Highlights of This Issue
This week's newsletter covers the statistical period from October 10 to October 16, 2025. The RWA market continues to evolve amid structural differentiation: the total on-chain market capitalization steadily increases, but the number of issuers has decreased, indicating a rapid rise in market concentration and enhanced dominance of leading institutions; the volume of stablecoin transfers has rebounded significantly, and the number of monthly active addresses has also increased, but the growth rate of holders remains far below that of transactions, maintaining the pattern of institutional large-scale settlements driving market recovery. Several countries have made substantial regulatory breakthroughs, indicating that nations worldwide are systematically constructing a compliant operational framework for RWA and tokenized assets. At the project level, CMB International and BlackRock continue to launch on-chain money market fund products, while Mitsubishi UFJ and SoloTex have introduced tokenized trading platforms.
Data Insights
RWA Sector Overview
According to the latest data from RWA.xyz, as of October 17, 2025, the total on-chain market capitalization of RWA reached $33.98 billion, an increase of 10.28% compared to the same period last month; the total number of asset holders rose to 485,300, up 6.69% from the same period last month; the total number of asset issuers decreased to 225, indicating a rapid increase in market concentration—leading institutions are gaining dominance while small and medium-sized issuers continue to exit.
Stablecoin Market
The total market capitalization of stablecoins reached $295.53 billion, an increase of 4.45% compared to the same period last month, with growth rates further slowing; monthly transfer volume surged to $3.87 trillion, a significant increase of 22.79% compared to the same period last month, ending a continuous contraction trend, indicating strong institutional settlement demand rebounding; the total number of monthly active addresses increased to 29.56 million, up 8.88% from the same period last month; the total number of holders is approximately 196 million, a slight increase of 2.19% compared to the same period last month, with both figures continuing to diverge, indicating a structural differentiation intensifying between institutionalization of the market and the retreat of retail investors. The leading stablecoins are USDT, USDC, and USDe, with USDT's market capitalization increasing by 5.66% compared to the same period last month; USDC's market capitalization saw a slight increase of 3.03% compared to the same period last month; possibly affected by the market downturn, USDe's market capitalization growth rate has declined for the first time, decreasing by 7.26% compared to the same period last month.
Regulatory News
US SEC Chair Supports Innovative Development Path for Cryptocurrency and Tokenization Regulation
According to The Block, Paul Atkins, the chair of the U.S. Securities and Exchange Commission (SEC), hopes that as the SEC prioritizes the cryptocurrency industry and explores regulatory pathways, innovation in the sector can thrive. At the Washington D.C. Fintech Week on Wednesday, he reiterated that cryptocurrency and tokenization are the SEC's "top priorities," stating the need to build a solid framework to attract talent back to the U.S. while creating a reasonable framework to promote innovative development, jokingly referring to the SEC as the "Securities and Innovation Commission."
Atkins also mentioned plans to introduce innovation exemptions aimed at creating "super applications" that involve multiple regulatory agencies focused on cryptocurrency. He questioned why companies should register with multiple agencies if everyone has the same goal. Currently, the government shutdown has entered its second week, causing SEC operations to stall. Earlier this month, Congress failed to reach a funding agreement, leading to employee furloughs and significant restrictions on federal agency actions.
According to the Macau Daily News, the Monetary Authority of Macau stated that the "Digital Pataca" prototype system has been built, and the first phase of R&D is expected to be completed by the end of this year. Analysts point out that the digital pataca platform's integration with mainland platforms is inevitable, allowing individuals to decide whether to exchange digital currency (digital renminbi or pataca) based on their needs.
French Central Bank Collaborates with Euroclear on Tokenized Commercial Paper Project
According to Ledger Insights, the Banque de France (French Central Bank) and Euroclear have jointly launched "Project Pythagore," aimed at tokenizing the circulating EU (NEU) commercial paper market, which currently has an outstanding balance of €310 billion. The two parties plan to officially launch by the end of 2026, at which point France's wholesale central bank digital currency (CBDC) pilot will be used as part of the European Central Bank's "Project Pontes" wholesale distributed ledger technology (DLT) settlement system. France had previously attempted to use distributed ledger technology for commercial paper processing, which surpassed the experimental stage but ultimately failed to achieve widespread adoption.
