The RWA market is rapidly concentrating, with the total on-chain market capitalization reaching $33.98 billion. Stablecoin transfer volume has rebounded to $3.87 trillion. Regulatory breakthroughs are underway in multiple countries, with institutions like CMB International and BlackRock continuing to list money market funds on-chain, and tokenized trading platforms are emerging.
Highlights of this subject
This weekly report covers the interval from October 10 to 16, 2025. This week, the RWA market continued to evolve amidst structural differentiation: complete on-chain market capitalization grew steadily, however the variety of issuers declined, indicating accelerating market focus and growing dominance by main establishments. Stablecoin switch quantity rebounded considerably, as did month-to-month lively addresses, however the development charge of holders remained far decrease than transaction development, sustaining the market restoration pushed by institutional large-scale settlements. Substantial regulatory breakthroughs in a number of nations exhibit that nations around the globe are systematically constructing compliant operational frameworks for RWAs and tokenized property. On the venture degree, CMB Worldwide and BlackRock continued to launch cash market fund merchandise on-chain, whereas Mitsubishi UFJ and SoloTex launched tokenized buying and selling platforms.
Pivot
Panoramic view of RWA monitor
In accordance with the most recent knowledge from RWA.xyz, as of October 17, 2025, the entire market capitalization of the RWA chain reached US$33.98 billion, a month-on-month enhance of 10.28%; the entire variety of asset holders elevated to 485,300, a month-on-month enhance of 6.69%; the entire variety of asset issuers dropped to 225, indicating that market focus is accelerating – the dominance of main establishments is growing, whereas small and medium-sized issuers proceed to filter.
Stablecoin market
The entire market capitalization of stablecoins reached $295.53 billion, up 4.45% month-over-month, with development additional slowing. Month-to-month switch quantity jumped considerably to $3.87 trillion, a 22.79% enhance month-over-month, ending a interval of decline and signaling a robust rebound in institutional settlement demand. The entire variety of month-to-month lively addresses elevated to 29.56 million, up 8.88% month-over-month. The entire variety of holders reached roughly 196 million, a slight enhance of two.19% month-over-month. The divergence between the 2 continues, indicating a deepening structural divergence between institutionalization and retail retreat. The main stablecoins had been USDT, USDC, and USDe. USDT’s market capitalization elevated by 5.66% month-over-month, whereas USDC’s market capitalization noticed a slight enhance of three.03%. Maybe as a result of market crash, USDe’s market capitalization noticed its first decline, down 7.26% month-over-month.
Regulatory Information
US SEC Chairman Plans a Path to Support Innovation in Cryptocurrency and Tokenization Regulation
In accordance with The Block, U.S. Securities and Alternate Fee (SEC) Chairman Paul Atkins hopes that innovation within the cryptocurrency trade will flourish because the SEC prioritizes its oversight and explores regulatory pathways. On the Washington, D.C. Fintech Week on Wednesday, he reiterated that cryptocurrency and tokenization are the SEC’s “prime priorities,” stating {that a} stable framework will likely be established to draw expertise coming back from the USA whereas additionally fostering a sound framework to advertise innovation. He even half-jokingly referred to the SEC because the “Securities and Innovation Fee.”
Atkins additionally talked about plans to introduce progressive exemptions, aiming to create “tremendous apps” that might deliver collectively a number of regulators centered on cryptocurrency. He questioned why corporations would wish to register with a number of companies if everybody shared the identical objective. The federal government shutdown, now in its second week, has stalled the SEC’s work. Earlier this month, Congress failed to succeed in a funding settlement, resulting in unpaid furloughs and important restrictions on federal company operations.
In accordance with the Macau Citizen Every day, the Financial Authority of Macao said {that a} prototype system for the “Digital Pataca” has been constructed and the primary section of analysis and growth is anticipated to be accomplished by the tip of this yr. Analysts identified that it’s inevitable that the digital Pataca platform will likely be related with the mainland platform, and people can resolve whether or not to change money or deposits for digital forex (digital RMB or Macau Pataca) in accordance with their wants.
