Highlights of this episode
This week's weekly report covers the period from December 12th to December 19th, 2025. This week, the total on-chain market capitalization of RWA slightly increased to $18.9 billion, with continued growth in holders; the market capitalization of stablecoins surpassed $300 billion, but trading activity declined, indicating a "stock accumulation" characteristic in the market. The global regulatory framework is being rapidly developed, with China promoting the digital yuan, and the US, Canada, Hong Kong, and other regions actively formulating rules for stablecoins and asset tokenization. Traditional financial institutions are further deepening their deployments: JPMorgan Chase launched a tokenized fund on Ethereum and integrated JPM Coin into Base; Visa and Mastercard expanded stablecoin payment and clearing services; and DTCC partnered with Canton Network to promote the tokenization of US Treasury bonds. Meanwhile, Coinbase, PayPal, SoFi, and others have successively launched tokenized assets, stablecoin yield products, and cross-border payment solutions, while emerging markets such as Brazil and Pakistan are actively exploring sovereign asset tokenization. Overall, driven by both regulatory compliance and institutional factors, RWA is gradually embedding itself into the global payment, settlement, and asset management system.
Data Perspective
RWA Track Panorama
According to the latest data disclosed by RWA.xyz, as of December 19, 2025, the total market capitalization of RWA on-chain reached US$18.9 billion, a slight increase of 3.54% compared to the same period last month. The growth rate has rebounded slightly, which may indicate a recovery in on-chain native financial activities. The total number of asset holders increased to approximately 577,000, an increase of 6.87% compared to the same period last month, showing a steady growth trend.
Stablecoin Market
The total market capitalization of stablecoins reached $300.02 billion, a slight increase of 1.15% month-over-month, maintaining slow growth and potentially entering a period of stable supply. Monthly transaction volume contracted to $5.72 trillion, a 14.34% decrease month-over-month; the total number of monthly active addresses dropped to 43.48 million, a slight decrease of 1.03% month-over-month; and the total number of holders steadily increased to approximately 211 million, a slight increase of 3.76% month-over-month, with the divergence between the two widening. This data combination indicates a weak market characterized by an expanding holder base but a simultaneous contraction in transaction activity and capital turnover efficiency. New users may be primarily holding for strategic purposes, while institutional settlement and retail transaction demand are weakening, posing challenges to on-chain payment and settlement functions. The market may have entered a phase of "stock accumulation and declining activity." The leading stablecoins are USDT, USDC, and USDS. Among them, the market capitalization of USDT increased slightly by 1.92% month-on-month; the market capitalization of USDC increased slightly by 1.05% month-on-month; and the market capitalization of USDS increased by 5.21% month-on-month.
Regulatory news
The Party Committee of the People's Bank of China convened a meeting, emphasizing the need to steadily advance high-level financial opening-up and safeguard national financial security. The meeting stressed the importance of implementing global governance initiatives, actively participating in and promoting the reform and improvement of global financial governance, pragmatically conducting financial diplomacy and multilateral and bilateral monetary and financial cooperation, advancing the internationalization of the RMB, continuously building and developing a multi-channel, broad-coverage RMB cross-border payment system, and steadily developing the digital RMB.
According to The Block, the Federal Deposit Insurance Corporation (FDIC) is moving forward with implementation of parts of the stablecoin bill that will become law this summer. On Tuesday, the FDIC Board of Directors approved a proposed rulemaking notice that sets out an application process for agencies to issue payment stablecoins through subsidiaries. The agency is currently soliciting public comments on the proposed rule. At the Board meeting, FDIC legal counsel Nicholas Simons stated that applications must clearly define the scope of the proposed activities, provide a description of the "subsidiary's ownership and control structure," and include "an engagement letter with a registered public accountant firm." Simons stated, "In summary, the proposed rule will allow the FDIC to assess the security and robustness of proposed payment stablecoin activities while minimizing the regulatory burden on applicants."
