Key Highlights of This Concern
This weekly report covers the statistical interval from November 28 to December 5, 2025. This week, adjustments within the RWA market information had been noticed due to adjusted statistical methodologies. The overall on-chain market capitalization declined barely, however the variety of holders continued to develop, indicating a solidifying person base. The overall market capitalization of stablecoins surpassed $3 trillion; nevertheless, transaction volumes and month-to-month energetic addresses fell in contrast to the earlier month, signaling that the market could also be transitioning from a section of speedy progress to a ‘new regular’ targeted on person penetration and ecosystem strengthening. On the regulatory entrance, the UK’s FCA opened a regulatory sandbox for stablecoin corporations, the US FDIC plans to launch a draft implementation framework for the GENIUS Act, and Israel’s central financial institution additionally signaled an intention to strengthen oversight. Main economies worldwide are accelerating efforts to incorporate stablecoins into prudent regulatory frameworks. On the undertaking degree, tokenized property proceed their world enlargement: Amundi, Europe’s largest asset supervisor, launched its first tokenized cash market fund, Japan Put up Financial institution superior the usage of DCJPY in actual property rental funds, and Visa partnered with Aquanow to lengthen stablecoin settlement providers to Europe, Africa, and the Center East. These developments show that the RWA ecosystem is systematically penetrating world markets through product innovation and expanded use instances.
Information Insights
RWA Sector Overview
Probably due to changes in statistical methodologies, the newest information from RWA.xyz disclosed that as of December 5, 2025, the whole on-chain market capitalization of RWA stood at $18.17 billion, representing a slight decline of three.05% in contrast to the identical interval final month. The overall variety of asset holders elevated to roughly 556,800, reflecting a 5.42% rise over the identical interval final month.
Stablecoin Market
The overall market capitalization of stablecoins reached $3,017.4 billion, marking a modest improve of 1.62% in contrast to the identical interval final month, with progress charges rebounding barely however remaining low, indicating sluggish total enlargement. Month-to-month transaction quantity dropped to $4.37 trillion, declining by 12.59% in contrast to the identical interval final month, exhibiting vital contraction. The overall variety of month-to-month energetic addresses rose to 40.21 million, down 12.04% in contrast to the identical interval final month. In the meantime, the whole variety of holders steadily grew to roughly 206 million, growing by 2.73% in contrast to the identical interval final month. This divergence displays that the market is present process an adjustment section characterised by sustained person engagement however declining capital turnover effectivity. Whereas new customers and energetic present customers are growing, demand for large-scale settlements or high-frequency transactions has weakened. Information means that the market could also be transitioning from an earlier section of efficiency-driven excessive progress to a ‘new regular’ centered on person acquisition and ecosystem consolidation. The main stablecoins embrace USDT, USDC, and USDS, with USDT’s market capitalization rising by 1.05% in contrast to the identical interval final month, USDC’s market capitalization growing by 3.81%, and USDS’s market capitalization rising by 2.02% over the identical timeframe.
Regulatory Information
SEC Holds Assembly on Tokenization Regulation, Conventional Finance and Crypto Trade Present Clear Divide Over ‘Decentralization’
In accordance to The Block, the SEC Investor Advisory Committee held a assembly on Thursday relating to asset tokenization, attended by executives from Citadel, Coinbase, Galaxy, and others, to focus on regulatory pathways. Citadel steered the SEC strictly outline middleman roles reminiscent of decentralized buying and selling protocols, sparking opposition from some crypto advocates who argued that conventional guidelines can not apply to DeFi architectures. Coinbase acknowledged that laws must be examined clause by clause to keep away from imposing inappropriate obligations. SEC Chair Atkins emphasised that a compliance pathway must be offered to foster innovation in tokenization growth.
UK Monetary Conduct Authority Opens Sandbox Atmosphere for Stablecoin Corporations
In accordance to Ledger Insights, the UK Monetary Conduct Authority (FCA) introduced the launch of a stablecoin undertaking group as a part of its regulatory sandbox initiative, with purposes due by January 18, 2026. In a associated growth reported by Bloomberg, the UK Debt Administration Workplace is exploring methods to broaden the UK authorities bond market, which might be linked to stablecoin reserves. Throughout a speech yesterday, David Geale of the FCA revealed that a “giant company” had been admitted to the sandbox to take a look at a pound-denominated stablecoin for funds. Members within the sandbox should guarantee their designs adjust to the necessities outlined within the FCA’s Might session doc.
