Highlights of this issue
This weekly statistical period covers August 8–15, 2025. This week, the RWA market saw continued expansion of its user base, with the stablecoin USDe performing strongly. Hong Kong regulatory developments took center stage, with the HKMA and the SFC issuing a joint statement reaffirming the prudent approach to stablecoin licensing, prompting applications from major players such as Fosun International. Meanwhile, RWA application scenarios are rapidly diversifying, with breakthroughs in tokenization of Hangzhou Cultural Exchange's IP assets, Sino-Agricultural Credit's agricultural assets, Oride's computing power assets, and CMB International's cross-border money market funds. On the technical infrastructure front, Chainlink integrated ICE's foreign exchange and precious metals data to strengthen the foundation for on-chain asset on-chain integration. Avalanche, leveraging its customized subnets, attracted $250 million in traditional institutional assets. Animoca also jointly launched the NUVA platform, integrating Figure's mature products. Projects are progressing rapidly, with PreStocks launching on Solana to support trading of pre-IPO stocks like SpaceX, and Dinari building a "DTCC stock token" on the Avalanche chain, highlighting the accelerating integration of on-chain finance and traditional markets.
Pivot
Panoramic view of RWA track
According to the latest data disclosed by RWA.xyz, as of August 15, 2025, the total market capitalization of the RWA chain is US$25.93 billion, up 1.51% from the same period last month, and the overall scale remains stable; the total number of asset holders is approximately 350,800, up 11.86% from the same period last month, and the overall user growth is showing a steady expansion trend; the total number of asset issuers is 262.
Stablecoin market
The total market capitalization of stablecoins reached $262.96 billion, a 6.43% increase from the same period last month. Monthly transfer volume reached $3.44 trillion, a significant 18.02% increase from the same period last month. The total number of monthly active addresses reached approximately 38.78 million, a slight decrease of 4.61% from the same period last month. The total number of holders reached approximately 190 million, a slight increase of 3.33% from the same period last month, indicating a steady increase in consumer adoption. The leading stablecoins were USDT, USDC, and USDDe. The market capitalizations of USDT and USDC rose slightly by 3.06% and 6.94% month-on-month, respectively, while USDDe's market capitalization soared by 102.80% month-on-month.
Tokenized stock market
The total market capitalization of the tokenized equity sector reached approximately $359 million, a 6.74% decrease from the same period last month. Monthly transfer volume reached approximately $330 million, a 4.21% increase from the same period last month, maintaining high liquidity. The total number of monthly active addresses reached approximately 37,700, a 4.61% decrease from the same period last month, while the total number of holders reached approximately 61,100, an 11.81% increase from the same period last month. The stock with the largest issuance size was EXOD (the self-custodial platform Exodus Movement), with a total issuance volume of $264 million.
Regulatory News
According to the official websites of the Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA), the two institutions issued a joint statement regarding market volatility related to stablecoins, citing recent market volatility caused by announcements and market speculation related to stablecoins. The HKMA reiterated that it will apply strict prudential standards to stablecoin licensing applications, and preliminary discussions do not constitute approval. Both institutions urged investors to analyze information rationally and avoid making irrational decisions driven by market speculation or short-term price fluctuations. The SFC will continue to monitor the market and crack down on manipulative and fraudulent activities. The public should remember that making thoughtful and informed decisions in a volatile environment is crucial for mitigating risk.
According to Cointelegraph, Juan Carlos Reyes, president of the Salvadoran Digital Assets Commission (CNAD), the government’s cryptocurrency regulator, said investment banks are now allowed to hold Bitcoin and other digital assets on their balance sheets and offer cryptocurrency services to “sophisticated” investors (equivalent to accredited investors in the United States). CNAD is the government’s cryptocurrency regulator.
“The new Investment Banking Act allows private investment banks to provide services to ‘sophisticated investors’ in both fiat and foreign currencies and to hold a Digital Asset Service Provider (PSAD) license to engage in digital asset business such as Bitcoin. Banks holding PSAD licenses can choose to operate entirely as Bitcoin banks.”
