Original | Odaily Planet Daily ( @OdailyChina )

Author | Ethan ( @ethanzhang_web3 )

RWA Sector Market Performance

As of October 21, 2025, the total value of RWA on-chain reached $34.17 billion, an increase of $330 million, or 0.98%, from $33.84 billion on October 14. The total market capitalization of RWA continued its previous moderate upward trend, remaining within its historically high range, demonstrating continued resilience amidst short-term fluctuations. The total number of asset holders increased from 482,446 to 491,951, with 9,505 new holders added in the week, a 1.97% increase. The number of asset issuers increased from 224 to 226, with two new issuers. In the stablecoin market, the total market capitalization rose from $293.84 billion to $296.09 billion, an increase of $2.25 billion, or 0.77%, reflecting a rebound after a week of decline. The number of stablecoin holders increased from 195.88 million to 197.00 million, an increase of approximately 1.12 million, or 0.57%.

In terms of asset structure, private credit saw a slight decline this week, falling from $17.6 billion to $17.4 billion, a decrease of $200 million, or 1.14%. However, it remains the largest asset class in the RWA market, demonstrating a solid foundation. U.S. Treasuries remained unchanged at $8.3 billion for two consecutive weeks. The market's wait-and-see attitude regarding the path of interest rates may have led to a temporary slowdown in the pace of allocation to U.S. Treasuries. Commodities saw a weekly increase of $500 million, or 19.23% , from $2.6 billion to $3.1 billion, making them the best performing sector this week. Institutional alternative funds saw a steady increase of $100 million, or 3.70%, from $2.7 billion to $2.8 billion, demonstrating continued institutional interest in high-yield, non-standard assets. Non-U.S. government debt remained stable at $1 billion. Other asset classes, such as corporate bonds and equities, remained relatively small, with no significant trend shifts.

Trend analysis (compared to last week )

This week, the RWA market generally exhibited characteristics of "slightly stable growth coupled with structural rotation." While the total market capitalization of on-chain assets saw modest growth, structural rotation was evident, with commodity assets becoming a new hotspot for funding, while some credit funds saw a slight pullback. User growth momentum persisted, but the significant growth trend from last week had slowed, leading to a brief period of market consolidation. Stablecoin market capitalization resumed growth, essentially recovering from the previous pullback, and market confidence in short-term liquidity increased.

Review of key events

The Chairman of the U.S. SEC: The United States has lagged behind in the field of encryption for ten years, and establishing a regulatory framework is a top priority.

Paul Atkins, chairman of the U.S. Securities and Exchange Commission (SEC), said at an event in Washington, D.C. that the United States "may have lagged behind by about ten years" in the field of encryption, and establishing a sound regulatory framework has become a top priority to attract innovators to return and promote industry development.

Atkins noted that the SEC’s goal is to “build a strong system where innovation can flourish” and ensure that the United States is once again the center of the crypto space.

Ant Group and JD.com suspend plans to issue stablecoins in Hong Kong

Sources familiar with the matter revealed that Alibaba's Ant Group and e-commerce giant JD.com have suspended plans to issue stablecoins in Hong Kong. Hong Kong approved the Hong Kong Stablecoin Bill in May of this year, which officially came into effect on August 1st. As of the end of September, the Hong Kong Monetary Authority had received applications for stablecoin licenses from 36 institutions.

Previously, Ant Group announced in June that it would participate in the Hong Kong stablecoin pilot project, and JD.com also stated that it would join the relevant pilot, but both have currently suspended their progress.

Ripple acquires GTreasury for $1 billion, expanding into enterprise finance

Ripple has officially announced its $1 billion acquisition of GTreasury, a financial management system company, marking its foray into the enterprise finance sector. This transaction reportedly marks Ripple's expansion and access to a broad range of enterprise clients, enabling finance and treasury teams to finally put trapped funds to work and process payments in real time.

Florida legislative proposal to allow state government funds and pension funds to allocate Bitcoin and related ETFs

Florida lawmakers have opened the 2026 legislative session with a proposal to add Bitcoin to the state’s asset allocation. House Bill 183, submitted to the Florida House of Representatives, would allow the state’s chief financial officer to invest up to 10% of designated public funds (including the general revenue fund, the budget stabilization fund, and various trust funds) in “digital assets” and exchange-traded products.

The bill reportedly defines digital assets as including Bitcoin, tokenized securities, and NFTs, and sets strict custody requirements: assets can be held by the Chief Financial Officer, a qualified custodian, or an SEC-registered ETF. The bill, citing the March 2025 White House executive order establishing a federal "Strategic Bitcoin Reserve" as policy context, positions Bitcoin as a potential store of value and inflation hedge for state finances. It is scheduled to take effect on July 1, 2026.

