Highlights of this issue
This issue's weekly report covers the period from August 8 to August 15, 2025. This week, the user base of the RWA market continues to expand, with stablecoin USDe performing prominently; Hong Kong's regulatory dynamics have become a focal point—HKMA and SFC jointly issued a statement reiterating the prudent principles for stablecoin licensing, and giants like Fosun International have applied for entry; at the same time, RWA application scenarios are accelerating in diversification, with breakthroughs in the Hangzhou Cultural Exchange's IP assets, Zhongnong Rongxin's agricultural assets, Aureate's computing power assets, and China Merchants International's cross-border money market fund tokenization; on the technical infrastructure level, Chainlink's integration of ICE forex and precious metals data strengthens the foundation for asset on-chain, while Avalanche attracts $250 million from traditional institutions due to its subnet customization advantages, and Animoca jointly launches the NUVA platform to integrate Figure's mature products; project progress is intensive, with PreStocks launching on Solana to support trading of pre-IPO stocks like SpaceX, and Dinari building the Avalanche chain 'stock token DTCC', highlighting the accelerated integration of on-chain finance with traditional markets.
Data Insights
RWA Sector Panorama
RWA.xyz latest data disclosure shows that as of August 15, 2025, the total on-chain market value of RWA is $25.93 billion, an increase of 1.51% compared to the same period last month, with overall scale remaining stable; the total number of asset holders is approximately 350,800, an increase of 11.86% compared to the same period last month, with user growth showing a steady expansion trend; the total number of asset issuers is 262.
Stablecoin Market
The total market value of stablecoins is $262.96 billion, an increase of 6.43% compared to the same period last month; the monthly transaction volume is $3.44 trillion, a significant increase of 18.02% compared to the same period last month; the total number of active addresses is approximately 38.78 million, a slight decrease of 4.61% compared to the same period last month; the total number of holders is approximately 190 million, a slight increase of 3.33% compared to the same period last month, with C-end adoption steadily rising. The leading stablecoins are USDT, USDC, and USDe, among which USDT and USDC's market values increased slightly by 3.06% and 6.94% respectively compared to the same period last month, while USDe's market value surged by 102.80% compared to the same period last month.
Tokenized Stock Market
The total market value of the tokenized stock sector is approximately $359 million, a decrease of 6.74% compared to the same period last month; monthly transaction volume is approximately $330 million, an increase of 4.21% compared to the same period last month, with liquidity remaining high; the total number of active addresses is approximately 37,700, a decrease of 4.61% compared to the same period last month, with a total of approximately 61,100 holders, an increase of 11.81% compared to the same period last month. The stock with the highest issuance scale is EXOD (self-custody platform Exodus Movement), maintaining a volume of $264 million.
Regulatory News
The Hong Kong Securities and Futures Commission and the HKMA issued a joint statement on market fluctuations related to stablecoins.
According to the Hong Kong Securities and Futures Commission and HKMA's official website, they issued a joint statement on market fluctuations related to stablecoins: stating that recent fluctuations in the market have been triggered by announcements related to stablecoins and market speculation. The HKMA reiterated that stablecoin licensing applications will adopt strict prudent standards, and preliminary communication does not represent approval. Both agencies urge investors to analyze information rationally and avoid making irrational decisions due to market hype or short-term price fluctuations. The Securities and Futures Commission will continue to monitor the market and crack down on manipulation and fraud. The public should remember to make thoughtful and informed decisions in a volatile environment, which is crucial for reducing risks.
Chairman of El Salvador's CNAD: The new (Investment Banking Law) allows licensed banks to conduct digital asset business.
According to Cointelegraph, Juan Carlos Reyes, chairman of El Salvador's Digital Assets Committee (CNAD), stated that investment banks are now allowed to hold Bitcoin and other digital assets on their balance sheets and provide cryptocurrency services to 'mature' investors (equivalent to qualified investors in the U.S.). CNAD is the cryptocurrency regulatory body of the El Salvador government.
Supporters of the new law state that it encourages foreign investment in El Salvador and positions it as an emerging financial center.
