Highlights of This Issue

The statistical period for this weekly issue covers June 19, 2026 – June 26, 2026.

This week, the total on-chain market cap of RWA edged down for the second consecutive month to $31.55 billion, but the number of holders surged to 943,500, again setting the largest single-month increase on record, with retail investors deploying counter-cyclical allocations on a large scale during the market correction; stablecoin market cap continued to contract but monthly transfer volume ended its streak of declines, and monthly active addresses rebounded in tandem, signaling a marginal recovery in market activity.

On the regulatory front: The draft amendment to the Law on the People's Bank of China clarifies the legal status of the digital yuan for the first time; Trump refused to sign a housing bill containing a CBDC ban, shifting the game to election legislation; the European Parliament greenlit digital euro negotiations; the Bank of England removed individual holding limits and relaxed reserve requirements; Russia launched incentives for digital ruble salary payments; South Korea advanced the commercialization of deposit tokens; the global regulatory framework is accelerating toward maturity amid ongoing jockeying.

On the project level: Baillie Gifford launched a tokenized corporate bond fund; Anchorage launched a bank tokenized deposit infrastructure platform; Invesco applied for a stablecoin reserve money market fund; Circle and Nomura plan to launch corporate stablecoin settlement services in Japan; SBI officially issued Japan's first trust-custodied compliant yen stablecoin JPYSC; Ripple's RLUSD received approval for launch in Japan; Chainlink partnered with 47 banks to advance stablecoin cross-border settlement; Spark and Uniswap jointly built a stablecoin FX Layer.

Data Perspective

RWA Sector Overview

The latest data from RWA.xyz reveals that as of June 26, 2026, the total on-chain market cap of RWA fell to $31.55 billion, down 1.11% from the same period last month, marking two consecutive months of negative growth, reflecting pressure on the tokenization of traditional assets. The total number of asset holders increased to approximately 943,500, surging 13.83% from the previous month, marking the largest single-month increase on record for multiple months, indicating that incremental capital is predominantly retail, deploying counter-cyclical RWA allocations on a large scale during the market correction.

Stablecoin Market

The total stablecoin market cap fell to $296.18 billion, down 2.87% from the same period last month, declining for multiple months but with a slightly narrower drop than the previous month, as the liquidity contraction showed marginal easing; monthly transfer volume rebounded to $6.54 trillion, up 1.35% from the previous month, ending a multi-month streak of declines and indicating an initial stabilization and warming of market settlement demand.

Monthly active addresses rose to 53.92 million, up 4.73% from the previous month; total holders grew to 268 million, up 3.34% from the previous month. These two metrics resonated, indicating that retail participation continued to recover, allocation demand kept growing, and market activity improved noticeably.

The top stablecoins were USDT, USDC, and USDS. Among them, USDT's market cap fell 2.86% month-on-month; USDC's market cap fell 3.45%; USDS's market cap sharply declined by 7.81%.

Regulatory News

Draft Amendment to the Law on the People's Bank of China Plans to Clarify the Legal Status of the Digital Yuan

According to Caixin, the "Law of the People's Republic of China on the People's Bank of China (Draft Amendment)" was submitted to the 23rd session of the Standing Committee of the 14th National People's Congress for first reading on June 23, 2026. Among its provisions, "clarifying the legal status of the digital yuan" is a new formulation; the 2020 draft for public comment only mentioned that "renminbi includes physical and digital forms." The earlier draft also stipulated that no unit or individual may produce or sell token tickets and digital tokens to replace renminbi in the market, and that the People's Bank of China shall order cessation of illegal activities, destroy illegally produced or sold token tickets and digital tokens, confiscate illegal gains, and impose a fine of up to five times the illegal amount.

