Highlights of this issue
This weekly statistical period covers September 12-18, 2025. The RWA market maintained strong growth this week, with total on-chain market capitalization exceeding $30.26 billion, a 9.31% increase month-over-month. The number of holders also rose by 6.77%. However, the number of monthly active stablecoin addresses plummeted by 31.48%, further confirming a structural shift in the market, with retail investors exiting and institutional capital dominating. Traditional giants are accelerating the launch of tokenized credit products: WisdomTree launched the first tokenized private credit fund; DBS Bank and Franklin Templeton partnered with Ripple to launch a tokenized fund-backed lending solution; and Apollo secured $50 million in funding to launch a tokenized credit fund. In terms of domestic developments, Alibaba-affiliated companies are making frequent moves: Ant Digits and Longxin Technology established "Ant Chain Credit" to digitize green assets; and Yunfeng Financial completed a pilot program for tokenizing RWAs in its fund-of-funds (FOF) funds.
Pivot
Panoramic view of RWA track
According to the latest data from RWA.xyz, as of September 19, 2025, the total market capitalization of the RWA chain was US$30.26 billion, up 9.31% from the same period last month, continuing its strong growth. The total number of asset holders was approximately 394,800, up 6.77% from the same period last month. The total number of asset issuers rose slightly to 212.
Stablecoin market
The total market capitalization of stablecoins reached $282.26 billion, a 5.53% increase month-over-month. Monthly transfer volume reached $3.18 trillion, a 7.75% decrease month-over-month. The total number of monthly active addresses plummeted to 26.13 million, a 31.48% drop month-over-month. The total number of holders was approximately 192 million, a slight increase of 1.40% month-over-month. These two figures form a sharp divergence, indicating a deep structural decline in the market: institutional capital inflows are driving up market capitalization, while a massive outflow of retail investors has led to a deterioration in transaction frequency and network activity. The contraction in transfer volume indicates a significant weakening of on-chain transaction activity. The leading stablecoins are USDT, USDC, and USDe. USDT's market capitalization saw a slight increase of 3.81% month-over-month; USDC's market capitalization rose by 8.39% month-over-month; and USDe's market capitalization continued its upward trend, increasing by 18.63% month-over-month.
Regulatory News
Australian regulators ease regulations on stablecoin intermediaries
According to Decrypt, the Australian Securities and Investments Commission (ASIC) has granted a regulatory exemption to stablecoin intermediaries, allowing them to distribute cryptocurrencies issued by licensed Australian institutions without having to hold a separate financial services license. The exemption, published Thursday, states that intermediaries distributing stablecoins issued by Australian Financial Services (AFS) licensed issuers no longer need to apply for separate AFS, market, or clearing facility licenses. This measure, effective upon registration of federal legislation, is a significant step forward in addressing Australia's regulatory challenges in the stablecoin market.
Blockchain APAC CEO Steve Vallas stated that this move is a temporary transition before broader reforms and is consistent with financial services law. The exemption does not change the determination of whether stablecoins are financial products, but simply "suspends the secondary licensing requirement for distributors of licensed issuers," allowing distribution through licensed channels while maintaining issuer liability and requiring intermediaries to provide product disclosure statements to ensure transparency.
According to Cointelegraph, the Bank of Canada has called for the establishment of a regulatory framework for stablecoins to modernize the payment system and avoid lagging behind other countries in promoting related policies. Ron Morrow, Executive Director of Payments and Other Affairs at the Bank of Canada, said in a speech at the Chartered Professional Accountants Conference in Ottawa on Thursday: "Even if you are on the right track, stagnation will be surpassed. For stablecoins to be considered currency, they must be as safe and stable as bank account balances. Governments are strengthening their regulation of cryptocurrencies such as stablecoins to benefit consumers and avoid credit and liquidity risks. In fact, many jurisdictions around the world have already introduced or are about to introduce regulatory frameworks for crypto assets."
Local News
Ant Digital and Longsin Technology establish "Ant Chain Credit" to digitize green assets
According to the WeChat official account "Ant Chain," Ant Digits and Longsin Technology Group have jointly established "Ant Chain Trust," which will leverage blockchain, IoT, and AI technologies to provide green asset management and dynamic rating and pricing services. The platform covers the entire process from asset on-chain integration, data aggregation, asset management, and rating and pricing. It aims to address data silos and dynamic evaluation challenges in traditional green asset management, promoting the tokenization of green assets and the development of digital trust.
Yunfeng Financial Completes FOF Fund RWA Tokenization Pilot
Yunfeng Financial announced that its wholly-owned subsidiary has issued RWA (Real Asset Tokenization) shares in its fund of funds (FOFs), marking the group's first independently completed RWA project. The fund primarily invests in credit and real estate-related debt securities. The group stated that this move has improved the fund's investment efficiency and transparency, and plans to use this as a pilot to gradually explore tokenization solutions for more asset classes, promoting the integration of traditional finance and blockchain technology.
