Highlights of this episode
This week's weekly report covers the period from November 21st to November 27th, 2025. This week, the RWA market entered a phase of stock optimization, with the total on-chain market capitalization growth further slowing to 1.10%, but the number of holders continuing to rise, indicating a shift in the market from scale expansion to user engagement. The total market capitalization of stablecoins saw near-zero growth, while monthly active addresses surged by 24.84%, highlighting the strengthening of on-chain payment and settlement functions and the activity of small-amount, high-frequency transactions. On the regulatory front, the G20, the European Central Bank, and the South African Reserve Bank have all warned of the regulatory risks of RWA and stablecoins. In contrast, South Korea's STO bill passed its initial review, and Bolivia plans to integrate stablecoins into its financial system, showing a diverging trend in global regulation. At the project level, traditional financial and technology giants continue to integrate crypto projects to develop stablecoins: QCAD was approved as Canada's first compliant Canadian dollar stablecoin, Klarna plans to launch its own stablecoin on the Tempo chain in 2026, and U.S. Bancorp is testing its self-developed stablecoin on Stellar, indicating that stablecoins are becoming a new battleground for various market participants.
Data Perspective
RWA Track Panorama
According to the latest data disclosed by RWA.xyz, as of November 28, 2025, the total market capitalization of RWA on-chain reached US$35.96 billion, a slight increase of 1.10% compared to the same period last month. The growth rate continued to slow down to a near six-month low, and the growth momentum weakened significantly. The total number of asset holders increased to approximately 551,400, an increase of 8.02% compared to the same period last month. The total number of asset issuers was 251, which has stagnated, reflecting the structural contradiction between the expansion of the market investor base and the bottleneck of asset supply.
Stablecoin Market
The total market capitalization of stablecoins reached $299.45 billion, a slight increase of 0.39% month-over-month, with the growth rate continuing to slow and nearing stagnation. Monthly transaction volume remained high at $4.68 trillion, up 6.89% month-over-month. The total number of monthly active addresses surged to 40.9 million, a significant increase of 24.84% month-over-month. The total number of holders steadily increased to approximately 205 million, a slight increase of 2.86% month-over-month. Both figures confirm that the market has entered a new phase of "stock optimization." Despite near-zero market capitalization growth, user activity and capital turnover efficiency improved simultaneously, reflecting the continued strengthening of on-chain payment and settlement functions. Data shows that institutional settlement and retail transactions formed a robust synergy, with the growth rate of active addresses significantly exceeding the growth rate of transaction volume, reflecting increased activity in small-amount, high-frequency transactions and an improved market structure. The leading stablecoins are USDT, USDC, and USDS. Among them, the market capitalization of USDT increased slightly by 0.25% month-on-month; the market capitalization of USDC increased slightly by 0.38% month-on-month; and the market capitalization of USDS increased by 3.26% month-on-month.
Regulatory news
According to Reuters, Andrew Bailey, chairman of the G20 Financial Stability Board (FSB), stated in a letter to G20 leaders that the rapid development of the private lending market and stablecoins urgently requires stronger global regulatory cooperation. He warned that differences among countries on stablecoin regulation and prudential frameworks could increase systemic risks and called for the establishment of cross-border compliance mechanisms. He also emphasized that the slow progress made by major economies in implementing the Basel III global banking capital standards should be taken seriously.
The European Central Bank's preview of its Financial Stability Review, released today (the full report will be released on Wednesday), shows that as of November 2025, the total market capitalization of stablecoins has exceeded $280 billion, accounting for approximately 8% of the entire crypto market. USDT and USDC together account for nearly 90% of this, and their reserve assets have reached the size of the world's top 20 money market funds.
