Highlights of this issue
This weekly statistical period covers August 15–21, 2025. This week, the total market capitalization of RWA on-chain continued its upward trend, with the number of holders expanding by 13.75%, but activity in the tokenized stock market has cooled significantly. On the regulatory front, the US Treasury Department publicly solicited innovative proposals for stablecoin monitoring in connection with the Genius Act, and the Federal Reserve meeting minutes repeatedly discussed the impact of stablecoins on US Treasury demand and the financial system, signaling a continued deepening of the regulatory framework. Traditional giants such as S&P, Toyota, and DBS Bank are actively deploying RWA in financial products, physical assets, and consumer goods, indicating that the penetration of RWA tokens is accelerating.
Pivot
Panoramic view of RWA track
According to the latest data disclosed by RWA.xyz, as of August 22, 2025, the total market capitalization of the RWA chain is US$26.44 billion, up 4.21% from the same period last month, with the scale steadily increasing; the total number of asset holders is approximately 366,200, up 13.75% from the same period last month, and the overall user scale continues to grow; the total number of asset issuers is 263.
Stablecoin market
The total market capitalization of stablecoins reached $267.46 billion, a 5.86% increase from the same period last month. Monthly transfer volume reached $3.44 trillion, a significant 14.16% increase from the same period last month. The transfer volume growth rate significantly outpaced the market capitalization growth rate, indicating an increase in unit currency turnover. The total number of monthly active addresses was approximately 37.29 million, a decrease of 8.59% from the same period last month. The total number of holders was approximately 189 million, a slight increase of 2.20% from the same period last month. The leading stablecoins were USDT, USDC, and USDe. The market capitalizations of USDT and USDC saw slight increases of 3.17% and 4.35% month-on-month, respectively, while the market capitalization of USDe surged by 84.21% month-on-month.
Tokenized stock market
The total market capitalization of the tokenized equity sector reached approximately $356 million, a 13.03% decrease from the same period last month. Monthly transfer volume reached approximately $254 million, a 26.67% decrease from the same period last month. The total number of monthly active addresses reached approximately 32,500, a sharp drop of 55.61% from the same period last month, indicating a cooling of market sentiment. The total number of holders reached approximately 61,160, a 7.47% increase from the same period last month. The largest stock issuance was EXOD (the self-custodial platform Exodus Movement), with approximately $244 million in volume.
Regulatory News
In accordance with the GENIUS Act, the U.S. Treasury Department is publicly soliciting financial institutions to submit innovative approaches to detecting illicit digital asset activity, including APIs, artificial intelligence, digital identity verification, and blockchain monitoring. The public is required to submit comments by October 17 (within 60 days), and their submissions will be used to evaluate the tools' effectiveness, cost, privacy, and cybersecurity.
The Federal Reserve released minutes of its July meeting, which noted that many participants discussed recent and future developments related to payment stablecoins and their potential impact on the financial system. These participants noted that the recent passage of the GENIUS Act (United States Stablecoin Guidance and National Innovation Act) could increase their use. They stated that payment stablecoins could help improve the efficiency of the payment system and observed that such stablecoins could increase demand for their underlying assets, including U.S. Treasury securities. Furthermore, participants expressed concern that stablecoins could have broader implications for the banking and financial systems, as well as for the implementation of monetary policy, worthy of close scrutiny, including monitoring the various assets used to back them.
Federal Reserve meeting minutes show that officials are closely monitoring the growth of stablecoins and their associated risks after the passage of the Genius Act.
According to statistics from the financial blog Zero Hedge, stablecoins were mentioned 8 times in the minutes of this Federal Reserve meeting.
Local News
OSL Group and Zhongshouyou reached a strategic cooperation on stable currency ecology
On August 15th, OSL Group and CMGE announced a strategic partnership agreement to integrate OSL's compliant virtual asset financial infrastructure with CMGE's global IP gaming ecosystem, promoting the adoption of stablecoins in gaming payments and the real economy. The two parties will connect OSL's stablecoin service network for financial institutions with CMGE's payment solutions, accelerating the adoption of compliant stablecoins in the digital entertainment and industrial sectors.
