Highlights of this episode

This week's statistics cover the period from April 24, 2026 to May 1, 2026.

This week, the total market capitalization of RWA on-chain remained above $30 billion, but the total market capitalization of stablecoins fell back to $298.6 billion. Monthly transaction volume cooled significantly, while the number of monthly active addresses continued to grow to 56.57 million, and retail investor participation accelerated its recovery. The market is transitioning from a "high turnover-driven" phase to a structural optimization phase that emphasizes both holding and use.

On the regulatory front, the US crypto market structure bill is expected to advance in May, but ethical clauses and Trump's vested interests have become key obstacles; the Hong Kong Monetary Authority has warned of fake stablecoins, and Russia, India, Israel and other countries are simultaneously refining their regulations, accelerating the global framework from principles to enforceable rules.

At the project level, payment giants continue to expand: Visa extends stablecoin settlement to five new networks including Polygon; Meta returns to stablecoin payments through Stripe, issuing USDC to creators; Western Union will launch the Solana stablecoin USDPT and stablecoin cards; and Shinhan Card of South Korea is collaborating with the Solana Foundation to test stablecoin payment scenarios.

In terms of financing, RWA revenue platform Nuva Digital completed a $5.2 million seed round of financing, while Tether led a $14 million Series A round for Latin American wallet Belo.

Data Perspective

RWA Track Panorama

According to the latest data disclosed by RWA.xyz, as of May 1, 2026, the total market capitalization of RWA on-chain reached $30.24 billion, a 4.39% increase compared to the same period last month, maintaining steady growth. The total number of asset holders increased to approximately 739,800, a 3.24% increase compared to the same period last month, significantly lower than the asset growth rate.

Stablecoin Market

The total market capitalization of stablecoins fell to $298.6 billion, a slight decrease of 0.04% compared to the same period last month, indicating a marginal contraction in liquidity pools. Monthly transaction volume declined to $9.06 trillion, a sharp drop of 13.94% compared to the same period last month, ending a continuous upward trend and reflecting a significant cooling in market demand for large-scale settlements and arbitrage.

The total number of monthly active addresses increased to 56.57 million, a 7.5% increase compared to the same period last month; the total number of holders steadily expanded to 247 million, a slight increase of 2.09% compared to the same period last month. These two factors combined indicate that retail investor participation is recovering rapidly, and the market structure is becoming healthier.

The leading stablecoins are USDT, USDC, and USDS. Among them, the market capitalization of USDT increased slightly by 0.06% month-on-month; the market capitalization of USDC increased by 0.35% month-on-month; and the market capitalization of USDS decreased significantly by 13.45% month-on-month.

Regulatory news

The crypto market structure bill is expected to advance in May, but ethical controversies and Trump's vested interests pose obstacles.

According to The Block, the U.S. crypto market structure bill is gaining momentum in the Senate Banking Committee, with lawmakers aiming for a hearing in mid-May. However, several controversies remain unresolved, including how to address stablecoin yields, ethics clauses, and how to handle President Trump's crypto interests. Senator Thom Tillis has asked Committee Chairman Tim Scott to advance the hearing, but stated he will oppose it if the bill does not include ethics clauses. Senator Angela Alsobrooks emphasized that illicit finance and ethical issues must be addressed to secure bipartisan approval. Senator John Kennedy currently opposes crypto legislation due to the housing bill controversy. Committee Chairman Scott stated the bill has entered the "red zone" and hopes for bipartisan consideration in May, followed by a Senate vote in June or July. However, industry insiders estimate the bill's chances of passing to be only 15% to 25%, while Galaxy estimated it at 50% last week.

Furthermore, the Trump family's cryptocurrency interests have raised ethical concerns. Bloomberg estimates that Trump has profited at least $1.4 billion from his cryptocurrency projects, including DeFi and stablecoin project World Liberty Financial. The Trump family also holds a 20% stake in mining company American Bitcoin.

After the U.S. housing bill stalled, House Republicans turned to the FISA bill to push for a permanent ban on CBDCs.

