Highlights of this issue
This issue's weekly statistics cover the period from August 1 to August 7, 2025. During the week, the RWA market showed strong momentum in user penetration and the activity level of the tokenized stock track, while Hong Kong became the absolute focus—(Stablecoin Regulation) officially took effect, opening the license application window. State-owned banks, brokers, and Hong Kong-listed companies are intensively laying out RWA and stablecoin businesses, with frequent strategic investments, collaborations, and financing actions; at the same time, infrastructure construction continues to improve, project progress accelerates, showcasing a significant trend of RWA and traditional finance accelerating integration, and Hong Kong actively vying for a global hub position.
Data Perspective
RWA track panorama
RWA.xyz's latest data reveals that as of August 8, 2025, the total on-chain market value of RWA is $24.93 billion, a decrease of 1.33% compared to the same period last month, with the overall scale remaining stable; the total number of asset holders is approximately 344,700, a month-on-month increase of 19.08%, indicating accelerated user penetration; the total number of asset issuers is 260.
Stablecoin market
The total market value of stablecoins is $258.25 billion, an increase of 4.96% compared to the same period last month; the monthly transfer volume is $3.30 trillion, a significant increase of 16.26% compared to the same period last month; the total number of monthly active addresses and holders is approximately 39.93 million and 188 million, respectively, with month-on-month increases of 2.23% and 2.96%. The growth rates are highly correlated, indicating that it is likely due to organic growth of active users. The leading stablecoins are USDT, USDC, and USDe, among which USDT and USDC's market values increased slightly by 3.29% and 3.78% respectively compared to the same period last month, while USDe's market value soared by 79.60%.
Tokenized stock market
The total market value of the tokenized stock track is $374 million, slightly down 3.05% compared to the same period last month; the monthly transfer volume is about $330 million, a sharp increase of 47.56% compared to the same period last month, exhibiting characteristics of high turnover; the total number of monthly active addresses and holders is approximately 55,900 and 60,600, respectively, with a ratio close to 1, indicating strong user retention, with month-on-month increases of 17.31% and 20.42%, revealing strong ecological growth momentum. The stock with the highest issuance scale is EXOD (self-custody platform Exodus Movement), reaching $264 million.
Regulatory news
The Hong Kong (Stablecoin Regulation Draft) officially took effect on August 1.
According to CCTV News, the Hong Kong (Stablecoin Regulation Draft) officially took effect, establishing a licensing system for fiat stablecoin issuers in Hong Kong, improving the regulatory framework for virtual asset activities in Hong Kong to maintain financial stability while promoting financial innovation.
Securities Times: Hong Kong's stablecoin license application window has opened, and issuing banks are expected to be the first to be approved.
According to Securities Times, on August 1, the Hong Kong (Stablecoin Regulation) officially took effect, and the Hong Kong Monetary Authority has issued (Guidelines for Regulating Licensed Stablecoin Issuers), clarifying the thresholds for issuer license applications. Banks such as Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong) are expected to be among the first to apply for and be approved for stablecoin issuer licenses. In addition, state-owned banks, sandbox testing companies, large central state-owned enterprises, and major internet companies are also actively preparing applications. Initially, brokers will mainly provide stablecoin trading, custody, and financing services. As of the end of July, 44 financial institutions have upgraded to the first-class securities trading license. Industry insiders remind that the stablecoin business model is still unclear, and investors need to be wary of concept speculation and risks.
Hong Kong may narrow the scope of the first batch of stablecoin licenses to three to four.
According to Caixin, Hong Kong may narrow the scope of the first batch of stablecoin licenses to three to four, as the Hong Kong Monetary Authority has realized through communication with the People's Bank of China that the primary regulatory responsibilities and risks are concentrated in the Hong Kong Monetary Authority under the framework of the regulatory memorandum. Several Chinese-funded banks' Hong Kong branches and Chinese-funded securities firms' Hong Kong subsidiaries are eager to participate in Hong Kong's compliant stablecoin business, including Bank of China Hong Kong, Bank of Communications Hong Kong, China Construction Bank (Asia), Xinhua International, and Guotai Junan International, involving stablecoin issuance, custody, and other businesses.
