Highlights of this episode

This week's statistics cover the period from May 8, 2026 to May 15, 2026.

This week, the total market capitalization of RWA on-chain reached $31.4 billion, with the number of holders increasing by 6.75%. However, the market capitalization of stablecoins declined slightly, and the monthly transaction volume plummeted by more than 30%, indicating a significant cooling in demand for large-value settlements. Meanwhile, the total number of holders continued to expand, and the market is shifting towards a focus on both "allocational holdings and scenario penetration."

A milestone has been reached in regulation: the U.S. Clarity Act has been passed by the Senate committee and will soon be submitted to Congress for final review; the Bank of England has recognized stablecoins as a "new form of money" and opened applications; Canada, South Korea and other countries are simultaneously refining their rules, accelerating the global legislative process.

At the project level: BlackRock plans to launch two tokenized money market funds for stablecoin holders and will once again partner with Securitize; JPMorgan Chase launched its second tokenized money market fund, JLTXX, on Ethereum; Fidelity International's first tokenized fund received the highest rating from Moody's; the Korean won stablecoin KRWQ expanded to Solana; and Société Générale deployed a stablecoin on Canton Network.

Anthropic and OpenAI's pre-IPO tokens plummeted following company announcements, highlighting the risks of unauthorized tokenization.

In terms of funding, stablecoin bank Fastet completed a $51 million Series B round, while Boundary and Osero secured early-stage funding.

Data Perspective

RWA Track Panorama

According to the latest data disclosed by RWA.xyz, as of May 15, 2026, the total market capitalization of RWA on-chain reached $31.42 billion, a slight increase of 0.81% compared to the same period last month, with asset growth slowing to a recent low. The total number of asset holders increased to approximately 785,700, an increase of 6.75% compared to the same period last month, marking the largest monthly increase in recent times.

Stablecoin Market

The total market capitalization of stablecoins fell to $305.14 billion, a slight decrease of 0.34% compared to the same period last month, ending the previous moderate expansion trend; monthly transaction volume dropped significantly to $7.45 trillion, a sharp drop of 32.51% compared to the same period last month, marking the largest monthly decline in recent times, indicating a sharp contraction in market demand for large-scale settlements and arbitrage.

The total number of monthly active addresses dropped to 55.37 million, a slight decrease of 1.55% compared to the same period last month; the total number of holders steadily expanded to 253 million, an increase of 3.75% compared to the same period last month. The two are clearly diverging, indicating that retail investor participation has cooled down, but demand for asset allocation is still growing.

The leading stablecoins are USDT, USDC, and USDS. Among them, the market capitalization of USDT increased by 2.27% month-on-month; the market capitalization of USDC decreased by 3.18% month-on-month; and the market capitalization of USDS increased by 4.04% month-on-month.

Regulatory news

The CLARITY Act has been passed by a Senate committee and will soon undergo final review by Congress.

According to CoinDesk, the U.S. Senate Banking Committee passed the CLARITY bill in a bipartisan vote of 15-9, moving it to the next stage of the process. Democratic Senators Ruben Gallego and Angela Alsobrooks voted in favor along with all Republicans. Committee Chairman Tim Scott secured Democratic support at the last minute by allowing a previously rejected amendment. The bill will now be merged with the version previously passed by the House Agriculture Committee, then submitted to the full Senate for a vote, and finally to the House for a final decision.

The final passage of the bill still depends on further negotiations on preventing crypto and DeFi technologies from being used for financial crimes, as well as ethical clauses restricting government officials' involvement in the crypto industry. Alsobrooks stated that today's vote was a vote of continued effort, and much work remains to be done. Gallego also indicated that the final vote will depend on further progress. Digital Chamber of Commerce President Cody Carbone anticipates that an agreement on the ethical clauses will be finalized before a full vote, and the bill needs to be passed before August to avoid further delays due to the summer recess and midterm elections.

Bank of Canada: Stablecoin regulations may be introduced in mid-to-late 2027

According to Reuters, Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, testified before the Senate that the design of Canadian stablecoin regulations is in full swing and is expected to be launched in mid-to-late 2027. She noted that the previously planned launch target of early 2027 was too aggressive.

The Bank of England will accept applications for stablecoins, viewing them as a "new form of money."