According to crypto journalist Eleanor Terrett, with housing legislation stalled, House Republicans are turning to the Foreign Intelligence Surveillance Act (FISA) as a possible legislative vehicle to permanently ban central bank digital currencies, but Senate Minority Leader John Thune is not very interested in this.

Hong Kong Monetary Authority: Be wary of tokens claiming to be linked to licensed stablecoin issuers.

The Hong Kong Monetary Authority (HKMA) has issued a notice urging the public to be vigilant and pay attention to press releases from IDP Financial Technology Limited and The Hongkong and Shanghai Banking Corporation Limited (HSBC) regarding tokens claiming to be associated with licensed stablecoin issuers. Tokens using the codes "HKDAP" or "HSBC" have appeared on the market, but these tokens are not issued by and have no connection with the licensed stablecoin issuers. To date, both licensed stablecoin issuers have stated that they have not issued any regulated stablecoins on the market. The public should be alert to any fraudulent activities or scams claiming to be associated with the licensees or their issued stablecoins. In case of doubt, the public should refer to the official announcements of the two licensees. The public should also purchase or use stablecoins through regulated channels.

The UK's FCA has released new rules and guidelines on fund tokenization.

The UK Financial Conduct Authority (FCA) has released a policy statement and accompanying guidance on "Progressing Fund Tokenization," clarifying that asset management firms can use distributed ledger technology (DLT) for fund tokenization within the existing regulatory framework. The new regulations also introduce an optional Direct to Fund (D2F) model, allowing investors to trade directly with traditional or tokenized funds to improve subscription and redemption efficiency. The FCA stated that this framework provides operational guidance for funds adopting tokenized and digital cash instruments and is part of the UK asset management industry's digital asset roadmap. The FCA will continue to communicate with the industry regarding the application of DLT in the UK wholesale market.

Japan's Financial Services Agency has explicitly classified JPYC, the issuer of the yen-denominated stablecoin, as a "money mobility service provider."

According to CoinPost, Japan's Financial Services Agency (FSA) has, for the first time, explicitly classified JPYC, the country's first yen-denominated stablecoin issuer, as a "money flow operator" in its official publication, *Access FSA*, placing it under the same legal framework as payment services like PayPay and Rakuten Pay. FSA officials explained that from an economic perspective, the process of a user paying JPYC 10,000 yen to obtain an equivalent amount of stablecoins, the stablecoins circulating in the market, and the eventual holder applying to JPYC to exchange them back for yen essentially constitutes "money flow." Money flow operators are divided into three categories, and JPYC falls into the corresponding category, bearing the obligation to protect at least 100% of users' pre-deposited assets; even if the operator goes bankrupt, users' funds are generally fully refunded. The FSA stated that the money flow industry has already played a role as national infrastructure and has established a Fintech support window and a demonstration platform to support new services.

The Central Bank of Russia: The core of the digital ruble is to monitor state contract spending; individual use is voluntary.

According to Russian crypto media outlet Bits.media, Russian Central Bank Governor Nabiullina stated publicly that the core role of the digital ruble is to automate the oversight of national contract spending, replacing the traditional manual review process. She clarified that the digital ruble maintains the same transparency as existing non-cash rubles, and that claims about it monitoring personal daily payments are a misunderstanding. The Central Bank of Russia has made it clear that it will not force the public to open digital ruble accounts and related payment services; adoption will be voluntary, with plans to open trial access to the public in September this year, promoting adoption through positive guidance. Previously, the Central Bank of Russia had completed updates to the rules for opening digital ruble accounts for businesses and individuals, paving the way for full-scale implementation.

India is pushing forward with a digital rupee pilot program and plans to connect with BRICS countries' CBDCs.

According to CoinDesk, the Reserve Bank of India (RBI) is piloting approximately $80 billion in welfare spending in e-rupee across about 10 trials to reduce subsidy leaks and corruption, and to identify clear scenarios for a CBDC. In Maharashtra, farmers can receive a programmable subsidy covering 80% of drip irrigation costs, usable only at designated merchants; Gujarat plans to migrate food subsidies for 7.5 million eligible households to e-rupee by June. Since its launch in December 2022, e-rupee has accumulated approximately $3.6 billion in transactions, far less than the Unified Payments Interface (UPI), which processes approximately $300 billion in transactions monthly. Meanwhile, the RBI is pushing for a proposal at the 2026 BRICS summit to integrate national CBDCs and reduce reliance on the US dollar, but this move could trigger geopolitical risks such as US tariffs.

