Highlights of This Issue
This week's newsletter covers the statistical period from September 12 to September 18, 2025. The RWA market continues to show strong growth, with the total on-chain market capitalization surpassing $30.26 billion, a week-on-week increase of 9.31%. The number of holders also rose by 6.77%. However, the monthly active addresses for stablecoins plummeted by 31.48%, further confirming a structural shift in the market where retail investors are exiting and institutional funds are taking the lead. Traditional giants are accelerating the launch of tokenized credit products: WisdomTree has launched its first tokenized private credit fund, DBS Bank, Franklin Templeton, and Ripple have collaborated to launch a tokenized fund-supported lending solution, and Apollo has received $50 million in support to launch a tokenized credit fund. In local developments, Alibaba-affiliated companies are frequently making moves: Ant Group and Longxin Technology have established "Ant Chain Trust" to focus on the digitalization of green assets, and Yunfeng Financial has completed a pilot for the tokenization of RWA in its FOF fund.
Data Insights
RWA Track Overview
According to the latest data from RWA.xyz, as of September 19, 2025, the total on-chain market capitalization of RWA is $30.26 billion, reflecting a 9.31% increase compared to the same period last month, continuing its strong growth; the total number of asset holders is approximately 394,800, up 6.77% from the same period last month; the total number of asset issuers has slightly rebounded to 212.
Stablecoin Market
The total market capitalization of stablecoins is $282.26 billion, a 5.53% increase compared to the same period last month; the monthly transfer volume is $3.18 trillion, down 7.75% from the same period last month; the total number of monthly active addresses has sharply decreased to 26.13 million, a 31.48% drop from the same period last month; the total number of holders is approximately 192 million, a slight increase of 1.40% from the same period last month, indicating a sharp divergence between the two metrics, suggesting that the market is experiencing deep structural degradation: institutional funds are pushing up market capitalization, but the mass exit of retail investors is leading to a decline in trading frequency and network activity, while the contraction in transfer volume confirms a significant weakening of on-chain trading activity. The leading stablecoins are USDT, USDC, and USDe, with USDT's market capitalization slightly increasing by 3.81% compared to the same period last month; USDC's market capitalization rose by 8.39% compared to the same period last month; USDe's market capitalization continues to rise, increasing by 18.63% compared to the same period last month.
Regulatory News
Australian Regulators Relax Regulations on Stablecoin Intermediaries
According to Decrypt, the Australian Securities and Investments Commission (ASIC) has provided regulatory exemptions for stablecoin intermediaries, allowing them to distribute cryptocurrencies issued by Australian licensed entities without needing to hold a separate financial services license. The exemption regulations announced on Thursday state that intermediaries distributing stablecoins from Australian Financial Services (AFS) licensed issuers do not need to apply separately for AFS, market, or clearing facility licenses. This measure takes effect after federal legislative registration and is an important step for Australia in addressing regulatory challenges in the stablecoin market.
Steve Vallas, CEO of Blockchain APAC, stated that this move is a temporary transition before broader reforms and is in line with the financial services law. The exemption does not change the determination of whether stablecoins are financial products; it merely "pauses the secondary licensing requirements for distributors of licensed issuers," allowing distribution through licensed channels while maintaining issuer responsibility and requiring intermediaries to provide product disclosure statements to ensure transparency.
Bank of Canada Calls for Establishing a Stablecoin Framework to Avoid Falling Behind Other Countries
According to Cointelegraph, the Bank of Canada has called for the establishment of a regulatory framework for stablecoins to modernize the payment system and avoid lagging behind other countries in advancing relevant policies. On Thursday, Ron Morrow, Executive Director of Payments and Other Affairs at the Bank of Canada, stated at a Chartered Professional Accountants conference in Ottawa: "Even if we are on the right path, stagnation will lead to being overtaken. For stablecoins to be regarded as currency, they must be as safe and stable as bank account balances. Governments around the world are tightening regulations on cryptocurrencies like stablecoins to benefit consumers and mitigate credit and liquidity risks. In fact, many jurisdictions globally have already implemented or are about to implement regulatory frameworks for crypto assets."
Local Developments
According to the WeChat public account "Ant Chain," Ant Group and Longxin Technology Group have announced the joint establishment of "Ant Chain Trust," which will leverage blockchain, IoT, and AI technologies to provide services such as green asset management and dynamic rating pricing. The platform covers the entire process of asset on-chain, data aggregation, asset management, and rating pricing, aiming to address the issues of data silos and dynamic evaluation in traditional green asset management, promoting the tokenization of green assets and the construction of digital trust.
Yunfeng Financial Completes Pilot for RWA Tokenization of FOF Fund
Yunfeng Financial announced that its wholly-owned subsidiary has issued RWA (Real Asset Tokenization) for its invested FOF fund shares, becoming the group's first independently completed RWA project. The fund primarily invests in credit and real estate-related debt securities markets. The group stated that this move enhances the investment efficiency and transparency of the fund and plans to use this as a pilot to gradually explore tokenization solutions for more asset classes, promoting the integration of traditional finance and blockchain technology.