Supporters of the new law argue that it encourages foreign investment in El Salvador and positions it as an emerging financial center.
According to previous news, El Salvador plans to establish the world's first Bitcoin bank.
Local Dynamics
Story Foundation and Hangzhou Cultural Exchange jointly launched the first compliant project for RWA in the field of cultural communication in mainland China.
Story Foundation has cooperated with Hangzhou Cultural Property Exchange and Starbase to officially realize the first compliant advertising RWA project in China, creating a new model of tripartite cooperation led by state-owned enterprises, compliant platform operations, and supported by Web3 technology.
Leveraging Story's innovative on-chain full-process traceability and rights confirmation mechanism, the project provides a compliant and standardized demonstration case for the digital transformation of traditional non-standard assets in China.
This cooperation marks a significant progress for Story in building an IP compliance ecosystem in the Asian market and opens up new paths for subsequent cultural asset on-chain.
Zhongnong Rongxin will launch the first domestic agricultural RWA project and initiate work for a Hong Kong listing.
Zhongnong Rongxin announced the launch of the first domestic agricultural tokenized real asset (RWA) project, promoting the tokenization practice of Zhongnong Rongxin's core agricultural assets, utilizing blockchain technology to ensure clear ownership and eliminate issues like double pledging and false valuation. Zhongnong Rongxin also announced a strategic partnership with Aide Financial and will appoint Aide Financial as the sponsor for its Hong Kong IPO listing.
Aureate completed the first phase of computing power RWA issuance.
Aureate announced the successful completion of the first phase of computing power RWA (Real World Asset) issuance, with asset scale reaching hundreds of millions of RMB. This issuance will convert computing power assets into RWA format on-chain, and relevant assets have completed compliance filing. Aureate stated that this move aims to promote the integration of computing power assets with blockchain technology and provide new asset management and circulation methods for the industry.
China Merchants International public money market fund completed RWA through multi-chain deployment and collaboration with partners.
China Merchants International Asset Management Co., Ltd. announced the completion of the tokenization of real-world assets (RWA) and on-chain distribution of the China Merchants International Dollar Money Market Fund in cooperation with DigiFT, which will provide on-chain sales services for qualified professional investors on the DigiFT platform through the fund's recognition in Hong Kong and Singapore.
The well-known Singapore RWA licensed exchange DigiFT and RWA service provider OnChain provide distribution and technical support for this token product. This token product is the industry's first cross-jurisdictional product, realizing multi-chain deployment distribution on the DigiFT platform, supporting multi-modal currency redemption, and providing multi-dimensional liquidity, with leading advantages in technology, compliance, and experience.
Hongqiao Group is laying out RWA, partnering with Dongfang Yilin to build a 'timber + finance + blockchain' ecosystem.
According to Zhito Finance, Hongqiao Group (08137) announced that after the close of trading on August 8, the company entered into a non-binding strategic cooperation memorandum with Dongfang Yilin Industrial Co., Ltd. Dongfang Yilin is a digital comprehensive operator of timber assets registered in China.
According to the memorandum, the main cooperation content between the two parties is as follows: both parties will use Hainan Huanghuali live timber as the underlying asset to jointly explore the financialization path of precious forest assets, promote the industrialization of ecological resources, the capitalization of ecological industries, the productization of ecological capital, and the marketization of ecological products, aiming to build a 'precious timber industry resources + finance + blockchain' green economy closed loop, in line with the latest trends of RWA, stablecoins, and compliant digital currency issuance.
The announcement stated that the group focuses on business models in the resource field, dedicated to finding resilient and stable investment opportunities. Hainan Huanghuali is one of the top five famous woods in the world, possessing scarcity, growth potential, and high-value attributes. It is recommended to explore potential business development models and strategic deployment requirements that align with the group.
Publicly listed company Fosun International intends to apply for a stablecoin license in Hong Kong.
According to Tencent News (frontline), publicly listed company Fosun International has formed a team to apply for a stablecoin license in Hong Kong, with founder Guo Guangchang personally leading the team to visit Hong Kong Chief Executive John Lee and Financial Secretary Paul Chan on August 6.