Israeli regulators approve shekel-pegged stablecoin BILS

According to Cointelegraph, the Israeli Capital Markets, Insurance and Savings Authority has approved BILS, a shekel-pegged stablecoin issued by the virtual exchange Bits of Gold, after a two-year pilot program on the Solana blockchain. The stablecoin's reserve assets will be held in designated and segregated accounts in Israel. The founder of Bits of Gold stated that BILS establishes a direct bridge between the Israeli shekel and the global digital asset ecosystem, enabling real-time payments, on-chain transactions, and programmable financial applications based on regulated local currencies. The stablecoin launch comes as the Israeli shekel is at a 30-year high against the US dollar.

Project progress

State Street Bank will launch tokenized fund services in Luxembourg before the end of the year.

According to The Block, custody giant State Street plans to launch a tokenized fund service in Luxembourg through its State Street Investment Services by the end of 2026 at the latest, extending its existing fund management, custody, and registration agency functions onto the blockchain. The service will operate through its Digital Asset Platform, supporting both tokenized and traditional funds under a unified operating model, and providing infrastructure for the entire lifecycle of issuance, management, and custody. Clients can operate and manage risk through a single interface.

Stable Sea integrates with WisdomTree's tokenized government bond fund for corporate cash management.

According to Cointelegraph, financial management startup Stable Sea has integrated WisdomTree's tokenized U.S. Treasury money market fund, WTGXX, into its platform, helping corporate clients allocate idle cash to government-supported funds instead of leaving it in low-yield bank accounts. StableSea offers a service that automatically reallocates corporate cash balances to yield-generating instruments. WTGXX primarily invests in short-term U.S. Treasury bonds and had total assets of $858 million as of April 28, with a daily yield of 3.43%.

Ondo Finance adds proxy voting functionality for tokenized stock holders.

According to CoinDesk, Ondo Finance has partnered with Broadridge to add proxy voting capabilities for holders of over 250 tokenized securities on its platform. Investors can log into Broadridge's ProxyVote system using their crypto wallets to view company documents and submit voting preferences. While Ondo's tokens are decoupled from the underlying shares and do not grant investors direct shareholder rights, the new system allows investors to express their preferences, which Ondo can then incorporate when voting on their shareholdings.

Securitize partners with Computershare to launch a blockchain-based channel for US stock equity.

Securitize announced an agreement with equity registration service provider Computershare to support the issuance of equity securities in tokenized form for US-listed companies, opening up a new path for on-chain share issuance. The partnership allows issuers to add Issuer-Sponsored Tokens (ISTs) in addition to traditional stocks (including DRS) without altering their existing capital structure. Computershare will handle registration and corporate action processing, maintaining a direct relationship between the issuer and shareholders.

Coinbase's stablecoin fund CUSHY plans to launch a tokenized share class through Superstate in the second quarter.

According to The Block, Coinbase has partnered with Superstate to launch the stablecoin lending fund CUSHY, providing institutional investors with exposure to lending strategies within the stablecoin ecosystem. CUSHY, expected to launch in the second quarter, is the first external fund issued using Superstate's FundOS platform and is managed by Northern Trust Hedge Fund Services. The fund generates returns through lending stablecoins and private lending opportunities, and its tokenized shares can be used as collateral and transferred in compliant digital venues. Coinbase's President of Asset Management stated that the fund combines the efficiency of digital tracks with the institutional rigor of traditional lending. Superstate has previously launched the USTB and USCC fund strategies using FundOS, managing over $1 billion in assets.

Kraken launches a portfolio of crypto and xStocks, encompassing both digital assets and tokenized stocks.

According to Cointelegraph, Kraken has launched a cryptocurrency and xStocks portfolio that integrates digital assets and tokenized stocks into a single automated portfolio.

Anchorage Digital partners with M0 to expand its compliant stablecoin issuance platform.