According to Decrypt, Bank of England Executive Director Sasha Mills stated that the Bank of England views stablecoins as "a new form of money" and will not "pick a winner" between tokenized deposits and stablecoins. Mills said the Bank of England will open applications for "systemic stablecoins" by the end of the year. These stablecoins are widely used in payments and may pose a risk to financial stability, and will be regulated by the central bank. Matthew Long, Director of Payments and Digital Assets at the Financial Conduct Authority (FCA), stated that other stablecoins are regulated by the FCA, and there is still room for pound-denominated stablecoins to play a role. Mills also pointed out that 99% of global stablecoins are denominated in US dollars and do not comply with the US GENIUS Act, and the UK is on the same timeline as the US.

South Korea's Financial Services Commission will release detailed rules for tokenized securities in July, proposing to allow the issuance of multi-asset bundles.

According to Money Today, South Korea's Financial Services Commission (FSC) will release detailed rules for tokenized securities in July, preparing for implementation in February next year. The country's financial authorities will allow the issuance of fragmented investment securities by packaging multiple underlying assets, and will develop a roadmap for the tokenization of traditional securities such as stocks and bonds. The FSC stated that while previously prohibiting the issuance of fragmented securities by packaging underlying assets, it now intends to allow such packaging within certain limits. The FSC emphasized that market order and investor protection are fundamental prerequisites, but will not prioritize regulation. The annual investment limit for fragmented investment securities issuance platforms will be 10 million to 20 million won, with crowdfunding capped at 5 million won per unit, totaling 10 million won. The annual sales limit for unlisted stocks on over-the-counter exchanges will be 300 million won, and for investment contract securities on over-the-counter exchanges, it will be 40 million won.

Stablecoin legislation is absent from South Korea's National Assembly's review process; eight related bills remain pending.

According to Edaily, the South Korean National Assembly's Political Committee held its final bill review subcommittee meeting of the first half of the year today, discussing 53 bills, nearly half of which were amendments to the Capital Markets Act. However, the Digital Assets Basic Law (the second phase of legislation) related to stablecoins was excluded from the discussion. The committee believes that, considering the committee's reorganization after May and the local elections in June, the discussion of the bills can be postponed until the second half of the year. Currently, there are eight stablecoin-related bills awaiting processing in the National Assembly. Industry insiders warn that the longer the legislation of the Digital Assets Basic Law is delayed, the more severe the negative impacts, such as capital outflows and domestic industrial contraction, will be.

Project progress

Anthropic and OpenAI's tokenization pre-IPO stocks plummeted.

Anthropic and OpenAI recently warned that equity transfers without company approval, including transactions through SPVs, tokenized instruments, or forward contracts, may be invalid and not recognized by the companies, causing a sharp drop in the related PreStocks tokens on the Solana chain.

Data shows that Anthropic PreStocks fell by approximately 38%, while OpenAI PreStocks dropped by about 46%. Both companies emphasized that their common and preferred stock are subject to strict transfer restrictions, and transactions without board approval will not be recognized by shareholders. OpenAI further warned that the transactions may also violate U.S. securities laws, and the buyers may not receive any actual economic benefits.

The report states that PreStocks (Pre-IPO stocks) are tokenized tools for tracking the implied valuation of unlisted companies, but they have not been officially authorized by the target companies.

BlackRock plans to launch two tokenized money market funds for stablecoin holders and has submitted a new tokenized fund application to the U.S. SEC, again choosing to partner with Securitize.

According to Bloomberg, BlackRock is planning to launch two tokenized money market funds targeting stablecoin holders, rather than traditional bank account customers. One is the digital equity class of BlackRock Select Treasury Liquidity Fund, investing in securities maturing within 93 days, such as cash and U.S. Treasuries, and will be issued on the Ethereum blockchain. The other is a newly established BlackRock Daily Reinvestment Stablecoin Reserve Fund, targeting investors managing their finances through crypto wallets and stablecoins, and will be launched on multiple blockchains. BlackRock CEO Larry Fink has repeatedly stated that all financial assets will eventually be tokenized. BlackRock's BUIDL fund, launched in 2024, currently has approximately $2.5 billion in assets.

According to The Defiant, BlackRock has filed a new tokenized fund structure application with the SEC, again selecting Securitize as its infrastructure provider. This is its second tokenized fund, following its first, BUIDL (with approximately $2.3 billion in assets under management), launched in 2024. The new application plans to combine blockchain-based ownership records with regulated transfer agents and investor access systems.

JPMorgan Chase will launch its second tokenized money market fund on Ethereum.