In addition, an insider stated in an interview related to stablecoins that there is currently no globally influential public chain in our country. Another insider suggested that national-level main public chains should be led by central state-owned enterprises, while industry-level public chain construction could open up market competition.
U.S. SEC issues temporary crypto accounting processing guidelines: some stablecoins can be treated as cash.
According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) is further advancing based on preliminary cryptocurrency accounting rules, releasing a new staff guideline indicating that certain stablecoins can be treated as cash. According to the latest guidelines, holding certain stablecoins pegged to the U.S. dollar, if these stablecoins possess guaranteed redemption rights and are valued based on another type of asset, can be classified as cash equivalents.
As this temporary guideline is introduced, the SEC is formulating regulatory rules for crypto securities. Under SEC Chairman Paul Atkins' leadership, the committee has begun to gradually withdraw some stricter policies, including previously considered accounting guidelines that hindered traditional lending institutions from entering the crypto market.
Coinbase and PayPal continue to advance stablecoin reward programs despite the GENIUS ban.
According to Decrypt, after the U.S. GENIUS Act came into effect last month, although it prohibits stablecoin issuers from providing users with passive income through staking or depositing balances, Coinbase and PayPal continue to offer users annualized yields of 3%-5% through 'reward programs'. Coinbase CEO Brian Armstrong explained in a earnings call that the company is not the issuer of USDC (which is issued by Circle) and that what they provide is a 'reward' rather than 'interest', thus not violating the new regulations. PayPal also maintains its PYUSD stablecoin's 3.7% yield program through third-party issuer Paxos. Senate staff indicated that the bill only regulates the behavior of issuers and does not impose limitations on secondary market service providers.
Local dynamics
Caocao Chuxing collaborates with Victory Securities to lay out RWA and stablecoin applications.
According to Sina Finance, Caocao Chuxing signed a virtual asset strategic cooperation memorandum with Hong Kong licensed financial institution Victory Securities today. The two parties will conduct in-depth cooperation in three major directions: RWA tokenization, stablecoin payment applications, and compliant digital currency issuance. This cooperation is also the first systematic exploration of the integration of RWA and stablecoin and other cutting-edge digital financial tools in the domestic travel industry. In this regard, Caocao Chuxing's CEO stated that by utilizing blockchain technology and Web 3.0 innovative models, it will accelerate the asset tokenization process of the Robotaxi industry.
Hanyu Pharmaceutical and KuCoin reach a strategic cooperation to explore innovative drug RWA projects.
According to Zhitong Finance citing Hanyu Pharmaceutical news, on August 4, Hanyu Pharmaceutical officially signed a strategic cooperation letter of intent with the digital asset platform KuCoin, and both parties plan to jointly explore the first RWA tokenization pilot project in mainland China based on 'future revenue rights from innovative drug R&D' as the underlying asset in Hong Kong. According to the agreement, Hanyu Pharmaceutical will use its technological accumulation and R&D pipeline in the GLP-1 peptide blockbuster drug field as the underlying asset, while KuCoin will leverage its advantages in blockchain technology, comprehensive RWA solutions, and global compliance resources to provide integrated support for on-chain mapping, asset tokenization, transaction matching, and revenue distribution.
Delin Holdings plans to invest $1.29 million in equity in RWA tokenization company Asseto and raise HKD 653.3 million, focusing on developing blockchain, RWA, and virtual asset businesses.
According to the Hong Kong Stock Exchange announcement, Hong Kong-listed company Delin Holdings announced that it has signed a share subscription agreement with RWA tokenization fintech company Asseto, conditionally agreeing to subscribe for 77,352 Class A ordinary shares issued by Asseto, with a total subscription price of $1,290,335 (approximately HKD 10.13 million) to be paid in cash. It is reported that the subscribed shares account for approximately 3.23% of Asseto's issued share capital after the subscription matter is expanded.
According to Zhitong Finance, Delin Holdings (01709.HK) announced that on August 7 (before trading hours), the company, seller DA Wolf, Mr. Chen, and the placement agent entered into a placement and subscription agreement. On the same day, the company and the subscriber (i.e., DA Wolf Investment I Limited, a company wholly owned by the company's controlling shareholder Mr. Chen Ningdi) entered into a special authorization subscription agreement. The total estimated proceeds from the transactions under the placement and subscription agreement and the special authorization subscription agreement is approximately HKD 653.3 million.