Project Progress
BlackRock Exploring Tokenization of Traditional Assets like ETFs via Blockchain
According to Bloomberg, BlackRock is researching how to tokenize traditional assets like ETFs through blockchain, aiming to enable round-the-clock trading, enhance overseas accessibility, and provide new types of collateral for crypto networks. Previously, BlackRock launched a tokenized money market fund BUIDL with a scale of over $2 billion and tested related products on platforms like JPMorgan. This initiative still requires regulatory approval, and the current market size for tokenized assets is approximately $28 billion, far below the total size of the U.S. ETF industry.
MyStonks Officially Launches STONKS Token Staking
According to an announcement from MyStonks, the "STONKS Token Staking and Airdrop Plan" has been approved by community vote with a 98% support rate, and the platform has officially launched the token staking program. The staking period is from September 12 to September 22, 2025, lasting 10 days, with a staking lock-up period of 180 days. Users need to connect their wallets, log into their personal center, and click the "Stake" button to complete the operation without needing to recharge. Users who miss the deadline will not be able to participate in staking. The announcement also reminds that all relevant information is subject to official MyStonks releases to avoid being misled by unofficial channels.
According to Bloomberg, WisdomTree Inc. has launched its first tokenized fund, providing investors with exposure to private credit investments. The WisdomTree Private Credit and Alternative Income Digital Fund (code CRDT) officially launched on Friday, tracking an equal-weight index composed of 35 closed-end funds, business development companies, and real estate investment trusts. The company had previously launched an ETF based on this benchmark in 2021.
The minimum investment for this tokenized fund is $25, and it supports redemptions within two days. CRDT tracks publicly traded investment tools linked to private credit, designed to lower the entry barrier and improve liquidity, although there remains a layer between investors and the underlying loans. At launch, WisdomTree's CRDT fund will be tokenized on the Ethereum and Stellar blockchains, with plans to expand to other blockchains like Avalanche in the coming weeks.
London Stock Exchange Launches Blockchain Private Fund Platform, Completes First Transaction
According to CoinDesk, the London Stock Exchange Group (LSEG) has announced that its blockchain-based private fund platform, Digital Markets Infrastructure (DMI), has completed its first transaction. The first clients are investment management company MembersCap and digital asset exchange Archax, with the transaction being the fundraising for MembersCap's MCM Fund 1. LSEG stated that DMI covers the entire asset lifecycle, enhancing efficiency from issuance to settlement, and will be compatible with existing blockchain and traditional financial services.
Tokenized Stock and ETF Platform SHIFT Completes Seed Round Financing, SNZ Holding Leads
The tokenized stock and ETF platform SHIFT has announced the completion of its seed round financing, led by SNZ Holding. SHIFT stated that SNZ Holding will assist in promoting the integration of traditional financial assets with DeFi liquidity.
Bitwise Submits Stablecoin and Tokenized ETF Application Documents to the U.S. SEC
According to The Block, asset management company Bitwise submitted a prospectus for the "Bitwise Stablecoin and Tokenized ETF" on Tuesday. According to the document, if the fund is approved by the U.S. Securities and Exchange Commission (SEC), it will "provide investors with the opportunity to access assets that are expected to benefit from the growing popularity of stablecoins and tokenization, as well as the fundamental transformation of financial asset trading and settlement methods." Bloomberg's senior ETF analyst Eric Balchunas stated that the Bitwise Stablecoin and Tokenized ETF could launch around the end of November (around Thanksgiving).
Mavryk Network Secures $10 Million Funding to Advance UAE Real Estate Asset Tokenization
According to CoinDesk, Layer-1 public chain Mavryk Network announced the completion of a $10 million strategic financing round led by MultiBank Group. The funds will be used to advance its plan to tokenize over $10 billion in real estate assets in the UAE in collaboration with MultiBank. The project is supported by multi-party computation wallet services from digital asset custodian Fireblocks, allowing investors to trade and stake real estate tokens on the Mavryk platform without managing private keys themselves.
Sonic Labs Announces Investment in Institutional-Level RWA Service Provider FinChain
Sonic Labs announced an investment in institutional-level RWA service provider FinChain, aiming to accelerate its strategic goal of becoming the settlement layer for future finance. After the collaboration, Sonic will support RWA issuance, institutional-level settlement channels, and composability with DeFi, further expanding the on-chain real asset (RWA) market applications.
According to Cointelegraph, DBS Bank, Franklin Templeton, and Ripple have collaborated to launch trading and lending solutions supported by tokenized money market funds and the RLUSD stablecoin.
Apollo Secures $50 Million Support to Launch New Tokenized Credit Fund
According to CoinDesk, blockchain-based RWA institution Centrifuge has partnered with Plume to launch the "Anemoy Tokenized Apollo Diversified Credit Fund (ACRDX)," which has received a $50 million anchor investment from the credit infrastructure protocol Grove within the Sky ecosystem. This fund allows blockchain investors to participate in Apollo's diversified global credit strategy, covering direct corporate loans, asset-backed loans, and mismatched credit. ACRDX will be issued through Plume's Nest credit vault, with the token code nACRDX, enabling institutional investors to participate in the strategy on-chain. Chronicle will serve as the oracle provider, while Wormhole will handle cross-chain connectivity. Upon approval, Anemoy will act as the fund manager.