The UK adopts a dual-track strategy to stablecoin regulation: The Financial institution of England regulates systemically essential stablecoins for prudential and monetary stability functions, whereas different stablecoins fall underneath the purview of the Monetary Conduct Authority, which additionally oversees all conduct and client safety facets associated to stablecoins.
Because the Digital Shekel Initiative Advances, the Financial institution of Israel Indicators Strengthened Oversight of Stablecoins
In accordance to CoinDesk, Amir Yaron, Governor of the Financial institution of Israel, signaled that the nation is getting ready extra proactive regulation of stablecoins. Talking on the Financial institution of Israel’s “Funds in Occasions of Change” convention in Tel Aviv, Yaron positioned non-public digital {dollars} as a cost drive, arguing that regulators can not deal with them as peripheral. Yaron emphasised that stablecoins are deeply embedded in world capital flows, with a market capitalization exceeding $300 billion and month-to-month transaction volumes surpassing $2 trillion. He highlighted focus dangers throughout the {industry}, noting that 99% of stablecoin exercise is managed by simply two issuers: Tether and Circle. This focus, he argued, exacerbates systemic vulnerabilities and heightens the necessity for regulatory readability. Subsequently, Yaron outlined a number of priorities that non-public issuers and regulators should deal with, together with full 1:1 reserve backing, liquid reserve property, and the creation of a scalable regulatory framework.
Yoav Soffer, head of Israel’s Digital Shekel undertaking, mentioned the plan on the convention, stating that the Digital Shekel would turn out to be a ‘central financial institution foreign money for all the pieces.’ He additionally introduced the 2026 roadmap, which incorporates a plan to present official suggestions by the tip of the 12 months.
FDIC to launch its first GENIUS Act regulatory draft on stablecoin issuance this month
In accordance to CoinDesk, Performing Chairman Travis Hill of the U.S. Federal Deposit Insurance coverage Company (FDIC) will state in a congressional listening to that the FDIC will publish its first implementation draft of the GENIUS Act relating to the federal regulatory software course of for stablecoin issuance inside this month. It additionally plans to suggest subsequent regulatory necessities, reminiscent of capital and liquidity requirements, early next 12 months. Hill additional famous that the FDIC is creating regulatory steerage on tokenized deposits.
Georgia seeks to collaborate with Hedera to advance on-chain property rights and tokenization
In accordance to Cointelegraph, Georgia’s Ministry of Justice has signed a Memorandum of Understanding (MoU) with the public blockchain community Hedera. The nation is now contemplating integrating its land registry system onto the blockchain and tokenizing actual property. Throughout a assembly between Georgian Minister of Justice Paata Salia and representatives from Hedera, each events explored the potential integration of blockchain know-how into public infrastructure.
Georgian officers acknowledged that they’re contemplating migrating information from the Nationwide Company of Public Registry to a blockchain community, hoping that this transfer will “additional guarantee property rights safety and improve the transparency and reliability of processes.” Moreover, each events are exploring the tokenization of actual property, an initiative related to Actual-World Asset (RWA) tokenization tasks. At present, the settlement stays a non-binding Memorandum of Understanding. In accordance to the announcement, the next step will contain forming a joint working group comprising specialists from the Ministry of Justice and the Nationwide Company of Public Registry.
IMF warns that stablecoins could undermine financial sovereignty, recommends limits to stop substitution dangers
The Worldwide Financial Fund (IMF)’s newest report, ‘Understanding Stablecoins,’ reveals that dollar-dominated stablecoins are quickly penetrating rising markets and creating economies, doubtlessly weakening central banks’ management over home liquidity and rates of interest. The report highlights that stablecoins can shortly enter markets by way of cellphones and the web, particularly within the presence of unhosted wallets, making ‘foreign money substitution’ extra probably, lowering the usage of native currencies, and affecting central financial institution financial coverage transmission and seigniorage revenues.
The IMF recommends that nations set up authorized frameworks to stop stablecoins from gaining the standing of ‘authorized tender’ or ‘official foreign money,’ thereby safeguarding monetary sovereignty. At present, 97% of the whole market worth of stablecoins is pegged to the U.S. greenback, with solely a small proportion linked to the euro or yen. The report additionally emphasizes the numerous rise in the usage of stablecoins for cross-border funds and in high-inflation nations, notably in Africa, the Center East, and Latin America.
