Highlights of this episode

This week's statistics cover the period from March 28, 2026 to April 3, 2026.

This week, the total market capitalization of RWA on-chain steadily rose to $27.65 billion, with the number of holders exceeding 710,000; the total market capitalization of stablecoins has remained stable at around $300 billion for two consecutive months, with monthly active addresses and transaction volume recovering in tandem, and the market structure becoming healthier.

On the regulatory front, although the first batch of compliant stablecoin licenses in Hong Kong has been delayed compared to the initial announcement, the Hong Kong Monetary Authority (HKMA) is making every effort to advance the process. Banking giants such as HSBC and Standard Chartered are considered as the first batch of leading candidates, and regulators are using "deep calibration" to solidify the institutional foundation. The US Treasury Department released a proposed rule for the GENIUS Act, seeking opinions on state-level regulation of small issuers. Federal Reserve Chairman Barr warned of the risks of stablecoins and emphasized reserve review. The European Central Bank expects the digital euro to be launched in July 2029.

Domestically, the People's Bank of China added 12 new digital RMB operating institutions, and Ant Group completed its acquisition of Bright Smart Securities, a Hong Kong-based stablecoin concept stock.

At the project level, S&P tokenized the iBoxx U.S. Treasury Index, Swift advanced the blockchain shared ledger MVP, and French defense company ST GROUP completed the world's first on-chain IPO on the Lise exchange.

In terms of financing, Midas completed a $50 million Series A funding round to expand its RWA liquidity infrastructure, OpenFX completed a $94 million funding round to develop stablecoin cross-border payments, and Better Money received a $10 million seed round led by a16z crypto to build a stablecoin clearing platform.

Data Perspective

RWA Track Panorama

According to the latest data disclosed by RWA.xyz, as of April 3, 2026, the total market capitalization of RWA on-chain has risen to $27.65 billion, maintaining steady growth, up 4.07% month-over-month. The total number of asset holders has increased to approximately 710,800, up 5.56% month-over-month, matching the asset growth rate.

Stablecoin Market

The total market capitalization of stablecoins rebounded slightly to $299.41 billion, a slight increase of 0.59% compared to the same period last month, remaining stable near the $300 billion mark for two consecutive months, with liquidity pools remaining basically stable; monthly transaction volume rose to $9.83 trillion, an increase of 2.92% compared to the same period last month, ending the previous two-month decline.

The total number of monthly active addresses increased to 52.36 million, a 2.02% increase compared to the same period last month; the total number of holders steadily expanded to 242 million, a 4.25% increase compared to the same period last month. These two factors combined indicate a recovery in market settlement demand, a simultaneous restoration of user engagement, and a healthier overall structure.

The leading stablecoins are USDT, USDC, and USDS. Among them, the market capitalization of USDT increased slightly by 0.27% month-on-month; the market capitalization of USDC decreased slightly by 0.2% month-on-month; and the market capitalization of USDS increased significantly by 23.96% month-on-month.

Regulatory news

The Hong Kong Monetary Authority (HKMA) responded to the delay in issuing the first batch of compliant stablecoin licenses: It is making every effort to advance the process.

According to Caixin, the first batch of stablecoin issuer licenses in Hong Kong, originally scheduled for March 2026, has not yet been issued as planned. A spokesperson for the Hong Kong Monetary Authority (HKMA) responded that the HKMA is making every effort to expedite the licensing process and will announce details in due course. Regarding who will receive the first batch of stablecoin licenses in Hong Kong, the market previously focused on the two major Hong Kong dollar note-issuing banks, HSBC and Standard Chartered Bank. HSBC has not publicly disclosed whether it has submitted an application for a stablecoin license. However, as early as mid-January this year, rumors circulated that HSBC had a significant chance of obtaining one of the first licenses.

