Highlights of this challenge
This weekly statistical interval covers October 17-23, 2025. This week, the RWA market continued to develop, pushed by institutional dominance. The full on-chain market capitalization exceeded $34.5 billion, an 11.45% enhance month-over-month. Nevertheless, the variety of issuers solely noticed a slight enhance, additional highlighting the pattern of market focus. Stablecoin switch quantity jumped considerably by 37.42%, and the variety of energetic addresses additionally rebounded, indicating that the market has shifted from a sluggish equilibrium to an efficiency-driven section, with considerably accelerated capital turnover. On the regulatory entrance, the UK and South Korea are making ready to additional make clear their stablecoin regulatory frameworks, aiming to align with these of the US. On the mission stage, BlackRock’s BUIDL Fund invested one other $500 million in Aptos. Robinhood and Kraken, two main gamers, noticed vital progress in each the overall variety of tokenized property and buying and selling quantity. Ant and JD.com, amongst others, have quickly suspended their plans to challenge stablecoins in Hong Kong, reflecting the strategic changes and compliance trade-offs confronted by issuers in totally different markets.
Pivot
Panoramic view of RWA observe
In accordance to the newest information from RWA.xyz, as of October 24, 2025, the overall market capitalization of the RWA chain reached US$34.52 billion, a rise of 11.45% from the identical interval final month, sustaining a double-digit progress pattern; the overall variety of asset holders elevated to 494,300, up 6.75% from the identical interval final month; the overall variety of asset issuers was solely 227, indicating that market growth continues to be dominated by present establishments and new contributors are coming into the market slowly.
Stablecoin market
The full market capitalization of stablecoins reached $296.51 billion, up 3.24% month-over-month, with the expansion charge persevering with to sluggish. Month-to-month switch quantity soared to $4.29 trillion, a major enhance of 37.42% month-over-month. The full variety of month-to-month energetic addresses rebounded to 30.32 million, up 13.04% month-over-month. The full variety of holders reached roughly 198 million, a slight enhance of two.45% month-over-month. These two components collectively affirm a restoration in market exercise and liquidity. This information signifies that the market has moved from a “slow-speed equilibrium” section to efficiency-driven progress. The expansion charge of switch quantity far outpaced the expansion charge of market worth, reflecting a major enchancment in the effectivity of present capital turnover. The rebound in energetic addresses suggests a partial restoration in retail buying and selling curiosity. The main stablecoins are USDT, USDC, and USDe. USDT’s market capitalization elevated by 4.79% month-over-month; USDC’s market capitalization elevated barely by 2.81% month-over-month; and USDe’s market capitalization continued its downward pattern, plummeting by 20.78% month-over-month.
Regulatory Information
In accordance to Jinshi.com, the Hong Kong Securities and Futures Fee (SFC) expressed its help for market-driven regulatory compliance at a seminar hosted by the Hong Kong and Higher Bay Space Fund Directors Affiliation (HBAA) final week. The seminar aimed to improve trade consciousness of regulatory compliance requirements in the quickly evolving digital asset trade. Dr. Yip Chi-hang, Government Director of the SFC’s Intermediaries Division, delivered a keynote speech on the seminar. On the seminar, the HBAA mentioned numerous danger administration and oversight measures to help the administration of digital asset and tokenized funds.
Notably, the dialogue emphasised the significance of collaboration inside the fund trade to improve the adoption of modern applied sciences in fund administration whereas additionally bettering technical and regulatory compliance capabilities associated to digital property. Dr. Ye acknowledged, “The SFC is dedicated to selling skilled requirements and fostering belief in the digital asset market. By supporting trade gamers in their continued dedication to complying with regulatory necessities for managing digital asset funds and tokenized funds, we hope to construct a secure, dependable, sustainable, and aggressive digital asset fund ecosystem, based mostly on strong danger administration and investor safety.”
The UK plans to develop stablecoin rules by the end of 2026, which may be synchronized with US rules
In accordance to Bloomberg, citing folks conversant in the matter, the UK plans to develop stablecoin guidelines by the top of 2026 and launch consultations on stablecoin regulation on November 10. Folks conversant in the matter mentioned that given the tensions between the Financial institution of England and the federal government on the problem, the Financial institution of England believes that its framework shall be synchronized with the implementation of US guidelines.
In accordance to Yonhap Information Company, Lee E-won, chairman of the Monetary Companies Fee of South Korea, mentioned throughout the Nationwide Meeting’s nationwide coverage inspection on October 20 that in precept, payment-type stablecoins are usually not allowed to generate curiosity funds due to holding or utilizing them.
Lee Yi-yuan acknowledged that South Korea will observe the ideas of the US Genius Act and prohibit such practices. He additionally acknowledged that South Korea will discover a bank-led alliance mannequin, proscribing fintech firms to know-how partnerships solely, and prohibiting digital asset exchanges from independently issuing stablecoins. Relating to the second section of the digital asset invoice, he confirmed that it will likely be submitted this 12 months and is presently in the ultimate coordination stage. He additionally famous the potential abroad demand for stablecoins in areas similar to digital asset buying and selling, cost settlement, and cross-border remittances, and plans to broaden their utility and put together for associated work in advance.