This summer, US President Trump signed the GENIUS Act, creating a federal regulatory framework for stablecoins. Earlier this month, FDIC Acting Chairman Travis Hill informed lawmakers that the agency plans to release an implementation framework for the GENIUS Act in the coming weeks. On Tuesday, he also stated that the agency plans to release a proposed rule in the coming months out outlining capital, liquidity, and risk management requirements for approved subsidiary stablecoin issuers.
According to Cointelegraph, the Bank of Canada has stated that, under the country's upcoming stablecoin regulations expected in 2026, it will only approve high-quality stablecoins pegged to the central bank's currency to ensure they become "premium money." Bank of Canada Governor Tiff Macklem said in a speech to the Montreal Chamber of Commerce on Tuesday, "We want stablecoins to be premium money, like paper money or bank deposits." Macklem hopes stablecoins will be pegged 1:1 to the central bank's currency and backed by "high-quality liquid assets" that can be easily converted into cash. These assets typically include government bonds and treasury bonds.
Macklem's remarks came after Canada released its lengthy 2025 budget report in early November. The report stated that stablecoin issuers would be required to hold adequate reserves, develop redemption policies, and implement various risk management frameworks, including measures to protect personal and financial data.
According to Jinshi News, the "Web5 Ecosystem" Summit was held in Hong Kong on December 18th. At the summit, Chan Ho-lim, Under Secretary for Financial Services and the Treasury of Hong Kong, stated that government departments are studying the legal and regulatory framework for the issuance and trading of tokenized bonds, exploring optimization measures, promoting the adoption of tokenization technology in the Hong Kong bond market, and enriching the product range in Hong Kong's tokenized and digital asset sectors. Furthermore, the Hong Kong Monetary Authority is implementing a digital currency project, including encouraging commercial banks to launch tokenized deposits and promoting the trading of real tokenized assets.
According to Reuters, Pakistan's Ministry of Finance stated that Pakistan has signed a memorandum of understanding with cryptocurrency exchange Binance to tokenize up to $2 billion worth of assets (including sovereign bonds, treasury bills, and commodity reserves) to improve liquidity and attract investors. Furthermore, the Virtual Assets Authority (VAA) indicated that Pakistan has also given preliminary approval for Binance and digital asset platform HTX to register with the regulator to establish local subsidiaries and begin preparing applications for full exchange licenses.
Local News
According to an announcement on Circle's official website, Circle, the issuer of USDC, has signed a memorandum of understanding with LianLian Global, a licensed cross-border payment institution. The two parties will explore cross-border payment solutions based on stablecoins to improve payment efficiency, transparency and accessibility, focusing on the needs of emerging markets such as Asia and global merchants, and considering promoting the interoperability of traditional payment systems and on-chain settlement through Circle Payments Network and L1 chain Arc.
Standard Chartered Bank launches blockchain-based tokenized deposit solution
According to Techinasia, Standard Chartered Bank has launched a blockchain-based tokenized deposit solution for Ant International, supporting real-time transfers of Hong Kong dollars, offshore yuan, and US dollars. The bank partnered with global fintech company Ant International, deploying the technology on Ant's Whale Exploration platform. This launch is part of the Hong Kong Monetary Authority's "Project Ensemble," which aims to promote the adoption of distributed ledger technology in the region.
Ant International is the first customer to adopt this new solution, which enables 24/7 fund management and liquidity transfer. Both Standard Chartered Bank and Ant International are members of the EnsembleTX Group, which supports the promotion and application of tokenization technology in Hong Kong. Since May 2024, Standard Chartered Bank has been a member of the Digital Hong Kong Dollar project architecture community, assisting in the development of industry standards and testing of tokenization application scenarios.
Project progress
Bloomberg: Coinbase announced the launch of prediction markets and tokenized shares this week.
According to Bloomberg, sources familiar with the matter revealed that Coinbase Global Inc. announced the launch of prediction markets and tokenized shares this week, officially launching these products at a product showcase event on December 17. The source also mentioned that Coinbase's tokenized shares will launch internally, rather than through partners. Coinbase executives had previously expressed interest in these businesses but had not yet officially announced plans. For several weeks, screenshots of apps hinting at these features have been circulating on the social network X. This move is part of the company's effort to become a "one-stop app," aiming to provide traders with broad access to assets and markets and keep pace with competitors who are also diversifying.
