Highlights of this episode
This week's statistics cover the period from May 29, 2026 to June 5, 2026.
This week, the total market capitalization of RWA on-chain increased slightly to $31.53 billion, and the number of holders surged by nearly 12% to 837,000. However, the market capitalization of stablecoins has declined for three consecutive months, monthly transaction volume has plummeted by 40%, and monthly active addresses have declined in tandem. This indicates that retail investors' willingness to allocate funds has increased, while the demand for large-scale settlements between institutions has reached a freezing point. The market has entered a stage of "user accumulation and activity depletion".
On the regulatory front, the Hong Kong Monetary Authority established an expert panel on tokenized bonds; the US SEC postponed its exemption program for tokenized assets due to risks associated with third-party issuance; a compromise text of the FISA bill proposes to bring forward the CBDC ban to mid-2029; the NYDFS and the European Banking Authority reached a cooperation agreement on stablecoin regulation; the UK House of Lords called on the central bank to relax holding restrictions; Japan's Liberal Democratic Party promoted legislation on crypto ETFs and the cross-border application of yen stablecoins; and the Russian Ministry of Finance tended to exclude dollar stablecoins.
At the project level, JPMorgan Chase, Citibank, and other major banks plan to jointly build a shared tokenized deposit network; Goldman Sachs launched a tokenized real estate fund; Visa, Mastercard, and Stripe joined forces to prepare a stablecoin platform; Robinhood announced the launch of new cross-border assets and tokenized finance products in July; Aleo released a privacy stablecoin white paper; MoneyGram listed the Stellar stablecoin MGUSD; and Ripple expanded RLUSD to Türkiye.
In terms of financing, WasabiCard has completed its Pre-A round of financing, raising nearly ten million US dollars.
Data Perspective
RWA Track Panorama
According to the latest data disclosed by RWA.xyz, as of June 5, 2026, the total market capitalization of RWA on-chain reached US$31.53 billion, a slight increase of 0.84% compared to the same period last month, maintaining a slight growth. The total number of asset holders increased to approximately 837,300, a significant increase of 11.96% compared to the same period last month, indicating that the incremental funds are mainly from retail investors, and their willingness to allocate assets has significantly increased.
Stablecoin Market
The total market capitalization of stablecoins fell to $299.59 billion, down 1.62% month-over-month, marking the third consecutive month of decline, with liquidity pools continuing to shrink. Monthly transaction volume plummeted to $5.48 trillion, a sharp drop of 40.12% month-over-month, marking the largest single-month decline in history, reflecting that demand for large-scale settlements and arbitrage between institutions has reached a freezing point.
The total number of monthly active addresses dropped to 53.49 million, a decrease of 5.88% compared to the same period last month; the total number of holders bucked the trend and expanded to 262 million, an increase of 5.54% compared to the same period last month. The divergence between the two has widened further, indicating that although retail investors' allocation demand is still increasing, on-chain transaction participation is shrinking rapidly, and the market is showing a structure of "user accumulation and activity depletion".
The leading stablecoins are USDT, USDC, and USDS. Among them, the market capitalization of USDT decreased by 1.8% month-on-month; the market capitalization of USDC decreased by 3.21% month-on-month; and the market capitalization of USDS increased slightly by 0.17% month-on-month.
Regulatory news
The Hong Kong Monetary Authority has established an expert panel on tokenized bonds.
The Hong Kong Monetary Authority (HKMA) announced today the establishment of an expert panel on tokenized bonds, bringing together industry representatives with relevant experience and a focus on the development of Hong Kong's tokenized bond market to further promote the application and expansion potential of tokenized bonds in Hong Kong. Panel members include representatives from industry associations, financial institutions, legal advisory firms, and financial infrastructure and technology providers. Building on the progress made by the HKMA in its various tokenized bond-related work to date, the expert panel will jointly explore policy measures, market practices, and innovative solutions.
According to Decrypt, the New York Department of Financial Services (NYDFS) and the European Banking Authority (EBRA) have reached a cooperation agreement to jointly regulate stablecoins. In a 22-page memorandum of understanding (MOU), the two parties detailed procedures aimed at facilitating the exchange of regulatory and confidential information related to the $314 billion stablecoin industry. The NYDFS stated that this move aims to strengthen oversight, identify market trends and risks, and promote market integrity. In emergency situations, such as serious operational or financial difficulties experienced by regulated entities, both parties will promptly notify each other of the issues and coordinate responses, and share information related to civil or criminal investigations upon request. This coordination comes at a time when EBRA officials are cautious about stablecoins, warning of the risk of runs and potential erosion of European monetary sovereignty and economic control. The NYDFS noted that almost all stablecoins currently in circulation are denominated in US dollars, making international coordination crucial for the digital asset sector. This MOU is not legally binding.
