Highlights of This Issue
This week's statistics cover the period from March 21, 2026 to March 27, 2026.
This week, the total on-chain market value of RWA showed steady growth, with the growth rate of asset holders surpassing that of the overall scale. The total market value of stablecoins remained consolidated on the platform, with monthly active addresses and transaction volumes continuing to decline, while the number of holders continued to expand, indicating a configuration-driven dominance in the market landscape.
On the regulatory front, there have been key developments: the U.S. Cryptocurrency Market Structure Bill reached a compromise on stablecoin yield provisions, which sparked disagreements within the industry including Coinbase, but the legislative process is expected to break through; Delaware plans to incorporate stablecoins into the banking regulatory framework, as U.S. regulation shifts from macro principles to enforceable rules.
At the project level: three major exchanges are sequentially launching tokenization solutions; Glider and Franklin Templeton have partnered with Ondo to launch a tokenized stock portfolio platform and a 24-hour trading ETF product; Invesco has acquired Superstate's $900 million on-chain fund to enter the tokenized government bond sector.
Ecological applications are deepening: Circle has achieved its first African partnership by integrating USDC into the Sasai payment network, USDT0 has launched on the payment public chain Tempo, Ripple is testing stablecoin automatic settlement for cross-border trade in a Singapore sandbox, Movement has launched the native stablecoin USDCx, and Obex is diversifying $1 billion in credit, energy, and AI assets to expand stablecoin yield sources.
In financing, XFX completed a $17 million Series A round to establish foreign exchange settlements for fiat and stablecoins, and Payy completed a $6 million seed round to create a privacy stablecoin payment network.
Data Insights
RWA Landscape Overview
According to the latest data from RWA.xyz, as ofMarch 27, 2026, the total on-chain market value of RWA has maintained a steady growth share at $26.6 billion, an increase of 4.73% year-on-year, becoming a major support for scale expansion. The total number of asset holders has increased to approximately 694,000, an increase of 6.07% year-on-year, surpassing the growth rate of asset scale.
Stablecoin Market
The total market value of stablecoins has slightly recovered to $2,999.7 billion, an increase of 0.45% compared to the same period last month, with the overall scale continuing to show a pattern of consolidation; monthly transaction volume has dropped to $9.1 trillion, a decline of 7.95% compared to the same period last month, marking a two-month consecutive decrease that reflects a continuous cooling of large settlement and arbitrage demand.
The total monthly active addresses have dropped to 50.79 million, a decline of 3.81% from the same period last month; the total number of holders has expanded to 240 million, an increase of 4.74% compared to the same period last month. The divergence between the two indicates that the new market funds are more of a configuration holding rather than transactional demand, expanding the user base but with a decline in actual participation.
The leading stablecoins are USDT, USDC, and USDS, among which USDT's market value increased by0.42% compared to last month; USDC's market value increased by0.47%; USDS's market value surged by 21.84% compared to the same period last month.
Regulatory News
According to CoinDesk, after reaching a compromise on stablecoin yield provisions in the U.S. cryptocurrency market structure bill CLARITY Act, the response from the crypto industry has been mixed. Insiders have revealed that Coinbase expressed dissatisfaction with the latest compromise yet has not publicly opposed it. The proposal was presented to the crypto industry on Monday and to the banking sector on Tuesday, with some stakeholders feeling "surprised," while Coinbase expressed dissatisfaction, believing the proposal may impose unforeseen obstacles for stablecoin-related products and services.
The new proposal will guide regulatory agencies to draft rules that clarify the regulatory approach to issues like yield. Some individuals are concerned that subjective standards set by regulators may limit different types of rewards programs and are urging the rulemaking to maintain neutrality. In a Monday industry conference call, Coinbase and others displayed disagreements, with some arguing that abandoning certain stablecoin yields would be costly, while others believed the risk of the bill not passing was greater. The updated text is expected to be released this weekend or early next week. The banking sector has yet to publicly express its stance on the proposal. A White House crypto advisor stated on social media, "Everything will be resolved, I am bullish."