Project Progress
BlackRock is exploring the tokenization of traditional assets such as ETFs through blockchain
According to Bloomberg, BlackRock is exploring how to tokenize traditional assets, such as ETFs, through blockchain technology. This aims to enable 24/7 trading, enhance international accessibility, and provide new types of collateral for crypto networks. BlackRock has previously launched BUIDL, a tokenized money market fund with over $2 billion in assets, and is testing related products on platforms such as JPMorgan. This initiative still requires regulatory approval. The current tokenized asset market is approximately $28 billion, far smaller than the total US ETF industry.
MyStonks officially launches STONKS token staking
According to a MyStonks announcement, the "STONKS Token Staking and Airdrop Plan" passed a 98% approval rate in a community vote, officially launching the platform's token staking program. Staking will be open for 10 days, from September 12 to 22, 2025, with a 180-day lock-up period. Users must connect their wallet, log in to their profile, and click the "Stake" button to complete the process. No additional deposit is required. Users who fail to participate after the expiration date will not be able to stake again. The announcement also reminds users to be cautious of misleading information from unofficial sources, subject to official MyStonks releases.
According to Bloomberg, WisdomTree Inc. has launched its first tokenized fund, providing investors with exposure to private credit investments. The WisdomTree Private Credit and Alternative Income Digital Fund (CRDT), officially launched on Friday, tracks an equally weighted index of 35 closed-end funds, business development companies, and real estate investment trusts. The company already launched an ETF based on this benchmark in 2021.
The tokenized fund has a minimum investment of $25 and is redeemable within two days. CRDT tracks an index of publicly available investment instruments tied to private credit, lowering barriers to entry and increasing liquidity, but still creating a barrier between investors and the underlying loans. WisdomTree's CRDT fund will be tokenized on the Ethereum and Stellar blockchains at launch, with plans to expand to other blockchains, such as Avalanche, in the coming weeks.
London Stock Exchange launches blockchain private equity platform, completes first transaction
According to CoinDesk, the London Stock Exchange Group (LSEG) announced that its blockchain-based private equity platform, Digital Markets Infrastructure (DMI), has completed its first transaction. The initial clients are investment management firm MembersCap and digital asset exchange Archax, with the transaction closing the fundraising for MembersCap's MCM Fund 1. LSEG stated that DMI covers the entire asset lifecycle, improving efficiency from issuance to settlement, and will be compatible with existing blockchain and traditional financial services.
Tokenized Stock and ETF Platform SHIFT Completes Seed Round, Led by SNZ Holding
SHIFT, a tokenized stock and ETF platform, announced the completion of its seed round, led by SNZ Holding. SHIFT stated that SNZ Holding will help it promote the integration of traditional financial assets with DeFi liquidity.
Bitwise Submits Stablecoin and Tokenized ETF Application to the US SEC
According to The Block, asset management firm Bitwise filed a prospectus for the "Bitwise Stablecoin & Tokenized ETF" on Tuesday. According to the filing, if the fund receives approval from the U.S. Securities and Exchange Commission (SEC), it will "provide investors with exposure to assets that are poised to benefit from the growing adoption of stablecoins and tokenization, and fundamental shifts in how financial assets are traded and settled." Eric Balchunas, senior ETF analyst at Bloomberg, suggests the Bitwise Stablecoin & Tokenized ETF could launch around the end of November (around Thanksgiving).
According to CoinDesk, Mavryk Network, a Layer-1 public blockchain, announced the completion of a $10 million strategic funding round led by MultiBank Group. The funding will be used to advance its collaboration with MultiBank to bring over $10 billion in UAE real estate assets onto blockchain. The project, powered by a multi-party computing wallet provided by digital asset custodian Fireblocks, will allow investors to trade and stake real estate tokens through the Mavryk platform without having to manage their own private keys.
Sonic Labs Announces Investment in Institutional-Grade RWA Service Provider FinChain
Sonic Labs announced an investment in FinChain, an institutional-grade RWA service provider, to accelerate its strategic goal of becoming the future financial settlement layer. Through this partnership, Sonic will support RWA issuance, institutional-grade settlement channels, and compatibility with DeFi, further expanding the market application of on-chain real assets (RWA).
According to Cointelegraph, DBS Bank, Franklin Templeton and Ripple have partnered to launch trading and lending solutions supported by tokenized money market funds and the RLUSD stablecoin.
Apollo secures $50 million in backing to launch new tokenized credit fund
According to CoinDesk, the blockchain-based RWA institution Centrifuge and Plume have jointly launched the "Anemoy Tokenized Apollo Diversified Credit Fund (ACRDX)," which has received a $50 million anchor investment from Grove, a credit infrastructure protocol within the Sky ecosystem. The fund allows blockchain investors to participate in Apollo's diversified global credit strategy, covering direct corporate lending, asset-backed lending, and mismatched credit. ACRDX will be issued through Plume's Nest Credit Vault with the token code nACRDX, allowing institutional investors to participate in the strategy on-chain. Chronicle will serve as the oracle provider, and Wormhole will be responsible for cross-chain connectivity. Upon approval, Anemoy will serve as the fund's manager.
