Highlights of this issue
This weekly report covers the period from October 10 to 16, 2025. This week, the RWA market continued to evolve amidst structural differentiation: total on-chain market capitalization grew steadily, but the number of issuers declined, indicating accelerating market concentration and increasing dominance by leading institutions. Stablecoin transfer volume rebounded significantly, as did monthly active addresses, but the growth rate of holders remained far lower than transaction growth, maintaining the market recovery driven by institutional large-scale settlements. Substantial regulatory breakthroughs in multiple countries demonstrate that countries around the world are systematically building compliant operational frameworks for RWAs and tokenized assets. At the project level, CMB International and BlackRock continued to launch money market fund products on-chain, while Mitsubishi UFJ and SoloTex launched tokenized trading platforms.
Pivot
Panoramic view of RWA track
According to the latest data from RWA.xyz, as of October 17, 2025, the total market capitalization of the RWA chain reached US$33.98 billion, a month-on-month increase of 10.28%; the total number of asset holders increased to 485,300, a month-on-month increase of 6.69%; the total number of asset issuers dropped to 225, indicating that market concentration is accelerating - the dominance of leading institutions is increasing, while small and medium-sized issuers continue to clear out.
Stablecoin market
The total market capitalization of stablecoins reached $295.53 billion, up 4.45% month-over-month, with growth further slowing. Monthly transfer volume jumped significantly to $3.87 trillion, a 22.79% increase month-over-month, ending a period of decline and signaling a strong rebound in institutional settlement demand. The total number of monthly active addresses increased to 29.56 million, up 8.88% month-over-month. The total number of holders reached approximately 196 million, a slight increase of 2.19% month-over-month. The divergence between the two continues, indicating a deepening structural divergence between institutionalization and retail retreat. The leading stablecoins were USDT, USDC, and USDe. USDT's market capitalization increased by 5.66% month-over-month, while USDC's market capitalization saw a slight increase of 3.03%. Perhaps due to the market crash, USDe's market capitalization saw its first decline, down 7.26% month-over-month.
Regulatory News
US SEC Chairman Plans a Path to Support Innovation in Cryptocurrency and Tokenization Regulation
According to The Block, U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins hopes that innovation in the cryptocurrency industry will flourish as the SEC prioritizes its oversight and explores regulatory pathways. At the Washington, D.C. Fintech Week on Wednesday, he reiterated that cryptocurrency and tokenization are the SEC's "top priorities," stating that a solid framework will be established to attract talent returning from the United States while also fostering a sound framework to promote innovation. He even half-jokingly referred to the SEC as the "Securities and Innovation Commission."
Atkins also mentioned plans to introduce innovative exemptions, aiming to create "super apps" that would bring together multiple regulators focused on cryptocurrency. He questioned why companies would need to register with multiple agencies if everyone shared the same goal. The government shutdown, now in its second week, has stalled the SEC's work. Earlier this month, Congress failed to reach a funding agreement, leading to unpaid furloughs and significant restrictions on federal agency operations.
According to the Macau Citizen Daily, the Monetary Authority of Macao stated that a prototype system for the "Digital Pataca" has been built and the first phase of research and development is expected to be completed by the end of this year. Analysts pointed out that it is inevitable that the digital Pataca platform will be connected with the mainland platform, and individuals can decide whether to exchange cash or deposits for digital currency (digital RMB or Macau Pataca) according to their needs.
Banque de France partners with Euroclear Bank on tokenized commercial paper project
According to Ledger Insights, the Banque de France, France's central bank, and Euroclear have jointly launched "Project Pythagore," a project aimed at tokenizing the circulating European Union (NEU) commercial paper market, which currently has an outstanding balance of €310 billion. The two parties plan to officially launch the project by the end of 2026, with France's pilot wholesale central bank digital currency (CBDC) as part of the European Central Bank's "Project Pontes" wholesale distributed ledger technology (DLT) settlement system. France has previously experimented with using distributed ledger technology to process commercial paper, but while it advanced beyond the pilot phase, it ultimately failed to achieve widespread success.
