Highlights of this episode
This week's weekly report covers the period from November 7th to November 13th, 2025. The RWA market saw a stabilization in growth this week, with a total on-chain market capitalization of $35.91 billion. While the growth rate slowed, the number of holders continued its strong growth, exceeding 536,800. The stablecoin market maintained an "efficiency-driven" model, with transaction volume approaching $5 trillion and a significant increase in monthly active addresses, indicating further strengthening of capital turnover and on-chain payment functions. Key developments occurred at the regulatory level: the US SEC plans to introduce a "token taxonomy" to clarify the attributes of crypto assets; the CFTC is considering allowing stablecoins as collateral for derivatives; the Hong Kong Monetary Authority is promoting the Ensemble project to support tokenized asset trading; and Singapore, the UK, the UAE, and other countries are also simultaneously improving their stablecoin and asset tokenization policies, accelerating the systematic construction of a global regulatory framework. At the project level, multiple initiatives are flourishing: Standard Chartered Bank has partnered with DCS to launch DeCard, a stablecoin-based credit card in Singapore; Circle is expanding its ArcChain ecosystem, launching an on-chain forex engine and a multi-currency stablecoin cooperation plan, and may be considering issuing its native token; NH Nonghyup Bank in South Korea is piloting a stablecoin-based tax refund service on the Avalanche platform, demonstrating that the RWA ecosystem is extending from asset issuance and payment settlement to a full-chain service including credit cards, forex trading, and tax refunds, driving the industry into a stage of large-scale development.
Data Perspective
RWA Track Panorama
According to the latest data disclosed by RWA.xyz, as of November 14, 2025, the total market capitalization of RWA on-chain reached US$35.91 billion, an increase of 5.35% compared to the same period last month, with the growth rate slowing down significantly compared to the previous month; the total number of asset holders exceeded 536,800, an increase of 10.96% compared to the same period last month, maintaining strong growth; and the total number of asset issuers increased to 249.
Stablecoin Market
The total market capitalization of stablecoins reached $299.99 billion, a slight increase of 1.03% month-over-month; monthly transaction volume surged to $4.96 trillion, a significant increase of 30.49% month-over-month; the total number of monthly active addresses increased significantly to 37.08 million, a 25.38% increase month-over-month; and the total number of holders steadily grew to 202 million, a slight increase of 3.03% month-over-month. Both figures confirm the deepening of the market efficiency-driven growth model, with continued improvement in the efficiency of existing capital turnover and user activity, and further strengthening of on-chain payment and settlement functions. Data shows that the resonance between large-scale institutional settlements and retail transactions continues, with the growth rates of transaction volume and active addresses far exceeding the growth in market capitalization, highlighting the improved health of the market. The leading stablecoins are USDT, USDC, and USDS. Among them, USDT's market capitalization increased by 1.63% month-on-month; USDC's market capitalization increased slightly by 0.28% month-on-month; and USDS's circulating supply reached the $10 billion mark, climbing to third place in the stablecoin category, with its market capitalization surging by 12.36% month-on-month.
Regulatory news
According to The Block, SEC Chairman Paul Atkins announced at the Philadelphia Fed Fintech Conference that the SEC will launch a new regulatory framework called "Token Taxonomy," designed to redefine when crypto assets qualify as securities. Atkins stated that the framework will be based on the 1946 Howey Test to differentiate the legal attributes of tokens at different stages. He noted, "Cryptocurrencies may initially constitute investment contracts, but not forever—as the network matures, the code is completed, and the issuer exits, the token will no longer depend on the issuer's efforts."
Atkins pointed out that most crypto tokens are not securities, and proposed two main principles: first, the asset nature does not change due to being on-chain; second, economic substance is more important than the label—if a token represents an expected profit based on the management efforts of others, it is still a security. The preliminary classification includes: network tokens, NFTs, and digital instrument tokens are not securities, while tokenized stocks and bonds are. He stated that tokens may shed their security attributes as the network matures, and non-security tokens may be traded on CFTC or state regulatory platforms in the future. Atkins emphasized that the SEC will align with congressional legislation and continue to crack down on fraudulent activities, "not letting fear of the future trap us in the past."
According to CoinDesk, the U.S. Congress has been trying to give the Commodity Futures Trading Commission (CFTC) greater direct jurisdiction over the cryptocurrency spot market. Sources familiar with the matter revealed that the CFTC is developing a tokenized collateral policy, expected to be released early next year. This policy could allow the use of stablecoins as acceptable tokenized collateral in the derivatives market. It may first be piloted in U.S. clearinghouses and will implement stricter regulations, requiring disclosure of more information, such as position sizes, large traders and trading volumes, as well as more detailed reporting of operational events.