Delaware's New Bill Aims to Incorporate Stablecoins into Banking Regulatory Framework
According to Cointelegraph, two Delaware legislators have submitted the Delaware Payment Stablecoin Act, proposing to establish a licensing framework for stablecoin issuers and digital asset service providers. This bill adopts definitions from the U.S. federal Stablecoin Act and covers remedial measures for reserve shortfalls, mandatory redemption time standards, capital standards, and anti-money laundering obligations. If approved, state bank commissioners will draft implementation rules within a specified time frame.
Concurrently, the Delaware Banking Modernization Act seeks to update state banking laws that haven't had significant revisions since 1981, defining digital assets to clarify the regulatory framework. The Governor of Delaware stated that this legislative proposal aims to lower the barrier to entry for financial services, enabling residents to send, receive, and store funds with only an internet connection. The two bills still need to be reviewed by the Senate Banking Committee and debated by the full Senate before becoming law. Legislators also plan to submit the Delaware Currency Transmission and Virtual Currency Modernization Act in the coming days, focusing on implementing consumer protections and regulating the types of licensed activities.
Project Updates
NYSE Partners with Securitize to Develop Tokenized Securities Platform
According to the Wall Street Journal, the New York Stock Exchange (NYSE) is collaborating with the tokenized asset platform Securitize to develop a tokenized securities platform.
Nasdaq and Talos to Collaborate on Developing Tokenized Collateral Management Solutions
According to official news, Nasdaq has announced a partnership with digital asset infrastructure platform Talos to integrate Talos's digital asset infrastructure with Nasdaq's Calypso and trading monitoring platform to develop tokenized collateral management solutions. Through this integration, financial institutions can manage on-chain and off-chain collateral workflows in a unified environment.
CME Group Teams Up with Bank of Montreal to Launch Institutional "Tokenized Cash" Settlement Service
According to Bloomberg, the Bank of Montreal plans to provide institutional clients with tokenized cash services and deposits through the CME Group network, allowing them to transfer funds continuously during non-banking hours. This service is expected to launch in the second half of this year, pending regulatory approval. At that time, the service will enable regulated financial institutions and commercial banks for both BMO and CME clients to handle transaction settlements, margin calls, and collateral allocations in a 24/7 processing model. Previously, CME tested Google Cloud blockchain technology to enhance market infrastructure and support round-the-clock trading.
Bitpanda Launches Public Chain Vision Chain to Connect EU Banks and Tokenized Assets
According to CoinDesk, Austrian crypto broker Bitpanda has launched the new public chain Vision Chain, aimed at European banks and fintech companies to issue and settle tokenized assets under regulatory frameworks such as MiCA and MiFID II. The network is built on Ethereum’s infrastructure based on Optimism, utilizing compliant euro stablecoin payments for on-chain transaction fees to reduce native token price volatility risk. Bitpanda stated that Vision Chain aims to provide 24/7 trading and settlement infrastructure for tokenized securities for traditional brokers, banks, etc. to push traditional assets like stocks and funds onto the chain.
BitGo Partners with ZKsync to Build Tokenized Deposit Infrastructure for Banks
According to CoinDesk, BitGo has partnered with ZKsync to provide a full-stack infrastructure for tokenized deposits for banks, helping financial institutions bring traditional funds onto the blockchain without crossing regulatory boundaries. This solution integrates BitGo’s institutional custody and wallet services with ZKsync's Prividium permissioned chain, supporting banks in issuing, transferring, and settling tokenized deposits while maintaining compliance and control. The infrastructure is currently undergoing testing and is expected to go live later this year.
Glider and Ondo Launch Tokenized Stock Portfolio Platform,Franklin Templeton and Ondo Collaborate to Launch ETF for 24-Hour Trading in Crypto Wallets
According to Cointelegraph, Glider has partnered with Ondo Finance to launch a new platform that allows retail investors to build and automate the management of tokenized U.S. stock portfolios. This platform allows users to create personalized baskets of on-chain stocks and hold the underlying assets directly without needing broker accounts, wallets, gas fees, or manual trading management. Brian Huang, co-founder of Glider, stated that unlike traditional ETFs that bundle assets into fixed products, this platform allows users to build index-based portfolios with custom weights that are automatically maintained, thus avoiding reliance on bundled products. Initially, the platform will focus on tokenized U.S. stocks, with plans to expand to asset classes like commodities in the future and introduce lending positions and yield generation features. The platform is currently not open to U.S. users, but the company holds multiple SEC registrations in preparation for future launches in the U.S.