The company intends to use the net proceeds from the old-to-new subscription matters and special authorization subscription matters for the following purposes:
(i) Approximately 30% for supporting the group's strategic acquisitions and/or investments, as well as expanding the RWA tokenization program;
(ii) Approximately 15% for developing Bitcoin mining business and establishing Bitcoin reserves;
(iii) Approximately 7% for establishing a licensed virtual asset over-the-counter trading and retail network in Hong Kong, as well as applying for and upgrading compliance licenses for virtual asset-related businesses in Hong Kong and other jurisdictions;
(iv) Approximately 8% to further develop the group's digital asset, cryptocurrency, and stablecoin-related business plans, independently hiring blockchain experts to research and develop related systems and interfaces, or establishing strategic partnerships with globally renowned industry participants;
(v) Approximately 10% for investing in the high-quality residential project ONE Carmel in the U.S. to further consolidate the group's position and network in Silicon Valley and to expand the group's future development plans in artificial intelligence and real-world assets;
(vi) Approximately 10% for investing in IT facilities and system upgrades to support further development of the group's digital asset and fintech strategies;
(vii) Approximately 10% for creating exchange-traded funds and developing quantitative investment, including establishing new exchange-traded fund products and algorithmic investment capabilities to expand the group's range of financial products;
(viii) Approximately 10% for supplementing the group's operating funds and supporting daily operations.
Hong Kong-listed company Yisou Technology's $5 million strategic investment in Lightnet aims to build an RWA ecosystem.
According to the Hong Kong Stock Exchange announcement, Hong Kong-listed company Yisou Technology announced a strategic investment of $5 million in Lightnet, a financial technology company under Charoen Pokphand Group, aimed at supporting its Web 3.0 technology and cross-border payment business. In addition, Yisou Technology also announced that it will deepen its strategic layout in real-world assets (RWA).
The RWA registration platform launched on August 7 in Hong Kong.
According to Jin10 data, the RWA registration platform officially launched in Hong Kong on August 7, initiated by the Hong Kong Web 3.0 Standardization Association, dedicated to achieving a complete service system for the digitization, assetization, and financialization of RWA assets.
On the same day, three standards in the Web 3.0 field were initiated, including (RWA Tokenization Business Guidelines) (RWA Tokenization Technical Specifications) (Blockchain-Based Stablecoin Cross-Border Payment Technical Specifications).
Project Progress
Coinbase will launch tokenized stocks and prediction markets in the United States.
According to CNBC, Coinbase announced that it will launch new services in the United States in the coming months, including tokenized stocks, prediction markets, derivatives, and early token sales, and plans to expand its core trading app to areas beyond cryptocurrencies. Coinbase's Vice President Max Branzburg stated that the company is committed to building a 'one-stop on-chain exchange' to enable all assets to be traded on-chain, promoting a faster and more open global economy. The new services will gradually open up to international markets in the future, with specific progress depending on regulatory approvals in various regions.
Securitize: BlackRock BUIDL Fund has paid over $62.5 million in dividends to date.
The tokenized asset issuer Securitize stated on platform X that BlackRock's BUIDL Fund has paid over $62.5 million in dividends to date, with the dividend payout in July reaching $9.3 million. It is now available on seven blockchains, including Aptos, Arbitrum, Avax, Ethereum, Optimism, Polygon, and Solana, with the daily average dividend payout on the Aptos chain reaching $157,170.
DigiFT will launch Southeast Asia's first regulated fintech loan tokenized product CUBX.
According to an official announcement, Singapore licensed cryptocurrency exchange DigiFT will launch Southeast Asia's first regulated fintech loan tokenized product, CUBX. The token is issued by Singapore company Docking Tech, with the underlying asset being the receivables of the OJK-regulated P2P lending platform BantuSaku in Indonesia, with an expected annualized return of 12%. The proceeds will be used to issue digital microloans to individuals and small and micro enterprises in Indonesia.
BounceBit launches the first RWA yield platform based on Franklin Templeton's on-chain Treasury bond fund.