According to The Block, JPMorgan Chase is launching its second tokenized money market fund, based on filings made Tuesday, to meet the reserve asset requirements for stablecoin issuers under the GENIUS Act. The fund, named OnChain Liquidity-Token Money Market Fund (ticker symbol JLTXX), will be tokenized on the Ethereum blockchain and will invest in U.S. Treasury bonds and overnight repurchase agreements secured by Treasury bonds or cash. The blockchain technology is managed by Kinexys Digital Assets, a JPMorgan Chase subsidiary. The SEC filing is set to take effect on May 13, but JPMorgan Chase has not disclosed a specific launch date.

JLTXX is JPMorgan Chase's second tokenized money market fund launched on Ethereum, following the MONY fund launched at the end of last year. The MONY fund primarily targets institutional investors seeking on-chain cash management products.

Fidelity International launches its first tokenized fund, FILQ, which receives the highest AAA-mf rating from Moody's.

According to The Block, Fidelity International has launched its first tokenized fund, FILQ, an on-chain version of its existing multi-billion dollar institutional liquidity fund, offering 24/7 trading. Moody's has awarded the fund the highest AAA-mf rating. The rating agency noted that FILQ follows the same investment strategy as the Aaa-mf-rated Irish Low Volatility Net Asset Value Fund, which manages nearly $7 billion. Launched on May 6, the fund's tokenization infrastructure is provided by Sygnum, and daily net asset value data from JPMorgan Chase is provided by Chainlink. FILQ is issued on Ethereum using the ERC-20 standard, and investors can subscribe and redeem 24/7 via stablecoins.

Ondo integrates tokenized US stock assets into Hyperliquid HyperEVM

According to the Ondo Finance official blog, Ondo now supports cross-chain transfers of its tokenized stocks and ETFs (such as SPYon, NVDAon, TSLAon, etc.) from Ethereum and BNB Chain to Hyperliquid's HyperEVM via the Ondo Bridge. This integration supports 35 tokenized assets and can be combined with Hyperliquid's perpetual contract market for strategies such as basis trading, funding rate arbitrage, and neutral hedging. Ondo's tokenized asset prices are pegged to traditional market quotes such as the NYSE and Nasdaq, aiming to preserve liquidity in offline markets. Since its launch in September 2025, Ondo Global Markets has accumulated a TVL of approximately $970 million and a trading volume of nearly $18 billion.

U.S. Senators question Mark Zuckerberg about Meta stablecoin plans.

According to Cointelegraph, Massachusetts Senator Elizabeth Warren has written to Meta CEO Mark Zuckerberg, requesting clarification on the company's stablecoin integration plans. Warren stated that Meta's lack of transparency is "deeply disturbing," given its previous plans to launch the global stablecoin Libra (later renamed Diem). She believes that Congress needs to understand Meta's stablecoin plans in the context of the U.S. government's push for digital asset market structure legislation.

Warren has requested that Zuckerberg provide detailed information on the stablecoin pilot program by May 20th, including the planned launch date, potential third-party stablecoins, and privacy measures. Meta launched USDC stablecoin payments to select creators in the Philippines and Colombia in April. Warren is a ranked member of the Senate Banking Committee, which is currently considering the CLARITY Act.

Coinbase becomes the USDC treasury deployer in the Hyperliquid ecosystem and acquires USDH branded assets from Native Markets.

Coinbase announced plans to activate AQAv2 on Hyperliquid using USDC, with Coinbase acting as the fund deployer and Circle responsible for deploying CCTP and native cross-chain infrastructure technology. Both Coinbase and Circle have committed to staking HYPE to activate AQAv2.

As part of this adjustment, Native Markets has agreed to grant Coinbase the right to purchase USDH branded assets. Hyperliquid stated that USDC will be the "best fit" stablecoin on Hyperliquid, as Coinbase, acting as the fund deployer, shares most of the reserve yield revenue with the protocol. Following future network upgrades, the HIP-4 market will use USDC as the pricing asset.

In addition, the Hyper Foundation stated that it will provide migration subsidies to eligible HIP-1 and HIP-3 deployers and development teams integrating USDH. The USDH market is currently still operating normally but will be phased out gradually; during this period, users can still exchange USDC for fiat currency without transaction fees.

Société Générale deploys its stablecoins EURCV and USDCV on Canton Network.

According to Cointelegraph, Société Générale will deploy its euro and dollar stablecoins EURCV and USDCV on the Canton Network through its digital asset subsidiary SG-FORGE for tokenized collateral, buyback financing, and institutional settlement. The bank plans to utilize the Canton Network for collateral management and short-term financing transactions related to tokenized assets, and participate in the network as a strategic partner and validator.

