Highlights of this episode
This week's weekly report covers the period from November 28th to December 5th, 2025. RWA market data changed this week due to adjustments in statistical methods; the total on-chain market capitalization declined, but the number of holders continued to grow, indicating a continued strengthening of the user base. The total market capitalization of stablecoins surpassed $300 billion, but transaction volume and monthly active addresses declined month-over-month, suggesting the market may be transitioning from its previous period of rapid growth to a "new normal" focused on user penetration and ecosystem consolidation. On the regulatory front, the UK's FCA opened a regulatory sandbox for stablecoin companies, the US FDIC is drafting an implementation plan for the GENIUS Act, and the Central Bank of Israel has also signaled strengthened regulation. Major global economies are accelerating the inclusion of stablecoins in prudent regulatory frameworks. At the project level, tokenized assets continue their global expansion trend: Amundi, Europe's largest asset management company, launched its first tokenized money market fund; Japan Post Bank is promoting the application of DCJPY in real estate rental payments; and Visa and Aquanow are collaborating to expand stablecoin settlement services to Europe, Africa, and the Middle East, demonstrating that the RWA ecosystem is systematically penetrating the global market through product innovation and use case expansion.
Data Perspective
RWA Track Panorama
Possibly due to a change in statistical methods, RWA.xyz's latest data reveals that as of December 5, 2025, the total market capitalization of RWA on-chain was $18.17 billion, a slight decrease of 3.05% compared to the same period last month; the total number of asset holders increased to approximately 556,800, an increase of 5.42% compared to the same period last month.
Stablecoin Market
The total market capitalization of stablecoins reached $301.74 billion, a slight increase of 1.62% month-over-month. While the growth rate has rebounded slightly, it remains low, indicating weak overall expansion. Monthly transaction volume fell to $4.37 trillion, a significant contraction of 12.59% month-over-month. The total number of monthly active addresses increased to 40.21 million, a decrease of 12.04% month-over-month. The total number of holders steadily increased to approximately 206 million, a slight increase of 2.73% month-over-month. This structural divergence reflects a market adjustment phase characterized by sustained activity but declining capital turnover efficiency. While new users and existing user activity are increasing, demand for large-scale settlements or high-frequency transactions has weakened. The data suggests that the market may be transitioning from a high-growth phase driven by efficiency to a new normal focused on user penetration and ecosystem consolidation. The leading stablecoins are USDT, USDC, and USDS. Among them, the market capitalization of USDT increased slightly by 1.05% month-on-month; the market capitalization of USDC increased by 3.81% month-on-month; and the market capitalization of USDS increased slightly by 2.02% month-on-month.
Regulatory news
According to The Block, the U.S. SEC's Investor Advisory Committee held a meeting on Thursday to discuss asset tokenization, with executives from Citadel, Coinbase, and Galaxy participating to discuss regulatory pathways. Citadel recommended that the SEC strictly define the role of intermediaries such as decentralized trading protocols, which drew opposition from some crypto enthusiasts who argued that traditional rules are inapplicable to DeFi architectures. Coinbase stated that rule differences should be reviewed on a case-by-case basis to avoid imposing inapplicable obligations. SEC Chairman Atkins stated that a compliance pathway should be provided to promote innovative development in tokenization.
The UK Financial Conduct Authority opens sandbox environment for stablecoin companies.
According to Ledger Insights, the UK Financial Conduct Authority (FCA) has announced the launch of a stablecoin project group as part of its regulatory sandbox program, with an application deadline of January 18, 2026. Bloomberg also reports that the UK Debt Management Office is exploring expanding the UK government bond market, a move that will be related to stablecoin reserves. In a speech yesterday, David Geale of the FCA stated that a “large company” has been included in the sandbox program to test a sterling stablecoin for payments. Sandbox participants must ensure their designs comply with the requirements outlined in the FCA's May consultation document.
The UK adopts a two-track system for regulating stablecoins: the Bank of England regulates systemically important stablecoins for prudential and financial stability purposes; the responsibility for regulating other stablecoins falls to the Financial Conduct Authority (FCA), which is also responsible for the conduct and consumer protection oversight of all stablecoins.
According to CoinDesk, Bank of Israel Governor Amir Yaron signaled that the country is preparing for more proactive regulation of stablecoins. Speaking at the Bank of Israel's "Payments in a Changing Era" conference in Tel Aviv, Yaron positioned the private digital dollar as a payment power, arguing that regulators can no longer treat it as a fringe issue. Yaron emphasized that stablecoins are deeply integrated into global money flows, with a market capitalization exceeding $300 billion and monthly trading volume exceeding $2 trillion. He stressed the industry's concentration risk, pointing out that 99% of stablecoin activity is controlled by only two issuers: Tether and Circle. He believes this concentration exacerbates systemic vulnerabilities and increases the need for regulatory clarity. Yaron then outlined a series of priorities that private issuers and regulators must consider, including full 1:1 reserve backing, liquid reserve assets, and the creation of a scalable regulatory framework.