Banque de France partners with Euroclear Bank on tokenized commercial paper project
In accordance with Ledger Insights, the Banque de France, France’s central financial institution, and Euroclear have collectively launched “Mission Pythagore,” a venture geared toward tokenizing the circulating European Union (NEU) industrial paper market, which presently has an impressive stability of €310 billion. The 2 events plan to formally launch the venture by the tip of 2026, with France’s pilot wholesale central financial institution digital forex (CBDC) as a part of the European Central Financial institution’s “Mission Pontes” wholesale distributed ledger know-how (DLT) settlement system. France has beforehand experimented with utilizing distributed ledger know-how to course of industrial paper, however whereas it superior past the pilot section, it in the end failed to attain widespread success.
The UK is exploring blockchain for public funds, with share registration expected to be automated
In accordance with Caixin, the UK Monetary Conduct Authority (FCA) sought public touch upon October 14th on a proposal to help the asset administration and fund administration industries in embracing tokenization. The proposal gives a compliant path for registering mutual fund items on a distributed ledger (DLT), aiming to cut back prices and enhance effectivity within the asset administration trade by means of blockchain know-how. In accordance with the draft, the FCA’s proposed “blueprint mannequin” permits fund managers emigrate their fund unit registration system to a blockchain with out altering the core regulatory framework. Fund custody, valuation, info disclosure, and investor safety necessities stay unchanged, however unit registration might be accomplished on a distributed ledger.
France’s Lise receives approval to establish Europe’s first tokenized stock exchange
In accordance with CoinDesk, Paris-based inventory change Lise introduced Thursday that it has turn out to be Europe’s first firm approved to function a completely tokenized inventory change. Focusing on the French SME IPO market, the change has obtained a Distributed Ledger Know-how Buying and selling System (DLT TSS) license from the French monetary regulator, the AutoritĂ© de Surveillance et des MarchĂ©s (ACPR), beneath the EU’s distributed ledger know-how pilot regulation. This authorization, developed with the participation of the Financial institution of France, the European Securities and Markets Authority (ESMA), the AutoritĂ© des MarchĂ©s Financiers (AMF), and the ECB, permits Lise to behave as each a multilateral buying and selling facility (MTF) and a central securities depository (CSD) inside a single digital framework. The change targets French corporations with a market capitalization of lower than €500 million and goals for a minimum of half of its issuers to be SMEs with valuations under €200 million. Lise plans to launch its first SME and mid-cap IPOs in early 2026, specializing in sectors equivalent to power and infrastructure.
The Financial Authority of Singapore (MAS) right this moment introduced the launch of a brand new initiative, BLOOM (Boundless, Liquid, Open, On-line, Multi-Forex), geared toward increasing the settlement capabilities supplied by monetary establishments. Via BLOOM, MAS will collaborate with the monetary trade to allow settlement in tokenized financial institution liabilities and strictly regulated stablecoins, whereas additionally implementing standardized approaches to successfully handle dangers within the quickly evolving subject of digital settlement property. BLOOM will cowl a number of G10 and Asian currencies, supporting home and cross-border settlements to be used instances together with company treasury administration, commerce finance, and clever agent funds. Preliminary individuals embody Circle, Coinbase, DBS, OCBC, UOB, Partior, Stripe, Ant Worldwide, and StraitsX.
Native Information
CMB Worldwide introduced a partnership with BNB Chain to additional broaden the on-chain distribution of CMB Worldwide’s USD Money Market Fund by means of CMBMINT and CMBIMINT tokens.
Via this initiative, CMB Worldwide and BNB Chain are leveraging one of many world’s main blockchain ecosystems to broaden entry to institutional-grade real-world property (RWAs) for certified buyers.
The distribution is supported by DigiFT, a licensed tokenized asset change, and OnChain, an on-chain capital market funding platform, for the issuance and administration of CMBMINT and CMBIMINT tokens.
As of October 10, 2025, the fund ranked first in Bloomberg’s Asia-Pacific efficiency rating of comparable merchandise, with property beneath administration exceeding US$3.8 billion.
CMBMINT and CMBIMINT tokens (representing shares of the fund) at the moment are deployed on BNB Chain, supporting subscription and real-time redemption in fiat currencies and stablecoins.
Mission Progress
Mitsubishi UFJ Launches Personal Security Token Platform “ASTOMO”
In accordance with CoinDesk JAPAN, Mitsubishi UFJ Monetary Group (MUFG) and Mitsubishi UFJ Morgan Stanley Securities introduced the launch of blockchain digital asset providers and the launch of “ASTOMO,” a private safety token (ST) buying and selling service. The preliminary providing will likely be actual property STs, with a cell app supporting investments ranging from roughly 100,000 yen. MUFG can also be making ready to subject publicly supplied subordinated social bonds within the type of STs, which will likely be counted in the direction of Tier 2 capital beneath banking laws. This marks a primary for the Japanese banking trade.
