Highlights of this episode
This week's weekly report covers the period from October 31st to November 6th, 2025. The RWA market continued its steady growth this week, with a total on-chain market capitalization of $35.83 billion and the number of holders exceeding 530,000, indicating a continuously expanding user base. The stablecoin market entered a new phase of "high frequency, low inflation," with transaction volume exceeding $5 trillion for the first time and monthly active addresses surging by nearly 28%, demonstrating a significant improvement in the efficiency of existing capital turnover and on-chain payment functionality. On the regulatory front, two Southeast Asian countries launched RWA tokenization initiatives, while the UK and Canada followed the US Genius Act in advancing stablecoin regulatory legislation, accelerating the formation and alignment of global regulatory frameworks. At the project level, JPMorgan Chase expanded its blockchain applications to fund services, stablecoin company Zerohash obtained an EU MiCA license in the Netherlands, and WisdomTree, UBS, and Dinari partnered with Chainlink to explore tokenized fund trading, on-chain net asset value data, and tokenization of crypto market indices, demonstrating that institutions are integrating RWA tokenization into fund operations, data flow, and on-chain settlement workflows.
Data Perspective
RWA Track Panorama
According to the latest data disclosed by RWA.xyz, as of November 7, 2025, the total market capitalization of RWA on-chain reached US$35.83 billion, an increase of 6.79% compared to the same period last month, with the growth rate remaining the same as the previous month, maintaining a steady expansion trend; the total number of asset holders is nearly 531,600, an increase of 11.66% compared to the same period last month, indicating a continued increase in market participation; the total number of asset issuers has rebounded to 245.
Stablecoin Market
The total market capitalization of stablecoins reached $294.74 billion, a 0.16% increase month-over-month, with growth almost stagnating. Monthly transaction volume surged to $5.08 trillion, a 50.10% increase month-over-month. The total number of monthly active addresses significantly increased to 35.96 million, a 27.81% increase month-over-month. The total number of holders steadily grew to 200 million, a slight 3.08% increase month-over-month. Both figures confirm that the market has entered a "high-frequency, low-inflation" phase, with an explosive increase in the turnover efficiency of existing funds, and a simultaneous strengthening of user activity and on-chain payment and settlement functions. Data shows that institutional settlement and retail transactions have formed an effective synergy, with the growth rate of transaction volume and the growth rate of active addresses far exceeding the growth in market capitalization, highlighting that the market is driven by liquidity efficiency rather than simply scale expansion. The leading stablecoins are USDT, USDC, and USDe. Among them, the market capitalization of USDT increased by 2.47% month-on-month; the market capitalization of USDC decreased slightly by 0.73% month-on-month; and the market capitalization of USDe continued to decline, falling by 35.13% month-on-month.
Regulatory news
According to Ledger Insights, Bank Negara Malaysia has launched a three-year exploration program for the tokenization of real-world assets and established a Digital Asset Innovation Centre and an industry working group to solicit feedback on potential use cases ranging from supply chain finance to Islamic finance products.
The central bank's latest report outlines a phased implementation plan: proof-of-concept and pilot testing in 2026, followed by expansion in 2027. The bank invites industry feedback on application cases by March 1, 2026, but also clearly defines which cases qualify for the experiment.
According to Techinasia, the Indonesian central bank will launch Rupiah Digital, a digital version of the Rupiah Bank Indonesia (SRBI) securities, and will roll it out in phases until 2030.
The Indonesian central bank plans a phased rollout, initially testing digital securities issuance, transfers, and withdrawals between 2025 and 2026. Between 2027 and 2028, further testing of monetary operations and financial market transactions will follow, with advanced features such as programmability, composability, and tokenization to be launched between 2029 and 2030. According to the central bank's "Payment System Blueprint 2030," the digital version of the Indonesian rupiah will be built on distributed ledger technology.
The Canadian government announced plans in its 2025 federal budget to introduce stablecoin regulatory legislation, requiring fiat-backed stablecoin issuers to maintain adequate reserves, develop redemption policies, and implement risk management measures, including mechanisms to protect personal and financial data. This plan follows the GENIUS Act, the stablecoin regulatory law passed in the United States in July.
