Highlights of this episode

This week's statistics cover the period from May 22, 2026 to May 29, 2026.

This week, the total on-chain market capitalization of RWA remained relatively stable at around $33.8 billion, but the number of holders surged by 10.7% to 822,000, setting a new record. Stablecoin market capitalization declined slightly, monthly transaction volume plummeted by nearly 40%, and monthly active addresses also declined. However, the number of holders increased against the trend, indicating that the market is accelerating its transformation from "high-frequency trading" to "strategic holding," and on-chain settlement demand is almost at a standstill.

On the regulatory front, the U.S. SEC postponed its exemption program for tokenized assets due to concerns about the risks of third-party issuance; the FDIC proposed new anti-money laundering rules for stablecoins; the U.S. Treasury Secretary reiterated that no CBDC would be introduced during Trump's term; and the European Central Bank explicitly rejected the proposal to issue more euro stablecoins.

At the project level, breakthroughs were achieved in two areas: "sovereign stablecoins and institutional-grade infrastructure". Tether partnered with the Georgian government to launch its official stablecoin GEL₮, Mastercard received a BitLicense in New York to increase its tokenized deposits, DTCC plans to integrate tokenized securities into the Stellar network, and Robinhood and Cash App launched USDC payment functionality.

In terms of financing, JPYC, the issuer of the Japanese yen stablecoin, has completed a Series B financing round of approximately 5 billion yen.

Data Perspective

RWA Track Panorama

According to the latest data disclosed by RWA.xyz, as of May 29, 2026, the total market capitalization of RWA on-chain reached $33.84 billion, a slight increase of 2.04% compared to the same period last month. The total number of asset holders increased to approximately 822,200, a significant increase of 10.69% compared to the same period last month.

Stablecoin Market

The total market capitalization of stablecoins fell to $304.43 billion, a slight decrease of 0.23% compared to the same period last month, indicating a marginal contraction in liquidity pools. Monthly transaction volume plummeted to $6.4 trillion, a sharp drop of 39.46% compared to the same period last month, marking two consecutive months of deep declines, reflecting that market demand for large-scale settlements and arbitrage is nearing a standstill.

The total number of monthly active addresses dropped to 55.88 million, a 4.22% decrease compared to the same period last month; the total number of holders bucked the trend, expanding to 259 million, a 4.98% increase compared to the same period last month. This sharp divergence indicates that while retail investor demand for asset allocation continues to increase, on-chain transaction participation is shrinking rapidly, and market activity is deteriorating.

The leading stablecoins are USDT, USDC, and USDS. Among them, the market capitalization of USDT decreased slightly by 0.38% compared to the same period last month; the market capitalization of USDC decreased by 3.48% compared to the same period last month; and the market capitalization of USDS increased by 6.74% compared to the same period last month.

Regulatory news

The U.S. SEC has postponed its exemption program for tokenized assets due to concerns about the risks associated with third-party issuance.

According to Bloomberg Legal, sources familiar with the matter revealed that the U.S. Securities and Exchange Commission (SEC) has postponed a planned exemption program that would have provided broad exemptions for U.S. cryptocurrency companies to allow them to trade tokenized assets linked to stocks, due to concerns about third-party issuers.

Over the past few days, SEC staff have held discussions with stock exchange officials and market participants and are weighing their feedback. Bloomberg reports that a particularly thorny issue is "so-called third-party tokens, the issuance of which lacks the backing or consent of the relevant publicly traded company." Several former regulatory officials are concerned about how to ensure that tokenized assets enjoy the same rights as regulated securities, such as dividends and voting rights. These former officials stated that because tokens can be traded through blockchain networks, it is currently unclear how companies will fulfill these obligations.

The U.S. FDIC has proposed new regulations to establish anti-money laundering and sanctions compliance standards for stablecoin issuers.

The Federal Deposit Insurance Corporation (FDIC) has proposed a new rule to establish Bank Secrecy Act (BSA) and sanctions compliance standards for stablecoin issuers under its supervision. The new rule would require stablecoin issuers to comply with all applicable anti-money laundering/counter-terrorist financing (AML/CFT), economic sanctions programs, and reporting requirements, including those issued by the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC). The rule would also establish regulatory and enforcement provisions for AML/CFT programs in accordance with FinCEN requirements. The proposed rule will be open for public comment for 60 days after its publication in the Federal Register.

The US Treasury Secretary reiterated that the Trump administration will not introduce a central bank digital currency.

