Highlights of this issue
This weekly statistical period covers September 26–October 3, 2025. This week, the RWA market showed a combination of steady growth and structural divergence: total on-chain market capitalization and the number of asset holders increased simultaneously, but the entry of new issuers nearly stagnated, indicating a shift from scale expansion to cultivating existing assets. Stablecoin market capitalization continued to grow, but transfer volume and monthly active addresses declined significantly, reflecting shrinking liquidity and the withdrawal of retail investors. Global regulatory approaches are diverging. Hong Kong is steadily advancing stablecoin licensing and expanding its tokenized bond pilot program, considering central bank digital currency subscriptions. The European Union is pushing for restrictions on multi-issuer stablecoins. RWAs are expanding beyond fixed income to diversified assets such as equities, index funds, and intellectual property. AlloyX and Circle have already launched tokenized money market funds, while FG Nexus, Securitize, and Republic are tokenizing equity assets.
Pivot
Panoramic view of RWA track
According to the latest data disclosed by RWA.xyz, as of October 3, 2025, the total market capitalization of the RWA chain was US$32.56 billion, a month-on-month increase of 12.28%; the total number of asset holders was approximately 412,100, a month-on-month increase of 9.18%; the total number of asset issuers increased slightly to 222, only 1 more than the previous month, and the entry of new issuers has almost stagnated.
Stablecoin market
The total market capitalization of stablecoins reached $289.86 billion, a 5.78% increase month-over-month. Monthly transfer volume fell to $3.27 trillion, a 7.59% decrease month-over-month. The total number of monthly active addresses shrank to 27.06 million, a sharp drop of 19.60% month-over-month. The total number of holders, approximately 192 million, saw near-zero growth. This marked divergence between the two, indicating deteriorating market liquidity and intensifying structural imbalances: market capitalization expansion relies on the accumulation of existing funds, while the accelerated withdrawal of retail investors has led to a continued deterioration in transaction frequency and network activity. The leading stablecoins were USDT, USDC, and USDe. USDT's market capitalization saw a slight increase of 5.89% month-over-month; USDC's market capitalization rose by 3.05% month-over-month; and USDe's market capitalization remained largely unchanged, increasing by 18.31% month-over-month.
Regulatory News
According to an exclusive interview with Caixin.com, Xu Zhengyu of the Hong Kong Treasury Department stated that applications for compliant stablecoin licenses are proceeding according to the original framework, with the first batch of licenses expected to be issued in early 2026 as planned. Hong Kong's regulatory focus is clear: achieving a balance between innovation, integration into the real economy, and risk management. The first stablecoin to be implemented will be the Hong Kong dollar stablecoin.
Regarding the issuance of RMB stablecoins in Hong Kong, Xu Zhengyu stated that from Hong Kong's perspective, the legal framework allows for the use of different fiat currencies as underlying stablecoins. However, currency carries sovereign will and strategic considerations. A peg to the RMB must take into account national exchange rates and monetary policies, requiring a comprehensive assessment of the risks and pros and cons. Furthermore, the Hong Kong Inland Revenue Department has clarified that the purchase, sale, or transfer of tokenized ETF shares or units on licensed digital asset trading platforms or other platforms in Hong Kong is exempt from stamp duty.
Market News: EU regulators push for ban on multi-issuer stablecoins due to concerns about collapse
The European Central Bank is seeking support for a ban on stablecoins issued simultaneously in the EU and other jurisdictions, setting the stage for future conflicts over how operators like Circle and Paxos manage their operations across borders. The European Systemic Risk Board (ESRB), which oversees the safety of Europe's financial system, adopted a recommendation last week calling for a ban on so-called "multi-issuance" stablecoins, according to people familiar with the matter. The guidance, approved by a high-level committee of central bank governors and EU officials, is non-binding but will put pressure on regional regulators to implement restrictions or explain how financial stability will be maintained in their absence.