Home Developments
Canaan collaborates with SynVista Power to promote inexperienced Bitcoin mining options, supporting the event of RWA property
Canaan (NASDAQ: CAN) has partnered with SynVista Power to launch a Bitcoin mining answer primarily based on inexperienced power and power storage. The answer achieves dynamic coordination between energy and computing energy through an clever energy dispatch system, enhancing the effectivity of unpolluted power utilization and lowering waste.
Moreover, each events will discover the trusted on-chain integration of information reminiscent of energy era and carbon emission reductions, offering assist for the event of RWA property. The collaboration will start with a pilot undertaking, aiming to promote the large-scale implementation of inexperienced mining.
Hong Kong Gold Alternate’s Singapore Subsidiary Points Bodily Gold-Backed Token XGZ
In accordance to Hong Kong Financial Occasions, the Singapore-based subsidiary of the Hong Kong Gold Alternate (HKGX) has issued the digital gold token Gold Zip (XGZ). Every token is backed by bodily gold saved in accredited vaults, primarily warehoused in Hong Kong.
Hua Xia Financial institution Leads Bookbuilding for Trade’s First “Blockchain + Digital Forex” Bond
In accordance to Jinshi Information, Hua Xia Financial institution lately led the bookbuilding course of and efficiently issued a 4.5 billion yuan monetary bond utilizing the industry-first progressive mannequin of “blockchain bookbuilding + digital foreign money aggregation.” All info all through the issuance course of was recorded on the blockchain in real-time and is immutable, permitting buyers to examine at any time. The proceeds had been immediately aggregated through digital foreign money, eliminating a number of middleman clearing steps. The issuer of this bond is Hua Xia Monetary Leasing Co., Ltd., a wholly-owned subsidiary of Hua Xia Financial institution. The preliminary plan for this bond was to subject 3 billion yuan, with a further 1.5 billion yuan over-subscription choice set concurrently. In the end, the complete quantity of the over-subscription was triggered, closing at 4.5 billion yuan, with the three-year coupon fee locked at 1.84%.
Mission Progress
WLFI Co-Founder: To Launch a Collection of RWA Products in January 2026
In accordance to Reuters, Zach Witkoff, co-founder of World Liberty Monetary, a crypto enterprise supported by the Trump household, introduced at an occasion held in Dubai on Wednesday that the company plans to launch a sequence of Actual-World Asset (RWA) products in January 2026, coinciding with the beginning of the primary quarter. World Liberty Monetary’s stablecoin USD1 was lately utilized by MGX, a company backed by Abu Dhabi, to pay for its funding in Binance.
Europe’s Largest Asset Supervisor Amundi Launches First Tokenized Share Class for Euro Cash Market Fund
In accordance to Cointelegraph, Amundi, Europe’s largest asset administration agency, has launched its first tokenized share class for its euro cash market fund. The fund now operates underneath a hybrid structure, permitting buyers to freely select between the normal model and the brand new blockchain-based model. On November 4, the primary transaction was recorded on the Ethereum community. This initiative was developed in collaboration with CACEIS, a European asset servicing group, which offered the tokenization infrastructure, investor wallets, and a digital order system for dealing with subscriptions and redemptions. In accordance to each corporations, fund tokenization simplifies the order processing workflow, broadens entry to new buyers, and allows round the clock buying and selling.
Japan Put up Financial institution Promotes the Use of DCJPY in Actual Property Hire Funds
In accordance to CoinPost, Japan Put up Financial institution lately signed a cooperation settlement with actual property company Shinoken Group and DeCurret DCP to take a look at the automated settlement operate of DCJPY utilizing Shinoken’s month-to-month hire funds because the situation. DCJPY is a tokenized deposit linked to financial institution deposits, with plans for official issuance by the fiscal 12 months 2026. This experiment is anticipated to be accomplished by the tip of December 2025, and an incentive factors system shall be launched sooner or later to be used in group service consumption.
Visa Companions with Aquanow to Develop Stablecoin Settlement Companies in Europe, Center East, and Africa
In accordance to The Block, cost big Visa has partnered with crypto infrastructure supplier Aquanow to broaden its stablecoin settlement providers within the Europe, Center East, and Africa (CEMEA) area. This integration will permit Visa’s issuing and buying companions throughout the area to settle transactions utilizing accredited stablecoins reminiscent of USDC. The service helps 365-day settlement operations, eliminating delays generally related to weekends and holidays in conventional banking methods.
