Original | Odaily Planet Daily ( @OdailyChina )

Author | Ethan ( @ethanzhang_web 3)

RWA Sector Market Performance

As of August 26, 2025, the total value of the RWA on-chain reached $26.5 billion , an increase of $200 million from $26.3 billion on August 18, a weekly increase of approximately 0.76% . The market continued to fluctuate slowly and steadily upward. The number of on-chain asset holders increased from 364,310 to 367,619 , a net weekly increase of 3,309 , or 0.91% , indicating that the ecosystem's user base continues to expand steadily. The number of asset issuers increased from 262 to 271 , with 9 new issuers added in a single week, marking the largest weekly increase in recent months. In terms of stablecoins, the total value increased from US$266.74 billion to US$268.43 billion , an increase of US$1.69 billion , a weekly increase of 0.63% ; the number of holders increased from 189.26 million to 190.09 million , an increase of 830,000 in a single week, an increase of 0.44%.

Looking at asset structure, private credit saw a slight increase this week, rising from $15.4 billion to $15.5 billion , maintaining its core position in the market, accounting for over half. US Treasuries continued their upward trend, increasing from $7.3 billion to $7.4 billion , a weekly increase of 1.37% , further strengthening their position as a safe-haven asset. Commodity assets remained unchanged at $1.8 billion , maintaining a sideways trend. Institutional alternative funds saw a slight increase from $1 billion to $1.0 billion (a slight increase of 0.5% month-over-month), essentially stabilizing, indicating a reduction in previous volatility.

What are the trends (compared to last week )?

Overall, the RWA market continued its trend of moderate growth and structural consolidation this week. Total market capitalization continued to rise slightly, with significant increases in both the number of users and asset issuers, demonstrating continued ecosystem expansion. Compared to last week, capital allocation across core assets was more balanced: private credit maintained steady growth, US Treasury bonds continued to rebound and strengthen, commodity assets continued to consolidate, and alternative funds returned to stability, resulting in a healthier overall structure.

The continued upward trend of US Treasuries demonstrates continued market demand for macro risk hedging, and allocation momentum remains robust amidst uncertainty surrounding the medium- and long-term interest rate environment. Private credit continues to serve as a high-yield allocation tool, solidifying its position as a core asset class. The stabilization of alternative funds suggests that institutions are adopting a more rational approach to non-standard assets, gradually easing previous pressure to cash out short-term funds.

Review of key events

SEC establishes Presidential Digital Asset Panel to reshape crypto regulatory framework

At the Wyoming Blockchain Summit, US SEC Chairman Paul Atkins announced the formation of the Presidential Task Force on Digital Assets to modernize crypto regulation and clarify the classification of tokens. He stated that only a small number of tokens should be considered securities, and that the regulatory focus will shift to sales methods and market conditions, a departure from the heavy-handed enforcement approach of his predecessor, Gensler. This initiative, aligned with the Presidential Task Force report and the CLARITY Act, aims to establish clear market rules and reduce compliance risks for innovators, and has received bipartisan support.

Wyoming launches Frontier stablecoin FRNT, becoming the first state-level region in the United States to issue a stablecoin

Crypto journalist Eleanor Terrett reported that Wyoming has launched Frontier (FRNT), a stablecoin backed by the US dollar and short-term Treasury bonds, becoming the first US state to do so. FRNT is currently listed on seven blockchains: Ethereum, Solana, Arbitrum, Avalanche, Polygon, Optimism, and Base. Due to regulatory restrictions, the token is not yet available to the public.

The Hong Kong Monetary Authority plans to implement the Basel capital requirements for crypto assets on January 1, 2026, which may affect banks' willingness to manage stablecoins and RWA assets.

The Hong Kong Monetary Authority recently issued a circular confirming that new bank capital requirements based on the Basel Committee on Banking Supervision's cryptoasset regulatory standards will be fully implemented in Hong Kong starting January 1, 2026. This includes not only cryptoassets like Bitcoin and Ethereum, but also RWAs and stablecoins. Industry insiders point out that Ethereum is a prime example of permissionless blockchain technology, while almost all mainstream stablecoins and a growing number of RWAs are generally issued on public blockchains. With the expected implementation of the new regulations, the Hong Kong banking system's willingness to hold such stablecoins or RWAs will inevitably be affected.

However, both the Basel Committee and the Hong Kong Monetary Authority have made it clear that the Basel crypto asset regulatory standards generally do not impose credit risk or market risk regulatory capital requirements on crypto assets that banks hold for their clients, but the prerequisite is that the clients' crypto assets need to be isolated from the bank's own assets.

