Unique | Odaily (@OdailyChina)
Creator | Ethan (@ethanzhang_web3)
RWA Sector Market Efficiency
In response to the rwa.xyz knowledge dashboard, as of March 10, 2026, the overall on-chain worth of RWAs elevated barely from $262.2 billion on March 3 to $264.3 billion, a weekly enhance of roughly $2.1 billion, representing a achieve of about 0.8%. In comparison with the accelerated progress in earlier weeks, the overall on-chain asset worth continued to achieve new highs this week, however the progress fee has noticeably slowed. In distinction, the overall worth of consultant belongings fell from $390.14 billion to $336.08 billion, a lower of roughly $54.06 billion, or about 13.9%.
Person-aspect restoration exhibits reasonable progress: The whole variety of asset holders elevated from 657,500 to 665,300, including about 7,760 new holders in every week, a progress of about 1.18%, ending the earlier consecutive decline and weak consolidation section. Relating to stablecoins, the overall market cap rebounded from $298.51 billion to $301.04 billion, a rise of about $2.53 billion, or about 0.85%, reclaiming the $300 billion threshold. The variety of stablecoin holders additionally rose from 231.17 million to 233.94 million, including about 2.77 million folks, a rise of about 1.2%.
By way of asset construction, U.S. Treasury bonds proceed to firmly maintain their place because the core anchor for on-chain RWAs, with their scale rising from $10.8 billion to $11 billion, a weekly enhance of about $200 million. Commodity belongings fell from $6 billion to $5.7 billion, a lower of about $300 million, ending their earlier sturdy upward development. Non-public credit score barely declined from $3 billion to $2.8 billion, presumably as a consequence of some revenue-taking after the earlier rebound. In distinction, institutional various funds recovered from $2.2 billion to $2.4 billion, exhibiting some restore; company bonds elevated from $1.8 billion to $1.9 billion, persevering with a reasonable enlargement development.
Pattern Evaluation (In comparison withLast Week)
In comparison with final week, this week didn’t see a concentrated surge in any specific kind of threat asset. As an alternative, it was characterised extra by a light rotation amongst mainstream belongings: U.S. Treasuries continued to draw capital, institutional various funds and company bonds confirmed marginal power, whereas commodities and personal credit score skilled some consolidation at excessive ranges.
Total, the overall worth of on-chain RWA distributed belongings continued to rise this cycle, however the progress fee slowed, whereas the overall worth of consultant belongings noticed a major pullback. The simultaneous enchancment in person numbers and whole stablecoin market capitalization signifies that market participation continues to be recovering. Structurally, as talked about earlier, capital continues to favor excessive-certainty belongings like U.S. Treasuries, whereas additionally starting to unfold to medium-threat sectors corresponding to company bonds and institutional various funds, suggesting a slight total enhance in threat urge for food.
Market Key phrases: Excessive-stage consolidation, structural rotation, liquidity restore.
Key Occasion Evaluation
Data: Dollar Stablecoin Market Cap Reclaims $300 Billion
In response to RWA.xyz knowledge, the overall market capitalization of greenback-denominated stablecoins has reached $301.04 billion. Amongst them, USDT’s market cap is roughly $195.147 billion, and USDC’s is about $79.647 billion, sustaining their positions as the highest two stablecoins.
The dialogue across the U.S. CLARITY Act has sparked a public debate between the banking business and White Home crypto coverage officers. Christopher Williston VI, President of the Unbiased Bankers Affiliation of Texas, publicly acknowledged on platform X that compromising on this invoice would hurt native lending and financial manufacturing capability, and that they’d not again down on liquidity points supporting the native financial system. In response, Patrick Witt, Govt Director of the White Home Digital Asset Advisory Committee, argued that making no compromise on the CLARITY Act would imply not imposing limits on stablecoin rewards for intermediaries. In response to the banking business’s “deposit outflow” argument, this case may have catastrophic penalties, a logic he likened to “watching an arsonist threaten to burn down their very own home.”
Coinbase acknowledged that the IRS’s new digital asset tax reporting Type 1099-DA guidelines are overly cumbersome and will impose pointless administrative burdens on numerous cryptocurrency holders. Lawrence Zlatkin, Coinbase’s Vice President of Tax, identified that the brand new guidelines require reporting stablecoin transactions and small-quantity transactions like community gasoline charges. On condition that stablecoin costs are basically steady and gasoline charges are sometimes just some {dollars} or much less, reporting such info may result in system “over-reporting,” making the tax system extra complicated.