According to CoinDesk, Anchorage Digital, a US federally licensed crypto custody bank, has partnered with stablecoin infrastructure project M0. M0 will provide core technology to support institutions in issuing and managing US-regulated stablecoins. Anchorage will leverage M0's modular stablecoin protocol to provide custody and issuance engines for crypto projects, payment institutions, and exchanges seeking to issue compliant stablecoins. M0 already provides configurable stablecoin minting capabilities to institutions such as Stripe, Moonpay, and MetaMask. The report points out that with the enactment of the GENIUS Act, US stablecoins are becoming regulated financial instruments, and this collaboration further strengthens the compliant framework.

Visa has integrated Polygon into its global stablecoin settlement network and expanded its stablecoin settlement pilot program to five new networks, including Arc, Base, and Canton.

According to the Polygon blog, Visa has integrated the Polygon network into its global stablecoin settlement program, allowing partner card issuers and acquiring institutions to complete stablecoin settlements on Polygon. The article states that the program currently has an annualized stablecoin settlement volume of approximately $7 billion, growing by 50% in the past three months. Recent data shows that approximately 34% of USD stablecoin transfers and 54% of USDC transfers occur on Polygon. In March, there were 178 million USD stablecoin transactions, of which 19.8 million were P2P payments. The total stablecoin supply on Polygon is approximately $3.62 billion, with approximately 3.19 million weekly active stablecoin addresses. Visa's move also integrates with Polygon's Open Money Stack for scenarios such as compliant wallets, cross-link routing, and fiat currency deposits and withdrawals.

According to Decrypt, Visa has expanded its global stablecoin settlement pilot to five new networks: Arc, Base, Canton, Polygon, and Tempo, bringing the total number of supported networks to nine. Visa's annualized blockchain settlement operations have reached $7 billion, a 50% quarter-over-quarter increase. Visa stated that its partners are building in multi-chain environments and expects its options to reflect this reality.

Visa currently operates over 130 stablecoin-linked card projects in more than 50 countries. Previously, Visa supported the Ethereum, Solana, Avalanche, and Stellar networks.

Meta, with Stripe's support, has begun offering stablecoin payments to select creators.

According to CoinDesk, tech giant Meta, with the support of Stripe, has begun offering stablecoin payments to select creators, initially targeting certain creators in Colombia and the Philippines. Eligible users can link their crypto wallets to receive payments in USDC tokens issued by Circle on the Solana or Polygon blockchains. Stripe will provide cryptocurrency-related reports, and users may receive tax documents from both Meta and Stripe. Meta's social platform boasts over 3 billion users. This move marks Meta's re-entry into the stablecoin payments arena after shutting down its Libra (later renamed Diem) project in 2022 due to regulatory scrutiny.

Western Union will launch its stablecoin USDPT next month and plans to introduce "stablecards" to consumers worldwide.

According to The Block, Western Union announced the launch of its Solana-based stablecoin USDPT next month. Positioned as an alternative to the SWIFT network for settlements between the company and its agents, rather than a consumer-facing product, Western Union will also launch a digital asset network, connecting crypto wallets to its existing retail and agent network. Millions of wallet users will be able to exchange their digital assets for local currency through Western Union's retail network. Furthermore, the company plans to launch USD stablecoin cards in dozens of markets later this year, allowing consumers to hold value in the stablecoin and spend it globally.

AllUnity in Germany extends its Euro stablecoin EURAU to the Solana public blockchain.

According to CoinDesk, German joint venture AllUnity announced the listing of its compliant euro-denominated stablecoin EURAU on Solana, following Ethereum, to provide faster and lower-cost on-chain euro settlements. EURAU is issued with full reserves under the EU's MiCA (Migrant Credit Agreement) electronic money framework and is targeted at payment institutions, enterprises, and developers for cross-border payments, transactions, lending, and fund management. The report points out that with rising demand for non-USD stablecoins, the market capitalization of euro stablecoins has more than doubled since the beginning of 2025 to nearly $1 billion, and S&P predicts the market could reach €570 billion by 2030. AllUnity states that its multi-chain deployment and compliance features are expected to drive institutions and enterprises to use euro-denominated assets on-chain.

Shinhan Card of South Korea collaborates with the Solana Foundation to test real-world stablecoin payment scenarios.

