Original | Odaily Planet Daily (@OdailyChina)
Author | Ethan (@ethanzhangweb3)_
RWA Market Performance
According to the latest data from RWA.xyz, as of July 8, 2025, the total on-chain value of RWA is $24.52 billion, a slight increase of 0.2% from $24.47 billion on July 1, maintaining overall stability. Despite minimal fluctuations in market value, the activity level of the on-chain ecosystem has significantly increased, with the number of asset holders rising from 227,582 to 285,260, a growth of 25.35%. Meanwhile, the number of asset issuers increased from 196 to 249, a growth rate of 27%, indicating that a large number of new assets and protocols are accelerating their entry into the RWA market. In terms of stablecoins, this week also showed robust performance. The total value of stablecoins grew from $240.08 billion to $241.58 billion, an increase of 0.62%; the number of stablecoin holders rose from 169.57 million to 170.35 million, a growth of 0.46%.
From the asset structure perspective, private credit saw a slight decline this week, dropping from $14.3 billion to $14.1 billion, still holding the largest share, but its dominance has slightly weakened. In contrast, U.S. Treasury bonds increased from $7.4 billion to $7.5 billion, indicating a slight return of funds to stable assets. Commodity assets remained unchanged at $1.6 billion, while institutional alternative funds slightly decreased from $554 million to $553 million, maintaining a relatively balanced overall structure.
Trends (compared to last week)
Significant ecosystem expansion, with dual growth in users and assets: Although the market value of on-chain assets showed no significant fluctuations this week, the rapid growth of the user base indicates that more traffic is entering the RWA ecosystem, while the substantial increase in the number of new project issuances suggests that more new assets will gradually go live. Slight signs of asset rebalancing: Private credit has slightly retreated, while U.S. Treasury bonds have seen a small increase, possibly reflecting a short-term shift of some funds towards stable assets for risk mitigation. This combination of “high yield + stable defense” remains the main preference for current investors, with future trends depending on macro market interest rate expectations and changes in the credit environment. Stablecoins continue to expand, supporting trading liquidity: The scale and user base of stablecoins have maintained slight growth, providing stable support for capital flow and asset settlement in the RWA market. Especially in the context of accelerated asset issuance, the growth of stablecoins will become a key infrastructure supporting the efficient operation of the entire on-chain economy.
The current RWA market is entering a "structural expansion period," and it is recommended that investors adopt a "core + satellite" approach in their allocation strategies: as previously mentioned, continue to use private credit and U.S. Treasury bonds as core assets, balancing yield and stability; closely monitor newly issued assets and protocols, prioritizing projects with comprehensive information disclosure and clear compliance; flexibly manage liquidity, combining stablecoins and highly liquid assets for short-term funding arrangements; appropriately track the trends of commodities and alternative assets as supplementary options for hedging and diversification.
Overall, while the RWA market is in a phase of market value stagnation, the foundational ecosystem is rapidly expanding, and platform activity is continuously increasing. It is expected to enter a new growth cycle driven by "asset innovation + user influx."
Key Events Review
The EU has issued MiCA licenses to 53 crypto companies, with Tether and Binance not included
Latest data shared by Circle executive Patrick Hansen shows that the EU has currently issued MiCA licenses to 53 institutions, allowing them to "passport" services across 30 countries in the European Economic Area without needing to apply individually.
Among them, 14 companies are authorized to issue stablecoins or electronic money tokens (EMTs), including Circle, Crypto.com, Société Générale, Stablemint, Quantoz, and StablR; Tether, as the issuer of USDT, has not yet obtained compliance approval and is not on the list.
Additionally, the 39 approved crypto asset service providers (CASPs) include BBVA, Robinhood, Coinbase, Kraken, and OKX. Binance did not appear on this list.
The Republican Party in the U.S. House of Representatives has announced that the week of July 14 will be designated as "Cryptocurrency Week," focusing on the review of three key pieces of crypto legislation, including the Senate-passed GENIUS Stablecoin Act, the market structure bill "Clarity," and a proposal opposing central bank digital currencies (CBDCs). This move aims to promote the digital asset agenda of the Trump administration and strives to complete legislative delivery before August. The GENIUS Act requires stablecoins to be fully backed by liquid assets such as U.S. dollars and mandates that issuers with a market cap exceeding $50 billion must undergo annual audits. This agenda is seen as an important milestone in the U.S. crypto policy moving towards comprehensive clarity.
According to CNBC, following a warning from OpenAI, Robinhood's stock tokens are under EU scrutiny, with the Bank of Lithuania stating that it has contacted Robinhood and is awaiting clarification regarding the structure of its OpenAI and SpaceX stock tokens. Robinhood has not yet commented on this matter. Giedrius Šniukas, a spokesperson for the Bank of Lithuania, stated that the legality and compliance of these specific instruments can only be assessed after receiving and evaluating this information, and the information provided to investors must be clear, fair, and not misleading.
Ondo Finance to acquire SEC-regulated broker Oasis Pro
Ondo Finance will acquire the SEC-regulated broker Oasis Pro to promote the development of the U.S. tokenized stock market. The transaction is pending regulatory approval, and the specific acquisition amount has not been disclosed. Once completed, Ondo will obtain permission to operate as a broker-dealer, ATS, and digital securities transfer agent in the U.S.