The UK is exploring blockchain for public funds, with share registration expected to be automated
According to Caixin, the UK Financial Conduct Authority (FCA) sought public comment on October 14th on a proposal to support the asset management and fund management industries in embracing tokenization. The proposal provides a compliant path for registering mutual fund units on a distributed ledger (DLT), aiming to reduce costs and increase efficiency in the asset management industry through blockchain technology. According to the draft, the FCA's proposed "blueprint model" allows fund managers to migrate their fund unit registration system to a blockchain without changing the core regulatory framework. Fund custody, valuation, information disclosure, and investor protection requirements remain unchanged, but unit registration can be completed on a distributed ledger.
France's Lise receives approval to establish Europe's first tokenized stock exchange
According to CoinDesk, Paris-based stock exchange Lise announced Thursday that it has become Europe's first company authorized to operate a fully tokenized stock exchange. Targeting the French SME IPO market, the exchange has obtained a Distributed Ledger Technology Trading System (DLT TSS) license from the French financial regulator, the Autorité de Surveillance et des Marchés (ACPR), under the EU's distributed ledger technology pilot regulation. This authorization, developed with the participation of the Bank of France, the European Securities and Markets Authority (ESMA), the Autorité des Marchés Financiers (AMF), and the ECB, allows Lise to act as both a multilateral trading facility (MTF) and a central securities depository (CSD) within a single digital framework. The exchange targets French companies with a market capitalization of less than €500 million and aims for at least half of its issuers to be SMEs with valuations below €200 million. Lise plans to launch its first SME and mid-cap IPOs in early 2026, focusing on sectors such as energy and infrastructure.
The Monetary Authority of Singapore (MAS) today announced the launch of a new initiative, BLOOM (Boundless, Liquid, Open, Online, Multi-Currency), aimed at expanding the settlement capabilities offered by financial institutions. Through BLOOM, MAS will collaborate with the financial industry to enable settlement in tokenized bank liabilities and strictly regulated stablecoins, while also implementing standardized approaches to effectively manage risks in the rapidly evolving field of digital settlement assets. BLOOM will cover multiple G10 and Asian currencies, supporting domestic and cross-border settlements for use cases including corporate treasury management, trade finance, and intelligent agent payments. Initial participants include Circle, Coinbase, DBS, OCBC, UOB, Partior, Stripe, Ant International, and StraitsX.
Local News
CMB International announced a partnership with BNB Chain to further expand the on-chain distribution of CMB International’s USD Money Market Fund through CMBMINT and CMBIMINT tokens.
Through this initiative, CMB International and BNB Chain are leveraging one of the world’s leading blockchain ecosystems to expand access to institutional-grade real-world assets (RWAs) for qualified investors.
The distribution is supported by DigiFT, a licensed tokenized asset exchange, and OnChain, an on-chain capital market investment platform, for the issuance and management of CMBMINT and CMBIMINT tokens.
As of October 10, 2025, the fund ranked first in Bloomberg's Asia-Pacific performance ranking of similar products, with assets under management exceeding US$3.8 billion.
CMBMINT and CMBIMINT tokens (representing shares of the fund) are now deployed on BNB Chain, supporting subscription and real-time redemption in fiat currencies and stablecoins.
Project Progress
Mitsubishi UFJ Launches Personal Security Token Platform "ASTOMO"
According to CoinDesk JAPAN, Mitsubishi UFJ Financial Group (MUFG) and Mitsubishi UFJ Morgan Stanley Securities announced the launch of blockchain digital asset services and the launch of "ASTOMO," a personal security token (ST) trading service. The initial offering will be real estate STs, with a mobile app supporting investments starting from approximately 100,000 yen. MUFG is also preparing to issue publicly offered subordinated social bonds in the form of STs, which will be counted towards Tier 2 capital under banking regulations. This marks a first for the Japanese banking industry.