It’s reported that Coinbase is at the moment sending 1099-DA types to tens of millions of U.S. customers. This method requires buying and selling platforms to report customers’ digital asset transactions to the IRS and supply customers with copies for their very own revenue/loss reporting. Nonetheless, for this yr’s submitting, Coinbase will solely report the gross proceeds from digital asset gross sales to the IRS, not the price foundation. Customers should calculate their precise taxable positive factors themselves, which can trigger confusion for some traders. Coinbase plans to calculate the price foundation for customers ranging from the subsequent tax yr to simplify the submitting course of.
NYSE Parent Company ICE Invests in OKX at $25 Billion Valuation
Intercontinental Change (ICE), the mother or father firm of the New York Inventory Change, has invested in cryptocurrency alternate OKX at a $25 billion valuation. ICE declined to reveal the precise funding quantity or phrases however emphasised the shared imaginative and prescient of the 2 firms for the long run. It’s reported that OKX will present ICE with actual-time cryptocurrency value knowledge and plans to supply its customers entry to commerce on-chain shares and derivatives listed on the NYSE beginning within the second half of 2026. ICE had beforehand introduced plans to construct its personal blockchain-primarily based tokenized securities buying and selling infrastructure and invested in prediction market platform Polymarket. (Really helpful studying: 《NYSE Parent’s $25 Billion Valuation Investment in OKX Marks Formal Arrival of Stock Tokenization》)
Data: DeFi Stablecoin Interest Rates Hit Lowest Level Since June 2023
Blockworks posted on platform X, stating that stablecoin rates of interest in DeFi have dropped to their lowest stage since June 2023.
In response to knowledge from the Allium web site, stablecoin transaction quantity reached 1.8 trillion in February, setting a brand new month-to-month report. Amongst them, USDC transactions accounted for about 70% of the overall market knowledge, roughly 1.26 trillion transactions, roughly double the transaction rely of USDT, which was about 514 billion.
The Florida Senate handed Senate Invoice 314 on Thursday with a vote of 37 in favor and 0 towards, paving the best way for establishing a regulatory framework for issuing cost stablecoins within the state. This invoice, together with the companion Home Invoice 175, might be submitted to Governor Ron DeSantis for signature throughout the subsequent 30 days. The invoice prohibits cost stablecoin issuers from paying any type of curiosity to holders, supplied that “federal regulation prohibits such funds.” The companion invoice CS/CS/SB 1440 was additionally handed on the identical day, increasing confidentiality protections for info associated to digital forex companies, certified cost stablecoin issuers, and different establishments to guard commerce secrets and techniques and non-public info.
Julia Leung, CEO of the Hong Kong Securities and Futures Fee (SFC), delivered a keynote speech on the 2026 ASIFMA EU-Asia Monetary Providers Dialogue occasion. She acknowledged that Hong Kong should completely improve its market infrastructure, significantly within the fractionalization, clearing, and settlement of monetary merchandise. Distributed Ledger Know-how (DLT) and tokenization developments supply a method ahead. The true worth of tokenization lies in its programmable nature, which might assist a variety of funding merchandise, together with bonds, funds, and even gold. Because the tokenization ecosystem continues to develop, it’s important to successfully combine associated innovation tasks, seamlessly combining market confidence in conventional finance with the effectivity of decentralized finance to additional unlock liquidity. Leung revealed that the Hong Kong SFC, along with the Australian Securities and Investments Fee (ASIC), is co-main a working group underneath the Asia-Pacific Regional Committee to fight on-line scams and is collaborating with international friends to alternate intelligence and take part in commonplace-setting and coordination work in areas corresponding to digital belongings.
South Korean Financial Authorities Plan to Prohibit Corporate Investment in Stablecoins
Within the “Company Digital Forex Buying and selling Tips” being formulated by South Korea’s Monetary Providers Fee, the permitted funding scope is not going to embrace stablecoins. These pointers goal to permit listed firms and registered skilled funding firms to commerce digital belongings for funding or monetary functions. To stop disorderly funding within the early market levels, authorities have determined to exclude greenback-pegged stablecoins like USDT and USDC from the permitted scope.
One motive for excluding stablecoins is that South Korea’s present Overseas Change Transactions Act doesn’t acknowledge stablecoins as a method of exterior cost. Together with stablecoins within the permitted funding scope would battle with the present authorized system, successfully permitting firms to make use of stablecoins for business functions like commerce. At present, the Nationwide Meeting is reviewing an modification to the Overseas Change Transactions Act that will acknowledge stablecoins as a cost methodology; this invoice was proposed final October.
