Highlights of this episode
This week’s weekly report covers the interval from November twenty eighth to December fifth, 2025. RWA market knowledge modified this week due to changes in statistical strategies; the full on-chain market capitalization declined, however the variety of holders continued to develop, indicating a continued strengthening of the person base. The full market capitalization of stablecoins surpassed $300 billion, however transaction quantity and month-to-month energetic addresses declined month-over-month, suggesting the market could also be transitioning from its earlier interval of fast development to a “new regular” targeted on person penetration and ecosystem consolidation. On the regulatory entrance, the UK’s FCA opened a regulatory sandbox for stablecoin firms, the US FDIC is drafting an implementation plan for the GENIUS Act, and the Central Financial institution of Israel has additionally signaled strengthened regulation. Main world economies are accelerating the inclusion of stablecoins in prudent regulatory frameworks. On the venture degree, tokenized belongings proceed their world growth pattern: Amundi, Europe’s largest asset administration company, launched its first tokenized cash market fund; Japan Put up Financial institution is selling the applying of DCJPY in actual property rental funds; and Visa and Aquanow are collaborating to broaden stablecoin settlement companies to Europe, Africa, and the Center East, demonstrating that the RWA ecosystem is systematically penetrating the worldwide market by product innovation and use case growth.
Information Perspective
RWA Monitor Panorama
Probably due to a change in statistical strategies, RWA.xyz’s newest knowledge reveals that as of December 5, 2025, the full market capitalization of RWA on-chain was $18.17 billion, a slight lower of three.05% in contrast to the identical interval final month; the full variety of asset holders elevated to roughly 556,800, a rise of 5.42% in contrast to the identical interval final month.
Stablecoin Market
The full market capitalization of stablecoins reached $301.74 billion, a slight enhance of 1.62% month-over-month. Whereas the expansion fee has rebounded barely, it stays low, indicating weak total growth. Month-to-month transaction quantity fell to $4.37 trillion, a major contraction of 12.59% month-over-month. The full variety of month-to-month energetic addresses elevated to 40.21 million, a lower of 12.04% month-over-month. The full variety of holders steadily elevated to roughly 206 million, a slight enhance of two.73% month-over-month. This structural divergence displays a market adjustment part characterised by sustained exercise however declining capital turnover effectivity. Whereas new customers and current person exercise are rising, demand for large-scale settlements or high-frequency transactions has weakened. The info means that the market could also be transitioning from a high-growth part pushed by effectivity to a brand new regular targeted on person penetration and ecosystem consolidation. The main stablecoins are USDT, USDC, and USDS. Amongst them, the market capitalization of USDT elevated barely by 1.05% month-on-month; the market capitalization of USDC elevated by 3.81% month-on-month; and the market capitalization of USDS elevated barely by 2.02% month-on-month.
Regulatory information
In accordance to The Block, the U.S. SEC’s Investor Advisory Committee held a gathering on Thursday to talk about asset tokenization, with executives from Citadel, Coinbase, and Galaxy collaborating to talk about regulatory pathways. Citadel beneficial that the SEC strictly outline the position of intermediaries comparable to decentralized buying and selling protocols, which drew opposition from some crypto fanatics who argued that conventional guidelines are inapplicable to DeFi architectures. Coinbase acknowledged that rule variations needs to be reviewed on a case-by-case foundation to keep away from imposing inapplicable obligations. SEC Chairman Atkins acknowledged {that a} compliance pathway needs to be offered to promote progressive improvement in tokenization.
The UK Financial Conduct Authority opens sandbox environment for stablecoin companies.
In accordance to Ledger Insights, the UK Monetary Conduct Authority (FCA) has introduced the launch of a stablecoin venture group as a part of its regulatory sandbox program, with an utility deadline of January 18, 2026. Bloomberg additionally reviews that the UK Debt Administration Workplace is exploring increasing the UK authorities bond market, a transfer that shall be associated to stablecoin reserves. In a speech yesterday, David Geale of the FCA acknowledged {that a} “massive company” has been included within the sandbox program to check a sterling stablecoin for funds. Sandbox contributors should guarantee their designs adjust to the necessities outlined within the FCA’s Could session doc.