Supporters of the new law say it encourages foreign investment in El Salvador and positions it as an emerging financial hub.
Earlier news reported that El Salvador plans to establish the world's first Bitcoin bank.
Local News
Story Foundation has partnered with the Hangzhou Cultural Property Exchange and Starbase to officially launch China's first advertising-related RWA compliance project, creating a new three-party collaboration model led by state-owned enterprises, operated by a compliance platform, and supported by Web3 technology.
With the help of Story's innovative on-chain full-process traceability and ownership confirmation mechanism, the project provides a compliant and standardized demonstration case for the digital transformation of traditional non-standard assets in China.
This collaboration marks a significant progress in Story's IP compliance ecosystem development in the Asian market, and also opens up a new path for the subsequent listing of cultural assets on the blockchain.
Sino-Agri Finance announced that it will launch the country's first agricultural tokenized physical asset (RWA) project, promote the tokenization practice of Sino-Agri Finance's core agricultural assets, use blockchain technology to ensure clear ownership, and eliminate problems such as repeated mortgages and false valuations. Sino-Agri Finance also announced that it has reached a strategic cooperation with Ed Financial and will appoint Ed Financial as the Hong Kong stock listing sponsor to initiate the Hong Kong IPO.
Oride completes the first phase of RWA issuance
Oride announced the successful completion of its first issuance of hashrate RWA (Real World Asset), representing tens of millions of RMB. This issuance will bring hashrate assets on-chain in the form of RWA, and regulatory filings have been completed for the relevant assets. Oride stated that this initiative aims to promote the integration of hashrate assets with blockchain technology, providing the industry with new asset management and circulation methods.
CMB International's public fund fund completed RWA with partners through multi-chain deployment
CMB International Asset Management Co., Ltd. announced that it has completed its collaboration with DigiFT to tokenize real-world assets (RWA) and distribute them on-chain for the CMB International USD Money Market Fund. Through the fund's recognition in Hong Kong and Singapore, token products issued by DigiFT and linked to the performance of the CMB International USD Money Market Fund will be sold on-chain to qualified professional investors on the DigiFT platform.
DigiFT, a renowned Singapore-based licensed RWA exchange, and OnChain, an RWA service provider, provided distribution and technical support for this token product. This token product is the first in the industry to be distributed across multiple jurisdictions and on the DigiFT platform across multiple chains, supporting multi-modal token subscriptions and redemptions, and providing multi-dimensional liquidity. It offers leading advantages in technology, compliance, and user experience.
According to Zhitong Finance, Hongqiao Group (08137) announced that it had entered into a non-legally binding strategic cooperation memorandum with Dongfang Yilin Industrial Co., Ltd. during the after-hours trading session on August 8. Dongfang Yilin is a comprehensive digital forest asset operator registered in China.
According to the memorandum, the main cooperation contents of the two parties are as follows: the two parties will use Hainan Huanghuali standing timber as the underlying assets to jointly explore the financialization path of precious forest assets, promote the industrialization of ecological resources, the capitalization of ecological industries, the productization of ecological capital, and the marketization of ecological products. Combining the latest trends in the issuance of RWA, stablecoins, and compliant digital currencies, they plan to build a green economic closed loop of "precious forest industry resources + finance + blockchain."
The announcement stated that the group focuses on business models in the resource sector and is committed to identifying investment opportunities with resilience and stability. Hainan Huanghuali, one of the world's five most famous woods, possesses scarcity, growth potential, and high value. The proposed partnership aligns with the group's exploration of potential business development models and strategic deployment requirements.
Hong Kong-listed Fosun International plans to apply for a Hong Kong stablecoin license
According to Tencent News' "First Line" report, Fosun International, a Hong Kong-listed company, has formed a team to apply for a Hong Kong stablecoin license. Founder Guo Guangchang personally led the team to visit Hong Kong Chief Executive John Lee and Financial Secretary Paul Chan on August 6.
