Highlights of this episode

This week's statistics cover the period from December 27, 2025 to January 2, 2026.

This week, the total market capitalization of RWA on-chain steadily increased to $19.21 billion, with the number of holders approaching 600,000. However, the growth rate was moderate, suggesting that traditional assets going on-chain may face demand bottlenecks. The total market capitalization of stablecoins slightly decreased to $297.08 billion, while monthly transaction volume increased significantly by 13.77%. The "scissors gap" between market capitalization and transaction volume highlights that the market has entered a "stock efficiency-driven" phase, with improving capital turnover efficiency becoming a new focus. More notably, the TVL of the RWA protocol has surpassed that of DEXs, becoming the fifth largest DeFi category.

China's regulatory framework for the digital yuan continues to deepen: the central bank has clarified that it will introduce a management and service system plan for the digital yuan, and the six major banks have announced that they will calculate interest on the balance of digital yuan wallets, promoting its evolution towards M1 functionality. At the application level: the cross-border implementation of the digital yuan is accelerating, with the Bank of China completing the first cross-border QR code payment between China and Laos.

At the project level: Tokenized assets continue to expand, with BlackRock's BUIDL fund distributing over $100 million in dividends and Ondo's tokenized silver market capitalization surging over 155% this month, indicating that RWA is penetrating from government bonds and money market funds into a wider range of hard asset classes, and its ecosystem is becoming more mature and diversified.

Data Perspective

RWA Track Panorama

According to the latest data disclosed by RWA.xyz, as of January 2, 2026, the total market capitalization of RWA on-chain reached US$19.21 billion, a slight increase of 3.71% compared to the same period last month, maintaining steady growth; the total number of asset holders increased to approximately 599,400, an increase of 7.65% compared to the same period last month, indicating that the investor base is still expanding rapidly. This divergence between "scale contraction but user expansion" suggests that the continuous decline in asset value may reflect a demand bottleneck in the on-chaining of traditional assets.

However, as bond tokenization products, private lending products, and commodities rapidly become core components of on-chain finance, the total value locked (TVL) of Real-World Assets (RWA) protocols has surpassed decentralized exchanges (DEXs) to become the fifth largest DeFi category.

Stablecoin Market

The total market capitalization of stablecoins reached $297.08 billion, a slight decrease of 0.88% month-over-month, maintaining overall stability. Monthly transaction volume significantly increased to $6.56 trillion, a 13.77% increase month-over-month. The total number of monthly active addresses decreased to 44.12 million, a slight decrease of 2.92% month-over-month. The total number of holders steadily increased to approximately 216 million, a slight increase of 4.86% month-over-month. Data suggests that the market may have entered a "stock efficiency-driven" phase, with the divergence between market capitalization contraction and transaction volume growth highlighting improved capital utilization efficiency. The leading stablecoins are USDT, USDC, and USDS. USDT's market capitalization increased slightly by 1.34% month-over-month; USDC's market capitalization decreased by 5.24% month-over-month; and USDS's market capitalization decreased by 3.14% month-over-month.

Regulatory news

The People's Bank of China will release an "Action Plan on Further Strengthening the Management and Service System and Related Financial Infrastructure Construction of the Digital RMB".

According to the Financial Times of China, Lu Lei, Vice Governor of the People's Bank of China, announced that the People's Bank of China will issue the "Action Plan on Further Strengthening the Management and Service System and Related Financial Infrastructure Construction of Digital RMB". The new generation of digital RMB measurement framework, management system, operation mechanism and ecosystem will be officially launched on January 1, 2026.

The U.S. Financial Accounting Standards Board plans to study in 2026 whether crypto assets such as stablecoins can be classified as cash equivalents.

The Financial Accounting Standards Board (FASB) plans to study in 2026 whether certain crypto assets can be classified as cash equivalents and how to handle the accounting issues related to the transfer of crypto assets. This decision comes against the backdrop of the Trump administration's push for crypto investment.

The FASB recently included these two crypto projects on its agenda, primarily targeting the accounting treatment of assets such as fiat-pegged stablecoins and "wrapped tokens." Previously, in 2023, the FASB required companies to use fair value accounting for crypto assets such as Bitcoin, but this did not cover NFTs and some stablecoins.

The GENIUS Act, passed by the Trump administration, established a regulatory framework for stablecoins but did not specify whether they could be considered cash equivalents. FASB Chairman Rich Jones stated that clarifying which assets do not meet the criteria for cash equivalents is equally important.

