Highlights of this episode
This week's statistics cover the period from March 7, 2026 to March 13, 2026.
This week, the total on-chain market capitalization of RWA steadily increased to $26.78 billion, and the total market capitalization of stablecoins returned to the $300 billion mark. However, the number of monthly active addresses and transaction volume declined marginally. The expansion of the user base and the weakening of transaction momentum coexist, and the market is transitioning from a stage of "high-turnover expansion" to a stage of "stock accumulation".
The U.S. regulatory framework has seen several developments: the SEC advisory group has formally supported the advancement of tokenized securities and outlined security safeguards; senators are seeking a compromise on stablecoin yields to push forward the CLARITY Act; the FDIC has clarified that stablecoins cannot be subject to deposit insurance; the Senate has passed a housing bill that includes a ban on CBDCs; and Florida has passed a stablecoin regulatory bill, marking the simultaneous implementation of the regulatory framework in various states and at the federal level.
Global regulatory oversight is deepening in tandem: the European Central Bank has released the Appia roadmap to advance central bank currency tokenization settlements; Hong Kong is expected to issue the first batch of stablecoin licenses to HSBC, Standard Chartered, and OSL next week; the Bank of England has hinted at potentially relaxing the limit on stablecoin holdings; New Zealand has ruled that stablecoins are not financial products; Georgia has allowed companies to issue stablecoins backed by reserve assets; and South Korea may ban companies from investing in stablecoins.
At the project level, there is an explosive trend of "mainstream finance going all the way on the blockchain": Nasdaq has connected to the Stuttgart Exchange's tokenized settlement platform and is working with Kraken to promote the tokenization of securities; Wells Fargo has filed a trademark application for WFUSD; Société Générale has expanded its euro stablecoin to Stellar; Aon is testing stablecoin payments for insurance premiums with Coinbase and Paxos; and BitGo is providing infrastructure support for SoFiUSD.
In terms of financing, KAST completed an $80 million funding round, while MetaComp raised a total of $35 million, with capital continuing to bet on stablecoin payment infrastructure.
Data Perspective
RWA Track Panorama
According to the latest data disclosed by RWA.xyz, as of March 13, 2026, the total market capitalization of RWA on the blockchain reached US$26.78 billion, an increase of 7.74% compared to the same period last month, maintaining steady growth; the total number of asset holders increased to approximately 671,200, an increase of 3.79% compared to the same period last month, matching the growth rate of RWA's scale.
Stablecoin Market
The total market capitalization of stablecoins reached $300.93 billion, a slight increase of 1.24% compared to the same period last month, with the size returning to the $300 billion mark, reflecting a gradual recovery in liquidity; monthly transaction volume fell back to $9.76 trillion, a decrease of 8.99% compared to the same period last month. The turnover rate of existing funds (transaction volume/market capitalization) remained unchanged at 32.5 times.
The total number of monthly active addresses fell to 50.77 million, a slight decrease of 0.94% compared to the same period last month; the total number of holders continued to increase to 235 million, an increase of 5.06% compared to the same period last month. The stark contrast between the two indicates that the incremental funds in the market are entering more for allocation-oriented holding rather than for transactional demand. The user base is expanding, but the transaction momentum is weakening at the margin, and the market is transitioning from a stage of "high-turnover expansion" to a stage of "stock accumulation".
The leading stablecoins are USDT, USDC, and USDS. Among them, the market capitalization of USDT decreased by 0.63% month-on-month; the market capitalization of USDC increased moderately by 6.83% month-on-month; and the market capitalization of USDS surged by 21.92% month-on-month.
Regulatory news
According to CoinDesk, the U.S. Securities and Exchange Commission's Investor Advisory Committee voted to approve recommendations to advance regulatory policies for tokenized securities, allowing stock trading to bypass the intermediary settlement model that Wall Street investment firms have relied on for decades. The committee recommended providing limited exemptions for blockchain-based stock trading, provided that mandatory disclosure, regular external oversight, and ensuring all investors receive the best possible terms in order execution are met.