According to crypto journalist Eleanor Terrett, the final text of the compromise on Section 702 of the Foreign Intelligence Surveillance Act (FISA) proposed by Senate Intelligence Committee Chairman Tom Cotton includes a ban on Federal Reserve CBDCs, originally included in the housing bill. This text is expected to become law. Notably, the expiration date of the ban has been moved forward from December 31, 2030, to June 12, 2029.
According to CoinDesk, the UK House of Lords Financial Services Regulatory Committee, in its latest report, has called on the Bank of England to reconsider its proposed limits on stablecoin holdings. The committee recommends that instead of imposing caps in advance, market growth should be monitored, and restrictions should only be implemented when there is a clear need to address financial stability risks. The Bank of England had previously proposed a cap of £20,000 for individuals and £10 million for businesses holding each stablecoin. The report also questions the reserve asset rule, stating that it could have a significant impact on the commercial viability of UK stablecoin issuers. The Bank of England's Deputy Governor acknowledged last month that the proposed holding caps and reserve requirements were "too conservative" and stated that other ways to manage the risks associated with stablecoins are being explored.
In addition, according to Reuters, a Bank of England spokesperson said that the final policy and draft rules for systemic stablecoins will be published later in June.
According to Cryptopolitan, Japan's Liberal Democratic Party (LDP) has submitted a proposal to Finance Minister Satsuki Katayama, requesting the establishment of a legal framework for cryptocurrency ETF trading and promoting the application of yen-denominated stablecoins in the Asian payment sector. The LDP's Blockchain Promotion Group believes that cryptocurrency ETFs are a simpler investment tool than directly holding crypto assets and should be formally recognized in the Japanese market. Simultaneously, the group hopes the government will promote yen-denominated stablecoins as payment gateways in the Asian market. JPYC will launch Japan's first licensed yen-denominated stablecoin in October 2025, with over 1 billion yen already issued. The three major banks—Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho Bank—have jointly conducted stablecoin experiments.
According to Bits.media, Russian Deputy Finance Minister Ivan Chebeskov stated that if foreign stablecoins are allowed to trade in Russia, issuers may freeze them directly in users' wallets, particularly USDT and USDC. He pointed out that once these wallets begin trading with platforms licensed by the country's central bank, the risk to holders will increase dramatically. There have been cases of frozen USD stablecoins held by Russian legal entities, while Bitcoin and Ethereum have not yet been frozen due to a lack of technical means.
The Russian Ministry of Finance believes it is necessary to enact specific legislation for stablecoins, prioritizing tokens pegged to the ruble and currencies of friendly countries, while the central bank retains the right to adjust the list at its own discretion. The issue of foreign stablecoins entering the "regulated Russian framework" has sparked market controversy, with the Ministry of Finance and the central bank initially advocating for excluding stablecoins from legitimate investment instruments.
Project progress
Ether.fi has allocated $100 million to the Plume RWA vault to provide users with RWA yields.
According to The Block, on-chain vault management platform Plume has partnered with Ethereum liquidity restaking protocol Ether.fi to launch an interest-bearing RWA vault, with Ether.fi having exclusively allocated $100 million to the vault. Funding sources include Ether.fi's liquidity providers and managed capital from its existing liquidity vaults. The new vault is directly accessible to users through the ether.fi app, aiming to allow ether.fi users to earn tokenized RWA yields.
Symbiotic launches Liquid Lane network to provide instant redemption liquidity for RWA.
According to CoinDesk, Symbiotic has launched a new liquidity network, Liquid Lane, providing near-instant stablecoin redemptions for RWA funds, private lending, and other similar instruments, addressing the current redemption wait time of up to approximately 180 days. The product uses an RFQ mechanism to route investor redemption requests to a network of compliant market makers. The winning bidder initially accepts the redemption in USDC, while the issuer completes the settlement in the background. The redemption spread and lending revenue go to a shared collateral pool. Initial participants include Fasanara Capital (one of the vault curators) managing mGLOBAL and issuer Midas, among others. Symbiotic stated that its infrastructure currently backs over $550 million in assets.
