Highlights of this issue
This weekly statistical period covers September 19-25, 2025. This week, the total market capitalization of the RWA blockchain surpassed $30 billion, with ecosystem participation rebounding slightly. The stablecoin market continues to exhibit the structural characteristics of institutional investors accumulating and retail investors retreating. The United States, Canada, and South Korea are actively promoting the development of stablecoin legislative frameworks. Traditional banking giants such as HSBC Holdings and SBI Shinsei Bank are exploring tokenized cross-border transactions. Platforms such as Franklin Templeton Benji and BlackRock Securitize are continuing their multi-chain expansion strategies. Data Access (DAT) treasury companies such as SharpLink and Forward Industries plan to tokenize equity or stocks on blockchains. The overall market demonstrates a clear trend of accelerated compliance, deeper integration of traditional finance and blockchain technologies, and the expansion of application scenarios from financial assets to diverse sectors such as sports IP and new energy.
Pivot
Panoramic view of RWA track
According to the latest data from RWA.xyz, as of September 26, 2025, the total market capitalization of the RWA chain was US$30.61 billion, a month-on-month increase of 7.62%, maintaining steady growth; the total number of asset holders was approximately 402,300, an increase of 8.61% month-on-month; the total number of asset issuers rose again to 221, indicating a slight recovery in ecosystem participation.
Stablecoin market
The total market capitalization of stablecoins reached $287.66 billion, a 6.43% increase from the same period last month. Monthly transfer volume shrank to $3.16 trillion, a 12.14% decrease from the same period last month. The total number of monthly active addresses fell to 26.55 million, a sharp drop of 24.72% from the same period last month. The total number of holders was approximately 193 million, a slight increase of 1.39% from the same period last month. This continued divergence between the two indicates the coexistence of institutionalization and retail retreat: market capitalization growth is driven by large capital inflows, while retail trading activity is accelerating. The leading stablecoins are USDT, USDC, and USDe. USDT's market capitalization saw a slight increase of 4.95% from the same period last month; USDC's market capitalization rose by 7.40% from the same period last month; and USDe's market capitalization remained largely unchanged, increasing by 18.41% from the same period last month.
Regulatory News
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."
The U.S. Treasury Department has launched the GENIUS Act to regulate stablecoins.
According to CoinDesk, the U.S. Treasury Department has officially launched the process of translating the GENIUS Act into stablecoin regulatory rules, opening a month-long public comment period. This advance notice of proposed rulemaking covers issues such as issuer restrictions, sanctions compliance, anti-money laundering, tax treatment, and federal-state regulatory coordination. The Treasury Department is requesting industry and public feedback on specific issues, including custody of reserve assets and regulation of stablecoins for overseas payments. The GENIUS Act is the first crypto legislation in the United States and will subsequently spur broader industry regulatory legislation.
The U.S. Commodity Futures Trading Commission (CFTC) is seeking feedback on the use of tokenized collateral, such as stablecoins, in derivatives markets. This request includes information on GMAC's 2024 recommendations, the CFTC's observer status on industry initiatives, pilot programs for digital asset markets, proposed regulatory revisions based on the Presidential Task Force report (pp. 52-53), and other related topics. Comments are due by October 20, 2025.
According to Decrypt, South Korea's ruling Democratic Party has established a digital asset working group to draft comprehensive stablecoin and cryptocurrency legislation. The working group aims to enact digital asset legislation during this year's regular session and at the end of the year at the National Assembly. The country faces increasing pressure from capital flight, with $40.6 billion in digital assets transferred abroad in the first quarter of 2025, half of which were stablecoins.
Local News
According to an announcement from the Hong Kong Stock Exchange, Zhonghuan New Energy, a Hong Kong-listed company, announced that it has entered into a strategic cooperation framework agreement with Ant Blockchain Technology (Shanghai) Co., Ltd., intending to explore areas such as new energy digital assets and new energy artificial intelligence ecology. Ant Blockchain will provide technical support in blockchain technology, full-link solutions for data assets, artificial intelligence large models and ecological integration.
Digital RMB International Operations Center officially opens in Shanghai
According to Xinhua News Agency, the Digital RMB International Operations Center has officially started operations in Shanghai and launched three major business platforms: the Digital RMB cross-border digital payment platform, the blockchain service platform, and the digital asset platform.
The cross-border digital payment platform aims to address the pain points of traditional cross-border payments; the blockchain service platform provides standardized cross-chain transaction information transfer and on-chain payment services; and the digital asset platform supports the expansion of existing financial infrastructure into on-chain businesses. In June of this year, Pan Gongsheng, Governor of the People's Bank of China, announced the establishment of the center at the Lujiazui Forum to promote the internationalization of the digital RMB and digital financial innovation.
At a promotional event on the 24th, Lu Lei, Deputy Governor of the People's Bank of China, pointed out that the three principles of "no loss, compliance, and interoperability" have become the basic guidelines for the construction of cross-border infrastructure for legal digital currency, and the cross-border financial infrastructure system for digital RMB has been initially established. In the future, the Digital RMB International Operations Center will provide important support for the facilitation of cross-border trade, investment and financing.