UK Explores On-Chain Public Fund, Share Registration Expected to be Automated
According to Caixin, the UK's Financial Conduct Authority (FCA) sought opinions on a proposal to support the asset management and fund industry in embracing "tokenization" on October 14. The proposal provides a compliant pathway for registering public fund shares on distributed ledgers (DLT), aiming to reduce costs and increase efficiency in the asset management industry through blockchain technology. According to the consultation draft, the "blueprint model" proposed by the FCA allows fund managers to migrate the share registration system to blockchain without changing the core regulatory framework. The requirements for custody, valuation, information disclosure, and investor protection remain unchanged, but share registration can be completed via distributed ledger.
French Lise Approved to Establish Europe's First Tokenized Securities Exchange
According to CoinDesk, the Paris-based exchange Lise announced on Thursday that it has become the first company in Europe authorized to operate a fully tokenized stock exchange. The exchange targets the IPO market for small and medium-sized enterprises (SMEs) in France and has obtained a distributed ledger technology trading system (DLT TSS) license from the French financial regulator—Prudential Supervision and Resolution Authority (ACPR)—under the EU's distributed ledger technology pilot regulations. This authorization was developed with the participation of the Banque de France, the European Securities and Markets Authority (ESMA), the French Financial Markets Authority (AMF), and the European Central Bank, allowing Lise to simultaneously serve as a multilateral trading facility (MTF) and a central securities depository (CSD) within a digital framework. The exchange targets French companies with a market capitalization of less than €500 million and hopes that at least half of the issuers will be SMEs valued at less than €200 million. Lise plans to launch its first IPOs for SMEs and mid-cap stocks in early 2026, focusing on industries such as energy and infrastructure.
The Monetary Authority of Singapore (MAS) today announced the launch of a new initiative—BLOOM (meaning "Borderless, Liquid, Open, Online, Multi-Currency")—aimed at expanding the settlement capabilities provided by financial institutions. Through the BLOOM initiative, MAS will collaborate with the financial industry to achieve settlements using tokenized bank liabilities and strictly regulated stablecoins while effectively managing risks in the rapidly evolving digital settlement asset space through standardized methods. BLOOM will cover G10 and various Asian currencies, supporting domestic and cross-border settlements, with application scenarios including corporate financial management, trade financing, and smart agent payments. The first participants include Circle, Coinbase, DBS, OCBC, UOB, Partior, Stripe, Ant International, and StraitsX.
Local Developments
CMB International announced a partnership with BNB Chain to further expand the on-chain distribution of the CMB International US Dollar Money Market Fund through the CMBMINT and CMBIMINT tokens.
Through this initiative, CMB International and BNB Chain are leveraging one of the world's leading blockchain ecosystems to expand access for qualified investors to institutional-grade real-world assets (RWA).
The distribution is supported by the licensed tokenized asset exchange DigiFT and the on-chain capital market investment platform OnChain, which will be used for the issuance and management of the CMBMINT and CMBIMINT tokens.
As of October 10, 2025, the fund ranked first in Bloomberg's Asia-Pacific peer product performance, managing assets exceeding $3.8 billion.
The CMBMINT and CMBIMINT tokens (representing shares of the fund) have now been deployed on the BNB Chain, supporting fiat and stablecoin subscriptions and real-time redemptions.
Project Progress
Mitsubishi UFJ Launches Personal Security Token Platform "ASTOMO"
According to CoinDesk JAPAN, Mitsubishi UFJ Financial Group (MUFG) and Mitsubishi UFJ Morgan Stanley Securities have announced the launch of a blockchain digital asset business and the introduction of personal security token (ST) trading service "ASTOMO," initially offering real estate STs, with a mobile app supporting investments starting from approximately 100,000 yen. MUFG is also preparing to issue public subordinated bonds in ST form, which will count towards Tier 2 capital under banking regulations, marking the first attempt in Japan's domestic banking industry.