A European Central Bank (ECB) report points out that widespread adoption of stablecoins could lead households to convert some of their bank deposits into stablecoin holdings, weakening banks' retail funding sources and increasing funding volatility. While MiCAR has prohibited European issuers from paying interest to curb such transfers, banks are still calling for similar restrictions in the US. Furthermore, the rapid growth of stablecoins and their linkage to the banking system could trigger concentrated capital outflows during crises. The report emphasizes the risks of cross-border "multi-issuance mechanisms," warning that EU issuers may struggle to meet global redemption requests, calling for pre-access safeguards, and promoting global regulatory alignment.
According to South Korean media outlet Electronic Times, amendments to South Korea's Electronic Securities Act and Capital Markets Act have passed the review of the National Assembly's Political Affairs Committee's Bills Review Panel, marking a crucial step towards the institutionalization of Security Token Offerings (STOs). If passed by the current session next month, blockchain-based physical assets such as real estate, artwork, and music copyrights will be legally "tokenized" and circulated on legitimate platforms. Currently, three major conglomerates are vying for STO trading platform qualifications. Industry insiders predict that South Korea may become an Asian hub for security token offerings through this initiative.
The South African Reserve Bank has listed cryptocurrencies and stablecoins as new financial risks.
According to Bloomberg, the South African Reserve Bank (SRB) has warned that crypto assets and stablecoins, due to a lack of comprehensive regulation, have become a new risk threatening the country's financial sector. In its semi-annual Financial Stability Assessment, the SRB noted that the digital and cross-border nature of cryptocurrencies allows them to circumvent existing foreign exchange control laws, while digital assets are not yet subject to regulation. Herco Steyn, the SRB's chief macroprudential expert, stated that the risk stems from an "incomplete regulatory framework." He anticipates progress next year but warned that if progress stalls, "regulation will be inadequate."
Currently, the South African Reserve Bank (SRB) is working with the Treasury to develop new regulations to oversee cross-border cryptocurrency trading and amend foreign exchange control laws to include digital assets. The SRB emphasizes that as cryptocurrency adoption increases, the domestic regulatory framework needs to be continuously adjusted to reflect market developments and risks. Data shows that the South African cryptocurrency industry is dominated by three major platforms: Luno, VALR, and Ovex. As of July, they had nearly 7.8 million registered users; and total assets reached 25.3 billion rand as of December 2024.
Bolivia plans to incorporate stablecoins into its financial system.
According to Solid Intel, Bolivia's Minister of Economy has announced plans to integrate stablecoins into the country's formal financial system.
Local News
Pan Gongsheng, Governor of the People's Bank of China, together with UAE Vice President Mansour and Central Bank Governor Khaled, recently attended the launch ceremony of the China-UAE Payment Cooperation Project. The two sides signed a Memorandum of Understanding on cross-border payment interconnection, announced the interconnection of their respective fast payment systems to support rapid online cross-border remittances for businesses and individuals, witnessed the first transaction using the UnionPay-Jaywan dual-branded card, and officially launched the UAE Multilateral Digital Currency Bridge (JISR) project to promote bilateral financial cooperation and improve the efficiency of cross-border payments.
Project progress
The Sign team has released the "SIGN Stack," a sovereign Layer 2 architecture built on BNB Chain and opBNB, designed specifically for national deployments of digital infrastructure and compliant stablecoins. This solution features customizable sequencer permissions, a DID identity system, gas-free stablecoin transfers, and the ability to put national physical assets (RWA) onto the blockchain. The goal is to establish BNB Chain as the settlement layer for global sovereign blockchain infrastructure.
AI company Caesar will partner with Centrifuge to explore on-chain equity issuance.
AI company Caesar announced a partnership with Centrifuge to launch an exploration of on-chain equity issuance, becoming the first AI company to try this mechanism.
Mu Digital has announced the completion of a $1.5 million Pre-Seed funding round, with investors including UOB Venture Management, Signum Capital, CMS Holdings, Cointelegraph Accelerator, and Echo. Mu Digital focuses on bringing real-world assets from Asia's $20 trillion credit market onto the blockchain and plans to launch its Monad mainnet on November 24th. Products include the Asia Dollar (AZND), offering yields of 6-7%, and muBOND, offering yields up to 15%.
