Original | Odaily Planet Daily ( @OdailyChina )

Author | Ethan ( @ethanzhang_web3)

RWA Sector Market Performance

As of September 30, 2025, the total value of RWA on-chain reached $31.27 billion, an increase of $850 million, or 2.79%, from $30.42 billion on September 24, continuing the previous week's upward trend. The total number of asset holders increased from 400,880 to 407,788, with 6,908 new holders added in the week, a 1.72% increase. The on-chain user base continued to expand, and market activity steadily increased. The number of asset issuers increased from 215 to 221, with 6 new issuers, a 2.79% increase, maintaining moderate growth. In the stablecoin market, as of September 30, the total value was US$289.06 billion, an increase of US$2.66 billion from US$286.4 billion last week, an increase of 0.93%; the number of stablecoin holders increased slightly from 192.83 million to 193.52 million, an increase of about 690,000, or 0.36%.

Looking at the asset structure, private credit, a core component of the RWA sector, saw a slight increase this week, rising from $17 billion to $17.3 billion, a $300 million increase, or 1.76%, accounting for 55.3% of the total RWA market capitalization. U.S. Treasuries saw a slight rebound, rising from $7.3 billion to $7.7 billion, a $400 million increase, or 5.48%, reversing two weeks of decline. This may be attributed to stabilizing U.S. Treasury yields and a return of risk appetite. Commodity assets remained unchanged at $2.1 billion this week, showing a slower growth but still remaining at a high level. Institutional alternative funds saw a slight increase, from $2 billion to $2.3 billion, a $300 million increase, or 15%, making it the largest component of the week, indicating that some funds are exploring alpha opportunities in non-traditional asset classes. Non-U.S. government debt was separately listed for the first time, reaching $1 billion. Other sub-sectors, such as equities, private equity, and active management strategies, generally fluctuated on the margins, contributing little to the overall structure.

What are the trends (compared to last week )?

This week, the RWA market entered a cycle of continuous accumulation and structural shifts. Market capitalization continued its steady rise, and user growth remained positive, further demonstrating the RWA sector's strong capital absorption capacity despite the sideways trading of stablecoins and the lack of a significant rebound in risk appetite. Compared to last week, the most notable changes this week came from the rebound in US Treasuries and the rapid rise in institutional alternative assets, suggesting that institutional funds are beginning to transition from conservative allocations to lightly leveraged strategies. The number of asset issuers increased for the second consecutive week, indicating that the ecosystem is still expanding. However, compared to the pace of asset volume expansion, the rebound in project volume is still modest.

Combined with the recent three-week trend, the RWA market as a whole operates under the dual logic of "breaking through the platform + reconstructing valuations". After the market value stabilized at the 30 billion platform, the allocation behavior became more structural; the moderate expansion of users and issuers also paved the way for the next stage of valuation reassessment and deepening of liquidity.

Review of key events

SEC Chairman Atkins: Launching "Innovation Exemptions" this year to accelerate the listing of crypto products

According to Fox Business, Paul Atkins, chairman of the U.S. Securities and Exchange Commission (SEC), said in an interview that he plans to implement an "innovation exemption" by the end of 2025 so that companies can quickly bring chain products and services to market.

Since taking office in April, Atkins has been promoting crypto-friendly policies and launching a rule modernization program called "Project Crypto." In June, he instructed his team to study innovative exemption mechanisms to simplify the product listing process.

Meanwhile, the U.S. Congress is advancing crypto market structure legislation, which is expected to be passed before the end of the year. Atkins said he "looks forward to Congressional action on market structure legislation" and emphasized that the SEC and the Commodity Futures Trading Commission (CFTC) are working closely together, with the two sides convening a roundtable meeting next week to discuss how to introduce more innovative products to the U.S. market.

The US CFTC launches a tokenized collateral program to allow the use of stablecoins in derivatives transactions

Acting Chairwoman Caroline D. Pham of the U.S. Commodity Futures Trading Commission (CFTC) announced the launch of a "tokenized collateral" initiative, allowing derivatives traders to use non-cash assets such as stablecoins as collateral to improve market efficiency and transparency. This initiative builds on a pilot program launched in February with Circle, Coinbase, Crypto.com, Ripple, and Moonpay. The industry is invited to submit comments by October 20th. This move is seen as a significant step forward for the CFTC in modernizing capital markets and clarifying crypto regulation.

Naver Financial plans to proceed with a full share swap with Upbit's parent company Dunamu

According to Korean industry sources, Naver is planning to acquire Upbit's parent company, Dunamu, through a share swap, creating a controlling stake in the company consisting of Naver (parent company), Naver Financial (subsidiary), and Dunamu (subsidiary). If the transaction is completed, it will combine Naver Pay's payment infrastructure with Upbit's crypto asset distribution network to establish a new digital financial ecosystem centered around the Korean won stablecoin.