According to Cryptopolitan, major U.S. banks, including JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo, are establishing a shared tokenized deposit network through a clearinghouse, with a planned launch in early 2027. This system allows banks to achieve real-time, 24/7 settlement of deposits on the blockchain while keeping funds within the regulated banking system. Unlike stablecoins, tokenized deposits represent actual bank deposits recorded on the blockchain, rather than independent digital assets, preserving the banks' existing credit risk profiles and regulatory and accounting frameworks. Shahmir Khaliq, head of services at Citigroup, stated that the network represents another step towards giving banks a stronger position in capital markets and funding.
Goldman Sachs partners with Apex and Archax to launch tokenized real estate fund
According to CoinDesk, Goldman Sachs has partnered with fund services giant Apex Group and digital asset exchange Archax to launch a tokenized real estate fund. Infrastructure provider Ownera and real estate investment management firm LRC Group are also involved. The fund combines blockchain-native issuance with a mature fund structure, aiming to improve operational efficiency and transparency while ensuring future transferability and maintaining governance and regulatory oversight. Fund units are tokenized using Goldman Sachs' blockchain platform GS DAP, with LRC Group acting as manager, Archax as regulated digital securities custodian and the first distribution partner, and Ownera facilitating connections between participants and distribution channels. Goldman Sachs' Global Head of Digital Assets stated that issuing blockchain-native fund units on GS DAP enables precise real estate asset investment.
Franklin Templeton integrated its tokenized money market fund, BENJI, into MoonPay Trade.
According to The Defiant, Franklin Templeton has integrated its tokenized money market fund, BENJI, into MoonPay Trade. Institutional users can directly exchange supported stablecoins for shares of the Franklin Templeton U.S. Government Monetary Fund on-chain, and reverse exchanges are also supported. This integration connects Franklin Templeton's Benji technology platform with MoonPay Trade's institutional quoting, routing, and execution engine. Franklin Templeton stated that BENJI holders will be able to exchange for stablecoin liquidity through MoonPay and use the fund in on-chain workflows such as treasury management, portfolio rebalancing, and collateral.
Securitize launches tokenized product of Hamilton Lane private credit fund HLSCOPE on TRON
According to The Block, Securitize announced the listing of Hamilton Lane's Senior Credit Opportunities Fund (HLSCOPE) on the TRON blockchain through its compliant tokenization structure, making it the first Securitize asset issued on TRON. HLSCOPE provides accredited investors with on-chain exposure to Hamilton Lane's opportunistic senior credit perpetual fund, leveraging TRON's more than 383 million accounts, approximately $90 billion in stablecoin circulation, and high-frequency settlement network.
According to The Block, Backpack Securities, a new platform under Backpack, has launched, offering regulated US stock brokerage services and stock tokenization capabilities. Users can buy, hold, and sell real US stocks through the platform, enjoying dividends, corporate actions, and rights under systems such as ACATS and DTCC. Simultaneously, holdings can be converted into tokenized securities that can be freely transferred and traded 24/7 on public blockchains like Solana. Backpack currently partners with Sunrise, the tokenization protocol within the Solana ecosystem, and related brokerage services are expected to be rolled out gradually starting in June. The platform was founded by the former FTX team and the team behind Mad Lads NFT, and completed a $17 million Series A funding round in 2024.
Robinhood has announced that it will hold a "The World is Flat" themed launch event at Old Royal Naval College in London, UK, at 2:00 AM Beijing time on July 2, 2026 (7:00 PM BST / 2:00 PM EDT on July 1), where co-founder and CEO Vlad Tenev will personally unveil the company's latest products.
Robinhood's core tagline is "A new era of crypto is on the horizon," emphasizing "Markets Beyond Borders" and "new products reshaping the financial landscape." Market speculation widely suggests the launch event may involve tokenized stocks, on-chain securities, a global asset trading network, stablecoin payments, or cross-border investment products. Notably, Robinhood has recently been strengthening its crypto and RWA (Real-World Asset) footprint, with the UK becoming a crucial hub for its international expansion. The choice of London for the global launch event is also seen as a significant signal of its global financial services strategy.
OSL Group (863.HK), a global stablecoin payment and trading platform, announced today that it has become the exclusive distributor of the first money market fund tokenized product issued by CSOP Asset Management, Hong Kong's largest ETF issuer, and signed a memorandum of understanding with CSOP.