The SEC chairman stated that these crypto assets still legally meet the definition of securities and therefore require the same safeguards as those in the traditional system. The committee noted that the greatest risk of tokenized securities is that new reforms or exemptions could introduce new risks unknown to investors and incur costs higher than the tokenization gains. Atkins indicated that the SEC is expected to soon consider an innovation exemption to facilitate limited trading of certain tokenized securities and is looking towards developing a long-term regulatory framework.
US senators are seeking a compromise on stablecoin yields to push through the stalled CLARITY bill.
According to CoinDesk, US senators are attempting to push forward the stalled CLARITY bill, a crypto market structure legislation, through a compromise on stablecoin yields. The banking industry had previously successfully lobbied for a halt to the bill, citing concerns that stablecoin yields would siphon off bank deposits. Maryland Senator Angela Alsobrooks, who is involved in the negotiations, stated at a banking summit that both sides may need to make "some compromises" to allow for innovative growth while preventing deposit outflows.
Senator Mike Rounds pointed out that yields should be linked to account activity rather than the amount held. JPMorgan Chase CEO Jamie Dimon hinted at the acceptance of a transaction-based yield model, a position also raised by the crypto industry at the White House meeting. Recent rules proposed by the Office of the Comptroller of the Currency leave considerable room for customer-incentivized yield programs. Despite continued emphasis from the banking industry on the risks of yield loopholes to business models, the bill could still proceed to committee review if senators reach an agreement on a new compromise.
FDIC Chairman: Stablecoins are not entitled to any form of deposit insurance under the GENIUS Act.
According to CoinDesk, Travis Hill, president of the Federal Deposit Insurance Corporation (FDIC), stated that under the GENIUS Act, stablecoin holders will not be eligible for any form of deposit insurance, including "transferred insurance" obtained by financial institutions on behalf of their clients. He pointed out that the GENIUS Act explicitly distinguishes stablecoins from bank deposits, which are guaranteed by the U.S. government for up to $250,000. Hill explained that current transferred insurance rules require the ability to identify the end customer and their interests in the day-to-day operations, a feature currently lacking in large stablecoin arrangements. Although stablecoins cannot obtain FDIC insurance, the law stipulates that they must maintain full reserves, protected by the issuer's own safeguards.
Hill also stated that the FDIC is considering the issue of tokenized deposits, which are not covered by the GENIUS Act, and believes that regardless of the technology or record-keeping method used, tokenized deposits should be legally considered deposits and enjoy the same regulatory and deposit insurance treatment as non-tokenized deposits.
According to The Block, the Florida Senate passed Senate Bill 314 on Thursday with a vote of 37-0, paving the way for the state to establish a regulatory framework for the issuance of stablecoins. The bill, along with its companion House Bill 175, will be submitted to Governor Ron DeSantis for his signature within the next 30 days.
The bill, based on the federal GENIUS Act signed into law last July, covers consumer protection and financial stability guidelines. Key provisions include:
• The Anti-Money Laundering Act for Financial Services Enterprises will be revised to include stablecoins under regulatory oversight, requiring issuers to comply with existing rules and prohibiting unlicensed issuance.
• Clarify that certain payment stablecoins are not considered securities.
• Requires out-of-state qualified payment stablecoin issuers to submit written notification to the state's financial regulatory authority.
Some stablecoins are regulated solely by state OFRs, while others are jointly regulated with the federal OCC.
The bill prohibits stablecoin issuers from paying any form of interest to holders, provided that "such payments are prohibited by federal law." A complementary bill, CS/CS/SB 1440, was passed on the same day, expanding confidentiality protections for information of virtual currency companies, qualified payment stablecoin issuers, and other institutions to protect trade secrets and non-public information.
According to CoinDesk, the U.S. Senate passed a housing bill by a bipartisan majority of 89 to 10. The bill includes a clause prohibiting the Federal Reserve from issuing central bank digital currencies (CBDCs), a ban that will last until the end of 2030. This clause states that the Federal Reserve may not issue or create CBDCs or any digital assets substantially similar to CBDCs, directly or through financial institutions or other intermediaries.
The fate of the bill in the House remains uncertain, with the main point of contention being that it would force large housing investors, such as private equity firms, to significantly limit the number of homes they can own. While President Trump supports expanding housing accessibility, he recently stated that he will not sign any bill until Congress passes a voter identification bill, adding uncertainty to the prospects of other legislation, including housing legislation and crypto market structure legislation.