According to Digital Journal, BounceBit has officially launched the innovative yield platform BB Prime, combining real-world assets (RWA) with crypto-native strategies. This platform utilizes Franklin Templeton's on-chain U.S. Treasury bond fund to realize a regulated on-chain yield model. BB Prime combines the security of treasury-backed support with blockchain arbitrage efficiency, providing users with a structured financial product participation method that does not rely on traditional stablecoins. BB Prime operates on BounceBit's own compliance infrastructure, supports compliant custody, automated capital allocation, and seamlessly connects with centralized exchanges. Currently, BB Prime is open for pre-registration, targeting institutions and qualified users.
Particle Network launches a universal trading layer for RWAs, stablecoins, and digital assets.
According to official news, Particle Network has opened an end-to-end comprehensive infrastructure, creating a universal trading layer for RWAs, stablecoins, and digital assets, with Circle as one of the first cornerstone partners.
Chainlink launches real-time U.S. stock and ETF data streams to promote the development of the tokenized RWA market.
Chainlink officially launches real-time Data Streams, providing sub-second delayed price data for U.S. stocks and ETFs, including major assets such as SPY, QQQ, AAPL, MSFT, and NVDA. This data now covers 37 blockchain networks, supporting the construction of tokenized stock trading platforms, perpetual contracts, synthetic ETFs, and other innovative financial products.
Several leading DeFi protocols, such as GMX and Kamino Finance, have begun integrating this technology for developing U.S. stock-based lending, structured products, and yield strategies. In the future, Chainlink plans to expand asset class support, including commodities, OTC, and foreign exchange, increase stock coverage, and launch developer SDKs and more refined contextual data.
Digital asset settlement network Lynq welcomes its first batch of institutional clients.
According to The Block, the digital asset settlement network Lynq, jointly developed by Arca Labs, Tassat, and tZERO Group, has officially welcomed its first batch of institutional clients. The first batch includes well-known market makers, OTC trading platforms, and liquidity providers such as 1Konto, StoneX, Archax, FinchTrade, GSR, JST Digital, and 677 Financial Group. The Lynq platform is based on the U.S. Treasury bond fund issued by Arca, supporting 24/7 real-time settlement and 'yield in transit' functionality, aiming to fill the capital management gap in the industry after the exit of Signature and Silvergate banks. Currently, over 50 institutions are in the onboarding process, with U.S. Bank providing cash custody services for the platform.
Mind Network launches on-chain messaging system to support RWA compliance privacy and crypto ecosystem.
Mind Network officially launches a new protocol Encrypted Messaging Onchain, aimed at providing native compliance privacy and communication capabilities for real-world asset (RWA) scenarios such as real estate, stablecoin settlement, and cross-border payments.
This solution supports automatic key generation for wallets, achieves end-to-end encryption, and allows users to attach structured, encrypted, and verifiable messages in any transaction, meeting compliance needs for purpose, identity, auditing, and other information in financial activities. Its mechanism is similar to standard messaging systems in traditional finance and cross-border trade.
Encrypted Messaging Onchain combines fully homomorphic encryption (FHE) with traditional cryptographic techniques to ensure that sensitive data can only be read by authorized parties. The officials stated that there is currently a lack of encryption messaging standards for RWA in the blockchain field, and this protocol is expected to become an important part of building the 'on-chain SWIFT' infrastructure, promoting the compliance process of the crypto ecosystem.
Insights Collection
Hong Kong's RWA boom surges, who dominates the global asset flow rules?
PANews Overview: Hong Kong is fully embracing the RWA (real-world asset tokenization) wave, leveraging its unique policy advantages (such as being the world's first comprehensive regulatory fiat stablecoin (Stablecoin Regulation)) and its position as an international financial center, striving to make itself a global RWA hub. Experts believe that Hong Kong's advantages of 'one country, two systems', common law system, and its role as a 'super hub' connecting China’s vast assets with global capital markets provide unparalleled conditions for developing RWA. The core value of RWA lies in breaking the temporal and spatial limitations of physical asset flows, achieving efficient global allocation. Hong Kong's goal is to become a key springboard for 'on-chain going global' of assets (i.e., digitization and cross-border circulation), especially in cross-border financing, payment settlement, and green finance. Currently, there are various paths for asset on-chain (such as tokenized fund bonds, on-chain contract financing, stablecoin settlement systems), and Hong Kong is at the intersection of these paths. Looking ahead to the next three years, experts are generally optimistic about the large-scale development of RWA in fixed income assets, supply chain finance, and cross-border trade, believing that Hong Kong has the potential to become the 'offshore center' driving this process and the core engine of the global RWA ecosystem.