This product is a tokenized, unlisted class of the "CSOP Hong Kong Dollar Money Market ETF" (3053.HK), primarily investing in Hong Kong dollar-denominated short-term deposits and high-quality money market instruments. Investors can directly hold fund units through tokens, and direct subscription and redemption are supported. OSL is the exclusive distributor for the next six months, and HSBC is the tokenization agent, trustee, and transfer agent for this product.
Kevin Cui, Executive Director and CEO of OSL Group, said, “The launch of this product further enriches OSL’s product portfolio for its clients and once again demonstrates Hong Kong’s enormous potential in fostering a tokenized ecosystem. Leveraging OSL’s unique strengths in digital asset distribution and liquidity, we are delighted to partner with CSOP Asset Management and HSBC to open up broader investment channels for tokenized assets for investors. Our collaboration with CSOP is not just about launching a product, but also about exploring new opportunities together and bringing more innovative products to the market.”
According to Fortune, Binance announced that it has opened trading of over 7,000 US stocks and ETFs to non-US users, supporting zero-commission fractional shares with a minimum investment of $5. Users can purchase these shares using cryptocurrencies such as USDC, USDT, and BNB. Trading is handled by brokerage Nest Trading, with brokerage custody and profit sharing managed by New York-based Alpaca. Binance also plans to launch "bStocks," based on the BNB Chain, allowing users to convert their stock holdings into on-chain tokenized assets for instant settlement and potential DeFi scenarios (such as lending and liquidity provision), further bridging traditional equity with on-chain assets.
According to official sources, X Layer has entered into a strategic partnership with xStocks, a regulated tokenized stock issuance platform. The two companies will jointly promote the integration of tokenized stock assets into the X Layer ecosystem and open related trading services to OKX Wallet users. In the future, users will be able to trade xStocks-related assets 24/7 within OKX Wallet and benefit from X Layer's settlement, liquidity, and distribution capabilities. The two companies will also launch a fast-track listing mechanism to accelerate the tokenization and trading of popular stocks and thematic ETFs within a compliant framework.
X Layer is reportedly working to build on-chain infrastructure for financial assets, covering key aspects such as settlement, liquidity, and distribution. xStocks has previously accumulated over $31 billion in tokenized stock trading volume and has become the first major issuer to commit to providing asset depth on X Layer and driving the expansion of tokenized stock scale.
Stripe, Visa, and Mastercard are jointly preparing a stablecoin platform; Coinbase may participate.
According to CoinDesk, global payment networks Stripe, Visa, and Mastercard are preparing to launch new stablecoin platforms, and the three companies are close to official launch. Sources familiar with the matter revealed that US-listed exchange Coinbase is considering participating in the platform. The current total market capitalization of stablecoins is approximately $325 billion, with Tether's USDT dominating at around $115 billion. Stripe acquired stablecoin infrastructure company Bridge for $1.1 billion in 2024, and Mastercard acquired BVNK this year and plans to expand its 24/7 stablecoin settlement service. Coinbase launched its white-label stablecoin and Coinbase Business payment service last year, and has a 50/50 revenue sharing agreement with USDC issuer Circle regarding USDC revenue in the OTC and DeFi ecosystems.
Coinbase announced an investment in ProShares' GENIUS Money Market ETF (ticker symbol IQMM) to advance stablecoin cash management. This product is one of the first money market ETFs designed under the GENIUS Act to be used as stablecoin reserves. IQMM primarily holds U.S. Treasury securities and cash equivalents with maturities of no more than 93 days, aiming to meet the GENIUS Act's Section 4 requirement of a 1:1 reserve backing of high-quality, highly liquid assets.
Visa and Brale explore institutional settlement networks based on private stablecoins
According to Business Wire, Visa announced a partnership with stablecoin infrastructure platform Brale to test a proof-of-concept for institutional settlement using Brale's USD stablecoin SBC on the Canton Network. This collaboration aims to evaluate how privacy-enhanced blockchain infrastructure can support faster, more programmable settlements while controlling the visibility of sensitive settlement data. Visa has supported settling VisaNet obligations in stablecoins since 2021, and this initiative evaluates SBC as a new settlement option, testing the applicability of its privacy architecture to real-world institutional payment flows on the Canton Network.
Mastercard expands on-chain settlements, betting on stablecoins and 24/7 financial services.