The UK adopts a two-track system for regulating stablecoins: the Financial institution of England regulates systemically necessary stablecoins for prudential and monetary stability functions; the accountability for regulating different stablecoins falls to the Monetary Conduct Authority (FCA), which can also be liable for the conduct and client safety oversight of all stablecoins.
In accordance to CoinDesk, Financial institution of Israel Governor Amir Yaron signaled that the nation is making ready for extra proactive regulation of stablecoins. Talking on the Financial institution of Israel’s “Funds in a Altering Period” convention in Tel Aviv, Yaron positioned the personal digital greenback as a fee energy, arguing that regulators can now not deal with it as a fringe challenge. Yaron emphasised that stablecoins are deeply built-in into world cash flows, with a market capitalization exceeding $300 billion and month-to-month buying and selling quantity exceeding $2 trillion. He burdened the {industry}’s focus danger, mentioning that 99% of stablecoin exercise is managed by solely two issuers: Tether and Circle. He believes this focus exacerbates systemic vulnerabilities and will increase the necessity for regulatory readability. Yaron then outlined a collection of priorities that non-public issuers and regulators should take into account, together with full 1:1 reserve backing, liquid reserve belongings, and the creation of a scalable regulatory framework.
Yoav Soffer, head of the Israeli Digital Shekel venture, additionally mentioned the Digital Shekel plan on the convention, stating that the Digital Shekel will turn into “a central financial institution foreign money relevant to all the pieces,” and unveiled a roadmap for 2026, which incorporates plans to present official recommendation by the tip of the yr.
In accordance to CoinDesk, Appearing Chairman Travis Hill of the Federal Deposit Insurance coverage Company (FDIC) will state at a congressional listening to that the FDIC will launch its first draft implementation of the GENIUS Act this month, outlining the federal regulatory utility course of for stablecoin issuance, and plans to introduce subsequent regulatory provisions, together with capital and liquidity necessities, early next yr. Hill additionally acknowledged that the FDIC is creating regulatory tips for tokenized deposits.
Georgia is seeking to partner with Hedera to advance on-chain ownership and tokenization.
In accordance to Cointelegraph, the Georgian Ministry of Justice has signed a Memorandum of Understanding (MoU) with the public blockchain community Hedera and is at the moment contemplating placing the nation’s land registration system on the blockchain and tokenizing actual property. Throughout a gathering between Georgian Justice Minister Paata Salia and representatives of Hedera, the 2 sides mentioned the potential for integrating blockchain expertise into public infrastructure.
Georgian officers acknowledged they’re contemplating migrating knowledge from the Nationwide Public Registry to a blockchain community, hoping this may “additional guarantee property rights safety and enhance the transparency and reliability of the method.” Moreover, each side are contemplating tokenizing actual property, a transfer fairly comparable to Actual-World Asset (RWA) tokenization initiatives. At present, the settlement is simply a non-binding memorandum of understanding. In accordance to the announcement, the next step would be the institution of a joint working group, together with specialists from the Ministry of Justice and the Nationwide Public Registry.
A latest report by the Worldwide Financial Fund (IMF), titled “Understanding Stablecoins,” signifies that dollar-dominated stablecoins are quickly penetrating rising markets and creating economies, probably weakening central banks’ management over home liquidity and rates of interest. The report factors out that stablecoins can shortly enter the market via cell phones and the web, and particularly within the presence of unhosted wallets, they’re extra seemingly to trigger a “foreign money substitution” phenomenon, weakening using home currencies and affecting the transmission of central financial institution financial coverage and seigniorage income.
The IMF recommends that international locations set up authorized frameworks to forestall stablecoins from buying “authorized tender” or “official foreign money” standing, thereby safeguarding monetary sovereignty. At present, 97% of the full market capitalization of stablecoins is pegged to the US greenback, with solely a small share linked to the euro or Japanese yen. The report additionally emphasizes the numerous enhance in using stablecoins in cross-border funds and in international locations with excessive inflation, notably in Africa, the Center East, and Latin America.