JPMorgan Chase launched a tokenized money market fund on Ethereum and deployed JPM Coin to the Base public chain.
According to the Wall Street Journal, JPMorgan Chase is launching the "My OnChain Net Yield Fund" (MONY).
According to CoinDesk, JPMorgan Chase has deployed its digital deposit token, JPM Coin, on Coinbase's Base blockchain, marking the Wall Street giant's first large-scale integration into a public blockchain ecosystem. Unlike stablecoins, JPM Coin is a digital mapping of interest-bearing bank deposits, with transfers restricted to whitelisted users. This move responds to institutional clients' demand for on-chain bank deposit products, currently primarily used for collateral and margin payments in crypto trading. JPM emphasizes that its deployment method features full access control and risk isolation, reflecting the shift of traditional finance towards DeFi. Coinbase's Base is a tokenized money market fund issued on the Ethereum blockchain with an initial capital of $100 million.
Payment giant Visa has launched a stablecoin advisory service and enabled USDC stablecoin clearing services in the US.
According to Fortune magazine, payments giant Visa announced on Monday the launch of a stablecoin advisory service designed to help fintech companies, banks, and other businesses develop and implement stablecoin strategies. Visa's stablecoin advisory service has dozens of clients, including Navy Federal Credit Union, VyStar Credit Union, and a financial institution called Pathward. The service will help businesses develop stablecoin strategies, technology, and operational plans, and implement stablecoins. Its clients' use cases for stablecoins include cross-border transactions, especially with countries experiencing high currency volatility, and business-to-business transactions.
According to Bloomberg, Visa announced that US banks can use Circle's USDC for transaction clearing via the Solana blockchain, marking the first full deployment of its stablecoin settlement service within the US banking system. Initial users include Cross River Bank and Lead Bank. This move benefits from the deregulation implemented during the Trump administration's second term and will facilitate the launch of the ArcChain, jointly developed by Visa and Circle. Visa anticipates stablecoins will become a key payment channel in the future, with annualized clearing volume reaching $3.5 billion as of the end of November.
According to Cointelegraph, Mastercard is expanding its blockchain and stablecoin payments business in the Middle East through a new partnership with the ADI Foundation.
Interactive Brokers now supports stablecoin deposits.
According to Bloomberg, brokerage giant Interactive Brokers has now allowed some U.S. users to deposit stablecoins into their personal accounts. Users can deposit directly through their crypto wallets without linking a bank account. This feature will be gradually rolled out to more users.
According to CoinDesk, Wall Street settlement giant DTCC has announced a partnership with privacy-oriented blockchain Canton Network to advance the tokenization of U.S. Treasury assets held by DTCC. The project has received a no-objection letter from the SEC and plans to launch a minimum viable product (MVP) in the first half of 2026, scaling up based on customer demand. DTCC will co-chair the Canton Foundation with Euroclear, participating in the development of industry decentralized standards.
Brazilian stock exchange B3 will launch its own tokenization platform and stablecoin.
According to CoinDesk, Brazil's major stock exchange, B3, plans to launch a tokenization platform and issue its own stablecoin next year to deepen its involvement in the cryptocurrency space. The tokenization platform will allow assets to be tokenized and traded on the exchange, sharing the same liquidity pool as traditional markets. To support settlement, B3 also plans to issue a stablecoin. This stablecoin will act as a payment and clearing tool within the tokenized environment, reducing reliance on existing cash processes. The stablecoin is expected to be pegged to the Brazilian real.
B3 is also expanding its cryptocurrency-related derivatives business. Products under development include weekly options on Bitcoin, Ethereum, and Solana, as well as event-driven contracts pegged to cryptocurrency prices. These instruments are currently under review by the Brazilian Securities and Exchange Commission (CVM), the Brazilian securities regulator.
Ripple's stablecoin RLUSD expands to the L2 network, adopting Wormhole's NTT standard.