According to CoinDesk, Mastercard is expanding its settlement network to support regulated stablecoins, planning to offer stablecoin settlement, intraday settlement, and weekend/holiday settlement services to meet the demand for real-time fund flows. The new framework will operate in parallel with existing fiat currency settlement processes, aiming to provide financial institutions with more flexible liquidity management. Mastercard will initially support Circle's USDC, Paxos' PYUSD, USDG, and USDP, Ripple's RLUSD, and SoFiUSD, covering blockchain networks such as Ethereum, Solana, Polygon, Base, Arbitrum, and XRPL. Financial institutions such as Cross River, Lead Bank, CBW Bank, ARQ, and Nuvei will be among the first participants.
Ripple expands its stablecoin RLUSD to Türkiye through partnerships with three companies.
According to Cointelegraph, Ripple is expanding its dollar-backed stablecoin RLUSD to Turkey by partnering with BiLira, Bitexen, and Bitlo, providing enterprise-grade dollar liquidity to Turkish institutions.
MoneyGram launches USD stablecoin MGUSD on the Stellar blockchain
According to CoinDesk, MoneyGram announced the launch of its USD stablecoin MGUSD on the Stellar blockchain. MGUSD will be embedded in its official app, allowing users to hold USD-denominated balances in their self-custodied wallets and transfer funds across borders via its global network. MGUSD is issued by Stripe's Bridge, with smart contracts provided by M0 and wallet infrastructure provided by Fireblocks. The product has already launched in the US and will subsequently be rolled out globally to its approximately 60 million users and nearly 500,000 offline locations, serving as a core component of MoneyGram's cross-border payment network.
Stablecoin payment infrastructure platform OpenPayd announced a definitive business merger agreement with special purpose acquisition company (SPAC) Titan Acquisition Corp. Upon completion of the transaction, OpenPayd will be listed on Nasdaq under the ticker symbol "OP," with a combined valuation of approximately $1.145 billion. OpenPayd currently provides stablecoin trading services to clients including eToro, Kraken, and OKX. It is understood that if Titan shareholders do not redeem their shares, OpenPayd expects to receive up to $276 million in funding to strengthen its balance sheet and expand its financial infrastructure capabilities.
Ondo's perpetual contract platform, Ondo Perps, will launch on June 9th.
Ondo Finance’s Ondo Perps, a perpetual contract platform focused on real-world assets (RWA), announced that it will officially launch on June 9, 2026, with the goal of expanding perpetual contracts from crypto assets to equity assets such as stocks.
Aleo released its white paper, "Stablecoin Privacy," stating that the privacy layer is a crucial infrastructure missing from the mainstream institutional adoption of blockchain payment tracks. Aleo argues that while the GENIUS Act provides opportunities for the large-scale adoption of stablecoins, the issue of permanently public transaction information on public blockchains may still hinder institutions from using stablecoins in scenarios such as payroll, fund management, and supplier payments.
Aleo states that existing solutions cannot fully meet institutions' needs for privacy protection and risk management. The white paper proposes a permissionless, private stablecoin architecture based on Aleo, which, through zero-knowledge technology and programmable smart contracts, introduces a programmable risk mitigation mechanism while protecting transaction privacy, enabling institutions to conduct private transactions without sacrificing compliance and risk control.
The team behind this white paper reportedly has long been dedicated to research at the intersection of cryptography, policy, and the financial system. Team members include Yaya J. Fanusie, Global Head of Policy at Aleo; Valerie-Leila Jaber, a member of the Crypto Innovation Council and former Global Head of Financial Crime Compliance at Coinbase; and Matthew Green, a cryptographer and professor of computer science at Johns Hopkins University. They possess invaluable practical experience in private payments, financial regulation, and zero-knowledge cryptography.
US-based token trading platform MSX has listed several companies: HPE.M (AI infrastructure player), MRVL.M (AI custom chip and data infrastructure semiconductor company), and TTMI.M (high-end PCB manufacturing and defense aerospace electronics company); FOTO.M (the world's first pure photonics-themed actively managed ETF); SNXX.M (SanDisk daily 2x leverage ETF); MUU.M (Micron daily 2x long ETF); LITX.M (Lumentum daily 2x long ETF); AAOX.M (Applied Optoelectronics daily 2x long ETF); COHX.M (Coherent daily 2x long ETF); DRAM.M (the world's first pure memory chip-themed ETF); and NASA.M (the world's largest space-themed ETF).
Financing Dynamics
According to official news, WasabiCard, a global stablecoin payment infrastructure platform, has announced the completion of its Pre-A round of financing, with participation from Vision Plus Capital and 01VC. Including its previous Seed round led by Vernal Capital and followed by Avenir Group, WasabiCard has raised nearly $10 million in total. The new funding will primarily be used for expanding its global payment infrastructure, developing stablecoin cards and payout capabilities, expanding its enterprise customer base, and for compliance and product development. WasabiCard also plans to further advance its AI Agent payments and programmable global payment workflows.
