Original | Odaily Planet Daily ( @OdailyChina )
Author | Ethan ( @ethanzhang_web3)
RWA Sector Market Performance
As of September 9, 2025, the total on-chain value of RWA reached $27.8 billion, down $150 million, or 0.54%, from $27.95 billion on September 2. Despite a slight decline in market capitalization, it remains at a high level. The total number of asset holders increased from 373,348 to 382,324, a weekly increase of approximately 9,000, or 2.41%. The number of asset issuers increased from 272 to 274, with two new issuers, a steady increase. The total value of stablecoins increased from $273.18 billion to $277.6 billion, an increase of $4.42 billion, or 1.62%. The number of stablecoin holders decreased from 191.89 million to 191 million, a decrease of 0.01%.
In terms of asset structure, private credit remained the dominant force in the RWA market, although its total value declined slightly, from $15.9 billion to $15.8 billion. U.S. Treasuries continued to retreat slightly, falling from $7.5 billion to $7.4 billion, a decrease of 1.33%. Commodity assets rose from $1.9 billion to $2.0 billion, a 5.26% increase, reflecting a resurgence in demand for commodities and inflation hedging. Institutional alternative funds increased in value from $1.7 billion to $1.8 billion, a 5.88% increase. Other asset classes, such as non-U.S. government debt and corporate bonds, remained stable.
What are the trends (compared to last week )?
From an overall market perspective, the RWA market continues to maintain a pattern of "sideways movement at a high level coupled with structural adjustments." Despite a slight pullback in market capitalization, the growth in on-chain users and asset issuers demonstrates the continued momentum of the market ecosystem's expansion. Private credit and alternative asset classes continue to attract investor inflows, particularly in the high-yield sector, where market confidence remains stable. The slight decline in US Treasury bonds may indicate a shift in investor expectations for future interest rates or a slowdown in demand for safe-haven assets.
Review of key events
Nasdaq is working to launch tokenized securities trading
As the Trump administration eases cryptocurrency regulations, exchange operator Nasdaq is working with U.S. regulators to introduce trading in tokenized securities, becoming the latest major Wall Street financial firm to place a strong bet on the token boom. If approved, this would be the first time tokenized securities have been allowed to trade on a major U.S. stock exchange. Nasdaq submitted a proposal to the U.S. Securities and Exchange Commission (SEC) on Monday, proposing rule adjustments to allow listed stocks and exchange-traded products (ETPs) to be traded on Nasdaq's main market in "traditional digital or tokenized form." In the filing, Nasdaq stated that it believes the market can use tokenization while "continuing to provide the benefits and protections of a national market system." The announcement comes days after the U.S. Securities and Exchange Commission (SEC) released its rulemaking agenda for the coming months, which includes possible rule revisions to allow cryptocurrencies to be traded on national securities exchanges and alternative trading systems.
On September 6, the U.S. Senate’s cryptocurrency regulation bill advanced to a new stage. The new draft drafted protection measures for cryptocurrency developers, bankruptcy guidelines for digital asset issuers, and how to enable federal regulators to support tokenization in financial markets.
Highlights of this draft include:
- Developer Protection: Provides legal protection for individuals or companies that develop, launch, manage, maintain, or distribute distributed ledger systems or decentralized financial messaging systems for cryptocurrencies.
- Bankruptcy regulations: The current bankruptcy law will be amended to clarify that in bankruptcy proceedings, "collateral assets" and digital goods should be treated as customer property.
- Tokenization Research: The draft bill requires the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to jointly conduct a study on tokenized securities and other real-world assets to develop standards for how third-party custodians should handle tokenized assets and the standards these assets should follow.
In addition, the draft also emphasizes that tokenized securities should continue to be treated as securities, while tokenized real-world assets that are not securities should not be treated as securities.
The introduction of this bill is an important supplement to US cryptocurrency regulatory policy, but it is not yet clear whether the bill can gain support from Democratic senators in the Senate. The Senate's work is still under time pressure, although the bill is expected to complete the legislative process before the fall of 2025.
With the rapid global development of stablecoins in the first half of the year, many believe they offer greater potential for the internationalization of the RMB. With the Hong Kong Stablecoin Ordinance coming into effect on August 1, 2025, discussions are swirling about using RMB-denominated stablecoins to counter the hegemony of the US dollar. A Hong Kong blockchain technology practitioner specializing in cross-border trade explained that according to relevant Hong Kong regulations, if a stablecoin is used as a value transfer tool for cross-border payments, its exchange for fiat currency, or remittance function constitutes a money service under the Anti-Money Laundering Ordinance, requiring an MSO (Money Service Operator) license from the Hong Kong Customs and Excise Department.
Ondo launches over 100 tokenized US stocks, with OKX Wallet and others providing technical support
According to official news, Ondo Finance and the Ondo Foundation have officially listed over 100 tokenized US stocks and ETFs on Ethereum, providing 24/7 on-chain trading services to qualified international investors. The platform is open to users in Asia Pacific, Europe, Africa, and Latin America, but is not available to US and UK investors to ensure regulatory compliance. Ondo plans to expand to BNB Chain and Solana this year, bringing the number of tokenized assets supported to over 1,000, including individual stocks like Apple and Tesla, as well as mainstream fixed-income ETFs.