According to its official blog, Ripple announced the first expansion of its stablecoin RLUSD to Layer 2 networks. Ripple will collaborate with the cross-chain interoperability protocol Wormhole and the NTT token standard to launch testing on Optimism, Base, Ink, and Unichain. Ripple expects to launch RLUSD on more chains next year after receiving final regulatory approval. Subsequent launches of RLUSD on other chains are subject to testing and approval by the New York Department of Financial Services. It is understood that RLUSD was initially only issued on XRPL and Ethereum.
United Stables has officially launched its USD stablecoin, $U, which is currently deployed on both the BNB Smart Chain (BSC) and Ethereum (ETH) chains and has completed several ecosystem integrations. The $U stablecoin is reportedly based on 1:1 full reserve backing (USD + leading stablecoins), featuring real-time on-chain Proof-of-Reserves (PoR) and monthly audits. Future support will include enterprise-level privacy protection and AI-native payments (EIP-3009/x402). $U is the first "unified stablecoin" on the BNB Chain, integrating mainstream stablecoins as usable collateral assets to form a unified liquidity foundation.
In terms of ecosystem integration: U has integrated support for mainstream DeFi protocols including PancakeSwap, Aster, Four.meme, and ListaDAO, allowing users to trade, stake, lend, and provide liquidity directly on-chain. Regarding wallet support, Binance Wallet, Trust Wallet, and SafePal have all listed $U. In addition to the on-chain world, U is also listed on the centralized exchange HTX.
United Stables stated that U will focus on empowering scenarios such as trading, DeFi, institutional settlement, cross-border payments, and AI-driven autonomous economy, and plans to expand to more public chains, DeFi protocols, and trading platforms in the future.
Exodus, MoonPay, and M0 will launch a new digital dollar for everyday payments in early 2026.
Fintech company Exodus announced a partnership with MoonPay to launch a fully dollar-backed stablecoin to support the digital dollar experience within its ecosystem. The stablecoin is issued and managed by MoonPay and developed on M0's open stablecoin infrastructure.
This initiative will integrate with Exodus' upcoming payment feature, Exodus Pay, allowing users to make payments, transfers, and earn rewards using the stablecoin without needing to understand cryptocurrency, while maintaining a self-custodial model. The stablecoin will also be available through MoonPay's global distribution network, including buying, selling, exchanging, depositing, and settling transactions, providing users and merchants with a wide range of practical applications. The stablecoin is expected to officially launch in early 2026, with more details to be released prior to the announcement. The specific launch date will depend on relevant regulatory requirements.
According to The Block, financial software giant Intuit has signed a multi-year partnership with Circle to integrate USDC stablecoin payments into its core products such as TurboTax and QuickBooks for faster, lower-cost settlements such as tax refunds and corporate payments. Circle will provide the USDC infrastructure. Intuit has not disclosed a specific launch date, nor whether users will directly hold USDC or simply use it as a back-end payment channel. Previously, Visa launched USDC (Solana)-based stablecoin settlement services for Bank of America, and Circle has expanded its issuance and distribution with several exchanges (including Bybit).
PayPal launched the PYUSD savings vault on the Spark platform , expanding the application scenarios of the stablecoin PYUSD to provide funding support for AI development.
According to The Block, PayPal is launching a PYUSD savings vault on its decentralized lending platform Spark, providing its stablecoin users with a new way to generate yield on their holdings at an annualized yield (APY) of 4.25%. The PYUSD savings vault's yield is pegged to the Sky Savings Rate, which is funded by revenue from the Sky protocol. PYUSD was integrated into SparkLend in September, allowing users to deposit and borrow the stablecoin. The two companies stated at the time that after seeing approximately one-fifth of their target amount deposited on the first day, they hoped to scale deposits to $1 billion. The new PYUSD savings vault could help increase PYUSD deposits on SparkLend. As part of Spark's Savings V2 product line, the vault also leverages Spark's liquidity layer, deploying stablecoin deposits onto Spark's balance sheet, including lending strategies on SparkLend.