Sources say Hong Kong will issue stablecoin licenses to HSBC, Standard Chartered, and OSL.
According to a report by Sing Tao Daily citing multiple sources, HSBC, Standard Chartered Bank, and the Hong Kong-based virtual asset trading platform OSL will be among the first companies to receive stablecoin licenses in Hong Kong. The report states that the list could be announced as early as next week, but it is not yet finalized and is subject to change. The Hong Kong Monetary Authority (HKMA) stated that it would not comment on market rumors.
According to Cointelegraph, the European Central Bank (ECB) has released the Appia roadmap, outlining a long-term plan to build a European tokenized wholesale financial market pegged to central bank currency. Pontes, a distributed ledger technology settlement solution for the Eurosystem, is planned for launch in the third quarter of 2026 and is a key component of the Appia framework, designed to enable central bank currency settlement of market transactions through an interoperable network. Appia is a strategic framework for developing the future tokenized finance ecosystem.
The European Central Bank (ECB) Executive Board members stated that the roadmap aims to pave the way from the current financial system to future tokenized markets, firmly anchored to central bank money. The ECB has also launched a public consultation, inviting feedback from public and private sector participants, with a deadline of April 22. This move comes as the ECB continues to advance its digital euro project, planning to begin selecting payment service providers in 2026 and launch a 12-month pilot program in the second half of 2027.
The Bank of England has hinted at a possible easing of restrictions on stablecoin holdings.
According to Bloomberg, Bank of England Deputy Governor Sarah Breeden hinted that regulators may soften their strict stance on capping stablecoin holdings, a proposal that has drawn strong opposition from the digital asset industry. Last November, the central bank proposed temporary caps of £20,000 for individuals and £10 million for businesses holding stablecoins deemed systemically important, to prevent risks arising from sudden transfers of customer deposits from banks to stablecoins. However, stablecoin issuers and the crypto industry have warned that these caps would be difficult to enforce and could stifle innovation.
Speaking before a House of Lords committee, Breeden said the Bank of England was "open to other ways" to achieve its goal of protecting the UK economy and was reviewing feedback received on its consultation paper last November. She acknowledged technical difficulties in implementing a cap, including how to effectively track token holders and holdings in secondary market transactions, and the cost-effectiveness of building a system for temporary restrictions. The Bank of England plans to finalize the regulations by the end of the year.
New Zealand regulators have ruled that the stablecoin NZDD is not a financial product.
According to Cointelegraph, the New Zealand Financial Markets Authority (FMA) has ruled that the New Zealand dollar-pegged stablecoin NZDD is not a financial product. The FMA stated that this determination stems directly from its ongoing fintech sandbox pilot program, as the economic substance of NZDD is not a debt security, it is not an investment, and holders do not receive any income, interest, or other benefits.
The law firm representing NZDD issuer ECDD Holdings in the FMA sandbox stated that this determination is an important step towards clarifying stablecoin regulation in New Zealand. However, it should be noted that this determination only applies to specific products and versions of NZDD and does not constitute a general ruling on the regulatory treatment of all stablecoins.
South Korea may ban companies from investing in stablecoins.
According to South Korean media reports, the South Korean Financial Services Commission's draft "Guidelines for Corporate Virtual Currency Trading" may exclude stablecoins from the scope of permitted investments. The guidelines will outline standards for listed companies and registered professional investment firms trading digital assets for investment or financial purposes. To prevent blind investment in the early stages of the market, the regulator has decided to exclude dollar-denominated stablecoins (such as Tether (USDT) and USD Coin (USDC)) when defining the scope of permitted investments.
Georgia now allows companies to issue stablecoins backed by reserve assets.
According to Cryptopolitan, the Central Bank of Georgia has passed new regulations allowing companies registered and licensed in Georgia to issue stablecoins pegged to fiat currency, but these must be fully backed by reserve assets. Users can redeem the stablecoins at face value at any time, and issuers must meet capital requirements and undergo rigorous audits.