Seeing the path through the golden house: From gold tokenization to the new realm of issuing all kinds of RWA.
PANews Overview: Gold tokenization is a new method to solve the pain points of enterprises (especially gold mining companies) holding physical gold (such as high storage insurance costs, poor liquidity, and lack of returns). It allows gold assets to be partially owned and easily traded like digital assets, improving liquidity and accessibility. The article emphasizes that successful gold RWA projects require innovative economic model designs and cannot simply replicate traditional gold ETFs (which only provide price volatility returns). The article introduces an innovative 'dual-token model': one token that is easy to circulate and pay like cash (GPRO, pegged to the value of raw gold), and another that represents specific physical gold ownership as an NFT (GEM NFTs, traceable and redeemable). The combination of the two meets the demand for high-frequency trading and ensures long-term value storage. Additionally, establishing full-chain transparency (such as independent audits of reserves, real-time data synchronization, and complete traceability) is key to addressing trust issues. Finally, the article points out the challenges (trust, efficiency, compliance) faced by gold tokenization and the corresponding solutions, revealing common patterns across the entire RWA track. Enterprises looking to enter the RWA field need to think systematically: whether the assets are suitable for tokenization, how to design the economic model, how to meet global compliance requirements, and how to link ecological resources, providing a reference path for the digital issuance of various assets.
Mankun Research | Insights into the RWA boom! Where are the market opportunities, and what are the new regulatory trends?
PANews Overview: The current RWA (real-world asset tokenization) boom is surging, with its core value serving as a bridge between traditional finance and the crypto world, holding enormous potential (expected to reach $16 trillion in the future). Market opportunities are mainly concentrated in regulatory-friendly regions (such as Hong Kong, Singapore, and the Middle East) and industries with complete data and clear value (such as tokenized securities in the U.S., electricity infrastructure, high-end liquor, financial assets, and leasing rights). Experts point out that successful RWA projects need to address the full-chain liquidity issue (allowing assets to circulate freely across different blockchains), and the key challenge lies in building trust (ensuring that on-chain certificates correspond to off-chain assets, which requires IoT data to be on-chain and transparent audits). There is a divergence in regulatory approaches: the EU and Hong Kong tend to strictly regulate RWA as securities (high compliance costs), while regions like Singapore and Dubai are more flexible and encourage innovation. For enterprises, not all are suitable for RWA; they need to assess their asset characteristics, compliance costs, and technical capabilities. Some domestic projects (such as Hainan Huatie) face speculation and compliance risks, lacking genuine global circulation. In the future, RWA can not only bring liquidity premiums (enhancing asset value) but also potentially reshape global asset flow rules through lower barriers (such as allowing users in developing countries to invest in high-quality assets) and innovative models. However, this requires the regulatory framework to find a balance between risk control and encouraging innovation.
GENIUS builds digital infrastructure, CLARITY opens new opportunities for enterprises—two U.S. bills reshape the RWA ecosystem.
PANews Overview: Recent bills (GENIUS Act) and (CLARITY Act) passed in the U.S. have brought significant changes to the crypto industry, especially in the real-world asset (RWA) field. The GENIUS Act injects massive capital into the stablecoin market and solidifies the digital payment foundation, while the CLARITY Act ends regulatory ambiguity, opening new opportunities for small and medium enterprises to utilize RWA for financing. However, small and medium enterprises face enormous challenges in seizing this opportunity: the CLARITY Act sets high thresholds for technology (such as strict decentralization requirements and perfect smart contracts) and compliance (such as complex 'blockchain maturity' assessment processes and anti-money laundering rules). Therefore, small and medium enterprises must rely on professional institutions (providing technical construction, compliance guidance, and resource connections) to effectively overcome barriers and ride the funding wave brought by the bill, transitioning from 'bystanders' to 'pioneers' of the RWA wave.
RWA tokens, why is the on-chain world also developing an 'Augusta Club'?