According to Jinshi.com, the Hong Kong Monetary Authority (HKMA) revealed that as of September 30th, it had received applications for stablecoin licenses from 36 institutions, including banks, technology companies, and others. The HKMA will review applications in accordance with the Stablecoin Ordinance and aim to announce the first batch of licenses early next year, with only a limited number of licenses to be issued in the initial phase. Previously, the HKMA encouraged interested institutions to contact the HKMA by August 31st and submit their applications by September 30th.
According to Hong Kong media Ming Pao, Ye Zhiheng, executive director of the intermediary agency department of the Hong Kong Securities and Futures Commission, which is in charge of virtual asset transactions, said in an interview with Hong Kong media that RWA accounts for less than 1% of the global digital asset management scale (AUM), and transaction volume is far less than 1%. The RWA tokenized products currently on the market are mainly related to fixed-income products (such as money market funds). If they are to be applied to securities trading and settlement, the latency of blockchain technology has no advantage over the high efficiency of traditional exchange trading and settlement systems. It is difficult to cooperate with high-frequency trading and is temporarily unsuitable for stock trading.
Ye Zhiheng also revealed that there are about 300 colleagues in the Intermediary Institutions Department of the Hong Kong Securities and Futures Commission, 50 of whom are highly involved in the supervision of virtual assets. Their responsibilities include licensing, AML, etc., and they plan to hire external personnel to improve work efficiency.
Local News
Hong Kong's third batch of tokenized bonds may be subscribed to central bank digital currency
According to Caixin.com, according to data disclosed by Hui Wai-chi, Assistant Director (External Affairs) of the Hong Kong Monetary Authority, the Hong Kong Special Administrative Region Government has issued RMB, Hong Kong dollar, euro and US dollar bonds with a total value of approximately HK$386 billion through the "Government Sustainable Bond Program" and the "Infrastructure Bond Program" since 2019. In February 2023 and February 2024, it successfully issued two batches of tokenized green bonds with a scale of US$100 million and US$750 million respectively. The third batch of tokenized bonds will not only tokenize the asset side, but also consider the implementation of tokenization on the capital side. Given that the tokenization of Hong Kong's capital side developed early and the most mature one is the central bank digital currency (CBDC), the capital side of this batch of tokenized bonds may be connected to CBDC subscription.
Hong Kong-listed company CMGE (00302.HK) announced a strategic partnership with institutional-grade crypto-financial services provider Amber International Holding Limited. The two parties will jointly advance the "Chinese Paladin" IP RWA program, ensuring regulatory compliance.
According to CoinDesk, Hong Kong stablecoin infrastructure company AlloyX announced that it has partnered with Standard Chartered Bank and Polygon to launch a tokenized money market fund called RYT on the Polygon network. Standard Chartered Bank will provide asset custody services for the fund.
AlloyX, which was recently acquired by Hong Kong-listed Solowin Holdings, said RYT will initially be available only on the Polygon network, with plans to expand to other networks in the future.
Project Progress
Centrifuge Launches S&P 500 Index Fund SPXA on Base Network
According to CoinDesk, the RWA project Centrifuge announced the launch of SPXA, the first blockchain-based S&P 500 index fund licensed by the S&P Dow Jones Indices, on the Coinbase Base network. Managed by Janus Henderson and Centrifuge's Anemoy, the fund offers 24/7 trading and public holdings. FalconX serves as an anchor investor, while Wormhole is responsible for cross-chain expansion.
Several UK institutions have launched a tokenized deposit pilot project. Quant has revealed that it has been selected to provide infrastructure for the UK's tokenized sterling deposit project.
According to Global Markets, the UK's largest lenders are moving forward with plans to launch tokenized versions of customer deposits next year. This initiative responds to Bank of England Governor Andrew Bailey's call for tokenization technology to be prioritized over stablecoins. The UK Finance Association revealed on Friday that HSBC, NatWest, Lloyds Bank, and others have launched pilot projects using tokenized deposits for payments through online marketplaces. The UK tokenized deposit pilot, which also involves Barclays, Nationwide Building Society, and Santander, will run until mid-2026. The pilot will also test the use of tokenized deposits in mortgage refinancing and digital asset settlements.