According to regulations, issuing institutions must register with the central bank and obtain written permission, with a minimum regulatory capital of 500,000 Georgian Lari (approximately US$183,000). Reserve assets exceeding 15 million Georgian Lari (approximately US$5.5 million) require quarterly audits by one of the "Big Four" accounting firms. Redemption requests under 300,000 Georgian Lari must be completed within three business days, while larger amounts must be completed within five business days. The new regulations cover stablecoins pegged to the Georgian Lari, foreign currencies, or other assets, requiring 100% reserve coverage and a clear separation of assets from the issuer's own assets.
Project progress
Nasdaq has integrated Seturion, the tokenized settlement platform of the Stuttgart Exchange, and is partnering with Kraken to advance security tokenization.
According to Cointelegraph, Nasdaq is partnering with Seturion, the tokenized settlement platform of the Stuttgart Exchange Group, to connect its European trading venues to the platform and use distributed ledger technology to settle tokenized securities. The collaboration will initially focus on structured products, aiming to support faster settlement of tokenized assets in European capital markets.
Seturion supports multiple asset classes on both public and private distributed ledger networks, allowing transaction settlement using central bank currency or on-chain cash. The platform plans to open to a wider network of financial institutions across Europe. Both parties stated that by using distributed ledger technology, the shared platform helps reduce settlement times and operational complexity in the European market, addressing the fragmentation of post-transaction infrastructure in Europe.
According to The Wall Street Journal, Nasdaq has partnered with crypto trading platform Kraken to promote trading based on stock tokenization.
BTC Markets plans to apply for an RWA trading license from Australian regulators.
According to Cointelegraph, Australian cryptocurrency exchange BTC Markets has informed the country's securities regulator of its intention to apply for a market license to offer regulated tokenized real-world assets (RWAs). BTC Markets CEO Lucas Dobbins stated on Monday, "Our plan is to obtain a licensed infrastructure that enables specific types of tokenized assets to be offered and used by the public." He added that his vision is for a world where tokenized stocks, bonds, and real-world assets will be traded alongside cryptocurrencies, with markets operating continuously and settlement completed instantly.
According to CoinDesk, Wells Fargo, a major U.S. bank, has filed a trademark application with the U.S. Patent and Trademark Office for a cryptocurrency-related product called WFUSD. The application states that WFUSD will offer services such as "cryptocurrency payment processing," "execution of digital asset transactions," and "services featuring asset tokenization software." The name suggests it could be a deposit token or stablecoin.
Previously in 2019, Wells Fargo disclosed plans to pilot an internal settlement service called "Wells Fargo Digital Cash" running on its proprietary distributed ledger platform.
Societe Generale's euro stablecoin EURCV extended to the Stellar network.
According to Finance Feeds, Societe Generale-FORGE, the crypto subsidiary of Societe Generale, has deployed its euro-denominated stablecoin EUR CoinVertible (EURCV) to the Stellar network, completing its multi-chain expansion plan first announced in 2025. EURCV was first launched on Ethereum in April 2023 and has since expanded to Solana and XRP Ledger, currently boasting a market capitalization of approximately $45.2 million. The stablecoin has participated in several tokenized financial asset trials, including a tokenized bond exchange and settlement pilot tested by SWIFT in January of this year.
Aon is testing with Coinbase and Paxos the use of USDC and PYUSD to pay insurance premiums.
According to CoinDesk, global insurance brokerage giant Aon, in collaboration with Coinbase and Paxos, has completed a proof-of-concept test of stablecoin premium payments, using USDC (Ethereum) and PayPal USD (PYUSD, Solana) to settle insurance premiums. Aon states that this is the first time a major global insurance brokerage has experimented with stablecoins for premium settlement. Currently, cross-border premium settlements largely rely on bank clearing, which can take several days. This test aims to evaluate the potential advantages of on-chain payments in terms of settlement efficiency, cost, and transparency, and to prepare for the future introduction of stablecoins into the existing financial system, against the backdrop of the US passing the Genius Act, which establishes a federal regulatory framework for stablecoin issuers.
BitGo will provide stablecoin infrastructure support for SoFiUSD and expand institutional distribution , and will also custody digital assets for StableX's $100 million stablecoin initiative.