For the PYUSD savings vault, 90% of deposits will be allocated to yield-generating strategies through the Spark liquidity layer, while the remaining 10% will be held in the contract as "instant withdrawal liquidity." Interest will be credited to depositors as "accumulated tokens" spPYUSD. Based on the vault's current composition, over 57% still holds stablecoins, 15.73% is invested in on-chain cryptocurrency lending, 10.24% in AAA-rated corporate bonds, 10.10% in over-the-counter cryptocurrency lending, 5.32% in US Treasury bonds, and the remainder in other investment strategies.
According to Cryptopolitan, payment giant PayPal announced that its stablecoin PYUSD will partner with Web3 protocol USD.AI to provide funding for artificial intelligence (AI) companies. USD.AI will utilize PYUSD to offer credit and financing services to AI companies for GPUs and data centers. The two companies intend to combine commonly used payment frameworks with programmable settlement to facilitate long-term credit, leasing, and upcoming agency-driven transactions. They have also pledged a 4.5% interest rate on deposits totaling $1 billion as a customer incentive program to attract more customers. This incentive program will launch in early January and last for one year.
According to The Block, SoFi Bank has launched its USD stablecoin, SoFiUSD (1:1 cash reserves), becoming the first US national bank to issue a stablecoin on a public blockchain. SoFiUSD is already listed on Ethereum, offering near-instantaneous, low-fee settlement 24/7 to banks, fintech companies, and enterprise partners, and plans to open it to SoFi users as well. SoFi states that it can hold cash reserves in a Federal Reserve account, share profits, and support partners' white-label issuance or direct access to settlement and payment processes. The stablecoin will also be used for card networks, retail settlements, SoFi Pay cross-border remittances, and POS payments. This year, several institutions have been pushing forward with stablecoins, including KlarnaUSD, Western Union's USDPT, and Stripe's USDB.
Japan's Startale and SBI will launch regulated yen stablecoins.
According to Techinasia, Japanese blockchain infrastructure company Startale Group and Japanese financial group SBI Holdings plan to launch a fully regulated, yen-pegged stablecoin by the second quarter of 2026 to support global settlements. The two companies will collaborate on the development of this digital currency under a new agreement. Shinsei Trust & Banking will be responsible for the issuance and redemption management of the stablecoin, while SBI VC Trade, a licensed cryptocurrency exchange, will handle its circulation. This yen-denominated stablecoin will be issued by a trust bank and is intended for global settlements and institutional use. Startale will be responsible for technology development, while SBI will focus on regulatory compliance and promotion.
StraitsX is partnering with the Solana Foundation to bring XSGD and XUSD to Solana in early 2026.
StraitsX has announced a partnership with the Solana Foundation to integrate its Singapore dollar-backed stablecoin XSGD and US dollar-backed stablecoin XUSD onto the Solana blockchain, with a planned launch in early 2026. This integration will leverage Solana's efficient, low-cost network to enable real-time global payments and digital commerce.
XSGD and XUSD have previously operated on multiple blockchains, with a cumulative on-chain transaction volume exceeding $18 billion. This listing on Solana will, for the first time, achieve deep connectivity between the Singapore dollar and the US dollar on the same chain, supporting on-chain forex, AMM liquidity, lending markets, and institutional-grade payment flows.
StraitsX and the Solana Foundation will also collaborate to promote deep liquidity in DEX, AMM, and lending markets, further solidifying Solana's central position in AI-driven on-chain payments and DeFi applications.
Ondo has partnered with LayerZero to launch a cross-chain securities bridge and will launch its tokenized stock and ETF platform on the Solana chain in early 2026.
According to the official Ondo blog, Ondo and LayerZero have launched "Ondo Bridge," supporting 1:1 cross-chain transfers of over 100 listed Ondo stocks and ETFs between Ethereum and BNB Chain, with the possibility of expansion to more EVM chains within weeks. This bridge uses a unified architecture instead of separate bridges for each asset, allowing over 2600 applications integrated with LayerZero to quickly access Ondo Global Markets assets; Stargate already supports this. Ondo claims it is currently the largest cross-chain bridge for "tokenized securities." Previously, Ondo Global Markets had accumulated a TVL of over $350 million and a trading volume of approximately $2 billion on Ethereum and BNB Chain.
