Highlights of this issue
This weekly statistical period covers September 5th to 11th, 2025. This week, the total market capitalization of RWAs on-chain continued its steady growth, but the number of asset issuers declined significantly, indicating a structural market liquidation. While stablecoin market capitalization grew, monthly active addresses plummeted, reflecting declining retail liquidity and institutional dominance. Nasdaq formally applied to the US SEC for approval to tokenize its shares, aiming to promote the on-chain integration of traditional financial assets within a compliant framework, demonstrating the continued integration of technological innovation and regulatory balance.
Pivot
Panoramic view of RWA track
According to the latest data from RWA.xyz, as of September 12, 2025, the total market capitalization of the RWA chain was US$29.02 billion, up 8.27% from the same period last month, continuing its steady growth trend; the total number of asset holders was approximately 385,300, up 9.22% from the same period last month; the total number of asset issuers declined to 209, a sharp drop of 20.20% from the same period last month, indicating that the market is undergoing a structural clearing.
Stablecoin market
The total market capitalization of stablecoins reached $278.14 billion, a 6.15% increase month-over-month. Monthly transfer volume reached $3.34 trillion, a slight decrease of 0.64% month-over-month. The total number of monthly active addresses plummeted to 28.96 million, a 27.55% drop month-over-month. The total number of holders was approximately 191 million, a slight increase of 1.39% month-over-month. This extreme divergence between the two indicates a market characterized by degraded liquidity and structural imbalances: institutional capital inflows are driving up market capitalization, while the continued withdrawal of retail investors has led to a deterioration in trading frequency and activity. The leading stablecoins are USDT, USDC, and USDe. USDT's market capitalization saw a slight increase of 4.38% month-over-month; USDC's market capitalization rose by 8.79% month-over-month; and USDe's market capitalization continued its upward trend, surging by 22.07% month-over-month.
Regulatory News
New Zealand's Financial Markets Authority launches public consultation on tokenization regulation
According to Ledger Insights, New Zealand's Financial Markets Authority (FMA) has launched a public consultation on tokenization, which runs until the end of October. The FMA stated that it has received numerous tokenization-related inquiries this year, but few projects have actually been implemented. The FMA is concerned that existing regulations may pose obstacles to startups, leading some companies to circumvent local regulations and expand into overseas markets, thereby weakening consumer protection.
Nasdaq seeks SEC approval for stock tokenization
According to CoinDesk, Nasdaq is seeking to bring stocks to the blockchain space, filing an application with the U.S. Securities and Exchange Commission (SEC) on Monday, seeking approval to proceed with the plan—a move that comes as other securities industry organizations race toward the same goal of tokenizing assets. In its filing, Nasdaq stated: "Nasdaq believes that markets can adopt tokenization technology while continuing to provide the benefits and protections of a national market system, and that tokenized assets should be traded in regulated markets, including national securities exchanges, alternative trading systems, and broker-dealers regulated by FINRA." Nasdaq stated that it will treat the transaction like a regular stock transaction, with clearing and settlement of token trades through the Depository Trust Company. Investors who purchase these tokens will receive the full rights of the underlying shares, including voting and liquidation rights.
Local News
Market News: Hong Kong SAR Government is preparing to issue digital bonds for the third time
According to market sources, the Hong Kong SAR government has commissioned banks to prepare for a potential digital bond issuance. If this issuance proceeds, it will be Hong Kong's third digital bond issuance. In 2023, the Hong Kong SAR government successfully issued HK$800 million in tokenized green bonds under the Government Green Bond Program, becoming the world's first tokenized green bond issued by a government. This was followed by the issuance of the world's first multi-currency digital green bond in 2024, totaling approximately HK$6 billion.
According to Tencent News, a Hong Kong fund with investment from state-owned enterprises is actively planning a cryptocurrency-stock linkage project. Financial insiders say that while state-owned enterprise funds cannot directly invest in cryptocurrency funds, they can indirectly participate in the digital currency market by purchasing shares of listed companies holding Bitcoin, a method currently unrestricted.
According to Bloomberg, Ant Digital Technologies, a subsidiary of Ant Group, has uploaded over 60 billion RMB (approximately US$8.4 billion) worth of energy infrastructure and data from 15 million new energy devices (such as wind power and photovoltaics) to the AntChain blockchain. The company has also secured financing for three clean energy projects through asset tokenization, raising approximately 300 million RMB in total. Future plans include trading the associated tokens on overseas decentralized exchanges, subject to regulatory approval. The company is also collaborating with Pharos Network and Hong Kong's Yunfeng Financial Group to explore blockchain-based physical asset transactions.
China Qidian Guofeng Holdings Limited (stock code: 1280), a Hong Kong-listed company, announced that its baijiu (white liquor) puree and shareholder shares have been used as the underlying assets for a real-world asset (RWA) product. The product has been officially issued on ADG, a decentralized RWA issuance and management platform deployed on BNB Chain. The initial planned issuance size is HK$500 million, with HK$100 million allocated in the first phase. The company stated that RWA tokenization will help promote baijiu culture globally and lay the foundation for the integration of technology, finance, and industry.
EXIO Group and CITIC Xinhui Partner to Issue the First Convertible Bond (RWA) Digital Token
According to the Hong Kong Economic Times, licensed virtual asset trading platform EXIO Group announced that it has partnered with a trust company under CITIC Xinhui International Capital to issue the first real-world asset (RWA) digital token, $EXCB-25, in Hong Kong (on the Ethereum mainnet) using a convertible senior note structure. This product supports subscriptions in stablecoins, with asset ownership registered by a trust institution. This reduces issuance costs, improves on-chain asset ownership, and enhances asset value stability.
