Original | Odaily Planet Daily (@OdailyChina)
Author | Ethan (@ethanzhangweb3)_
RWA Market Performance
As of October 28, 2025, the total on-chain value of RWA is $35.03 billion, an increase of $860 million from $34.17 billion on October 21, with a weekly growth rate of 2.52%. The total market value of on-chain assets has risen for the fifth consecutive week, continuously setting new historical highs. The total number of asset holders increased from 491,951 to 512,041, with a weekly addition of 20,090 people, a growth rate of 4.08%, marking the most significant user growth week in the past four weeks, with a noticeable increase in activity. The number of asset issuers rose from 226 to 230, adding 4 new issuers. In terms of stablecoins, the total market value is $29.597 billion, slightly down from $29.609 billion the previous week, a decrease of $120 million, or 0.04%, showing minimal fluctuation and essentially remaining in a sideways consolidation state. The number of stablecoin holders increased from 197 million to 198.77 million, an increase of about 1.87 million, a growth rate of 0.95%, indicating steady user growth.
From the asset structure perspective, the scale of private credit grew from $1.74 billion to $1.79 billion, an increase of $50 million, with a growth rate of 2.87%, maintaining a stable growth trend and accounting for over 50%. U.S. Treasury bonds also increased, rising from $830 million to $860 million, an increase of $30 million, with a growth rate of about 3.61%, indicating a slight recovery in on-chain allocation demand against the backdrop of a pullback in U.S. Treasury rates. Commodity assets fell from $3.1 billion to $3 billion, a slight decrease of $100 million, with a drop of 3.23%, making it the relatively weaker sector this week. Institutional alternative funds rose from $2.8 billion to $3 billion, an increase of $200 million, with a growth rate of 7.14%, showing that institutional funds continue to pay attention to non-standard strategy assets. Public equity stands at $699.5 million (subject to system statistical adjustments, initially displayed value). Non-U.S. government debt remains at the $1 billion level, with no changes, having a limited overall impact.
Trend Analysis (Comparison with Last Week)
This week, the RWA market continued the trend of "overall upward, internal differentiation." The overall total market value and user numbers continued to rise, while the performance of different assets varied: categories such as private credit, U.S. Treasury bonds, and alternative funds performed steadily, forming the market's fundamental support; in contrast, commodity and public equity assets entered a phase of adjustment, reflecting a short-term re-evaluation of risk and return in the market. The number of asset issuers rebounded to 230 this week, indicating that while the market structure is stabilizing, there is still room for further expansion.
Key Event Review
Bitwise to Launch Solana Staking ETF BSOL Today
Cointelegraph reported on X platform that Bitwise will launch its Solana staking ETF (BSOL) today, marking the first 100% spot SOL exposure ETP in the U.S.
Hong Kong's First Solana Spot ETF Listed, Initial Scale of 21.29 Million HKD
Hong Kong's first Solana spot ETF—Huaxia Solana ETF has officially listed on the Hong Kong Stock Exchange, becoming the third type of cryptocurrency spot ETF approved by the Hong Kong Securities and Futures Commission after Bitcoin and Ethereum.
According to SoSoValue data, the trading volume on the first day was 11.39 million HKD, with a total net asset value of 21.29 million HKD, equivalent to approximately 13,461 SOL. The closing price on the Hong Kong counter showed a discount of -0.60%, indicating strong selling pressure. In terms of first-day trading volume, it was about half of the trading volume when the Hong Kong Ethereum spot ETF was launched on April 30, 2024 (when three products were launched simultaneously).
The Huaxia Solana ETF is issued by Huaxia Fund (Hong Kong) and was approved by the Hong Kong Securities and Futures Commission on October 22. Its features include:
- Supports cash or physical redemption
- Does not support additional income from Solana through staking
- Management fee rate of 0.99%
- Multi-currency trading: supports HKD (code 3460), RMB (code 83460), and USD trading (code 9460)
Aave Labs Acquires Stable Finance to Expand Consumer Access to On-Chain Savings
Aave Labs, the company behind the DeFi project Aave, announced the acquisition of Stable Finance, a San Francisco-based startup focused on simplifying on-chain savings for everyday users. The terms of the deal were not disclosed. This move brings Stable's founder Mario Baxter Cabrera and his engineering team under Aave Labs, where they will assist in developing new consumer-oriented DeFi products. Cabrera will join as the product director.
