Highlights of this issue
This weekly report covers August 1–7, 2025. The RWA market demonstrated strong momentum in user penetration and tokenized stock activity during the week, with Hong Kong taking center stage. With the official implementation of the Stablecoin Ordinance, opening the license application window, Chinese banks, securities firms, and Hong Kong-listed companies are intensively developing RWA and stablecoin businesses, with frequent strategic investments, partnerships, and financing activities. Meanwhile, infrastructure continues to improve, and project progress accelerates, demonstrating the accelerating integration of RWA with traditional finance and Hong Kong's active pursuit of global hub status.
Pivot
Panoramic view of RWA track
The latest data disclosed by RWA.xyz shows that as of August 8, 2025, the total market value of the RWA chain is US$24.93 billion, a decrease of 1.33% from the same period last month, and the overall scale remains stable; the total number of asset holders is approximately 344,700, an increase of 19.08% from the same period last month, and user penetration continues to accelerate; the total number of asset issuers is 260.
Stablecoin market
The total market capitalization of stablecoins reached $258.25 billion, a 4.96% increase month-over-month. Monthly transfer volume reached $3.30 trillion, a significant 16.26% increase month-over-month. The total number of monthly active addresses and holders reached approximately 39.93 million and 188 million, respectively, showing slight increases of 2.23% and 2.96% month-over-month. These increases are highly correlated, suggesting organic growth in active users. The leading stablecoins are USDT, USDC, and USDe. USDT and USDC saw their market capitalizations increase slightly by 3.29% and 3.78%, respectively, month-over-month, while USDe's market capitalization surged by 79.60%.
Tokenized stock market
The total market capitalization of the tokenized equity sector reached $374 million, a slight decrease of 3.05% month-over-month. Monthly transfer volume reached approximately $330 million, a sharp increase of 47.56% month-over-month, demonstrating high turnover. The total number of monthly active addresses and holders was approximately 55,900 and 60,600, respectively, with a ratio close to 1, indicating strong user stickiness. Month-over-month increases of 17.31% and 20.42%, respectively, highlight the ecosystem's strong growth momentum. The largest stock issuance was by EXOD (the self-hosted platform Exodus Movement), reaching $264 million.
Regulatory News
Hong Kong's Stablecoin Bill officially came into effect on August 1
According to CCTV News, Hong Kong's "Stablecoin Bill" has officially come into effect. This is to establish a licensing system for fiat currency stablecoin issuers in Hong Kong, improve the regulatory framework for virtual asset activities in Hong Kong, in order to maintain financial stability and promote financial innovation.
According to Securities Times, Hong Kong's Stablecoin Ordinance officially came into effect on August 1st. The Hong Kong Monetary Authority has issued the "Guidelines for the Supervision of Licensed Stablecoin Issuers," clarifying the application requirements for issuer licenses. Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong) are expected to be among the first to apply for and receive approval for stablecoin issuer licenses. Chinese banks, sandbox testing companies, large state-owned enterprises, and major internet companies are also actively preparing applications. Initially, securities firms will primarily provide stablecoin trading, custody, and financing services. As of the end of July, 44 financial institutions had upgraded to Type 1 securities trading licenses. Industry insiders caution that the business model for stablecoins remains unclear, and investors should be wary of speculation and risks.
Hong Kong may narrow the scope of its first batch of stablecoin licenses to three or four
According to Caixin, Hong Kong may narrow the scope of its initial stablecoin licenses to three or four companies. The Hong Kong Monetary Authority (HKMA) has recognized, during discussions with the People's Bank of China (PBOC), that under the framework of a regulatory memorandum, primary supervisory responsibility and risk resides with the HKMA. Several branches of Chinese banks and securities firms in Hong Kong are eager to participate in compliant stablecoin operations in Hong Kong, including Bank of China (Hong Kong), Bank of Communications (Hong Kong), China Construction Bank (Asia), CNCBI International, and Guotai Junan International. These efforts involve stablecoin issuance and custody services.
Furthermore, one insider, in an interview about stablecoins, stated that my country currently lacks a globally influential public blockchain. Another insider suggested that the construction of national-level backbone public blockchains should be led by central state-owned enterprises, while the construction of industry-level public blockchains could be open to market competition.