In addition, the FASB plans to explore accounting rules for the transfer of crypto assets to fill gaps in existing standards. Although only a few companies (such as Tesla and Block) currently hold Bitcoin on their balance sheets, demand for stablecoins is expected to increase with the implementation of the GENIUS Act.

These moves demonstrate that the United States is attempting to support the crypto industry by improving accounting standards, while responding to feedback from the industry and the public. The FASB is expected to finalize its agenda priorities by the summer of 2026.

The Reserve Bank of India recommends that countries prioritize the development of CBDCs rather than stablecoins.

According to Cointelegraph, the Reserve Bank of India (RBI) is urging countries to prioritize the development of central bank digital currencies (CBDCs) over privately issued stablecoins, citing concerns that the latter could negatively impact financial stability.

In its December Financial Stability Report, the Reserve Bank of India (RBI) stated that central bank digital currencies (CBDCs) can maintain "the unity of money and the integrity of the financial system" and should continue to serve as "the ultimate settlement asset" and "the cornerstone of monetary trust." "Therefore, the RBI strongly recommends that countries prioritize the development of CBDCs over privately issued stablecoins to maintain monetary trust, safeguard financial stability, and build a faster, cheaper, and more secure next-generation payment infrastructure."

The Reserve Bank of India also pointed out that the introduction of stablecoins could create new channels of financial stability risk, especially during periods of market stress. Therefore, "countries must carefully assess the relevant risks and develop policy responses appropriate to their own financial systems."

The Cyberspace Administration of China announced that it has shut down 1,418 fake websites this year, which were involved in inducing users to purchase "stablecoins" and other financial products.

According to a report from the Cyberspace Administration of China, based on clues provided by netizens, relevant departments have been coordinated to investigate and promptly deal with 1,418 illegal and counterfeit websites and platforms this year, an increase of 1.7 times compared to the same period last year. Among them, 323 websites impersonated state-owned enterprises and institutions such as State Grid and Sinopec, publishing false investment and recharge information, inducing netizens to purchase virtual goods and fake fuel cards, leading to netizens being defrauded; 61 websites impersonated financial institutions such as China Merchants Securities and CITIC Bank, inducing netizens to download apps for stock trading or to purchase so-called "stablecoins" and other financial products, causing financial losses.

Local News

Bank of China completes the first cross-border digital currency QR code payment transaction between the two countries in Laos.

Bank of China completed the first cross-border QR code payment transaction between the two countries in Laos. Under the joint guidance of relevant departments of the People's Bank of China and the Central Bank of Laos, Bank of China was among the first to participate in the cross-border pilot project for cooperation on digital payments and central bank digital currencies between the two countries.

Meanwhile, the Vientiane branch of Bank of China was among the first to connect to the People's Bank of China's digital RMB cross-border digital payment platform. By providing real-time exchange rate quotes and efficient clearing services, Bank of China successfully completed the production verification of QR code payments for merchants in Laos. This service will significantly lower the barriers to cross-border settlement between China and Laos, achieving a seamless experience throughout the entire "payment-exchange-clearing" process.

The six major state-owned banks announced that starting January 1, 2026, interest will be accrued on the balance of their real-name digital RMB wallets; the current demand deposit rate is 0.05%.

Six major state-owned banks—Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China—issued announcements today stating that starting January 1, 2026, interest will be paid on the balance of digital RMB wallets opened with their banks at the banks' current deposit rate, with the interest calculation and settlement rules consistent with current deposit rates. The current current deposit rate is 0.05%. Currently, digital RMB wallets are divided into four categories. Category I, II, and III wallets are registered wallets, while Category IV wallets are anonymous wallets. Category IV wallets are not included in the banks' "registered wallet" interest calculation category.

ICBC states that wallet operators will legally withhold and pay interest tax (if applicable). ICBC reminds users that interest is settled on the 20th of the last month of each quarter and credited to their accounts on the 21st. If the account is closed before the interest settlement date, interest will be calculated at the current account interest rate posted on the closure date until the day before closure.

Project progress

JPMorgan Chase has frozen the accounts of several stablecoin startups operating in high-risk countries.

According to The Information, in recent months, JPMorgan Chase has frozen accounts used by at least two rapidly growing stablecoin startups operating in high-risk countries such as Venezuela. The bank's move highlights the risks that crypto transactions pose to banks, as they must understand their business dealings and the source of their funds.

BlackRock's first tokenized money market fund, BUIDL, has paid out over $100 million in dividends.