The application process for Hong Kong's stablecoin license has begun, with applicants required to submit their materials by September 30th. Fosun's wealth management division has already entered the Web3 business and is developing RWA tokenized products through Star Road Technology. Fosun Wealth also recently submitted trademark applications for "Star Coin" and other trademarks.
Project Progress
Animoca Brands and ProvLabs jointly launch NUVA, a decentralized exchange for RWA tokens.
As Cointelegraph reported, Animoca Brands and ProvLabs, developers of the Provenance Blockchain, have jointly launched NUVA, a platform for trading RWAs. The NUVA marketplace will leverage the Provenance blockchain's existing RWA ecosystem, which currently holds approximately $15.7 billion in assets. The first two tokenized products to be listed are from Figure Technologies: the interest-bearing US stablecoin YLDS and the fixed-rate home equity line of credit (HELOC).
NUVA employs a "treasury" structure to simplify investor participation. Holding nuYLDS or nuHELOC tokens earns returns on the corresponding underlying assets. ProvLabs' CEO stated that this model enables on-chain trading for traditionally illiquid assets. Animoca's co-founder noted that the current RWA market is hampered by cross-chain fragmentation. NUVA aims to enhance the accessibility of institutional-grade assets through a unified multi-chain ecosystem.
PreStocks Now Available on Solana, Trading Pre-IPO Stock Tokens
PreStock has officially launched on Solana, allowing users to trade pre-IPO stock tokens. Currently available markets include SpaceX, OpenAI, Anthropic, Anduril Industries, Kraken, Neuralink, Discord, Epic Games Store, Figure, Databrick, Perplexity, and xAI.
Publicly listed Exodus plans to create common stock tokens in partnership with Superstate
According to Globenewswire, Exodus Movement, Inc. (NYSE: EXOD), a self-custodial cryptocurrency platform, announced a partnership with Superstate to create common stock tokens that digitally represent Exodus' Class A shares on other major public chains.
Exodus plans to leverage Superstate's equity token issuance platform, Opening Bell, which enables companies to create equity tokens on major blockchains, starting with Solana, which digitally represent shares of stock. Opening Bell will enable Exodus to issue its common stock tokens on major blockchains, complementing its existing common stock tokens on Algorand, with plans to issue common stock tokens on Ethereum and other leading blockchains.
According to official news, MyStonks officially launched its open beta contract trading platform at 4:00 PM on August 11th. Initially supporting perpetual contracts for US stock tokens in the RWA sector, the platform offers flexible leverage adjustment up to 20x and a matching engine with millisecond-level feedback. Last week's $9,283.75 in contract fees will be refunded in $BMNR.M tokens. This refund mechanism will cease after the public beta launch.
Chainlink and ICE Partner to Bring Forex and Precious Metals Data to the Blockchain
Chainlink announced a partnership with Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, to connect global foreign exchange and precious metals pricing data from the ICE Consolidated Feed to Chainlink Data Streams, serving over 2,000 on-chain applications and financial institutions. This collaboration aims to provide blockchain with data that meets the accuracy and low latency requirements of traditional capital markets, driving the development of institutional-grade applications such as asset tokenization and automated settlement. ICE stated that this collaboration brings trusted, multi-asset class structured data to crypto applications, marking a further integration of on-chain financial systems with traditional markets.
Zoth Receives $15 Million in Strategic Investment from Bolts Capital to Promote RWA on-chain
Blockchain protocol Zoth announced it has received a $15 million strategic funding commitment from Bolts Capital to accelerate the development of its real-world asset (RWA) on-chain ecosystem through token purchases. With compliance and innovation at its core, Zoth will focus on developing the RWAFi protocol, initially focusing on tokenizing government bond products, with plans to expand into emerging markets and alternative assets. Following a previous security incident involving its ZeUSD token, Zoth officials stated they are prioritizing strengthening security and trust. Zoth is currently preparing for its Token Generative Advancement (TGE) and will subsequently announce details on its token economics, ecosystem incentives, and project roadmap.
