Original | Odaily Planet Daily (@OdailyChina)
Author | Ethan (@ethanzhangweb3)_
RWA Market Performance
As of November 5, 2025, the total on-chain value of RWA is $35.78 billion, an increase of $750 million from $35.03 billion on October 28, with a growth rate of 2.14%. This marks the sixth consecutive week of growth, continuing the steady expansion of the market. The total number of asset holders rose from 512,041 to 530,943, with an increase of 18,902 people in a single week, a growth rate of 3.69%. The number of asset issuers increased from 230 to 242, with 12 new issuers added in a week, marking the fastest growth in issuers in recent weeks. In the stablecoin market, the total market capitalization slightly decreased from $29.597 billion to $29.462 billion, a reduction of $1.35 billion, with a decline of 0.46%, remaining within a reasonable range. The number of stablecoin holders increased from 198.77 million to 200.69 million, an increase of approximately 1.92 million people, a growth rate of 0.97%.
From the asset structure perspective, private credit continues to hold a core position, with its value growing from $17.9 billion to $18.6 billion, an increase of $700 million, a growth rate of 3.91%. Not only is the total amount continuing to expand, but its proportion also remains the highest among all RWA assets, indicating a significant preference for on-chain credit assets. U.S. Treasury bonds further increased this week, rising from $8.6 billion to $8.8 billion, with an increase of approximately 2.33%, continuing to attract conservative capital allocations against a backdrop of easing expectations for U.S. Treasury rates. Commodity assets remained at the $3 billion level, with no changes for two consecutive weeks, as market attention on commodities enters a temporary wait-and-see period. Institutional alternative funds also remained at $3 billion, with institutional capital allocation pacing stabilizing. The public equity portion slightly rebounded to $670.8 million, a slight decrease from last week's $699.5 million, as market performance this week showed insufficient resilience. Non-U.S. government debt continued to stabilize at $1 billion, while other sectors such as private equity showed no significant fluctuations, remaining in a supportive allocation role overall.
Trend Analysis (Comparison with Last Week)
Overall, the RWA market exhibited a "steady acceleration" characteristic in the first week of November. Market capitalization continued to grow, user numbers kept rising, and the simultaneous increase in the number of issuers further highlights that the ecological infrastructure is entering a new expansion cycle. In terms of asset allocation, private credit and U.S. Treasury bonds remain the main sources of concentrated capital inflow, while commodities and alternative assets are showing a phase of consolidation. Although the total market capitalization of stablecoins has slightly declined, its user base is steadily expanding, reflecting a shift in user behavior towards long-term holding and scenario-based usage.
Key Event Review
Bank Negara Malaysia Releases Three-Year Roadmap to Pilot Asset Tokenization Projects
Bank Negara Malaysia (BNM) has announced a three-year roadmap to pilot asset tokenization projects within the financial system. This plan will initiate multiple proof of concept (POC) and practical pilot projects through the Digital Asset Innovation Hub (DAIH) established earlier this year.
The core content of the roadmap includes the establishment of an Asset Tokenization Industry Working Group (IWG), co-led by the central bank and the Securities Commission (SC), responsible for promoting industry exploration, knowledge sharing, and regulatory coordination. The first batch of pilots will focus on applications with clear economic value, such as supply chain financing to expand credit access for SMEs, tokenized liquidity management to enhance settlement efficiency, and compliant applications for automatically executed Islamic financial transactions.
BNM also plans to study tokenized deposits and stablecoin schemes denominated in ringgit to ensure monetary consistency and enhance digital settlement efficiency, and will explore integration with wholesale central bank digital currencies (CBDCs). This project aims to modernize financial infrastructure in sync with Asian regulatory bodies such as the Monetary Authority of Singapore (MAS) and the Hong Kong Monetary Authority (HKMA). (Cointelegraph)
In response to market rumors that the HKMA is not advancing the retail application of the digital HKD, HKMA Vice President Li Dazhi stated, "We do not rule out the retail application of stablecoins, and we believe there are significant opportunities for using stablecoins in retail; the actual usage will still depend on commercial institutions."