According to Finance Feeds, BlackRock's first tokenized money market fund, BUIDL, has paid out over $100 million in dividends since its launch, indicating that tokenized securities have moved beyond the pilot and proof-of-concept stages and are now being used in practice. The fund reportedly invests in short-term dollar-denominated instruments such as U.S. Treasury bonds, repurchase agreements, and cash equivalents.

Ondo's tokenized silver SLVon saw its market capitalization surge by over 155% to nearly $18 million in 30 days.

According to RWA XYZ data, the market capitalization of Ondo's tokenized silver SLVon has increased by more than 155% to nearly $18 million in 30 days.

It is understood that SLVon is a tokenized version of iShares Silver Trust on the Ondo platform. Token holders can obtain similar economic benefits as those who hold SLV and can reinvest dividends.

RWA trading platform MSX launches multiple commodity instruments.

According to official sources, the RWA trading platform MSX has listed commodities such as $CPER.M (copper), $URA.M (uranium), $LIT.M (lithium), $AA.M (aluminum), $PALL.M (palladium), and $USO.M (crude oil).

Insights Highlights

Following the surge in gold and silver prices, a commodity trading boom has emerged on the blockchain.

PANews Overview: Gold and silver prices have recently surged, with gold breaking through $4,500 per ounce and silver reaching $75. This is primarily driven by the Federal Reserve's interest rate cuts, concerns about the dollar's credibility, and geopolitical conflicts. This upward trend has not only impacted traditional markets but has also spread to the cryptocurrency sector, fueling the rapid growth of the "tokenized commodities" market (such as using blockchain to represent real gold and silver), with a total market capitalization approaching $4 billion. Tether Gold and Paxos Gold are two of the most prominent tokenized gold products. Meanwhile, Perp DEX has also launched gold and silver trading pairs, allowing users to directly trade these commodities with cryptocurrencies. Platforms like Ostium have performed exceptionally well, with a high proportion of commodity trading. This reflects the expansion of the crypto market user base from purely cryptocurrency speculators to a more diverse group including "macro traders," signifying the formation of a smart contract-driven commodity trading market on-chain, parallel to traditional finance.

Written at the end of 2025: Code, Power, and Stablecoins

PANews Overview: The stablecoin market size surpassed $300 billion in 2025 and is predicted by major institutions such as JPMorgan Chase and Citigroup to grow to trillions of dollars in the coming years, marking its emergence as a crucial financial infrastructure. Its fundamental advantage lies in the transparency of blockchain technology; users trust publicly verifiable code and reserves, rather than the opaque promises of intermediaries in traditional finance. This is evidenced by the failures of traditional fintech companies like Synapse. However, stablecoins still face issuer risk (such as problems with the issuing company), but this is more monitorable and manageable compared to the "black box" risks of traditional banks. Stablecoins inherently possess global reach, but the "last mile" of converting them into local fiat currencies still requires local compliance cooperation. The article also discusses the controversy surrounding building new blockchains specifically for payments, pointing out the challenges of trust accumulation for these new chains; and envisions the future of "smart agent finance," where smart contracts allow AI agents to automate financial processes such as payments within strict permissions, which is more secure than granting AI the permissions of traditional banks. Meanwhile, the article warns against neglecting security during rapid expansion, pointing out that financial privacy (such as selective disclosure) will become a critical requirement when real-world business operations are on-chain. Ultimately, the author argues that stablecoins have potential far beyond "more efficient old finance," with their true value lying in unlocking entirely new possibilities such as programmable money, internet-native capital markets, and smart agent finance.

In-depth analysis: From M0 to M1, the strategic significance and market challenges of the digital yuan's positioning shift.

PANews Overview: The seemingly lukewarm development of the digital yuan in the past was not due to a flawed strategy, but rather because it was strictly limited to M0 (digital cash), primarily addressing cash digitization and extreme payment scenarios (such as offline transactions). However, these are low-frequency needs, making it difficult to attract users for daily use. Shifting to M1 means the digital yuan will possess holding value (such as interest-bearing capacity), thus entering users' asset selection range for the first time, transforming from a simple payment tool into a currency that can be actively held. The article emphasizes that this is not a rejection of stablecoins or a change in the fundamental path of central banks issuing sovereign currencies, but a necessary shift in development stage. The goal is to improve the market flexibility and usability of the digital yuan without sacrificing financial stability and sovereign credit. The real challenge is not technology or compliance, but whether regulators can provide sufficient room for market exploration under controllable risks, allowing the digital yuan to form a network effect through genuine demand rather than administrative promotion. The article proposes a dual-track design concept of "strict onshore control and flexible offshore" to facilitate its internationalization.

习近平：中方将同海合会国家深化数字货币合作

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