Yoav Soffer, head of the Israeli Digital Shekel project, also discussed the Digital Shekel plan at the conference, stating that the Digital Shekel will become "a central bank currency applicable to everything," and unveiled a roadmap for 2026, which includes plans to provide official advice by the end of the year.
According to CoinDesk, Acting Chairman Travis Hill of the Federal Deposit Insurance Corporation (FDIC) will state at a congressional hearing that the FDIC will release its first draft implementation of the GENIUS Act this month, outlining the federal regulatory application process for stablecoin issuance, and plans to introduce subsequent regulatory provisions, including capital and liquidity requirements, early next year. Hill also stated that the FDIC is developing regulatory guidelines for tokenized deposits.
Georgia is seeking to partner with Hedera to advance on-chain ownership and tokenization.
According to Cointelegraph, the Georgian Ministry of Justice has signed a Memorandum of Understanding (MoU) with the public blockchain network Hedera and is currently considering putting the country's land registration system on the blockchain and tokenizing real estate. During a meeting between Georgian Justice Minister Paata Salia and representatives of Hedera, the two sides discussed the potential for integrating blockchain technology into public infrastructure.
Georgian officials stated they are considering migrating data from the National Public Registry to a blockchain network, hoping this will "further ensure property rights protection and improve the transparency and reliability of the process." Furthermore, both sides are considering tokenizing real estate, a move quite similar to Real-World Asset (RWA) tokenization projects. Currently, the agreement is only a non-binding memorandum of understanding. According to the announcement, the next step will be the establishment of a joint working group, including experts from the Ministry of Justice and the National Public Registry.
A recent report by the International Monetary Fund (IMF), titled "Understanding Stablecoins," indicates that dollar-dominated stablecoins are rapidly penetrating emerging markets and developing economies, potentially weakening central banks' control over domestic liquidity and interest rates. The report points out that stablecoins can quickly enter the market via mobile phones and the internet, and especially in the presence of unhosted wallets, they are more likely to cause a "currency substitution" phenomenon, weakening the use of domestic currencies and affecting the transmission of central bank monetary policy and seigniorage revenue.
The IMF recommends that countries establish legal frameworks to prevent stablecoins from acquiring "legal tender" or "official currency" status, thereby safeguarding financial sovereignty. Currently, 97% of the total market capitalization of stablecoins is pegged to the US dollar, with only a small percentage linked to the euro or Japanese yen. The report also emphasizes the significant increase in the use of stablecoins in cross-border payments and in countries with high inflation, particularly in Africa, the Middle East, and Latin America.
Local News
Canaan Creative (NASDAQ: CAN) has partnered with SynVista Energy to launch a Bitcoin mining solution based on green energy and energy storage. This solution utilizes an intelligent power dispatch system to dynamically coordinate power and computing power, improving the efficiency of clean energy utilization and reducing waste.
Meanwhile, both parties will explore the reliable on-chain recording of data such as power generation and carbon emission reduction to support the development of RWA assets. The collaboration will begin with a demonstration project to promote the large-scale implementation of green mining.
Hong Kong Gold Exchange's Singapore subsidiary issues XGZ, a token backed by physical gold.
According to the Hong Kong Economic Journal, the Hong Kong Gold Exchange (HKGX) has issued a digital gold token, Gold Zip (XGZ), through its subsidiary in Singapore. Each token is backed by physical gold stored in an authorized vault, primarily in Hong Kong.
Huaxia Bank spearheaded the issuance of the industry's first "blockchain + digital RMB" bond.
According to Jinshi News, Huaxia Bank recently led the book-building process, successfully issuing 4.5 billion yuan of financial bonds using an industry-first innovative model of "blockchain book-building + digital RMB collection." The entire issuance process was recorded on the blockchain in real time, ensuring immutability and allowing investors to check the information at any time. The raised funds were directly collected through digital RMB, eliminating multiple intermediate clearing steps. The issuer of this bond was Huaxia Financial Leasing Co., Ltd., a subsidiary of Huaxia Bank. The initial planned issuance was 3 billion yuan, with a 1.5 billion yuan over-allotment option. The over-allotment was fully triggered, resulting in a full issuance of 4.5 billion yuan, with a 3-year coupon rate of 1.84%.