Wyoming Stablecoin Committee Releases Testnet Faucet for Stablecoin FRNT
In accordance to Crowdfundinsider, the Wyoming Stablecoin Committee has launched a testnet “faucet” for the stablecoin Frontier Steady Token (FRNT). Anybody with a digital pockets can now join to their web site and choose considered one of eight testnets. Afterwards, they will request up to 1,000 “tFRNT” tokens for his or her public deal with each 24 hours. tFRNT tokens are usually not backed by any reserves; they’re merely tokens on the testnet (i.e., growth) blockchain, designed to “simulate the sensible contracts deployed on the seven supported mainnet blockchains.”
Bloomberg: Stablecoin Company First Digital Plans to Go Public by way of SPAC Merger
In accordance to Bloomberg, sources accustomed to the matter revealed that Hong Kong-based First Digital Group is planning to go public through a merger with a blank-check company. The company is about to announce the signing of a non-binding letter of intent outlining plans to merge with CSLM Digital Asset Acquisition Corp III (referred to as CSLM), a particular objective acquisition company listed in New York.
It’s reported that First Digital Group is the issuer of the stablecoin FDUSD, which presently has a market circulation of roughly USD 920 million, down from its peak of round USD 4.4 billion in April 2024. As a trustee, First Digital Group additionally manages reserves for TrueUSD, a stablecoin operated by Techteryx, whose advisor is Solar Yuchen.
RWA Platform OpenEden Completes Strategic Financing Spherical with Participation from Ripple, FalconX, and Others
OpenEden, a tokenization platform for Actual-World Property (RWA), introduced the completion of its strategic funding spherical, with investments from distinguished establishments reminiscent of Ripple, Lightspeed Faction, and Gate Ventures. The proceeds shall be used to broaden its RWA tokenization service platform whereas advancing the scaling of its regulated yield-generating stablecoin, USDO, and its tokenized U.S. Treasury fund, TBILL.
Jeremy Ng, Founder and CEO of OpenEden, acknowledged that this funding spherical will improve the company’s capability to provide compliant products that meet each conventional and decentralized monetary requirements. With the RWA tokenization market measurement projected to double by 2025, OpenEden’s TBILL fund has turn out to be the popular selection for institutional buyers, with its property underneath administration rising over tenfold in simply two years.
Kraken to Purchase Tokenized Asset Platform Backed Finance
In accordance to Bloomberg, cryptocurrency change Kraken introduced its plan to purchase Backed Finance, a tokenized asset platform. In an interview, Arjun Sethi, Co-CEO of Kraken, acknowledged that Kraken already gives fairness and ETF products issued by Backed. Following the acquisition, these products shall be extra tightly built-in into Kraken’s platform. Sethi remarked, “Whereas everyone seems to be speaking about tokenized shares, we’re already placing them into follow. We deal with long-term funding, not hypothesis.” Kraken didn’t disclose the phrases of the deal.
Information from rwa.xyz exhibits that Backed Finance is presently the second-largest platform within the tokenized listed inventory sector, with a market share of roughly 23%. Backed’s xStocks product supplies publicity to over 60 tokenized shares and ETFs, all of that are absolutely backed one-to-one by underlying property.
Maitong MSX 24-hour buying and selling quantity exceeds USD 2 billion; Factors Season S1 has concluded.
Information from the Maitong MSX official web site (msx.com) exhibits that the platform’s buying and selling quantity prior to now 24 hours reached USD 2 billion, setting a new single-day document excessive. As of the time of writing, the platform’s complete buying and selling quantity has surpassed USD 20.6 billion, surging by over USD 7.5 billion prior to now 5 days, with cumulative progress exceeding 57%.
Moreover, MSX concluded its Factors Season S1 on December 2. Customers’ earned M Beans (M Credit score) shall be immediately utilized towards future MSX token allocations.
Steady and Theo anchor over USD 100 million in Libeara-backed tokenized U.S. Treasury fund ‘ULTRA.’
