Highlights of this episode

This week's statistics cover the period from June 5, 2026 to June 12, 2026.

This week, the total on-chain market capitalization of RWA fell back to $30.99 billion, but the number of holders surged to 898,800, marking the largest monthly increase in history, indicating that retail investors' willingness to allocate funds continues to strengthen. Stablecoin market capitalization and monthly transaction volume have shrunk significantly for several consecutive months, and monthly active addresses have declined in tandem, further exacerbating the abnormal structure of "funds accumulating and activity drying up".

On the regulatory front: The U.S. SEC proposed abolishing the Reg NMS rule to clear obstacles for DeFi trading of tokenized stocks; the FDIC clarified that stablecoin holders are not entitled to deposit insurance; the New York DFS released stablecoin rules aligned with the GENIUS Act; and the Hong Kong Monetary Authority revealed that two licensed stablecoins (Dingdian Technology and HSBC) will be launched successively from mid-year to the third quarter.

At the project level: Citibank launched a private equity tokenization trading channel, DBS Bank will offer tokenized gold to retail customers, Kookmin Bank of Korea issued its first blockchain digital bond, and Japan's three major banks plan to jointly issue a stablecoin by March 2027. Among these developments, SpaceX's IPO triggered an unprecedented frenzy in the crypto market: exchanges such as Binance, Bybit, and Gate launched SpaceX tokenized security subscriptions.

Data Perspective

RWA Track Panorama

According to the latest data disclosed by RWA.xyz, as of June 12, 2026, the total market capitalization of RWA on-chain decreased to $30.99 billion, a 3.29% decrease compared to the same period last month. The total number of asset holders increased to approximately 898,800, a 14.38% surge compared to the same period last month, marking the largest single-month increase in history, indicating that the incremental funds are mainly from retail investors.

Stablecoin Market

The total market capitalization of stablecoins fell to $297.43 billion, down 2.92% month-on-month, with the decline widening compared to the previous month, indicating a faster contraction in liquidity. Monthly transaction volume plummeted to $5.8 trillion, a sharp drop of 30.59% month-on-month, marking the largest single-month decline in history. This deep decline over several consecutive months reflects the continued freezing of large-scale settlement and arbitrage demand in the market.

The total number of monthly active addresses dropped to 53.49 million, a 6.07% decrease compared to the same period last month; the total number of holders bucked the trend, expanding to 265 million, a 4.7% increase compared to the same period last month. This divergence between the two has intensified, indicating that while retail investors' allocation demand is still increasing, on-chain transaction participation is shrinking rapidly, and the market is in a state of "capital stagnation and activity depletion".

The leading stablecoins are USDT, USDC, and USDS. Among them, the market capitalization of USDT decreased by 3.13% month-on-month; the market capitalization of USDC decreased by 2.61% month-on-month; and the market capitalization of USDS decreased by 3.23% month-on-month.

Regulatory news

The US SEC's proposal to repeal Rule 611 of Reg NMS could clear obstacles for tokenized stocks.

Alex Thorn, head of research at Galaxy Digital, wrote on the X platform that the U.S. Securities and Exchange Commission (SEC) has proposed repealing Rule 611 (order protection rule) and Rule 610(e) (lock-in/cross-market restrictions) of Reg NMS. Rule 611, which requires each exchange to prevent the execution of trades at prices inferior to the protected offers displayed on other exchanges, has been a core rule of the U.S. stock market structure since 2005.

Alex Thorn stated that Section 611 was one of the biggest obstacles to trading tokenized stocks in DeFi. Automated market makers (AVMs) could not comply with the rule, and any liquidity pool for tokenized stocks would continuously violate regulations, essentially constituting an illegal trading center. The repeal of Section 611 is replaced by the "best enforcement" principle, which applies at the broker level and is based on a rule-based framework rather than transaction-by-transaction review, thus ensuring compatibility with AFMs. Thorn explained that this is part of the SEC's "Crypto Project" initiative, first removing the most difficult market structure barriers and then addressing venue registration issues through "innovation exemptions."

