Highlights of this issue
This weekly statistical period covers August 29th to September 4th, 2025. The RWA market continued its strong growth this week, with total on-chain market capitalization reaching $28.34 billion. The number of holders also increased by 8.69%, with participation from small and medium-sized investors continuing to rise. The stablecoin market expanded to $277.26 billion, but monthly active addresses plummeted by 22.10%, indicating a decline in retail trading and a dominance of institutional large-scale settlements. EU regulations emphasize the importance of transparency and investor protection. The RWA ecosystem is expanding beyond financial assets into healthcare, with deepening institutional participation and regulatory compliance becoming key trends.
Pivot
Panoramic view of RWA track
According to the latest data disclosed by RWA.xyz, as of September 5, 2025, the total market value of the RWA chain was US$28.34 billion, up 7.62% from the same period last month, maintaining steady growth; the total number of asset holders was approximately 378,000, up 8.69% from the same period last month. The growth rate of asset holders was higher than the growth rate of the total market value of the RWA chain, reflecting the increased participation of small and medium-sized investors; the total number of asset issuers increased to 273.
Stablecoin market
The total market capitalization of stablecoins reached $277.26 billion, a 7.40% increase month-over-month. Monthly transfer volume reached $3.53 trillion, a 7.05% increase month-over-month. The total number of monthly active addresses plummeted to 31.82 million, a 22.10% decrease month-over-month. The total number of holders was approximately 191 million, a slight increase of 1.51% month-over-month. These two factors formed a sharp divergence, indicating a sharp decline in retail trading activity and a dominance of institutional large-scale settlement. The leading stablecoins were USDT, USDC, and USDe. USDT's market capitalization saw a slight increase of 4.24% month-over-month; USDC's market capitalization surged by 12.36% month-over-month; and USDe's market capitalization continued its rapid growth, increasing by 30.81% month-over-month.
Regulatory News
EU regulator warns: Tokenized stocks could mislead retail investors
According to Cryptoslate, Natasha Cazenave, Executive Director of the European Securities and Markets Authority (ESMA), stated that tokenized shares, a new type of digital asset whose price is linked to the share price of a listed company, could give investors a false sense of ownership, thereby undermining market confidence. Cazenave warned that many tokenized share products currently being promoted in the EU do not grant investors actual shareholder rights, such as voting rights or dividend rights. She stated that due to the lack of transparency in how these assets are presented, retail investors may mistakenly believe they hold company shares when in fact they do not.
Cazenave emphasized that while tokenization offers advantages such as fractional share trading and 24/7 market access, the lack of ownership rights presents "specific risks of investor misconception." Proponents argue that tokenization can modernize finance by reducing costs and broadening access to assets ranging from stocks and bonds to real estate. While Cazenave acknowledges this potential, she notes that most existing projects are limited in scale and liquidity, falling far short of achieving the efficiency gains touted by proponents.
Local News
New Town Development announced that it will combine its existing business experience with RWA tokenization technology to advance its strategic deployment of related RWA applications. Furthermore, the New Town Development Digital Asset Research Institute will be established in Hong Kong on August 29th. The institute will coordinate and advance key tasks such as the group's RWA tokenization efforts.
According to Zhitong Finance, recently, Meinian Healthcare Industry Co., Ltd., a wholly-owned subsidiary of Meinian Healthcare Industry Holdings Co., Ltd., signed a "Digital Asset Business Cooperation Framework Agreement" with Guofu Quantum Innovation Co., Ltd. and Beijing North Information Technology Co., Ltd. The three parties will rely on their respective resource endowments to carry out all-round business exploration and cooperation in the field of digital asset RWA, explore new paradigms for releasing the value of equipment and data assets in the health and medical field, and assist in the upgrading and innovative development of the big health industry.
Sanwei Xinan stated on its interactive platform that the company has many years of technical expertise in blockchain security and spearheaded the development of China's first blockchain cryptography industry standard, "Technical Requirements for Blockchain Cryptography Applications." Its blockchain cryptographic machine has passed national commercial secrets certification and is being used in multiple blockchain infrastructure projects.
Furthermore, the company's internationally certified FIPS HSM provides secure digital asset custody services, and its hardware wallet products have been deployed in digital currency exchanges. As Vice Chairman of the Hong Kong Web3.0 Standardization Association, Sanwei Xinan is actively participating in the development of standards for Web3.0 application scenarios such as stablecoins and RWA, and provides products and solutions for RWA data on-chain, hot and cold wallets, and asset custody.
Futian Investment Holding issued the world's first public chain RWA digital bond
Futian Investment Holding announced that it has successfully issued the world's first RWA public offering digital bond in Hong Kong through the Ethereum public chain. The bond has a scale of RMB 500 million, a term of 2 years, a face interest rate of 2.62%, and the token name is FTID TOKEN 001 (Fubi). It is rated A- by Fitch.
Yunfeng Financial announced that it has signed a strategic cooperation agreement with Ant Digital Technology (Ant Digit) and made a strategic investment in Pharos, a Layer 1 public blockchain focused on institutional-grade RWA applications. The two parties will leverage Pharos' high-performance public blockchain, subject to regulatory compliance, to expand into the tokenization of real-world assets (RWA) and related Web3 areas, promoting the integration of blockchain with existing financial services. Both Ant Digit and Pharos are independent third parties of Yunfeng Financial.