Although the UK's Financial Conduct Authority (FCA) isn't expected to finalize stablecoin regulations until the end of 2026, the Bank of England has made it clear that banks can experiment with tokenized deposits within the existing regulatory framework. Currently, several major banks are simultaneously researching tokenized deposits and stablecoins. Citigroup's CEO stated in July that tokenized deposits could potentially surpass stablecoins in importance.
Gilbert Verdian, CEO of Quant, said on the X platform: "Quant has been selected to build new payment infrastructure and banking technology for the UK's Tokenized Sterling Deposit (GBTD) project. The project is a groundbreaking financial market infrastructure initiative led by UK Finance and in partnership with major commercial banks including Lloyds, Barclays, HSBC, NatWest, Santander and Nationwide."
Earlier news reported that several British institutions launched a tokenized deposit pilot project.
Maple Finance and Elwood Partner to Advance Institutional Digital Asset Lending
Crypto lending platform Maple Finance and Elwood Technologies have announced a partnership to support large financial institutions entering the digital asset lending market. Maple's on-chain lending and asset management platform, combined with Elwood's trade execution, portfolio management, and risk tools, will address the infrastructure and operational barriers traditional institutions face in the crypto space.
Maple focuses on structured lending products and income strategies based on public blockchains, while Elwood, backed by hedge fund manager Alan Howard, provides connectivity and data analysis services to global exchanges, custodians, and fund management.
Republic plans to tokenize Animoca Brands equity
Investment platform Republic has announced plans to tokenize equity in Animoca Brands, a global Web3 company, creating a new way for global investors to gain exposure to the company. Tokenized equity will be minted on the Solana blockchain and distributed to participating investors. Token trading will take place on Republic's global marketplace platform. Further details on the tokenization process will be announced later.
Chainlink and UBS Advance the Fund Industry's On-Chain Integration with Swift
According to CoinDesk, Chainlink has launched a CRE-based technical process that enables banks to interact with on-chain "tokenized funds" via Swift (ISO 20022), enabling fund subscriptions and redemptions in a pilot with UBS. The process is triggered by UBS's existing systems, with CRE receiving Swift messages and executing on-chain instructions on the Chainlink Digital Transfer Agent. This initiative aims to provide blockchain access to the global fund industry, which exceeds $100 trillion, and continues Singapore's "Project Guardian" initiative to explore cross-chain interoperability. Chainlink has previously conducted a pilot to standardize corporate action data with 24 global banks, DTCC, and Euroclear.
MSX will host a number of RWA & Web3 themed events including a private lunch event during TOKEN2049
The decentralized RWA trading platform MSX (formerly MyStonks) debuted during TOKEN2049 in Singapore from October 1st to 2nd, and held a series of events around the theme of "RWA & Web3", including a private luncheon "MSX 2049 Lunch Meeting", a keynote speech by the CMO at "Meta CryptoOasis: DeFi 3.0 & DAT Night" entitled "Let High-Quality Assets Circulate Freely", and the arrangement of the "MSX MYSTARS" booth and related activities.
MSX will showcase its on-chain US stock spot and contract product matrix at multiple themed events and booths, and explore the development path of RWA compliance and Web3 integration with global builders.
Circle announced today that its tokenized money market fund, USYC, is now available on the Solana blockchain. USYC is a tokenized fund share launched by Circle that represents ownership of a short-term U.S. government money market fund and earns returns on the underlying assets.
Officials emphasized that USYC is only applicable to qualified non-US institutional investors who have completed KYC/AML and passed wallet whitelist verification, and is a licensed token.
On Solana, USYC can be used as an interest-bearing asset in lending protocols, as margin collateral in perpetual DEXs, or deployed in automated yield vaults. In addition to Solana, USYC already supports networks such as Base, Ethereum, and NEAR.