The New York State Department of Financial Services has released proposed rules for stablecoins, aligning them with the federal GENIUS Act.

On June 9, the New York State Department of Financial Services (DFS) announced a proposed regulation aimed at adjusting its framework for issuing dollar-denominated stablecoins under the federal GENIUS Act. The new regulation retains the DFS's existing requirements for dollar-denominated stablecoins, including reserves and redeemability, eligible reserve assets, and independent auditing, while adding new federal provisions, including: setting a maximum limit on the reserve assets held by a single custodian; requiring entities to establish risk management plans covering internal controls and information security; establishing an internal audit system; managing asset growth and returns; regulating insider and related-party transactions; and regulating service provider arrangements.

The proposed rules are now open for public comment for 10 days, followed by a 60-day comment period after publication in the state register. The final rules will take effect simultaneously with the GENIUS Act, and existing New York-licensed issuers will have a one-year transition period. Until then, DFS's stablecoin regulatory guidelines remain in effect.

The US FDIC plans to clarify that stablecoin holders will not be covered by deposit insurance.

According to PYMNTS, the Federal Deposit Insurance Corporation (FDIC) closed its public comment period on June 9 for its proposed rules regarding stablecoin issuers. The proposal aims to clarify that stablecoin holders are not entitled to deposit insurance: payments made in stablecoins themselves are not considered insured deposits; reserve assets are insured as corporate deposits of the stablecoin issuer, but stablecoin holders are not covered by pass-through FDIC insurance.

During the consultation process, standardization organizations called for the adoption of a common reporting framework to support interoperability. Banks and fintech companies disagreed on incentive measures: community banks argued against prohibiting stablecoin providers from attracting users through interest rates, cashback, etc., believing this would divert bank deposits and reduce local lending resources. The proposal also required issuers to maintain highly liquid reserve assets, limit exposure to a single financial institution to no more than 40% of reserve assets, and establish custody controls and asset segregation requirements.

Xu Zhengyu: Hong Kong's regulated stablecoin is expected to be launched as early as the middle of this year.

According to a report by Cailian Press, Christopher Hui, Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Government, stated that before the two licensed stablecoin issuers can officially launch, they must complete technical platform and system testing and implement various risk management measures (covering reserve asset management and asset security, currency stabilization mechanisms, redemption rules, and cybersecurity). The Hong Kong Monetary Authority (HKMA) has maintained close communication with the licensed issuers to ensure the smooth progress of all preparatory work. Based on the current business plans of the two institutions, Hong Kong's regulated stablecoin is expected to be launched as early as the middle of this year. In addition, the HKMA has proactively contacted other applicant institutions to conduct further communication and coordination. Provided that the applicant institutions meet the basic access requirements of the Stablecoin Ordinance, the HKMA will adopt a unified and strict standard to review applications, focusing on three points: first, whether they can create practical and feasible application scenarios that contribute to the development of the entire industry ecosystem; second, whether they have a sound and sustainable operating model, as well as corresponding risk management capabilities and industry experience; and third, whether they strictly comply with the laws and regulations of Hong Kong and other relevant regions.

Hong Kong Monetary Authority Chief Executive Eddie Yue's latest response: Stablecoins to be launched this year, Wealth Management Connect 3.0 under ongoing discussions.

According to Zhitong Finance, a delegation from the Hong Kong Association of Banks, led by Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, visited Beijing and gave a group interview to the media on June 8. During the interview, Yue discussed hot topics of market concern, including Hong Kong stablecoin licenses, cross-border financial regulation, and the internationalization of the RMB. Yue stated that Hong Kong, as a core hub for the Chinese market, possesses advantages in its system, location, and market, and will continue to attract global capital inflows in the future. Regarding the upcoming stablecoin licenses, Yue revealed that Dingdian Technology is expected to launch its stablecoin in the middle of the year, "with trial use starting in a few weeks," while HSBC is expected to launch its stablecoin in the third or fourth quarter of this year. Dingdian Technology and HSBC's stablecoin application scenarios differ. According to Yue, Dingdian Technology focuses on cross-border payments, aiming to reduce the cost of cross-border remittances, increase transaction speed, and adapt to cross-border e-commerce and regional trade scenarios; HSBC focuses more on expanding retail payment scenarios, and may involve connecting to clearing platforms in the future to promote the clearing of tokenized assets.