Li Dazhi added that the digital HKD, stablecoins, and tokenized deposits have similar technical natures, differing only in their issuers. The digital HKD is classified as "public currency," while tokenized deposits and stablecoins are "private currency." The digital HKD and tokenized deposits tend to use private chains, while stablecoins are mostly issued on public chains. Additionally, HKMA Assistant Vice President (Financial Infrastructure) Zhou Wenzheng stated that based on the intentions received by the HKMA, seven banks are currently interested in launching tokenized deposits this year. (Hong Kong Economic Journal)
Zhaojin Mining: Signs Strategic Cooperation Memorandum with Ant Group's SigmaLayer
Zhaojin Mining (01818.HK) announced on the Hong Kong Stock Exchange that its board of directors is pleased to announce that on November 3, 2025, its wholly-owned subsidiary Hong Kong Zhaojin Mining Co., Ltd. signed a strategic cooperation memorandum with SigmaLayer Company Limited (a member company under Ant Group's technology commercialization sector). According to the memorandum, the group and Ant Group will establish strategic cooperation in multiple areas based on the application of blockchain and artificial intelligence core technologies, including building and exploring the digitization and tokenization of overseas gold assets; AI-driven intelligent supply chain and risk control systems; and achieving reliable value delivery in sustainable development and environmental, social, and governance fields. Any specific activities and projects proposed must strictly adhere to compliance and safety requirements and will subsequently be formalized through agreements signed by the parties to the memorandum. (Jin10)
Coinbase Plans to Acquire Stablecoin Startup BVNK for $2 Billion
According to Bloomberg, citing informed sources, Coinbase Global Inc. is in the late stages of negotiations to acquire stablecoin infrastructure startup BVNK, with a deal value potentially reaching $2 billion. The acquisition is expected to be completed by the end of 2025 or early 2026. BVNK, founded in 2021, provides enterprise-level stablecoin payment services, and Coinbase Ventures is already an investor. This move comes as the stablecoin business becomes increasingly important for Coinbase, with stablecoin operations accounting for 20% of Coinbase's total revenue in the third quarter of 2025, approximately $246 million. (Cointelegraph)
Yili Hua, founder of Liquid Capital (formerly LD Capital), stated that from a long-term cyclical perspective, public chains, exchanges, and stablecoins are three core assets that can cross cycles.
He pointed out that in the public chain sector, focus should be on Ethereum (ETH), while in the exchange sector, BNB and Aster are promising— the former has stable income and ecological foundation, while the latter serves as Binance's "second growth curve," holding the highest strategic importance within the entire Binance system.
Yili Hua emphasized that in the future, the strong will remain strong, and investments in these three directions should only target top projects, stating, "Every significant pullback is a golden opportunity for positioning."
Stablecoin Public Chain Stable Launches Public Testnet
According to official news, the stablecoin public chain Stable has announced the official launch of its public testnet. Currently, the testnet has opened multiple functions for developers, including: public RPC endpoints for network interaction, a faucet to apply for test USDT, a block explorer for tracking contracts and on-chain activities, and a system module supporting native USDT transfers and fee settlements. Stable stated that this testnet will lay the foundation for future mainnet deployment and ecological application development.
The CEO of the Hong Kong Securities and Futures Commission stated that Hong Kong will allow locally licensed virtual asset trading platforms to share global order books with overseas affiliates to increase liquidity. (Reuters)
BlackRock to Launch Bitcoin ETF in Australia
BlackRock will launch a Bitcoin exchange-traded fund (ETF) in Australia.
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. Treasury bonds 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 within the DeFi ecosystem.
Latest Updates:
On October 29, Ondo Global Markets announced the expansion of its stock tokenization platform to the BNB Chain. Ondo Global Markets was previously launched in September, and this expansion is reportedly based on Ondo's cross-chain strategy, with support already live on Ethereum and plans for deployment on other blockchains. Data shows that Ondo Global Markets has surpassed $350 million in TVL within weeks of its September launch, with a total on-chain trading volume reaching $669 million.
Previously, Ondo Finance announced on the X platform that over 90 million wallets now support tokenized stock and ETF trading. Additionally, Ondo Global Markets has received support from Blockchain.com, which will provide trading services for over 100 tokenized stocks and ETFs to global users.
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 into U.S. stock investments on-chain, building a "Nasdaq of the crypto world."
Latest Updates:
On September 25, MyStonks announced a brand upgrade, officially changing its domain to msx.com, marking a step into a new era of global fintech. This upgrade not only simplifies access but also reflects a transition from meme culture to a professional international financial brand, showcasing its commitment to 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.
Previously, MyStonks officially launched Hong Kong stock contract trading, allowing users to participate in trading directly through their wallets using USDT/USDC, with leverage of up to 20 times. This launch includes several high-quality Hong Kong stocks, such as Guotai Junan International (1788.HK), BYD Company (1211.HK), Xiaomi Group (1810.HK), Miexue 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.
Related Links
Summarizing the latest insights and market data in the RWA sector.
《Understanding the Jargon of RWA: A Glossary of Terminology in the Blockchain Asset World》
This article will unveil the "jargon" and help you easily understand the core concepts and professional terminology in the RWA field.
《Correctly Understanding Regulation: The Compliance Development Path of the RWA Industry in China》
Correctly understanding the core intentions of regulatory policies and exploring innovation within a compliance framework is key to the sustainable development of the RWA industry in China. Regulation is not meant to prohibit business but to guide financial innovation to better serve the real economy and prevent systemic financial risks. Only by adhering to the principle of "moving from virtual to real" can RWA find a suitable development path in China.
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