This launch is supported by several leading crypto infrastructure providers, including OKX Wallet as a technical partner, providing users with convenient on-chain access and asset management. The platform supports seamless transfers between wallets, exchanges, and protocols, with Chainlink oracles and LayerZero cross-chain technology ensuring price stability and interoperability. Ondo emphasized that its Global Markets model not only prioritizes liquidity and transferability, but also provides users with a more secure and compliant investment channel for tokenized securities within regional compliance frameworks, accelerating the adoption of real-world assets on-chain.
Stablecoin infrastructure company Paxos has submitted a proposal to launch USDH, a compliant stablecoin within the Hyperliquid ecosystem, in compliance with the GENIUS Act and MiCA regulatory standards. The announcement indicates that 95% of the interest generated by USDH reserves will be used to repurchase HYPE tokens and distribute them to users, validators, and partner protocols.
The initiative is led by Paxos Labs, a newly formed Paxos subsidiary. Paxos has acquired Molecular Labs, the developer of Hyperliquid's foundational components, LHYPE and WHLP. USDH will be deployed on the HyperEVM and HyperCore chains, aiming to attract institutional and mainstream fintech platforms by integrating with global banking channels and compliance systems.
Additionally, Paxos said it will integrate HYPE into its brokerage infrastructure, which already provides crypto services for PayPal, Venmo, and MercadoLibre. According to DefiLlama data, Hyperliquid holds a 70% share of the decentralized perpetual futures market, with nearly $400 billion in trading volume and over $106 million in revenue last month.
Stripe, a fintech company valued at $91.5 billion, and Paradigm, a cryptocurrency venture capital firm, announced that their joint blockchain project Tempo has launched a private testnet. Tempo is a Layer-1 blockchain built on stablecoins (cryptocurrencies usually pegged to the US dollar) and may compete with Circle's Arc blockchain, as well as Plasma and Stable.
Fidelity Asset Management launches blockchain-based U.S. Treasury market fund on Ethereum
On September 7, Fidelity Asset Management quietly launched Fidelity Digital Interest Token (FDIT), a tokenized Treasury market fund based on the Ethereum blockchain network. The fund, a blockchain-based version of the Fidelity Treasury Money Market Fund, now holds over $200 million in assets.
The FDIT product matches shares of the Fidelity Treasury Digital Fund (FYOXX), a fund whose portfolio consists entirely of U.S. Treasuries and cash. Fidelity charges a 0.20% management fee for the fund, while Bank of New York Mellon provides custody of the assets.
The fund has grown to over $200 million in assets, though participation is limited, with just two holders currently – one who holds approximately $1 million in tokens and another who manages the remainder.
Hot Project Dynamics
PicWe Global (WEUSD)
One sentence introduction:
PicWe Global is a DeFi protocol focused on RWAs, dedicated to transforming traditional financial assets like US stocks and US bonds into tradable digital tokens through blockchain technology. Its core product is its native stablecoin, WEUSD, which supports the minting, redemption, and cross-chain transfer of assets across multiple blockchains (such as BNB Chain, Arbitrum, Base Chain, and Movement), providing a highly liquid and low-cost investment channel. PicWe Global optimizes the cross-chain ecosystem through its bridgeless CATM architecture, reducing liquidity fragmentation and operational costs. It also leverages state channel technology to seamlessly connect liquidity pools across CEXs and DEXs, improving market efficiency.
Latest News:
On September 5th, PicWe officially announced that it had received a non-dilutive grant of 868,160.000166 MOVE from the Movement Foundation. The grant will be used to accelerate PicWe's R&D efforts in RWA and full-chain liquidity infrastructure, enabling the implementation and adoption of the Movement ecosystem in scenarios such as RWA (real-world assets), stablecoins, and cross-chain payments.
Previously, PicWe officially announced that it now supports the Invesco US Senior Loan Strategy Fund (iSNR) issued by DigiFT, a regulated on-chain digital asset platform . Through PicWe Invest, users can access high-quality, institutional-grade RWA products without any barriers, enjoy a 24/7 smart contract subscription and redemption mechanism, and a settlement experience with interest calculated in seconds.
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:
On September 3rd, MyStonks officially announced a strategic partnership with Paimon Finance, a decentralized exchange (RWA) protocol. The two parties will collaborate on multiple fronts in developing the RWA ecosystem and exploring its applications. Paimon will also soon launch a new product, Stockpad, which will allow users to purchase tokenized stocks on-chain at a discount. The following day, data from MyStonks' official website revealed that the platform's total user base exceeded 40,000, a record high. On the 6th of that month, MyStonks officially reached a strategic partnership with APRO, an oracle project , to deepen data collaboration in the RWA space.
On September 8th, MyStonks announced the completion of a comprehensive audit by blockchain security firm CertiK . The platform also launched its "Cryptocurrency Contracts" section , initially offering 11 mainstream trading pairs, including BTC, ETH, and WLFI.
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- 核心观点：RWA市场高位横盘，生态持续扩展。
- 关键要素：
- 链上总价值278亿美元，微降0.54%。
- 资产持有者增至38.2万，周增2.41%。
- 稳定币总价值增至2776亿美元，增1.62%。
- 市场影响：推动传统资产上链，加速RWA普及。
- 时效性标注：中期影响。
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