Highlights of this episode
This week's statistics cover the period from April 10, 2026 to April 17, 2026.
This week, the total market capitalization of the RWA chain stabilized above $300 billion, the number of monthly active addresses increased by 10%, market settlement demand was active, and retail investor participation accelerated its recovery.
On the regulatory front: Negotiations on the US CLARITY Act have only a few remaining differences and are close to the final version; the European Central Bank supports tokenized capital markets but emphasizes central bank currency anchoring and interoperability; Hong Kong's first batch of stablecoin licenses have been officially issued, with Point Financial, a joint venture between Standard Chartered Bank, Hong Kong Telecom and Anni Group, selected. It plans to issue the Hong Kong dollar stablecoin HKDAP in the second quarter, marking the entry of Hong Kong's compliant stablecoin system into the substantive operational stage.
At the project level: Morgan Stanley is exploring tokenized money market funds and tax solutions; HSBC has completed a tokenized deposit pilot on the Canton network; Visa has launched a verification node on the Tempo network to deeply participate in stablecoin payment infrastructure; Société Générale's USD stablecoin has been listed on MetaMask; and ClearBank has received approval from MiCA to launch stablecoin services.
In terms of funding: Paxos Labs has completed a $12 million funding round to develop DeFi stablecoin infrastructure.
Data Perspective
RWA Track Panorama
According to the latest data disclosed by RWA.xyz, as of April 17, 2026, the total market capitalization of RWA on-chain reached US$29.72 billion, an increase of 8.91% compared to the same period last month, maintaining growth for several consecutive months and becoming the main engine of scale expansion. The total number of asset holders increased to approximately 727,600, an increase of 4.74% compared to the same period last month, matching the asset growth rate.
Stablecoin Market
The total market capitalization of stablecoins rose to $303.18 billion, a modest increase of 0.28% compared to the same period last month, remaining above $300 billion for two consecutive months, with liquidity remaining robust; monthly transaction volume rose to $10.18 trillion, an increase of 6.02% compared to the same period last month, with a capital turnover efficiency of 33.6 times, maintaining a high level.
The total number of monthly active addresses increased to 55.81 million, a significant jump of 10.02% compared to the same period last month; the total number of holders steadily expanded to 244 million, an increase of 2.52% compared to the same period last month. The combined effect of these two factors indicates that market settlement demand remains active, retail investor participation is recovering rapidly, and the market structure is becoming healthier.
The leading stablecoins are USDT, USDC, and USDS. Among them, the market capitalization of USDT increased slightly by 0.71% month-on-month; the market capitalization of USDC decreased by 1.36% month-on-month; and the market capitalization of USDS increased slightly by 0.73% month-on-month.
Regulatory news
According to CoinDesk, negotiations in the US Congress regarding the "CLARITY Act" crypto legislation are now down to only about two or three unresolved issues. A Senate staffer described the draft bill as "very close" to completion in a JPMorgan report. Market participants expect that if the remaining contentious clauses are agreed upon without additional "piggybacking" clauses, the CLARITY Act could have a substantial impact on the US crypto asset regulatory framework and related market expectations in the coming quarter.
According to Cointelegraph, the European Central Bank (ECB) stated in its latest macroprudential bulletin that tokenization technology can only improve the efficiency of EU capital markets if it is pegged to central bank currency, infrastructure remains interoperable, and regulation is "robust and supportive." The ECB noted that DLT (Dynamic Lending Technology) helps deepen the EU savings and investment union, but its benefits depend on interoperable infrastructure and policymakers' ability to manage new risks. The report emphasizes that efficiency improvements require avoiding fragmentation of incompatible platforms and ensuring that tokenized market settlements can use central bank currency. Tokenized bonds have shown initial evidence of lower borrowing costs and narrowed bid-ask spreads, but these benefits remain exploratory and conditional, with technical, legal, and liquidity risks still present. The report also analyzed tokenized money market funds and MiCA-compliant euro stablecoins, pointing out similar liquidity and operational risks, compounded by new operational vulnerabilities. The ECB explicitly stated that tokenization can support its vision of integrating capital markets, but only if policy, prudential rules, and central bank infrastructure develop in tandem.