The Bank of Canada will allocate a budget of CAD 10 million starting in fiscal year 2026-2027 to ensure the smooth implementation of regulations, with an estimated annual expenditure of CAD 5 million thereafter, to be borne by stablecoin issuers regulated under the Retail Payments Activities Act.
Coinbase Canada CEO Lucas Matheson expressed optimism about the proposal, believing it will revolutionize how Canadians use money and the internet. Currently, the stablecoin market is worth $309.1 billion and is projected to grow to $2 trillion by 2028.
In addition, Canadian payment platform Tetra Digital has raised $10 million to create a digital version of the Canadian dollar, with investors including Shopify, Wealthsimple, and the National Bank of Canada. It's worth noting that Canada abandoned its plans to issue a central bank digital currency (CBDC) in September 2024.
The UK plans to introduce stablecoin regulations in line with those of the US.
According to Bloomberg, Bank of England Deputy Governor Sarah Breeden stated that UK stablecoin rules will be implemented "as quickly as in the US," denying that the UK is lagging behind in regulatory progress. She noted that because UK mortgage lending relies on commercial banks, the UK is at a different stage than the US in setting limits on stablecoin holdings. The regulatory framework, developed collaboratively by the Bank of England and other regulators, aims to strike a balance between payments and financial stability. Key areas of focus include issuer oversight, reserve asset security, and access to payment systems.
Local News
Zhaojin Mining has entered the gold RWA tokenization market and partnered with Ant Financial.
According to Hong Kong-based Zhaojin Mining Co., Ltd., on November 3, 2025, during Hong Kong Fintech Week, Zhaojin Mining and SigmaLayer, a subsidiary of Ant Financial, signed a strategic cooperation memorandum. The two parties will leverage blockchain, tokenization technology, and AI capabilities to collaborate in three main areas: gold asset digitization, intelligent supply chain risk control, and ESG trusted value transfer, thereby promoting the digital transformation and upgrading of the traditional gold industry.
This collaboration aims to address the traditional operational pain points of the gold industry through technological empowerment. Both parties plan to explore transforming physical gold assets into on-chain digital assets, building a full lifecycle traceability system; simultaneously, they will utilize AI and blockchain technologies to optimize supply chain risk control and improve industry chain efficiency. Furthermore, they will create a blockchain-based ESG trusted tracking platform to drive the industry towards sustainable development.
Franklin Templeton launches its first tokenized money market fund in Hong Kong.
According to The Block, Franklin Templeton launched its first tokenized money market fund in Hong Kong, the "Franklin OnChain US Government Money Fund," backed by short-term US Treasury bonds and issuing and recording ownership through blockchain. This initiative is the first project to be implemented under the Hong Kong Monetary Authority's "Fintech 2030" plan, which covers AI and tokenization ecosystem development. The fund participates in the HKMA's "Project Ensemble" sandbox, collaborating with HSBC and OSL to test tokenized deposits and fund flows, aiming to achieve near-instantaneous settlement between traditional and on-chain systems. A Ripple and BCG report projects that the tokenization of real assets could reach approximately $19 trillion by 2033.
Project progress
PeckShield: Staked Stream USD (XUSD) has de-pegged by approximately 23%.
According to blockchain security firm PeckShieldAlert, the stablecoin Staked Stream USD (XUSD) has de-pegged and fallen by about 23%. The project owner is Stream Finance, and users are advised to be aware of the risks.
Yei Finance announced on its X platform this morning that, given the current market conditions for fastUSD, it has temporarily suspended the protocol's operation as a precautionary measure. The team is actively investigating and will provide an update within the next 24 hours. As of now, Yei Finance has not released any further updates.
It is understood that Elixir announced last year that deUSD would be the sole backing of the Sei yield stablecoin fastUSD. Previously, analysts stated that Stream Finance's $93 million loss could result in over $285 million in risk exposure, with the largest single exposure being Elixir's deUSD, which lent Stream $68 million in USDC, representing approximately 65% of deUSD's total reserves.