SG-FORGE launched the euro stablecoin EURCV in 2023 and the dollar stablecoin USDCV in 2025, with current market capitalizations of approximately $97 million and $20 million respectively.

SBI and Startale plan to launch Japan's first trust bank-backed yen stablecoin in Q2.

According to Solid Intel, Japanese financial group SBI and blockchain R&D company Startale plan to launch Japan's first yen-denominated stablecoin backed by a trust bank in the second quarter, for use in B2B settlements, cross-border payments, and AI-assisted transactions.

The Japan Blockchain Foundation will issue a yen-denominated stablecoin, EJPY, for B2B settlements.

According to The Block, the Japan Blockchain Foundation announced it will issue a yen-pegged stablecoin, EJPY, on the enterprise consortium blockchain Japan Open Chain and Ethereum. EJPY will employ a trust structure, with the foundation acting as the settlor and currently in talks with potential trustees. The stablecoin will be used for B2B settlements, digital asset settlements, remittances, and Web3 service payments, and multi-chain compatibility will be considered in the future. Japan Open Chain is operated by 14 validators, including Dentsu and NTT Communications. Trust-based stablecoins are not subject to the 1 million yen remittance limit per transaction. The issuance timeline is yet to be determined, but the foundation aims to launch the issuance within the year. Previously, SBI Holdings launched the trust-based stablecoin JPYSC, and the three major banks are also advancing stablecoin and tokenized deposit pilot programs.

The Korean won stablecoin KRWQ has been expanded to the Solana network.

According to The Block, the South Korean won-denominated stablecoin KRWQ has announced its expansion to the Solana network, aiming to support on-chain South Korean won liquidity. Created in partnership with IQ and Frax, the team stated that this deployment will make KRWQ a core settlement asset for South Korean won liquidity on Solana. KRWQ will support various South Korean won-denominated trading applications on Solana, including perpetual futures, on-chain forex markets, arbitrage strategies, cross-margin trading between South Korean won and US dollar stablecoins, and institutional and algorithmic trading systems. The team stated that Solana's low-latency execution and deep liquidity were the reasons for choosing this network.

In March of this year, KRWQ was listed on EDX Markets' spot and perpetual contract markets, including the launch of Korean won perpetual futures on EDXM International. The stablecoin, first launched last October, was the first Korean won stablecoin on Base Layer 2.

US-based token trading platform MSX has launched several new spot tokens across various sectors.

US-based token trading platform MSX has listed the following companies: software leader ETF $IGV.M, photovoltaic + energy storage supplier $CSIQ.M, SiC power semiconductor player $WOLF.M, high-power laser company $LASR.M, magnetoresistive random access memory player $MRAM.M, fabless semiconductor company $QUIK.M, semiconductor equipment company $ALUM.M, and EUV ETF $EUV.M.

Financing Dynamics

Boundary completes a $2 million pre-seed funding round led by Galaxy, and will launch its institutional stablecoin USBD.

According to The Block, stablecoin startup Boundary Labs has completed a $2 million pre-seed funding round, led by Galaxy Ventures, with participation from First Block Capital and BlackWood, among others. The company plans to launch its institutional-facing "verifiable" stablecoin, USBD, on the Ethereum mainnet in early summer 2026. Boundary co-founder and CEO Matthew Mezger stated that USBD is designed around "continuous on-chain verifiability" of reserves, net asset value, and protocol performance, providing daily system state reports, including overcollateralization levels and real-time NAV calculations, aiming to shift stablecoins from a trust-based model to a trustless tool.

USBD itself does not generate interest, but the protocol will provide a separate staking token, sUSBD, allowing eligible institutional participants to earn protocol revenue through neutral hedging DeFi strategies. Protocol revenue will be used to build a treasury reserve, fund operations, and distribute rewards to sUSBD stakers through an on-chain distribution system.

Stablecoin yield project Osero raises $13.5 million, led by Sky Ecosystem.

According to The Block, Osero, a stablecoin yield infrastructure project, has completed a $13.5 million funding round led by Sky Ecosystem (formerly MakerDAO), with participation from Plasma. The entire funding round was structured in the form of a future token protocol (SAFT), and the valuation was not disclosed. Osero, incubated by Stablewatch, a stablecoin yield data and risk control platform, focuses on providing savings infrastructure for Sky's stablecoins USDS (formerly DAI) and sUSDS. It provides access to Sky Savings Rate for individuals and institutions through the Osero App and Osero Earn, and integrates with wallets, banks, and exchanges. The company has allocated $10 million of the funding as a risk reserve to buffer potential losses, and related deployments will adhere to Sky's risk assessment framework based on Basel III.