Earlier news said that the second half work meeting of the People's Bank of China's Shanghai headquarters focused on the application of digital RMB.
Project Progress
NBA player Tristan Thompson will launch the Web3 project basketball.fun to tokenize NBA players
According to CoinDesk, NBA player Tristan Thompson is working with Improbable CEO Herman Narula and co-founder Hadi Teherany to create a new Web3 experience project to bring a new viewing experience to basketball fans in the digital age. The project, called basketball.fun, launched in October before the NBA season and will gamify the interaction between fans, players, and games. It is developed based on the Layer1 blockchain Somnia, which launched earlier this month. Unlike traditional fantasy sports or fan tokens, the platform tokenizes NBA players, and the player value fluctuates in real time based on fan sentiment and performance. Fans can build lineups, predict rising stars, and receive rewards. Teherany emphasized that the application does not issue native tokens. Unlike projects that rely on token prices, the value of players will reflect fan sentiment and game results.
SBI Shinsei Bank collaborates with Partior and DeCurret on tokenized cross-border settlement trial
According to Cointelegraph, SBI Shinsei Bank is collaborating with Partior and DeCurret to conduct a tokenized cross-border settlement trial.
Publicly listed SunCar plans to invest up to $10 million in real-world asset cryptocurrencies
SunCar Technology Group (NASDAQ: SDA), a digital auto insurance and automotive services provider, announced that its board of directors has authorized the company to invest up to $10 million in selected major cryptocurrencies that are expected to benefit from the rapid growth of real-world asset (RWA) tokenization. Furthermore, SunCar is exploring strategies to integrate blockchain and risk-weighted asset (RWA) tokenization into its existing cloud-based digital insurance business model.
BlockRock Partners with Ning Investment to Launch $20 Million in New Energy Asset (RWA) Tokenization
According to a Medium report, BlockRock, a RWA financial derivatives platform incubated by WLFI, announced a partnership with new energy company Ning Investment Limited to tokenize $20 million worth of clean energy assets, including rooftop solar, energy storage power stations, and electric vehicle charging infrastructure. The two parties will leverage blockchain technology to enable on-chain mapping of revenue rights for over 30 projects, with an expected annualized yield exceeding 25%. All project financial data will be publicly available on the blockchain, enabling global investors to participate and track asset performance.
HSBC Holdings launches cross-border tokenized deposit service
HSBC Holdings has launched a tokenized deposit service to support secure cross-border transfers for its corporate clients, according to a Bloomberg report. According to a statement released today, the British bank completed the first cross-border U.S. dollar transaction between Hong Kong and Singapore this month using blockchain technology. HSBC said the cross-border transaction builds on its existing domestic payments product, which launched earlier this year in Hong Kong and Singapore and subsequently expanded to the U.K. and Luxembourg to support other currencies, including the British pound and the euro.
Solana Vault Forward Industries to On-Chain Equity via Superstate Platform
According to The Block, Forward Industries, Solana's largest digital asset vault, announced that it will tokenize its FORD shares on-chain through Superstate's Opening Bell platform. Forward, backed by Galaxy Digital, Jump Crypto, and Multicoin Capital, previously raised $1.65 billion in a private placement in September. Forward will partner with Solana ecosystem lending protocols Drift, Kamino, and Jupiter Lend, with FORD tokens becoming a new collateral option. Forward also plans to take an equity stake in Superstate to drive product development for both parties.
According to PR Newswire, Singapore-based startup Synthesys (formerly known as Equitize) has announced that it has secured $11 million in seed and strategic funding to build infrastructure for tokenized securities. This funding round was led by Mark Pui.
According to reports, Synthesys (formerly Equitize), founded in 2023, has developed a global liquidity network that brings together more than 40 different primary and secondary distribution channels. Its platform automates cross-jurisdictional compliance and provides a universal liquidity layer for tokenized securities.
Ripple’s RLUSD Stablecoin Becomes a Gateway for BlackRock and VanEck’s Tokenized Funds
According to Cointelegraph, Ripple and Securitize, a security token issuance platform, have integrated the Ripple USD (RLUSD) stablecoin into the equity fund redemption process for shares of two major crypto investment giants, BlackRock and VanEck. Ripple and Securitize have launched a smart contract that allows holders of BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) and VanEck's Treasury Bond Fund (VBILL) to convert their security tokens into the Ripple USD (RLUSD) stablecoin. This smart contract allows BUIDL and VBILL investors to instantly convert their holdings into RLUSD at any time, enabling more on-chain transfers.
Franklin Templeton Integrates Benji Platform into BNB Chain, Expanding Tokenization
Global investment giant Franklin Templeton is expanding its proprietary Benji technology platform to the BNB Chain ecosystem. This move leverages Binance Smart Chain's technological advantages, including its scalable, low-cost infrastructure and high transaction throughput, and amplifies Benji's expertise in institutional-grade asset tokenization to create new on-chain financial assets.