According to crypto journalist Eleanor Terrett, US Treasury Secretary Scott Bessent reiterated that the Trump administration will not introduce a central bank digital currency (CBDC). However, the 21st Century Housing Act passed by the House of Representatives includes a temporary ban on the Federal Reserve issuing a CBDC, which expires in December 2030. The bill has not yet passed the Senate. Some House Republicans believe that the expiration of the ban effectively amounts to a "launch date" for the CBDC, potentially reopening the door for the Federal Reserve to explore CBDCs. Federal Reserve Chairman Kevin Warsh has stated that he will not allow the Federal Reserve to push forward with CBDCs as long as it remains within his authority. However, the expiration date of the CBDC ban in 2030 coincides with the end of Warsh's first term.

The European Central Bank rejected a proposal to issue more euro stablecoins, deeming the risks too high.

According to Reuters, three sources revealed that the European Central Bank (ECB) warned EU finance ministers on Friday that proposals to issue more euro-denominated stablecoins could reduce bank lending and make interest rate control more difficult. The Brussels-based economic think tank, the Bruegel Institute, prepared a report for the EU's top financial policymakers calling for relaxed liquidity requirements for cryptocurrency issuers and potentially allowing them access to funding from the ECB. The goal is to develop a stablecoin market in Europe, currently dominated by dollar-denominated tokens. However, sources said other central bank officials, including ECB President Christine Lagarde, immediately opposed the move. They feared such measures would make bank deposits more volatile, weakening this vital sector of the economy and reducing the central bank's ability to control interest rates.

Project progress

Solana DEX Orca launches compliant RWA trading market

According to CoinDesk, Solana decentralized exchange Orca has launched "permissioned pools" infrastructure for tokenized trading of real-world assets with high compliance requirements. The first to integrate is commodity tokenization company Streamex, whose gold-linked security GLDY will be the first compliant token traded on the system. Orca stated that this mechanism is primarily aimed at the US market, allowing only KYC-verified investors to buy, sell, and hold the relevant tokens. Issuers can customize access rules, which will be automatically executed by the on-chain system. The permissioned pools run on top of Orca's existing liquidity infrastructure, and the interface will indicate whether the asset is restricted and whether the user is eligible to trade.

Clearing giant DTCC will integrate tokenized securities into the Stellar network, with plans to launch in 2027.

According to CoinDesk, Wall Street clearing giant DTCC announced plans to integrate its tokenized securities platform with the Stellar (XLM) network in the first half of 2027, bringing tokenized stocks, ETFs, and US Treasuries held in custody by Depository Trust Companies to Stellar. Both parties stated that this integration will support the on-chain issuance, settlement, and full lifecycle management of traditional securities, and explore the tokenization of highly liquid assets, including major stock indices and US Treasuries.

Mastercard obtains New York BitLicense, further expanding its stablecoin and tokenized deposit offerings.

According to CoinDesk, Mastercard Transaction Services (US) LLC, a subsidiary of Mastercard, has received a BitLicense from the New York State Department of Financial Services (NYDFS), allowing it to conduct digital asset-related business in the state. This approval is part of its strategy to build a blockchain-based payment and clearing infrastructure, with a focus on stablecoins and tokenized deposits. The New York BitLicense requires licensed institutions to meet stringent standards in areas such as capital, cybersecurity, compliance, and consumer protection. Mastercard stated that the license will support its development in digital currencies such as stablecoins and tokenized deposits, while adhering to the compliance and operational standards of its global payment network, promoting the parallel development of traditional financial systems and blockchain payments.

Tether partners with the Georgian government to launch official stablecoin GEL₮

According to its official blog, Tether announced a partnership with the Georgian government to launch GEL₮, the official stablecoin of the Georgian Lari. This marks one of the first joint efforts to place a national currency directly into the digital asset orbit under a specially constructed stablecoin regulatory framework. Georgian Prime Minister Irakli Kobakhidze stated that, together with visionary partners like Tether, Georgia is laying the foundation for a more interconnected, transparent, and digitally enabled financial world. Tether CEO Paolo Ardoino stated that stablecoins are becoming part of the global financial infrastructure, and Georgia has taken the lead in creating a serious regulatory framework for digital assets and stablecoins. Georgian Central Bank Governor Natia Turnava and Georgian Member of Parliament Vakhtang Turnava also welcomed the collaboration. GEL₮ aims to achieve lower transaction costs, near-instant settlement, programmable payments, and more efficient cross-border value flows. Georgia's stablecoin framework is designed to be substantially compatible with emerging stablecoin regulations such as the US GENIUS Act.

Circle partners with Nium to integrate USDC settlements into the global payments network.

According to The Block, Circle's Circle Technology Services has partnered with Nium, a cross-border payments infrastructure platform, to join the Circle Payments Network (CPN) as a global payments partner. This integration allows financial institutions to settle payments via USDC, which is then routed through the CPN to Nium's payment network, covering over 100 local currencies in more than 190 countries, disbursing funds to accounts, wallets, and bank cards, reducing the need for multiple suppliers and pre-deposited funds. Circle stated that based on activity over the 30 days ending March 31, the CPN's annualized transaction volume was approximately $8.3 billion, demonstrating growing institutional demand for USDC for global payments.