MANTRA Chain testnet achieves EVM compatibility, mainnet launch targeted for September
MANTRA announced that its testnet has achieved full EVM compatibility, becoming the first MultiVM Layer 1 blockchain designed specifically for real-world assets. The blockchain plans to launch its mainnet in September, supporting projects such as Dubai's electric bicycle fleet financing through the MANTRA.finance platform. From Q4 2025 to Q1 2026, the blockchain will expand its ecosystem, introducing more dApps and partners. After Q2 2026, the blockchain will launch a yield token backed by real-world assets and establish a secondary liquidity market.
In addition, the team has entered into a strategic partnership with Inveniam, securing $20 million in investment to promote the on-chain integration of real-world assets (RWAs). Going forward, they will focus on launching ecosystem applications, expanding partnerships, and providing RWA-based income products and a secondary liquidity market, further building a secure and compliant DeFi ecosystem.
Dinari to launch Avalanche-based blockchain, positioning itself as a “DTCC equity token”
According to CoinDesk, Dinari announced the launch of a primary blockchain, called Dinari Financial Network, powered by Avalanche technology. Designed to serve as a coordination layer for the clearing and settlement of equity tokens, Dinari will partner with institutions including VanEck, BitGo, and Gemini to serve as validators and provide custodial services. Dinari plans to unify multi-chain liquidity and compliance through its own blockchain, and will gradually implement on-chain governance and decentralization.
Insight Highlights
Chainlink starts the value capture flywheel, or becomes the hidden winner of the on-chain economy?
PANews Overview: Chainlink ($LINK), as a key infrastructure (oracle) connecting traditional finance and blockchain, is becoming one of the biggest beneficiaries of the RWA (real-world asset) tokenization wave. Its core advantages are: 1) It solves the challenge of on-chain asset value transfer in a multi-chain/fragmented environment (acting as a "universal translator") and holds an absolute dominant position in the oracle market (84% share on Ethereum); 2) The recently launched "$LINK Reserve" mechanism has created a powerful value flywheel effect - the growth of network usage (from on-chain service fees and enterprise partnership income) is automatically converted and accumulated into $LINK tokens (equivalent to continuous buybacks), while the staking mechanism (providing approximately 4.32% returns) locks the circulating supply, directly converting fundamental growth into buying pressure and scarcity of the token, driving up the price ($LINK has risen 50% since the mechanism was announced); 3) It has been widely adopted by traditional financial giants (such as SWIFT, JPMorgan Chase, and DTCC), demonstrating its recognition at the institutional level; 4) Compared with projects such as XRP, which were once regarded as "institutional coins", Chainlink's actual locked-in on-chain asset value ($84.65 billion) far exceeds XRPL ($85 million), but its market capitalization is much lower, making its valuation potential more attractive. Therefore, the article believes that Chainlink is a typical "shovel seller" investment target in this bull market - no matter which chain or RWA application is successful, it may continue to benefit as the underlying infrastructure.
PANews Overview: The Avalanche public chain is fully focused on the RWA (tokenized real-world assets) sector. Leveraging its unique technological advantages (sub-second transaction confirmations and high throughput) and customizable "subnet" functionality (allowing institutions to build their own blockchains that meet their own compliance requirements), it is positioning itself as the preferred platform for institutional-grade financial assets, such as tokenized credit and government bonds. Recently, institutional credit protocol Grove Finance announced plans to deploy approximately $250 million in RWA assets (including AAA-rated collateralized loan security funds and short-term U.S. Treasury bond funds) on Avalanche through its partners (tokenization pioneer Centrifuge and asset management giant Janus Henderson). This will more than triple the total value of RWAs on Avalanche and attract more prominent partners. Avalanche currently hosts nearly $180 million in tokenized RWAs across various types (covering government bonds, credit, institutional funds, and alternative investments), attracting product deployments from traditional financial giants such as BlackRock (BUIDL Fund), Franklin Templeton, Apollo (ACRED), and VanEck. Its ecosystem advantage lies in its ability to seamlessly integrate programmable stablecoins (such as avUSD) and DeFi protocols (such as lending and liquidity staking), enabling tokenized assets to participate in on-chain financial activities as collateral. This provides developers and retail investors with opportunities to build new yield strategies and gain access to traditional institutional-grade assets. Avalanche, with its high performance, low cost, and proven subnet technology, is becoming a strong competitor to Ethereum in the institutional RWA space. Through its collaboration with Visa in areas such as stablecoin settlement, Avalanche is further expanding its potential in future payments and capital markets.