US SEC issues interim crypto accounting guidance: Some stablecoins can be treated as cash
According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) is moving further forward on preliminary cryptocurrency accounting rules, issuing new staff guidance that certain stablecoins can be treated as cash. Under the latest guidance, holding certain dollar-pegged stablecoins can be classified as cash equivalents if they have a guaranteed redemption right and their value is anchored to another asset.
The interim guidance comes as the SEC develops its own rules for crypto-securities. Under Chairman Paul Atkins, the commission has begun rolling back some of its more restrictive policies, including accounting guidance that was previously seen as a barrier for traditional lenders entering the crypto market.
Coinbase and PayPal Continue Stablecoin Reward Programs Despite Genius Ban
According to Decrypt, after the US GENIUS Act came into effect last month, while prohibiting stablecoin issuers from offering users passive income from staking or depositing balances, Coinbase and PayPal continued to offer users annualized returns of 3%-5% through their "rewards programs." Coinbase CEO Brian Armstrong explained during an earnings call that the company is not the issuer of USDC (which is issued by Circle) and that the rewards offered are "rewards," not "interest," and therefore do not violate the new regulations. PayPal also maintains a 3.7% return program on its PYUSD stablecoin through third-party issuer Paxos. Senate staff stated that the bill only regulates the behavior of issuers and does not restrict secondary market service providers.
Local News
Caocao Travel and Shengli Securities cooperate to develop RWA and stablecoin applications
According to Sina Finance, Caocao Travel today signed a memorandum of understanding (MOU) for a strategic virtual asset cooperation with Victory Securities, a licensed Hong Kong financial institution. The two parties will collaborate in three key areas: the tokenization of real-valued asset (RWA), stablecoin payment applications, and the issuance of compliant digital currencies. This collaboration marks the first systematic exploration of the integration of RWA with cutting-edge digital financial instruments such as stablecoins within the domestic travel industry. Caocao Travel's CEO stated that blockchain technology and innovative Web 3.0 models will accelerate the asset tokenization process within the Robotaxi industry.
According to Zhitong Finance, Hanyu Pharmaceuticals and digital asset platform KuCoin officially signed a letter of intent for a strategic partnership on August 4th. The two parties intend to jointly explore and promote mainland China's first RWA tokenization pilot project in Hong Kong, with the underlying asset being the future revenue rights from innovative drug R&D. According to the agreement, Hanyu Pharmaceuticals will leverage its technological expertise and R&D pipeline in the field of blockbuster GLP-1 peptide drugs as the underlying asset. KuCoin will leverage its strengths in blockchain technology, full-process RWA solutions, and global compliance resources to provide integrated support for the project, including on-chain mapping, asset tokenization, transaction matching, and profit distribution.
Delin Holdings plans to invest US$1.29 million in RWA tokenization company Asseto and raise HK$653.3 million to focus on developing blockchain, RWA and virtual asset businesses.
According to an announcement from the Hong Kong Stock Exchange, Hong Kong-listed company Delin Holdings announced that it has signed an equity subscription agreement with RWA tokenized financial technology company Asseto, conditionally agreeing to subscribe for 77,352 Class A ordinary shares issued by Asseto. The total subscription price is US$1,290,335 (HK$10.13 million) and will be paid in cash. It is reported that the subscribed shares account for approximately 3.23% of Asseto's enlarged issued share capital after the subscription.
According to Zhitong Finance, Delin Holdings (01709.HK) announced that on August 7 (before trading hours), the company, the vendors DA Wolf, Mr. Chen, and the placing agent entered into a placing and subscription agreement. On the same day, the company entered into a special mandate subscription agreement with the subscriber (DA Wolf Investment I Limited, a company wholly owned by the company's controlling shareholder, Mr. Chen Ningdi). The total gross proceeds from the transactions contemplated under the placing and subscription agreement and the special mandate subscription agreement are estimated to be approximately HK$653.3 million.