According to Jiemian News, the Hong Kong Monetary Authority (HKMA) has announced the launch of Ensemble, officially entering its pilot phase. This milestone marks a significant step forward for Hong Kong in conducting real-world transactions using tokenized deposits and digital assets in a controlled pilot environment. Ensemble will continue operating until 2026, laying a solid foundation for the next phase of innovation. Interbank settlement of tokenized deposit transactions will initially be conducted through the Hong Kong Dollar Real-Time Payments Settlement System (RTGS). The pilot environment will be gradually upgraded and optimized to support 24/7 settlement of tokenized central bank currency, promoting the continued development of a broader tokenized ecosystem in Hong Kong.
According to Jinshi News, the top official of the Monetary Authority of Singapore (MAS) stated on Thursday that the central bank plans to advance the construction of a scalable and secure tokenized financial ecosystem. To this end, a pilot program for tokenized MAS notes will be launched next year, and relevant legislation will be introduced to regulate stablecoins. Chia Der Jiun, Managing Director of the Monetary Authority of Singapore, pointed out at the Singapore Fintech Festival: “Tokenization has begun, but have asset-backed tokens reached ‘escape velocity’? Not yet.” He stated that the Monetary Authority of Singapore has been refining the details of the stablecoin regulatory framework and will subsequently draft relevant legislation, with the core focus being “robust reserve asset backing and reliable redemption mechanisms.” Chia Der Jiun also added that the Monetary Authority of Singapore is simultaneously supporting various pilot projects under the “Blue Initiative,” which aims to explore the use of tokenized bank liabilities and regulated stablecoins for settlement.
The Bank of England has proposed a £20,000 cap on individual stablecoin holdings.
According to Jinshi Data, the Bank of England has proposed a cap of £20,000 on stablecoin holdings for individuals and £10 million for businesses. Stablecoins, which transitioned from the UK Financial Conduct Authority (FCA) regulatory system, can have up to 95% of their reserve assets invested in short-term government bonds.
The UAE digital dirham was tested in its first government transaction.
According to Cryptopolitan, the UAE government has completed its first nationwide transaction using the country's central bank digital currency, the digital dirham. The transaction was jointly completed by the Ministry of Finance and the Dubai Treasury. Processed on the mBridge platform, the transaction took less than two minutes. Ahmed Ali Meftah, Executive Director of the Central Accounts Department of the Ministry of Finance, stated that this pilot program was to test operational readiness and ensure seamless technological integration with the UAE Central Bank system. Previously, in August 2025, the UAE Central Bank announced that it was preparing to launch its central bank digital currency, the digital dirham, by the end of the year.
Kyrgyzstan issues approximately $50 million worth of stablecoin USDKG and halts mining nationwide.
According to Reuters, Kyrgyzstan has issued its national stablecoin, USDKG, with an initial issuance of approximately 50.14 million coins. Each coin has a nominal value of $1. Issued by a state-owned enterprise controlled by the Ministry of Finance and backed by gold reserves, the stablecoin is intended for cross-border payments and trade. The government plans to increase the allocation to approximately $500 million, eventually reaching approximately $2 billion. Meanwhile, due to power shortages, Energy Minister Talaybek Ibraev announced that all cryptocurrency mining farms nationwide have been shut down and that measures such as power rationing and importing electricity from neighboring countries (including Russia) have been implemented.
Local News
According to Bloomberg, the Hong Kong government is marketing a new batch of "digitally native" green bonds, covering USD, HKD, EUR, and offshore RMB (CNH). These bonds will be recorded and cleared through the HSBC distributed ledger platform and have received an AA+ rating from S&P. The proposed issuance specifications include: USD 2-year T3+3, EUR 4-year MS+23, CNH 5-year coupon of 1.90%, and HKD 2-year coupon of 2.50%, all at benchmark sizes. If successful, this will be the third such issuance since 2023. Statistics also show that several Hong Kong companies have issued digital bonds this year, totaling approximately US$1 billion.
Project progress
According to official news, Mantle has announced a strategic partnership with Bybit and Backed to bring tokenized US stocks to the Mantle blockchain through xStocks, partially enabling 24/7 access to leading global assets. The xStocks token, issued by Backed, is backed 1:1 by the underlying securities, redefining the interaction between traditional markets and blockchain technology.
Under the new mechanism, Mantle and Bybit users can access tokenized versions of leading stocks such as NVDAx, AAPLx, and MSTRx through xStocks. Bybit will fully support accessing xStocks through the Mantle network, achieving seamless connectivity between the CEX and the blockchain.