Local Observations
According to Standard Chartered Bank, Point Financial Technology Co., Ltd., a joint venture between Standard Chartered Bank, HKT, and Anni Group, has been successfully included in the first batch of stablecoin license applicants announced by the Hong Kong Monetary Authority. Point Financial expects to launch its regulated, Hong Kong dollar-pegged stablecoin "HKDAP" in phases starting in the second quarter of this year. It will adopt a business-to-business and business-to-consumer model, leveraging the extensive customer base of designated authorized distributors to broaden public access to "HKDAP." Furthermore, Point Financial will further promote business development by offering preferential measures to early partners.
Flow Capital puts $150 million in private credit funds on the blockchain
According to Bloomberg, Hong Kong-based alternative asset management firm Flow Capital Partners plans to put its $150 million private credit fund on the blockchain through Singapore-based DigiFT, becoming one of the first fund management companies in Asia to utilize stablecoin liquidity.
Launched last June, the fund plans to raise an additional $30 million by the end of this year through tokenized shares, aiming to expand the fund size to $250 million with a target net return of 12%. The private lending market is facing difficulties for borrowers under pressure from high interest rates, rising default rates, and liquidity stress, but Flow states that its investments are primarily focused on mortgage lending and it is not concerned about the risks.
Project progress
Morgan Stanley plans to explore tokenization and tax solutions in the crypto space.
According to Decrypt, Morgan Stanley's head of digital asset strategy, Amy Oldenburg, stated in an interview that the company submitted an application in January for an ETF tracking Ethereum and Solana, but it's unlikely to stop there. Tokenized money market funds are a natural progression in its cryptocurrency roadmap. Furthermore, it may explore using digital assets to offset capital gains taxes, as well as Bitcoin-based yield and lending services.
HSBC announced the completion of a pilot project for tokenized deposits on the Canton network.
According to Financial IT, HSBC's Global Payments Solutions has completed a pilot program for its Tokenized Deposit Service (TDS) on the public blockchain Canton Network, marking the first time the bank has issued tokenized deposits and used them in a public blockchain scenario. In the pilot, HSBC simulated the issuance and transfer of tokenized deposits between Canton-supported applications and digital assets, as well as atomic settlement with other digital assets, verifying TDS's ability to settle multiple asset classes on the same network. HSBC stated that it will continue to explore connecting more settlement channels through infrastructure such as Canton, expanding DvP settlement across cash and asset ends. Currently, TDS supports USD, GBP, EUR, HKD, and SGD, allowing for the conversion of fiat currency deposits into tokens at a 1:1 ratio and real-time settlement and programmable payments on its ledger 24/7, optimizing institutional liquidity management.
Broadridge launches crypto and tokenized asset platform for Canadian wealth management company.
According to Cointelegraph, Broadridge Financial Solutions has launched a digital asset platform for Canadian wealth management companies, allowing them to offer cryptocurrency and tokenized assets in addition to traditional investments. The platform integrates trading, custody, and asset servicing into existing workflows, supports both advisor-led and self-service models, and provides wallet, institutional custody options, and connections to exchanges and asset management firms. The platform includes a partnership with Galaxy Digital on wallet infrastructure and a multi-custody model involving Anchorage Digital. Broadridge states that its system supports the tokenization of over $8 trillion in assets monthly.
Visa deepens its blockchain footprint by launching verification nodes on the Tempo network.
According to Cointelegraph, Visa has launched a validator node on the Tempo blockchain, directly participating in transaction verification and processing for the real-time stablecoin payments network. The node, operated internally by Visa using its own infrastructure, was developed over six months in collaboration with the Tempo engineering team, joining early participants like Stripe and Zodia Custody as an "anchor validator." Tempo is a Layer 1 blockchain designed for real-time payments and stablecoin transactions, where validators are responsible for confirming transactions and maintaining the network ledger. Visa stated that at this stage, its focus is on the strategic and technical role of the validator, rather than economic benefits. Visa previously announced its validator role on the Canton Network.
Tempo launches Zones, a privacy solution that supports permissioned parallel blockchain operation.