Trump Refuses to Sign Bill Containing U.S. CBDC Ban, Pushes for Election Legislation

According to CoinDesk, U.S. President Trump refused to sign a bipartisan housing bill that contained a four-year ban on a U.S. central bank digital currency (CBDC), temporarily canceling the scheduled signing ceremony and demanding that Congress first pass his favored SAVE AMERICA ACT election bill. The CBDC provision in the housing bill would have barred the Federal Reserve from issuing a digital dollar before the end of 2030, which was originally seen as an important step by the crypto industry.

European Parliament's ECON Committee Greenlights Digital Euro Negotiations, Plans to Advance Both Online and Offline Versions

According to Bloomberg, the European Parliament's Economic and Monetary Affairs Committee (ECON) has adopted a position paper on the legal framework for the digital euro, paving the way for negotiations on final rules with member state governments and the European Commission. The plan will advance both an online and an offline version of the digital euro, with the European Central Bank aiming to complete the launch by 2029 and conduct pilots in real-world scenarios over the next 12 months to test the infrastructure. Regulators hope that the digital euro, issued by the ECB, will reduce dependence on Visa, Mastercard, and dollar-denominated stablecoins, while providing a "safe European-native option" for retail payments without eliminating physical cash.

Bank of England Relaxes Stablecoin Rules, Scraps Individual Holding Cap and Eases Reserve Asset Requirements

According to Reuters, the Bank of England released its final policy and draft rules on stablecoins on Monday, relaxing some proposals made during last year's industry consultation. The BOE scrapped plans for an individual holding cap, instead opting to limit the total issuance of each stablecoin, with an initial cap of £40 billion (approximately $52.84 billion). The central bank also slightly relaxed reserve asset requirements and plans to finalize the rules by the end of this year.

Bank of Russia to Implement Incentives to Encourage Digital Ruble Salary Payments

According to Bits.media, the Bank of Russia announced it will provide economic incentives to encourage the use of the digital ruble for salary payments. Starting January 1, 2027, commercial banks will receive a reward of 0.67 rubles for each transaction in which a company pays wages or other labor contract payments to employees in digital rubles, with a minimum reward of 10 rubles per instruction list. According to the central bank's design, if a company pays digital ruble wages to 10 employees, the bank receives 6.7 rubles, and the central bank will top it up to the minimum of 10 rubles; if it involves 20 people, the reward is 13.4 rubles.

Meanwhile, the central bank also approved service fees for the digital ruble platform. Starting in early 2027, the fee for each transfer instruction from a business to an individual will be 1 ruble, with a minimum charge of 15 rubles per instruction list. Earlier, Governor Nabiullina stated that the digital ruble is intended to enable state monitoring of funds such as government procurement contracts, while denying that the government will monitor person-to-person payments and pledging that the digital ruble will not be mandatory.

Bank of Korea's CBDC to Connect with Commercial Bank Account Systems, Advances Deposit Token Commercialization

According to ET News, the Bank of Korea's CBDC experiment is advancing to a new stage, enabling integration with the actual account systems of commercial banks. Participating banks are currently building the necessary infrastructure based on Naver Cloud within the test environment designated by the central bank. The infrastructure includes e-wallets for customers and merchants, a voucher system for executing fiscal fund payments, digital currency management tools, and a blockchain integration module. The system will ultimately connect with banks' core account ledgers and smart banking services.

According to Maeil Business Newspaper, the Bank of Korea is advancing its deposit token project with the clear goal of full commercialization, not just a pilot phase. The Korean banking industry has expressed concerns, pointing out that subsequent phases — including supporting peer-to-peer transfers and expanding use cases — require processes equivalent to launching a new business, and has requested adjustments to the implementation timeline.

According to a document submitted by the Korea Federation of Banks to the office of People Power Party lawmaker Lee Hun-seung, the central bank and commercial banks are planning follow-up tests to lay the foundation for the official introduction and widespread use of deposit tokens, aiming for uninterrupted continuous operation.