PANews Overview: Jarsy is a platform focused on tokenizing equity in top pre-IPO companies (such as SpaceX, xAI, and Stripe). Its goal is to enable accredited investors worldwide to participate in the primary market, previously accessible only to top institutions and wealthy individuals. Founder Han Qin believes the potential of the tokenized equity market (connecting trillions of dollars in real assets worldwide) will far surpass that of the traditional cryptocurrency market. Jarsy's core strategies are: 1) prioritizing strict compliance (designing a legal structure based on the SEC's Reg D/Reg S framework and collaborating with top law firms); 2) focusing on high-quality assets (conducting in-depth due diligence to select star projects such as SpaceX and xAI); and 3) embracing the essence of blockchain (enabling global asset verifiability, composable liquidity, and embedded compliance, transcending the limitations of centralized databases). The platform serves a "new generation of global investors" (those with high awareness and a focus on transparency and liquidity) by lowering the barrier to entry through on-chain identity and a user-friendly experience (e.g., native Web3 operations combined with a Web2 portal). Faced with the entry of traditional giants such as BlackRock and JPMorgan Chase, Jarsy is positioned as a "connector" rather than a replacement, leveraging its on-chain flexibility and efficiency to collaborate with traditional institutions. Its long-term vision is to become the digital financial infrastructure for the global private equity market, enabling every qualified investor to conveniently hold "pre-IPO equity that truly belongs to the future."
PANews Overview: Hong Kong has launched a registration platform for tokenized real-world assets (RWAs) and is promoting the development of related standards, marking progress in RWA infrastructure. The report suggests that, against the backdrop of deepening carbon neutrality (e.g., EU carbon barriers and domestic electricity price reforms emphasizing green value), RWA technology can effectively empower green power-related sectors (virtual power plants, power trading, and carbon trading). Its core value lies in: 1) dynamic returns: Investors can earn returns based on the real-time operating performance of underlying assets (e.g., charging station usage), rather than the fixed interest payments of traditional ABS; 2) creation of core income streams: the unique peak-valley price arbitrage model of green power assets (e.g., energy storage and photovoltaics) provides the foundation for sustainable cash flow in RWA projects; 3) improved asset efficiency and value: RWAs can help green power assets expand their revenue streams (e.g., by adding carbon assets and DeFi staking), significantly shorten financing cycles (for example, from 1-2 years to 3-6 months), and promote asset-lightness and global capital sharing (attracting overseas capital from the Middle East and other countries to invest in distributed energy resources such as photovoltaics and charging stations). Therefore, the report recommends paying attention to investment opportunities in the integration of RWA with electricity trading, virtual power plants, and carbon assets, and recommends companies that are engaged in user photovoltaics, charging piles, carbon assets and other fields.
Upcoming Events
Cross-border transactions and financial innovation exploration of stablecoins and RWAs
Blockchain technology is driving the digital transformation of the financial sector, with stablecoins and RWA (real-world assets) becoming the focus of global attention.
The "Stablecoin and RWA Cross-border Trade and Financial Innovation Practice Exploration" event, hosted by the Shanghai Financial Information Industry Association and the Shanghai Distributed Consensus Technology Association and organized by PANews and Mankiw Law Firm, will be held in Shanghai.
The event focused on hot topics such as cross-border payments, financial innovation, and RWA, and invited industry experts and corporate representatives to conduct in-depth discussions.
Time: August 22, 13:30-18:00
Location: Xuhui District, Shanghai (specific address will be notified via SMS)
Highlights: Industry report debut, hot trend analysis, roundtable dialogue, multi-party exchanges
Scan the QR code to register, spots are limited. Secure your spot for cutting-edge insights!
