Original | Odaily Planet Daily (@OdailyChina)
Author | Ethan (@ethanzhangweb3)_
RWA Market Performance
As of August 26, 2025, the total on-chain value of RWA is $26.5 billion, an increase of $200 million from $26.3 billion on August 18, with a weekly growth rate of approximately 0.76%. The market continues to maintain a high-level oscillation while gradually moving upward. The number of on-chain asset holders increased from 364,310 to 367,619, with a net increase of 3,309 people in a week, representing a growth of 0.91%. The scale of ecological users continues to expand steadily. The number of asset issuers rose from 262 to 271, with 9 new additions in a week, marking the largest single-week growth in recent months. In terms of stablecoins, the total value increased from $266.74 billion to $268.43 billion, an increase of $1.69 billion, with a weekly growth rate of 0.63%. The number of holders increased from 189.26 million to 190.09 million, with a weekly increase of 830,000 people, a growth of 0.44%.
From the asset structure perspective, private credit saw a slight increase this week, rising from $15.4 billion to $15.5 billion, continuing to dominate the market core, accounting for more than half. U.S. Treasury bonds continued their upward trend, increasing from $7.3 billion to $7.4 billion, with a weekly growth rate of 1.37%, further strengthening their position as a safe-haven asset. Commodity assets remained unchanged at $1.8 billion, maintaining a sideways pattern. Institutional alternative funds slightly increased from $1 billion to $1.0 billion (a small increase of 0.5% month-on-month), stabilizing and showing that previous volatility has subsided.
Trends (Compared to Last Week)
Overall, this week the RWA market continued the trend of "moderate growth + structural consolidation." The total market value continued to rise slightly, with a significant increase in both user numbers and asset issuers, indicating that the momentum of ecological expansion remains strong. Compared to last week, the distribution of funds among core assets has become more balanced: private credit continues to grow steadily, U.S. Treasury assets continue to rebound and strengthen, commodity assets remain in a sideways consolidation, and alternative funds have returned to stability, leading to a healthier overall structure.
The continued rise of U.S. Treasury bonds indicates that the market's demand for hedging against macro risks still exists, with allocation forces remaining robust amid an unclear medium to long-term interest rate environment. Private credit continues to serve as a high-yield allocation tool, solidifying its position among core assets. The stabilization of alternative funds suggests that institutions are adopting a more rational attitude towards non-standard assets, with previous short-term capital pressure gradually released.
Key Events Review
SEC Establishes Presidential Digital Assets Group to Reshape Crypto Regulation
U.S. SEC Chairman Paul Atkins announced the establishment of the "Presidential Digital Assets Group" at the Wyoming Blockchain Summit to promote the modernization of crypto regulation and clarify token classification. He stated that only a few tokens should be classified as securities, with regulatory focus shifting to sales methods and market environments, differing from the strong enforcement approach during the tenure of former Chairman Gensler. This initiative aligns with the presidential working group's report and the "CLARITY Act," aiming to establish clear market rules, reduce compliance risks for innovators, and gain bipartisan support.
Wyoming Launches Frontier Stablecoin FRNT, Becomes First U.S. State to Issue Stablecoin
Crypto journalist Eleanor Terrett reported that Wyoming has launched the Frontier stablecoin (FRNT), backed by U.S. dollars and short-term Treasury bonds, becoming the first U.S. state to issue a stablecoin. FRNT is currently live on seven blockchains, including Ethereum, Solana, Arbitrum, Avalanche, Polygon, Optimism, and Base. Due to regulatory restrictions, the token is not yet open to the public.
The Hong Kong Monetary Authority recently issued a circular confirming that it will fully implement Basel Committee standards for crypto asset regulation in Hong Kong starting January 1, 2026. This includes not only Bitcoin and Ethereum but also RWA and stablecoins. Industry insiders noted that Ethereum is a typical representative of permissionless blockchain technology, and almost all mainstream stablecoins and an increasing number of RWAs are generally issued on public chains. With the expectation of the new regulations being implemented as scheduled, the willingness of the Hong Kong banking system to hold such stablecoins or RWAs will inevitably be affected.
However, both the Basel Committee and the Hong Kong Monetary Authority have clarified that the Basel crypto asset regulatory standards generally will not impose credit risk or market risk capital requirements on banks for crypto assets held in custody for clients, provided that the clients' crypto assets are isolated from the bank's own assets.
At the WebX 2025 conference held in Tokyo, SBI Holdings Group Chairman Yoshitaka Kitao stated that the SBI Group is building a stablecoin payment system using its financial infrastructure, considering expanding low-fee payment services based on its existing user base of approximately 42 million securities accounts.