There is currently no official disclosure as to why the issuance of stablecoin licenses has been delayed compared to the previously announced timeline. Sources close to the stablecoin license application process have revealed that the Hong Kong Monetary Authority (HKMA) has been in close contact with the first batch of potential compliant licensees, and further suggestions for amendments regarding issuance are still being made. Furthermore, a second batch of compliant stablecoin licenses for Hong Kong is also under application. Reliable sources indicate that Futu Securities and OSL Group are strong contenders for the second batch of licenses.

The U.S. Treasury Department has released a proposed rule for the GENIUS Act, seeking comments on state government regulation of small stablecoin issuers.

According to The Block, the U.S. Treasury Department has issued a notice of proposed rules for the GENIUS Act, seeking public comment on whether small stablecoin issuers should meet the "substantially similar" state-level regulatory standard. This rule aims to address a provision in the GENIUS Act that allows stablecoin issuers with assets under $10 billion to choose state-level regulation over full federal oversight, provided the state-level system meets the "substantially similar" standard. The public will have 60 days to submit feedback on the Treasury Department's proposed rules. This is the first time the Treasury Department has issued rules for implementing the GENIUS Act, and the third time the agency has sought public comment on the bill. Federal banking regulators the FDIC and OCC have also issued notices of proposed rules. The GENIUS Act lacks guidelines for yield-based stablecoins, a major obstacle to Congress's progress on broader market structure legislation.

Federal Reserve's Barr warned of the risks of stablecoins and emphasized the need for strengthened regulation and reserve review.

According to Bloomberg, Federal Reserve Governor Michael Barr stated that stablecoins pose risks of money laundering and financial stability, and the quality and liquidity of their reserve assets are crucial to their long-term viability. He pointed out that stablecoin issuers have an incentive to maximize the returns on their reserve assets by expanding the risk spectrum. Barr also acknowledged the potential advantages of stablecoins in areas such as fund management, remittance transfers, and faster settlement capabilities than wire transfers.

Regulators such as the Federal Reserve are developing rules under the Genius Act requiring stablecoin issuers to formally register and hold dollar-to-dollar reserves. Barr stated that strict control over reserve assets, coupled with regulatory, capital, and liquidity requirements, could enhance the stability of stablecoins and make them more viable payment instruments, but success depends on the details of regulatory enforcement.

European Central Bank official: Digital euro is gaining momentum and is expected to launch in July 2029.

According to Bloomberg, European Central Bank (ECB) Executive Board member Piero Cipollone stated that the digital euro project is "moving well" and could be launched in July 2029. He noted that sufficient consensus has been reached at the legislative level, and banks' interest in participating in the pilot program is increasing. The ECB plans to launch a 12-month pilot phase in the second half of 2027. Cipollone anticipates that if legislation is in place by the end of this year, the digital euro will be issued in July 2029, and he currently sees no major obstacles. ECB officials have previously expressed concerns about reliance on US payment companies such as Visa and Mastercard, as well as the US dollar-pegged stablecoin supported by Trump.

Local Observations

The People's Bank of China has added 12 new digital RMB business operators.

The People's Bank of China announced the addition of CITIC Bank, China Everbright Bank, Huaxia Bank, China Minsheng Bank, Guangdong Development Bank, Shanghai Pudong Development Bank, Zhejiang Commercial Bank, Ningbo Bank, Jiangsu Bank, Bank of Beijing, Bank of Nanjing, and Bank of Suzhou as operating institutions for digital RMB business, and they will be connected to the central bank's digital RMB system. The newly added institutions will commence digital RMB business after completing business and technical preparations.

Ant Group's HK$2.8 billion acquisition of a 50.55% stake in Bright Smart Securities, a Hong Kong-based stablecoin concept stock, has been completed.