Aave Labs founder Stani Kulechov stated that this acquisition strengthens the company's goal of "integrating on-chain finance into everyday finance." Stable's technology will be integrated into future Aave Labs products, while its existing applications will be gradually phased out. This acquisition marks Aave's third talent-focused deal following the acquisitions of Sonar in 2022 and Family in 2023, aimed at continuously expanding its product design capabilities.
Documents show that Ant Group has applied for registration of multiple trademarks related to virtual assets, stablecoins, and blockchain in Hong Kong, including "ANTCOIN." Industry insiders believe this move may be part of its preliminary layout in the fintech and Web3 business direction, aiming to expand into new business areas beyond traditional payment systems. (Hong Kong Economic Daily)
Enterprise-level digital asset custody platform Fireblocks announced the acquisition of Web3 development platform Dynamic to accelerate the on-chain application landing for fintechs and enterprises.
Dynamic provides on-chain account and wallet infrastructure for several industry institutions, including Kraken, Zerohash, Magic Eden, Lighter, and Ondo Finance, and has supported over 50 million on-chain accounts to date. Through this acquisition, Fireblocks will achieve a complete product stack from institutional custody to end-user wallets for the first time, covering custody, settlement, user login, wallet integration, and fund inflow and outflow, helping enterprises launch secure and compliant on-chain products within days.
Fireblocks CEO Michael Shaulov stated, "For the past seven years, we have provided secure custody and settlement infrastructure for the world's largest banks and exchanges. Now, combined with Dynamic's consumer-grade wallet and multi-link capabilities, we are building the industry's first secure and scalable platform covering the entire chain."
Dynamic co-founder and CEO Itai Turbahn added that the team's vision is to make it easy for enterprises to "call Web3 functions like calling Twilio or Plaid," and this integration will help more teams quickly launch on-chain services in areas such as payments, yields, stablecoins, and embedded wallets. (citybiz)
Coinbase Acquires Crypto Fundraising Platform Echo for $375 Million, Founded by Cobie
Coinbase announced the acquisition of crypto fundraising platform Echo for approximately $375 million. The platform was founded by well-known figure Cobie in the crypto industry and focuses on on-chain capital raising.
To date, Echo has helped around 300 projects raise funds directly through its community, accumulating over $200 million. After the acquisition, Echo will temporarily retain its independent brand operation, and its core product Sonar (supporting private or public token sales) will be integrated into the Coinbase platform.
Coinbase stated that this acquisition aims to create a "full-stack solution" for crypto fundraising, providing entrepreneurs with financing tools closely integrated with their user base and opening investment access to early-stage projects for investors. The company also plans to expand Echo's infrastructure into the tokenized securities and real-world assets (RWA) space. This acquisition aligns with Coinbase's earlier strategic direction following the acquisition of token management platform LiquiFi.
Additionally, reports indicate that the transaction amount includes $25 million to restart Cobie's podcast show UpOnly. (Coindesk)
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 20, Ondo Finance announced on the X platform that over 90 million wallets now support tokenized stock and ETF trading. Additionally, its subsidiary Ondo Global Markets has received support from Blockchain.com, which will provide trading services for over 100 types of tokenized stocks and ETFs to global users.
Previously, Ondo Finance sent a letter to the U.S. Securities and Exchange Commission, urging the delay or rejection of the Nasdaq's proposed tokenized securities trading plan. Ondo pointed out that the plan relies on undisclosed settlement details, which could give large institutions an unfair advantage.
In the letter, Ondo stated that without clear guidelines on how the U.S. Depository Trust Company (DTC) would handle blockchain settlements, regulators and investors would find it difficult to fairly assess the proposal's validity. While supporting the direction of securities tokenization, Ondo argued that approval should be granted only after the DTC has improved its relevant systems to ensure market fairness and transparency.
MyStonks (STONKS)
One-Sentence Introduction:
MyStonks is a community-driven DeFi platform focused on tokenizing U.S. stocks and trading them 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 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 a "Nasdaq of the crypto world."
Previous Updates:
On September 16, MyStonks officially launched Hong Kong stock contract trading, allowing users to participate in trading directly using wallets with USDT/USDC, supporting up to 20x leverage. This launch includes several high-quality Hong Kong stocks, such as Citic Securities International (1788.HK), BYD Company Limited (1211.HK), Xiaomi Group (1810.HK), Moutai 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.
On September 25, MyStonks announced a brand upgrade, officially changing its domain to msx.com, stepping 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 determination in 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.
Related Links
Summarizing the latest insights and market data in the RWA sector.
Understanding the "Conflux Chain" that Ranks Among the World's Top Public Chains
A foundational article introducing the Conflux chain and its current development status.
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.
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。
