Highlights of this episode

This week's statistics cover the period from April 18, 2026 to April 24, 2026.

This week, the total market capitalization of RWA on-chain reached a historic high of $30 billion, while the total market capitalization of stablecoins stabilized above $301 billion. Retail investor participation continued to recover, and the market structure became healthier.

On the regulatory front, over 100 US crypto companies jointly urged the Senate to advance the Clarity Act, while the banking alliance requested an extension of the GENIUS bill's review period, indicating that the legislative battle has entered a more complex phase. The Hong Kong Securities and Futures Commission officially allowed tokenized investment products to be traded on the secondary market. The UK included stablecoins and tokenized deposits in a unified payment regulatory framework, Tokyo launched a yen-denominated stablecoin subsidy program, and South Korea's stablecoin legislation is also poised to be enacted.

At the project level, several Japanese institutions launched a digital guarantee trial for Japanese bonds on Canton Network; Coinbase and Bybit discussed a tokenization partnership for US stocks; OCBC Bank in Singapore launched a tokenized gold fund; 12 European banks partnered with Fireblocks to develop the MiCA compliant euro stablecoin; DoorDash plans to provide stablecoin payments to drivers through Tempo; Ramp launched the Plasma payment channel; and Nium integrated USDC with Coinbase into its global payment network.

In terms of financing, JPYC, the issuer of the Japanese yen stablecoin, completed an additional financing of 2.8 billion yen (approximately US$17.62 million), while Abu Dhabi-based tokenization platform KAIO secured US$8 million in strategic financing.

Data Perspective

RWA Track Panorama

According to the latest data disclosed by RWA.xyz, as of April 24, 2026, the total market capitalization of RWA on-chain reached $30.05 billion, a significant increase of 10.24% compared to the same period last month, hitting a new recent high and becoming the main engine of its expansion. The total number of asset holders increased to approximately 733,200, an increase of 3.49% compared to the same period last month, significantly lower than the asset growth rate, indicating a slowdown in overall user expansion.

Stablecoin Market

The total market capitalization of stablecoins rose to $301.47 billion, up 0.25% month-over-month, continuing its moderate growth, while liquidity pools remained relatively stable. Monthly transaction volume fell to $9.47 trillion, a sharp drop of 9.15% month-over-month, ending its continuous upward trend and reflecting a cooling of demand for large-scale settlements and arbitrage in the market.

The total number of monthly active addresses increased to 55.19 million, a 4.59% increase compared to the same period last month; the total number of holders steadily expanded to 246 million, a 2.34% increase compared to the same period last month. These two factors combined indicate that retail investor participation continues to recover, and the market structure is becoming healthier.

The leading stablecoins are USDT, USDC, and USDS. Among them, the market capitalization of USDT increased by 1.72% month-on-month; the market capitalization of USDC decreased by 1.07% month-on-month; and the market capitalization of USDS declined significantly by 5.6% month-on-month.

Regulatory news

More than 100 US crypto companies jointly urge the Senate to advance the Clarity Act.

According to CoinDesk, over 100 U.S. crypto companies and industry organizations have sent a letter to the Senate Banking Committee, urging formal consideration and legislative advancement of the Clarity Act to establish a federal-level market framework for digital assets. The signatories include Coinbase, Ripple, Circle, Kraken, a16z, and Paradigm, among others. They emphasize that regulatory enforcement alone cannot provide stable rules and warn of the risk of returning to a situation where "regulatory enforcement replaces legislation." The letter outlines six legislative priorities, including clarifying the division of labor between the SEC and CFTC, protecting developers of non-custodial instruments, preserving consumer rewards related to stablecoin payments, simplifying disclosure rules, and using federal standards to avoid fragmented state regulations and prevent capital and job outflows to other jurisdictions with established frameworks.

The American Banking Union has requested an extension of the GENIUS bill rules review period, stating that it needs to wait for the Office of the Comptroller of the Currency's framework.

According to CoinDesk, the American Banking Association has sent a letter to the Treasury Department and the Federal Deposit Insurance Corporation (FDIC) requesting an extension of the public comment period for the rules related to the GENIUS Stablecoin Act, recommending at least a 60-day extension after the Office of the Comptroller of the Currency (OCC) completes its rulemaking. Bankers argue that the rules from the Treasury Department's Office of Foreign Assets Control and the Financial Crimes Enforcement Network (FACC), as well as the FDIC's rulemaking, are "directly dependent on the OCC's final framework," and that these regulatory efforts are "extremely broad and complex." Organizations such as the American Bankers Association and the Banking Policy Institute stated that more comprehensive feedback can only be provided after sufficient time has been given to evaluate all proposed rules and compare them against the OCC's final framework.