Franklin Templeton's Benji technology platform is an integrated system designed to facilitate the 24/7 trading, management, and distribution of tokenized assets, exemplified by the firm's on-chain U.S. government money market fund, the BENJI token. Over the years, the platform has expanded to multiple blockchains, including Stellar, Ethereum, and VeChain.
Swarm to List Nine Equity Tokens on Plasma Mainnet
According to The Defiant, the DeFi platform Swarm announced it will launch tokenized products for nine stocks, including Apple and MicroStrategy, on the Plasma mainnet. Users will be able to trade on-chain using stablecoins. These tokens will be issued in accordance with the EU Prospectus Regulation, and holders will have rights to the underlying securities. Plasma is backed by Tether, Bitfinex, and others, and will have over $2 billion in liquidity at mainnet launch. The on-chain value of the RWA sector has exceeded $30 billion.
DigiFT and Hash Global Launch Tokenized Fund, Providing Compliant Investment Options for BNB
DigiFT, a licensed Singapore-based cryptocurrency exchange, has officially announced a partnership with HashGlobal to provide qualified and institutional investors with a compliant, tokenized access to BNB, the core asset of the BNB blockchain ecosystem. The fund, established as a professional fund registered with the British Virgin Islands Financial Services Commission (BVIFSC), will generate returns through long-term BNB holdings. The fund will also participate in BNB ecosystem-related activities, such as Launchpool mining and airdrops, with the proceeds distributed as a dividend. The fund, strategically supported by YZiLabs, will further promote BNB's adoption in traditional finance.
MyStonks officially changed its name to msx.com, with a comprehensive brand upgrade
According to official news, the MyStonks platform announced a brand upgrade and the domain name was officially changed to msx.com, entering a new era of global financial technology.
MSX.com stated that this upgrade not only simplifies access and facilitates user connectivity, but also demonstrates its transformation from a meme-like platform to a professional international financial brand, demonstrating its commitment to digital financial innovation and global expansion. Furthermore, the team will continue to prioritize users, driving technological innovation and enhancing the security and efficiency of digital financial services.
Ethereum Treasury Company SharpLink to Issue Tokenized Stock SBET on Ethereum
According to official news, Ethereum treasury company SharpLink Gaming announced that it is working with Superstate to issue tokenized shares SBET directly on the Ethereum blockchain. It will realize the native tokenization of its equity on the chain through Superstate's Opening Bell platform and expand Superstate's multi-chain capital market infrastructure.
Securitize Expands to Sei Network, Launches Apollo’s Tokenized Credit Fund
As reported by CoinDesk, the RWA tokenization platform Securitize is expanding to the Sei blockchain. Its tokenized Apollo Diversified Credit Fund (ACRED) will be the first to go live on the network, marking the first time tokenized private credit has been launched on the Sei blockchain. Securitize claims that other funds will be listed on the Sei blockchain in the near future.
ACRED, with $112 million in assets under management, according to RWA.xyz, complements Apollo's private credit strategy, investing across corporate lending, asset-backed transactions, and distressed credit. The fund, which is open only to accredited investors, utilizes Wormhole, a cross-chain messaging protocol, enabling interoperability between blockchain tokens, facilitating cross-network asset mobility and enhancing liquidity.
Insight Highlights
PANews Overview: Hong Kong's RWA ecosystem has formed a clear three-party division of labor: First, there are "liquidity providers," primarily licensed virtual asset exchanges such as HashKey and OSL, which provide compliant secondary market trading and pricing venues for tokenized assets; second, there are "technical support providers," including Ant Financial's "Two Chains and One Bridge" and Fosun's Starlink Technology, responsible for building the underlying blockchain architecture and tokenization solutions; and finally, there are "service support providers," such as professional custodians like Cobo and Hex Trust, who provide secure custody and compliance guarantees for assets, building a solid foundation of trust. This mature ecosystem, jointly participated by traditional financial giants and crypto-native institutions, is leveraging Hong Kong's clear regulatory framework to accelerate the conversion of physical assets such as real estate, funds, and new energy into on-chain tokens. However, this market boom is also accompanied by cautious regulatory attention.
The Legal Reality of RWA Tokens: Why Off-Chain Legal Structure Matters More Than On-Chain Code
PANews Overview: The true foundation of RWA tokenization lies in a solid off-chain legal framework, not on-chain code. Early failures (such as RealT's unfinished building project) demonstrate that if the underlying assets aren't truly bankruptcy-remote and legally held through legal structures like special purpose vehicles (SPVs), the "ownership" represented by the on-chain tokens can be worthless under the law. Currently successful RWA projects (such as Figure and Ant Group's Jovay platform) all employ a two-tiered architecture: off-chain legal title confirmation and on-chain transaction circulation. The SPV ensures legal ownership and security of the assets off-chain, while the blockchain enhances transaction efficiency and transparency. Therefore, the key question in evaluating an RWA project is no longer whether it can be technically implemented on-chain, but whether its legal structure can protect investors in court disputes. This reveals a fundamental "impossible triangle" in the RWA sector: it's difficult to perfectly achieve legal enforceability, capital efficiency, and decentralization simultaneously. Current mainstream solutions prioritize the first two.