Project Progress

Baillie Gifford Launches Tokenized Corporate Bond Fund on Ethereum and Solana, Targeting ~7% Yield

According to CoinDesk, Baillie Gifford, a 118-year-old Scottish investment firm, has launched a tokenized corporate bond fund on Ethereum and Solana, targeting a yield of about 7%. The fund uses BNY's tokenization infrastructure, targeting institutional and qualified investors seeking corporate bond exposure via blockchain. It is the latest example of a traditional asset manager using public blockchains for RWA issuance and settlement.

Anchorage Launches Bank Tokenized Deposit Infrastructure Platform

According to CoinDesk, federally chartered crypto bank Anchorage Digital has launched a new platform to help commercial banks issue and manage on-chain tokenized deposits without replacing their core systems, enabling 24/7 payments and settlement. The product generates tokenized representations of customer deposits on the blockchain while the underlying funds remain in banks' traditional deposit accounts. Anchorage provides on-chain infrastructure, wallet management, and smart contract technology; banks retain customer relationships and custody of funds.

Invesco Applies to SEC to Launch New Money Market Fund Focused on Stablecoin Reserves

According to The Block, Invesco, with $2.45 trillion in assets under management, has filed an application with the SEC to launch a new money market fund focused on stablecoin reserves, the Invesco Stablecoin Reserves Onchain Fund. The fund will primarily invest in U.S. Treasuries, repurchase agreements, and cash equivalents to maintain a $1 net asset value, and will use blockchain infrastructure company Superstate as a sub-transfer agent to tokenize fund shares on designated public chains. The product is designed for stablecoin issuers' reserve management needs, allowing them to earn yield while holding compliant reserves and maintain daily liquidity.

Circle and Nomura Plan to Launch Stablecoin Settlement Service in Japan, Earliest Launch in 2027

According to Solid Intel, Circle and Japanese financial institution Nomura plan to launch a stablecoin settlement service for enterprises in Japan, targeting an earliest launch in 2027. The service will support businesses using stablecoins for instant foreign exchange conversion and cross-border payments.

SBI Officially Launches Japan's First Trust Bank-Custodied Compliant Yen Stablecoin JPYSC

Japanese financial group SBI partnered with Singaporean fintech company Startale to officially issue the trust-structured yen stablecoin JPYSC, with SBI Shinsei Trust Bank custodying reserve assets and SBI VC Trade handling issuance and circulation. SBI stated that JPYSC is Japan's first yen stablecoin custodied by a trust bank and classified as an "electronic payment instrument" under the Payment Services Act, exempt from the previous 1 million yen per-transaction and balance caps imposed on fund-transfer-type stablecoins. SBI expects JPYSC to serve as a yen base asset for on-chain foreign exchange, institutional lending, and RWA settlement. Currently available only to SBI VC Trade account users, the exchange plans to launch JPYSC lending services later.

Ripple Stablecoin RLUSD Launches in Japan and Receives Japan FSA Approval

According to official sources, Ripple and SBI Holdings announced that the RLUSD stablecoin has officially launched in Japan and received approval from Japan's Financial Services Agency. It is available to institutional and retail users via SBI VC Trade's VCTRADE platform. RLUSD is classified as a new type of electronic payment instrument under Japan's Payment Services Act, specifically designed to meet the safety and regulatory standards for foreign-issued stablecoins. Ripple Senior Vice President of Stablecoins Jack McDonald said the launch is an important step in expanding access to regulated U.S. dollar stablecoins for Japanese financial institutions and enterprises, and that RLUSD will serve as a bridge for payments, tokenization, and collateral management.

Chainlink Partners with 47 Korean and European Banks to Advance Stablecoin Cross-Border Settlement

According to CoinDesk, Chainlink has joined "Project Pangea," a consortium of 47 banks from Europe and Korea, aiming to achieve real-time cross-border settlement using euro and won stablecoins for foreign exchange transactions within one year. The project will test T+0 atomic payment-versus-payment (PvP) settlement using regulated euro- and won-pegged stablecoins, replacing the traditional T+2 delivery cycle, with the goal of reducing counterparty and settlement risk in the roughly $150 billion Europe-Korea trade corridor. Pangea will serve as middleware, enabling banks to continue using Swift and ISO 20022 messaging standards while completing on-chain settlement via the Pangea L1 chain without overhauling existing payment systems. On-chain infrastructure is provided by Chainlink.