According to the Science and Technology Innovation Board Daily, Shenzhen Longgang District Data Co., Ltd., the only mainland strategic partner of the Hong Kong Web3.0 Standardization Association, has signed a strategic cooperation agreement with the association. The company will participate in the development of the world's first RWA asset registration platform ecosystem, launched in Hong Kong on August 7th. The two parties plan to jointly establish a cross-border data compliance mutual recognition mechanism, creating a full-cycle service platform covering asset ownership confirmation, trusted evidence storage, and compliant asset transfer. Leveraging Shenzhen's industrial foundation and Hong Kong's international hub, the platform will explore a model of "mainland asset digitization, Hong Kong digital financialization, and global circulation compliance" to support domestic and international dual circulation.
Project Progress
According to Cointelegraph, S&P Dow Jones Indices is in discussions with major exchanges, custodians, and decentralized finance protocols to launch tokenized versions of its benchmark index products. Earlier this year, the company partnered with Centrifuge, licensing the tokenized S&P 500 index. According to Stephanie Rowton, a director at S&P Dow Jones Indices, the move aims to establish a robust infrastructure to support tokenized index trading. The plan primarily considers transparency, security, and regulatory compliance, and may expand to tokenizing other flagship indices, such as the Dow Jones Industrial Average.
Orama Labs is about to release its first product, LaunchPad, which aims to build a next-generation asset tokenization protocol to address the inefficiencies in traditional scientific research funding and resource allocation. Hong Kong Kaiying will also provide Orama Labs with core AI technology support.
The platform builds a closed-loop ecosystem from scientific research to commercial use by funding the development of scientific research experiments, confirming intellectual property rights, solving information silos and community governance, and promoting the innovative development of on-chain scientific research.
PYTHIA, the core governance token of the platform, is used to incentivize scientific research contributors, fund high-quality scientific research projects, and drive on-chain governance.
Scottish distillery Bowmore and Avalanche launch first tokenized whisky collection
Long-established Scottish distillery Bowmore has partnered with blockchain platform Avalanche to release its first tokenized whisky collection, combining rarity with digital ownership. The collection will officially debut at the TOKEN2049 event in Singapore on September 30th, with pre-sales now open. The initial offering includes the Bowmore 30 Year Old Collector's Edition (limited to eight bottles) valued at $5,500 and the Bowmore 12 Year Old (limited to 150 bottles) valued at $180. Each bottle of whisky is tied to a uniquely numbered NFT (Non-Fermented Toll Free), providing verifiable ownership and tamper-proof authentication.
Decentralized RWA platform MyStonks launches ETF US stock token MSTX.M
MyStonks platform simultaneously launched the ETF US stock token $MSTX.M. The platform has previously launched the leveraged inverse ETF $MSTZ.M.
$MSTX.M is a leveraged ETF based on Defiance ETFs' MSTX. This product tracks approximately 2x the intraday performance of MicroStrategy's (MSTR) stock price. Through tokenization, investors can conveniently participate in high-volatility investment opportunities related to MicroStrategy and its Bitcoin assets on-chain.
VCI Global Limited (NASDAQ: VCIG), a Nasdaq-listed company, announced a $2 billion partnership with digital asset holders to establish a sovereign-grade crypto infrastructure joint venture backed by 18,000 BTC (currently valued at approximately $2.16 billion).
VCI Global holds a 70% stake and is responsible for commercialization and infrastructure management, while the partners retain custody of BTC assets. The project will promote the institutional application of cryptocurrencies, including the tokenization of real-world assets backed by BTC, the monetization of encrypted storage, and the integration of AI computing.
SkyBridge Capital plans to tokenize $300 million in assets on Avalanche
SkyBridge Capital, the investment firm led by Anthony Scaramucci, announced plans to tokenize approximately $300 million in assets and deploy them on the Avalanche blockchain. This represents approximately 10% of SkyBridge's assets under management, including funds focused on non-securities like Bitcoin and other portfolio funds. The tokenization will be accomplished through its partner, Tokeny.
SkyBridge’s move follows a recent trend among financial giants such as BlackRock and Franklin Templeton to tokenize their assets on the blockchain.
The Avalanche network currently holds nearly $2 billion in assets. SkyBridge hopes to promote the integration of traditional finance and blockchain technology through this tokenization, while demonstrating the cost-saving advantages of blockchain.