The GENIUS Act is scheduled to take effect in 2027, and it's not uncommon for federal agencies to extend the review period for complex rules. Meanwhile, the dispute between banks and the crypto industry over stablecoins has delayed the Digital Asset Markets Clarity Act for months and could affect its prospects of becoming law this year.

The Hong Kong Securities and Futures Commission (SFC) has announced a new regulatory framework that allows tokenized SFC-approved investment products to be traded on the secondary market.

According to official sources, the Hong Kong Securities and Futures Commission (SFC) has announced a new regulatory framework to pilot the secondary market trading of tokenized SFC-approved investment products (tokenized products) in Hong Kong. This aims to promote digital asset trading activities in Hong Kong in the long term and support the further development of the ecosystem. The first batch of products is expected to primarily consist of tokenized money market funds. The SFC will review the operation of these products and will consider expanding the product range as appropriate.

The public consultation period for China's first draft Financial Law has ended: It addresses very little regarding the legal status of digital currencies and the regulatory boundaries for crypto assets.

According to Caixin, the month-long public consultation period for the draft "Financial Law of the People's Republic of China" ended on April 19. This is China's, and the world's, first overarching law specifically addressing finance. The expansion of "quasi-judicial powers" granted to financial regulators in the draft is a topic of great market interest. According to Article 55 and related provisions, financial regulatory authorities, when investigating financial violations, have the right to access and copy the property rights information, communication records, and transaction records of relevant entities and individuals; they can directly freeze or seize funds and securities if there is evidence of suspected transfer or concealment of illegal funds and securities; and they can even decide that individuals suspected of violating the law cannot leave the country during the investigation.

Furthermore, Zeng Gang, chief expert and director of the Shanghai Financial and Development Laboratory, believes that the Financial Law should strengthen its focus on and coverage of emerging financial business models. Issues such as AI-driven financial decision-making, the legal status of digital currencies, and the regulatory boundaries of crypto assets—issues that have already sparked widespread debate globally—are addressed very little in the draft law. How to maintain a dynamic balance between legal regulation and inclusive innovation remains an unresolved challenge for the legislation.

The UK will include stablecoins and tokenized deposits within a unified payments regulatory framework.

According to The Block, the UK Treasury has released plans to bring traditional payment services, stablecoins, and tokenized deposits under a unified regulatory framework. The plan aims to regulate stablecoins used for payments through an upcoming stablecoin issuance regulatory mechanism, expand the Financial Conduct Authority's (FCA) regulatory authority over open banking, and explore regulatory adjustments for AI-assisted payment activities. The Treasury also plans to legislate to reduce the administrative burden on companies providing stablecoin payment services and has appointed former FCA Acting Chief Executive Officer and current EY Partner Chris Woolard CBE as "Head of Wholesale Digital Markets" to promote the development of tokenized wholesale financial systems. Furthermore, the government will provide approximately £1 million in additional funding to the Centre for Financial Innovation and Technology (CFIT) to support industry collaboration and will conduct consultations on regulatory reforms for payment services and electronic money, in line with its ten-year financial industry development plan.

Tokyo Metropolitan Government has launched a yen-denominated stablecoin subsidy program, with a single subsidy capped at 40 million yen.

According to the "Guideline for the Delivery of Subsidies for Stablecoin Social Implementation Promotion Projects" issued by the Tokyo Metropolitan Government's Bureau of Industry, Labor and Welfare, the Tokyo Metropolitan Government will provide subsidies to companies that utilize issued yen-denominated stablecoins to address social issues or improve the convenience of payments and remittances. The subsidy amount for each project will not exceed two-thirds of the recipient's budget, with a single subsidy capped at 40 million yen (approximately US$251,000). Subsidies cover external platform usage fees, expert consultation and auditing fees, and system development fees. Applicant companies must have a registered headquarters or branch office in Tokyo, and the subsidy recipient project must be implemented or verified before the end of the fiscal year in which the delivery decision is made. The subsidy does not include the issuance of stablecoins themselves, but it does include projects that entrust a third party to issue stablecoins and create use cases using those stablecoins.

The Democratic Party of Korea plans to introduce a stablecoin bill after the June election.