Spark and Uniswap Build Stablecoin "FX Layer," USDS Migrates $150 Million as Base Pool

According to The Block, Spark and Uniswap have partnered to launch a stablecoin "FX Layer" on Uniswap v4, designed to provide institutions with low-slippage U.S. dollar stablecoin exchange infrastructure. The layer acts as a shared liquidity and settlement system, allowing stablecoin issuers such as banks, fintechs, and payment companies to plug into a unified pool without having to build their own market-making and inventory management systems. Spark is responsible for liquidity allocation and governance coordination among different stablecoins, while Uniswap provides the programmable AMM architecture. As an initial step, Spark will migrate $150 million in liquidity from its USDS ecosystem to Uniswap v4, establishing a "liquidity foundation" for pools supporting USDS, USDT, and PYUSD. USDS is a U.S. dollar stablecoin issued by Sky (formerly MakerDAO) and is the third-largest stablecoin after USDT and USDC.

U.S. Stock Token Trading Platform MStong MSX Lists Five New U.S. Stock Tokens

U.S. stock token trading platform MStong MSX has listed discrete semiconductor and passive component manufacturer $VSH.M, Marvell Daily 2x Long ETF $MVLL.M, Western Digital Daily 2x Long ETF $WDCX.M, Seagate Daily 2x Long ETF $STXX.M, and Roundhill Daily 2x Long ETF $RAM.M.

Funding News

Animoca Brands Makes Strategic Investment in Stablecoin Payment Infrastructure Provider AllScale

Animoca Brands announced on X that it has made a strategic investment in stablecoin payment infrastructure provider AllScale, with the specific amount undisclosed. Animoca Brands stated that in addition to the investment, the two parties will also explore cooperation opportunities to support global payment flows and emerging agent commerce use cases within its ecosystem.

Stablecoin Payment Company Daya Completes $2.4 Million Pre-Seed Round, Aptos Foundation and Others Participate

According to TheStreet, native stablecoin payment company Daya has completed a $2.4 million pre-seed round led by Hivemind Capital, with participation from Lattice, Alliance, Globelink, and the Aptos Foundation. Daya was co-founded by Nigerian entrepreneurs Aleph L and Paul Joe, who previously co-founded Helicarrier (an early African crypto exchange and stablecoin remittance platform) and have held roles at Circle, Microsoft, and Lyrik Ventures.

Daya aims to build a financial operations layer for cross-border businesses in Africa, aggregating local banks, foreign exchange, crypto on/off ramps, and payment processors into a single dashboard, enabling automatic routing of optimal payment paths.

Tokenized Financial Product Settlement Network Metal Completes Seed Round, Co-Led by Airwallex and Capital49

Former Ren Protocol founder Loong Wang announced the launch of Metal, a settlement network for tokenized financial products, and the completion of a seed round co-led by Airwallex and Capital49, with Airwallex also joining as the first design partner. Metal was co-founded by Loong Wang and Catherine Porter, former Head of Partnerships for the Libra project, with the goal of building institutional-grade, full-stack infrastructure for tokenized financial products. It natively supports AI agents, identity verification and authorization, and provides global on/off-ramp channels covering 200 countries and 90 currencies.

Insight Highlights

BNY Mellon: “FOMO” Sentiment Is Pushing Asset Managers to Accelerate Tokenized ETF Plans

According to The Block, BNY Mellon (BNY) Global Head of ETFs Ben Slavin said asset managers are accelerating their tokenized ETF plans, driven mainly by investor demand and a “FOMO” sentiment — the fear of missing out on early opportunities in blockchain finance. Slavin disclosed that BNY has several tokenized ETF projects underway; although regulation and infrastructure are not yet fully in place, many clients want to launch products as soon as possible. He believes blockchain networks could become a new distribution channel for traditional investment products, enabling round-the-clock holding and transfer of fund shares, shortening settlement times and expanding global investor reach.

