This week’s statistics cowl the interval from December 27, 2025 to January 2, 2026.
This week, the overall market capitalization of RWA on-chain steadily elevated to $19.21 billion, with the variety of holders approaching 600,000. Nevertheless, the expansion charge was average, suggesting that conventional property going on-chain could face demand bottlenecks. The entire market capitalization of stablecoins barely decreased to $297.08 billion, whereas month-to-month transaction quantity elevated considerably by 13.77%. The “scissors hole” between market capitalization and transaction quantity highlights that the market has entered a “inventory efficiency-driven” part, with enhancing capital turnover effectivity turning into a brand new focus. Extra notably, the TVL of the RWA protocol has surpassed that of DEXs, turning into the fifth largest DeFi class.
China’s regulatory framework for the digital yuan continues to deepen: the central financial institution has clarified that it’s going to introduce a administration and repair system plan for the digital yuan, and the six main banks have introduced that they are going to calculate interest on the stability of digital yuan wallets, selling its evolution in the direction of M1 performance. On the software stage: the cross-border implementation of the digital yuan is accelerating, with the Financial institution of China finishing the primary cross-border QR code cost between China and Laos.
On the mission stage: Tokenized property proceed to broaden, with BlackRock’s BUIDL fund distributing over $100 million in dividends and Ondo’s tokenized silver market capitalization surging over 155% this month, indicating that RWA is penetrating from authorities bonds and cash market funds right into a wider vary of onerous asset courses, and its ecosystem is turning into extra mature and diversified.
RWA Monitor Panorama
In response to the most recent information disclosed by RWA.xyz, as of January 2, 2026, the overall market capitalization of RWA on-chain reached US$19.21 billion, a slight enhance of three.71% in comparison with the identical interval final month, sustaining regular progress; the overall variety of asset holders elevated to roughly 599,400, a rise of seven.65% in comparison with the identical interval final month, indicating that the investor base remains to be increasing quickly. This divergence between “scale contraction however consumer enlargement” means that the continual decline in asset worth could replicate a requirement bottleneck in the on-chaining of conventional property.
Nevertheless, as bond tokenization merchandise, personal lending merchandise, and commodities quickly turn out to be core parts of on-chain finance, the overall worth locked (TVL) of Actual-World Property (RWA) protocols has surpassed decentralized exchanges (DEXs) to turn out to be the fifth largest DeFi class.
Stablecoin Market
The entire market capitalization of stablecoins reached $297.08 billion, a slight lower of 0.88% month-over-month, sustaining general stability. Month-to-month transaction quantity considerably elevated to $6.56 trillion, a 13.77% enhance month-over-month. The entire variety of month-to-month energetic addresses decreased to 44.12 million, a slight lower of two.92% month-over-month. The entire variety of holders steadily elevated to roughly 216 million, a slight enhance of 4.86% month-over-month. Information means that the market could have entered a “inventory efficiency-driven” part, with the divergence between market capitalization contraction and transaction quantity progress highlighting improved capital utilization effectivity. The main stablecoins are USDT, USDC, and USDS. USDT’s market capitalization elevated barely by 1.34% month-over-month; USDC’s market capitalization decreased by 5.24% month-over-month; and USDS’s market capitalization decreased by 3.14% month-over-month.
In response to the Monetary Instances of China, Lu Lei, Vice Governor of the Individuals’s Financial institution of China, introduced that the Individuals’s Financial institution of China will concern the “Motion Plan on Additional Strengthening the Administration and Service System and Associated Monetary Infrastructure Development of Digital RMB”. The brand new era of digital RMB measurement framework, administration system, operation mechanism and ecosystem shall be formally launched on January 1, 2026.
The Monetary Accounting Requirements Board (FASB) plans to check in 2026 whether or not sure crypto property will be categorized as money equivalents and the right way to deal with the accounting points associated to the switch of crypto property. This determination comes in opposition to the backdrop of the Trump administration’s push for crypto funding.
The FASB just lately included these two crypto tasks on its agenda, primarily focusing on the accounting remedy of property equivalent to fiat-pegged stablecoins and “wrapped tokens.” Beforehand, in 2023, the FASB required firms to make use of honest worth accounting for crypto property equivalent to Bitcoin, however this didn’t cowl NFTs and a few stablecoins.
The GENIUS Act, handed by the Trump administration, established a regulatory framework for stablecoins however didn’t specify whether or not they may very well be thought of money equivalents. FASB Chairman Wealthy Jones acknowledged that clarifying which property don’t meet the factors for money equivalents is equally essential.