Robinhood launches USDC trading in New York State

The official Robinhood account posted that $USDC is now available for trading on the Robinhood Crypto platform for users in New York State.

Block's Cash App will launch USDC stablecoin payment functionality in phases, supporting four blockchains: Solana, Ethereum, Polygon, and Arbitrum.

According to CoinDesk, Block's Cash App has begun rolling out USDC stablecoin payments to approximately a quarter of its nearly 60 million users, with plans to roll it out to all users this week. This feature allows users to deposit and withdraw USDC on four blockchains: Solana, Ethereum, Polygon, and Arbitrum, providing a blockchain transfer channel for fiat currency balances, not as an investment tool. Product documentation indicates that on-chain transfers are irreversible; incorrect transfers to addresses or unsupported networks will result in permanent loss of funds. This feature is currently unavailable in New York State and for sponsored accounts. Verified users are limited to sending a maximum of $2,000 per day ($5,000 per week) and receiving a maximum of $10,000 per week.

Falcon Finance has commissioned Anchorage to issue a new payment stablecoin, fUSD, compliant with the GENIUS standard.

According to The Block, Falcon Finance has hired Anchorage Digital to issue a new payments stablecoin, fUSD, which complies with GENIUS requirements and is backed by short-term U.S. Treasury securities, cash, and Treasury-backed repurchase agreements. Anchorage Digital Bank's federal regulatory infrastructure will manage the token's collateral and maintain AML/KYC standards.

Falcon stated that fUSD is a regulated version of its existing synthetic stablecoin USDf. USDf is the 11th largest stablecoin, employs an over-collateralized mechanism, and is not covered by the GENIUS Act. fUSD will be deployed as collateral on MirrorRSV solution, an institutional-grade crypto custody platform affiliated with Binance.

SoFi launches SoFiUSD stablecoin to its banking app users.

According to The Block, SoFi Technologies announced that its USD-pegged stablecoin, SoFiUSD, is now available to its 14.7 million members. Users can directly buy, sell, hold, and convert within the SoFi app. This is the first stablecoin product issued by a national US bank and embedded in a retail banking interface. SoFiUSD currently runs on Ethereum and Solana, and will later integrate with tokenized deposits (with FDIC insurance), cross-border transfers, and the Bullish exchange. SoFi stated that it plans to integrate regulated banking infrastructure with on-chain settlement channels into a single consumer-grade interface through this product. In the future, it will also support banks, fintech companies, and enterprise partners in issuing white-label stablecoins or integrating SoFiUSD into their payment and settlement systems. SoFi has already partnered with Mastercard to use SoFiUSD as the settlement currency for its global network.

LayerZero partners with Superset to launch FX, a cross-chain stablecoin settlement layer.

The cross-chain protocol LayerZero and Superset are building Superset FX Layer, an on-chain foreign exchange (FX) infrastructure for institutions.

US-based token trading platform MSX has launched several new ETFs and spot assets in the defense sector.

US-listed token trading platform MSX has listed the following ETFs: $SMH.M (a leading US semiconductor company), $VOLT.M (an AI electrification infrastructure actively managed ETF), $QLD.M (a Nasdaq 100 daily 2x leveraged ETF), and $POWR.M (a US power infrastructure index ETF); as well as $KTOS.M (a cost-intensive jet combat drone and hypersonic systems company), $UMAC.M (a US-based drone electronics manufacturer), $PDYN.M (a defense-independent AI and swarm autonomous software company), $MRLN.M (an autonomous flight software platform company), and $BB.M (a QNX embedded security software and government-grade communications security company).

Financing Dynamics

JPYC, the issuer of the Japanese yen stablecoin, raised approximately 5 billion yen in its Series B funding round.

JPYC Corporation, the issuer of the Japanese yen stablecoin, announced the completion of its Series B funding round, raising a total of ¥5 billion (approximately US$31.4 million) through its first and second rounds of financing. Four new investors joined the round: Life Design Fund, IHD STRATEGY FUND, Awagin Future Creation Investment Limited Partnership, and Meiji Yasuda Future Co-creation Investment Limited Partnership. The funds raised will be used to expand the ecosystem in the financial and Web3 sectors, further accelerating the adoption of the JPYC stablecoin.

Insights Highlights

a16z crypto: Currently, most "tokenization" simply puts records on the blockchain without unlocking more new features.