It is reported that CITIC Xinhui is the Hong Kong subsidiary of CITIC Trust, a subsidiary of the Chinese state-owned CITIC Group, and EX.IO (EXIO) was originally named xWhale.
Project Progress
Tokenized asset management platform Plural completes $7.13 million seed round, led by Paradigm
According to PR Newswire, tokenized asset management platform Plural announced the completion of a $7.13 million seed round of financing, led by Paradigm, with participation from Maven11, Volt Capital and Neoclassic Capital, bringing the total financing amount to nearly $10 million.
Plural is building financial infrastructure for the digital economy. Through tokenization and smart contract automation, Plural transforms real-world energy assets like solar energy, batteries, and data centers into scalable, programmable investment products.
Stuttgart Stock Exchange launches pan-European tokenized asset settlement platform Seturion
According to Cointelegraph, Boerse Stuttgart Group, Europe's sixth-largest exchange operator, has launched Seturion, a blockchain-based settlement platform designed to handle cross-border transactions of tokenized assets across Europe. The platform is aimed at banks, brokers, trading venues, and tokenization platforms. The system supports both public and private blockchains, and settlements can be made using central bank currency or on-chain cash. Local banks have tested it in blockchain trials with the European Central Bank (ECB). The group stated that its own exchange will be the first to connect to the platform. Currently, BX Digital, a DLT trading venue based in Switzerland and regulated by the Stuttgart Stock Exchange, has already activated the solution. Access to other market participants requires regulatory approval.
MyStonks and Oracle Project APRO reached a strategic cooperation in the RWA field
MyStonks, a decentralized trading platform for US stock tokens, has officially announced a strategic partnership with the oracle project APRO. The two parties will collaborate on in-depth data collaboration in the RWA sector. APRO is a professional oracle service provider, providing verifiable data for DeFi, RWA, and artificial intelligence (AI). APRO ranks sixth in TVS in DeFi and has integrated over 30 blockchains. In the RWA sector, it provides accurate, manipulation-resistant data on US Treasuries, stocks, and commodities. In the AI sector, it has partnered with over 20 AI agents and supports mainstream frameworks such as DeepSeek and ElizaOS. MyStonks has listed over 185 US stock tokens, with cumulative RWA trading volume exceeding $1.45 billion and over 40,000 users. This partnership will provide better underlying support for MyStonks' asset pricing mechanism, further optimize trading risk control, and strengthen the platform's decentralized trading operations.
Singapore's OCBC Bank launches $1 billion blockchain-based digital dollar commercial paper program
According to Business Times, Singapore's Oversea-Chinese Banking Corporation (OCBC) has announced the launch of a $1 billion blockchain-based USC paper (USCP) program, becoming the world's first USC paper issuer to achieve a full lifecycle blockchain issuance. The program, powered by JPMorgan's Kinexys Digital Assets platform and Digital Debt Service application, has already completed the issuance of the first six-month note, with proceeds to be used for general purposes.
Cryptocurrency exchange Kraken has announced the expansion of its tokenized stock platform, xStocks, to the European Union, allowing investors to trade tokenized US stocks and ETFs on a blockchain. Developed in partnership with Swiss fintech firm Backed, xStocks runs on the Solana blockchain, offering low-cost, fast transactions. It also plans to support BEP-20 and the Ethereum mainnet to enhance its integration with the DeFi ecosystem.
Insight Highlights
PANews Overview: Nasdaq has formally applied to launch tokenized securities trading. Its core strategy is to use blockchain technology to optimize the infrastructure of traditional finance rather than completely subvert it. The proposal allows assets such as stocks to be traded on the Nasdaq platform in the form of tokens, but these tokens must have exactly the same rights and regulatory protections as the underlying traditional securities (such as dividends and voting rights), and the existing core clearing house, DTC, will be responsible for back-end records. The main advantage of this move is that it can theoretically achieve faster settlement speeds (near instant) and 24/7 trading, but its real value is more focused on serving institutional clients, improving capital efficiency, and ensuring that Nasdaq can become a mainstream entry point with its compliant platform in the wave of tokenization, preventing the formation of an independent crypto ecosystem that is out of its control.
PANews Overview: The "Pooled Gold Interest" (PGI) proposed by the World Gold Council (WGC) is a digital solution based on existing legal frameworks (such as the UK Sale of Goods Act). It aims to enable institutional investors to efficiently conduct large-scale gold transactions and use them as compliant collateral. Its core goal is to improve the efficiency of traditional institutional markets. In contrast, XAUT and PAXG, already existing tokens in the crypto market, are issued on public chains. They are primarily aimed at retail investors and DeFi applications, facilitating small transactions and on-chain financial activities, but their legal clarity and regulatory recognition are inferior to PGI. Therefore, the three serve different markets: institutional traditional finance, crypto-native, and compliance bridging, and jointly promote the digitization of gold assets.
PANews Overview: The RWA (real-world asset) tokenization market is growing rapidly, but a liquidity paradox exists behind it: tokenization merely coats illiquid, slow-moving assets (such as real estate and credit) with a high-liquidity veneer that allows for rapid trading, but it does not change the underlying assets' inherent slow liquidity and legal constraints. This severe mismatch between internal and external liquidity is extremely dangerous. Once negative news (such as debtor defaults or disputes over asset value) emerges, on-chain confidence can collapse instantly, triggering a death spiral of automatic liquidation and destroying the entire token value in minutes. The speed of contagion and systemic risk far exceeds that of the 2008 subprime mortgage crisis, as the crisis will spread at the speed of blockchain and code, rather than the months required in traditional markets.