According to Caixin.com, Ant Group has completed the acquisition of Bright Smart Securities, a Hong Kong-listed stablecoin concept stock, for HK$2.814 billion, acquiring a 50.55% stake. Bright Smart Securities' board of directors has been completely reorganized, with Zheng Yanlan, the current head of the overseas business preparation team of Ant Fortune under Ant Group, Huang Hao, the current senior vice president of Ant Group, and Liu Zheng, the current chief financial officer of Ant Group, being appointed as executive directors.

Project progress

S&P tokenizes its iBoxx U.S. Treasury Index on the Canton network.

According to Cointelegraph, S&P Dow Jones Indices has tokenized its iBoxx U.S. Treasury Index on the Canton Network, presenting this key fixed-income benchmark as a digital asset. This tokenized index is not an investment product, but rather allows financial institutions to directly integrate benchmark data such as pricing and index levels into the blockchain system. Canton Network is a public blockchain focused on institutional applications, with over 600 participating institutions and validators, and is backed by institutions such as Goldman Sachs and Citadel. S&P Dow Jones Indices will continue to control access to the index, with permissions embedded in the token itself. Currently, U.S. Treasury products account for the largest share of the tokenized asset market, with on-chain tokenization exceeding $12.5 billion.

Swift is advancing a blockchain shared ledger MVP for use in tokenized bank deposits and cross-border payments.

Swift announced that its blockchain shared ledger project has completed the design phase with multiple banks worldwide and is advancing the implementation of its first MVP version, with plans to launch it in real-world transaction scenarios this year. This shared ledger aims to enable interoperability between tokenized deposits across banks and support 24/7 cross-border payment settlement. Swift stated that the system will reuse existing compliance processes, support multiple settlement methods, accelerate the migration of traditional banks to digital finance, and improve payment speed, liquidity visibility, and reconciliation efficiency.

Tokenization platform xStocks will launch Fundrise Innovation Fund

According to Cointelegraph, tokenized stock platform xStocks has partnered with alternative investment firm Fundrise to put its newly listed Fundrise Innovation fund on the blockchain. The single tokenized asset VCXx is expected to launch on the xStocks platform in the coming days.

The closed-end fund's portfolio includes privately held shares of tech companies such as Anthropic, Databricks, and SpaceX. Its price surged from $31 per share at its initial offering price to $575 within days of its March 19th IPO. However, short-selling firms have pointed out that Fundrise may be under investigation by the SEC for paid solicitation activities.

OpenEden launches HYBOND to tokenize its BNY high-yield bond strategy.

RWA's tokenization platform, OpenEden, has launched HYBOND, the market's first product to offer accredited investors tokenized exposure to BNY Investments' global short-duration high-yield bond fund strategy, achieving a 1:1 mapping to the underlying bond strategy. The product will launch on the Ethereum network and will later expand to XRP Ledger and BNB Chain, initially opening to select institutional clients, with full availability expected by the end of April 2026.

French defense company ST GROUP to complete IPO on-chain

According to CoinDesk, French aerospace and defense company ST GROUP will list on the tokenized stock exchange Lise on April 9, in what is being called the world's first "on-chain IPO." Lise is backed by major French financial institutions BNP Paribas, CACEIS, and Bpifrance, and the offering will be conducted in the form of on-chain tokenized shares.

Lise is a blockchain-native securities exchange in Paris, France (based on distributed ledger technology, DLT). It holds regulatory approvals under the EU's DLT Pilot Regime (ACPR and AMF approvals), combining Multilateral Trading Facility (MTF) and Central Securities Depository (CSD) functionalities to support 24/7 trading and settlement. Shares are issued and traded in native tokenized form, eliminating the need for traditional intermediaries, thus reducing costs and increasing efficiency.

BitGo launches BitGo Mint, an institutional stablecoin minting and redemption platform.

According to The Block, digital asset custody provider BitGo has launched BitGo Mint, offering institutional clients the ability to mint, redeem, and manage stablecoins and other digital assets. The initial offerings include Trump-backed World Liberty stablecoin USD1 and SoFiUSD, issued by SoFi Bank, regulated by the US OCC and insured by the FDIC. BitGo stated that the service targets market makers, liquidity providers, banks, exchanges, asset management firms, and fintech companies, aiming to integrate stablecoin minting and redemption processes into their existing custody and operations platforms, reducing operational complexity for institutions in the stablecoin business.