According to The Block, Tempo, a Layer 1 blockchain jointly developed by Stripe and Paradigm, has launched a privacy feature called Zones. This is a solution for running a permissioned parallel blockchain, designed for enterprise-level use cases requiring higher confidentiality, such as payroll, fund management, and payment settlement. Zones, as parallel blockchains connected to the Tempo mainnet, provide a private execution environment where internal transactions remain private, but assets and funds are fully interoperable with Tempo L1, other Zones, deposit channels, and liquidity pools. Each Zone is managed by a trusted entity such as a financial institution or infrastructure provider. Operators can view all activities within their environment and implement access controls, but do not control the underlying assets. Tempo states that the Zones infrastructure is currently being built with a small group of design partners.
According to CoinDesk, UK-based asset management firm Legal & General Asset Management (L&G) has brought its more than £50 billion in liquidity funds on-chain through Calastone's newly launched tokenized distribution network. The company offers money market funds in USD, EUR, and GBP, issued as tokenized shares on the blockchain infrastructure, supporting issuance, trading, and same-day settlement. Investors can buy, hold, and transfer tokenized shares within a permissioned, regulated network. The funds will launch on Ethereum and compatible blockchains, with plans to expand to more networks in the future. Calastone's system handles token creation, order routing, transaction aggregation, and reconciliation, while also interfacing with existing fund management systems. L&G stated that this move expands investors' access to short-term funds through digital platforms, particularly addressing the need for faster settlement and continuous availability.
Societe Generale's USD stablecoin, CoinVertible, is listed on MetaMask.
According to Bloomberg, Société Générale's digital asset division, SG-FORGE, has partnered with Consensys to list its USD stablecoin, USD CoinVertible, on its self-custodied wallet, MetaMask. This will enable millions of MetaMask users to access and use the stablecoin for cryptocurrency transactions and to pay blockchain network fees.
According to Crowdfundinsider, ABN AMRO ClearBank announced that it has received approval from the EU's Crypto Asset Markets Regulation (MiCA) and obtained a Crypto Asset Service Provider (CASP) license from the Dutch Financial Markets Authority (AFM). This will allow it to launch digital asset services, including stablecoins. The bank stated that it also plans to support stablecoins based on the euro and the US dollar (EURC and USDC) to improve the efficiency of cross-border transfers and payments. Furthermore, ClearBank stated that it will offer savings account services through Coinbase and will be covered by the UK Financial Services Compensation Scheme (FSCS).
According to Globenewswire, Ripple Strategy Holding announced a strategic partnership agreement with Nasdaq-listed Trident Digital Tech Holdings. The two companies will jointly build a digital payment system based on the Ripple USD (RLUSD) stablecoin and blockchain payment infrastructure. This system will introduce stable liquidity pools to build a low-cost, real-time settlement foreign exchange market and leverage Ripple's global payment network covering more than 90 markets to achieve efficient coordination of cross-border payments and capital flows.
According to Cointelegraph, enterprise digital asset infrastructure platform Fireblocks has launched an Earn feature that allows institutional clients to earn stablecoin yields through on-chain lending strategies powered by Aave and Morpho. The feature, initially launched with Sentora's Morpho Vault and the Aave stablecoin lending marketplace, is currently open for early access to Fireblocks clients. Fireblocks states that the feature aims to help clients utilize idle stablecoin balances between settlement windows and deployment cycles.
Stablecoin payment platform Confirmo receives approval and license from the Central Bank of Ireland.
According to Crowdfundinsider, stablecoin payment platform Confirmo has announced that it has received approval and a license from the Central Bank of Ireland, becoming its fully compliant operations center for its European business. Under the prevailing rules of the European Economic Area (EEA), the license allows Confirmo to provide services processing compliant stablecoin payments in the 27 EU member states. The company previously obtained a Crypto Asset Service Provider (CASP) license under MiCA regulations in 2025.
According to data from the official website of MSX, a US stock token trading platform, the platform's total trading volume has officially exceeded $30 billion and the number of users has surpassed 180,000 in the year since its establishment. Over the past year, it has achieved several key milestones, including the launch of its Beta version, the opening of its on-chain US stock token market, the public beta testing of US stock token perpetual contracts, a brand upgrade, and the launch of its Pre-IPO section.