Naver's stock price surged 11.4% on the day the news was announced. Analysts believe that Naver Pay, responsible for issuing the stablecoin and Upbit for distribution, could achieve 300 billion won in annual revenue by 2030. The deal will also promote the deeper integration of South Korea's fintech and crypto industries, enhancing its competitiveness against international giants like PayPal, Stripe, and Coinbase. (For more information: " From Missing Out on Bithumb to Acquiring Upbit: The Evolution of Naver's Crypto Ambitions ")

Tether plans to raise up to $20 billion at a $500 billion valuation

According to people familiar with the matter, stablecoin issuer Tether Holdings is in talks with investors to raise $15 billion to $20 billion through a private placement, representing approximately 3% of the company. If the transaction is completed, the company's valuation could reach $500 billion, potentially making it one of the world's most valuable private companies. (For more information: " Tether Launches $20 Billion Private Funding Round, 'On-Chain Federal Reserve' Ambition for a Global Payments Empire ")

SharpLink to Partner with Superstate to Issue Tokenized Shares on Ethereum

SharpLink (SBET) announced on the X platform that it will partner with Superstate to issue tokenized SBET shares directly on the Ethereum blockchain. SharpLink will be the first publicly traded company to do so. The two parties will work together to enable tokenized public equity to be traded in a fully compliant manner on automated market makers (AMMs) and other DeFi protocols.

Cloudflare plans to launch a USD-backed stablecoin, NET Dollar, to power AI services

According to Investing, Cloudflare (NYSE: NET) announced plans to launch NET Dollar, a dollar-backed stablecoin designed to provide instant and secure transactions for AI-driven network activities.

According to the company, NET Dollar will help modernize payment infrastructure by enabling transactions across currencies, regions, and time zones. The stablecoin is designed to enable programmatic operations, enabling AI agents to make instant payments based on predetermined conditions. The company positions NET Dollar as part of a shift away from advertising-based revenue models toward a system that rewards content creators and developers, while enabling AI companies to compensate content sources.

Hot Project Dynamics

Plume Network (PLUME)

One sentence introduction:

Plume Network is a modular, Layer 1 blockchain platform focused on tokenizing real-world assets (RWAs). It aims to transform traditional assets (such as real estate, art, and equity) into digital assets through blockchain technology, lowering investment barriers and increasing asset liquidity. Plume provides a customizable framework that supports developers in building RWA-based decentralized applications (dApps) and integrates DeFi with traditional finance through its ecosystem. Plume Network emphasizes compliance and security, and is committed to providing solutions that bridge traditional finance and the crypto economy for institutional and retail investors.

Recent Updates:

On September 25, Mastercard officially announced that it had selected Plume to join its Start Path program, one of only five companies worldwide.

On September 30, it was reported that Plume announced a partnership with Web 3 wallet TopNod to promote the large-scale adoption of RWA.

Centrifuge and Plume previously announced the launch of the Anemoy Tokenized Apollo Diversified Credit Fund (ACRDX), which received a $50 million anchor investment from Grove, the credit infrastructure protocol within the Sky ecosystem. The fund enables blockchain investors to participate in Apollo's diversified global credit strategy, encompassing direct corporate lending, asset-backed lending, and mismatched credit. ACRDX will be issued through Plume's Nest Credit Vault under the ticker symbol nACRDX, enabling institutional investors to participate in the strategy on-chain. Chronicle will serve as the oracle provider, while Wormhole will handle cross-chain connectivity. Upon approval, Anemoy will serve as the fund's manager.

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 25th, the MyStonks platform announced a brand upgrade , officially changing its domain name to msx.com, marking its entry into a new era of global fintech. The announcement stated that this upgrade not only simplifies access and facilitates user connectivity, but also demonstrates the company's transformation from a meme-based platform to a professional international financial brand, demonstrating its commitment to digital financial innovation and global expansion. The msx.com team stated that it will continue to prioritize users, drive technological innovation, and enhance the security and efficiency of digital financial services.

Previously, the MyStonks platform officially launched Hong Kong stock futures trading , allowing users to trade directly with USDT/USDC using their wallets, with up to 20x leverage. This newly launched contract covers a number of high-quality Hong Kong stocks, including Guotai Junan International (1788.HK), BYD Co., Ltd. (1211.HK), Xiaomi Group (1810.HK), Mixue Group (2097.HK), Meituan (3690.HK), Tencent Holdings (700.HK), Pop Mart (9992.HK), JD.com (9618.HK), and SMIC (981.HK). These stocks cover a variety of industries, including technology, automotive, retail, internet, and semiconductors, meeting users' diverse asset allocation needs.

Related links

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