World Liberty Financial (WLFI), a crypto venture capital firm backed by members of the Trump family, unveiled its latest plans at the TOKEN2049 conference. CEO Zach Witkoff stated that WLFI is actively working on tokenizing real-world assets (RWAs), such as oil, gas, and real estate, and plans to expand its USD1 stablecoin to more blockchain networks.
Telegram Wallet joins the xStocks Alliance, bringing tokenized stocks to Telegram
The xStocks Alliance, comprised of Kraken and Backed, has officially announced a partnership with Telegram Wallet to bring xStocks, a tokenized stock product, to the Telegram platform. Eligible Telegram users will soon be able to access a range of xStocks assets directly within their built-in custodial crypto wallet (Wallet in Telegram). In the second phase of the partnership, xStocks will also be extended to Telegram's self-custodial wallet based on the TON blockchain. This move will enable xStocks to be used as collateral for DeFi protocols and Web3 mini-apps within the TON ecosystem.
According to CoinDesk, FG Nexus (FGNX), a Nasdaq-listed company focused on Ethereum, announced that it has selected tokenization specialist Securitize to partner with the company to allow investors to hold its common and preferred shares as tokens on the Ethereum blockchain.
This collaboration will make FG Nexus’ dividend-paying preferred stock (FGNXP) the first publicly traded U.S. dividend-paying stock to be fully on-chain. The tokenized shares will have the same legal rights as traditional shares, but will be able to achieve near-instant settlement on-chain through Securitize’s SEC-regulated Alternative Trading System (ATS).
Carlos Domingo, CEO of Securitize, which also provides technology for BlackRock’s tokenized money market fund, said the move means U.S. investors will be able to hold actual equity tokens rather than synthetic wrappers.
Ondo Finance and Securitize are already building on the Sei Network
Layer1 blockchain Sei announced on its official X platform that Ondo Finance and Securitize, two major players in the real-world asset (RWA) tokenization space, have chosen to build or integrate on the Sei network.
Sei officials noted that the two companies combined hold over 50% of the tokenized U.S. Treasury market share. Sei said the move demonstrates that institutions are moving toward a settlement layer built for a global-scale market.
Insight Highlights
Avalanche's Attack: Multiple AVAX Treasurys Team Up, RWA Drives Ecosystem Expansion
PANews Overview: This article analyzes the two core expansion strategies of the public blockchain Avalanche: First, by promoting the establishment of publicly listed treasuries (such as AgriFORCE, renamed AVAX One) that hold large quantities of AVAX tokens, this strategy aims to attract massive amounts of capital from traditional financial markets, thereby enhancing the value and ecological influence of AVAX. However, this "buy tokens and trade stocks" model has also been questioned due to its potential to overdraw market patience and its high dependence on market conditions. Second, it vigorously promotes the tokenization of real-world assets, attracting numerous traditional giants, including BlackRock Funds, Visa Settlement Network, and state government stablecoins, to issue assets on its chain. This has made Avalanche a key platform in the RWA sector, significantly increasing on-chain transaction volume and ecological activity. In short, Avalanche is striving to gain a favorable position in the next round of blockchain competition through a combination of "attracting traditional capital into the treasury" and "promoting the on-chain transfer of real assets."
Stablecoin Summer is coming, which mines should I invest in?
PANews Overview: This article focuses on the high-yield "mining" opportunities offered by three popular projects during the "Stablecoin Summer" market boom: Plasma ($XPL), STBL ($SBTL), and Falcon Finance ($FF). As a public chain focused on zero-fee stablecoin payments, Plasma offers the widest selection of mining pools and the most diverse revenue streams, including providing liquidity on exchanges and decentralized platforms. STBL's innovation lies in its three-token "yield stripping" model, allowing users to flexibly trade stablecoins while holding future returns. However, its mining pool options are limited and the risk is higher. Falcon Finance, on the other hand, has garnered significant market attention by issuing the synthetic stablecoin USDF through overcollateralization of various assets. PANews hereby disclaims that this information is for reference only and does not constitute investment advice.