SBI Chairman: SBI will build a stablecoin payment system, and the path will be different from Japanese yen stablecoins such as JPYC

At the WebX 2025 conference held in Tokyo, Japan, SBI Holdings Chairman Yoshitaka Kitao stated that the SBI Group is using its financial infrastructure to build a stablecoin payment system and is considering expanding blockchain-based low-fee payment services through its existing user base of approximately 42 million securities accounts.

Kitao Yoshitaka also mentioned that the SBI Group plans to adopt a unique path that is differentiated from existing stablecoin projects such as JPYC, and focus on implementing a development strategy that meets regulatory compliance requirements.

Bullish receives $1.15 billion in IPO proceeds in stablecoins

According to an official announcement, the crypto trading platform Bullish announced that it has arranged to receive $1.15 billion in stablecoins from its recently completed initial public offering (IPO), marking a historic step in the use of stablecoins in US IPOs.

The vast majority of stablecoins were minted for Bullish on the Solana network. Bullish received the following USD- and EUR-denominated stablecoins: funds from the IPO, most of which were settled in USDC and some in EURC, all held exclusively in custodianship by Coinbase, as well as USDCV, EURCV, USDG, PYUSD, RLUSD, USD 1, AUSD, and EURAU.

Figure CEO: Blockchain could significantly improve the efficiency of the US mortgage market

Figure Technologies CEO Michael Tannenbaum stated that the US mortgage market urgently needs modernization, arguing that blockchain and tokenized credit offer greater potential than traditional federal mortgage backstops. Figure has already implemented on-chain loan registration and transfer through its proprietary Provenance Chain and DART systems, securing over 90 partners and facilitating $10 billion in loans. Tannenbaum stated that blockchain can lower costs, reduce fraud, and enhance transparency. Furthermore, the company's exploration of crypto-asset mortgages could potentially create new growth opportunities for the housing finance system.

Hot Project Dynamics

StableStock (/)

One sentence introduction:

StableStock is an on-chain stock asset platform that combines traditional finance and decentralized finance. It aims to provide digital trading for assets such as US stocks through stablecoin settlement. The platform comprises three core modules: StableBroker (supporting stablecoin purchases of stocks), StableVault (tokenizing stock assets for on-chain applications), and StableSwap (enabling low-slippage swaps between different tokens). StableStock emphasizes institutional-grade security (such as MPC custody) and regulatory compliance. Having completed its seed round of funding from investors including YZi Labs, MPCI, and Vertex Ventures, StableStock is committed to bridging trillions of dollars of traditional financial liquidity into the Web 3 ecosystem.

Recent Updates:

On August 24th, StableStock, a stock tokenization platform, announced that it recently completed the first phase of YZi Labs' Easy Residency program and secured a multi-million dollar seed funding round from investors including YZi Labs, Matrix Partners, and Vertex Ventures. This round of funding will help StableStock accelerate its efforts to bring trillions of dollars in global stock assets onto blockchain.

MyStonks (STONKS)

One sentence introduction:

MyStonks is a community-driven DeFi platform focused on tokenizing and trading Reliable Warrants (RWAs) such as US stocks on-chain. Through a partnership with Fidelity, the platform offers 1:1 physical custody and token issuance. Users can mint stock tokens like AAPL.M and MSFT.M using stablecoins like USDC, USDT, and USD 1, and trade them 24/7 on the Base blockchain. All trading, minting, and redemption processes are executed by smart contracts, ensuring transparency, security, and auditability. MyStonks is committed to bridging the gap between TradFi and DeFi, providing users with highly liquid, low-barrier-to-entry on-chain investment in US stocks, and building the "NASDAQ of the crypto world."

Latest News:

Previously (August 14th), MyStonks issued an announcement regarding its cooperation with regulatory investigations and ensuring the security of legitimate user funds. On the same day, MyStonks founder Bruce J issued a statement addressing recent platform controversy, stating that last week, the compliance team received a law enforcement request to provide information about a single client and suspend withdrawals for that client. This action was not an independent action by the platform, and the client's brokerage account was also restricted. He emphasized that assisting regulatory investigations is the legal responsibility of the exchange, and that targeted investigations do not indicate a problem with the source of client funds. He urged the public not to overinterpret or spread false rumors. Bruce J stated that MyStonks has completed compliance filings in the US, has over 20,000 registered users, and is valued at over $50 million. The company will continue to adhere to a compliant approach and focus on developing its RWA business and providing customer service.

On August 21st, the account X, which had previously claimed that the MyStonks platform had blocked withdrawals of $6.2 million, posted a message stating, "The information previously posted by this account regarding the MyStonks platform was false and has now been deleted." The community speculated that the two parties had reached a settlement. However, the account also stated, "There will be more surprises once this matter is fully resolved."

Related Reading: $6.2 Million Withdrawal Blocked? MyStonks Directly Responds: Due to Regulatory Enforcement, Not Platform Misappropriation

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