A16z crypto, in an article on the X platform, stated that not all tokenized assets truly and equally exist on-chain. Bonds are by far the largest class of tokenized assets, with a market capitalization of $15.2 billion, but only about 5% of this supply is used in DeFi. The situation is similar for precious metals: while they are on-chain, most are simply idle. Smaller categories are different. 84% of the supply of reinsurance tokens is deployed in DeFi, compared to 33% for private lending. This makes sense: these categories with the highest DeFi usage were built for DeFi from the beginning, for example, through protocols like Nexus Mutual and Maple Finance. Many practices now referred to as "tokenization" are actually closer to digitization: simply transferring records to the blockchain without unlocking any new functionality. This is important because one of the core value propositions of on-chain financial systems is composability.

WSJ: Stablecoins are essentially "private currencies" and may pose a risk to the financial system.

The Wall Street Journal published an article stating that although the GENIUS and CLARITY Acts are pushing for the compliance of stablecoins, stablecoins are essentially "private currencies" and may pose structural risks to the financial system. The article points out that stablecoins operate on fragmented, private infrastructure and lack the uniformity of the traditional dollar system; while USDT and USDC are pegged to the dollar, their prices may still deviate from $1. Stablecoin issuers have an incentive to increase returns by allocating high-risk, low-liquidity assets, which could trigger depegging and concentrated redemptions if asset values decline. The article cites Chainalysis data showing that stablecoins account for 84% of illicit crypto activities, mainly involving sanctions circumvention and money laundering, while their share of real-world economic payments is less than 1%. The Wall Street Journal believes that stablecoins are repeating the private currency experiment path of the 19th-century American "free banking era," and may need to be subject to stricter regulation like banks and more deeply integrated into the central bank system in the future.

The price of SpaceX crashed in the middle of the night, and retail investors were caught in the crossfire. What happened to SpaceX's pre-market contracts?

PANews Summary: As SpaceX prepares to list on Nasdaq, its pre-IPO assets experienced a dramatic plunge on May 28th. Specifically, the price of tokens on Bitget plummeted by approximately 80%. However, this was not due to a deterioration in fundamentals, but rather because the platform implemented a 1:5 token split. The fact that the candlestick charts did not simultaneously reflect historical prices created the visual illusion of a "crash."

The SpaceX perpetual contract on Hyperliquid, however, suffered a real disaster, with its price plummeting by 45% in a short period. This crash stemmed from erroneous data returned by an off-chain oracle data provider, which, coupled with insufficient market order book depth and the amplifying effect of 3x leverage, triggered a domino-like chain of liquidations.

The incident resulted in the liquidation of 405 users, primarily retail investors, with a total nominal loss of approximately $1.51 million. Affected users will receive compensation within 48 hours. This dramatic event once again exposed the high volatility and vulnerability of pre-IPO assets in the absence of sufficient market depth and a unified valuation benchmark.

Why can a small European country become a testing ground for Tether's sovereign stablecoin?

PANews Overview: Stablecoin giant Tether plans to launch its local currency-pegged stablecoin GEL₮ in Georgia, bringing this small Eurasian country back into the spotlight.

Georgia, once the world's second-largest cryptocurrency mining nation thanks to its cheap energy, is now transitioning to developing stablecoins, piloting central bank digital currencies (CBDCs), and regulating virtual asset service providers (VASPs) after experiencing an industry downturn. By combining compliance rules, new regulations for stablecoin issuance, and a low-tax system in free industrial zones, the country has built a unique institutional advantage.

Although it lacks a large local market, it has attracted industry giants such as Tether, Ripple, Binance, and Bitget to use it as a local testing ground and regional node for global compliance, thanks to its low cost, short process, and high flexibility.

However, the country's current domestic and international political uncertainties, such as its suspension of accession to the European Union, remain a major potential risk to the stability of its crypto policy.

How can stablecoins emerge amidst the competition from giants like Tether and Circle?

PANews Overview: Faced with the absolute monopoly of Tether and Circle in the field of USD stablecoins, traditional spot forex stablecoins have struggled to rise due to issues such as poor liquidity and easy decoupling.

The optimal path for stablecoins to break through is to emulate the traditional financial derivatives model and build "synthetic forex" on top of USDT/USDC using "MtM NDF" (MtM Non-Deliverable Forward). Under this architecture, users do not need to actually exchange or hold local spot assets, but continue to enjoy the deep liquidity and yield of USD stablecoins, while the account system denominates and settles profits and losses in the local currency.

This model can effectively solve the problem of liquidity fragmentation. Its core application scenarios include: first, helping new stablecoin banks break through the limitation of a single US dollar account and provide a multi-currency experience to attract global retail and corporate investors; second, supporting on-chain foreign exchange arbitrage vaults to obtain more stable and scalable sovereign interest rate differential returns than crypto basis trading; and third, providing low-cost cross-currency hedging and settlement tools for corporate global payments.

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