Highlights of this issue
This weekly statistical period covers October 3rd to October 9th, 2025. This week, the RWA market continued its strong growth, with both total on-chain market capitalization and the number of holders climbing simultaneously. However, the growth rate of issuers slowed, further increasing market concentration. Stablecoin transfer volume rebounded, but monthly active addresses continued to shrink, further confirming the structural differentiation of liquidity recovery driven by large institutional transactions and the continued withdrawal of retail investors.
Major jurisdictions around the world are actively embracing asset digitization within prudential regulatory frameworks. India has announced plans to launch a digital rupee, while the UK plans to exempt stablecoin holdings and establish a "Digital Markets Supervisor" to oversee the tokenization of retail financial markets. The RWA infrastructure protocol continues to strengthen compliance, accelerating the formation of a closed loop for institutional-grade product issuance and trading. Ondo Finance completed its acquisition of Oasis Pro to obtain an SEC license, and Plume Network received SEC transfer agent certification. Overall, the market demonstrates distinct characteristics of "institutional leadership, compliance-first, and ecosystem integration" across data growth, regulatory breakthroughs, and ecosystem development.
Pivot
Panoramic view of RWA track
According to the latest data from RWA.xyz, as of October 10, 2025, the total market capitalization of the RWA chain reached US$33.65 billion, a month-on-month increase of 17.01%; the total number of asset holders increased to 421,900, an increase of 8.68% month-on-month; and the total number of asset issuers increased slightly to 226, indicating that ecosystem participation continues to increase but the centralized structure remains unchanged.
Stablecoin market
The total market capitalization of stablecoins reached $294.34 billion, a 5.65% increase month-over-month. Monthly transfer volume rebounded to $3.45 trillion, a slight increase of 3.63% month-over-month, ending a period of sustained decline. The total number of monthly active addresses further decreased to 28.23 million, a 4.39% decrease month-over-month. The total number of holders was approximately 195 million, a slight increase of 2.06% month-over-month. These two factors continue to diverge, indicating that the recovery in market liquidity is entirely driven by institutional large-scale settlements, while retail trading activity continues to decline. The leading stablecoins are USDT, USDC, and USDe. USDT's market capitalization increased by 5.53% month-over-month; USDC's market capitalization increased slightly by 4.35% month-over-month; and USDe's market capitalization increased by 11.73% month-over-month.
Regulatory News
India is about to launch a digital currency backed by the Reserve Bank of India
According to Aninews, Indian Minister of Commerce and Industry Piyush Goyal revealed that India will soon launch a digital currency supported by the Reserve Bank of India (RBI) to use blockchain technology to achieve faster and more secure transactions, similar to the United States' stable currency. However, Piyush Goyal emphasized that the Indian government remains cautious about cryptocurrencies such as Bitcoin that have no sovereign support and pointed out that unregulated digital assets pose risks.
Bank of England plans exemptions from proposed limits on corporate stablecoin holdings
According to Bloomberg, the Bank of England plans to exempt companies from proposed limits on stablecoin holdings, signaling a softening of its stance on crypto assets in the face of US competition. People familiar with the matter revealed that the Bank of England intends to exempt companies such as cryptocurrency exchanges that need to hold large amounts of stablecoins. It also intends to allow companies to use stablecoins for settlement in an experimental digital securities sandbox, suggesting that Governor Andrew Bailey's previously skeptical stance is easing. However, the Bank of England declined to comment. The digital payments industry is concerned that the UK will struggle to compete with the US Genius Act, and the Bank of England plans to set limits on stablecoin holdings for individuals and businesses, with a consultation document expected to outline this before the end of the year. Bailey had previously dismissed both stablecoin and digital pound projects, and this exemption is seen as a significant shift.
According to Bloomberg, the UK Treasury will establish a "Digital Markets Champion" to oversee the digitization (tokenization) of wholesale financial market asset issuance, trading, and settlement using blockchain. Lucy Rigby, the Treasury's Economic Secretary, announced the establishment of a "Dematerialization Market Action Taskforce" to oversee the transition from paper-based equity certificates to electronic ones. The government has also released its "Wholesale Financial Markets Digital Strategy" to promote the adoption of blockchain and artificial intelligence, and has launched a "Digital Gilt" (DIGIT) tender, inviting technology providers to participate in the issuance of UK government bonds on a blockchain.