This collaboration marks a significant milestone for Mantle, as Ethereum's largest ZK-proof-driven L2 network, in its expansion within the RWA ecosystem.
Note: xStocks is not available to U.S. regions or U.S. residents.
Exodus acquires Grateful, focusing on stablecoin payments in Latin America.
Exodus Movement, Inc. (NYSE American: EXOD), a NYSE-listed self-custodial cryptocurrency platform, announced the acquisition of Uruguayan payment orchestrator Grateful, with plans to integrate Grateful's stablecoin payment technology into its self-custodial wallets and merchant services. Grateful provides merchants and individuals with stablecoin payment collection and management, supporting wallet-to-wallet payments, QR code payments, e-commerce settlements, off-exchange exchanges, and merchant dashboards, characterized by lower fees, instant fund availability, and interest-bearing balances. Exodus stated that the integration will cover multiple blockchains including Polygon, Optimism, Base, Arbitrum, and Solana.
According to CoinDesk, Standard Chartered Bank has partnered with DCS Card Centre to become the lead bank partner for its new DeCard credit card, which allows users to make payments using stablecoins in everyday transactions. The two companies said on Tuesday that DeCard will launch first in Singapore, where regulators encourage trials of digital payment systems, before expanding to other major markets. Standard Chartered will provide virtual account services and API interfaces so that DCS can instantly identify and verify DeCard users' payments. This technological integration aims to make transactions faster and more transparent.
According to The Block, DBS Bank (Singapore) and Kinexys (a subsidiary of JP Morgan) are developing a cross-chain interoperability framework for tokenized deposits, aiming to support 24/7 transfers between public and permissioned blockchains. The solution will connect JPM's Deposit Tokens (based on Ethereum L2 Base) with DBS Token Services (a permissioned blockchain), mitigating the limitations of native interoperability and security risks. Both institutions already provide real-time settlement and liquidity on their on-chain systems. Previously, BNY Mellon was reported to be exploring tokenized deposit services, and several UK banks (Barclays, Lloyds, HSBC) have launched pilot programs for tokenized pound sterling deposits; the BIS 2024 report states that nearly one-third of commercial banks in jurisdictions are conducting related pilots or studies.
FIS and Intain launch small bank loan tokenization platform on Avalanche
According to CoinDesk, fintech provider FIS and structured finance platform Intain have launched a "Digital Liquidity Gateway" based on Avalanche, targeting regional and community banks. This gateway supports the tokenization of loans into NFTs, automatic settlement via stablecoins such as USDC, and integration with FIS's core banking system (covering over 20,000 institutions). The platform has begun accepting onboarding from banks and institutional investors and is expected to complete hundreds of millions of dollars in loan transactions this year, initially involving commercial real estate and aviation financing. Intain's AI verifies loan documents and data before minting NFTs, improving transparency and preventing double staking.
Coinbase and stablecoin startup BVNK cancel $2 billion acquisition deal
According to Fortune magazine, a spokesperson for cryptocurrency exchange Coinbase confirmed that Coinbase and UK-based stablecoin startup BVNK have cancelled acquisition talks. It is unclear why the two companies shelved the deal, which had progressed to the due diligence stage, and in October, Coinbase and BVNK reached an exclusivity agreement, meaning BVNK could not accept offers from other bidders. A Coinbase spokesperson stated in a statement: “We are always looking for opportunities to expand our mission and product offerings. After discussing the possibility of acquiring BVNK, both parties have agreed not to pursue this further.”
BVNK, which helps clients use stablecoins for payments, cross-border transactions, and other applications, is being acquired for approximately $2 billion. If the deal goes through, it will be nearly double the $1.1 billion that fintech giant Stripe paid in February to acquire stablecoin startup Bridge.
ClearToken Receives UK Approval to Launch Cryptocurrency and Tokenized Asset Settlement System
According to The Block, the UK Financial Conduct Authority (FCA) has approved London-based ClearToken to launch a regulated settlement service for digital assets. Its upcoming CT Settle platform uses a "payment settlement" model, enabling simultaneous settlement of transactions involving cryptocurrencies, stablecoins, and fiat currencies. Designed similarly to the CLS system in the foreign exchange market, the platform aims to reduce settlement risk and free up capital. This approval grants ClearToken the qualifications to be an authorized payment institution and a registered crypto asset company, laying the foundation for building a future clearinghouse for tokenized and digital assets. Furthermore, the company plans to apply for approval from the Bank of England to expand its clearing and margin services through the central bank's digital securities sandbox.