Stablecoin bank Fastet completes $51 million Series B funding round, with SBI Group and others participating.

Fastet, a new bank driven by stablecoins, has completed a $51 million Series B funding round, with participation from Japan's SBI Group, Investcorp, and Turkish asset management firm Arz Portföy. The specific valuation was not disclosed.

Fasset stated that the new funds will be used to expand into more markets, develop lending and trade finance products for SMEs, and expand its stablecoin payment and custody infrastructure, "Own Network".

Fasset, headquartered in Los Angeles, currently operates over 50 payment gateways across Asia, Africa, and the Middle East, utilizing stablecoins for cross-border transfers. The company claims its platform covers 125 countries, serves over 1,000 small and medium-sized enterprises, and has an annualized transaction volume exceeding $32 billion.

In addition, Fastet had previously partnered with Tether to launch a new gold-backed bank card product pegged to tokenized assets.

Insights Highlights

Moody's: Bank of America expects digital financial transformation to be "slow at first, then fast."

According to Cointelegraph, Moody's released a report after discussions with major U.S. banks and financial market intermediaries, stating that most institutions believe the digital financial transformation will follow a "slow at first, fast later" pattern, with tokenization gradually expanding and benefiting more market participants, assets, and application scenarios. Moody's points out that current tokenization activity is mainly concentrated in cryptocurrency trading, cross-border retail payments, and some institutional use cases, but almost all major banks have established digital asset teams or innovation departments and are actively participating in industry pilots.

Moody's also outlined three possible scenarios for the financial system: In the baseline scenario, tokenization expands into specific assets such as stablecoins and tokenized deposits, but existing asset managers, banks, and infrastructure providers remain central; in the low-growth scenario, regulatory frictions, unresolved legal issues, and insufficient end-user demand inhibit adoption, limiting asset tokenization and digital currencies to narrow use cases; in the most disruptive scenario, stablecoins are widely adopted as an on-chain settlement option, traditional infrastructure such as payment processors and correspondent banks face revenue loss pressures, and deposits at small and medium-sized banks may decline.

Circle released the Arc Network white paper, raising the question of whether its new economic mechanisms can propel it to become a "clearing and coordination layer" for institutional-grade stablecoin payments.

PANews Overview: Circle recently released the white paper for its Arc L1 public chain, designed specifically for stablecoin payments, and plans to launch its mainnet this summer.

The Arc network innovatively introduces USDC as its native gas token to stabilize transaction costs and achieves instant finality and compliance verification for enterprise-level transactions through the Malachite consensus mechanism, while also providing optional privacy protection features. To address the centralization risks inherent in early Proof-of-Action (PoA) mechanisms, the new white paper proposes the ARC token as a harmonizing asset, driving the network's future evolution towards a Proof-of-Stake (PoS) mechanism.

At that time, stablecoin transaction fees paid by users will be automatically converted into ARC tokens, which will be used for network governance, validator rewards, and partial burning. Although the network still faces challenges such as its relatively centralized nature, economic model uncertainty, and global regulatory differences, it is expected to become an important clearing and coordination infrastructure connecting traditional finance and the on-chain economy.

Wall Street is betting heavily on RWA: BlackRock, Franklin Templeton, and Morgan Stanley are bringing financial markets onto the blockchain.

PANews Overview: As the global RWA (Real-World Assets) market surpasses $30 billion, Wall Street giants such as BlackRock, Franklin Templeton, and JPMorgan Chase are accelerating the on-chain tokenization of traditional financial markets.

BlackRock recently filed for a new fund structure with the U.S. SEC, aiming to integrate on-chain asset shares with the traditional regulatory system. Its BUIDL fund has already reached $2.3 billion in size. Franklin Templeton has partnered with Kraken to explore tokenized stocks and actively managed income products, further blurring the lines between the crypto market and traditional finance. JPMorgan Chase launched JLTXX, an Ethereum tokenized money market fund with U.S. Treasury bonds and repurchase agreements as its underlying assets, aiming to build an on-chain dollar liquidity system.

These initiatives indicate that the crypto industry is shifting from high-risk speculation to building a new financial system, enabling 24-hour circulation and real-time settlement through blockchain, and comprehensively upgrading global financial infrastructure.

CZ: Today I will attend the second offline meeting of the National Blockchain and Cryptography Committee with the President of Kyrgyzstan

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