According to Bloomberg, asset management firm Franklin Templeton has partnered with Ondo Finance to launch a tokenized version of their ETF that can be traded in crypto wallets 24/7, bypassing traditional broker accounts and limited trading hours. Relevant products cover U.S. stocks, fixed income, and gold, with the initial launch aimed at investors in Europe, Asia-Pacific, the Middle East, and Latin America. Franklin stated that the launch time for the U.S. market will depend on further clarifications from regulators regarding the third-party distribution of registered funds on-chain.
Invesco Acquires Superstate’s $900 Million On-Chain Fund, Entering Tokenized Government Bond Sector
According to CoinDesk, asset management firm Invesco, with a total of $2.2 trillion assets under management, will take over approximately $900 million in Superstate's tokenized U.S. government bond fund, USTB, officially entering the tokenized fund market. The fund holds short-duration U.S. bonds and will be renamed "Invesco Short Duration US Government Securities Fund" in the future while keeping the USTB code and token structure unchanged, with the transition expected to be completed by the second quarter of 2026. Superstate will continue to be responsible for trading technology and on-chain infrastructure, including the issuance of tokenized shares, on-chain settlement, and digital registration systems, while Invesco's global liquidity team will handle daily investment management. This product will position Invesco alongside traditional asset management institutions like BlackRock and Franklin Templeton that participate in the approximately $12 billion tokenized U.S. bond market.
Deloitte and Stablecorp Plan to Build Stablecoin Infrastructure for Canadian Institutions
According to Cointelegraph, Deloitte Canada is collaborating with Stablecorp to develop stablecoin infrastructure for Canadian financial institutions, planning to integrate Stablecorp’s Canadian dollar stablecoin QCAD into the payment and settlement processes of institutional clients. Soumak Chatterjee, partner at Deloitte Canada’s financial services department, stated that this initiative aims to help institutions like banks prepare for stablecoin adoption once regulatory frameworks are established. Potential applications include 24/7 payments, improved settlement efficiency, and blockchain-based transparent transaction records.
Movement Launches Native Stablecoin USDCx
Core contributors to Movement Network, Move Industries, have launched USDCx on the Movement M1 mainnet. This stablecoin is fully backed by USDC 1:1 reserves and automatically converts USDC across chains through Circle xReserve without the need for third-party bridges and near-zero minting fees; it has already integrated into DEXs, lending, wallets, and institutional custody applications.
USDT0 Launches on Payment Public Chain Tempo, Covering Over 23 Chains
According to The Block, USDT0 has launched on the payment public chain Tempo, developed jointly by Stripe and Paradigm. USDT0 is issued based on LayerZero’s Omnichain Fungible Token standard, pegged 1:1 to USDT, and circulates across multiple chains with a "no-bridge" mechanism through a lock + mint/burn process. It is currently deployed to at least 23 networks, including Ethereum mainnet, major Layer 2, Monad, HyperLiquid, as well as Bitcoin scaling networks Corn, Rootstock, and USDT dedicated networks Stable and Plasma, etc. Tempo is designed for stablecoin payment scenarios, featuring high throughput and low costs, and incorporates a stablecoin Automated Market Maker (AMM) at the protocol layer for stablecoin exchanges.
Ripple Tests Automatic Settlement of Cross-Border Trade with Stablecoin RLUSD in Singapore Sandbox
According to CoinDesk, Ripple is participating in the BLOOM sandbox program of the Monetary Authority of Singapore, collaborating with supply chain finance firm Unloq to test the automatic completion of cross-border trade payments using the RLUSD stablecoin. When shipping conditions are verified, the system will automatically trigger payments, aiming to replace the time-consuming manual verification and letter of credit processes in traditional trade finance, which may take days or weeks. This pilot leverages Unloq's SC+ platform to consolidate trade obligations, settlement conditions, and financing processes into a single execution layer, with funding transfers completed via the RLUSD on the XRP ledger.
