Cete Research

🚨 RWA is quietly undergoing a transformation！

The tokenization of RWA (Real World Assets) is considered an important direction for the implementation of blockchain, bringing higher financial efficiency and transparency. However, at the same time, the risk challenges are rapidly escalating.

📊 Data shows：

In 2024, losses related to RWA are approximately $6 million；

In just the first half of 2025, this figure skyrockets to $14.6 million.

What’s more noteworthy is that the sources of risk are also shifting：
✅ In the past two years, the main issues were concentrated on off-chain credit defaults (e.g., borrowers unable to fulfill obligations);
⚠ But by 2025, almost all losses stem from on-chain technical vulnerabilities and operational management.

🔑 This means that the focus of RWA risk is gradually shifting from "off-chain financial risks" to "on-chain technical and management risks." In the future, how to achieve a balance in technology, compliance, and risk control will be the key to the long-term development of the entire industry.
#RWA #RWA板块涨势强劲

📢【Kanye West has also launched a coin?!】
Today, while browsing X, I was really shocked — Kanye West (Ye) actually officially announced his meme coin project YZY Money 🤯
What’s even more ridiculous is that the coin skyrocketed by over 800% shortly after it was launched and is currently traded on Solana. There’s also a whole suite of payment ecosystem: YZY Token + Ye Pay + YZY Card, it seems like he’s not just joking around, he’s really going to do something.
Interestingly, at the beginning of this year, Ye publicly stated on X — "meme coins are all about speculation and milking fans' money," and he even turned down a $2 million token promotion at that time. Later, he himself launched a coin, definitely “smelling good” 😂
🌍 From a trend perspective:
• The combination of celebrities + Web3 is becoming more frequent, from Elon Musk to Snoop Dogg, and now to Kanye.
• Meme coins are no longer just a “joke,” more celebrities are treating them as part of brand promotion + business ecosystem.
• There are definitely risks, but the topicality and traffic effect are maximized.
🙋‍♀ What do you all think? Is this a new wealth code, or another wave of “harvesting the showcase”?
#YZY #KanyeWestCoin

Recently saw an interesting piece of news: the well-known German asset management company DWS, in collaboration with Galaxy Digital and Flow Traders, has launched a euro-denominated stablecoin EURAU. This is the first euro stablecoin to be recognized by Germany's BaFin (Financial Supervisory Authority).

This matter is quite representative:
• The stablecoins we are familiar with in the past were mostly pegged to the US dollar, such as USDT and USDC.
• Now Europe is starting to try to put the euro on the blockchain, indicating that stablecoins are gradually moving from being 'trading tools' to 'financial infrastructure'.
• In the future, stablecoins may not only serve as settlement tools in the crypto market but also become part of cross-border payments and institutional finance.

🌐 Summary:
The development of stablecoins has entered the 'multi-currency era', from the US dollar to the euro, and now to the recently highly discussed renminbi stablecoin. The global financial landscape may undergo significant changes in the future.
#EURAU #DWS

Core Drivers of RWA Commercial Development
At the intersection of finance and technology today, **RWA (Real World Assets on-chain)** is becoming a new focus of industry attention. The driving forces behind its commercial development primarily come from two aspects:
🔹 Technology-driven
The underlying infrastructure of blockchain has gradually entered a mature phase. High-performance public chains (such as Solana, Ethereum L2, Aptos) are now capable of supporting large-scale transaction processing capabilities, providing foundational support for RWA's high-frequency trading and compliance needs. Meanwhile, advancements in AI technology, on-chain oracles, and cross-chain interoperability have also provided solid conditions for the credibility and scalability of RWA assets. As a result, RWA is gradually moving from the 'concept phase' to 'practical application'.
🔹 Capital-driven
After experiencing a downturn in the international capital markets from 2022 to 2023, there is a gradual shift from mere 'cryptocurrency speculation' to 'financial asset tokenization', aiming to introduce stable cash flow and sustainable returns into the on-chain system through RWA. International financial institutions (such as BlackRock and Fidelity) have begun to experiment with issuing on-chain funds or bonds, signaling a clear message of 'mainstream capital entering'. International financial centers like Hong Kong and Singapore are providing pilot environments through compliance sandbox mechanisms, accelerating the market exploration and implementation of RWA.
🔹 Summary
It can be said that the dual drive of technology and capital is building the development logic of RWA. Unlike the periodic hotspots of previous DeFi and NFT, the integration of RWA with the real economy is higher, more sustainable, and has a more far-reaching impact.

#RWA #RWA赛道

Japan's first approved yen-backed stablecoin—JPYC is here!

1. Historic breakthrough: Approval by the Financial Services Agency

According to the latest news, the Japanese Financial Services Agency (FSA) is set to officially approve JPYC as the country's first stablecoin pegged to the yen (a digital alternative to the local fiat currency) this autumn, which holds significant symbolic meaning. JPYC Corporation has completed registration as a 'Funds Transfer Service Provider,' meaning it will have legal status to issue stablecoins legally.

2. Technical support: Multi-chain compatibility, zero threshold for exchange and redemption

The JPYC stablecoin will be issued at a fixed exchange rate of 1 JPYC = 1 yen, backed by yen-equivalent assets (including cash, bank deposits, and government bonds), ensuring safety and stability. More importantly, this digital currency will support mainstream public chains like Ethereum, Avalanche, and Polygon, allowing users to freely choose the most suitable blockchain for transactions and redemptions.

3. Application vision: Opening a new era of digital payments
• Inclusive payments & Web3 services: JPYC can be used not only for cross-border remittances and B2B payments but is also adaptable to future Web3 scenarios involving AI, smart contracts, and automation systems, making payment processes smarter and more convenient.
• Legal protection & reduced reliance on the US dollar: Compared to currently widely used US dollar stablecoins (such as USDC, USDT), JPYC is issued locally in Japan, with regulatory norms and legal protection, making it more attractive to domestic businesses and individuals.
• Potential driver of government bond demand: The issuance of JPYC requires holding highly liquid assets such as government bonds; its large-scale use may stimulate demand in the Japanese bond market and affect yields.

4. Retrospective: The past and present of JPYC
• As early as 2021, JPYC first appeared as a 'prepaid payment method,' allowing users to exchange yen for JPYC but not to exchange it back to yen.
• With the revision of the 'Funds Settlement Act' in Japan in 2022, a regulatory framework for 'electronic payment methods' was established, and JPYC began actively applying for funds transfer licenses, aiming to upgrade to a truly convertible and circulatable stablecoin.
• Additionally, partnerships with MUFG and Progmat, as well as the signing of an MOU with South Korea's ITCEN, demonstrate its ambition to create a platform-level stablecoin.

Analysis: CCB International Collaborates with Solana

#白宫数字资产报告 $BTC