South Korea's Financial Services Commission plans to ban stablecoin interest payments and will submit relevant bills this year

Lee E-won, chairman of the Financial Services Commission of South Korea, stated during a parliamentary inspection on October 20 that, in principle, payment-type stablecoins will not be allowed to generate interest payments for holding or using them. Lee noted that South Korea will follow the principles of the US Genius Act and explore a bank-led consortium model, restricting fintech companies to only serving as technical partners and prohibiting virtual asset exchanges from issuing their own stablecoins.

He also confirmed that the second phase of the bill for virtual asset regulation will be submitted this year and has entered the final coordination stage. Li Yiyuan also mentioned that stablecoins have high overseas demand potential in areas such as virtual asset trading, payment settlement, and cross-border remittances, and plans to plan related applications in advance.

Japan's Mitsubishi UFJ Bank, Sumitomo Mitsui Financial Group, and Mizuho Bank will jointly issue a stablecoin

According to Nikkei, major Japanese banks will issue stablecoins for commercial use. Mitsubishi UFJ Bank, Sumitomo Mitsui Financial Group, and Mizuho Bank will jointly issue a stablecoin.

Founder of Bridgewater Associates: Stablecoins are not a good way to store wealth, and has held a small amount of BTC for many years

In a recent interview with Caixin, Ray Dalio, founder of Bridgewater Associates, analyzed the characteristics of Bitcoin and stablecoins and their roles in investment portfolios. He said that he has held a small portion of Bitcoin for many years and the investment proportion has not changed. He regards Bitcoin as a diversified asset relative to gold, but Bitcoin also has shortcomings, and central banks of various countries will not hold Bitcoin.

Ray Dalio added that stablecoins are not a good means of storing wealth. Their essence is that they can be exchanged for corresponding currencies and cannot generate interest. Therefore, from a financial perspective, holding stablecoins is not as good as holding interest-bearing fiat assets. The advantage of stablecoins is that they are globally applicable and are equivalent to a clearing system that facilitates transactions. Therefore, they are suitable for people who do not care about interest. As for whether stablecoins can solve the problem of US debt, he believes that if the buyer of stablecoins already holds US debt, it is equivalent to transferring US debt from one pocket to another. Whether it can increase the demand for US debt can only be waited and seen.

Hot Project Dynamics

Ondo Finance (ONDO)

One sentence introduction:

Ondo Finance is a decentralized finance protocol focused on the tokenization of structured financial products and real-world assets. Its goal is to provide users with fixed-income products, such as tokenized U.S. Treasury bonds and other financial instruments, through blockchain technology. Ondo Finance allows users to invest in low-risk, highly liquid assets while maintaining decentralized transparency and security. Its ONDO token is used for protocol governance and incentive mechanisms, and the platform also supports cross-chain operations to expand its application within the DeFi ecosystem.

Latest News:

On October 18, Ondo Finance sent a letter to the U.S. Securities and Exchange Commission (SEC) , calling for a delay or rejection of Nasdaq's proposed tokenized securities trading plan. Ondo argues that the plan could give large institutions an unfair advantage because it relies on undisclosed settlement details.

In the letter, Ondo stated that without clarity on how the Depository Trust Company (DTC) would handle blockchain settlement, it would be difficult for regulators and investors to fairly assess the proposal. While supporting the development of security tokenization, Ondo advocated for approval after the DTC had finalized its systems to ensure market fairness and transparency.

According to previous news, according to on-chain data , among the total locked-in volume of tokenized stocks, Ondo Global Markets TVL exceeded US$240 million, ranking first, and its scale has exceeded the total of other platforms.

MyStonks (STONKS)

One sentence introduction:

MyStonks is a community-driven DeFi platform focused on tokenizing and trading RWAs, such as US stocks, on-chain. The platform partners with Fidelity to achieve 1:1 physical custody and token issuance. Users can mint stock tokens like AAPL.M and MSFT.M using stablecoins like USDC, USDT, and USD1, 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 a highly liquid, low-barrier-to-entry on-chain investment platform for US stocks, and building the "Nasdaq of the crypto world."

Previous news:

On September 16th, the MyStonks platform officially launched Hong Kong stock futures trading . Users can trade directly with USDT/USDC using their wallets, with up to 20x leverage. This launch includes 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.

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. This upgrade not only simplifies access but also demonstrates its 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.

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