Ondo invested $25 million in Figure's YLDS stablecoin to enhance its OUGG yield strategy.
According to Ondo Finance's official website, Ondo has invested $25 million in YLDS, a yield-generating stablecoin issued by Figure subsidiary FCC, as backing assets for its flagship tokenized short-term U.S. Treasury bond fund, OUSG. The fund currently has over $780 million locked in total assets, and its portfolio includes funds issued by several institutions such as BlackRock, Fidelity, Franklin, and WisdomTree.
QCAD approved as Canada's first compliant Canadian dollar stablecoin.
According to PR Newswire, Stablecorp announced that its QCAD Digital Trust service has received a final acknowledgment of its prospectus from the Canadian Securities and Exchange Commission (SEC). QCAD is issued in compliance with the current stablecoin regulatory framework, becoming Canada's first compliant CAD stablecoin. QCAD is held in custody by regulators with a 1:1 Canadian dollar reserve, providing near-instantaneous, low-cost cross-border and domestic transfers; the reserves will be audited regularly and publicly disclosed.
Klarna plans to launch its own stablecoin on the Tempo chain in 2026.
According to Solid Intel, Swedish fintech company Klarna plans to launch its own stablecoin on Tempo, a blockchain network powered by Paradigm and Stripe, in 2026.
Wyoming Stablecoin Council launches tFRNT testnet tap
According to an official announcement from the Wyoming Stable Token Commission, the Commission has launched the Frontier Stable Token testnet faucet. Users can connect their wallets on the official website, select eight testnets, and claim up to 1000 tFRNT every 24 hours. tFRNT has no reserve backing and is solely a testnet token simulating the mainnet contract, used for developer integration testing and for new users to experience the FRNT mechanism. Currently supported testnets include Arbitrum, Avalanche, Base, Ethereum, Hedera, Optimism, Polygon, and Solana. Instructions for importing these testnets can be found on their FAQ page.
According to The Block, US Bancorp stated that it is testing its self-developed stablecoin on the Stellar blockchain. The bank's choice of the Stellar blockchain appears to be based on considerations of transaction security and control. Mike Villano, Senior Vice President of Corporate Innovation at the bank, stated, "For our bank's customers, we must consider other safeguards around the 'Know Your Customer' (KYC) principle, such as the ability to reverse transactions. After further development on the Stellar platform, we found that a major advantage of the platform is its underlying operational layer's ability to freeze assets and suspend online transactions."
According to data from the Federal Reserve, as of September 30, U.S. Bancorp was the fifth largest bank in the United States, with assets under management of $671 billion.
Pruv Finance has completed a Pre-A round of financing of approximately $3 million, led by UOB Venture Management, with participation from Saison Capital, Taisu Ventures, Ascent, Spiral Ventures, and Royal Group. Pruv claims to be the first digital finance platform to receive approval from the Indonesian OJK regulatory sandbox, resolving the "compliance and liquidity" conflict of RWA, supporting asset lock-up without whitelists, free cross-chain transfer, and native compatibility with DeFi.
Deutsche Börse will integrate a third euro stablecoin, EURAU.
According to Cointelegraph, Deutsche Börse announced it will integrate EURAU, the euro stablecoin issued by AllUnity, as part of its digital asset strategy. This follows its previous support for Circle's EURC and Societe Generale's Forge division's EURCV. EURAU will initially be offered with institutional-grade custody services through its central custodian, Clearstream, with plans to eventually cover its entire service ecosystem.
It is understood that EURAU is issued by an electronic money institution licensed by BaFin in Germany and is aligned with the MiCA framework. The total market capitalization of domestic stocks on the Deutsche Börse is approximately US$2.23 trillion, with 474 listed companies.
