Original | Odaily Planet Daily (@OdailyChina)
Author | Ethan (@ethanzhangweb3)_
RWA Market Performance
As of October 21, 2025, the total on-chain value of RWA reached $34.17 billion, an increase of $330 million from $33.84 billion on October 14, with a growth rate of 0.98%. The total market capitalization of RWA continues its previous moderate upward trend, maintaining operation within a historically high range, still showing sustained resilience amid short-term fluctuations. The total number of asset holders rose from 482,446 to 491,951, with an increase of 9,505 people over the week, a growth rate of 1.97%. The number of asset issuers increased from 224 to 226, adding 2 new issuers. In the stablecoin market, the total market capitalization rose from $29.384 billion to $29.609 billion, an increase of $2.25 billion, with a growth rate of 0.77%, marking a rebound after a week of decline. The number of stablecoin holders grew from 195.88 million to 197 million, an increase of about 1.12 million people, with a growth rate of 0.57%.
In terms of asset structure, private credit slightly declined this week, falling from $17.6 billion to $17.4 billion, a decrease of $200 million, with a decline rate of 1.14%, but it remains the largest asset category in the RWA market, with a solid underlying base. U.S. Treasury bonds remained at $8.3 billion, unchanged for two consecutive weeks, as the market's wait-and-see attitude towards interest rate paths may temporarily slow down the allocation pace of U.S. Treasuries. Commodity assets grew from $2.6 billion to $3.1 billion, increasing by $500 million this week, with a growth rate of 19.23%, making it the most outstanding sector this week. Institutional alternative funds increased from $2.7 billion to $2.8 billion, growing by $100 million, with a growth rate of 3.70%, continuing a stable growth trend, showing that institutions remain enthusiastic about allocating high-yield non-standard assets. Non-U.S. government debt remained at $1 billion, showing stable performance; other asset categories such as corporate bonds and stocks remain relatively small in scale, without forming a trend change.
Trend Analysis (Compared to Last Week)
This week, the RWA market overall exhibited characteristics of "steady slight increase + structural rotation." Although the total market capitalization of on-chain assets did not increase significantly, there was a clear rotation within the structure, with commodity assets becoming a new hotspot for funds, while some credit funds showed slight retraction. The user growth momentum still exists, but the significant growth trend compared to last week has converged, and the market has entered a brief period of calm consolidation. The market capitalization of stablecoins has resumed growth, essentially restoring confidence in short-term liquidity after previous withdrawals.
Key Event Review
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler stated at an event in Washington, D.C. that the U.S. "may have fallen behind by about a decade" in the crypto space, and establishing a comprehensive regulatory framework has become a top priority to attract innovators back and promote industry development.
Gensler pointed out that the SEC's goal is to "create a strong system that allows innovation to thrive," ensuring that the U.S. becomes a center in the crypto field again.
Ant Group and JD.com suspend stablecoin issuance plans in Hong Kong
Insiders revealed that Ant Group, a subsidiary of Alibaba, and e-commerce giant JD.com have suspended their plans to issue stablecoins in Hong Kong. Hong Kong passed the "Hong Kong Stablecoin Regulation Draft" in May this year, which officially took effect on August 1. As of the end of September, the Hong Kong Monetary Authority had received stablecoin license applications from 36 institutions.
Previously, Ant Group announced in June that it would participate in the Hong Kong stablecoin pilot project, and JD.com also stated it would join the relevant pilot, but both have now paused their progress.
Ripple invests $1 billion to acquire GTreasury, entering the corporate finance sector
According to official news, Ripple disclosed that it has invested $1 billion to acquire the financial management system company GTreasury, entering the corporate finance sector. This transaction marks Ripple's business expansion and engagement with numerous corporate clients, allowing finance and treasury teams to finally put trapped funds to work and process payments in real-time.
Florida lawmakers have opened the 2026 legislative session and proposed adding Bitcoin to the state's asset allocation. House Bill No. 183 submitted to the Florida House of Representatives would allow the state CFO to invest up to 10% of funds from designated public funds (including general revenue funds, budget stabilization funds, and various trust funds) in "digital assets" and exchange-traded products.
The bill defines digital assets as including Bitcoin, tokenized securities, and NFTs, and sets strict custody requirements: assets can be held by the CFO, qualified custodians, or ETFs registered with the SEC. The bill cites the March 2025 executive order establishing a federal "strategic Bitcoin reserve" as a policy background, positioning Bitcoin as a potential store of value and inflation hedge for state finances, set to take effect on July 1, 2026.
Lee Eok-yeon, Chairman of the Financial Services Commission of South Korea, stated during the National Assembly's government audit on October 20 that, in principle, interest payments for payment-type stablecoins due to holding or using them will not be allowed. Lee pointed out that South Korea will follow the relevant principles of the U.S. "Genius Act" and explore a bank-led alliance model, restricting fintech companies to only act as technical partners and prohibiting virtual asset exchanges from issuing stablecoins independently.