Project progress
WLFI co-founder: A series of RWA products will be launched in January 2026.
According to Reuters, World Liberty Financial, a crypto company backed by the Trump family, announced at an event in Dubai on Wednesday that it will launch a series of Real-World Asset (RWA) products in January, at the start of the first quarter of 2026. World Liberty Financial's stablecoin USD1 was used this year by MGX, an Abu Dhabi-backed company, to pay for its investment in Binance.
According to Cointelegraph, Amundi, Europe's largest asset manager, has launched its first tokenized share class for its euro money market fund. The fund now employs a hybrid structure, allowing investors to choose between a traditional version and a new blockchain-based version. The first transaction was recorded on the Ethereum network on November 4th. This launch was developed in partnership with European asset servicing group CACEIS, which provided the tokenization infrastructure, investor wallets, and a digital order system for processing subscriptions and redemptions. According to the two companies, fund tokenization simplifies order processing, expands access to new investors, and enables 24/7 trading.
Japan Post Bank promotes the application of DCJPY in real estate rental payments.
According to CoinPost, Japan Post Bank recently signed a cooperation agreement with real estate companies Shinoken Group and DeCurret DCP to test the automated settlement function of DCJPY using Shinoken's monthly rent payments as a scenario. DCJPY is a tokenized deposit linked to bank deposits, with the goal of official issuance in fiscal year 2026. This experiment is expected to be completed by the end of December 2025, and a points incentive mechanism will be introduced for group service consumption in the future.
According to The Block, payments giant Visa has partnered with crypto infrastructure provider Aquanow to expand its stablecoin settlement services in Europe, the Middle East, and Africa (CEMEA). This integration will enable Visa's card issuers and acquirers across the region to settle transactions using approved stablecoins such as USDC. The service supports settlement 365 days a year, eliminating the weekend and holiday delays common in traditional banking systems.
Wyoming Stablecoin Council Releases FRNT Testnet Tap
According to Crowdfundinsider, the Wyoming Stablecoin Council has launched a testnet "tap" for its stablecoin Frontier Stable Token (FRNT). Anyone with a digital wallet can now connect to their website and choose one of eight testnets. Afterward, up to 1,000 "tFRNT" tokens can be claimed every 24 hours from its public address. tFRNT is not backed by any reserves; it is simply a token on a testnet (i.e., development) blockchain designed to "simulate smart contracts deployed on its seven supported mainnet blockchains."
Bloomberg: Stablecoin company First Digital plans to go public via SPAC merger.
According to Bloomberg, sources familiar with the matter revealed that Hong Kong-based First Digital Group is planning a public listing through a merger with a blank check company. The company is expected to announce the signing of a non-binding letter of intent outlining its plans to merge with CSLM Digital Asset Acquisition Corp III (CSLM), a New York-listed special purpose acquisition company.
First Digital Group is reportedly the issuer of the stablecoin FDUSD, which has a circulating supply of approximately $920 million, down from its peak of about $4.4 billion in April 2024. As trustee, First Digital Group also manages reserves for TrueUSD, a stablecoin operated by Techteryx, whose advisor is Justin Sun.
OpenEden, a tokenization platform for RWA (Real-World Assets), announced the completion of a strategic financing round, with investors including prominent institutions such as Ripple, Lightspeed Faction, and Gate Ventures. This round of funding will be used to expand its RWA tokenization service platform and to advance the scaling of its regulated yield-generating stablecoin USDO and its tokenized US Treasury bond fund TBILL.
OpenEden founder and CEO Jeremy Ng stated that this funding will help the company provide compliant products that meet both traditional and decentralized finance standards. With the RWA tokenization market expected to double in size by 2025, OpenEden's TBILL fund has become a top choice for institutional investors, with its assets under management growing more than tenfold in two years.
Kraken to acquire tokenized asset platform Backed Finance
According to Bloomberg, cryptocurrency exchange Kraken announced its acquisition of tokenized asset platform Backed Finance. In an interview, Kraken co-CEO Arjun Sethi stated that Kraken already offers stocks and ETFs issued by Backed, and plans to more tightly integrate these products into its platform following the acquisition. Sethi said, "While everyone is talking about tokenized stocks, we're already putting it into practice. We focus on long-term investing, not hype." Kraken did not disclose the terms of the transaction.
According to data from rwa.xyz, Backed Finance is currently the second-largest platform in the tokenized listed stock space, with a market share of approximately 23%. Backed's xStocks product offers investment exposure to over 60 tokenized stocks and ETFs, all of which are backed one-to-one by underlying assets.