According to Edaily, Kim Hyun-jung, a member of the Democratic Party's Digital Asset Task Force, stated that a basic law on stablecoins and digital assets (the second phase of legislation) will be submitted after the local elections in June, and a subcommittee on the bill will also convene at that time. Kim pointed out that controversies such as restrictions on shareholdings by major shareholders of exchanges have not been fully resolved and still require further discussion. However, given the positive attitude of the newly appointed Bank of Korea Governor Shin Hyun-song towards stablecoins, he believes that stablecoin legislation will ultimately be passed. The Democratic Party's Digital Asset Task Force is considering meeting with Shin Hyun-song after the local elections. Kim also emphasized the need to improve the relevant systems for CBDCs and Korean won stablecoins in advance, ensure the consistency of the tax system with international regulations, and effectively strengthen the infrastructure for combating digital asset crimes.

Project progress

Coinbase and Bybit are partnering to explore the tokenization and global distribution of assets such as US stocks.

According to CoinDesk, Coinbase is in talks with cryptocurrency exchange Bybit regarding a partnership for the tokenization, custody, and global distribution of assets including US stocks and pre-IPO shares. Sources indicate the collaboration focuses on making US assets accessible to global users, including in Asia, through tokens, and does not involve equity acquisitions or assisting Bybit's entry into the US market. Bybit plans to enter the US market through a new entity led by former co-CEO Helen Liu, which will partner with local compliant and licensed partners, with Bybit providing technology, products, and liquidity. Neither Coinbase nor Bybit commented on the matter.

This stablecoin will be issued under Dutch regulation as an electronic money institution, backed 1:1 by the euro, and targeted at institutional users for purposes such as settlement, fund management, and tokenized assets. Fireblocks will provide tokenization technology, wallet infrastructure, and lifecycle management tools, including compliance features such as identity verification and sanctions screening.

OCBC Bank in Singapore launches tokenized gold fund on Ethereum and Solana

According to Cointelegraph, Lion Global Investors, an asset management arm of OCBC Bank in Singapore, and other institutions have launched a tokenized physical gold fund. Its underlying token, GOLDX, is issued on Ethereum and Solana and is targeted at institutional investors, hedge funds, and asset management companies. It can be traded using stablecoins and fiat currency. The token is pegged to the LionGlobal Singapore Physical Gold Fund, which launched last December and managed approximately $525 million in assets as of April 16.

Singaporean jeweler Mustafa Gold has partnered with FundBridge and Libera to launch a yield-generating gold token.

According to Bloomberg, Singaporean jeweler Mustafa Gold has partnered with asset management firm FundBridge Capital and tokenization platform Libera to launch MG999, a digital token that tracks gold prices, providing investors with yield-bearing exposure to gold. FundBridge lends funds raised through the token sale to Mustafa in gold-denominated form, with Mustafa paying 2.5% interest to purchase physical gold and create jewelry. After deducting management fees, investors receive a 1% yield. Unlike traditional gold ETFs and futures, this token directly provides a positive return. FundBridge states that because the loan is denominated in gold rather than cash, Mustafa's repayment obligations and inventory value increase when gold prices rise and decrease when prices fall, helping to stabilize profit margins. FundBridge has currently raised $15 million, with an initial target of $100 million.

Several Japanese institutions have launched a digital guarantee management trial for Japanese government bonds on the Canton Network.

Mizuho Financial Group, Nomura Holdings, the Japan Securities Clearing House, and Digital Asset have launched a pilot experiment on digital collateral management for Japanese Government Bonds (JGBs). Based on the Canton Network blockchain network, the experiment aims to verify whether, within the existing framework of the Replacement Act, JGB rights transfers and account book updates can be smoothly completed across a multi-tiered account structure. The experiment will integrate the system with existing infrastructure to explore 24/7 real-time collateral transactions and cross-border collateral granting and receiving scenarios without altering the legal nature of JGBs. It will also assess whether relevant regulations need revision to improve collateral management efficiency and enhance the usability of JGBs in the digital asset field.

Morgan Stanley launches stablecoin reserve portfolio for stablecoin issuers to hold reserves.

According to Cointelegraph, Morgan Stanley has launched the Stablecoin Reserves Portfolio, a government money market fund that allows stablecoin issuers to hold reserves under the proposed GENIUS Act.

A consortium of 12 European banks, in collaboration with Fireblocks, is developing the MiCA compliant euro stablecoin.