EU imposes sanctions on A7A5 stablecoin pegged to the Russian ruble
In accordance to Interfax.RU, the European Union has imposed sanctions on the A7A5 stablecoin, which is pegged to the Russian ruble. The nineteenth spherical of sanctions in opposition to Russia, introduced Thursday, prohibits transactions with A7A5 beginning November twenty fifth of this 12 months. The A7A5 ruble stablecoin, issued by A7 and backed by VTB Financial institution (VTB), was launched in Kyrgyzstan in February 2025. Backed by deposits with VTB, it’s pegged 1:1 to the Russian ruble. The US imposed sanctions on A7 and a number of associated firms in August.
Native Information
Insider: Ant, JD.com and others suspend plans to issue stablecoins in Hong Kong
In accordance to Lianhe Zaobao, citing sources conversant in the matter, Chinese language tech firms, together with Alibaba’s Ant Group and e-commerce large JD.com, have suspended their plans to challenge stablecoins in Hong Kong. Hong Kong handed the Hong Kong Stablecoin Invoice in Might of this 12 months, which formally got here into impact on August 1st. As of the top of September, 36 establishments had submitted functions for stablecoin licenses. Ant Group introduced in June that it could take part in Hong Kong’s stablecoin pilot program, and JD.com additionally acknowledged that it could be a part of the pilot program.
Mission Progress
As Cointelegraph reported, Robinhood has expanded its tokenization efforts on the Arbitrum blockchain, deploying 80 new fairness tokens over the previous few days, bringing the overall variety of tokenized property to almost 500. In accordance to Dune Analytics, Robinhood has tokenized 493 property with a complete worth exceeding $8.5 million. Cumulative issuance exceeded $19.3 million, however this was offset by roughly $11.5 million in burn exercise, indicating energetic and rising market exercise. Equities accounted for almost 70% of all deployed tokens, adopted by ETFs at roughly 24%, with smaller allocations to commodities, cryptocurrency ETFs, and US Treasuries.
Analysis analyst Tom Wan mentioned the newest batch of tokenized property embody Galaxy (GLXY), Webull (BULL), and Synopsys (SNPS). He famous, “Thanks to tokenization, Robinhood’s EU customers now have entry to a wider vary of U.S. shares, equities, and ETFs.”
BlackRock’s BUIDL deploys another $500 million to Aptos, bringing its total RWA to over $1.2 billion
Aptos tweeted that BlackRock’s BUIDL has deployed an extra $500 million to Aptos. This has returned Aptos to the highest three in RWA, with over $1.2 billion in tokenized property on-chain, and ranks second in BUIDL adoption.
Kraken’s US tokenized stock trading volume exceeds $5 billion
In accordance to The Block, Kraken mentioned that its “xStocks” tokenized US shares (for non-US customers) launched in cooperation with Backed have amassed buying and selling quantity exceeding US$5 billion, with on-chain transaction quantity exceeding US$1 billion, masking greater than 160 nations, with greater than 37,000 distinctive holders, and collaborating with Bybit, Phantom, OKX Pockets, and Telegram.
In accordance to Nikkei, Japan’s Mitsubishi UFJ Financial institution, Sumitomo Mitsui Monetary Group, and Mizuho Financial institution will collectively challenge a stablecoin pegged to the worth of the Japanese yen and the US greenback. Initially, the stablecoin shall be used for Mitsubishi Company’s fund settlements, with the issuer utilizing collateral similar to financial institution deposits to assure its worth.
The stablecoin protocol STBL introduced on the X platform that it’ll mint 100 million USST stablecoins in the fourth quarter of this 12 months. The related work shall be launched in phases, and the preliminary minting of USST stablecoins value $2 million has been accomplished.
Stablecoin payment provider Cybrid completes $10 million Series A funding
In accordance to Axios, Cybrid, an organization that gives infrastructure for stablecoin and fiat forex funds, has raised $10 million in Sequence A funding, its CEO Avinash Chidambaram revealed.
Payments firm Modern Treasury acquires stablecoin startup Beam for $40 million
Fashionable Treasury, a funds infrastructure firm valued at $2.1 billion, has acquired stablecoin startup Beam, in accordance to Fortune journal. Sources revealed the acquisition was an all-stock transaction valued at roughly $40 million. As a part of the deal, Beam’s founder will be a part of Fashionable Treasury and assist lead the corporate’s growth into the stablecoin funds house.
Based in 2022, Beam offers software program for banks and different companies to ship and obtain stablecoins. Fashionable Treasury initially joined the Y Combinator incubator in the summer season of 2018, positioning itself as a one-stop service supplier for companies to deal with capital flows.