The Story Ecosystem IPRWA Protocol Aria Foundation was established to promote the iconic IP chain economy , and its platform token $ARIAIP will soon be TGE
Aria has formally introduced the institution of the Aria Basis, which can oversee the governance of its decentralized protocol and drive the on-chain adoption of iconic IPs. Because the infrastructure for tokenizing IP rights, the Aria Protocol has already enabled the on-chain switch of tune royalties from artists equivalent to Justin Bieber, BLACKPINK, and BTS, and issued the IP-based bodily asset token, $APL.
The venture reportedly accomplished a $15 million strategic and seed spherical of funding in September of this yr, with buyers together with Polychain Capital, Neoclassic, and Story Basis. The Aria Basis will likely be liable for ecosystem useful resource administration, IP asset issuance, and protocol governance, whereas its subsidiary, Aria Protocol Labs, will proceed to offer technical and ecosystem help.
As well as, Aria introduced the upcoming launch of its native token $ARIAIP, with particulars to be introduced quickly.
In accordance with official information from the MSX platform, the 16-day “MSX Contract King of Glory Championship (First Part)” ended efficiently on October 10, 2025.
The competitors featured 4 main rankings: the Techniques Masters (Charge of Return), the Revenue Dominance (Absolute Return), the Quantity Champion (Buying and selling Quantity), and the Counter-Index Help (Loss). The champion achieved a return of 380.46%, with the very best absolute return exceeding $478,000 USD. The highest dealer on the Buying and selling Quantity rankings generated over $25.18 million in turnover.
The occasion affords a complete prize pool of 19,000 USDT in US inventory tokens, with prime three leaderboard rewards distributed in $MP.M and the reverse help competitors rewarded in $PDD.M. The MSX platform said that it’ll proceed to optimize the competitors mechanism and improve the consumer expertise, and appears ahead to attaining even higher success within the subsequent event.
Cake Wallet Integrates xStocks: Privacy-Friendly Tokenized US Stock Trading Launches
In accordance with Bitcoin Journal, Cake Pockets has built-in xStocks, permitting international customers to commerce shares like Google, Amazon, and Nvidia in tokenized kind inside the app, emphasizing privateness and low limitations to entry. Issued by Switzerland-based Backed.fi, the platform has been working since 2021; customers could not have voting rights, and the dividend mechanism is unspecified. As a result of regulatory restrictions, the service will not be out there to the US, Australia, Canada, Belgium, the UK, Afghanistan, Belarus, Cuba, Iran, and North Korea, and will implement geo-screening based mostly on IP addresses. An identical product has been launched by Phantom, which doesn’t require private info past personal keys.
Figure deploys its SEC-registered yield-based security token, YLDS, to the Sui blockchain
In accordance with The Block, Determine Know-how Options (ticker image FIGR) will launch its regulated, yield-generating safety token, YLDS, on the Sui blockchain. This marks the token’s first deployment on a Layer 1 public blockchain outdoors of the Provenance blockchain. YLDS is a debt safety instrument backed by short-term U.S. Treasury bonds and repurchase agreements, registered with the U.S. SEC. The token affords a each day curiosity accrual and month-to-month funds equal to the Secured In a single day Financing Charge (SOFR) minus 35 foundation factors. Sui’s partnership with Determine goals to generate yield for DeepBook, Sui’s ecosystem restrict order e book, and help the platform’s upcoming margin buying and selling. On DeepBook, stablecoins will likely be robotically transformed to YLDS. Moreover, the venture said that minting YLDS immediately on Sui “will in the end present Sui customers with direct fiat on/off entry, permitting them to entry US {dollars} with out counting on conventional cryptocurrency exchanges.” The 2 events plan to collaborate on additional integration of YLDS and SUI.
SoloTex receives FINRA approval to launch blockchain-based stock trading platform in the US
In accordance with CoinDesk, Texture Capital and Sologenic’s SoloTex platform has acquired FINRA approval and plans to supply “actual on-chain” inventory possession to US retail customers. Constructed by Texture Capital, a FINRA-registered broker-dealer, the platform goals to tokenize conventional shares and settle them on-chain, making it accessible to retail merchants. Executives said that SoloTex will allow compliant issuance, custody, and secondary buying and selling, supporting the tokenization and switch of US inventory property.