Local News
Delin Holdings Promotes RWA Tokenization, Involving ByteDance, Kraken, and eSelf AI
According to an announcement from the Hong Kong Stock Exchange, Hong Kong-listed Delin Holdings announced that it has secured approximately $5.7 million in private equity through a fund and a special purpose vehicle (SPV), intended for the tokenization of its Reliable Asset Warrants (RWAs). This includes indirect holdings in ByteDance (approximately $2 million, with an implied valuation of approximately $315 billion), Kraken (approximately $3 million, with an implied valuation of approximately $15 billion), and eSelf AI (approximately $0.7 million, with an implied valuation of approximately $21 million). The company plans to tokenize the relevant SPVs after the closing and proceed with the tokenization of the Delin Building LPF and Animoca Brands LPF. The Animoca Brands LPF solution utilizes the XRP Ledger and has received pilot funding from Hong Kong Cyberport. Delin Securities and Delin Digital Family Office have submitted materials to the China Securities Regulatory Commission (CSRC), aiming to launch distributions and platform operations in early 2026.
Project Progress
WisdomTree Acquires Ceres Partners to Expand into Custody and Tokenization Markets
According to Businesswire, crypto ETF issuer WisdomTree announced that it has completed the acquisition of alternative asset management company Ceres Partners. The transaction will expand its business into exchange-traded products (ETP), custody, and tokenization markets. The acquisition amount includes US$275 million in cash paid upon completion of the transaction and a profit-taking consideration of up to US$225 million.
(Note: Earn-out consideration is a common valuation adjustment mechanism in acquisition transactions. After paying the base consideration, the buyer can pay additional funds based on the target company's achievement of specific indicators. Unlike a VAM agreement, an earn-out consideration adjustment focuses more on quantifiable, objective data, reducing human intervention.)
According to Cryptopolitan, SIX Group AG, the operator of the Swiss Stock Exchange, announced that it will integrate the operations of its digital asset division, SIX Digital Exchange (SDX), into the group's main exchange and post-trade services division. This move marks the end of SDX's independent brand identity. In the future, SDX's trading business will be handled by SIX's main exchange, while settlement and custody operations will be transferred to SIX Securities Services. SIX Group stated that by integrating digital asset capabilities, it aims to create a unified and robust platform to simplify the processes for banks and asset managers to use blockchain technology for trading, custody, and token issuance, thereby accelerating the growth of digital asset business and the tokenization transformation of the financial system. SIX will also continue to cooperate with the Swiss National Bank (SNB) and others to promote important projects such as wholesale central bank digital currency (CBDC).
Ondo Finance, a protocol for tokenizing real-world assets (RWAs), announced the successful completion of its acquisition of Oasis Pro, a regulated digital asset broker-dealer. This strategic acquisition provides Ondo Finance with a comprehensive suite of licenses and infrastructure, including an SEC-registered broker-dealer, alternative trading system (ATS), and transfer agent (TA), enabling it to develop and offer a regulatory-compliant tokenized securities market in the United States. Oasis Pro's infrastructure supports the tokenization, issuance, transfer, and secondary trading of RWAs and is one of the first US-regulated ATSs authorized to use stablecoins for digital securities settlement. Ondo CEO Nathan Allman stated that through this merger, Ondo is committed to building a transparent, accessible, and compliant on-chain financial system and accelerating the development of the US tokenized securities market.
Plume Network, the RWA Layer 2 network, announced that it has successfully obtained approval from the U.S. Securities and Exchange Commission (SEC) to register as a transfer agent. This move is a major milestone for Plume Network in introducing real-world assets to the blockchain, meaning that it will be able to provide compliant share registration, transfer, and management services for security tokens issued on the chain. Plume Network CEO Chris Yin has stated that the network's goal is to provide a compliant, open, and transparent blockchain environment for asset issuers and institutional investors. This registration makes it one of the few blockchain infrastructures with such an SEC license, which will greatly promote the RWA tokenization of more than 180 projects on its platform (involving $4.5 billion in assets to be tokenized) and further bridge the gap between traditional finance and decentralized finance (DeFi).
BNY Mellon explores tokenized deposits and blockchain payments
According to market news, BNY Mellon, one of the world's largest custodial banks, is exploring the possibility of tokenized deposits and blockchain payments.
According to Globenewswire, ETF solution provider Amplify ETFs announced that it has submitted applications to the U.S. Securities and Exchange Commission for the Amplify Stablecoin Technology ETF (QSTB) and the Amplify Tokenized Technology ETF (QTKN). The former mainly tracks companies and assets that use stablecoins as growth opportunities for digital payment and settlement mechanisms, while the latter tracks companies and assets that use the digital growth of real-world assets.