Swedish bank SEB joins consortium to launch euro-denominated stablecoin
Swedish financial institution SEB mentioned it has joined a consortium of 9 main European banks to launch a euro-denominated stablecoin. It continues to develop synthetic intelligence options in a number of new areas, together with danger administration and transaction monitoring.
In accordance to CoinDesk, Plasma, a blockchain firm specializing in stablecoin networks, introduced a major growth into Europe to present regulated cost providers. The corporate introduced Thursday that it has acquired an entity in Italy that holds a Digital Asset Service Supplier (VASP) license, enabling it to legally course of cryptocurrency transactions and present custody of property in the area. As a part of its EU growth plans, the corporate will open a brand new workplace in Amsterdam, the Netherlands, and has appointed a Chief Compliance Officer and an Anti-Cash Laundering Reporting Officer. Plasma didn’t disclose the title of the acquired entity, and a spokesperson didn’t instantly reply to a request for remark.
The corporate additionally plans to apply for Crypto Asset Service Supplier (CASP) standing below the EU’s new Markets in Crypto-Property (MiCA) regulation, in addition to an Digital Cash Establishment (EMI) license. These initiatives will permit Plasma to function an asset alternate, challenge playing cards, and maintain buyer funds below regulatory safeguards. Plasma acknowledged that its aim is to use these licenses to help its new stablecoin-based financial institution, Plasma One.
Perception Highlights
300 Trillion PYUSD Mistakenly Minted: The Stablecoin Governance Crisis Behind Paxos’ “Fat Finger”
PANews Overview: In October 2025, Paxos, a widely known stablecoin issuer, by chance minted 300 trillion PYUSD throughout an inner operation due to a easy parameter enter error (generally referred to as a “fats finger”). This quantity was 110,000 instances the circulating provide and even exceeded the overall world GDP. Though Paxos rapidly destroyed the mis-minted cash after the incident, stopping a market crash, this “blunder” deeply uncovered a deadly weak spot of centralized stablecoins: even when the issuer has adequate asset reserves and is topic to strict supervision, its technical programs and inner processes should have vital vulnerabilities. A single human error might be infinitely amplified by means of the “God energy” (the ability to mint and destroy cash at will), thereby threatening the soundness of the whole crypto ecosystem. This serves as a wake-up name for all stablecoin issuers: they need to set up stricter danger management measures (similar to setting transaction quantity limits and introducing multi-signature approvals) to reduce the danger of human intervention whereas sustaining the flexibility to intervene rapidly.
The End of RWA 3.0: When TradFi collides with Crypto, when will a new financial species be born?
PANews Overview: The tokenization of RWAs (Actual World Property) has entered its 3.0 section. Its core is the deep integration of conventional finance and crypto-finance, marked by the tokenization and on-chaining of core conventional monetary property like shares and ETFs. This goes past merely “transferring” property onto the blockchain; moderately, it leverages the composability of blockchain to create fully new monetary property. For instance, inventory tokens might be mixed with cryptocurrencies to create hybrid property, or fairness can be utilized as collateral for lending in DeFi, enabling 24/7 buying and selling and different capabilities unattainable in conventional finance. Nevertheless, this integration may additionally result in adjustments in the panorama. The massive-scale on-chain adoption of property with “certainty” similar to US shares may squeeze the marketplace for high-risk native crypto property, prompting traders to flip to extra secure and clear property. Regardless of regulatory challenges, RWAs in the end purpose to construct a unified and environment friendly world monetary infrastructure, representing a essential turning level in blockchain’s journey into the mainstream financial system.
PANews Overview: This text primarily discusses how stablecoin QR funds, mixed with localized unified QR code programs (similar to Vietnam’s VietQR, Brazil’s PIX, Thailand’s Vacationer DigiPay, and Singapore’s SGQR), can bridge the “final mile” between cryptocurrencies and real-world funds. The article notes that this cost technique has demonstrated various utility situations throughout Southeast Asia and South America. Vietnam and the Philippines give attention to monetary inclusion, enabling unbanked people to use stablecoins (similar to USDT and USDC) for day by day funds. The system routinely converts the stablecoins into native forex, eliminating the necessity for retailers to entry cryptocurrencies. Brazil, primarily to fight inflation and appeal to worldwide crypto funds, is integrating stablecoins into its regulated cost system. Thailand, specializing in the tourism financial system, permits vacationers to pay instantly with stablecoins, avoiding the excessive charges and opaque alternate charges related to conventional overseas alternate. Singapore demonstrates how to implement stablecoin funds in a compliant and regulatory surroundings, enhancing the legitimacy and stability of funds. General, this mannequin makes use of a unified QR code as the doorway, stablecoins because the supply of funds, and converts cryptocurrencies into fiat forex in actual time by means of an intermediate clearing layer to pay retailers. It not solely retains the supervisory capabilities of regulators, but additionally improves the comfort and liquidity of funds, permitting crypto property to step by step combine into day by day financial actions.