The application process for Hong Kong stablecoin licenses has begun, and institutions intending to apply must submit materials by September 30. Fosun's wealth segment has ventured into Web3 business and has laid out RWA tokenization products through Xinglu Technology. Fosun Wealth has also recently submitted trademark applications for 'Xing Coin' and others.
Project Progress
Animoca Brands and ProvLabs jointly launched the RWA trading platform NUVA.
According to Cointelegraph, Animoca Brands has launched the RWA trading platform NUVA in collaboration with Provenance Blockchain developer ProvLabs. The NUVA market will utilize Provenance's existing RWA ecosystem, which currently holds assets valued at approximately $15.7 billion. The first two tokenized products to go live are U.S. interest-bearing stablecoin security YLDS and fixed-rate home equity line of credit pool HELOC.
NUVA adopts a 'vault' structure to simplify the investor participation process, allowing holders of nuYLDS or nuHELOC tokens to receive corresponding underlying asset returns. The CEO of ProvLabs stated that this model can provide on-chain trading possibilities for traditional illiquid assets. Animoca's co-founder pointed out that the current RWA market is constrained by cross-chain fragmentation, and NUVA aims to enhance the accessibility of institutional-level assets through a unified multi-chain ecosystem.
PreStocks has gone live on Solana, allowing trading of pre-IPO stock tokens.
According to official news, PreStock announced its official launch on Solana, allowing users to trade pre-IPO stock tokens on Solana. Available markets currently include SpaceX, OpenAI, Anthropic, Anduril Industries, Kraken, Neuralink, Discord, Epic Games Store, Figure, Databrick, Perplexity, and xAI.
Public company Exodus plans to partner with Superstate to create ordinary share tokens.
According to Globenewire, self-custody cryptocurrency platform Exodus Movement, Inc. (NYSE: EXOD) announced a partnership with Superstate to create ordinary share tokens representing Exodus's Class A stock on other major public chains.
Exodus plans to leverage Superstate's stock token issuance platform Opening Bell, which enables companies to create stock tokens on mainstream blockchains, starting with Solana, digitally representing stock shares. With Opening Bell, Exodus will be able to issue its ordinary share tokens on mainstream blockchains to complement its existing Algorand-based ordinary share tokens, with plans to issue ordinary share tokens on Ethereum and other leading blockchains.
MyStonks has launched contract trading public testing, supporting RWA U.S. stock token perpetual contracts.
According to official news, MyStonks officially launched contract trading public testing at 4 PM on August 11, with the first batch supporting RWA sector US stock token perpetual contracts, and leverage can be flexibly adjusted up to 20 times, with the matching engine achieving millisecond-level feedback. A contract fee of $9283.75 from the platform last week will be refunded in $BMNR.M tokens, and the refund mechanism will be terminated after the public test starts.
Chainlink collaborates with ICE to bring forex and precious metals data onto the blockchain.
Chainlink announces cooperation with Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, to integrate ICE Consolidated Feed's global forex and precious metals pricing data into Chainlink Data Streams, serving over 2,000 on-chain applications and financial institutions. This cooperation aims to provide data support that meets the accuracy and low-latency requirements of traditional capital markets for blockchain, promoting the development of institutional applications such as asset tokenization and automated settlement. ICE stated that this cooperation brings trusted, multi-asset structured data to crypto applications, marking further integration of the on-chain financial system with traditional markets.
Zoth received a $15 million strategic investment from Bolts Capital to promote RWA on-chain.
Blockchain protocol Zoth announced that it has received a $15 million strategic funding commitment from Bolts Capital to accelerate the on-chain ecosystem construction of its 'real-world assets' (RWA) through token purchases. Zoth will focus on compliance and innovation, emphasizing the development of the RWAFi protocol, initially focusing on the tokenization of government bond products, and planning to expand into emerging markets and alternative assets. Previously, Zoth had encountered a security incident with ZeUSD, and the official stated that it has focused on enhancing security and trust. Currently, Zoth is preparing for token issuance (TGE), and will subsequently announce token economics, ecological incentives, and project roadmap.
MANTRA Chain testnet has achieved EVM compatibility, with the mainnet goal set for September launch.