Stellar Development Foundation invests in UK-based Archax to promote tokenization of RWA assets
According to CoinDesk, the Stellar Development Foundation announced an investment in Archax, a UK-based digital asset platform, to promote the tokenization of real-world assets (RWAs) based on the Stellar blockchain. Archax has integrated Stellar into its own tokenization tool and listed the Aberdeen Money Market Fund token on the network. The parties did not disclose the specific investment amount. The RWA market currently has a value of $26 billion and is expected to grow to $1 trillion by 2030.
Bitget launches the first RWA index perpetual contract, with TSLA, NVDA and CRCL listed as the first
Bitget has officially launched the industry's first RWA index perpetual contract. The first assets listed are AAPL/USDT (RWA), NVDA/USDT (RWA), and CRCL/USDT (RWA).
The underlying assets of RWA contracts are composed of RWA indices of tokenized, publicly traded stocks. Each index contains multiple RWA tokens that track prices from different third-party issuers. Its pricing mechanism is modeled after crypto perpetual contracts, dynamically adjusting the index source based on factors such as market activity, trading volume, and liquidity. Weights are disclosed regularly to ensure pricing flexibility and fairness.
The RWA Index Perpetual Contract utilizes a 24/5 trading system. Prices are frozen on weekends and during market closures to prevent liquidations. Order cancellations are supported, but new order submissions are suspended. Funding settlement resumes upon resumption of trading. The product follows the trading mechanisms and liquidation processes of existing crypto perpetual contracts. The initial leverage limit is set at 10x, and only isolated margin trading is supported. Position limits are set across the platform to manage risk.
The initial pricing of this product will be based on the stock tokens of the xStocks platform. It is planned to include more trusted issuers in the near future and expand the RWA perpetual contract category this quarter.
According to official news from StableStock, the TraDeFi platform has completed a seed round of financing with the participation of YZi Labs, MPCi (formerly Matrix Partners) and Vertex Ventures, and successfully completed the YZi Labs Easy Residency project.
StableStock is reportedly focused on the on-chain stock ecosystem, aiming to bring trillions of dollars of equity liquidity to DeFi. The platform has now officially entered the public beta phase and is open to all users.
Kraken and Backed Partner with TRON DAO to Promote Stock Tokenization and Integrate xStocks on TRON
Kraken and Backed announced a strategic partnership with TRON DAO to integrate xStocks onto the TRON blockchain, further expanding the application of stock tokenization. xStocks, jointly launched by Backed and Kraken, is an industry-standard stock token. Kraken users will be able to deposit and access xStocks directly on the TRON blockchain in eligible regions. The token will be implemented as a TRC-20, ensuring full 1:1 backing of each token asset.
DigiFT, an on-chain RWA exchange, announced the completion of a new round of strategic financing in August 2025, led by SBI Holdings, Japan's largest financial group, with participation from Mirana Ventures, Offchain Labs (Arbitrum), Yunqi Capital, and global fintech executives. This round brings DigiFT's total funding to $25 million. The funds will be used to expand tokenized products, enhance secondary market liquidity for RWA, expand on-chain application scenarios, and build a compliant smart contract infrastructure.
Singapore's DBS Bank Launches Tokenized Structured Notes on Ethereum
According to CoinDesk, DBS Bank, Singapore's largest bank, announced the issuance of tokenized structured notes on the Ethereum blockchain. These notes are available to qualified and institutional investors on local exchanges ADDX, DigiFT, and HydraX. The first product is a participatory note tied to a cryptoasset, with cash settlement upon price appreciation and loss capping upon price depreciation. The note unit size has been reduced from the traditional $100,000 to $1,000, improving liquidity and trading convenience. Trading volume for these products exceeded $1 billion in the first half of 2025, with a nearly 60% quarter-over-quarter increase in the second quarter. DBS plans to expand into equity and credit notes in the future.
Toyota releases Avalanche-based MON blockchain framework to promote vehicle asset tokenization
According to BeInCrypto, Toyota Blockchain Lab has released a white paper on the Mobility Orchestration Network (MON), which transforms vehicles into tradable digital assets based on the Avalanche multi-chain architecture. MON uses NFTs to establish digital identities for vehicles, integrating legal, technical, and economic proofs to securitize fleet assets. The framework supports electric vehicle fleets, self-driving taxis, and logistics, encompassing registration, insurance, and operational data. It manages securities issuance, ownership, operations, and payment settlement across four Avalanche L1 chains. MON aims to facilitate cross-industry and cross-border compliance and asset circulation, and is currently in the proof-of-concept phase.