Elixir's official Twitter account announced that the stablecoin deUSD has been officially retired and no longer has any value. The platform will initiate a USDC compensation process for all holders of deUSD and its derivatives (such as sdeUSD). This includes lenders who hold collateral, AMM LPs, and Pendle LPs. Elixir also warned users not to purchase or invest in deUSD through AMMs or similar channels.
JPMorgan Chase executes its first fund servicing transaction on its Kinexys blockchain.
According to The Block, JPMorgan Chase is expanding the application of its Kinexys blockchain from payments and repurchase transactions to the back-office operations of the private equity market. The bank announced on Thursday that its asset and wealth management division, in partnership with fund manager Citco, completed its first transaction using a new system called Kinexys Fund Flow. This system automates the recording of alternative investment fund activity on a private blockchain. The tool tokenizes investor records and uses smart contracts to automatically transfer cash between JPMorgan brokerage accounts and fund managers, replacing the manual reconciliation and wire transfer methods currently dominant in private equity operations. The system runs on the same permissioned Kinexys network that underpins JPMorgan's tokenized deposit and payment products. Kinexys Fund Flow is expected to be fully rolled out early next year, with more features to be added by 2026. Citco stated that the technology can reduce error rates and costs across the industry, while JPMorgan sees it as part of a broader initiative to modernize alternative asset distribution and services.
WisdomTree launched 14 tokenized funds on the Plume blockchain and partnered with Chainlink to put the net asset value data of its tokenized private credit fund CRDT on the blockchain.
According to CoinDesk, asset management firm WisdomTree has launched 14 tokenized funds on the Plume blockchain, broadening institutional investors' access to regulated on-chain investment products. These funds, available to users through the WisdomTree Connect platform, include the company's Government Money Market Digital Fund and CRDT Private Credit and Alternative Income Fund. Investors can hold, transfer, and settle positions directly on the Plume blockchain network. As part of this move, Galaxy Digital announced a $10 million investment in WisdomTree's Government Money Market Digital Fund, highlighting early institutional investor participation. Plume reportedly integrates KYC and AML compliance directly into the protocol layer, providing built-in security measures such as wallet screening and sanctions enforcement.
According to PR Newswire, oracle platform Chainlink and asset management company WisdomTree have announced a partnership to leverage Chainlink's DataLink service to provide net asset value (NAV) data for the WisdomTree Private Credit and Alternative Income Digital Fund (token: CRDT) on the Ethereum mainnet. This initial collaboration begins with the CRDT fund and is expected to expand to other tokenized funds within WisdomTree in the future.
Stablecoin company Zerohash obtains EU MiCA license in the Netherlands
According to Cointelegraph, Zerohash's European branch announced on Sunday that it has received a license from the Netherlands Financial Markets Authority (AFM) under the EU's Crypto Asset Markets Regulation (MiCA). This license enables the company to offer stablecoins and crypto products to banks, fintech companies, and payment platforms in 30 European Economic Area (EEA) countries. The AFM's official register confirms that Zerohash has become a Registered Crypto Asset Service Provider (CASP). This approval makes Zerohash's European branch a CASP, enabling it to provide core support to organizations exploring tokenized assets, stablecoins, and other blockchain-based financial products.
According to an official announcement from Chainlink, UBS today announced the successful completion of the world's first end-to-end tokenization fund workflow in a production environment using the Chainlink DTA technology standard.
The UBS Dollar Money Market Fund token (“uMINT”) is a money market fund based on Ethereum's distributed ledger technology. This marks the first time uMINT has completed subscription and redemption requests on-chain, demonstrating the ability to achieve seamless and automated fund operations on-chain, thereby improving efficiency and utility gains. In this instant transaction, DigiFT, as an on-chain fund distributor, successfully requested and processed the settlement of uMINT shares using the Chainlink DTA standard.
This new end-to-end tokenized fund workflow covers every stage of the fund lifecycle, including order receipt, execution, settlement, and data synchronization between all on-chain and off-chain systems.