Native Information
Canaan Artistic (NASDAQ: CAN) has partnered with SynVista Power to launch a Bitcoin mining answer primarily based on inexperienced power and power storage. This answer makes use of an clever energy dispatch system to dynamically coordinate energy and computing energy, bettering the effectivity of unpolluted power utilization and lowering waste.
In the meantime, each events will discover the dependable on-chain recording of knowledge comparable to energy technology and carbon emission discount to help the event of RWA belongings. The collaboration will start with an indication venture to promote the large-scale implementation of inexperienced mining.
Hong Kong Gold Exchange’s Singapore subsidiary issues XGZ, a token backed by physical gold.
In accordance to the Hong Kong Financial Journal, the Hong Kong Gold Change (HKGX) has issued a digital gold token, Gold Zip (XGZ), by its subsidiary in Singapore. Every token is backed by bodily gold saved in a certified vault, primarily in Hong Kong.
Huaxia Bank spearheaded the issuance of the industry’s first “blockchain + digital RMB” bond.
In accordance to Jinshi Information, Huaxia Financial institution just lately led the book-building course of, efficiently issuing 4.5 billion yuan of economic bonds utilizing an industry-first progressive mannequin of “blockchain book-building + digital RMB assortment.” The whole issuance course of was recorded on the blockchain in actual time, guaranteeing immutability and permitting traders to examine the data at any time. The raised funds had been immediately collected by digital RMB, eliminating a number of intermediate clearing steps. The issuer of this bond was Huaxia Monetary Leasing Co., Ltd., a subsidiary of Huaxia Financial institution. The preliminary deliberate issuance was 3 billion yuan, with a 1.5 billion yuan over-allotment possibility. The over-allotment was totally triggered, leading to a full issuance of 4.5 billion yuan, with a 3-year coupon fee of 1.84%.
Challenge progress
WLFI co-founder: A series of RWA products will be launched in January 2026.
In accordance to Reuters, World Liberty Monetary, a crypto company backed by the Trump household, introduced at an occasion in Dubai on Wednesday that it’s going to launch a collection of Actual-World Asset (RWA) products in January, at first of the primary quarter of 2026. World Liberty Monetary’s stablecoin USD1 was used this yr by MGX, an Abu Dhabi-backed company, to pay for its funding in Binance.
In accordance to Cointelegraph, Amundi, Europe’s largest asset supervisor, has launched its first tokenized share class for its euro cash market fund. The fund now employs a hybrid construction, permitting traders to select between a conventional model and a brand new blockchain-based model. The primary transaction was recorded on the Ethereum community on November 4th. This launch was developed in partnership with European asset servicing group CACEIS, which offered the tokenization infrastructure, investor wallets, and a digital order system for processing subscriptions and redemptions. In accordance to the 2 firms, fund tokenization simplifies order processing, expands entry to new traders, and permits 24/7 buying and selling.
Japan Post Bank promotes the application of DCJPY in real estate rental payments.
In accordance to CoinPost, Japan Put up Financial institution just lately signed a cooperation settlement with actual property firms Shinoken Group and DeCurret DCP to check the automated settlement perform of DCJPY utilizing Shinoken’s month-to-month hire funds as a state of affairs. DCJPY is a tokenized deposit linked to financial institution deposits, with the objective of official issuance in fiscal yr 2026. This experiment is predicted to be accomplished by the tip of December 2025, and a factors incentive mechanism shall be launched for group service consumption sooner or later.
In accordance to The Block, funds big Visa has partnered with crypto infrastructure supplier Aquanow to broaden its stablecoin settlement companies in Europe, the Center East, and Africa (CEMEA). This integration will allow Visa’s card issuers and acquirers throughout the area to settle transactions utilizing authorized stablecoins comparable to USDC. The service helps settlement three hundred and sixty five days a yr, eliminating the weekend and vacation delays widespread in conventional banking programs.