Slavin also noted that hundreds of well-known ETFs are already trading in tokenized form on unregulated markets, mostly without direct authorization from the fund sponsors, which creates reputational risk. This topic has become a focal point of discussion among BNY’s asset management clients. While the industry is still exploring core issues such as how tokenized funds connect with existing infrastructure, secondary trading mechanisms and regulatory frameworks, Slavin said asset managers increasingly tend to believe that “getting in early” in this space is more important than “waiting for clarity.”

Commanding 98% Market Share, Solana Becomes the Main Battleground for SpaceX On-Chain Trading

PANews summary: The market frenzy sparked by the SpaceX listing has catalyzed an explosion in the tokenized stock sector.

In the on-chain market, the Solana network has captured roughly 98% of absolute trading share by leveraging decentralized exchanges (DEXs) such as Orca and Zerofi; established RWA protocols like Ondo Finance are also actively positioning for multi-chain liquidity.

On the centralized exchange (CEX) side, Binance and Bybit mainly rely on third-party issuers, while Backpack has achieved bi-directional cross-platform redemption of tokenized stocks between on-chain and traditional brokerage accounts through its proprietary brokerage arm.

Although Nasdaq remains the absolute pricing center, with current tokenized stock trading volume accounting for only 0.07% of its total, tokenized trading has broken the time and geographical constraints of traditional U.S. stocks. Through 7×24 round-the-clock trading, it provides an important window for price discovery and liquidity spillover, showing enormous growth potential to tear down traditional securities boundaries.

SEC Suddenly Relents: Are Tokenized Stocks About to Trade Legally in the U.S.?

PANews summary: The U.S. SEC plans to re-introduce the “innovation waiver” policy, aiming to establish a regulatory sandbox that allows third-party platforms to offer tokenized trading of U.S. stocks under light-touch regulation.

The policy was once postponed under pressure from traditional exchanges such as Nasdaq and NYSE. The traditional exchanges are not opposed to tokenization per se, but are motivated by protecting their compliance moats and fear that a low-cost waiver path could lead to liquidity fragmentation and shadow short-selling risks; institutions like Citadel, meanwhile, are concerned about the temporary nature of the waiver and demand formal legislation.

Although the policy is mired in a tug-of-war, the tokenized stock market size had already surged to $6.4 billion by June 2026, up from the end of 2024. Currently, the SEC is advancing amendments to NMS rules to clear underlying hurdles, and major institutions are actively laying out their global strategies. The full integration of tokenized assets into the mainstream financial track has become an irreversible trend.

White-Label Stablecoins: More Than Just a Logo Swap

PANews summary: “White-label stablecoins” are not a rigorously defined legal concept; in essence, they are different combinations of issuance, reserve, custody and distribution modules.

Circle and Coinbase currently offer four models: First, Circle xReserve, which provides L1/L2 public chain ecosystems with a native stablecoin backed by USDC. Second, Circle Partner Stablecoins, which helps regional fiat stablecoin issuers plug into global liquidity and cross-border payment networks. Third, Circle Digital Asset Accounts, which do not issue a new coin but simply create a branded asset custody and exchange account for enterprises. Fourth, Coinbase Custom Stablecoins, which come closest to a truly bespoke stablecoin — Coinbase handles the underlying issuance and reserves, while the enterprise manages brand distribution.

White-label stablecoins are by no means a simple SaaS logo swap; enterprises must choose a solution based on the substance of their business and their compliance capabilities.

Ondo: Tokenized stocks and ETF 24/7 minting and redemption functions now live on Ethereum and BNB Chain

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