This participation in the BLOOM sandbox marks Ripple's third significant initiative in three weeks. Previously, Ripple expanded Ripple Payments into a full-stack stablecoin infrastructure platform and acquired an Australian financial services license. Ripple is working to accumulate regulatory and institutional credibility to transform RLUSD from a stablecoin with limited adoption into an enterprise-grade compliant and programmable settlement asset.
According to CoinDesk, incubator Obex, backed by Framework Ventures, has begun deploying $1 billion, linking Sky's USDS stablecoin to the yields of real-world assets like AI data centers, energy, and housing to drive stablecoin yield sources from crypto-native loops to real-world assets. Initial partners include Maple, USD.ai, Daylight, Centrifuge, Securitize, River, TVL Capital, and Better, which will introduce on-chain lending, housing finance, energy, and AI infrastructure from the real economy through tokenization. It is reported that Obex was authorized last year to allocate up to $2.5 billion from Sky's USDS reserves to real-world assets to generate yields.
MSX Trading Platform Launches Multiple Aerospace Sector Targets
According to official news, MSX has launched trades for U.S. commercial space company $MNTS.M, aerospace and defense technology company $SIDU.M, leading earth observation firm $PL.M, real-time space intelligence company $BKSY.M, and the largest supplier to the U.S. military PWSA $YSS.M.
Financing Dynamics
According to Fortune, foreign exchange settlement startup XFX announced the completion of a $17 million Series A financing round led by Castle Island Ventures, with participation from Haun Ventures and Coinbase Ventures, following a $9 million seed round. XFX was co-founded by three former Bitso employees and is headquartered in Miami, focusing on providing high-speed foreign exchange and payment infrastructure between fiat and stablecoins for institutional clients. Currently, it supports exchanges between dollars, Mexican pesos, Colombian pesos, and various stablecoins, emphasizing deep liquidity in a few currency pairs and plans to use the new capital to expand the quantitative team and strengthen cooperation with trading desks and banks.
According to The Block, startup Payy, which focuses on privacy stablecoin payments, completed a $6 million seed round of financing, led by FirstMark Capital, with participation from Robot Ventures and DBA Crypto. Payy was previously a Web3 database project named Polybase, which transitioned to stablecoin payments in 2023, currently offering a self-custody wallet and a Visa card that supports USDC spending while developing a Payy Network layer-2 network on Ethereum that employs zero-knowledge proofs for on-chain privacy regarding transaction amounts, addresses, etc. The company claims its platform serves over 100,000 users across 120 countries, with an annual transaction volume of approximately $130 million, and it plans to focus on providing stablecoin payment solutions for financial institutions and fintech companies, along with launching a native token.
Insights Highlights
Financial Stability Board Warns Dollar Stablecoins Intensify Financial Risks in Emerging Economies
The Financial Stability Board (FSB) stated in its 2025 annual report that U.S. dollar-denominated stablecoins in cross-border circulation pose "sharper" financial stability and macroeconomic risks to emerging markets and developing economies. The FSB pointed out that such stablecoins could lead to the substitution of local currencies, weaken the use of domestic payment systems, reduce the effectiveness of monetary policy, increase fiscal pressure, and be utilized to circumvent capital flow management measures. The FSB emphasizes the need to continuously assess the development of the stablecoin sector, focusing on its vulnerabilities in liquidity, operational risks, and interconnection with the traditional financial system, while pushing countries to implement the global regulatory framework for stablecoins introduced in 2023, despite existing execution gaps.
TD Securities: Nasdaq Tokenization Plan May Result in a Split Market
According to Cointelegraph, TD Securities has warned that Nasdaq's tokenization plan could lead to a dual market structure in the U.S., where traditional exchanges and blockchain trading platforms operate in parallel. Reid Noch, Vice President of Market Structure at TD Securities, noted that Nasdaq is advancing three initiatives: upgrading trading settlement processes, supporting companies in issuing tokenized stocks, and promoting trading on offshore platforms like Kraken. The agency believes that while tokenized stocks are backed by actual stocks, they operate outside the U.S. regulatory framework, and price discrepancies for the same asset could occur across different platforms, potentially driving trading activity away from traditional exchanges and reducing market predictability.