As well as, the FASB plans to discover accounting guidelines for the switch of crypto property to fill gaps in present requirements. Though just a few firms (equivalent to Tesla and Block) presently maintain Bitcoin on their stability sheets, demand for stablecoins is anticipated to extend with the implementation of the GENIUS Act.
These strikes exhibit that the US is trying to assist the crypto trade by enhancing accounting requirements, whereas responding to suggestions from the trade and the general public. The FASB is anticipated to finalize its agenda priorities by the summer time of 2026.
In response to Cointelegraph, the Reserve Financial institution of India (RBI) is urging international locations to prioritize the event of central financial institution digital currencies (CBDCs) over privately issued stablecoins, citing considerations that the latter may negatively influence monetary stability.
In its December Monetary Stability Report, the Reserve Financial institution of India (RBI) acknowledged that central financial institution digital currencies (CBDCs) can keep “the unity of cash and the integrity of the monetary system” and will proceed to function “the final word settlement asset” and “the cornerstone of financial belief.” “Subsequently, the RBI strongly recommends that international locations prioritize the event of CBDCs over privately issued stablecoins to take care of financial belief, safeguard monetary stability, and construct a sooner, cheaper, and safer next-generation cost infrastructure.”
The Reserve Financial institution of India additionally identified that the introduction of stablecoins may create new channels of monetary stability threat, particularly in periods of market stress. Subsequently, “international locations should rigorously assess the related dangers and develop coverage responses acceptable to their very own monetary methods.”
In response to a report from the Our on-line world Administration of China, primarily based on clues supplied by netizens, related departments have been coordinated to research and promptly cope with 1,418 unlawful and counterfeit web sites and platforms this yr, a rise of 1.7 instances in comparison with the identical interval final yr. Amongst them, 323 web sites impersonated state-owned enterprises and establishments equivalent to State Grid and Sinopec, publishing false funding and recharge data, inducing netizens to buy digital items and faux gas playing cards, resulting in netizens being defrauded; 61 web sites impersonated monetary establishments equivalent to China Retailers Securities and CITIC Financial institution, inducing netizens to obtain apps for inventory buying and selling or to buy so-called “stablecoins” and different monetary merchandise, inflicting monetary losses.
Financial institution of China accomplished the primary cross-border QR code cost transaction between the 2 international locations in Laos. Underneath the joint steerage of related departments of the Individuals’s Financial institution of China and the Central Financial institution of Laos, Financial institution of China was among the many first to take part in the cross-border pilot mission for cooperation on digital funds and central financial institution digital currencies between the 2 international locations.
In the meantime, the Vientiane department of Financial institution of China was among the many first to hook up with the Individuals’s Financial institution of China’s digital RMB cross-border digital cost platform. By offering real-time alternate charge quotes and environment friendly clearing providers, Financial institution of China efficiently accomplished the manufacturing verification of QR code funds for retailers in Laos. This service will considerably decrease the obstacles to cross-border settlement between China and Laos, reaching a seamless expertise all through your complete “payment-exchange-clearing” course of.
Six main state-owned banks—Financial institution of China, Industrial and Business Financial institution of China, Agricultural Financial institution of China, China Development Financial institution, Financial institution of Communications, and Postal Financial savings Financial institution of China—issued bulletins immediately stating that beginning January 1, 2026, interest shall be paid on the stability of digital RMB wallets opened with their banks on the banks’ present deposit charge, with the interest calculation and settlement guidelines in keeping with present deposit charges. The present present deposit charge is 0.05%. At the moment, digital RMB wallets are divided into 4 classes. Class I, II, and III wallets are registered wallets, whereas Class IV wallets are nameless wallets. Class IV wallets usually are not included in the banks’ “registered pockets” interest calculation class.
ICBC states that pockets operators will legally withhold and pay interest tax (if relevant). ICBC reminds customers that interest is settled on the twentieth of the final month of every quarter and credited to their accounts on the twenty first. If the account is closed earlier than the interest settlement date, interest shall be calculated on the present account interest charge posted on the closure date till the day earlier than closure.
In response to The Info, in current months, JPMorgan Chase has frozen accounts utilized by at the least two quickly rising stablecoin startups working in high-risk international locations equivalent to Venezuela. The financial institution’s transfer highlights the dangers that crypto transactions pose to banks, as they need to perceive their enterprise dealings and the supply of their funds.
BlackRock’s first tokenized money market fund, BUIDL, has paid out over $100 million in dividends.