KB Card of South Korea partners with Avalanche to develop a hybrid stablecoin credit card payment system

According to The Block, KB Kookmin Card, a major South Korean credit card company, announced a partnership with Avalanche to develop a hybrid stablecoin payment model. This model, built on a public blockchain, allows users to link their digital wallets to their existing credit cards. When making a payment, the system will prioritize using the stablecoin balance in the wallet, with any remaining amount paid via the credit card. KB Card is also collaborating with digital asset infrastructure company OpenAsset to develop a complete stablecoin system covering deposits, payments, and settlements. This move aims to lower the barrier to entry for stablecoins by retaining the familiar credit card experience and aligns with South Korea's regulatory direction towards establishing a stablecoin market pegged to the Korean won.

The USD stablecoin USDA, issued by the privacy blockchain Aleo, has been listed on Bitmart.

According to official sources, USAD, a privacy-focused stablecoin for US dollars, was launched in collaboration between the privacy-focused public blockchain Aleo and Paxos Labs. Designed specifically for institutional users, it is based on Aleo's zero-knowledge (ZK) technology and aims to provide compliant, programmable, and highly confidential digital dollar services for on-chain transactions. USAD operates on the Aleo mainnet and aims to balance financial regulation and privacy protection.

RWA trading platform MSX has added several new defense-related stocks.

According to official sources, MSX has listed $SWMR.M, a provider of autonomous drone swarm software and artificial intelligence solutions; $SATL.M, a leader in high-resolution satellites; $VCX.M, a publicly traded venture capital fund focusing on AI and cutting-edge technologies; and $NASA.M, the first space ETF to include SpaceX.

Financing Dynamics

RWA infrastructure company Midas has raised $50 million in Series A funding, led by RRE and Creandum.

According to CoinDesk, RWA infrastructure company Midas has completed a $50 million Series A funding round, led by RRE and Creandum, with participation from Framework Ventures, Franklin Templeton, and Coinbase Ventures. Midas will use the funds to expand its "Midas Staked Liquidity" (MSL) system. This system enables instant redemption of on-chain yield tokens by setting up an independent liquidity layer alongside products and using pre-allocated funds to meet redemption demands, solving the liquidity problem of traditional "vault-style" structures that require queuing for redemptions. Midas stated that it has issued $1.7 billion in tokenized assets since 2024, distributing $37 million in yield to investors.

OpenFX, a stablecoin-based cross-border payment infrastructure company, has raised $94 million in funding.

According to Reuters, OpenFX, a startup focused on foreign exchange market making and cross-border remittances, has raised $94 million in funding. The round was led by Accel, Lightspeed Faction, M13, Northzone, and Pantera, valuing the company at approximately $500 million post-money. OpenFX bridges the banking system with blockchain infrastructure using stablecoins, providing faster and lower-cost settlement services for large cross-border funds. The company claims that over 98% of transactions on its platform are settled within 60 minutes, and its annualized payment processing volume has increased from approximately $4 billion to approximately $45 billion. OpenFX plans to use the funds to expand into Southeast Asia and Latin America.

Stablecoin clearing platform Better Money has raised $10 million in seed funding, led by a16z crypto.

According to Fortune, The Better Money Company, founded by former a16z crypto investor Sam Broner and partner Adam Zuckerman, announced the completion of a $10 million seed funding round. The round was led by a16z crypto, with participation from BoxGroup, Sunflower Capital, Circle co-founder Sean Neville, and former Microsoft executive Charlie Songhurst, among others. The project plans to build a stablecoin clearing platform to provide centralized exchange and liquidity services for compliant stablecoins such as USDC and USAT that comply with the Genius Act. By establishing direct subscription and redemption accounts with issuers such as Paxos, Stripe Bridge, and MoonPay, it aims to reduce the cost for institutions buying and selling stablecoins on the open market.