According to The Block, Nasdaq-listed Turbo Energy SA (TURB), in partnership with institutional blockchain company Taurus SA and the Stellar Development Foundation, has launched a tokenization initiative for financing hybrid renewable energy facilities, initially piloting it in Spain. According to an announcement on Tuesday, the pilot will tokenize power purchase agreement debt financing for on-site integrated batteries and deploy Turbo Energy's proprietary SUNBOX solar energy storage system. Simultaneously, Taurus' institutional-grade platform, Taurus-CAPITAL, will issue and manage these tokenized assets on the Stellar blockchain. The announcement states that this approach demonstrates a decentralized and scalable model and plans to expand to international markets through Turbo Energy Solutions and its new "energy-as-a-service" subsidiary, facilitating project financing for commercial clients.
Payments giant Visa has announced a pilot program in the United States that allows businesses to pay USD stablecoins (such as USDC) to crypto wallets via fiat currency accounts (such as USD). The service, implemented through the Visa Direct digital payments network, aims to provide easier fund flows for industries that rely on fast payments, such as international businesses and freelancers.
Visa President Chris Newkirk stated that this move aims to enable funds to circulate globally "within minutes," rather than "days." Visa is currently working with partners to further expand the service in 2026. According to Visa research, 57% of freelancers prefer digital payment methods for faster access to funds.
Circle is expanding its ArcChain ecosystem by launching an on-chain forex engine and a multi-currency stablecoin partnership program, and may be considering issuing a native token on the ARC Network.
According to The Block, Circle announced the launch of its StableFX on-chain forex engine and multi-currency stablecoin partnership program on its Arc blockchain. This service allows compliant institutions to conduct multi-currency transactions and atomic settlements using stablecoins 24/7, simplifying counterparty and clearing processes in the traditional forex market. Initial partners include regional stablecoin issuers from Brazil, Australia, Japan, South Korea, and other regions. The Arc mainnet is expected to launch in 2026.
According to Solid Intel, Circle Internet Group is exploring launching a native token on ARC Network.
Sui launches USDSui, a stablecoin for notes, expected to list later this year.
According to the Sui blog, Sui will partner with Bridge (a subsidiary of Stripe) to launch its native stablecoin USDsui, targeting wallets, DeFi, and application scenarios. It will be compatible with the Bridge ecosystem and interoperable with stablecoins on platforms such as Phantom, Hyperliquid, and MetaMask. USDsui is deployed on Open Issuance and is positioned for compliance preparation, cross-border payments, and P2P transfers, aiming to comply with the requirements following the enactment of the GENIUS Act. Related revenue will be used for ecosystem growth and investment. The official statement claims that the total on-chain transfer volume of the Sui stablecoin in August and September reached approximately $412 billion, reflecting both demand and carrying capacity.
According to The Block, NH Nonghyup Bank, one of South Korea's five major banks, has launched a proof-of-concept project to digitize value-added tax (VAT) refunds for inbound tourists and to validate a real-time settlement model using stablecoins. The project collaborates with Avalanche, Fireblocks, Mastercard, and Worldpay, using the Avalanche blockchain to test smart contract-driven automated refund and stablecoin settlement processes. Because the project aims to confirm technical and operational feasibility, it does not involve real funds or customer data. Addressing the increasing number of tourists visiting South Korea, the project improves the VAT refund process, allowing foreign tourists to apply for a 10% VAT refund upon departure. NH Nonghyup Bank plans to revolutionize the traditional paper-based refund process in two ways and also stated that it will further develop stablecoin-based payment and refund services in accordance with upcoming guidelines from financial regulators.
Global fund network Calastone partners with Polygon for tokenized asset distribution
According to The Block, global fund network Calastone has once again selected Polygon as its tokenization technology partner. Starting Wednesday, asset management firms can distribute Calastone's tokenized fund share classes on the Polygon network. Simon Keefe, Head of Digital Solutions at Calastone, stated that the market craves more efficient and transparent infrastructure, and blockchain is ready for large-scale adoption; with Polygon, its tokenization issuance platform can seamlessly integrate into the on-chain ecosystem, combining a global network with the efficiency of blockchain to simplify the fund issuance process. Tokenized fund share classes are a digital form of traditional mutual fund or ETF shares, backed by a 1:1 ratio of real, regulated, custodial fund units.
According to Businesswire, Telcoin announced that it has received final franchise approval from the Nebraska Department of Banking and Finance to launch Telcoin Digital Asset Bank, the first digital asset custodian in the United States. This franchise allows Telcoin to directly link US bank accounts with regulated "digital cash" stablecoins. Its flagship product, eUSD, will be the first bank-issued, on-chain USD stablecoin. This is also the first explicitly authorized banking license connecting US consumers with DeFi.