PayPal's Stablecoin PYUSD Launches on Stellar Network and Expands to Tron, Avalanche, Sei, and Other Blockchains via LayerZero
According to CoinDesk, PayPal's stablecoin PYUSD has officially launched on the Stellar network.
According to The Block, PayPal's stablecoin PayPal USD (PYUSD) is expanding to multiple new blockchain networks, including Tron, Avalanche, and Sei, through integration with LayerZero's Stargate Hydra cross-chain bridge. PYUSD is issued by Paxos Trust Company, initially launched natively on Ethereum, then expanded to Solana and Arbitrum, and recently added the Stellar network. LayerZero announced on Thursday that with this expansion, a permissionless version of the token called "PYUSD0" will be introduced to seven additional blockchain networks: Abstract, Aptos, Avalanche, Ink, Sei, Stable, and Tron. Additionally, the existing cross-chain versions of PYUSD on Berachain and Flow will also be upgraded to PYUSD0.
According to CoinDesk, former Tether co-founder Reeve Collins has launched the STBL protocol, which splits yield-generating RWAs (such as Franklin Templeton BENJI, BlackRock BUIDL, etc.) into a tradable US dollar stablecoin USST and an interest-bearing NFT YLD. Users can hold principal and yield separately after depositing assets, and the protocol design complies with the GENIUS Act requirements, with USST maintaining its peg through over-collateralization and incentive mechanisms. The STBL governance token has been listed on multiple exchanges, and the protocol is expected to open to the public in the fourth quarter.
Korean BDACS Launches First KRW-Backed Stablecoin KRW1 on Avalanche
According to Cointelegraph, Korean crypto asset custodian BDACS has launched the first KRW-backed stablecoin KRW1 on the Avalanche blockchain after successfully passing its proof of concept. This stablecoin is fully collateralized by Korean won held at Woori Bank.
Insights Highlights
Hong Kong Stock RWA Gold Rush: In-Depth Review of How Listed Companies are "On-Chain" Migrating?
PANews Overview: Faced with the long-term growth dilemma of market capitalization being below net assets (such as holding a large amount of real estate but with depressed stock prices), many Hong Kong-listed companies are flocking to the RWA track, viewing it as a "lifeline" for breaking through. They can be mainly divided into two categories: one is "product issuers" (such as Coolpad Group, China New City), which tokenize their own physical assets like properties to establish real-time pricing and attract new investors, thereby activating liquidity and reshaping market valuation; the other is "business service providers" (such as Huajian Medical, Yunfeng Financial), which leverage their advantages in fields like healthcare and fintech to provide infrastructure services such as technology, rating, or trading platforms for the entire RWA ecosystem. The core motivation behind this trend is to activate existing assets and tell a new growth story to boost stock prices, even providing a new narrative for "shell companies" to transform. However, most projects are still in the early exploration stage, facing numerous challenges from concept to implementation.
From Past to Future: The Paradigm Evolution of RWA
PANews Overview: The development of RWA has undergone three major paradigm evolutions: the 1.0 era (early exploration) attempted to simply "on-chain" non-standard assets like real estate and artworks but failed due to technology and immaturity; the 2.0 era (current mainstream) centers around dollar stablecoins (such as USDT, USDC), with U.S. Treasury bonds as the underlying assets, accounting for over 90% of the entire RWA market, essentially a form of "U.S. Treasury tokenization," which has gained recognition from U.S. regulators and become a new tool to consolidate dollar hegemony; the future 3.0 era will rely on new technologies like high-performance blockchains and AI, shifting from mere "yield generation" to "selling volatility," achieving high-frequency trading and global asset pricing, ultimately becoming a new financial era that replaces traditional financial infrastructure and serves the sovereign individual age.
From IPO Frenzy to Data Controversy: What Happened to "RWA First Stock" Figure?
PANews Overview: Figure, leveraging blockchain technology to innovate home equity loans (HELOC) with its "RWA narrative," successfully listed on Nasdaq with a market capitalization exceeding $6.8 billion. However, it immediately fell into a "data controversy" post-listing: the founder of crypto data platform DeFiLlama pointed out that Figure claimed to have issued $12 billion in on-chain RWA assets, but its on-chain verifiable cryptocurrency reserves (such as BTC, ETH, stablecoins) were only about $30 million, with scarce on-chain trading activity, severely inconsistent with the claimed scale. The core of this controversy lies in the fact that Figure's RWA TVL is mostly based on on-chain mappings from internal databases, rather than being publicly and independently verifiable like DeFi assets, creating significant due diligence blind spots and risks for Wall Street investors accustomed to reviewing traditional financial reports. The Figure case has become a profound collision and integration between the worlds of TradFi and Crypto regarding valuation, transparency, and trust systems, warning the market of the need to establish a more effective verification system for on-chain narratives.
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