Ondo Finance announced on its X platform that its tokenized stock and ETF platform will launch on the Solana blockchain in early 2026. Ondo stated that this is currently the largest tokenized stock and ETF platform, designed to bring Wall Street liquidity to the internet capital markets.
SOL Treasury company Forward Industries tokenizes FWDI shares through Superstate.
According to The Block, Nasdaq-listed SOL treasury company Forward Industries is issuing its shares on-chain via a native blockchain tokenization platform. As of Thursday, Forward stated, "Its SEC-registered shares are now available on the Solana blockchain through Superstate's Opening Bell platform, marking the first time that equity in a publicly traded company can be directly used within the DeFi space." As an SPL token, the tokenized FWDI will be integrated into Solana's DeFi ecosystem. Under the arrangement, the tokenized shares will be held by a transfer agent under Superstate, which will be responsible for tracking ownership of shares in the non-custodial DeFi space and assisting in transferring shares from "traditional brokerage accounts to whitelisted Solana wallets."
According to CoinDesk, traditional financial giant EquiLend announced a strategic minority stake investment in crypto funding platform Digital Prime Technologies, focusing on its institutional lending network Tokenet and introducing new features such as regulated stablecoin collateral. EquiLend, which manages over $4 trillion in lendable assets, stated that this move is to adapt to the asset tokenization trend rather than a transformation, accelerating the integration of traditional and digital asset markets.
According to Bloomberg, while pursuing a funding plan of up to $20 billion, Tether is considering ways to improve liquidity, such as share buybacks or equity tokenization. Tether management is concerned that existing shareholders selling shares at a discount will affect the valuation and has not yet allowed them to participate in this funding round. Tether previously launched the Hadron asset tokenization platform, which aims to represent assets such as stocks in blockchain form.
Malaysian company Halogen Capital has raised $3.2 million to expand its asset tokenization business.
Halogen Capital, a licensed digital asset fund management company in Malaysia, announced the completion of a RM13.3 million (approximately US$3.2 million) funding round. The round was led by Kenanga Investment Bank, with participation from institutions including 500 Global.
Kenanga, through its private equity arm, acquired a 14.9% stake in Halogen Capital, becoming its largest institutional shareholder. Other investors include 500 Global, Digital Currency Group, The Hive Southeast Asia, Jelawang Capital, and Mythos Venture Partners.
Halogen Capital stated that this funding will be used to expand its tokenization business of real assets, including mutual funds, bonds, Islamic bonds, private credit, and real estate. As of November 2025, the company manages approximately RM400 million (approximately US$97.81 million) in assets. Founded in 2023, Halogen Capital currently manages eight wholesale funds and private mandate funds, serving high-net-worth individuals, corporations, and institutional investors.
Tether led an $8 million funding round for payment infrastructure company Speed, with participation from ego death capital. Speed (Speed1) builds its settlement network on the Bitcoin Lightning Network and the stablecoin USDT, processing approximately $1.5 billion in payments annually, serving 1.2 million users and merchants, and providing BTC/USDT instant settlement and enterprise-grade routing.
According to The Block, Hong Kong-based stablecoin payment platform RedotPay has completed a $107 million Series B funding round, led by Goodwater Capital, with participation from Pantera Capital, Circle Ventures, Blockchain Capital, and existing investor HSG. The funds will be used for product iteration, expansion of compliance licenses, and strategic acquisitions. RedotPay boasts an annualized payment volume exceeding $10 billion, annual revenue exceeding $150 million, users in over 100 markets worldwide, and more than 6 million registered users. The platform remains profitable.
Insights Highlights
According to The Block, JPMorgan analysts reiterated their prediction that the stablecoin market will not reach a trillion-dollar mark in the coming years, and its growth will likely be in line with, rather than significantly exceeding, the broader cryptocurrency market. Their report notes that the stablecoin market has expanded by approximately $100 billion this year, surpassing the $300 billion mark, with growth primarily concentrated in the two major stablecoins. This confirms their long-held view that stablecoin growth remains primarily driven by activity within the crypto ecosystem. This year alone, stablecoin holdings on derivatives exchanges increased by approximately $20 billion, driven by a surge in perpetual futures trading, and this activity remains the main driver of stablecoin supply growth. Therefore, in the coming years, the stablecoin market size is likely to continue growing in tandem with the overall cryptocurrency market capitalization, potentially reaching $500 billion to $600 billion by 2028, significantly lower than the most optimistic forecast of $2 trillion to $4 trillion.