The Story Ecosystem IPRWA Protocol Aria Foundation was established to promote the iconic IP chain economy , and its platform token $ARIAIP will soon be TGE
Aria has officially announced the establishment of the Aria Foundation, which will oversee the governance of its decentralized protocol and drive the on-chain adoption of iconic IPs. As the infrastructure for tokenizing IP rights, the Aria Protocol has already enabled the on-chain transfer of song royalties from artists such as Justin Bieber, BLACKPINK, and BTS, and issued the IP-based physical asset token, $APL.
The project reportedly completed a $15 million strategic and seed round of funding in September of this year, with investors including Polychain Capital, Neoclassic, and Story Foundation. The Aria Foundation will be responsible for ecosystem resource management, IP asset issuance, and protocol governance, while its subsidiary, Aria Protocol Labs, will continue to provide technical and ecosystem support.
In addition, Aria announced the upcoming launch of its native token $ARIAIP, with details to be announced soon.
According to official news from the MSX platform, the 16-day "MSX Contract King of Glory Championship (First Phase)" ended successfully on October 10, 2025.
The competition featured four major rankings: the Tactics Masters (Rate of Return), the Profit Dominance (Absolute Return), the Volume Champion (Trading Volume), and the Counter-Index Assist (Loss). The champion achieved a return of 380.46%, with the highest absolute return exceeding $478,000 USD. The top trader on the Trading Volume rankings generated over $25.18 million in turnover.
The event offers a total prize pool of 19,000 USDT in US stock tokens, with top three leaderboard rewards distributed in $MP.M and the reverse assist competition rewarded in $PDD.M. The MSX platform stated that it will continue to optimize the competition mechanism and enhance the user experience, and looks forward to achieving even greater success in the next tournament.
Cake Wallet Integrates xStocks: Privacy-Friendly Tokenized US Stock Trading Launches
According to Bitcoin Magazine, Cake Wallet has integrated xStocks, allowing global users to trade stocks like Google, Amazon, and Nvidia in tokenized form within the app, emphasizing privacy and low barriers to entry. Issued by Switzerland-based Backed.fi, the platform has been operating since 2021; users may not have voting rights, and the dividend mechanism is unspecified. Due to regulatory restrictions, the service is not available to the US, Australia, Canada, Belgium, the UK, Afghanistan, Belarus, Cuba, Iran, and North Korea, and may implement geo-screening based on IP addresses. A similar product has been launched by Phantom, which does not require personal information beyond private keys.
Figure deploys its SEC-registered yield-based security token, YLDS, to the Sui blockchain
According to The Block, Figure Technology Solutions (ticker symbol FIGR) will launch its regulated, yield-generating security token, YLDS, on the Sui blockchain. This marks the token's first deployment on a Layer 1 public blockchain outside of the Provenance blockchain. YLDS is a debt security instrument backed by short-term U.S. Treasury bonds and repurchase agreements, registered with the U.S. SEC. The token offers a daily interest accrual and monthly payments equivalent to the Secured Overnight Financing Rate (SOFR) minus 35 basis points. Sui's partnership with Figure aims to generate yield for DeepBook, Sui's ecosystem limit order book, and support the platform's upcoming margin trading. On DeepBook, stablecoins will be automatically converted to YLDS. Furthermore, the project stated that minting YLDS directly on Sui "will ultimately provide Sui users with direct fiat on/off access, allowing them to access US dollars without relying on traditional cryptocurrency exchanges." The two parties plan to collaborate on further integration of YLDS and SUI.
SoloTex receives FINRA approval to launch blockchain-based stock trading platform in the US
According to CoinDesk, Texture Capital and Sologenic's SoloTex platform has received FINRA approval and plans to offer "real on-chain" stock ownership to US retail users. Built by Texture Capital, a FINRA-registered broker-dealer, the platform aims to tokenize traditional stocks and settle them on-chain, making it accessible to retail traders. Executives stated that SoloTex will enable compliant issuance, custody, and secondary trading, supporting the tokenization and transfer of US stock assets.