According to Businesswire, BitGo announced that its subsidiary, BitGo Bank & Trust, has been selected to provide stablecoin infrastructure services and support the distribution of SoFiUSD, issued by SoFi Bank. SoFiUSD is the first US dollar stablecoin issued on a public, permissionless blockchain by a nationally chartered and insured deposit bank in the United States. BitGo will provide SoFiUSD with technical and operational infrastructure, as well as institutional access and applications, through its "Stablecoin-as-a-Service" platform.
According to Cointelegraph, digital asset infrastructure company BitGo will provide custody and trading services to StableX Technologies to support its plan to allocate up to $100 million in stablecoin-based crypto assets. According to the announcement, BitGo Bank & Trust will act as the custodian of StableX's digital asset holdings, and the BitGo trading platform will assist in executing the allocation plan through its over-the-counter liquidity platform.
According to gurufocus, Nasdaq-listed Solana DeFi Development announced plans to launch a dividend-paying stablecoin following its strategic investment in stablecoin protocol development project Apyx. The aim is to introduce transparent returns to the stablecoin market. The two companies reportedly also discussed token economics, valuation frameworks and development roadmaps, as well as how to utilize the Digital Asset Treasury (DAT) dividend preferred stock.
Lido integrates Earn products and launches its first stablecoin vault, EarnUSD.
According to The Block, Lido has consolidated its Earn product line into two major vaults: EarnETH and EarnUSD. EarnUSD is its first stablecoin vault, supporting USDT and USDC access to the Ethereum USD strategy. Lido claims that the product line has attracted nearly $250 million in deposits since its launch in September 2025, and the DAO will also invest $5 million in vault funds to support the new product.
RWA's MSX trading platform has launched ETFs and underlying assets across multiple sectors.
According to official sources, MSX has launched trading for the following ETFs: Global Agriculture Supply Chain ETF $FTAG.M, Global Agriculture Leaders ETF $MOO.M, US Basic Materials Core ETF $XLB.M, Global Optical Module Precision Manufacturing Leader $FN.M, Next-Generation Silicon Photonics Technology Pioneer $LWLG.M, and Professional Wafer Foundry Powerhouse $TSEM.M.
Financing Dynamics
According to Bloomberg, stablecoin payment company KAST has completed an $80 million funding round, co-led by QED Investors and Left Lane Capital. The funds will be used for expansion in North America, Latin America, and the Middle East, as well as hiring, licensing applications, and product development. The new round values the company at approximately $600 million. Sources familiar with the matter said the terms of the funding round were finalized in October, and the company's annualized revenue this year is expected to reach $100 million.
According to official sources, Singapore-based digital finance platform MetaComp has completed its Pre-A+ round of financing, bringing its total funding to US$35 million, including the Pre-A round completed three months ago. This round was led by Alibaba, Spark Venture, and other institutional investors, with existing shareholders also participating.
MetaComp and its affiliates aim to build a Web 2.5 payments and wealth management platform, offering hybrid stablecoin/fiat currency payments and hybrid security/RWA token wealth management services. The new funding will be used to accelerate the expansion of the StableX network in high-growth corridors in Asia, the Middle East, Africa, and Latin America, as well as to develop an AI-driven strategic architecture to support proxy-based Web 2.5 payments and wealth management services.
Insights Highlights
According to Forbes, US financial regulators under Trump's leadership believe it's unnecessary to adhere to the Basel Accords' treatment of crypto assets, and instead advocate for a technology-neutral regulatory strategy for tokenized assets. Therefore, they are circumventing the Basel Accords to promote the development of tokenized securities. Currently, the Basel Committee on Banking Supervision has extremely strict standards for crypto asset risk exposure, imposing risk weights as high as 1250% on non-compliant financial institutions. However, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, and the Office of the Comptroller of the Currency (OCC) have adopted an "America First" strategy in their Frequently Asked Questions (FAQs) regarding the capital treatment of tokenized securities, granting tokenized securities the same legal rights as their non-tokenized counterparts. The New York Stock Exchange (NYSE), Goldman Sachs, Nasdaq, DTCC, BlackRock, Bank of New York Mellon, Citigroup, and JPMorgan Chase have all benefited from this, launching pilot projects or platforms for tokenized stocks, funds, and deposits, and may become the "biggest winners" in this field in the future.