Stablecoin cross-border payment network completes $8 million funding round, led by NEA.

According to Fortune, Latitude, a cross-border payments startup founded by former Stripe and Coinbase employees, announced the completion of an $8 million funding round. The round was led by NEA, with participation from Lightspeed Faction, Coinbase, Paxos, and the Solana Foundation. Latitude's core product, "Global Payouts," targets US businesses, enabling payments from USD to personal accounts in over 50 countries via stablecoins. It features automatic USD → stablecoin → local fiat currency conversion and already serves content creator platforms like Zencastr. The company also provides stablecoin deposit infrastructure for crypto-native applications such as prediction markets, helping them convert local currencies into stablecoins in markets like Mexico and the Philippines. Currently in its testing phase, Latitude generates revenue through transaction fees. The team consists of 11 people, and they consider traditional banks' SWIFT-based foreign exchange payments their main competitor.

Stablecoin card issuance platform Kulipa completes $6.2 million seed funding round, led by 1kx and others.

According to The Block, Paris-based stablecoin card issuance infrastructure platform Kulipa has completed a $6.2 million seed funding round, co-led by Flourish Ventures and 1kx, with participation from White Star Capital and Fabric Ventures.

The company helps fintech platforms and crypto wallets issue white-label stablecoin payment cards, handling complex back-office processes such as payment processing, fraud management, pre-funding, and settlement. Since launching its infrastructure in February 2025, Kulipa has issued over 120,000 cards and signed 20 clients, including Flutterwave, Solflare, and Ready, with monthly transaction volume increasing by 70% month-over-month. Kulipa currently operates in the EU, Argentina, and Nigeria and plans to expand into the US market through a bank identification number sponsorship model.

Insights Highlights

IMF: Tokenized finance may reshape the global financial system and introduce new systemic risks.

According to AMB Crypto, the International Monetary Fund (IMF) has warned that tokenized finance could fundamentally reshape the global financial system, while introducing new systemic risks due to its speed and automation. Tokenization shifts trust from traditional intermediaries to smart contracts and shared ledgers, enabling near-instant settlement and 24/7 market activity, but also eliminating the buffers found in traditional finance. Automatic margin calls, real-time settlement, and programmable fund flows could accelerate liquidity stresses during market volatility, and smart contract vulnerabilities could spread rapidly, affecting multiple participants. Currently, tokenized real-world assets total approximately $27.5 billion, with US Treasury products dominating (over $12 billion). The IMF emphasizes that the long-term impact of tokenization depends on risk management at both the technological and regulatory levels.

Standard Chartered Bank: Stablecoin circulation velocity has doubled in two years; maintains forecast of $2 trillion market capitalization by 2028.

According to Decrypt, a Standard Chartered report indicates that stablecoin velocity has doubled in the past two years, currently averaging six turnovers per month. Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered, stated that while a higher velocity theoretically means fewer stablecoins are needed to support the same transaction volume, the increase in new use cases has not impacted low-turnover savings use cases, thus maintaining the forecast of a total stablecoin market capitalization of $2 trillion by the end of 2028.

The report states that the surge in stablecoin velocity of circulation is primarily concentrated on USDC on the Solana and Base networks. This is related to USDC beginning to replace traditional bank payment channels and is driven by early AI agent payments powered by Coinbase's x402 protocol. USDT's velocity of circulation, on the other hand, remains relatively stable due to its primary use in emerging market savings. The report points out that the two stablecoins have developed differentiated use cases: USDT dominates emerging market savings, while USDC is more often used for traditional financial substitution.

Report: Non-USD stablecoin supply rose to $1.1 billion in February.