PANews Overview: On-chain real-world asset (RWA) tokens (such as tokenized government bonds and private credit) are highly concentrated (held by only a few addresses), which may seem exclusive on the surface, but is actually a necessary result of meeting strict regulatory compliance requirements (such as limiting qualified investors) and improving operational efficiency (reducing compliance costs and serving large institutional clients); this 'membership club' model, while conflicting with the open spirit of blockchain, ensures the feasibility of the system and asset quality, and as the regulatory framework improves (such as the GENIUS Act) and infrastructure develops, entry restrictions are expected to gradually decrease. The current exclusivity is more of an efficiency tool during the regulatory transition period rather than an end goal.
Figure's IPO journey, will the RWA track welcome the 'Circle moment'?
PANews Overview: Figure has submitted an IPO application to the SEC, marking the transition of the RWA (real-world assets) track from concept to scale. Figure holds nearly 50% of the tokenized private credit market share (a total of $11 billion in loans), with its self-developed financial public chain Provenance Blockchain, compliant stablecoin YLDS, and asset circulation platform Connect, creating a moat of technology + compliance + product. The RWA track has enormous potential (the private credit market is $30 trillion, and PwC predicts the tokenization space could reach $31 trillion), with traditional institutions like BlackRock and Franklin Templeton already entering. However, the industry still faces three major challenges: trust mechanisms for on-chain/off-chain assets, thresholds for asset structuring, and the positioning of blockchain technology (as efficiency tools rather than new products). Figure's IPO not only validates its business model but may also reshape the way traditional asset circulation and financial democratization occur, becoming a bridge connecting traditional finance and the crypto world, signaling that RWA will usher in a trillion-dollar new financial era.
The 'Godfather of DeFi' operates RWA, and the tokenized asset management platform Superstate raises hundreds of millions of dollars in two years.
PANews Overview: Notable figures in the DeFi field (Compound founder Robert Leshner) have founded Superstate, focusing on compliant tokenized asset management (RWA). Established for over two years, Superstate has successfully launched three products (tokenized short-term treasury bond fund USTB, crypto arbitrage fund USCC, and tokenized stock platform Opening Bell), attracting hundreds of millions of dollars in funding. Its core strategy is to convert traditional financial assets (such as government bonds and stocks) into on-chain tokens while maintaining compliance (such as registering with the U.S. SEC) and leveraging the advantages of blockchain technology: improving efficiency, reducing transaction costs, enhancing liquidity, and allowing these tokenized assets to interact with DeFi protocols (e.g., as collateral). Superstate's success lies in strictly adhering to compliance-first principles and actively promoting industry standards and policy breakthroughs (such as lobbying for the issuance of securities on public blockchains). Founder Leshner firmly believes that tokenization is the future trend of the financial market, capable of solving the inefficiencies of ownership changes in traditional financial assets. Currently, its treasury fund shows impressive performance (over $400 million in size), and the arbitrage fund also offers returns far exceeding traditional levels (approximately 16% annualized). Superstate represents a successful model of combining traditional assets, blockchain efficiency, and strict regulation in the RWA field.
Xinda Securities: RWA + water assets, focus on investment opportunities under innovative financing models.
PANews Overview: Water assets have stable returns and continuous cash flow, focusing on new investment opportunities related to RWA. RWA (real-world assets) mainly refers to the transformation of tangible or intangible assets in the physical world (such as real estate, bonds, stocks, etc.) into digital tokens that can be traded on-chain through blockchain technology. Its core is to represent the revenue rights of physical assets in the real world in the form of digital tokens. As of July 30, 2025, the total on-chain RWA scale is $25.17 billion, and the total value of stablecoins is $253.66 billion. Domestic applications have already begun in the public environmental protection field. In July 2025, Jinko Environmental and Kunheng International signed a framework agreement for RWA issuance cooperation, and both parties will jointly explore RWA business based on the new water island product, pioneering digital circulation and efficient management of water assets to enhance the market value of assets. Water assets have the characteristic of data visualization, and the assets are verifiable, providing a solid foundation for their deep integration with blockchain technology. Additionally, water assets have stable cash flows and strong predictability of returns, endowing the assets with rigid demand and anti-cyclical characteristics, focusing on investment opportunities in water assets under innovative financing models.