According to The Block, Shinhan Card, one of South Korea's largest credit card companies, has partnered with the Solana Foundation to build a stablecoin payment system on the Solana blockchain. The two companies are currently conducting a proof-of-concept on the Solana testnet, focusing on real-world payment scenarios between customers and merchants. A key element of the proof-of-concept is verifying the security and stability of non-custodial wallets to enable Shinhan Card to deploy the technology on a large scale. Shinhan Card plans to leverage oracle technology to build its own DeFi service environment, connecting real-world transaction information to the blockchain network. Shinhan Card will evaluate the effectiveness of these initiatives in conjunction with South Korea's upcoming Digital Assets Basic Law.

BitMart announces the launch of fixed-deposit products for Aleo ecosystem stablecoins USD and USDCx.

According to the official announcement, the BitMart platform now supports USD and USDCx fixed-term investment products with an annualized yield of 6.88%. Both products are 14-day fixed-term investments, and users will automatically redeem their principal and returns upon maturity.

USAD is reportedly one of the stablecoins in the Aleo ecosystem, launched through a collaboration between the Aleo Network Foundation and Paxos Labs. It emphasizes privacy, programmability, and compliance, positioning itself as a USD stablecoin running on the Aleo network. Another asset, USDCx, is a stablecoin product developed within the Aleo ecosystem around USDC. It has been gradually rolled out on the Aleo testnet and mainnet, emphasizing its interoperability with the USDC system.

Aleo is a public blockchain project that focuses on privacy and zero-knowledge proof technology. Over the past year, it has been continuously expanding its ecosystem around stablecoins, wallets, and payment tools.

US-based token trading platform MSX launches new spot trading targets in the AI infrastructure sector.

US-based cryptocurrency exchange MSX has launched spot trading for the following companies: optical module chip supplier $MXL.M, AI network switch provider $ANET.M, fiber optic leader $GLW.M, data center testing equipment supplier $VIAV.M, HBM testing equipment supplier $COHU.M, display chip manufacturer $MX.M, and nuclear energy company $XE.M.

Financing Dynamics

RWA revenue platform Nuva Digital has raised $5.2 million in seed funding, led by Morgan Creek Digital.

According to The Block, RWA yield platform Nuva Digital has completed a $5.2 million seed funding round led by Morgan Creek Digital, with participation from Ulu Ventures and others. The funds will be used to build its RWA yield platform, Nuva Finance. Nuva, co-incubated by Animoca Brands and Nuva Labs, positions itself as a self-custodied RWA marketplace connecting asset issuers and users. Users deposit USDC to receive nvAsset tokens representing their share, with yields reflected in the token price. The initial offerings will include nuYLDS and nuHELOCs products based on Figure Technologies' on-chain assets, corresponding to the SEC-registered yield-generating stablecoin YLDS and over $16 billion in home equity loan assets, respectively. Nuva also plans to issue a NUVA utility token in the future; specific launch dates for the platform and tokens have not yet been disclosed.

Tether leads $14 million Series A funding round for Belo to expand stablecoin payments in Latin America.

According to CoinDesk, Latin American digital wallet Belo has completed a $14 million Series A funding round, led by stablecoin issuer Tether, with participation from Titan Fund, The Venture City, Mindset Ventures, and G2. Founded in 2021 and headquartered in Buenos Aires, Argentina, Belo boasts over 3 million users and offers wallet services that allow users to simultaneously hold and transfer local fiat currency and digital US dollars. The company plans to use this funding to expand into Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, and deepen its presence in Brazil, focusing on serving freelancers and remote workers making cross-border payments, reducing cross-border payment and foreign exchange costs and friction through stablecoin infrastructure.

Insights Highlights

a16z: Stablecoins are evolving into global financial infrastructure, with transaction volume expected to reach $4.5 trillion in Q1 2026.