According to TheDefiant, Electric Capital examined 501 real-world yield (RWA) assets and cross-referenced them with currently active tokenized assets on-chain. The report indicates that only 34 yield assets have on-chain volumes exceeding $50 million, primarily concentrated in U.S. Treasuries, private credit, corporate bonds, and non-U.S. sovereign bonds; the remaining 93% of yield sources are still constrained by seven types of obstacles, including undeveloped legal structures, challenges faced by asset-backed securities, and the practical integration difficulties of commodities and computing infrastructure.
The research further highlighted that the distribution stage presents a major bottleneck for RWA development: among 35 non-stablecoin on-chain yield assets, only two assets have more than 2,000 holders. This phenomenon partially results from asset design limitations, such as BlackRock's BUIDL product, which has a minimum investment threshold of as much as $5 million. Simultaneously, data shows that most tokenized assets remain highly dependent on a few large deployers and fund managers; for example, the top ten holders of BUIDL control 98% of the supply, and many of these holders are from other protocols.
Electric Capital forecasts that five major factors will drive more real-world assets on-chain in the future: the continuous growth of the stablecoin scale and diversification of market yield preferences, intensified inter-protocol product competition, the ability of vault infrastructure to absorb duration risk, expanded buyer bases through tiered mechanisms, and leveraged cycles amplifying collateral asset demand. Furthermore, AI infrastructure spending (expected to exceed $500 billion by 2026 according to Goldman Sachs) is anticipated to become an important catalyst, with attention drawn to the on-chain financing potential of GPU leasing, data center construction, and energy contracts.
PANews Overview: The supply of stablecoins on the Solana chain reached a historical high of $17 billion in March 2026, marking its transition from endogenous recovery to a new growth phase driven by policy dividends and institutional players.
This milestone is attributed to the legal protections provided by the "GENIUS Act" for compliant assets and the deep integrations of traditional financial giants like Stripe, Visa, PayPal, and BlackRock in cross-border payments, clearances, and asset tokenization.
Simultaneously, the locking of liquidity in decentralized finance (DeFi) protocols, explosive growth in the RWA market, and the rise of high-frequency micro-payment scenarios driven by AI agents collectively create a strong synergistic effect.
Despite challenges like MEV attacks and tightening macro liquidity, Solana is attracting mainstream global capital through high-performance infrastructure, accelerating its push towards the goal of becoming an "internet capital market".
PANews Overview: Recent multiple policy adjustments by the SEC, CFTC, and NYSE in the U.S. have systematically relaxed cryptocurrency asset regulations, accelerating their integration into the traditional financial system.
The SEC has significantly reduced the capital haircut rate for compliant stablecoins from 100% to 2%, granting them “quasi-cash” status, thereby improving broker capital efficiency by 50 times.
The CFTC has approved BTC and ETH as collateral for futures margin, releasing liquidity for cross-market arbitrage and optimizing risk management using its 24/7 settlement capabilities.
The NYSE has lifted position limits on Bitcoin and Ethereum spot ETF options, elevating their regulatory status to the same level as mature commodities like gold, significantly enhancing institutional participation and market depth.
These measures collectively create a liquidity closed loop from underlying assets to risk hedging tools, signaling that cryptocurrency assets are transitioning from the financial fringe to the mainstream stage, while also posing new challenges for macro-risk management across markets.
PANews Overview: Following the stablecoin market's breakthrough beyond $300 billion, the competitive landscape has shifted from a simple valuation comparison to a deep game of compliance and application scenarios.
Circle has been affected by policy fluctuations from the U.S. "Transparency Act", and its stock price is undergoing a major transformation; it is laying out the Arc blockchain while deeply focusing on new scenarios such as AI payments and market settlement, attempting to evolve from a single issuer to a digital dollar infrastructure platform.
Meanwhile, in response to regulatory pressures and potential financing plans, Tether has launched its first-ever comprehensive financial audit conducted by a "Big Four" accounting firm, striving to strengthen its trust moat through enhanced transparency.
Overall, the industry is accelerating its shift towards compliance and transparency, with giants expanding infrastructure capabilities and strengthening audits to jointly usher in a new era of "open card" competition in the stablecoin market.
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