BlackRock and Brevan Howard tokenized funds launched on Sei via KAIO
According to a Sei blog post, KAIO has integrated its tokenized fund into the Sei Network, providing on-chain access to KAIO tokens representing shares of the BlackRock ICS US Dollar Liquidity Fund and the Brevan Howard Master Fund. This integration supports institutional-grade compliance, subscription/redemption, and reporting processes, and can be used as a stablecoin reserve or as a collateral and yield asset for DeFi. Sei claims its high-performance chain provides a superior trading experience for capital market products; KAIO is currently only open to institutional and accredited investors.
ARK Invest's funds hold approximately $10 million in Securitize shares
According to CoinDesk, ARK Invest holds approximately 3.25% of the fund's assets in Securitize through the ARK Venture Fund. Based on the fund's net assets of $32.53 billion as of September 30th, the investment is approximately $10 million, making it the fund's eighth-largest holding. Founded in 2017, Securitize has issued $4.6 billion in tokenized assets through partnerships with BlackRock, Hamilton Lane, and Apollo, and has issued BlackRock's $2.8 billion tokenized money market fund, BUIDL. The tokenized market has grown 112% this year to $33 billion and is projected to reach $18.9 trillion by 2033.
Block Street announced the completion of an $11.5 million strategic funding round led by Hack VC, with participation from Generative Ventures, DWF Labs, StudioB, and Bridge34. Block Street is focused on building the execution and lending layer for tokenized stocks, leveraging its technology stack, including Aqua (RFQ intent) and Everst (hybrid clearing). The project plans to launch initially on the Layer 1 (L1) project, Monad, in the fourth quarter of this year, with subsequent expansion to Ethereum, BNB Chain, and Base. The team, comprised of members from renowned institutions such as Citadel, Point72, and Google, plans to launch a transparent dashboard to enhance the user experience.
Tokenized stock trading platform MSX launches spot and contract assets in multiple popular sectors
According to official news, on October 6th, MSX completed the launch of two new quantum computing products: spot and contract trading for $RGTI.M and $QUBT.M. $RGTI.M recently secured a new order for Novera systems, while $QUBT.M received its first institutional "buy" rating and completed a private placement to advance commercialization.
On October 7th, MSX simultaneously launched contracts for $RKLB.M and $SOXL.M (a semiconductor 3x leveraged ETF). $RKLB.M, a provider of small rocket and satellite launch services, is attracting market attention for its ability to complete missions with the National Space Administration and its multiple mission windows in mid-October. Driven by demand for AI chips and high computing power, $SOXL.M has seen active trading and is targeted at high-risk investors tracking short-term industry trends.
Insight Highlights
In an era where everyone can issue stablecoins, why does success belong to only a few?
PANews Overview: This article explains why issuing stablecoins is technically easy, yet only a few, like USDT and USDC, have achieved widespread success. The key to a stablecoin's success lies not in its creation but in its ability to establish strong network effects and utility. This relies on four pillars: ample liquidity (easy exchange for other assets), convenient fiat currency on- and off-ramps, broad utility (acceptance across a wide range of scenarios), and cross-chain interoperability. Incumbents have established significant advantages in these areas, making it extremely difficult to challenge them in an open ecosystem. In contrast, within closed or custodial systems (such as centralized exchanges or custodial wallets), operators can enforce their own stablecoins and profit from them, but these stablecoins are often confined to their own "walled gardens," struggling to break into the broader market.
PANews Overview: This article outlines three viable paths for businesses (especially new energy companies) to bring real-world assets (RWAs) onto the blockchain. These paths follow a ladder of increasing value, graduating from easy to difficult. Path 1, "Title Confirmation/Evidence Storage," is the simplest, utilizing blockchain to record asset data (e.g., power generation) to enhance transparency and trust. However, it does not issue tokens and, therefore, does not directly raise funds. Path 2, "Payment/Stored Value," goes a step further, issuing tokens for payment or redemption of equity (e.g., charging service points). This can significantly improve fund settlement efficiency, but requires compliance with payment regulations. Path 3, "Financing/Income," is the most complex and potentially the most valuable. It issues security tokens representing asset income rights (e.g., tokenizing future revenue from charging stations). This allows for direct financing from global investors, but carries high compliance costs and legal risks.