Hong Kong Fosun to tokenize $328 million worth of healthcare company shares
According to The Block, Hong Kong-based Fosun Wealth Holdings has launched tokenized shares of Sisram Medical, an Israeli company listed on the Hong Kong Stock Exchange. These shares, valued at approximately $328 million, have been issued via the Vaulta, Solana, Ethereum, and Sonic platforms. The company stated that the initiative leverages Vaulta's "Banking OS" and incorporates Solana into its technical architecture for the issuance and settlement of shares. Sisram Medical, an Israeli medical technology company with the stock code 1696.HK, is the first stock included in the initiative. Fosun also plans to tokenize more corporate bonds and stocks in the future, but has not yet specified the specific companies involved or the timeline.
Project Progress
Kraken partners with Backed to list xStocks on Ethereum , and Moonshot announces listing of xStocks tokenized stocks.
According to CoinDesk, Kraken and Swiss firm Backed have announced the launch of their tokenized stock product, xStocks, on the Ethereum mainnet. Users can deposit and withdraw xStocks on the Ethereum blockchain using ERC-20 tokens, enabling interoperability with DeFi protocols. xStocks has previously launched on Solana, BNB Chain, and TRON, with cumulative trading volume reaching $3.5 billion.
Moonshot has officially announced the launch of tokenized stocks on xStocks, allowing users to participate in traditional markets and trade assets such as NVDAx, COINx, and TSLAx. The service is available in select countries and is not currently available for users in the United States.
MyStonks and Paimon Finance have reached a strategic cooperation to jointly build the RWA ecosystem
MyStonks, a decentralized RWA trading platform, has reached a strategic partnership with Paimon Finance, an RWA protocol. The two parties will carry out multi-faceted collaboration on RWA ecosystem construction and application exploration. At the same time, Paimon is about to launch a new product, Stockpad, which plans to support users to purchase tokenized stocks on the chain at a discount.
It is reported that MyStonks has listed more than 180 US stock tokens, with a cumulative trading volume exceeding US$1.25 billion and nearly 40,000 users; Paimon Finance focuses on tokenizing high-potential assets and has been selected for the BNB Chain MVB Season 8 Accelerator Program and the YZi Labs Incubation Program.
Galaxy Digital Announces Equity Tokenization on Solana Chain
According to The Block, Nasdaq-listed company Galaxy Digital has partnered with Superstate to tokenize its SEC-registered stock, GLXY, on the Solana blockchain. Shareholders can tokenize their GLXY shares and transfer them across DeFi platforms through Superstate's Opening Bell platform, with participation limited to investors who have passed Know Your Customer (KYC). Superstate claims this marks the first time a Nasdaq-listed company's stock has been issued and traded directly on a public blockchain.
Ondo Finance Lists Over 100 US Stocks and ETFs on-chain
According to The Block, Ondo Finance and the Ondo Foundation have launched over 100 US stock and ETF tokens on the Ethereum blockchain, offering 24/7 on-chain trading. The Ondo Global Markets platform is open to qualified users in Asia Pacific, Europe, Africa, and Latin America, with plans to expand to 1,000 assets by the end of the year and support BNB Chain and Solana. The platform supports asset minting, redemption, and on-chain transfers, with partners including OKX Wallet, Bitget Wallet, and Gate, using Chainlink as a price oracle.
RWA commercial lending protocol Kasu receives $1 million in strategic investment from XDC Network
According to official news, RWA commercial lending agreement Kasu announced that it has received a strategic investment of US$1 million from XDC Network.
Kasu is a credit infrastructure platform that connects DeFi capital with vetted, real-world credit opportunities. Backed by institutional lenders and integrated with compliant RWA protocols, Kasu provides depositors with access to yield-generating credit markets through smart contracts and structured tiering.
Insight Highlights
Digging deep into the technical details of RWA, why is ERC-3643 the most suitable token standard?
PANews Overview: ERC-3643 is hailed as the most suitable standard for RWA tokenization because it cleverly strikes a balance between blockchain efficiency and traditional financial compliance. Through its built-in on-chain identity verification system (ONCHAINID), it ensures that only accredited investors who have completed KYC/AML procedures can hold and trade tokens, thereby automatically and in real time enforcing regulatory rules. This not only significantly reduces issuance and long-term compliance costs, but can also be applied to a variety of assets, including stocks, bonds, real estate, and even carbon credits, paving the way for traditional assets to be brought online and provide global liquidity. Consequently, it has garnered significant attention and recognition from regulators, including the US SEC.
Deconstructing the fragile balance of Ant Financial and Guotai Junan's RWA experiment
PANews Overview: Ant Digits' collaboration with Guotai Junan Securities is an ambitious attempt to tokenize traditional financial assets and cross-chain them to Ethereum through blockchain technology, aiming to improve efficiency, attract global capital, and explore new business opportunities. However, this seemingly promising vision is fraught with significant challenges: technically, it relies on a centralized cross-chain bridge, posing security risks; commercially, it is costly and difficult to scale; and most importantly, it navigates a murky area between China's strict data sovereignty and capital controls and Hong Kong and global regulatory rules, facing significant policy uncertainty. Therefore, this is not a full-fledged revolution, but rather a fragile and high-risk strategic experiment balancing multiple contradictions, whose ultimate success depends heavily on the final definition and approval of regulators.
PANews Overview: Stock tokenization uses blockchain technology to convert traditional stocks into digital tokens. It aims to improve transaction efficiency, lower the barrier to cross-border investment, and bridge the gap between traditional finance and the crypto world. Leveraging its three major US financial licenses (transfer agent, broker-dealer, and alternative trading system), Ondo Finance offers a comprehensive, compliant service offering, aiming to promote this innovation within a highly regulated environment. Despite its promising prospects, stock tokenization still faces challenges such as liquidity, compliance, and market acceptance. Whether it represents the next revolution in the financial market, or simply a rebranding of the old, remains to be seen.