Hedera integrates the ERC-3643 standard to enhance asset tokenization compliance capabilities.
Hedera has announced the integration of ERC-3643 (the T-REX standard proposed by Tokeny) into its Asset Tokenization Studio, supporting cross-border asset issuance within a global compliance framework. This standard introduces on-chain identity verification and a modular architecture, enhancing flexibility and compliance. The new feature will help financial institutions and enterprises easily issue compliant assets that meet KYC/KYB requirements, and it supports ERC-1400 in parallel, achieving global adaptability.
Bank of New York Mellon launches money market fund designed specifically for stablecoin issuers.
According to US media reports, Bank of New York Mellon is launching a money market fund specifically tailored for stablecoin issuers who need to comply with the recently signed US stablecoin laws. The bank's BSRXX is one of the first funds specifically designed for stablecoin providers, aiming to provide them with an investment venue where they can deposit funds received when issuing new tokens, while complying with the GENIUS Act, which Trump signed into law earlier this year. This law requires dollar-backed digital token issuers to invest their reserves in ultra-safe investments with shorter durations than traditional money market funds. Stephanie Pierce, vice president of investment at Bank of New York Mellon, stated that the new fund is designed to meet the law's requirements by holding only securities with maturities of 93 days or less.
Aave Labs subsidiary Push Virtual Assets Ireland Limited has been authorized by the Central Bank of Ireland (CASP) under the EU's MiCAR framework to launch a regulated, zero-fee stablecoin deposit/deposit service in the EEA, supporting GHO and other stablecoins. This service allows users to easily convert between Euros and digital assets, emphasizing consumer protection and transparency. Aave Labs has chosen Ireland as its EEA operations center; the authorization applies only to compliant deposits and withdrawals for Push, and the decentralized Aave Protocol remains unaffected.
According to official sources, MSX has completed spot and contract transactions for data storage product manufacturer $STX.M and storage solutions provider $WDC.M; spot transactions for integrated retail power and generation company $VST.M have also been added simultaneously.
Insights Highlights
BNY Mellon: Stablecoins and tokenized cash could reach $3.6 trillion by 2030
According to a CoinDesk report, a recent report from Bank of New York Mellon (BNY) predicts that the market capitalization of stablecoins and tokenized cash could reach $3.6 trillion by 2030, with stablecoins estimated at $1.5 trillion and the remainder consisting of tokenized deposits and money market funds. These digital cash equivalents can accelerate settlement, reduce risk, and improve collateral liquidity. The report points out that tokenized assets, such as US Treasury bonds and bank deposits, can help institutions optimize collateral management and simplify processes. In the future, pension funds may be able to instantly use tokenized money market funds to pay margin for derivative contracts, and such scenarios will become more common. The report considers regulation to be a key driving force, citing the EU's Crypto-Asset Markets Regulation and ongoing policy work in the US and Asia-Pacific regions, indicating a maturing regulatory environment that is expected to support both innovation and market stability. The report argues that blockchain will not replace traditional systems but will work in synergy with them; the combination of traditional and digital technologies will bring significant value to customers and the world.
RWA 2025 Report: Asset Tokenization and Future Outlook
PANews Overview: By 2025, the tokenization of real-world assets had moved beyond its early experimental phase and officially entered a "mainstream" turning point driven by large-scale adoption by major global financial institutions (such as UBS and Apollo) and a clear regulatory framework. It is no longer simply about "moving" traditional assets (from bonds to stocks) onto the blockchain to provide access opportunities, but rather, through unique advantages such as 24/7 trading and programmability, it is giving rise to new financial application scenarios such as stock-backed lending. This is building a new financial infrastructure that connects traditional finance with Web3 and is protected by clear regulation, and is expected to enter the next stage of large-scale expansion, led by Asia.
PANews Overview: The global financial landscape is undergoing a profound transformation from "de-banking" to "banks on the blockchain." Traditional banking systems are no longer resisting blockchain but are instead using "tokenized deposits" (i.e., on-chain certificates of bank deposits) as a weapon to proactively launch an institutional reform aimed at regaining dominance in the digitalization of currency while balancing efficiency and sovereignty. From Singapore's cross-chain interoperability and Hong Kong's multi-tiered monetary framework to the UK's institutional pilot programs, banks around the world are attempting to integrate into and reshape the on-chain payment and settlement ecosystem by putting their liabilities on the blockchain, while retaining existing legal validity and regulatory control. This aims to build a multi-layered and complementary future financial infrastructure composed of central bank digital currencies, tokenized deposits, and regulated stablecoins.