Maitong MSX platform releases S1 points season and M&M's incentive mechanism
According to an official announcement, the MSX S1 points season and M Credit incentive mechanism, the world's first on-chain decentralized exchange for US stocks, officially launched today. The platform will calculate points based on real trading and holding activities in US stock spot, spot trading, and US stock contracts, and automatically settle the previous day's points at 10:00 AM (UTC+8) daily.
M-Beans, a core metric for measuring user trading activity and contribution, will also be used for the allocation and incentives of the platform's token $MSX. M-Bean calculation considers not only trading volume but also position duration, profit and loss performance, and team Boost level to ensure fair incentives. Team Boost uses a T+2 update mechanism, automatically synchronizing bonuses, and historical trading points are retrospectively incorporated into community incentives.
Dinari used Chainlink to tokenize S&P DJI's upcoming crypto market index.
According to CoinDesk, tokenized stock firm Dinari has sourced pricing data from the oracle network Chainlink to bring S&P Dow Jones Indices' (S&P DJI) upcoming cryptocurrency-focused index onto the blockchain. The S&P Digital Markets 50 Index will track 35 publicly traded companies involved in blockchain technology and 15 mainstream cryptocurrencies. Dinari will use its "dShares" product to create the index's token, allowing investors to access traditional finance (TradFi) and cryptocurrency markets through a single digital asset. Each dShare token is backed 1:1 by an underlying stock and held by a regulated custodian, guaranteeing rights such as dividend payments and redemptions. While S&P Dow Jones Indices does not endorse the token itself, the index provider confirmed that Chainlink's integration ensures the data supporting it meets standards of transparency and reliability.
According to its official blog, Tether's asset tokenization platform "Hadron by Tether," global asset management group KraneShares, and regulated tokenized securities platform Bitfinex Securities have entered into a strategic agreement to accelerate the development and adoption of tokenized securities in the global market. The combination of the three parties' strengths will help assess institutional demand, validate tokenized product structures, and advance the integration of real-world assets. This collaboration will focus on expanding institutional investor participation in the tokenization market and leverage El Salvador's pioneering digital asset regulatory framework. As institutional investor interest in the tokenization of real-world assets continues to grow, this partnership will lay the foundation for product innovation, operational efficiency, and cross-border investor access.
Insights Highlights
PANews Overview: Stream Finance's xUSD, ostensibly a "risk-neutral" DeFi stablecoin, is actually a "tokenized hedge fund" lacking transparency. It invested significant user funds in opaque, high-risk off-chain transactions (such as shorting volatility), suffering a massive loss of approximately $100 million during black swan events like "Red Friday," leading to insolvency. Furthermore, it leveraged itself through complex recursive borrowing and signed off-chain agreements granting privileged investors (such as Elixir) priority in bankruptcy proceedings. Ultimately, this caused its stablecoin price to severely decouple and plummet, thoroughly exposing its serious deficiencies in transparency, risk management, and leverage control, serving as a wake-up call for the entire DeFi industry.
PANews Overview: Canton is attracting Wall Street giants such as Goldman Sachs and JPMorgan Chase with its unique privacy and compliance technologies tailored for traditional financial institutions, pushing its on-chain RWA scale to over $6 trillion. Meanwhile, Nasdaq-listed Tharimmune has deeply participated in the Canton ecosystem through a private funding round of up to $540 million, aiming to establish a digital asset vault. This signifies that traditional capital is attempting to make a large-scale bet on and access this "on-chain Wall Street" hub system, which aims to bridge the traditional financial and crypto worlds and become the next generation of global financial infrastructure, through a regulated and compliant path.
PANews Overview: Amid increasingly stringent regulations, Figure has chosen a unique "proactive compliance" path for its yield-generating token, YLDS. Instead of attempting to circumvent regulations, it proactively acknowledged its "securities" status to the U.S. SEC. Through a sophisticated legal structure, it explicitly defines the token's returns as "debt interest" based on real U.S. Treasury bonds rather than "investment dividends." This successfully brought traditional financial assets to the blockchain in token form within the regulatory framework, providing the entire industry with a replicable model of how to combine on-chain financial innovation with traditional securities regulations, moving from a gray area to the light of day.