According to Decrypt, KakaoBank, the digital bank under South Korean IT giant Kakao, is accelerating the development of a technical system to support the KRW stablecoin and tokenized assets, covering smart contract execution, token standards, full nodes, and issuance management backends. Its blockchain partner, Kaia, filed trademarks for at least four Korean won-pegged stablecoins in August. Kaia Foundation Chairman Sam Seo stated that they are in communication with multiple parties regarding a proof-of-concept (POC) for the KRW stablecoin, but details are not yet disclosed due to confidentiality.
According to The Block, Securitize received EU regulatory authorization on Wednesday for its Distributed Ledger Technology (DLT) pilot program, allowing it to operate a regulated trading and settlement system. This makes it the first institution to have compliant tokenized infrastructure in both the US and the EU. The Spanish National Securities Market Commission (CNMV) has already approved its operation of the system throughout the EU. As part of its system launch plan, Securitize will deploy its European trading and settlement platform on the Avalanche blockchain, leveraging its near-real-time settlement capabilities and customizable institutional-grade architecture. The first tokenized security offering based on the new authorization is expected to take place in early 2026.
According to official sources, Ripple has announced that its USD-backed stablecoin, Ripple USD (RLUSD), has been recognized as an “approved fiat-pegged token” by the Abu Dhabi Financial Services Regulatory Authority (FSRA) and can be used within the Abu Dhabi Global Market (ADGM), an international financial center in Abu Dhabi, the capital of the United Arab Emirates (UAE).
Visa partners with AquaNow to speed up settlements using stablecoins.
According to Jinshi News, Visa (VN) has partnered with AquaNow to enable faster settlements by using stablecoins.
Bybit and Mantle jointly launch USDT0 cross-chain stablecoin service
Bybit officially announced today that it will support USDT0 deposits and withdrawals on the Mantle network, becoming one of the first mainstream exchanges to support this new cross-chain USDT standard. Users will then be able to directly deposit and withdraw USDT0 between Bybit and the Mantle network, and enjoy a limited-time zero-fee withdrawal offer.
USDT0 is built on LayerZero's full-chain fungible token standard, employing a minting-burning architecture to maintain strict 1:1 support and eliminate fragmentation bridging issues. This collaboration makes Mantle the exchange-related Layer 2 network with the largest total value locked (TVL).
MSX platform's 24-hour trading volume reached $1.26 billion, setting a new single-day record.
As of approximately 10:00 AM on November 28th, the MSX platform's 24-hour trading volume reached $1.26 billion, setting a new single-day record. Currently, the MSX platform's cumulative RWA trading volume exceeds $13.15 billion, with over 200 RWA tokens listed and approximately 166,000 users. MSX is a decentralized digital asset trading platform focusing on US stock tokens and contract trading. It utilizes blockchain technology to achieve efficient and transparent digital asset trading and management, promoting the digitization and liquidity improvement of traditional assets.
Insights Highlights
Coinbase Ventures: RWA Perpetual Contracts, the Trend Towards Perpetuality for Everything
As RWA regains market attention, investors are seeking new risk exposures. Perpetual contracts, as the most mature trading product in the crypto space, offer a faster and more flexible entry path compared to RWA's underlying assets. Thanks to recent improvements to the Perp DEX infrastructure, RWA perpetual contracts create risk exposure to off-chain assets. We observe that RWA perpetual contracts are evolving in two directions: First, introducing alternative assets on-chain. Since perpetual contracts do not require holding underlying assets, the market can drive the "perpetualization" of almost everything, from private equity to economic data, around virtually any asset. Second, as cryptocurrencies become increasingly intertwined with macro markets, more sophisticated traders are no longer satisfied with simply going long on crypto assets but are seeking a wider range of investment products. This has created a demand for exposure to macro assets on-chain, enabling traders to hedge or establish positions using tools such as those linked to crude oil, inflation hedging, credit spreads, and volatility.