Insight Highlights
PANews Overview: This article argues that the focus of cryptocurrency competition is shifting from general-purpose Layer 2 (L2) to specialized blockchains tailored for stablecoin payments. This is because existing public chains (such as Ethereum and Solana) cannot fully meet the core requirements of payment scenarios, including massive transaction volumes, low latency, predictable and low costs, and built-in fiat currency channels. The article details seven specialized chains (such as Plasma, Arc, and Tempo) launched by giants such as Tether, Circle, and Stripe. Their common features include: using stablecoins to pay gas fees, sub-second finality, extremely low transfer costs, native fiat currency on-ramps, and end-to-end optimization for specific financial use cases (payments, foreign exchange, and settlements). This competition is essentially about dominance in the infrastructure that will govern future global capital flows, and the ultimate winners are likely to be those platforms that can be "invisibly" integrated into everyday payment scenarios (such as checkout, payroll, and cross-border remittances).
PANews Overview: This article depicts the explosive growth of the Latin American stablecoin market, driven by practicality. Amidst high inflation and capital controls in the region, stablecoins, as "digital dollars," are widely used for savings, payments, cross-border remittances, and hedging against local currency devaluation, far surpassing other cryptocurrencies in terms of practicality. Brazil and Mexico are leading the way. Brazil boasts the most diverse ecosystem of local currency (real) stablecoins, with trading volume surging 230-fold from 2021 to 2025, primarily used for B2B payments and on-chain settlements. Mexico's market is dominated by two major peso stablecoins: MXNB (for small retail payments) and MXNe (for large institutional settlements). These local stablecoins, through integration with local instant payment systems (such as Brazil's PIX) and the establishment of liquidity pools on global decentralized exchanges, have successfully bridged the gap between local fiat currencies and on-chain US dollars, fostering a vibrant localized financial ecosystem.
PANews Overview: This article reveals the intense conflict of interest between traditional banks and emerging stablecoin issuers. The American Bankers Association (ABA) joined 52 other institutions in opposing Section 16(d) of the Genius Act, which allows state-chartered institutions without federal insurance to operate stablecoin businesses across state lines, creating "regulatory arbitrage." The banking industry's fundamental concern is that payment giants (such as Stripe) and stablecoin issuers (such as Tether and Circle) could attract users by offering yield incentives, leading to a massive outflow of bank deposits (estimated to be trillions of dollars), which would directly increase banks' funding costs and weaken their lending capacity. Meanwhile, stablecoin issuers have become significant buyers in the U.S. Treasury market (Tether, for example, is the seventh-largest holder), and their influence is growing. Despite the competition between the two sides, the article also suggests the potential for a "co-opetition" relationship in the future, with banks becoming stablecoin custodians and service providers. Meanwhile, giants like JPMorgan Chase are already exploring their own "tokenized deposit" businesses.
PANews Overview: This article analyzes the three main current models for tokenizing US stocks. Robinhood uses a "derivatives contract" approach, where users purchase a financial contract that tracks the stock price rather than the stock itself. Its advantage lies in leveraging existing brokerage licenses and a large user base, but its ecosystem is closed and unable to interact with external DeFi platforms. xStocks, on the other hand, takes an open approach, leveraging "real assets on-chain." Using a Swiss legal structure and an SPV (Special Purpose Vehicle) to hold real stocks at a 1:1 ratio, its tokens can be freely traded on the Solana chain and integrated with DeFi protocols. However, its success depends on establishing sufficient liquidity and gaining long-term regulatory tolerance. StableStocks is a "hybrid" model, where a partner broker actually holds the stocks, while users, as beneficiaries, issue tokens on the BNB chain. Its hallmark is the "DeFi-lite" yield-enhancing features offered within its own platform, balancing user experience with complexity. The article argues that the key to success in this competition lies not in technology but in who can first create irreplaceable value for users (such as an ultimate user experience, a rich ecosystem, or a large user base).