While the applications of stablecoins in payments are expanding, this doesn't necessarily mean a significant increase in their market capitalization. As stablecoins become more deeply integrated into payment systems, their velocity of circulation will be more important than their absolute stock. With the increasing adoption of stablecoins, banks are increasingly exploring tokenized deposits. Tokenized deposits aim to mitigate the risks associated with stablecoins. Furthermore, regional CBDC projects, as another competing force, may reduce reliance on privately issued stablecoins, particularly in institutional and cross-border applications.
Grayscale stated in an article on its X platform that stablecoins will experience explosive growth in 2025, with a supply reaching $300 billion and monthly trading volume reaching $1.1 trillion. With the passage of the GENIUS Act and the increased adoption of stablecoins, blockchain projects such as ETH, TRX, BNB, and SOL will benefit from the growing transaction flow, as will infrastructure like Chainlink (LINK) and emerging networks like XPL.
a16z bets on energy tokenization experiments: How will DayFi restructure the power grid using DeFi?
PANews Overview: Against the backdrop of surging electricity demand in the AI era, DayFi projects, backed by top-tier capital like a16z, are attempting to restructure the power grid using DeFi. Their core model involves tokenizing future electricity revenue from distributed energy projects (such as solar power) into crypto assets (sGRID), thereby providing these projects with financing channels and offering investors a combined return combining government bond interest and power generation revenue. However, this "energy tokenization" experiment faces a severe dual challenge: On the regulatory front, the yield token sGRID is likely to be classified as a security by the US SEC, requiring strict disclosure obligations. Simultaneously, detailed information about the underlying energy infrastructure is protected by the Federal Energy Regulatory Commission's (FERC) confidentiality regulations, fundamentally conflicting with the transparency required by blockchain. On the valuation front, the value of the linked power plant physical assets (such as photovoltaic panels) fluctuates due to depreciation, lacking a reliable on-chain consensus assessment mechanism, posing risks of valuation ambiguity and manipulation. Therefore, DayFi's exploration is essentially walking a regulatory tightrope, attempting to transform static energy resources into dynamic, composable on-chain financial assets. Its success will depend on finding a viable balance between compliance, transparency, and credible asset verification.
PANews Overview: In the global stablecoin market dominated by the US dollar, euro-denominated stablecoins (represented by EURC issued by Circle) have achieved a scale reversal of over 170% thanks to the definitive regulatory framework provided by the EU's Crypto Asset Markets Act (MiCA). MiCA, by setting high entry barriers (such as 100% reserves and monthly audits), eliminated non-compliant issuers (forcing Tether to withdraw), creating a market vacuum for compliant issuers, and promoting widespread adoption on exchanges through a "single license, nationwide access" mechanism. Simultaneously, macroeconomic factors such as the expectation of euro appreciation against the US dollar provided investors with new tools for foreign exchange arbitrage and risk hedging, further driving capital inflows. Furthermore, Circle's forward-looking strategy (being the first to obtain a French license) and multi-chain ecosystem strategy (covering Ethereum, Base, Solana, etc.) have solidified its approximately 70% market share. However, its future development faces dual pressures: first, traditional banking institutions (such as Societe Generale's EURCV) are entering the market with their strong deposit base and institutional trust; second, there is the potential threat of the European Central Bank's digital euro (CBDC) as an official alternative, and the regulatory authorities may continue to increase compliance costs for financial stability reasons. Overall, euro stablecoins may be moving from the periphery to the mainstream, and their growth signifies the accelerated formation of a diversified, compliance-driven on-chain euro ecosystem against the backdrop of deepening global demand for RWA and cross-border settlement.