The Company intends to use the aggregate net proceeds from the Top-up Subscription and the Special Mandate Subscription for the following purposes:
(i) approximately 30% to support the Group’s strategic acquisitions and/or investments and to expand its RWA tokenisation programme;
(ii) approximately 15% to develop Bitcoin mining operations and build Bitcoin reserves;
(iii) approximately 7% will be used to establish a licensed virtual asset over-the-counter trading and retail network in Hong Kong, and to apply for and upgrade compliance licenses for virtual asset-related businesses in Hong Kong and other jurisdictions;
(iv) approximately 8% will be used to further develop the Group's digital asset, cryptocurrency and stablecoin related business plans by independently engaging blockchain experts to research and develop related systems and interfaces, or by establishing strategic joint ventures with globally renowned industry players;
(v) approximately 10% will be used to invest in the ONE Carmel premium residential project in the United States to further strengthen the Group’s position and network in Silicon Valley and expand its artificial intelligence and real-world asset initiatives for future development;
(vi) approximately 10% will be used to invest in IT facilities and system upgrades to support the further development of the Group’s digital assets and fintech strategies;
(vii) approximately 10% will be used to create exchange-traded funds and develop quantitative investing, including building new exchange-traded fund products and algorithmic investment capabilities to expand the Group's financial product range;
(viii) approximately 10% will be used to supplement the Group’s working capital and support its daily operations.
According to an announcement from the Hong Kong Stock Exchange, Hong Kong-listed company Yisou Technology announced a strategic investment of US$5 million in Lightnet, a financial technology company under the Charoen Pokphand Group, to support its Web3 technology and cross-border payment business. In addition, Yisou Technology also announced that it will deepen its real-world asset (RWA) strategic layout.
The RWA registration platform was launched in Hong Kong on August 7.
According to Jinshi Data, the RWA registration platform was officially launched in Hong Kong on August 7. It was initiated by the Hong Kong Web3.0 Standardization Association and is committed to realizing the full-process service system of dataization, assetization and financialization of RWA asset tokenization.
On the same day, three standards in the Web3.0 field were launched, including the "RWA Tokenization Business Guide", "RWA Tokenization Technical Specifications" and "Blockchain-based Stablecoin Cross-border Payment Technical Specifications".
Project Progress
Coinbase to launch tokenized stocks and prediction markets in the US
According to CNBC, Coinbase announced that it will launch new services in the US in the coming months, including tokenized stocks, prediction markets, derivatives, and early token sales, expanding its core trading applications beyond cryptocurrencies. Coinbase Vice President Max Branzburg stated that the company is committed to building a "one-stop on-chain exchange" that enables on-chain trading of all assets and promotes a faster and more open global economy. The new services will also be gradually expanded to international markets, with the specific progress depending on regulatory approvals in various regions.
Securitize: BlackRock's BUIDL Fund has paid out over $62.5 million in dividends to date
Securitize, a tokenized asset issuer, announced on the X platform that the BlackRock BUIDL Fund has paid out over $62.5 million in dividends to date, with $9.3 million paid out in July. The fund is currently available on seven blockchains: Aptos, Arbitrum, Avax, Ethereum, Optimism, Polygon, and Solana. The average daily dividend paid on the Aptos chain is $157,170.
DigiFT to Launch CUBX, Southeast Asia’s First Regulated Fintech Loan Tokenization Product
According to an official announcement, Singapore-licensed crypto exchange DigiFT will launch CUBX, Southeast Asia's first regulated fintech loan tokenization product. Issued by Singapore-based Docking Tech, the token is backed by accounts receivable from BantuSaku, an Indonesian P2P lending platform regulated by the OJK. The token has an expected annual yield of 12%. Proceeds from the issuance will be used to provide digital microloans to individuals and small and medium-sized enterprises in Indonesia.
BounceBit Launches First RWA Yield Platform Based on Franklin Templeton On-Chain Treasury Bond Fund
According to Digital Journal, BounceBit has officially launched BB Prime, an innovative yield platform that combines real-world assets (RWAs) with crypto-native strategies. Leveraging Franklin Templeton's on-chain U.S. Treasury bond fund, the platform offers a new model for regulated on-chain yield. BB Prime combines the security of Treasury bonds with the efficiency of blockchain arbitrage, offering users a way to participate in structured financial products without relying on traditional stablecoins. BB Prime runs on BounceBit's proprietary compliant infrastructure, supporting regulated custody, automated capital allocation, and seamless integration with centralized exchanges. Pre-registration for BB Prime is now open for institutions and qualified users.