TD Cowen: Congress may be close to permanently banning the Federal Reserve from issuing CBDCs.
According to The Block, investment bank TD Cowen stated that Congress may be close to permanently banning the Federal Reserve from issuing a digital dollar. Senator Ted Cruz last week submitted an amendment to the Senate housing bill, proposing to make the current temporary ban, which runs until 2030, permanent. The housing legislation is expected to be voted on in the Senate as early as this week.
TD Cowen believes that a permanent ban on CBDCs would benefit stablecoin issuers, eliminating concerns that the Federal Reserve might disrupt their business. However, this move could become another obstacle to the CLARITY Act, a crypto market structure bill, as lawmakers may believe that with the GENIUS stablecoin bill and the CBDC ban already passed, there's no need to push for the CLARITY Act this year. Analysts point out that each additional hurdle reduces the likelihood of the bill passing. Last year, the House of Representatives passed a bill prohibiting the Federal Reserve from directly issuing CBDCs to individuals.
Jefferies analyst: Stablecoin craze may erode traditional bank profits.
According to a CoinDesk report, investment bank Jefferies released a report stating that as the digital dollar expands its application in the payments and crypto markets, the proliferation of stablecoins may gradually erode the profits of traditional banks. Analysts predict that core bank deposits could decline by 3% to 5% over the next five years, leading to an average bank profit decrease of about 3%, primarily due to rising funding costs and pressure on fee income.
The report argues that while stablecoins are unlikely to trigger sudden bank runs, the risk of gradual deposit outflows from emerging active yield opportunities and payment use cases cannot be ignored. The GENIUS Act of 2025 prohibits regulated stablecoin issuers from directly paying yields to passive holders, reducing the risk of a sharp short-term outflow of deposits. However, in the long term, active rewards from stablecoin trading and payment settlements, as well as yields from DeFi staking and lending protocols, may still pose a similar threat to bank deposits. Jefferies points out that banks with a high proportion of retail deposits and interest-bearing deposits face greater risks.
PANews Overview: Driven by strong earnings and a global high-interest-rate environment, Circle's stock price has more than doubled, demonstrating its profitability as a "settlement technology network".
In terms of data performance, USDC's transaction volume reached $1.26 trillion in February, surpassing USDT with its extremely high capital flow rate and becoming the dominant on-chain settlement medium.
Furthermore, by integrating with Visa and providing a programmable development kit, Circle has precisely positioned itself in the AI Agent payment sector, solving the pain points of micropayments and becoming a financial primitive in this field.
Overall, Circle is transforming from a single asset management institution into an infrastructure for the digital economy era, occupying a central position at the intersection of settlement hegemony and AI monetary sovereignty.
PANews Overview: Six major institutions, including a16z Crypto, Paradigm, and Binance Labs, are seeking new growth points by establishing special AI funds or focusing on the "AI + crypto" cross-track (such as decentralized computing power, AI Agent, DePIN, etc.).
VCs believe that blockchain technology can provide AI with a decentralized ownership architecture, transparent data ownership confirmation, and an efficient payment and settlement system, while AI can improve the automation level and efficiency of blockchain.
Despite facing regulatory challenges and being in the early stages of technological convergence, venture capital firms are attempting to gain an advantage in this round of technological paradigm shift and reshape the industry landscape of Web3 and AI symbiosis through a "full-stack layout" strategy.
PANews Overview: While asset tokenization has reached a considerable scale, the market demand for high-leverage trading and risk management remains far from being met. RWA perpetual contracts, through a synthetic derivatives model, provide users with linear risk exposure to traditional assets such as stocks, commodities, and forex, without the worry of time decay.
Currently, there are two main models in the industry: oracle index pools (such as Ostium) and order books (such as Trade.xyz), which aim to solve challenges such as price anchoring, liquidity depth, and system liquidation during market closures.
With the improvement of the underlying architecture, RWA perpetual contracts are expected to unleash huge retail trading potential and realize the deep integration of DeFi with the traditional financial derivatives market.