Story Ecosystem IPRWA Protocol Aria Foundation Established to Promote Iconic IP On-Chain Economy, Its Platform Token $ARIAIP Set for TGE
According to official news, Aria has announced the establishment of the Aria Foundation, which will be responsible for governing its decentralized protocol and promoting the on-chain process of iconic IPs. The Aria Protocol, as the infrastructure for IP rights tokenization, has supported the on-chain royalty of songs by artists such as Justin Bieber, BLACKPINK, and BTS, and has issued the IP physical asset token $APL.
It is reported that the project completed a $15 million strategic and seed round financing in September this year, with investors including Polychain Capital, Neoclassic, and Story Foundation. The Aria Foundation will be responsible for ecological resource management, IP asset issuance, and protocol governance, while the Aria Protocol Labs will continue to provide technical and ecological support.
In addition, Aria announced the upcoming launch of its native token $ARIAIP, with details to be released gradually.
MSX Contract King of Glory Championship (Phase 1) Concludes, Absolute Return Champion Earns $478,000
According to official news from the MSX platform, the "MSX Contract King of Glory Championship (Phase 1)" successfully concluded on October 10, 2025, after 16 days.
The event established four major rankings: Tactical Master Tournament (Yield Ranking), Profit Dominator Tournament (Absolute Return Ranking), Volume King Tournament (Trading Volume Ranking), and Reverse Indicator Assist Tournament (Loss Ranking). In the competition, the champion player achieved a yield of 380.46%, with the highest absolute return exceeding $478,000, and the trading volume ranking champion's transaction amount exceeding $25.18 million.
The total prize pool for this event was 19,000 USDT in U.S. stock token assets, with rewards for the top three rankings distributed in $MP.M, and the Reverse Indicator Assist Tournament rewards in $PDD.M. The MSX platform stated that it will continue to optimize the event mechanism to enhance user experience and looks forward to achieving better results in the next championship.
Cake Wallet Integrates xStocks: Privacy-Friendly Tokenized U.S. Stock Trading Launched
According to Bitcoin Magazine, Cake Wallet has integrated xStocks, allowing global users to trade tokenized stocks such as Google, Amazon, and Nvidia within the app, emphasizing privacy and low barriers to entry. The issuer is Switzerland's Backed.fi, which has been operating since 2021; users may not have voting rights, and the dividend mechanism is not clearly defined. This service is not available to users in the U.S., Australia, Canada, Belgium, the UK, Afghanistan, Belarus, Cuba, Iran, and North Korea due to regulatory restrictions, and may conduct geographical screening via IP. Similar products have been launched by Phantom, requiring no personal information other than private keys.
Figure Deploys Its SEC-Registered Yield Security Token YLDS on Sui Blockchain
According to The Block, Figure Technology Solutions (stock code FIGR) will launch its regulated yield security token YLDS on the Sui blockchain. This marks the first deployment of the token on a Layer 1 public chain outside of the Provenance blockchain. YLDS is a debt security instrument backed by short-term U.S. Treasury bills and repurchase agreements, and has been registered with the U.S. SEC. The token provides yield, accruing interest daily and paying monthly, with a yield equivalent to the secured overnight financing rate (SOFR) minus 35 basis points. The collaboration between Sui and Figure aims to provide yield for Sui's limit order book DeepBook while supporting the platform's upcoming margin trading. On DeepBook, stablecoins will be automatically converted to YLDS. Additionally, the project team stated that directly minting YLDS on Sui "will ultimately provide Sui users with a direct fiat deposit and withdrawal channel, allowing the use of U.S. dollars without relying on traditional cryptocurrency exchanges." Both parties plan to collaborate on further integration of YLDS and SUI.
SoloTex Obtains FINRA Approval to Launch On-Chain Stock Trading Platform in the U.S.
According to CoinDesk, SoloTex, a joint venture between Texture Capital and Sologenic, has received a green light from FINRA and plans to offer "real on-chain" stock ownership to U.S. retail users. The platform is built by FINRA-registered broker-dealer Texture Capital, aiming to tokenize traditional stocks and settle them on-chain, open to retail traders. Executives stated that SoloTex will achieve compliant issuance, custody, and secondary trading, supporting the tokenization and transfer of U.S. stocks.