Particle Network Launches Universal Transaction Layer for RWAs, Stablecoins, and Digital Assets
According to official news, Particle Network has opened up its end-to-end all-in-one infrastructure to create a universal transaction layer for RWAs, stablecoins, and digital assets, with Circle as one of its first cornerstone partners.
Chainlink Launches Real-Time US Stock and ETF Data Streams to Boost the Tokenized RWA Market
Chainlink has officially launched real-time Data Streams, providing sub-second latency price data for US stocks and ETFs, including major assets like SPY, QQQ, AAPL, MSFT, and NVDA. This data, now available across 37 blockchain networks, supports the creation of innovative financial products such as tokenized stock trading platforms, perpetual swaps, and synthetic ETFs.
Leading DeFi protocols such as GMX and Kamino Finance have already begun integrating this technology to develop lending, structured products, and yield strategies based on US stocks. In the future, Chainlink plans to expand asset class support to include commodities, OTC, and forex, increase stock coverage, and launch a developer SDK and more granular contextual data.
Digital asset settlement network Lynq welcomes its first institutional clients
According to The Block, Lynq, the digital asset settlement network jointly developed by Arca Labs, Tassat, and tZERO Group, has officially welcomed its first institutional clients. These include prominent market makers, OTC trading platforms, and liquidity providers such as 1Konto, StoneX, Archax, FinchTrade, GSR, JST Digital, and 677 Financial Group. The Lynq platform, based on Arca's US Treasury bond fund, supports 24/7 real-time settlement and "revenue in transit" functionality, aiming to fill the capital management gap left by the exits of Signature and Silvergate banks. Currently, over 50 institutions are in the onboarding process, with US Bank providing cash custody services for the platform.
Mind Network has officially launched a new protocol, Encrypted Messaging Onchain, which aims to provide native, compliant privacy and communication capabilities for real-world asset (RWA) scenarios such as real estate, stablecoin liquidation, and cross-border payments.
This solution supports automatic key generation by wallets, achieving end-to-end encryption and allowing users to attach structured, encrypted, and verifiable messages to any transaction, meeting compliance requirements for information such as purpose, identity, and auditing in financial activities. Its mechanism is similar to the standard messaging systems used in traditional finance and cross-border trade.
Encrypted Messaging Onchain combines fully homomorphic encryption (FHE) with traditional cryptographic techniques to ensure that sensitive data is accessible only to authorized parties. Officials stated that the blockchain industry currently lacks such an encrypted messaging standard for RWA. This protocol is expected to become a key component in building an "on-chain SWIFT" infrastructure and promote regulatory compliance within the crypto ecosystem.
MyStonks has completed the filing of the U.S. Security Token Offering (STO)
MyStonks announced the successful completion of its U.S. Security Token Offering (STO) filing, securing the regulatory compliance qualification required to issue security tokens to accredited U.S. investors. This marks the full compliance of its core operations with stringent compliance standards, making it one of the few trading platforms globally to have completed this certification. This move will support its global digital securities strategy, enhance market security and transparency, and solidify its leadership in digital asset compliance innovation.
Insight Highlights
As the RWA boom in Hong Kong continues, who will shape the global asset flow landscape?
PANews Overview: Hong Kong is fully embracing the RWA (Real-World Asset Tokenization) trend, leveraging its unique policy advantages (such as the world's first Stablecoin Ordinance to fully regulate fiat-currency stablecoins) and its status as an international financial center to establish itself as a global hub for RWAs. Experts believe that Hong Kong's "One Country, Two Systems" policy, common law system, and role as a "super hub" connecting mainland China's vast assets with global capital markets provide unparalleled conditions for the development of RWAs. The core value of RWAs lies in breaking the temporal and spatial constraints of physical asset flows and enabling efficient global allocation. Hong Kong aims to become a key springboard for the "on-chain" (digitalization and cross-border circulation) of Chinese and global assets, particularly in cross-border financing, payment settlement, and green finance. There are currently multiple paths for asset on-chain integration (such as tokenized fund bonds, on-chain contract financing, and stablecoin clearing systems), and Hong Kong sits at the intersection of these. Looking ahead to the next three years, experts are generally optimistic about the large-scale development of RWA in areas such as fixed income assets, supply chain finance, and cross-border trade. They believe that Hong Kong, with its policy environment, compliance framework, and innovation capabilities, has the potential to become an "offshore center" to promote this process and the core engine of the global RWA ecosystem.