China and Laos renew cooperation agreement on local currency swap and digital currency

During Lao leader Thongloun Sisoulith's visit to China, the People's Bank of China and the Bank of the Lao People's Democratic Republic renewed their bilateral currency swap agreement in RMB/Lao Kip and also renewed their Memorandum of Understanding on strengthening cooperation in financial innovation, digital payments, and central bank digital currencies. These documents aim to consolidate the local currency liquidity arrangements between the two central banks, promote cooperation in areas such as digital payments and central bank digital currencies, and serve the needs of Sino-Lao economic and trade exchanges and cross-border settlements.

South Korea's Ministry of Finance: Tokenized stocks are considered securities, not virtual assets, and may be taxed as early as the second half of the year.

According to Bloomvingbit, South Korea's Ministry of Finance and Economy stated that tokenized stocks are considered securities rather than virtual assets. If the Financial Services Commission confirms their securities status, they could be taxed immediately under the existing Capital Markets Act, potentially as early as the second half of this year. Ministry of Finance officials pointed out that while tokenized stocks are virtual assets in form, they are more closely related to securities in substance. The Financial Services Commission has previously clarified in its guidelines on tokenized securities that tokenized securities are securities issued in the form of digital assets and fall under the jurisdiction of the Capital Markets Act.

Currently, the market generally believes that tokenized stocks are virtual assets (non-taxable assets) and can enjoy tax exemption until the implementation of virtual asset taxation next year. However, the Ministry of Finance emphasizes its tax stance and is establishing an information exchange system with overseas tax authorities such as the U.S. Internal Revenue Service. Offshore transactions on overseas platforms are also subject to taxation. Regardless of the place of issuance, as long as the economic value and rights structure are substantially securities, they can become objects of dividend income taxation.

Local Observations

HSBC: In addition to Hong Kong dollar stablecoins, it is also considering offering stablecoins denominated in non-Hong Kong dollar currencies.

According to Mobile Payment Network, Gu Zhongyi, General Manager of Global Custody Products at HSBC, stated that HSBC has obtained a stablecoin issuer license in Hong Kong and plans to launch a Hong Kong dollar stablecoin as early as the second half of the year. The issued stablecoin will be integrated into the investment and payment processes within HSBC's own app, facilitating customer investment in tokenized assets.

Gu Zhongyi stated that HSBC will continue to expand its tokenized investment categories and enrich its product portfolio. Gu revealed that in addition to Hong Kong dollar stablecoins, HSBC also plans to consider offering stablecoins denominated in other currencies. The launch of such products is expected to optimize cross-border transfer services between Hong Kong and other regions. HSBC is also considering integrating other stablecoins regulated in Hong Kong. Gu emphasized that a diversified stablecoin market is a crucial support for the robust development of Hong Kong's digital asset ecosystem.

Project progress

Citigroup plans to provide wealthy and institutional clients with access to private equity tokenization trading channels.

According to the Wall Street Journal, Citigroup will launch a blockchain platform that will allow wealthy and institutional clients to trade tokenized shares of private company equity, initially open only to overseas investors. Citigroup stated that it has already spoken with several large unlisted companies to participate. With star private companies like SpaceX and Anthropic postponing their IPOs, Wall Street's demand for private equity allocation is rising. Citigroup previously predicted that the tokenized securities market could reach approximately $4 trillion by 2030 and has already piloted tokenized client deposits for cross-border settlements through Token Services. It recently joined a tokenized deposit network alliance led by JPMorgan, aiming to achieve 24/7 settlement of large client funds.

DBS Bank Singapore will offer tokenized gold trading to retail clients.