MSX has also launched its "Anniversary Celebration Season" event, running from 00:00 on April 15, 2026 to 23:59 on April 24, 2026 (UTC+0). The total prize pool and related benefits are worth $41,500 USD, including four sections: welcome gifts for new customers, limited-time trading for exclusive blind boxes, a $35,000 prize pool for all traders, and referral rewards. The highest reward is 3,000 USDT and MSX collectible gold notes.
Financing Dynamics
According to Globenewswire, Libera, a real-world asset (RWA) tokenization platform, announced the completion of a new round of financing. AlloyX Ventures, the venture capital arm of Nasdaq-listed SOLOWIN HOLDINGS, participated in the investment. The specific investment amount was not disclosed. The new funds will be used to advance the construction of compliant digital infrastructure.
Paxos Labs raises $12 million, led by Blockchain Capital.
According to Fortune, Paxos Labs, a startup spun off from stablecoin and blockchain infrastructure company Paxos, has raised $12 million in funding, led by Blockchain Capital, with participation from Robot Ventures, Maelstrom, and Uniswap Labs. Paxos has a long-standing partnership with institutions such as PayPal and Nubank. Paxos Labs focuses on providing DeFi infrastructure, helping businesses offer stablecoin and crypto lending access to retail users. Paxos Labs offers a suite of software tools that support institutions in issuing branded stablecoins and allow users to participate in on-chain lending and staking with these stablecoins. Co-founder Bhaumik Kotecha stated that the company expects to break even by the end of this year and currently serves the neobank Hyperbeat and the privacy blockchain Aleo team.
Insights Highlights
PANews Overview: The draft regulations on stablecoins released by the Federal Deposit Insurance Corporation (FDIC) are the implementation details of the Genius Act, mainly targeting banks and their subsidiaries under FDIC supervision.
The new regulations establish six core principles: requiring reserve assets to be at least 1:1 covered and highly liquid, and strictly prohibiting re-pledging; mandating a "T+2" redemption period; clarifying the business list, and strictly prohibiting the payment of interest to currency holders or misleading them into believing that they are protected by deposit insurance; implementing flexible capital and risk management; and establishing a strict weekly, monthly, and audit disclosure system.
The FDIC aims to prevent the abuse of deposit insurance and defines stablecoins as payment instruments rather than investment products. This rule's advancement marks the beginning of an era of enforcement for stablecoins in the United States. Traditional banking institutions with strong compliance and ample capital will have a greater advantage in market competition, driving the industry's transformation from a haphazard growth phase to a more institutionalized one.
PANews Overview: Binance, Bitget, Gate, and other cryptocurrency exchanges are actively positioning themselves in the pre-IPO market through equity tokenization. Binance leverages its Web3 wallet to integrate with assets like SpaceX, enabling fragmented investment through an SPV model; Bitget launched the "IPO Prime" platform, offering subscriptions in the form of compliant notes; and Gate launched pre-market contracts to provide leveraged trading.
This innovation lowers the barrier for ordinary investors to participate in top unicorn companies, making stablecoins a tool for cross-border equity transactions. However, such assets also carry risks such as holders lacking actual shareholder rights, high dependence on the issuer's credit, and regulatory uncertainty.
CEX's move aims to address the "asset shortage" in the crypto market by introducing high-growth assets backed by real productivity to attract users and smooth market volatility, thereby promoting the deep integration of crypto finance and the traditional private equity market.
Why didn't the people who "know Web3 best" get the first batch of stablecoin licenses?
PANews Overview: Hong Kong regulators selected the first batch of stablecoin issuers based not on "technical narratives," but on "credit and risk control capabilities."
Stablecoins are essentially on-chain financial infrastructure that maps fiat currency to blockchain. They must meet bank-level compliance, reserve asset management, and redemption requirements, thus licenses tend to favor institutions with strong financial resources and mature operating systems. Stablecoin issuance itself has evolved into a low-profit, asset-heavy business, and its true value lies in the liquidity generated by connecting transaction settlement, cross-border circulation, and RWA applications.
The issuance of licenses defines clear regulatory boundaries and stratifies the market: the issuance layer is locked in the hands of a very small number of compliant entities, while broader opportunities exist in the circulation and application layer built around stablecoins. This shift marks the transition of stablecoins from trial-and-error products to an era where they must be designed correctly and positioned precisely as infrastructure.