PANews Overview: Gold tokenization is a new approach to addressing the pain points of holding physical gold for businesses, particularly gold mining companies, such as high storage and insurance costs, poor liquidity, and lack of returns. Leveraging blockchain technology, it allows gold assets to be partially owned and easily traded, similar to digital assets, improving liquidity and accessibility. The article emphasizes that successful gold RWA projects require innovative economic model design and should not simply replicate traditional gold ETFs (which only provide returns based on price fluctuations). The article introduces an innovative "dual-currency model": a token (GPRO, pegged to the value of raw gold) that circulates and allows for easy payment, like cash; and an NFT (GEM NFTs, traceable and redeemable), representing ownership of physical gold like a collector's certificate. This combination of tokens addresses high-frequency trading needs while ensuring long-term value storage. Furthermore, establishing full-chain transparency (such as independently audited reserves, real-time data synchronization, and full traceability) is key to addressing trust issues. Finally, the article identifies the challenges (trust, efficiency, and compliance) and solutions for gold tokenization, revealing common principles across the entire RWA sector. If companies want to enter the RWA field, they need to systematically think about whether the assets are suitable for tokenization, how to design the economic model, how to meet global compliance requirements, and how to connect ecological resources. This provides a reference path for the digital issuance of various assets.
PANews Overview: The current RWA (Real World Asset Tokenization) boom is fueled by a surge in popularity. Its core value lies in bridging traditional finance and the crypto world, with enormous potential (estimated to reach $16 trillion in the future). Market opportunities are primarily concentrated in regulatory-friendly regions (such as Hong Kong, Singapore, and the Middle East) and in industries with robust data and clear value propositions (such as US tokenized securities, power infrastructure, high-end alcohol, financial assets, and leasehold). Experts point out that successful RWA projects must address cross-chain liquidity (enabling the free flow of assets across different blockchains) and the key challenge lies in establishing trust (ensuring that on-chain credentials truly correspond to off-chain assets, which requires IoT data on-chain and transparent auditing). Regulatory divergence is evident: the EU and Hong Kong tend to treat RWAs as securities, subjecting them to strict regulation (high compliance costs), while maritime law jurisdictions such as Singapore and Dubai are more flexible and encourage innovation. For businesses, not all RWAs are suitable; they need to assess their asset characteristics, compliance costs, and technical capabilities. Some domestic projects (such as Hainan Huatie) face hype and compliance risks, lacking true global liquidity. In the future, RWA will not only bring liquidity premium (increase asset value), but is also likely to reshape global asset flow rules by lowering barriers (such as allowing users in developing countries to invest in high-quality assets) and innovating models. However, the prerequisite is that the regulatory framework needs to find a balance between risk control and encouraging innovation.
PANews Overview: The recently passed GENIUS Act and CLARITY Act in the United States have brought significant changes to the crypto industry, particularly the real-world asset (RWA) sector. The GENIUS Act has injected significant capital into the stablecoin market and strengthened the foundation of digital payments, while the CLARITY Act has eliminated regulatory ambiguity and opened up new opportunities for small and medium-sized enterprises (SMEs) to leverage RWA for financing. However, SMEs face significant challenges in seizing these opportunities: the CLARITY Act imposes high barriers to entry, both in terms of technology (such as strict decentralization requirements and flawless smart contracts) and compliance (such as complex "blockchain maturity" certification processes and anti-money laundering regulations). Therefore, SMEs must rely on professional institutions (providing technical support, compliance guidance, and resource connections) to effectively overcome these obstacles, capitalize on the financial momentum generated by the Act, and transition from being "bystanders" to "pioneers" of the RWA boom.
RWA Token, Why Does the On-Chain World Also Have an "Augusta Club"?