According to CoinDesk, DBS Bank in Singapore plans to offer tokenized gold trading to retail clients in the second half of 2026. The product, named DBS Physical Gold Token, will be backed by 1 gram of physical gold held by DBS in a dedicated vault in Singapore. DBS stated that the token will be self-issued and managed, and they are considering listing it on the DBS Digital Exchange, which targets accredited investors. James Tan, Head of Investment Products at DBS Bank, said that previously, retail clients could only purchase gold funds, and physical gold was primarily aimed at institutional and accredited investors; this tokenization will broaden accessibility.

Securitize's backdoor listing has been approved by the SEC, bringing it one step closer to listing on the NYSE.

According to a Securitize announcement, the U.S. Securities and Exchange Commission (SEC) has declared its Form S-4 registration statement regarding its merger with SPAC Cantor Equity Partners II officially effective. This signifies a key step forward in Securitize's IPO process, with CEPT shareholders scheduled to vote at a special meeting on June 29, 2026. If approved, the transaction is expected to close subsequently.

Upon completion of the transaction, the merged company is expected to operate under the name "Securitize Corp." and be listed on the New York Stock Exchange under the ticker symbol "SECZ".

Binance Wallet launches SPCX x IPO event, opening subscriptions for SpaceX tokenized securities.

According to the official announcement, Binance Wallet has launched the SPCXx IPO Campaign, offering eligible users the opportunity to participate in a non-guaranteed subscription process for SpaceX tokenized securities through xStocks. As the first project launched in the IPO campaign, SpaceX tokenized securities are now open for subscription applications. Successful applicants will receive SPCXx tokens after the issuance, thus gaining price exposure to the SpaceX IPO. Subscription applications are not guaranteed; if the subscription is unsuccessful, all staked funds will be fully refunded. The subscription application period is from 08:00 on June 11, 2026 to 12:00 on June 12, 2026 (UTC+8). After submission, USDC will be locked until the final token distribution is completed. The calculation period begins at 12:00 on June 12, 2026 (UTC+8), and the final token distribution time is to be determined. The above schedule is subject to change.

Binance Instant Exchange has launched tokenized security bStocks.

Binance announced that eligible Binance users in certain regions can now use bStocks via instant swap, with a minimum investment of only 0.01 USDC to begin trading. bStocks are tokenized securities, each unit backed 1:1 by US stocks held by a regulated custodian, and are among the first tokenized securities included in the FSRA's official listing list. bStocks are issued by BTECH Holdings Limited, an affiliate of the Binance Group.

Bybit launches IPO Express, an on-chain US stock IPO subscription product, and immediately launches SpaceX, the first tokenized IPO project on xStocks.

According to an official announcement, Bybit has launched Bybit IPO Express, an on-chain US stock IPO subscription product, supporting xStocks' partnership to launch a tokenized IPO subscription service for SpaceX. Bybit becomes one of the world's first centralized exchanges to offer tokenized IPO subscriptions at the primary market IPO pricing stage, further expanding the scenarios for on-chain stock asset trading.

Historically, opportunities for global investors to participate in high-profile IPOs have been limited by factors such as geographical location, brokerage thresholds, and quota restrictions, typically allowing investors to participate only after the IPO has taken place. Bybit IPO Express, through xStocks' compliant tokenization solution, opens up to eligible Bybit VIP and Pro users, enabling more non-institutional users to subscribe to IPO shares directly on Bybit for the first time without opening a traditional brokerage account. This breaks through geographical and cumbersome account opening procedures, providing a more convenient way to access popular global primary market assets.

In the future, the Bybit platform will continue to expand its on-chain US stock and RWA asset ecosystem, providing global users with more diversified on-chain investment opportunities.

SpaceX xStocks IPO subscription timeline:

Registration period: June 7-11

Subscription period: June 7-11

Quota allocation phase: June 11-12

Spot trading launched: June 12

The tokenized SpaceX shares will be fully backed by the xStocks issuer, pegged 1:1 to real equity, and comply with institutional-level compliance standards.

Gate.com launches a direct IPO pathway for SpaceX, enabling "instant allocation upon listing and direct access to accounts for shares."