Yoshitaka Kitao also mentioned that the SBI Group plans to adopt a unique path that differs from existing stablecoin projects like JPYC, focusing on a development strategy that complies with regulatory requirements.
Bullish Receives $1.15 Billion from IPO in Stablecoin Form
According to an official announcement, crypto trading platform Bullish has arranged to receive $1.15 billion from its recently completed initial public offering (IPO) in the form of stablecoins, marking a historic step in the use of stablecoins in U.S. IPOs.
The vast majority of stablecoins were minted for Bullish on the Solana network. Bullish received stablecoins denominated in U.S. dollars and euros from the IPO, with most settled in USDC and some in EURC, all exclusively custodied by Coinbase, as well as USDCV, EURCV, USDG, PYUSD, RLUSD, USD 1, AUSD, and EURAU.
Figure CEO: Blockchain May Significantly Enhance Efficiency in the U.S. Mortgage Market
Figure Technologies CEO Michael Tannenbaum stated that the U.S. mortgage market urgently needs modernization, and blockchain and tokenized credit have more potential than traditional federal backstop mechanisms. Figure has achieved on-chain loan registration and transfer through its self-developed Provenance chain and DART system, with over 90 partners and a loan scale of $10 billion. Tannenbaum stated that blockchain can reduce costs, minimize fraud, enhance transparency, and explore crypto asset mortgages, potentially bringing new growth opportunities to the housing finance system.
Hot Project Updates
StableStock (/)
One-sentence Introduction:
StableStock is an on-chain stock asset platform that combines traditional finance and decentralized finance, aiming to provide a digital trading method for assets like U.S. stocks through stablecoin settlement. The platform includes three core modules: StableBroker (supports purchasing stocks with stablecoins), StableVault (tokenizes stock assets for on-chain applications), and StableSwap (enables low-slippage exchanges between different tokens). StableStock emphasizes institutional-grade security (such as MPC custody) and compliance, having completed seed round financing (investors include YZi Labs, MPCI, and Vertex Ventures), and is committed to bridging trillion-dollar traditional financial liquidity into the Web 3 ecosystem.
Recent Updates:
On August 24, according to official news, the stock tokenization platform StableStock recently completed the first phase of incubation with YZi Labs' Easy Residency and secured several million dollars in seed round financing, with investors including YZi Labs, Matrix Partners, and Vertex Ventures. This round of financing will help StableStock accelerate the on-chain transition of global stocks valued at trillions of dollars.
MyStonks (STONKS)
One-sentence Introduction:
MyStonks is a community-driven DeFi platform focused on tokenizing RWAs such as U.S. stocks and enabling on-chain trading. The platform collaborates 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 USD 1, 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 committed to bridging the gap between TradFi and DeFi, providing users with a high liquidity, low-threshold entry for U.S. stock investments on-chain, and building the "NASDAQ of the crypto world."
Recent Updates:
Previously (on August 14), MyStonks announced that it was cooperating with regulatory investigations to ensure the safety of normal user funds; on the same day, MyStonks founder Bruce J responded to recent platform controversies, stating that the compliance team received a law enforcement request last week to provide information on a single customer and to suspend that user's withdrawals. He emphasized that this action was not initiated by the platform and that their brokerage account was also restricted. He stressed that assisting regulatory investigations is a legal responsibility of the exchange, and targeted investigations do not imply issues with the source of customer funds, urging the public not to overinterpret or spread false rumors. Bruce J stated that MyStonks has completed compliance filings in the U.S., with over 20,000 registered users and a valuation exceeding $50 million, and will continue to adhere to a compliance route, focusing on RWA business development and customer service.
On August 21, an X account that previously claimed MyStonks blocked a $6.2 million withdrawal stated, "The information previously posted about the MyStonks platform by this account was inaccurate and has now been deleted." The community speculated that both parties had reached a settlement. However, the account also mentioned, "There will be surprises after everything is completely resolved."
Related Reading: "$6.2 Million Withdrawal Blocked? MyStonks Responds: Due to Regulatory Enforcement, Not Platform Misappropriation"
Related Links
Summarizing the latest insights and market data in the RWA sector.
"CertiK: 2025 Skynet RWA Security Report"
RWA tokenization is rapidly reshaping the blockchain financial landscape.
How can RWA help companies break through financing bottlenecks and access global capital markets?
"Who Will Lead the Charge in U.S. Stock Tokenization: StableStocks, xStocks, or Robinhood?"
The so-called "on-chain U.S. stocks" are still in the experimental stage, currently resembling a financial packaging under regulatory gaps rather than a mature market tool. The real game-changer will not be who first runs a proof of concept, but who can deliver a complete trading system on-chain that integrates spot trading, short selling, leverage, and risk management.
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