PANews Overview: On-chain real-world asset (RWA) tokens (such as tokenized government bonds and private credit) are highly concentrated (held by only a few addresses). On the surface, they appear exclusive, but in fact they are the inevitable result of meeting strict financial regulatory compliance requirements (such as limiting qualified investors) and improving operational efficiency (reducing compliance costs and serving large institutional clients). Although this "membership club" model conflicts with the open spirit of blockchain, it ensures the feasibility and asset quality of the system. With the improvement of the regulatory framework (such as the GENIUS Act) and the development of infrastructure, access restrictions are expected to gradually decrease in the future. The current exclusivity is more of an efficiency tool during the regulatory transition period rather than an end in itself.
Figure's IPO push is bringing the RWA sector its "Circle moment"?
PANews Overview: Figure's IPO filing with the SEC marks the transition of the RWA (Real World Asset) sector from concept to scale. Leveraging its nearly 50% share of the tokenized private credit market (with cumulative loans totaling $11 billion), its proprietary public financial blockchain, Provenance Blockchain, its compliant stablecoin YLDS, and its asset transfer platform, Connect, Figure has built a competitive advantage through technology, compliance, and product offerings. The RWA sector holds enormous potential (the private credit market is $3 trillion, and PwC predicts the tokenization space will reach $31 trillion), and traditional institutions such as BlackRock and Franklin Templeton have already entered the market. However, the industry still faces three major challenges: on-chain and off-chain asset trust mechanisms, asset structuring requirements, and the positioning of blockchain technology as an efficiency tool rather than a new product. Figure's IPO not only validates its business model but also has the potential to reshape traditional asset circulation and financial democratization, becoming a bridge between traditional finance and the crypto world, heralding the emergence of a new trillion-dollar financial era for RWA.
DeFi's " Godfather " operates RWA, and the tokenized asset management platform Superstate has attracted hundreds of millions of dollars in two years.
PANews Overview: Robert Leshner, a prominent figure in the DeFi space and founder of Compound, founded Superstate, a company focused on compliant tokenized asset management (RWA). In just over two years since its founding, Superstate has successfully launched three products: the tokenized short-term Treasury bond fund USTB, the crypto arbitrage fund USCC, and the tokenized stock platform Opening Bell, attracting hundreds of millions of dollars in capital. Its core strategy is to convert traditional financial assets (such as Treasury bonds and stocks) into on-chain tokens. While maintaining regulatory compliance (such as registration with the US SEC), it leverages the advantages of blockchain technology: increased efficiency, lower transaction costs, enhanced liquidity, and the ability to interact with DeFi protocols (for example, as collateral). Superstate's success stems from its strict adherence to compliance priorities and its active promotion of industry standards and policy breakthroughs (such as lobbying for securities issuance on public blockchains). Founder Leshner firmly believes that tokenization is the future of the financial market and can address the inefficiencies of traditional financial asset ownership changes. Its Treasury bond fund has currently performed strongly (with over $400 million in assets), and its arbitrage fund has delivered returns significantly higher than traditional peers (approximately 16% annualized). Superstate represents a successful model in the RWA sector that combines traditional assets, blockchain efficiency, and strict regulation.
PANews Overview: Water assets offer stable returns and continuous cash flow, highlighting new investment opportunities in conjunction with RWAs. RWAs (Real World Assets) primarily refer to the use of blockchain technology to transform tangible or intangible assets (such as real estate, bonds, and stocks) into tradable digital tokens on-chain. Their core purpose is to transform the income rights of physical assets into digital tokens. As of July 30, 2025, the total RWA on-chain reached $25.17 billion, with a total stablecoin value of $253.66 billion. Domestically, RWAs have already been applied in the public environmental protection sector. In July 2025, Jinke Environment and Kunheng International signed a framework agreement on RWA issuance cooperation. The two parties will jointly explore the issuance of RWAs based on the new Water Island product, jointly pioneering the digital circulation and efficient management of water assets and enhancing their market value. Water assets have the characteristics of data visualization and asset verifiability, which provides a solid foundation for their deep integration with blockchain technology; secondly, water assets have stable cash flow and highly predictable returns, which gives the assets rigid demand and anti-cyclical characteristics. We should pay attention to investment opportunities in water assets under innovative financing models.