It’s reported that some listed firms with a excessive proportion of commerce had requested the inclusion of stablecoins within the permitted scope to facilitate international alternate hedging utilizing stablecoins. Even when excluded from the rules, firms may nonetheless commerce stablecoins via private wallets or abroad exchanges. Trade insiders revealed that the related working group has accomplished its duties, however the launch timing of the rules is linked to the legislative progress of the Digital Asset Fundamental Act.
Russian Ministry of Finance Plans to Introduce Stablecoin Bill, Citing “Huge Potential”
Officers from the Russian Ministry of Finance acknowledged they’re contemplating introducing a separate stablecoin invoice, fairly than incorporating stablecoins into the upcoming cryptocurrency alternate laws. Alexey Yakovlev, Director of the Monetary Coverage Division on the Ministry of Finance, stated stablecoins have “big, even huge potential.”
Russia has already considered stablecoins as a possible software to bypass sanctions. Yakovlev acknowledged that after the State Duma passes a invoice prohibiting residents from buying and selling crypto belongings on platforms with out working licenses, they are going to proceed with stablecoin regulation. This crypto invoice is anticipated to be submitted to the State Duma through the spring session and will take impact as early as July.
At present, stablecoins haven’t any authorized standing in Russian regulation, and the Ministry of Finance expressed a want to resolve this problem promptly. Yakovlev stated the federal government desires to make sure stablecoins “serve financial pursuits, particularly home ones.” Beforehand, the Russian central financial institution established a “international digital rights” class, with the primary permitted stablecoin being the ruble-pegged A7A5 stablecoin, permitted to be used in abroad commerce final October. In response to DefiLlama knowledge, the overall worth of issued stablecoins has risen over 51% because the starting of 2025, reaching $311 billion.
BlackRock, the asset administration big, has begun limiting withdrawals from certainly one of its personal credit score funds, valued at roughly $26 billion, as a consequence of rising redemption requests, sparking issues about spillover results from stress within the international personal credit score market. Analysts warn that dangers may be transmitted instantly on-chain. Information exhibits the present on-chain personal credit score scale is near $5 billion, primarily coming into DeFi within the type of RWA tokenization. If the underlying credit score belongings expertise impairment or default, the online worth fluctuations of associated tokens may set off liquidations or liquidity tightening, thereby transmitting conventional credit score stress to the DeFi ecosystem. Moreover, tensions on this sector may unfold to the crypto market via two channels: macro deleveraging and tokenized credit score merchandise. If personal credit score funds are compelled to deleverage or liquidate belongings, it may set off a series response throughout broader threat belongings and affect crypto belongings, together with Bitcoin.
Stablecoin Payments Company KAST Raises $80 Million at ~$600 Million Valuation
Stablecoin funds firm KAST has accomplished an $80 million funding spherical co-led by QED Traders and Left Lane Capital. The funds might be used for enlargement in North America, Latin America, and the Center East, in addition to for hiring, license purposes, and product growth. The brand new spherical values the corporate at roughly $600 million. Insiders stated the phrases of this funding spherical have been finalized in October, and the corporate’s annualized income is anticipated to rise to $100 million this yr.
Bloomberg Analyst: Equity Tokenization Won’t Replace ETFs, But Will Democratize Access for Investors
Eric Balchunas, Senior ETF Analyst at Bloomberg, posted on platform X, stating that Nasdaq’s launch of an fairness tokenization framework goals to permit shares like Nvidia and Tesla to be traded each as conventional shares and as blockchain-primarily based tokens. This transfer will construct a bridge between conventional inventory market traders and blockchain traders, diversifying inventory buying and selling strategies. Fairness tokenization is not going to change ETFs however will distribute them on-chain, offering participation alternatives for international traders, particularly in much less developed areas and international locations. Bringing the world’s hottest ETFs and shares on-chain is a constructive growth for the market.
Sizzling Venture Updates
Ondo Finance (ONDO)
One-Sentence Introduction:
Ondo Finance is a decentralized finance protocol targeted on structured monetary merchandise and the tokenization of actual-world belongings. Its purpose is to offer customers with mounted-revenue merchandise, corresponding to tokenized U.S. Treasury bonds or different monetary devices, via blockchain expertise. Ondo Finance permits customers to put money into low-threat, excessive-liquidity belongings whereas sustaining decentralized transparency and safety. Its token, ONDO, is used for protocol governance and incentive mechanisms