According to The Block, a recent report by Visa and Dune shows that the supply of non-USD native currency stablecoins increased to $1.1 billion in February this year, roughly three times that of January 2023. During this period, on-chain transfer volume increased from $600 million to $10 billion, an increase of over 1600%. The report states that these stablecoins are primarily held in user wallets, centralized exchanges, and institutional vaults for cross-border payments, remittances, B2B settlements, and foreign exchange management, rather than being primarily deployed in DeFi to earn yields, as USD stablecoins do. The number of addresses holding non-USD stablecoins has exceeded 1.2 million, with monthly active transfer addresses rising from approximately 6,000 to 135,000. About half of the supply is in unidentified wallets, and about a quarter is in exchanges. Euro stablecoins account for over 80% of the market capitalization and approximately 85% of the transfer volume of non-USD stablecoins, but still only represent about 0.3% of the global stablecoin market.

Behind the "delay" issuance of stablecoin licenses: Hong Kong's era of digital financial compliance is accelerating.

PANews Overview: In March 2026, Hong Kong's first batch of compliant stablecoin licenses failed to materialize as scheduled, and the Hong Kong Monetary Authority (HKMA) stated that it was making every effort to expedite the licensing process. This "delay" was actually a "deep calibration," reflecting the regulators' stringent standards for the robustness of systems such as reserve asset security, redemption mechanisms, and contingency plans, rather than simply pursuing a faster implementation.

HSBC, Standard Chartered, and other banking giants with financial infrastructure attributes are considered key candidates for the first batch of demonstration institutions.

At the same time, Hong Kong is combining the Crypto Asset Reporting Framework (CARF) and the revised Common Reporting Standard (CRS) to build a closed loop of virtual asset compliance covering issuance, information, and taxation, aligning itself with global transparency standards. This "slow and steady wins the race" regulatory strategy aims to solidify the foundation of trust in digital finance, ensuring the resilience and certainty of future systems by establishing a "gold standard."

The "plateau" after hitting a new high: What are stablecoins waiting for after reaching $300 billion?

PANews Overview: After reaching a high of $300 billion, the market capitalization of stablecoins has entered a growth plateau, and the original expansion logic driven by human transactions and DeFi has nearly reached saturation.

Future growth will primarily come from yield-generating stablecoins and the demand for automated payments driven by AI agents. Stablecoins, with their 24/7 operation, programmability, and support for high-frequency micropayments, are naturally suited to the settlement needs of AI-native transactions, and have given rise to new human-machine collaborative asset management models such as Agent Wallets.

Currently, the focus of industry competition is shifting from simple "currency issuance" to "the organization of global payment networks," with traditional giants such as Visa and Stripe accelerating the deployment of related infrastructure.

Stablecoins must evolve into a global automated settlement interface, and only through deep integration with AI scenarios and real-world clearing systems can they break through growth bottlenecks and embark on the next round of large-scale expansion.

Traditional US exchanges are witnessing an on-chain "triple play," with tokenization reshaping collateral, trading, and margin.

PANews Overview: The three major Wall Street exchanges, Nasdaq, NYSE, and CME Group, are collectively embracing asset tokenization.

Nasdaq has transformed $35 billion of idle collateral into liquid assets that can be transferred in real time through a tokenized collateral management solution, achieving a leap from T+1 to atomic settlement.

The NYSE has partnered with Securitize to develop a native tokenized securities platform that aims to directly maintain ownership on the blockchain and support stablecoin payments, reshaping the foundation of securities trading.

CME Group, in partnership with Google Cloud, launched a tokenized cash settlement service that utilizes distributed ledger technology to enable 24/7 margin calls, significantly reducing institutional liquidity costs and enhancing the robustness of the clearing system.

These moves signify that traditional financial giants are deeply overhauling the liquidity pipelines of global capital markets, driving the Internet of Value from concept to practice.

Stablecoin concept rebounded during the session, and Beijing North hit the daily limit

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