Backpack Partners with Superstate to Launch SEC-Registered Equity Token
As reported by CoinDesk, Backpack will combine with Superstate’s Opening Bell platform to offer natively tokenized public inventory and index fund buying and selling to buyers outdoors the U.S. The tokens will likely be SEC-registered merchandise.
Orderly Launches RWA Index Contracts, Supporting SPX500 and NAS100 Perpetuals
DEX infrastructure supplier Orderly has formally launched “Orderly RWAs,” permitting customers to commerce perpetual contracts for real-world property (RWAs) inside the DeFi surroundings. Initially supported are the SPX500 (S&P 500) and NAS100 (Nasdaq 100), providing as much as 20x leverage, all settled in USDC, and 24/7 buying and selling.
The platform makes use of a median oracle mannequin derived from three impartial worth sources (Finage, Trademade, and Pragma) to make sure correct and manipulation-resistant costs. It additionally incorporates a weekend threat safety mechanism that units worth bands and gives liquidity alerts when conventional markets are closed.
BlackRock launches Genius Act-compliant money market fund
In accordance with Enterprise Wire, BlackRock introduced the launch of a ’40 Act 2a7 cash market fund compliant with the GENIUS Act (Guiding and Establishing Nationwide Innovation for US Stablecoins Act) to serve the reserve administration wants of stablecoin issuers. The fund, referred to as the BlackRock Choose Treasury Primarily based Liquidity Fund (BSTBL), enhances liquidity and regulatory compliance by incorporating in a single day repurchase agreements, shortening the length of US Treasury investments, and increasing buying and selling hours to five:00 PM ET.
Perception Highlights
Analysis of the Stablecoin Strategies of Major Global Economies
PANews Overview: As the size of stablecoin settlement (anticipated to succeed in $26 trillion in 2024) approaches that of conventional fee networks, a brand new “public chain” optimized for stablecoin funds is rising. Plasma and Secure are Layer 1 public chains centered on USDT. They aim fee wants in rising markets by providing zero charges, immediate settlement, and consumer-facing digital banking functions. Arc, launched by Circle, the issuer of USDC, makes use of permissioned validators, offering institutional-grade deterministic settlement and elective privateness options, primarily serving banks and company shoppers. The competitors amongst these rising stablecoin public chains is actually an infrastructure extension of the 2 main issuers, USDT and USDC. Their shared objective is to reinforce the stablecoin fee expertise and seize extra worth. In the meantime, present mainstream public chains (equivalent to BNB Chain and Tron) are actively responding by means of measures equivalent to charge reductions. Permissioned chains like Google Cloud’s Common Ledger provide establishments another path to compliance, collectively driving the paradigm shift of stablecoins from transaction collateral to on a regular basis fee infrastructure.
IOSG In-depth Interpretation of Stablecoin Public Chains: Plasma, Stable, and Arc
PANews Overview: This text analyzes the worldwide strategic panorama of stablecoins from a macro perspective, noting that US dollar-denominated stablecoins (USDT, USDC) are increasing at an unprecedented charge, pushed primarily by residents in high-inflation nations (equivalent to Venezuela and Argentina) utilizing them as “digital {dollars}” for financial savings and funds, changing their very own quickly depreciating currencies. This growth gives the USA with three main strategic advantages: consolidating greenback hegemony (by establishing a parallel greenback economic system abroad), easing fiscal strain (by creating important demand for US Treasury bonds), and main the event of future digital monetary guidelines. Nevertheless, the present market dominance of US dollar-denominated stablecoins (over 99%) additionally presents structural dangers, forcing different main economies to develop their very own stablecoins to safeguard their “digital forex sovereignty.” The article gives an in depth evaluation of the present state of stablecoins within the euro, yen, Australian greenback, Korean gained, and Hong Kong greenback, noting that all of them face challenges equivalent to inadequate community results, enterprise mannequin difficulties ensuing from low rates of interest, and potential competitors from central financial institution digital currencies (CBDCs). This international stablecoin race isn’t just a industrial competitors but additionally a strategic recreation between nations for monetary discourse energy within the digital age.