Gate's Direct IPO program has officially launched its first phase with SpaceX, providing users with a new option to participate in investment opportunities in popular global IPOs. Through the Gate platform, users submit their intention to subscribe and receive corresponding shares after the company's official listing, achieving a seamless transition from IPO subscription to stock trading. Compared to the traditional IPO process, Gate's Direct IPO significantly lowers the barrier to entry, eliminating the need for complex cross-border account openings and multi-platform operations. After the company completes its IPO, the platform will distribute shares directly to users' stock accounts upon listing, providing an investment experience of "instant allocation upon listing, shares directly to account."

SpaceX, one of the world's most watched commercial space companies, has long been a focus of capital markets due to its reusable rockets, Starlink satellite internet, and future space economy plans. This SpaceX IPO direct access program only supports USDT for participation, with a minimum subscription amount of 100 USDT and a maximum of 500,000 USDT. After the IPO allocation, funds will be directly distributed to Gate.com stock accounts on June 12th, allowing users to hold and trade US stocks without opening a separate account. This launch also marks Gate.com's further integration of the entire investment chain from pre-IPO and IPO to stock trading, providing users with more efficient and convenient global asset allocation services.

Kookmin Bank of Korea issues $100 million in blockchain digital bonds

According to the Korea Economic Daily, Kookmin Bank of Korea has successfully issued $100 million in blockchain digital bonds, marking the first such issuance by a Korean bank. The bonds were issued through HSBC's digital asset platform, Orion, and will subsequently be integrated into the clearing and settlement system of the Hong Kong Monetary Authority's Central Depository & Clearing Corporation. Kookmin Bank will also utilize the Hong Kong Monetary Authority's digital bond subsidy scheme to reduce some of the issuance costs. The bank stated that this issuance is part of KB Financial Group's "transformation and expansion" strategy, accelerating its digital financial transformation following the completion of verification of its won stablecoin payment and settlement technology.

Japan's three major banks plan to jointly issue a stablecoin by March 2027.

According to Reuters, Japan's three major banking groups—Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group—will jointly issue a stablecoin by March 2027. The banking divisions of the three banks will establish a committee to review the operational framework and prepare for the issuance.

Japan's Financial Services Agency has been supporting the project's pilot phase as part of a national effort to enhance payment systems using blockchain technology. Japanese startup JPYC began issuing a yen-pegged stablecoin last October.

Fidelity's stablecoin FIDD has chosen Uniswap as its liquidity infrastructure.

Uniswap announced on its X platform that asset management firm Fidelity Investments has selected Uniswap as the liquidity infrastructure for its stablecoin FIDD, and FIDD liquidity pools have been launched on the Uniswap protocol.

Mastercard launches AP4M payment infrastructure, enabling AI agents to use stablecoins for small-amount settlements.

According to The Block, Mastercard announced the launch of Agent Pay for Machines (AP4M), a payment infrastructure for AI agents and machines, supporting high-frequency, low-value "machine-grade" transactions, including stablecoin payments. AP4M adds a layer to Mastercard's global network, operating across bank cards, accounts, and stablecoins, and optimizing micropayment costs and latency. The system incorporates AI identity credentials and access control, allowing users to set authorization rules and spending limits. Initial partners include over 30 companies such as Coinbase, OKX, Polygon, Solana, Ripple, MoonPay, and Aave Labs, as well as internet and financial institutions like Checkout.com and Cloudflare. Mastercard has also recently been advancing stablecoin settlements for USDC, PYUSD, and RLUSD, and acquired stablecoin startup BVNK.

Coinbase and Cardless jointly launch a stablecoin-backed credit card.

According to CoinDesk, Cardless and Coinbase have partnered to launch a stablecoin-backed credit card targeting users who cannot obtain a credit card through traditional channels but hold digital assets. Applicants must pledge a portion of their USDC holdings as collateral, while still earning returns on their pledged assets, and pay a $49.99 fee to access the card. Cardless co-founder Michael Spelfogel stated that applicants come from diverse credit score ranges, some believing in cryptocurrency but just starting to build wealth. This product continues the partnership between the two companies, whose previously launched Coinbase-branded American Express card offered up to 4% cashback on Bitcoin.