MANTRA announced that its testnet has achieved full EVM compatibility, becoming the first MultiVM Layer 1 blockchain designed for real-world assets, and plans to launch the mainnet in September, supporting projects like financing for electric bicycle fleets in Dubai through the MANTRA.finance platform. The ecosystem will expand from Q4 2025 to Q1 2026, introducing more dApps and partners. After Q2 2026, it will launch yield tokens based on real-world assets and establish a secondary liquidity market.
In addition, the team has reached a strategic partnership with Inveniam, receiving $20 million in investment to promote the on-chain of real assets (RWAs). In the future, it will focus on launching ecological applications, expanding partnerships, and providing yield products based on RWAs and a secondary liquidity market, further building a safe and compliant DeFi ecosystem.
Dinari will launch a blockchain based on Avalanche, positioned as 'stock token DTCC'.
According to CoinDesk, Dinari announced the launch of a primary blockchain called Dinari Financial Network, using Avalanche technology, aimed at serving as a coordination layer for stock token clearing and settlement. Institutions including VanEck, BitGo, and Gemini will act as validators and provide custody services. Dinari plans to unify multi-chain liquidity and compliance through its own chain, gradually achieving on-chain governance and decentralization.
Insight Highlights
Chainlink initiates value capture flywheel, possibly becoming the invisible winner of the on-chain economy?
PANews Overview: Chainlink ($LINK), as a key infrastructure (oracle) connecting traditional finance and blockchain, is becoming one of the biggest beneficiaries of the RWA (Real World Assets) tokenization wave. Its core advantages are: 1) solving the problem of asset value on-chain in a multi-chain/fractalized environment (acting as a 'universal translator'), holding an absolute dominant position in the oracle market (84% market share on Ethereum); 2) the recently launched '$LINK reserve' mechanism creates a strong value flywheel effect—growth in network usage (from on-chain service fees and enterprise cooperation income) automatically converts and accumulates into $LINK tokens (equivalent to continuous buybacks), while the staking mechanism (providing about 4.32% yield) locks the circulation, directly converting fundamental growth into buying pressure and scarcity of the token, driving price increases (after the mechanism was announced, $LINK has risen 50%); 3) extensive adoption by traditional financial giants (such as SWIFT, JPMorgan, DTCC), proving its recognition at the institutional level; 4) compared to projects like XRP that were once considered 'institutional coins', the actual locked on-chain asset value of Chainlink ($84.65 billion) far exceeds XRPL ($85 million), but its market cap is much lower, making its valuation potential more attractive. Therefore, the article believes Chainlink is a typical 'shovel operator' investment target in this bull market—regardless of which chain or RWA application succeeds, it as a foundational infrastructure may continue to benefit.
Avalanche Betting RWA: Second-level settlement + custom subnet, aiming to undertake $250 million assets from traditional financial giants.
PANews Overview: The Avalanche public chain is fully focused on the RWA (real-world asset tokenization) field, leveraging its unique technical advantages (sub-second transaction confirmation, high throughput) and customized 'subnet' function (allowing institutions to build dedicated blockchains that meet their compliance requirements), positioning itself as the preferred platform for institutional financial assets (such as tokenized credit and government bonds). Recently, institutional credit protocol Grove Finance announced plans to deploy approximately $250 million of RWA assets (including AAA-rated loan collateral securities funds and short-term U.S. Treasury funds) on Avalanche through partners (tokenization pioneers Centrifuge and asset management giant Janus Henderson), which will more than double the total value of RWA on Avalanche and attract more heavyweight partners. Avalanche is currently hosting nearly $180 million in various tokenized RWA (covering government bonds, credit, institutional funds, and alternative investments), attracting product deployments from traditional financial giants like BlackRock (BUIDL Fund), Franklin Templeton, Apollo (ACRED), and VanEck. Its ecological advantage lies in its ability to seamlessly integrate programmable stablecoins (like avUSD) and DeFi protocols (like lending and liquidity staking), allowing tokenized assets to participate as collateral in on-chain financial activities, providing developers and retail investors with opportunities to build new yield strategies and access traditional institutional-level assets. Avalanche is becoming a strong competitor to Ethereum in the institutional RWA sector due to its high performance, low cost, and proven subnet technology, further expanding its potential in future payments and capital markets through collaboration with Visa in stablecoin settlements and other fields.