The proposed "Guidance and Establishment of a National Innovation Act for U.S. Stablecoins" (GENIUS Act) has raised concerns not only regarding customer protection but also its bankruptcy provisions (Section 11). The act grants stablecoin holders the highest priority over reserve assets, even surpassing secured creditors and administrative expenses of bankruptcy trustees, which may hinder effective restructuring for debtors. Furthermore, while reserve assets are not included in the bankruptcy estate, they are still subject to automatic freeze provisions, raising logical doubts. If reserves are insufficient, holders may also receive "super-priority," further squeezing bankruptcy process resources, potentially leading to "administrative bankruptcy." Lawyers point out that without a unified representative mechanism to coordinate holders in relinquishing some rights, effective liquidation will be difficult to achieve. If not adjusted, the GENIUS Act's liquidation framework may become an obstacle to the development of digital financial stablecoins.
Stablecoin public chain Stablechain supported by USDT officially launched
According to an official post from Stable on the X platform, the stablecoin public chain Stablechain, supported by USDT, has officially launched, featuring: USDT as the native Gas; ultra-low costs and instant settlement; high-performance operation; enterprise-level security and scalability support; cross-chain composability based on USDT0 and layerzero; a developer-friendly environment; and a unified wallet for global payments. (For details, refer to "USDT's Child Arrives: Launch of the Native Chain Stable, Aiming at the Dominance of TRON?"
Multiple xStocks on-chain U.S. stocks experience decoupling, HOODX briefly surpasses $800
Odaily Planet Daily reports that on the afternoon of July 3, around 6:30 PM, multiple xStocks on-chain U.S. stocks experienced decoupling, with HOODX briefly rising above $800. It quickly re-pegged afterward.
Yahoo Finance quotes Robinhood (HOOD) currently at $95.42. (For details, refer to "10 Questions about xStocks: What Are We Actually Trading When We Trade Tokenized U.S. Stocks?")
Elon Musk Claims "OpenAI Equity is Fake," But Has Yet to Respond to SpaceX Coin
In response to OpenAI's denial of Robinhood's claim that it had authorized them and that the so-called "OpenAI Coin" is not OpenAI equity, Musk, who is considered a "mortal enemy" of OpenAI, stated on the X platform: "Your 'equity' is fake." It remains unclear whether Musk is referring to the "OpenAI Coin" as fake equity or suggesting that OpenAI's own equity is merely a mirage. Notably, Robinhood's issued stock coins also include SpaceX coins, but Musk has not commented on this.
Previously, analysts pointed out that OpenAI is currently undergoing a significant restructuring, with CFO Sarah Friar explicitly stating that this structural reform is paving the way for a potential IPO. However, if Robinhood launches tokenized equity without authorization, it could not only undermine the equity structure but also pre-price it, disrupting market expectations and investor confidence, leading to instability. (For details, refer to: "OpenAI Furious at Robinhood for Unauthorized Actions, Which Interests Are Being Affected by Stock Tokenization?")
Hot Project Updates
MyStonks (STONKS)
One-sentence introduction:
MyStonks is a community-driven DeFi platform focused on tokenizing U.S. stocks and other RWAs for on-chain trading. The platform partners with Fidelity to achieve 1:1 physical custody and token issuance, allowing users to 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 aims to bridge the gap between TradFi and DeFi, providing users with a high liquidity, low-barrier entry into U.S. stock investments on-chain, building the "NASDAQ of the crypto world."
Recent updates:
On July 2, MyStonks announced that its user count has surpassed 100,000 and has listed 146 tokenized U.S. stocks supported for on-chain trading and real asset domains, covering multiple core industries such as technology, finance, consumer goods, pharmaceuticals, semiconductors, energy, aviation, and Chinese concept stocks, and launched several short ETF tokens. On the same day, it posted that the stock token GRYP.M (representing Gryphon Digital Mining) saw a price increase of 59.79% due to its revised S-4 registration statement submitted in connection with its merger plan with American Bitcoin Corp. Additionally, it announced the addition of two new U.S. stock tokens: WU.M (Western Union Company) and RTX.M (RTX Corporation). Western Union is a cross-border remittance company headquartered in Denver, Colorado, while RTX is an aerospace and defense company.
On July 3, MyStonks announced that the stock token EYEN.M (Eyenovia) has officially been renamed HYPD.M (Hyperion DeFi). To support this rebranding, trading of the stock token HYPD.M has been temporarily suspended.
On July 4, MyStonks announced a strategic partnership with the Web3 social platform DeBox.
Bedrock (BR)
One-sentence introduction:
Bedrock is a multi-asset liquidity re-staking protocol supported by a non-custodial solution designed in collaboration with RockX. Bedrock utilizes its universal standards to unlock liquidity and maximize value for PoS tokens (such as ETH and IOTX) and existing liquid staking tokens (referred to as uniETH and uniIOTX).
Recent updates:
On July 2, Bedrock announced a partnership with EchelonFi to launch a new lending market on its platform, allowing users to borrow against uniBTC, uniETH, and uniIOTX as collateral and earn up to 20% APY.
On July 3, Bedrock stated that the trading volume of its Bitcoin liquid staking token brBTC has surpassed $100 million. Additionally, Bedrock has launched new BR trading activities with a prize pool of $100,000.
On July 4, Bedrock announced preliminary details for Airdrop Season 2, planning to continue rewarding active users with Bedrock Diamonds. The activities will include tasks such as staking uniTokens, participating in DeFi protocols, referring friends, and holding Bedrock NFTs, expected to launch at the end of July.
On July 5, Bedrock announced that its uniETH is now supported for staking on the Arbitrum chain, allowing users to earn EigenLayer points, Bedrock Diamonds, and staking rewards of up to 8%.
Related Links
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《Deep Dive into BlackRock's BUIDL Fund: How It Affects the RWA Landscape》
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《RWA: A Financial Revolution is About to Erupt》
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