According to Cointelegraph, a consortium of 12 European banks led by Qivalis has selected Fireblocks to provide infrastructure for the development of a euro-denominated stablecoin compliant with the MiCA regulatory framework, with a target launch in the second half of 2026, subject to approval from the Dutch central bank.

DoorDash plans to offer stablecoin payments to drivers through Tempo.

According to The Information, DoorDash plans to offer delivery drivers the option to settle their earnings in stablecoins through payment service provider Tempo. DoorDash is a U.S.-based local services and food delivery platform company.

Ramp will enable the Plasma stablecoin payment channel.

Ramp, a payments company backed by Peter Thiel, plans to introduce a stablecoin settlement channel, allowing users to make stablecoin payments and purchases using the Plasma solution through its products.

Bitget IPO Prime's first project, preSPAX, has completed its allocation, and spot trading will begin on April 21st at 20:00.

According to the official announcement, the first phase of Bitget IPO Prime's preSPAX project has been allocated, and spot trading will begin on April 21 at 20:00 (UTC+8).

Gate SpaceX (SPCX) pre-IPO asset certificates have been distributed and pre-market trading will begin on April 24.

According to the official announcement, Gate has completed the unified distribution of the first batch of Pre-IPOs project SpaceX (SPCX) asset certificates, covering subscription allocation, VIP exclusive airdrops, and super agent airdrops. The relevant assets have been distributed to users' spot accounts. This batch of SPCX asset certificates was distributed in a 100% unlocked manner and will enter the pre-market trading phase in the Pre-IPOs zone. As scheduled, Gate will launch the SPCX/USDT pre-market trading pair on April 24, 2026 at 18:00 (UTC+8).

BitMartCard now supports direct exchange of USDCx stablecoins.

According to official news, BitMart has announced that its BitMartCard now supports direct exchange for USDCx. USDCx is a USD stablecoin deployed on the Aleo network, described as one of the earliest USD-denominated stablecoins on Aleo to offer privacy and programmability. The official statement says that USDCx is powered by Circle's xReserve infrastructure and is fully backed 1:1 with USDC held on it.

Unlike traditional stablecoins on public blockchains where transaction records are publicly available by default, USDCx operates on Aleo's zero-knowledge proof (ZK) capabilities, aiming to enhance transaction privacy while maintaining the efficiency and global availability of digital dollar settlements. The official statement indicates that this design can be used to protect sensitive financial information such as payroll payments, supplier payments, and personal consumption.

US-based token trading platform MSX has added multiple new listings across various sectors.

The US-based cryptocurrency exchange MSX has listed the following companies: AMSC (a provider of grid stabilization equipment), POWL (a leading manufacturer of medium-voltage switchgear), PLPC.M (a supplier of power and communications infrastructure), TEL.M (a leading industrial connector manufacturer), NOW.M (an AI workflow platform), AAOI.M (a supplier of optical communications/optical modules), SNDK.M (a supplier of storage solutions), ANET.M (a supplier of AI high-speed network switches), AVGO.M (an infrastructure software solutions company), and VRT.M (a leader in data center cooling and power).

Financing Dynamics

JPYC, the issuer of the Japanese yen stablecoin, has completed an additional 2.8 billion yen in Series B funding, bringing its total funding to 4.6 billion yen.

JPYC, the issuer of the Japanese yen-denominated stablecoin, announced that it has secured an additional 2.8 billion yen (approximately US$17.62 million) in the second phase of its Series B funding round, bringing the total funding for this round to approximately 4.6 billion yen. New investors include NCB Venture Capital, MetaPlanet, TechMira Holdings, and Canal Ventures. The funds will be primarily used for system and application development, recruitment for business expansion, stablecoin issuance and settlement operations, and strategic investments. JPYC's cumulative issuance has exceeded 2.1 billion yen, representing a nearly 2.6-fold increase in the past three months. Its daily trading volume to circulating supply ratio exceeds 100%, and it supports three blockchains: Avalanche, Ethereum, and Polygon, with plans to integrate with Kaia and Arc. JPYC is expanding its partnerships with institutions such as Sony Bank and LINE NEXT, as well as cross-border and AI payment scenarios.

Abu Dhabi-based tokenization platform KAIO has raised $8 million in strategic funding, led by Tether and others.