Dialogue with Pre-IPO investment platform Jarsy founder Han Qin: How to enable ordinary investors to compliantly 'get on board' SpaceX, xAI?
PANews Overview: Jarsy is a platform focused on tokenizing equity in top pre-IPO companies (such as SpaceX, xAI, Stripe), aiming to allow global ordinary qualified investors to comply and participate in primary market investments that were originally only open to top institutions and wealthy individuals. Its founder Han Qin believes that the potential of the tokenized equity market (connecting trillions of dollars in real assets globally) will far exceed that of the traditional cryptocurrency market. Jarsy's core strategy is: 1) strict compliance first (designing legal structures based on SEC's Reg D/Reg S framework and collaborating with top law firms); 2) focusing on quality assets (deep due diligence to select star projects like SpaceX, xAI); 3) embracing the essence of blockchain (achieving global verifiability of assets, composable liquidity, and embedded compliance, surpassing the limitations of centralized databases). The platform serves the 'new generation of global investors' (highly cognizant, pursuing transparency and liquidity), lowering participation barriers through on-chain identity and user-friendly experience (such as Web3 native operations + Web2 entry). In the face of traditional giants (like BlackRock, JPMorgan) entering the market, Jarsy positions itself as a 'connecting bridge' rather than a substitute, leveraging its 'born on-chain' flexibility and efficiency to collaborate with traditional institutions. The long-term vision is to become the digital financial infrastructure for the global private equity market, allowing every qualified investor to easily hold 'real future pre-IPO equity.'
Hong Kong RWA registration platform is online, continuing to focus on RWA's empowerment of virtual power plants, electricity trading, and carbon trading.
PANews Overview: Hong Kong has launched an RWA (Real World Assets Tokenization) registration platform and is promoting the formulation of relevant standards, marking progress for RWA at the infrastructure level. The report believes that under the deepening background of 'carbon neutrality' (such as the EU carbon barriers, domestic electricity price reform emphasizing green value), RWA technology can effectively empower green electricity-related fields (virtual power plants, electricity trading, carbon trading). Its core value lies in: 1) achieving dynamic returns: investors can obtain returns based on the real-time operating conditions of the underlying assets (such as charging station usage), rather than the fixed interest of traditional ABS; 2) creating core revenue sources: the unique peak-valley price arbitrage model of green electricity assets (such as energy storage, photovoltaics) is the sustainable cash flow base for RWA projects; 3) improving asset efficiency and value: RWA can help green electricity assets expand revenue sources (such as overlapping carbon assets, DeFi staking), significantly shorten financing cycles (case study: from 1-2 years to 3-6 months), and promote light assetization and global capital sharing (attracting overseas capital from the Middle East to invest in distributed energy such as photovoltaics and charging stations). Therefore, the report recommends focusing on investment opportunities that blend RWA with electricity trading, virtual power plants, and carbon assets, and suggests laying out enterprises in user photovoltaics, charging stations, and carbon assets.
Event Preview
Exploration of cross-border trading and financial innovation of stablecoins and RWA.
Blockchain technology is driving the digital transformation of the financial sector, with stablecoins and RWA (real-world assets) becoming a global focus.
The event 'Exploration of Cross-Border Trade and Financial Innovation Practices of Stablecoins and RWA' hosted by the Shanghai Financial Information Industry Association and the Shanghai Distributed Consensus Technology Association, co-organized by PANews and Mankun Law Firm, will be held in Shanghai.
The event focuses on hot topics such as cross-border payments, financial innovation, and RWA, inviting industry experts and corporate representatives for in-depth discussions.
Time: August 22, 13:30-18:00
Location: Xuhui District, Shanghai (specific address will be notified via SMS)
Highlights: Industry report debut, hot trend interpretation, roundtable dialogue, multi-party communication
Scan the code to register, limited spots available. Secure your seat for cutting-edge insights!