Wyoming Stablecoin Council Releases FRNT Testnet Tap
In accordance to Crowdfundinsider, the Wyoming Stablecoin Council has launched a testnet “faucet” for its stablecoin Frontier Secure Token (FRNT). Anybody with a digital pockets can now join to their web site and select considered one of eight testnets. Afterward, up to 1,000 “tFRNT” tokens may be claimed each 24 hours from its public tackle. tFRNT just isn’t backed by any reserves; it’s merely a token on a testnet (i.e., improvement) blockchain designed to “simulate good contracts deployed on its seven supported mainnet blockchains.”
Bloomberg: Stablecoin company First Digital plans to go public via SPAC merger.
In accordance to Bloomberg, sources accustomed to the matter revealed that Hong Kong-based First Digital Group is planning a public itemizing by a merger with a clean examine company. The company is predicted to announce the signing of a non-binding letter of intent outlining its plans to merge with CSLM Digital Asset Acquisition Corp III (CSLM), a New York-listed particular objective acquisition company.
First Digital Group is reportedly the issuer of the stablecoin FDUSD, which has a circulating provide of roughly $920 million, down from its peak of about $4.4 billion in April 2024. As trustee, First Digital Group additionally manages reserves for TrueUSD, a stablecoin operated by Techteryx, whose advisor is Justin Solar.
OpenEden, a tokenization platform for RWA (Actual-World Belongings), introduced the completion of a strategic financing spherical, with traders together with outstanding establishments comparable to Ripple, Lightspeed Faction, and Gate Ventures. This spherical of funding shall be used to broaden its RWA tokenization service platform and to advance the scaling of its regulated yield-generating stablecoin USDO and its tokenized US Treasury bond fund TBILL.
OpenEden founder and CEO Jeremy Ng acknowledged that this funding will assist the company present compliant products that meet each conventional and decentralized finance requirements. With the RWA tokenization market anticipated to double in dimension by 2025, OpenEden’s TBILL fund has turn into a best choice for institutional traders, with its belongings beneath administration rising greater than tenfold in two years.
Kraken to acquire tokenized asset platform Backed Finance
In accordance to Bloomberg, cryptocurrency trade Kraken introduced its acquisition of tokenized asset platform Backed Finance. In an interview, Kraken co-CEO Arjun Sethi acknowledged that Kraken already presents shares and ETFs issued by Backed, and plans to extra tightly combine these products into its platform following the acquisition. Sethi stated, “Whereas everyone seems to be speaking about tokenized shares, we’re already placing it into observe. We deal with long-term investing, not hype.” Kraken didn’t disclose the phrases of the transaction.
In accordance to knowledge from rwa.xyz, Backed Finance is at the moment the second-largest platform within the tokenized listed inventory house, with a market share of roughly 23%. Backed’s xStocks product presents funding publicity to over 60 tokenized shares and ETFs, all of that are backed one-to-one by underlying belongings.
MSX trading volume exceeded $2 billion in 24 hours; Season 1 of the points season has ended.
In accordance to knowledge from MSX’s official web site (msx.com), the platform’s buying and selling quantity reached $2 billion up to now 24 hours, setting a brand new single-day file. As of the time of writing, the platform’s whole buying and selling quantity has exceeded $20.6 billion, surging by greater than $7.5 billion up to now 5 days, representing a cumulative enhance of over 57%.
As well as, MSX ended its factors season S1 on December 2nd, and the M Credit earned by customers shall be used immediately for future MSX token distributions.
In accordance to CoinDesk, Secure and Theo have collectively invested over $100 million within the Delta Wellington Extremely Quick-Time period U.S. Treasury On-Chain Fund (ULTRA). Managed by FundBridge Capital and Wellington Administration, and powered by the tokenization platform Libera, ULTRA is a tokenized U.S. Treasury fund. ULTRA is among the first institutional-grade U.S. Treasury technique products launched in tokenized type and has acquired a Particula AAA score.