PayPal's stablecoin PYUSD is now available on the Stellar network and is being expanded to Tron, Avalanche, Sei, and other blockchains through LayerZero.
According to CoinDesk, PayPal's stablecoin PYUSD is now officially launched on the Stellar network.
According to The Block, PayPal's stablecoin, PayPal USD (PYUSD), is expanding to multiple new blockchain networks, including Tron, Avalanche, and Sei, through integration with LayerZero's Stargate Hydra cross-chain bridge. Issued by Paxos Trust Company, PYUSD was initially launched natively on Ethereum, subsequently expanded to Solana and Arbitrum, and yesterday added the Stellar network. LayerZero announced Thursday that with this expansion, a permissionless version of the token, dubbed "PYUSD0," will be introduced to seven additional blockchain networks: Abstract, Aptos, Avalanche, Ink, Sei, Stable, and Tron. Additionally, existing cross-chain versions of PYUSD on Berachain and Flow will be upgraded to PYUSD0.
According to CoinDesk, former Tether co-founder Reeve Collins launched the STBL protocol, which splits yield-generating RWAs (such as Franklin Templeton BENJI and BlackRock BUIDL) into a tradable US dollar stablecoin (USST) and an interest-bearing NFT (YLD). Users can deposit their assets and retain their principal and yield separately. The protocol, designed to comply with the GENIUS Act, maintains the USST's peg through overcollateralization and an incentive mechanism. The STBL governance token has been listed on several exchanges, and the protocol is expected to be publicly available in the fourth quarter.
South Korea's BDACS launches KRW1, the first stablecoin backed by the Korean won, on Avalanche
According to Cointelegraph, South Korean crypto asset custody service provider BDACS launched the first stablecoin backed by the Korean won, KRW1, on the Avalanche blockchain after successfully passing the proof of concept. The stablecoin is fully collateralized by the Korean won deposited in Woori Bank.
Insight Highlights
Hong Kong Stock Market RWA Gold Rush: An In-Depth Look at How Listed Companies Migrate “On-Chain”
PANews Overview: Faced with the growth dilemma of market capitalization consistently below net assets (e.g., holding a large number of properties but experiencing sluggish stock prices), many Hong Kong-listed companies are flocking to the RWA market, viewing it as a lifeline. These companies fall into two main categories: one is "product issuers" (such as Coolpad Group and China New City), who tokenize their physical assets, such as real estate, aiming to establish real-time pricing, attract new investors, stimulate liquidity, and reshape market valuations. The other is "service providers" (such as Huajian Medical and Yunfeng Financial), who leverage their strengths in healthcare and fintech to provide infrastructure services such as technology, ratings, and trading platforms to the entire RWA ecosystem. The core motivation behind this surge is to revitalize existing assets, create new growth stories to boost stock prices, and even provide a new narrative for the transformation of "shell companies." However, most projects are still in the early stages of exploration and face numerous challenges from concept to implementation.
From the past to the future, the paradigm evolution of RWA
PANews Overview: The development of RWA has undergone three major paradigm evolutions: The 1.0 era (early exploration) was an attempt to simply "put" non-standard assets such as real estate and artworks on the chain, but failed due to technology and immaturity; the 2.0 era (current mainstream) is based on US dollar stablecoins (such as USDT and USDC), and its underlying assets are mainly US Treasury bonds, which account for more than 90% of the entire RWA market. In essence, it is a kind of "tokenization of US Treasury bonds", which has been recognized by US regulators and has become a new tool to consolidate the hegemony of the US dollar; and the future 3.0 era will rely on high-performance blockchain, AI and other new technologies to shift from simple "interest generation" to "selling volatility", realize high-frequency trading and global asset pricing, and eventually become a new financial era that replaces traditional financial infrastructure and serves the era of sovereign individuals.
From IPO Carnival to Data Rashomon, What Happened to Figure, the “First RWA Stock”?
PANews Overview: Figure successfully listed on the Nasdaq, boasting a market capitalization exceeding $6.8 billion, leveraging its "RWA" narrative of leveraging blockchain technology to revolutionize home equity loans (HELOCs). However, its IPO immediately embroiled in a data controversy: the founder of crypto data platform DeFiLlama pointed out that Figure claimed to have issued $12 billion in on-chain RWA assets, but its verifiable on-chain cryptocurrency reserves (such as BTC, ETH, and stablecoins) were only approximately $30 million, and its on-chain trading activity was sparse, significantly discrepant from the claimed scale. The core of the controversy stems from the fact that Figure's RWAs' TVL is largely based on on-chain mappings within an internal database, rather than being publicly and independently verifiable like DeFi assets. This presents significant due diligence blind spots and risks for Wall Street investors accustomed to reviewing traditional financial statements. The Figure case has become a significant clash and convergence between the worlds of tradfi and crypto in valuation, transparency, and trust systems, serving as a warning to the market about the need for more effective verification systems for on-chain narratives.