In response to Finance Feeds, BlackRock’s first tokenized cash market fund, BUIDL, has paid out over $100 million in dividends since its launch, indicating that tokenized securities have moved past the pilot and proof-of-concept levels and are now getting used in apply. The fund reportedly invests in short-term dollar-denominated devices equivalent to U.S. Treasury bonds, repurchase agreements, and money equivalents.
In response to RWA XYZ information, the market capitalization of Ondo’s tokenized silver SLVon has elevated by greater than 155% to almost $18 million in 30 days.
It’s understood that SLVon is a tokenized model of iShares Silver Belief on the Ondo platform. Token holders can acquire comparable financial advantages as those that maintain SLV and might reinvest dividends.
RWA trading platform MSX launches multiple commodity instruments.
In response to official sources, the RWA buying and selling platform MSX has listed commodities equivalent to $CPER.M (copper), $URA.M (uranium), $LIT.M (lithium), $AA.M (aluminum), $PALL.M (palladium), and $USO.M (crude oil).
PANews Overview: Gold and silver costs have just lately surged, with gold breaking via $4,500 per ounce and silver reaching $75. That is primarily pushed by the Federal Reserve’s interest charge cuts, considerations in regards to the greenback’s credibility, and geopolitical conflicts. This upward development has not solely impacted conventional markets however has additionally unfold to the cryptocurrency sector, fueling the fast progress of the “tokenized commodities” market (equivalent to utilizing blockchain to signify actual gold and silver), with a complete market capitalization approaching $4 billion. Tether Gold and Paxos Gold are two of essentially the most outstanding tokenized gold merchandise. In the meantime, Perp DEX has additionally launched gold and silver buying and selling pairs, permitting customers to instantly commerce these commodities with cryptocurrencies. Platforms like Ostium have carried out exceptionally effectively, with a excessive proportion of commodity buying and selling. This displays the enlargement of the crypto market consumer base from purely cryptocurrency speculators to a extra numerous group together with “macro merchants,” signifying the formation of a wise contract-driven commodity buying and selling market on-chain, parallel to conventional finance.
Written at the end of 2025: Code, Power, and Stablecoins
PANews Overview: The stablecoin market dimension surpassed $300 billion in 2025 and is predicted by main establishments equivalent to JPMorgan Chase and Citigroup to develop to trillions of {dollars} in the approaching years, marking its emergence as an important monetary infrastructure. Its basic benefit lies in the transparency of blockchain know-how; customers belief publicly verifiable code and reserves, relatively than the opaque guarantees of intermediaries in conventional finance. That is evidenced by the failures of conventional fintech firms like Synapse. Nevertheless, stablecoins nonetheless face issuer threat (equivalent to issues with the issuing firm), however that is extra monitorable and manageable in comparison with the “black field” dangers of conventional banks. Stablecoins inherently possess world attain, however the “final mile” of changing them into native fiat currencies nonetheless requires native compliance cooperation. The article additionally discusses the controversy surrounding constructing new blockchains particularly for funds, stating the challenges of belief accumulation for these new chains; and envisions the way forward for “sensible agent finance,” the place sensible contracts enable AI brokers to automate monetary processes equivalent to funds inside strict permissions, which is safer than granting AI the permissions of conventional banks. In the meantime, the article warns in opposition to neglecting safety throughout fast enlargement, stating that monetary privateness (equivalent to selective disclosure) will turn out to be a vital requirement when real-world enterprise operations are on-chain. Finally, the writer argues that stablecoins have potential far past “extra environment friendly previous finance,” with their true worth mendacity in unlocking totally new potentialities equivalent to programmable cash, internet-native capital markets, and sensible agent finance.
PANews Overview: The seemingly lukewarm growth of the digital yuan in the previous was not attributable to a flawed technique, however relatively as a result of it was strictly restricted to M0 (digital money), primarily addressing money digitization and excessive cost eventualities (equivalent to offline transactions). Nevertheless, these are low-frequency wants, making it troublesome to draw customers for each day use. Shifting to M1 means the digital yuan will possess holding worth (equivalent to interest-bearing capability), thus getting into customers’ asset choice vary for the primary time, remodeling from a easy cost device right into a forex that may be actively held. The article emphasizes that this isn’t a rejection of stablecoins or a change in the elemental path of central banks issuing sovereign currencies, however a needed shift in growth stage. The objective is to enhance the market flexibility and usefulness of the digital yuan with out sacrificing monetary stability and sovereign credit score. The actual problem shouldn’t be know-how or compliance, however whether or not regulators can present enough room for market exploration underneath controllable dangers, permitting the digital yuan to type a community impact via real demand relatively than administrative promotion. The article proposes a dual-track design idea of “strict onshore management and versatile offshore” to facilitate its internationalization.