Backpack Partners with Superstate to Launch SEC-Registered Stock Tokens
According to CoinDesk, Backpack will integrate Superstate's Opening Bell platform to provide native tokenized public stock and index fund trading for investors outside the U.S. The related tokens are SEC-registered products.
Orderly Launches RWA Index Contracts, Supporting SPX500 and NAS100 Perpetuals
DEX infrastructure provider Orderly has officially launched the "Orderly RWAs" feature, allowing users to trade real-world asset (RWA) perpetual contracts in a DeFi environment. The first supported underlying assets include SPX500 (S&P 500 Index) and NAS100 (Nasdaq 100 Index), offering up to 20x leverage, all settled in USDC, and available for trading 24/7.
The platform employs a median oracle model from three independent price sources (Finage, Tradermade, Pragma) to ensure accurate and manipulation-resistant pricing. It also introduces a weekend risk protection mechanism, setting price bands and providing liquidity alerts during traditional market closures.
BlackRock Launches Money Market Fund Compliant with the "Genius Act"
According to Business Wire, BlackRock has announced the launch of a '40 Act 2a7 money market fund that complies with the regulatory requirements of the "GENIUS Act" (Guiding and Establishing National Innovation for U.S. Stablecoins Act) to serve the reserve management needs of stablecoin issuers. The fund is named BlackRock Select Treasury Based Liquidity Fund (BSTBL), enhancing liquidity and compliance by incorporating overnight repurchase agreements, shortening U.S. Treasury investment durations, and extending trading hours to 5 PM EST.
Insights Highlights
Analysis of Stablecoin Strategies of Major Global Economies
PANews Overview: As the settlement scale of stablecoins (reaching $26 trillion in 2024) approaches that of traditional payment networks, a "public chain track" optimized for stablecoin payments is emerging. Among them, Plasma and Stable are Layer 1 public chains focused on USDT, targeting payment needs in emerging markets by implementing zero fees, instant settlements, and launching consumer-oriented digital banking applications; while Arc, launched by USDC issuer Circle, uses permissioned validation nodes to provide institutional-grade deterministic settlements and optional privacy features, primarily serving banks and corporate clients. The competition among these emerging stablecoin public chains essentially extends the infrastructure layer of the two major issuers, USDT and USDC, with a common goal of enhancing the payment experience of stablecoins and capturing more value. Meanwhile, existing mainstream public chains (such as BNB Chain and Tron) are actively responding through fee reductions, while permissioned chains like Google Cloud's Universal Ledger provide another compliant pathway for institutions, collectively driving the paradigm shift of stablecoins from trading collateral to everyday payment infrastructure.
IOSG Deep Dive into Stablecoin Public Chains: Plasma, Stable, and Arc
PANews Overview: This article analyzes the global strategic landscape of stablecoins from a macro perspective, pointing out that U.S. dollar stablecoins (USDT, USDC) are expanding at an unprecedented rate, primarily driven by citizens in high-inflation countries (such as Venezuela and Argentina) using them as "digital dollars" for savings and payments to replace their severely depreciated currencies. This expansion brings three strategic benefits to the U.S.: consolidating dollar hegemony (establishing a parallel dollar economy overseas), alleviating fiscal pressure (creating huge demand for U.S. Treasury bonds), and dominating the formulation of future digital financial rules. However, the current market is extremely dominated by U.S. dollar stablecoins (accounting for over 99%), which also poses structural risks, forcing other major economies to layout their own stablecoins to maintain "digital currency sovereignty." The article analyzes the current development status of euro, yen, Australian dollar, Korean won, and Hong Kong dollar stablecoins, noting that they generally face challenges such as insufficient network effects, low domestic interest rates leading to difficulties in business models, and potential competition from central bank digital currencies (CBDCs). This global stablecoin race is not only a commercial competition but also a strategic game of financial discourse power among nations in the digital age.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