Backpack Partners with Superstate to Launch SEC-Registered Equity Token
As reported by CoinDesk, Backpack will integrate with Superstate’s Opening Bell platform to provide natively tokenized public stock and index fund trading to investors outside the U.S. The tokens will be SEC-registered products.
Orderly Launches RWA Index Contracts, Supporting SPX500 and NAS100 Perpetuals
DEX infrastructure provider Orderly has officially launched "Orderly RWAs," allowing users to trade perpetual contracts for real-world assets (RWAs) within the DeFi environment. Initially supported are the SPX500 (S&P 500) and NAS100 (Nasdaq 100), offering up to 20x leverage, all settled in USDC, and 24/7 trading.
The platform uses a median oracle model derived from three independent price sources (Finage, Trademade, and Pragma) to ensure accurate and manipulation-resistant prices. It also incorporates a weekend risk protection mechanism that sets price bands and provides liquidity alerts when traditional markets are closed.
BlackRock launches Genius Act-compliant money market fund
According to Business Wire, BlackRock announced the launch of a '40 Act 2a7 money market fund compliant with the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act) to serve the reserve management needs of stablecoin issuers. The fund, called the BlackRock Select Treasury Based Liquidity Fund (BSTBL), enhances liquidity and regulatory compliance by incorporating overnight repurchase agreements, shortening the duration of US Treasury investments, and extending trading hours to 5:00 PM ET.
Insight Highlights
Analysis of the Stablecoin Strategies of Major Global Economies
PANews Overview: As the scale of stablecoin settlement (expected to reach $26 trillion in 2024) approaches that of traditional payment networks, a new "public chain" optimized for stablecoin payments is emerging. Plasma and Stable are Layer 1 public chains focused on USDT. They target payment needs in emerging markets by offering zero fees, instant settlement, and consumer-facing digital banking applications. Arc, launched by Circle, the issuer of USDC, utilizes permissioned validators, providing institutional-grade deterministic settlement and optional privacy features, primarily serving banks and corporate clients. The competition among these emerging stablecoin public chains is essentially an infrastructure extension of the two major issuers, USDT and USDC. Their shared goal is to enhance the stablecoin payment experience and capture more value. Meanwhile, existing mainstream public chains (such as BNB Chain and Tron) are actively responding through measures such as fee reductions. Permissioned chains like Google Cloud's Universal Ledger offer institutions an alternative path to compliance, collectively driving the paradigm shift of stablecoins from transaction collateral to everyday payment infrastructure.
IOSG In-depth Interpretation of Stablecoin Public Chains: Plasma, Stable, and Arc
PANews Overview: This article analyzes the global strategic landscape of stablecoins from a macro perspective, noting that US dollar-denominated stablecoins (USDT, USDC) are expanding at an unprecedented rate, driven primarily by citizens in high-inflation countries (such as Venezuela and Argentina) using them as "digital dollars" for savings and payments, replacing their own rapidly depreciating currencies. This expansion provides the United States with three major strategic benefits: consolidating dollar hegemony (by establishing a parallel dollar economy overseas), easing fiscal pressure (by creating significant demand for US Treasury bonds), and leading the development of future digital financial rules. However, the current market dominance of US dollar-denominated stablecoins (over 99%) also presents structural risks, forcing other major economies to develop their own stablecoins to safeguard their "digital currency sovereignty." The article provides a detailed analysis of the current state of stablecoins in the euro, yen, Australian dollar, Korean won, and Hong Kong dollar, noting that they all face challenges such as insufficient network effects, business model difficulties resulting from low interest rates, and potential competition from central bank digital currencies (CBDCs). This global stablecoin race is not just a commercial competition but also a strategic game between countries for financial discourse power in the digital age.