Additionally, he confirmed that the second phase of legislation on virtual asset regulation will be submitted within the year and is currently in the final coordination stage. Lee also mentioned that stablecoins have high overseas demand potential in areas such as virtual asset trading, payment settlement, and cross-border remittances, and plans to lay out relevant applications in advance.
Japan's MUFG, Sumitomo Mitsui Financial Group, and Mizuho Bank to jointly issue stablecoins
According to Nikkei News, major Japanese banks will issue stablecoins for commercial use. MUFG, Sumitomo Mitsui Financial Group, and Mizuho Bank will jointly issue stablecoins.
Bridgewater founder Ray Dalio, in a recent interview with Caixin, analyzed the characteristics of Bitcoin and stablecoins and their roles in investment portfolios. He stated that he has held a small amount of Bitcoin for years, and the investment ratio has not changed, viewing Bitcoin as a diversified asset relative to gold, but also noting that Bitcoin has its drawbacks, as central banks will not hold Bitcoin.
Ray Dalio added that stablecoins are not a good store of wealth, as they are essentially redeemable for corresponding currencies and do not generate interest. Therefore, from a financial perspective, holding stablecoins is not as beneficial as holding interest-bearing fiat assets. The advantage of stablecoins lies in their global usability, serving as a convenient settlement system for transactions, making them suitable for those who do not care about interest. Regarding whether stablecoins can solve the U.S. Treasury issue, he believes that if stablecoin buyers already hold U.S. Treasuries, it is equivalent to transferring Treasuries from one pocket to another, and whether it can create new demand for Treasuries remains to be seen.
Hot Project Updates
Ondo Finance (ONDO)
One-sentence Introduction:
Ondo Finance is a decentralized finance protocol focused on structured financial products and the tokenization of real-world assets. Its goal is to provide users with fixed-income products, such as tokenized U.S. Treasuries or other financial instruments, through blockchain technology. Ondo Finance allows users to invest in low-risk, high-liquidity assets while maintaining decentralized transparency and security. Its token ONDO is used for protocol governance and incentive mechanisms, and the platform also supports cross-chain operations to expand its application scope in the DeFi ecosystem.
Latest Update:
On October 18, Ondo Finance sent a letter to the U.S. Securities and Exchange Commission, urging the delay or rejection of Nasdaq's proposed tokenized securities trading plan. Ondo pointed out that the plan relies on undisclosed settlement details, which may give large institutions an unfair advantage.
In the letter, Ondo stated that without clarifying how the U.S. Depository Trust Company (DTC) will handle blockchain settlements, regulators and investors find it difficult to fairly assess the proposal's reasonableness. While supporting the direction of securities tokenization, Ondo argues that approval should be granted only after the DTC has improved its relevant systems to ensure market fairness and transparency.
Previously, according to on-chain data, the total locked value in the tokenized stock sector saw Ondo Global Markets' TVL surpass $240 million, ranking first and exceeding the total of other platforms combined.
MyStonks (STONKS)
One-sentence Introduction:
MyStonks is a community-driven DeFi platform focused on tokenizing and trading real-world assets (RWAs) like U.S. stocks on-chain. The platform achieves 1:1 physical custody and token issuance through a partnership with Fidelity. Users can mint stock tokens like AAPL.M and MSFT.M using stablecoins such as USDC, USDT, and USD1, and trade them around the clock on the Base blockchain. All transactions, minting, and redemption processes are executed by smart contracts, ensuring transparency, security, and auditability. MyStonks is dedicated to bridging the gap between TradFi and DeFi, providing users with a high liquidity, low-barrier entry for on-chain investments in U.S. stocks, and building "the Nasdaq of the crypto world."
Previous Updates:
On September 16, MyStonks platform officially launched Hong Kong stock contract trading, allowing users to participate in trading directly using their wallets with USDT/USDC, supporting up to 20x leverage. This launch includes several high-quality Hong Kong stocks, such as Cathay Financial Holdings (1788.HK), BYD Company (1211.HK), Xiaomi Group (1810.HK), Moutai Group (2097.HK), Meituan (3690.HK), Tencent Holdings (700.HK), Pop Mart (9992.HK), JD Group (9618.HK), and SMIC (981.HK), covering multiple industries including technology, automotive, retail, internet, and semiconductors, meeting users' diverse asset allocation needs.
On September 25, MyStonks platform announced a brand upgrade, officially changing its domain to msx.com, stepping into a new era of global fintech. This upgrade not only simplifies the access point but also reflects the transition from meme culture to a professional international financial brand, showcasing its determination in digital financial innovation and global expansion. The msx.com team stated that they will continue to focus on users, drive technological innovation, and enhance the security and efficiency of digital financial services.
Related Links
Summarizing the latest insights and market data in the RWA sector.
The concepts of Web3 and digital finance are further integrating into mainstream perspectives.
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