A recent report from a16z indicates that stablecoins have successfully transitioned from cryptocurrency transaction settlement and store-of-value tools to global financial infrastructure, with their application focus shifting from cross-border payments to local payments, and their penetration in markets such as Asia and Brazil accelerating significantly. Key data includes:

1. Transaction volume: Following the enactment of the GENIUS Act, the adjusted transaction volume in Q1 reached $4.5 trillion;

2. C2B payments: Consumer-to-merchant transactions increased by 128% year-on-year, reaching 284.6 million transactions;

3. Stablecoin cards: Monthly collateralized deposits increased from nearly zero at the end of 2024 to over $300 million, with payment scenarios expanding rapidly;

4. Circulation efficiency: The circulation speed increased from 2.6 times at the beginning of 2024 to 6 times, marking a shift from "holding" to "high-frequency use".

The report emphasizes that clear regulation and improved underlying blockchain performance (low cost, second-level settlement) are key drivers for stablecoins to break free from the crypto speculation cycle and integrate into the real economy, reshaping the global payment and clearing landscape.

Report: Cross-border B2B stablecoin payments are projected to reach $5 trillion by 2035

According to a CoinDesk report, a recent report by Juniper Research states that the global inter-enterprise cross-border stablecoin payment market is projected to grow from approximately $13.4 billion this year to approximately $5 trillion by 2035, an increase of about 37,000%. The report predicts that by 2035, approximately 85% of stablecoin transaction value will originate from cross-border B2B scenarios, indicating that stablecoins are shifting from speculative assets to institutional payment infrastructure. Juniper points out that stablecoins, through programmability and 24/7 settlement, improve the efficiency of cross-border payments, treasury management, and supply chain settlements for businesses, impacting the traditional correspondent banking system. The report also recommends that stablecoin issuers focus on developing enterprise system integration and financial partnerships.

Report: RWA's market capitalization surpasses $19.3 billion, with significant growth in tokenized goods and transaction volume.

According to a CoinGecko report, as of Q1 2026, the size of tokenized real-world assets (RWA) has more than tripled compared to 2025, reaching $19.3 billion. Tokenized commodities rose from $1.4 billion to $5.5 billion, primarily driven by gold tokens XAUT and PAXG. Tokenized gold spot trading volume reached $90.7 billion in Q1, exceeding the $84.6 billion for the entire year of 2025. Tokenized stocks reached $500 million in size, with a Q1 trading volume of $15.1 billion, surpassing the second half of 2025. Tokenized ETFs reached $300 million, and RWA perpetual contract trading volume reached $524.8 billion in Q1, significantly higher than the $313 billion for the entire year of 2025.

The next battle for stablecoins: not payments, but privacy.

PANews Overview: As stablecoins expand from trading and DeFi into real-world business scenarios such as payroll and B2B settlements, their on-chain transparency is becoming an obstacle to widespread adoption due to the potential exposure of trade secrets. As a result, privacy protection has shifted from being an added feature to a prerequisite for compliant adoption.

The key to future competition lies in "compliant privacy," which means selective disclosure based on default confidentiality. Privacy infrastructures, exemplified by Aleo, achieve default confidentiality through a recording model and utilize view key mechanisms to meet auditing and regulatory requirements.

By launching privacy assets such as USDCx and USAD, as well as the Shield wallet, Aleo is transforming privacy technology into auditable, programmable, institutional-grade payment tools.

In short, the next battle for stablecoins lies in whether they can build a financial infrastructure that combines usability, governance capabilities, and regulatory compliance while protecting privacy.

Meta partners with Stripe to re-enter the stablecoin market, launching USDC creator revenue payments.

PANews Overview: After shelving its Diem project, social media giant Meta has officially returned to the crypto payments arena through a partnership with Stripe, beginning to pay USDC to select creators in Colombia and the Philippines. The system supports the Solana and Polygon networks and is compatible with major wallets such as MetaMask.

Meta's move benefits from the increased clarity of the regulatory environment, including the US GENIUS Act, marking a renewed commitment to its blockchain vision within a compliant framework. Meanwhile, payment service provider Stripe has further strengthened its position in the digital economy's payment landscape by deepening its stablecoin infrastructure and AI wallet offerings.

Nevertheless, Meta still reminds users to be aware of the operational risks and tax compliance of crypto assets. In short, Meta's return signifies that stablecoins are accelerating their transformation from investment tools into practical payment infrastructure within social ecosystems.

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