Bank for International Settlements report: Tokenized money market funds surpass $9 billion in size.
According to Cryptopolitan, a recent report from the Bank for International Settlements (BIS) indicates that total assets in tokenized money market funds have surged from $770 million at the end of 2023 to nearly $9 billion, becoming a key source of collateral in the crypto ecosystem. The institution warns that while such assets offer the "flexibility of stablecoins," they also bring substantial operational and liquidity risks.
The BIS identified liquidity mismatch as a major risk of tokenized money market funds. It noted that while investors can redeem their tokenized fund units daily, the underlying assets still adhere to the traditional T+1 settlement mechanism. During periods of market stress, concentrated redemption demand will expose this structural risk. The organization further pointed out that the market is still in its early stages, and solutions are constantly being refined, such as the Distributed Ledger Repurchase (DLR) system launched by fintech company Broadridge, which enables same-day settlement of tokenized government bond transfers.
Swiss gold giant MKS PAMP "returns" to re-enter the gold tokenization arena.
PANews Overview: Swiss top gold refiner MKS PAMP is re-entering the gold tokenization field, leveraging its deep industry foundation (possessing a complete supply chain from refining and certification to trading, and LBMA authoritative certification). It has relaunched the DGLD token project, which had been dormant for six years due to market immaturity, through a full acquisition of the project team. This relaunch features key upgrades: shifting from a niche Bitcoin sidechain to mainstream public chains like Ethereum to improve compatibility and liquidity, focusing on serving institutional investors, and providing liquidity support for the token through its own trading department. Compared to existing tokens like PAXG and XAUT, MKS PAMP's core competitive advantages lie in its strong physical gold background, flexible redemption thresholds as low as 1 gram, and a strategy of waiving related fees during the initial relaunch phase. This makes it a powerful "traditional giant" player in the burgeoning gold RWA (Real-World Asset) sector.
PANews Overview: The development of RWA (Real-World Assets) is entering a new phase driven by both "stable assets" and "innovative assets." Its scope has expanded significantly from traditional government bonds and real estate to diverse areas such as catastrophe bonds, technology equity, agriculture, and even the fan economy. This "bimodal" strategy is very clear: on one hand, it uses "low-correlation" assets like catastrophe bonds, which are unrelated to market fluctuations, as a foundation of trust to meet institutions' needs for security and defense; on the other hand, it transforms investors into consumers and dissemination nodes through fan economy assets such as K-pop concerts and short drama IPs, creating strong ecological value and viral spread effects. These two are not contradictory but are developing in parallel within the compliance framework of places like Hong Kong—stable assets build a trust moat for the entire sector, while innovative assets inject traffic and growth potential, jointly propelling RWA from simple "asset on-chaining" towards "systemic value reconstruction" that improves accessibility, liquidity, and restructures participation rules. This indicates that 2026 will be a crucial year for its transition from proof-of-concept to large-scale application.
A Comprehensive Guide to Compliance of Equity Tokenization in Non-Listed Companies
PANews Overview: Tokenization of equity in non-listed companies involves converting company shares into digital tokens on the blockchain. Its core value lies in significantly improving the efficiency of capital markets through technological means, providing investors with liquidity conveniences such as 24-hour trading, fragmented investment, and global access, and opening up new possibilities for companies to raise global funds, achieve automatic compliance, and reduce operating costs. However, the key to achieving all this is not technology, but compliance. Major jurisdictions around the world (such as the United States, the European Union, Singapore, and Hong Kong) generally recognize it as a security and incorporate it into their existing regulatory frameworks. Therefore, successful tokenization projects must be carefully designed in terms of legal structure (such as using SPV indirect holding or hybrid models) and properly address compliance details such as custody and shareholder register management. Ultimately, the goal is to "not evade regulation, but digitize compliance." This signifies that traditional finance and blockchain technology are moving towards deep integration, which is an important direction for the transformation of future financing methods.