Sony’s blockchain partner Startale launched the USD stablecoin USDSC on the Soneium network.
In accordance to CoinDesk, Startale Group, a blockchain company that has partnered with tech big Sony on its Web3 platform Soneium, has launched a stablecoin pegged to the US greenback: Startale USD (USDSC). This token goals to turn into the default digital greenback for funds, rewards, and different features throughout the Soneium ecosystem. Soneium is an Ethereum Layer 2 community launched final yr by Sony Block Options Labs, a three way partnership between Sony Group and Startale. USDSC is constructed on the infrastructure of M0, a startup creating a modular platform for programmable stablecoins. As well as, Startale has launched the STAR factors reward system, which incentivizes customers to mint or maintain USDSC, full in-app duties, or work together with decentralized purposes by the Startale app (the cell hub of the Soneium ecosystem).
Stablecoin app Fin raises $17 million, led by Pantera Capital.
In accordance to Fortune journal, Fin, a stablecoin app based by former Citadel workers, introduced the completion of a $17 million funding spherical led by Pantera Capital, with participation from Sequoia and Samsung Next.
This utility goals to present cross-border and large-value fee companies utilizing stablecoin expertise, enabling quick world transfers with out advanced operations. It helps transfers to different Fin customers, financial institution accounts, or cryptocurrency wallets, and claims charges shall be considerably decrease than conventional banking channels. Fin primarily targets large-value cross-border or home transfers, comparable to addressing fee effectivity points in import/export commerce. The appliance just isn’t but formally launched however plans to start a pilot program next month amongst import/export firms. The company’s earnings will come from switch charges and stablecoin reserve curiosity.
Insights Highlights
PANews Overview: Tokenization of fairness in non-listed firms goals to break the “excessive worth however low liquidity” dilemma of the trillion-dollar personal fairness market. It leverages blockchain expertise to present bizarre traders with alternatives to take part in high-end belongings comparable to unicorns and to open up versatile exit channels for insiders past IPOs. Nonetheless, this sector is going through a “lower-dimensional assault” from on-chain derivatives comparable to perpetual contracts. These derivatives (just like the OpenAI contract launched by Hyperliquid) supply less complicated, higher-leverage, extra liquid choices inside a regulatory grey space, exactly assembly customers’ wants to guess on company valuation fluctuations somewhat than purchase shareholder rights, thus diverting market consideration and buying and selling quantity. This warns that fairness tokenization initiatives should transfer past easy value publicity and as a substitute search differentiated positioning round core values comparable to “actual shareholder rights, long-term capital allocation, and money move distribution.” Sooner or later, they’re extra seemingly to transfer in the direction of a hybrid improvement path that ensures each compliance and shareholder rights whereas integrating on-chain liquidity.
Institutional-grade RWA: Chainlink data trustworthiness + Aave contract security
PANews Overview: For Actual-World Belongings (RWAs) to obtain safe and dependable purposes on the blockchain, two main technical hurdles have to be overcome: first, a trusted knowledge enter layer to make sure the accuracy of data comparable to asset internet worth and value mirrored on the chain; and second, a safe contract execution layer to assure the flawless execution of economic operations comparable to lending and clearing. The article makes use of the Chainlink oracle community as a mannequin for the information layer, offering RWAs with manipulator-resistant key knowledge comparable to asset internet worth and proof of reserves by a decentralized consensus mechanism involving a number of nodes and knowledge sources. In the meantime, it makes use of the Aave lending protocol as a consultant of the execution layer, whose rigorously audited good contracts, refined danger parameter administration, and isolation mechanisms present bank-level safety for dealing with RWA belongings. The collaborative case research of those two applied sciences on platforms comparable to Aave Horizon show that solely by constructing a stable technical basis of “dependable knowledge + safe contracts” can trillions of {dollars} of conventional belongings be safely and effectively built-in into the DeFi (decentralized finance) ecosystem, propelling RWAs from proof of idea to large-scale utility.