WasabiCard is dedicated to bridging stablecoins with real-world financial scenarios, providing enterprises, platforms, and internet-native companies with infrastructure for global card issuance, enterprise payouts, multi-currency settlements, and stablecoin payments. To date, the company has served over 500 enterprise clients, issued over 500,000 cards, processed over $1 billion in transactions, and integrated with multiple blockchains including Avalanche, Arbitrum, and BNB Chain. It recently joined the Circle Alliance Program.
Insights Highlights
Citigroup predicts that the tokenized securities market will reach $5.5 trillion by 2030.
According to CoinDesk, a report by Citi predicts that the tokenized real-world asset market will grow from the current $17 billion to $5.5 trillion by 2030, and could reach $8.2 trillion in an optimistic scenario. Three main drivers are: traditional market infrastructure such as the DTCC, Nasdaq, and NYSE will embed tokenization into their core trading systems; the stablecoin market is projected to reach $1.9 trillion, creating approximately $1 trillion in new demand for US Treasury bonds; and the advancement of the US Clarity Act will provide a clearer regulatory framework. Citi assumes that by 2030, 10% of the US Treasury bond market and 3% of the US stock market will be tokenized, and if 10% of US investors shift to digital trading platforms, this will create $2.6 trillion in demand for digital stocks. The old and new financial systems will operate in parallel for many years, with "structural coordinators" controlling asset and payment tracks gaining an advantage.
Web3 security company CertiK recently released its "2026 Stablecoin Threat Report," highlighting that the stablecoin ecosystem faces dual challenges in terms of technological security and regulatory compliance. The report shows that since 2026, cross-chain bridge-related security incidents have caused over $328 million in losses, with the Kelp DAO wallet breach alone resulting in a $291 million loss. This underscores that cross-chain bridges, custody systems, and payment infrastructure have become key targets for hackers.
Meanwhile, the report focuses on the development of the Russian ruble-based stablecoin A7A5. On-chain data shows that since its launch in 2025, A7A5 has accumulated over $110 billion in transaction volume, accounting for approximately 43% of the global non-USD stablecoin market. The report argues that A7A5 demonstrates a new model for building cross-border settlement networks using stablecoins and has become a key focus for global regulators. Despite ongoing sanctions from the US and Europe, the number of A7A5 holding addresses continues to grow, reflecting the new challenges faced by traditional sanctions systems when dealing with on-chain financial networks. CertiK states that stablecoin risks have expanded from smart contract vulnerabilities to financial infrastructure and geopolitical levels, becoming a crucial issue in global financial system risk management.
PANews Overview: Looking back at history, the "paper crisis" of 1968 spurred the establishment of the DTCC and the paperless securities revolution. Today, the financial system is once again undergoing a systemic upgrade of its infrastructure: asset tokenization. In 2026, the DTCC announced its plan to tokenize $114 trillion in custodial assets, and Citigroup predicts that the tokenized securities market will reach $5.5 trillion by 2030.
With the gradual implementation of regulatory benefits such as the US federal GENIUS Act on stablecoins, traditional giants like BlackRock and Goldman Sachs are accelerating their entry into the market with substantial investments. Asset tokenization has become an irreversible trend, and the core competition in the future of tokenized finance will no longer be "what assets can be tokenized," but rather "who can establish a compliant and trustworthy on-chain financial gateway." This gateway will be the intersection of three major tracks: Real-World Assets (RWA), compliant exchanges, and stablecoin settlement.
PANews Overview: Stablecoins are facing a dual challenge of technological attacks and geopolitical shifts. On one hand, hackers are moving from protocol vulnerabilities to infrastructure; since 2026, cross-chain bridge security incidents have resulted in losses exceeding $328 million, with wallet and private key leaks becoming a major risk. On the other hand, stablecoins are gradually becoming a new battleground for geopolitical maneuvering. A7A5, a stablecoin backed by the Russian ruble, has accumulated over $110 billion in trading volume since its launch, accounting for 43% of the global non-USD stablecoin market. It is building a cross-border settlement and anti-sanctions system independent of the West through the A7 network. Despite joint sanctions imposed by the US and Europe, on-chain holding addresses are still growing against the trend and accelerating their expansion into Africa.