MSX trading volume exceeded $2 billion in 24 hours; Season 1 of the points season has ended.
According to data from MSX's official website (msx.com), the platform's trading volume reached $2 billion in the past 24 hours, setting a new single-day record. As of the time of writing, the platform's total trading volume has exceeded $20.6 billion, surging by more than $7.5 billion in the past 5 days, representing a cumulative increase of over 57%.
In addition, MSX ended its points season S1 on December 2nd, and the M Credits earned by users will be used directly for future MSX token distributions.
According to CoinDesk, Stable and Theo have jointly invested over $100 million in the Delta Wellington Ultra Short-Term U.S. Treasury On-Chain Fund (ULTRA). Managed by FundBridge Capital and Wellington Management, and powered by the tokenization platform Libera, ULTRA is a tokenized U.S. Treasury fund. ULTRA is one of the first institutional-grade U.S. Treasury strategy products launched in tokenized form and has received a Particula AAA rating.
Sony's blockchain partner Startale launched the USD stablecoin USDSC on the Soneium network.
According to CoinDesk, Startale Group, a blockchain company that has partnered with tech giant Sony on its Web3 platform Soneium, has launched a stablecoin pegged to the US dollar: Startale USD (USDSC). This token aims to become the default digital dollar for payments, rewards, and other functions within the Soneium ecosystem. Soneium is an Ethereum Layer 2 network launched last year by Sony Block Solutions Labs, a joint venture between Sony Group and Startale. USDSC is built on the infrastructure of M0, a startup developing a modular platform for programmable stablecoins. In addition, Startale has launched the STAR points reward system, which incentivizes users to mint or hold USDSC, complete in-app tasks, or interact with decentralized applications through the Startale app (the mobile hub of the Soneium ecosystem).
Stablecoin app Fin raises $17 million, led by Pantera Capital.
According to Fortune magazine, Fin, a stablecoin app founded by former Citadel employees, announced the completion of a $17 million funding round led by Pantera Capital, with participation from Sequoia and Samsung Next.
This application aims to provide cross-border and large-value payment services using stablecoin technology, enabling fast global transfers without complex operations. It supports transfers to other Fin users, bank accounts, or cryptocurrency wallets, and claims fees will be significantly lower than traditional banking channels. Fin primarily targets large-value cross-border or domestic transfers, such as addressing payment efficiency issues in import/export trade. The application is not yet officially launched but plans to begin a pilot program next month among import/export companies. The company's profits will come from transfer fees and stablecoin reserve interest.
Insights Highlights
PANews Overview: Tokenization of equity in non-listed companies aims to break the "high value but low liquidity" dilemma of the trillion-dollar private equity market. It leverages blockchain technology to provide ordinary investors with opportunities to participate in high-end assets such as unicorns and to open up flexible exit channels for insiders beyond IPOs. However, this sector is facing a "lower-dimensional attack" from on-chain derivatives such as perpetual contracts. These derivatives (like the OpenAI contract launched by Hyperliquid) offer simpler, higher-leverage, more liquid options within a regulatory gray area, precisely meeting users' needs to bet on company valuation fluctuations rather than acquire shareholder rights, thus diverting market attention and trading volume. This warns that equity tokenization projects must move beyond simple price exposure and instead seek differentiated positioning around core values such as "real shareholder rights, long-term capital allocation, and cash flow distribution." In the future, they are more likely to move towards a hybrid development path that ensures both compliance and shareholder rights while integrating on-chain liquidity.
Institutional-grade RWA: Chainlink data trustworthiness + Aave contract security
PANews Overview: For Real-World Assets (RWAs) to achieve secure and reliable applications on the blockchain, two major technical hurdles must be overcome: first, a trusted data input layer to ensure the accuracy of information such as asset net value and price reflected on the chain; and second, a secure contract execution layer to guarantee the flawless execution of financial operations such as lending and clearing. The article uses the Chainlink oracle network as a model for the data layer, providing RWAs with manipulator-resistant key data such as asset net value and proof of reserves through a decentralized consensus mechanism involving multiple nodes and data sources. Meanwhile, it uses the Aave lending protocol as a representative of the execution layer, whose rigorously audited smart contracts, sophisticated risk parameter management, and isolation mechanisms provide bank-level security for handling RWA assets. The collaborative case studies of these two technologies on platforms such as Aave Horizon demonstrate that only by building a solid technical foundation of "reliable data + secure contracts" can trillions of dollars of traditional assets be safely and efficiently integrated into the DeFi (decentralized finance) ecosystem, propelling RWAs from proof of concept to large-scale application.