According to CoinDesk, KAIO, an Abu Dhabi-regulated tokenization platform, announced the completion of an $8 million strategic funding round, led by Tether and several crypto and institutional investors, bringing its total funding to $19 million. KAIO builds the infrastructure to support asset managers in tokenizing and distributing funds from institutions such as BlackRock, Brevan Howard, and Hamilton Lane on-chain, with a minimum investment threshold of approximately $100 for accredited investors. The company plans to expand into credit, structured products, and ETFs, and launch an on-chain fund with Mubadala Capital, while also channeling USDT liquidity into compliant investment products. Currently, KAIO manages approximately $100 million in assets and has processed over $500 million in transactions.

Insights Highlights

TD Cowen: Besides stablecoin yields, the Clarity Act faces five major obstacles.

According to The Block, investment bank TD Cowen points out that besides the stablecoin yield issue, the Clarity Act faces five other major obstacles to passage. First, the Commodity Futures Trading Commission (CFTC) currently has only one commissioner, and the nomination and confirmation process for expanding the commissioner could take months, while the deadline for action on the bill is late July. Second, the issue of predictive market regulation, if included in the bill, could alienate Democrats. Third, the ongoing scrutiny of the World Liberty Financial crypto project, linked to the Trump family, could make it difficult for Democrats to support the bill. Fourth, Iran is reportedly discussing requiring ships to pay passage fees in the Strait of Hormuz in cryptocurrency, which could increase pressure on anti-money laundering provisions. Fifth, the Credit Card Competition Act may be attempted to be incorporated into the crypto bill. Senator Tillis stated that the Senate Banking Committee could not vote on the bill until May at the earliest, and the compromise text on stablecoin yields may not be released until before the review. Galaxy Digital indicates that the probability of the bill passing this year is approximately 50%.

On the eve of the launch of South Korea's stablecoin: As regulators break the ice, Circle and Tether send different signals.

PANews Overview: The South Korean stablecoin market is entering a crucial "breakthrough period" as it transitions from principle discussions to institutional design. Regulators are signaling an openness, favoring a three-pronged approach: a core of bank-led deposit tokens, supplemented by regulated Korean won stablecoins, and extended by foreign-issued US dollar stablecoins.

Against this backdrop, the two giants have adopted drastically different entry strategies: Circle takes the "institutional embedding" route, explicitly stating that it will not issue its own Korean won stablecoin, but rather positions itself as a technology and platform provider, seeking deep compliance cooperation with local financial institutions; Tether, on the other hand, focuses on "demand expansion," aiming to consolidate its liquidity penetration in the payment and trading sector by closely engaging with financial groups and exchanges.

Currently, relevant legislation is still under negotiation, with a focus on the qualifications of issuers and restrictions on foreign investment. South Korea's stablecoin market is on the eve of localization and tiered development.

In a transformative era for DeFi collateral, exploring RWA as a new composable infrastructure for DeFi.

PANews Overview: Currently, the tokenized RWA market has reached $27 billion. Although only about 10% has entered the DeFi lending market, its growth rate is extremely fast, and it is shifting from simple asset tokenization to composable financial infrastructure.

Key points include: First, clearer regulations (such as the GENIUS Act) have accelerated the tokenization process; second, there is an inversion between the scale of asset tokenization and actual DeFi uses, with government bonds accounting for the largest share but only 2% of DeFi deposits due to their low yields, while high-yield credit assets account for 80% of deposits; third, permissionless access methods (such as Maple Syrup) are key to driving asset distribution and greatly improving asset composability.

In the future, as yield spreads narrow, collateral structures will become more diversified, and new types of assets such as reinsurance are emerging.

McKinsey's latest report: Stablecoins are poised to enter the $4 trillion era, with six major markets potentially becoming new hotspots for fintech.

PANews Overview: A report by McKinsey and QED Investors indicates that the global fintech industry has entered its "fifth era," focused on profitability and compliance. The industry's total revenue is projected to reach $650 billion in 2025, growing 3.5 times faster than traditional banks, and is expected to surpass $2 trillion by 2030.

The industry is currently exhibiting four significant trends: AI is reshaping industry economics and driving rapid product iteration; digital assets are shifting from speculation to infrastructure, with stablecoin market capitalization expected to reach $4 trillion by 2030; compliance is becoming a competitive advantage, with companies vying for banking licenses; and horizontal fintech empowering traditional institutions is on the rise.

In the future, digital asset networks, agent AI, data infrastructure, AI wealth consulting, horizontal insurance technology, and identity trust infrastructure will become six new growth hotspots.

Fed Governor Waller: Stablecoin is only a payment tool and does not support CBDC

Popular Articles