with a similar pilot program the Bank completed in Canada, the USDVB pilot program is designed to demonstrate the functionality, security, and operational integrity of VersaBank USA DDR in a U.S. dollar environment and ensure compliance with U.S. banking regulations, including the Bank Secrecy Act (BSA) and the U.S. Office of Foreign Assets Control (OFAC).
Tokenization Platform Centrifuge Receives Investment from Republic Digital
According to Crowdfundinsider, Republic Digital announced an investment in Centrifuge, a tokenization platform focused on financial products, furthering its commitment to digital assets and tokenization. Republic Digital did not disclose the specific size of the investment, but it stated that the investment will be used to integrate regulated digital assets with decentralized infrastructure to enable the transfer, combination, and liquidity of real-world assets (RWAs). Republic Digital noted that only $24 billion in RWAs have been tokenized, while the potential market size for asset management is as high as $125 trillion.
MyStonks platform's 24-hour transaction volume exceeded US$200 million
As of 1:00 PM on August 27th, the MyStonks platform's 24-hour trading volume reached $209.11 million. Currently, the MyStonks platform has 179 RWA token assets listed and 37,063 users. MyStonks is a decentralized digital asset trading platform specializing in US stock token asset and contract trading (supporting up to 20x leverage). It leverages blockchain technology to enable efficient and transparent digital asset trading and management, promoting the digitization and liquidity of traditional assets.
KuCoin Becomes the First Global Crypto Exchange to Support the Thai Government's G-Token Issuance
KuCoin, together with KuCoin Thailand, XSpring Digital, Krungthai XSpring, and SIX Network, has officially become the first and only global cryptocurrency exchange to support Thailand’s historic G-Token project.
G-Token is the world's first tokenized government bond issued by a sovereign government finance ministry and the first government bond in Thailand to be listed on a digital asset exchange. The project is led by the Thai Ministry of Finance, with KuCoin Thailand, the designated initial digital asset exchange, responsible for technology development and listing. KuCoin Global provides technical advisory, secondary market liquidity support, and international market expansion.
According to CoinDesk, Aave Labs has launched a new platform, Horizon, which is dedicated to allowing institutional borrowers to use tokenized versions of real-world assets (RWAs) such as U.S. Treasuries as collateral to obtain stablecoins. At launch, institutions will be able to borrow Circle's USDC, Ripple's RLUSD, and Aave's GHO in exchange for a range of tokenized assets, including Superstate's short-term U.S. Treasury and cryptocurrency holding funds, Circle's income funds, and Centrifuge's tokenized Janus Henderson products. The platform aims to provide short-term financing for RWA holdings to qualified investors and allow them to deploy income strategies. The platform's setup combines permissioned and permissionless functions: collateralized tokens are embedded with issuer-level compliance checks, while lending pools remain open and composable. Chainlink's oracle service provides real-time pricing data, starting with NAVLink, providing the net asset value of tokenized funds directly on the chain to ensure that loans are properly collateralized.
Launch partners include a range of asset issuers, including Ethena, OpenEden, Securitize, VanEck, Hamilton Lane, and WisdomTree, with plans to expand collateral options to more tokenized assets.
Metafyed Completes $5.5 Million Funding for Asia's RWA Tokenization Market
Metafyed announced it has secured $5.5 million in funding to expand its tokenized real-world asset (RWA) market. Investors include blockchain investors and venture DAOs such as Block Tides and Positive Venture DAO, with additional support from Cyberport Hong Kong, Draper, and the Stellar Development Foundation. Metafyed specializes in compliance scoring through blockchain, smart contracts, and AI.
According to Cointelegraph, wealth tokenization platform Arx Veritas and infrastructure company Blubird have completed the tokenization of $32 billion worth of Emission Reduction Assets (ERAs) using blockchain technology, equivalent to preventing 394 million tons of carbon dioxide emissions, setting a record in the digital asset tokenization industry. The tokenized assets include mothballed oil wells and coal mines, achieving carbon reductions by preventing the mining, transportation, combustion, and pollutant emissions from abandoned oil wells. This reduction is equivalent to the carbon emissions of 395 million round-trip flights from New York to London, or 986 billion miles of car driving. Blubird stated that institutional demand for ESG-compliant tokenized assets is strong, and that it is negotiating transactions exceeding $500 million and is about to complete a major institutional purchase. The collaboration aims to establish new financing and tracking standards for sustainable finance.
Insight Highlights
How much does it cost for traditional enterprises to enter the RWA market?
PANews Overview: This article deeply analyzes the high costs and practical challenges facing traditional enterprises (especially Hong Kong-listed companies) in implementing RWA (real-world asset tokenization). The core argument is that RWA is not a panacea for putting everything on the blockchain; standardized, highly liquid assets with competitive returns (such as money market funds and US Treasury bonds) are the ideal choice. The article also provides a clear breakdown of the cost structure of RWA projects for the first time: a single issuance costs approximately 3-6 million RMB. The largest expense is the brokerage channel fee (2-3 million RMB), collected by licensed Hong Kong brokerages as a "trust premium" for their credit endorsement and compliance services. Other costs include legal compliance (100,000-200,000 RMB), blockchain technology integration (500,000-800,000 RMB), and fundraising costs (2-5% of the funds raised). Long-term investments in RWAs incur even higher costs, requiring the application of various financial licenses (such as a VASP license, which can cost over 10 million RMB) and ongoing audit, legal, and other maintenance expenses. Furthermore, the project faces three major ecological challenges: immature technical infrastructure (e.g., oracle reliance on Chainlink presents a single point of risk), a shortage of interdisciplinary talent with both traditional finance and DeFi expertise, and a lack of on-chain distribution channels in the Asia-Pacific region, forcing reliance on high-cost off-chain brokerages. In short, RWA is an overlay combining traditional finance and blockchain, requiring careful assessment of the balance between business models, compliance, and technical implementation. It is by no means a low-cost financing shortcut.
Coolpad Group: How did RWA become a breakthrough for an established company?
PANews Overview: This article uses the example of Coolpad Group, a former mobile phone giant, to analyze how a traditional enterprise used Recurring Asset Warranties (RWA) as a breakthrough for strategic transformation. The core driving force was Coolpad's predicament: a shrinking core business and a market capitalization that consistently fell below net assets. Its holdings of high-quality properties valued at approximately HK$3.15 billion (such as the Coolpad Building in Shenzhen and the Songshan Lake campus in Dongguan) faced illiquidity and underappreciated market value. RWA was seen as an innovative path to unlock the value of these "dormant assets" by leveraging blockchain technology to enable asset fragmentation, global price discovery, and 24/7 trading. However, this strategy faced significant challenges: cross-border legal risks (how to legally and effectively transfer mainland property rights to token holders through a Hong Kong SPV structure), a mismatch in core capabilities (mining experience does not equate to financial asset issuance and compliance capabilities), and a significant reliance on Hong Kong's emerging and potentially evolving regulatory environment. Coolpad's plan entails a cautious, phased approach: beginning with a feasibility study in Q4 2025, and progressing through partner selection, technology development, and regulatory engagement in 2026, ultimately launching a pilot program upon approval. This is a typical case of a traditional enterprise using RWA for "strategic self-rescue", but its success depends on whether it can effectively deal with the above-mentioned complex risks, which is far more than just telling a new story.