In accordance to CoinDesk, Steady and Theo have collectively invested over USD 100 million in Delta Wellington’s ultra-short-term U.S. Treasury on-chain fund (ULTRA). Managed by FundBridge Capital and Wellington Administration, and powered by tokenization platform Libeara, ULTRA is a tokenized U.S. Treasury fund. It’s among the many first institution-grade U.S. Treasury technique products launched in tokenized type and has acquired a Particula AAA ranking.
Sony’s blockchain associate Startale has launched the USD-pegged stablecoin USDSC on the Soneium community.
In accordance to CoinDesk, Startale Group, a blockchain company collaborating with tech big Sony on its Web3 platform Soneium, has launched a USD-pegged stablecoin known as Startale USD (USDSC). The token is designed to function the default digital greenback for funds, rewards, and different functionalities throughout the Soneium ecosystem. Soneium is an Ethereum Layer 2 community launched final 12 months by Sony Block Options Labs, a three way partnership established by Sony Group and Startale. USDSC is constructed on the infrastructure of M0, a startup creating a modular platform for programmable stablecoins. Moreover, Startale has unveiled the STAR factors reward system, which incentivizes customers to mint or maintain USDSC, full in-app duties, or work together with decentralized purposes through the Startale app (the cell hub of the Soneium ecosystem).
Stablecoin software Fin secures $17 million in funding led by Pantera Capital.
In accordance to Fortune journal, Fin, a stablecoin software based by former Citadel staff, has introduced the completion of a $17 million funding spherical led by Pantera Capital, with participation from Sequoia and Samsung Next.
The appliance goals to leverage stablecoin know-how to present cross-border and high-value cost providers, enabling speedy world transfers with out complicated operations. Its design permits customers to switch funds to different Fin customers, financial institution accounts, or cryptocurrency wallets, with transaction charges claimed to be considerably decrease than conventional banking channels. Fin primarily targets large-value cross-border or home switch eventualities, reminiscent of addressing cost effectivity points in import-export commerce. The appliance has but to formally launch and is scheduled to provoke a pilot program amongst import-export {industry} enterprises next month. The company’s income will come from transaction charges and curiosity earned on stablecoin reserves.
Insights Abstract
Tokenization of Unlisted Company Fairness: A Trillion-Greenback ‘Fortress’ and the Consideration Diverted by Perpetual Contracts.
PANews Overview: Tokenizing unlisted company fairness seeks to resolve the trillion-dollar non-public market dilemma of ‘excessive worth however low liquidity,’ utilizing blockchain know-how to present atypical buyers entry to premium property reminiscent of unicorns whereas providing inner shareholders versatile exit choices past IPOs. Nevertheless, this sector faces ‘dimensional discount’ competitors from on-chain derivatives like perpetual contracts—such because the OpenAI contract launched by Hyperliquid—which, with easier mechanics, excessive leverage, ample liquidity, and working in regulatory grey areas, exactly meet customers’ wants to speculate on company valuations reasonably than purchase shareholder rights, thus diverting market consideration and buying and selling volumes. This highlights that fairness tokenization tasks should go past mere worth publicity performance and as an alternative deal with core values reminiscent of ‘actual shareholder rights, long-term capital allocation, and money circulation distribution’ to set up differentiation. Sooner or later, these initiatives are extra probably to undertake hybrid growth paths that guarantee compliance and shareholder rights whereas integrating on-chain liquidity.
Institutional-Grade RWAs: Chainlink Information Integrity + Aave Contract Safety.
PANews Overview: For Actual World Property (RWAs) to obtain safe and dependable purposes on the blockchain, they need to overcome two main technical hurdles: first, a trusted information enter layer making certain that asset internet values, costs, and different info mirrored on-chain are correct; second, a safe contract execution layer guaranteeing error-free monetary operations reminiscent of lending and liquidation. The article highlights Chainlink’s oracle community as a mannequin for the information layer, which supplies manipulation-resistant essential information like asset internet values and reserve proofs through decentralized consensus mechanisms involving a number of nodes and information sources. In the meantime, Aave’s lending protocol represents the execution layer, providing bank-grade safety for dealing with RWA property by way of rigorously audited sensible contracts, refined threat parameter administration, and isolation mechanisms. Collaborative instances on platforms like Aave Horizon show that solely by constructing two sturdy technical foundations—’dependable information + safe contracts’—can trillions of {dollars} in conventional property be safely and effectively built-in into the DeFi (Decentralized Finance) ecosystem, driving RWAs from proof-of-concept to scaled adoption.