US-based token trading platform MSX has launched spot assets and ETFs across multiple sectors.

US-based token trading platform MSX has listed the following companies: digital sports media and sports prediction platform $SEGG.M, full-stack quantum computing company $QNT.M, lidar and physical AI perception solutions company $OUST.M, US online sports betting and prediction market platform $DKNG.M, global online betting technology company $FLUT.M, as well as the South Korean market's daily 3x leverage ETF $KORU.M, AI data center full supply chain ETF $RACK.M, and HBM supply chain-themed ETF $HBMX.M.

Insights Highlights

Binance Research: The scale of tokenized RWA has increased by approximately 589% since the beginning of 2025, and crypto card transaction volume has increased by 48.6% year-to-date.

Binance Research's June Market Insights report indicated that the May crypto market correction was driven by macroeconomic factors. Bitcoin tested the 200-day moving average and short-term holders' support level but failed to hold. ETF outflows reflected short-term pressure, while the tightening trend in on-chain supply remained unchanged. The market focused on the dot plot from new Federal Reserve Chairman Warsh, progress on the Clarity Act, and AI sentiment repricing. In May, funds shifted to a specific narrative, with quantum-resistant computing transitioning from a tail risk to a portfolio necessity; this sector outperformed Bitcoin by approximately 59.3% (month-over-month).

The correlation between BTC and ETH ETF fund flows and equities has structurally decoupled, while fund flow behavior is increasingly converging with corporate and government bonds. The size of active tokenized RWAs grew by approximately 589% from the beginning of 2025 to June 2026, with bond and money market funds leading the growth in USD amounts, adding $6.5 billion, an 83% increase. Public equity categories saw the fastest growth at 422%. Crypto card transaction volume exceeded $747 million in May, a 48.6% increase year-to-date, far exceeding the 3.2% increase in stablecoin supply. Execution-driven chains such as BNB Chain and Solana accounted for the majority of transaction volume, while Ethereum, despite holding 53% of the stablecoin supply, only accounted for 12% of crypto card transaction volume.

Pricing disagreements on the eve of SpaceX's IPO, coupled with Rebase's divergence, triggered a wave of cross-exchange arbitrage.

PANews Overview: Ahead of SpaceX's Nasdaq IPO on June 12, the cryptocurrency market has already begun pre-pricing through pre-IPO perpetual contracts.

However, SpaceX's latest S-1A filing revealed a discrepancy between its actual total share capital and initial estimates, leading to significant pricing disagreements among cryptocurrency exchanges such as Binance, OKX, and Trade.xyz regarding the implementation of the Rebase (share reset/adjustment) rules. For example, Binance applied a 1.1x Rebase adjustment to its SPCX contract, and the different processing mechanisms among various platforms directly resulted in contract price differences reaching as high as 10% at one point.

This inconsistency in the rules not only disrupted the pricing balance, but also opened a limited-time cross-exchange arbitrage window for astute traders before the traditional capital market rang its bell, triggering a fierce arbitrage wave.

Trade.xyz's refusal to rebase sparks controversy, putting the on-chain pre-IPO market to a major pricing test.

PANews Summary: The widespread controversy surrounding Trade.xyz's refusal to implement a rebase (share adjustment) for SpaceX's perpetual contract. Since SpaceX's latest disclosed total share capital is 10% higher than the initial estimate, theoretically leading to a drop in share price, major centralized exchanges have adjusted their rules. Trade.xyz, however, refused to adjust, citing "tracking market expectations rather than fundamentals."

This pricing discrepancy not only triggered severe cross-platform arbitrage but also resulted in a direct loss of approximately 10% for long positions on the platform, and even led to margin calls for highly leveraged users. Faced with strong criticism from users regarding the lack of transparency and compensation in the rules, this incident exposed the underlying design flaws and technical challenges faced by on-chain DEXs in handling complex corporate behavior, highlighting the urgency of improving the pre-IPO asset mechanism.

Ripple receives final approval from New York State Department of Financial Services for stablecoin RLUSD

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