RWA Weekly Report | US Treasury bonds lead the gains with an 8.3% increase; SEC Director of Trading and Markets: Digital asset "trustless" mechanisms need to operate in "trusted" markets (November 19-25)
Original article | Odaily Planet Daily ( @OdailyChina )
Author | Ethan ( @ethanzhang_web3 )
RWA sector market performance
As of November 25, 2025, the total on-chain value of RWA climbed to $36.01 billion, an increase of $340 million from $35.67 billion on November 19, representing a growth of approximately 0.95%. This reversed the slight pullback of the previous week, resuming its upward trend and breaking through the $36 billion mark. The total number of asset holders increased, jumping from 539,895 to 549,443, a significant increase of 9,548 in a single week, representing a growth rate of 1.77%, significantly faster than the previous week. The number of asset issuers saw a slight adjustment, decreasing from 251 to 250, a reduction of 1. In the stablecoin market, the total market capitalization rose moderately, from $297.72 billion to $298.24 billion, an increase of $520 million, or 0.17%. The number of stablecoin holders steadily surpassed the 204 million mark, rising from 203.3 million to 204.33 million, an increase of approximately 1.03 million, or 0.51%, indicating that the underlying liquidity foundation remains solid.
In terms of asset structure, private lending remained unchanged at $18.9 billion this week, the same as the previous week. As the cornerstone of RWA, it demonstrated strong stability, unaffected by market fluctuations. In stark contrast, the US Treasury bond sector saw a strong surge, rapidly climbing from $8.4 billion to $9.1 billion, a net increase of $700 million in a single week, representing an 8.3% increase and becoming the core driver of total market capitalization growth this week. Institutional alternative funds saw a slight recovery, increasing from $2.9 billion to $3 billion. Commodity assets remained relatively quiet, hovering around $3 billion, showing relative stability amidst significant market volatility. Of particular note is the significant contraction in non-US government debt, which plummeted from $1.2 billion to $638.3 million, a reduction of nearly half.
Trend Analysis (Compared to last week )
This week, the RWA market ended its brief period of consolidation and established a rebound driven by strong inflows into US Treasury assets, presenting a positive overall pattern of "US Treasuries leading the gains and credit stabilizing." User growth accelerated significantly compared to last week, with nearly 10,000 new users holding the token indicating a return to market attention, and new funds are beginning to translate into actual on-chain asset holdings. Fund flows exhibited dramatic structural rotation: funds appear to be rapidly withdrawing from peripheral assets such as non-US government debt and concentrating on more liquid and widely accepted US Treasury assets, leading to a significant increase in the proportion of US Treasury holdings. Private lending, as a ballast for existing assets, maintained extremely high stickiness, while the steady expansion of stablecoins provided ample ammunition for further increases in asset size.
Market keywords: recovery, rotation, US Treasury bonds leading the way.
Key Events Review
Jamie Selway, Director of the Trading and Markets Division of the U.S. Securities and Exchange Commission (SEC), stated at the SIFMA Market Structure Conference that although crypto assets are built on a "trustless" decentralized mechanism, healthy trading still depends on a market structure based on "trust." Selway pointed out that the SEC will promote clear regulatory rules through "Project Crypto," supporting competition and innovation, and avoiding regulatory distortions that could distort fair market competition. He emphasized that policymakers should treat all market participants, old and new, fairly, and that the market itself is the ultimate arbiter of value.
Hong Kong Securities and Futures Commission (SFC) Chief Executive Officer, Ms. Leung Fung-yee, stated that Hong Kong is committed to building a safe and reliable digital asset platform and is finalizing the regulatory framework for digital asset trading and custody services. These will be the final two pieces of the regulatory "puzzle" for establishing a robust digital asset ecosystem. Hong Kong is increasingly adopting tokenized financial products, such as green bonds, SFC-approved money market funds, and retail gold products. The market size for these tokenized products in Hong Kong is approximately US$3 billion.
InvestHK: Tokenized funds will be as prevalent as ETFs in 10 years.
Leung Hon-king, Global Chief Executive of Financial Services, Technology and Sustainability at InvestHK, said that recently some banks have received tokenized deposits from securities firms and successfully subscribed to tokenized money market funds issued by fund companies. The emergence of tokenized funds signifies that the asset management industry is evolving from "2.0" to "3.0". He believes that in 10 years, the popularity of tokenized funds will be comparable to that of ETFs today.
Regarding Sharplink CIO Matt Sheffield's point that "13F filings (disclosure of holdings by large asset management firms) are typically submitted within 45 days of the end of each quarter, leading to a lag in market adoption of the data," Ethereum co-founder, Consensys founder, and Sharplink chairman Joseph Lubin expressed his agreement in an article on the X platform. He stated, "Recent filings show a clear trend: institutional holdings of @SharpLink stock continue to increase. Even as the stock and crypto markets are adjusting to the current macroeconomic environment, the holdings data still shows increasing institutional confidence. Delayed disclosures make this easily overlooked; another reason is that tokenized stocks will eventually provide clearer, real-time transparency."
Faraday Future announced that QLGN, a Nasdaq-listed company in which FFAI has made a strategic investment, has been renamed AIxCrypto (AIXC) and announced its three new business lines.
AIXC will launch its stock-to-cryptocurrency RWA business, with the first project being the stock-to-cryptocurrency of FFAI. The company plans to purchase $5 million worth of FFAI stock through an independent third party to help Faraday Future secure Web3 funding at a lower cost than Web2 funding.
Circle: USYC's on-chain revenue surpasses $1 billion, with $900 million coming from the BNB Chain.
According to data from RWA.xyz, the total on-chain supply of Circle's interest-bearing stablecoin USYC has exceeded $1 billion, of which more than $900 million is deployed on the BNB Chain.
This growth reflects the increasing number of global institutions deploying on-chain assets on BNB Chain as core infrastructure. Over the past year, several institutions have launched tokenized products on BNB Chain, including:
• BlackRock: Its BUIDL fund is tokenized by Securitize and has been accepted as collateral by several mainstream institutions.
• Ondo: Launches 100 tokenized US stocks and ETFs
• CMB International: Puts $3.8 billion in money market funds on the blockchain
• Franklin Templeton: Expanding his Benji platform to BNB Chain
• Securitize × VanEck: Launching VBILL, which provides exposure to U.S. Treasury bonds.
TopNod wallet integrates the 1inch Swap API to create a better RWA asset management experience.
TopNod has announced the official integration of the 1inch Swap API, introducing an RWA asset trading experience. Users can now directly purchase on-chain assets such as NVDAon and TSLAon using cryptocurrencies. This integration aims to simplify users' interaction with real-world asset markets. TopNod Wallet has also launched a new user reward program totaling 100,000 USDC, which users can earn by completing tasks.
Animoca Brands and Hang Feng Technology signed an MOU to support the distribution of RWA tokens.
Animoca Brands announced a strategic cooperation Memorandum of Understanding (MOU) with Nasdaq-listed Hang Feng Technology, aiming to promote the latter's RWA ecosystem development and support the distribution of RWA tokens. It is reported that the two parties will establish an RWA treasury on the on-chain treasury marketplace NUVA, and also plan to jointly produce Web3 educational content.
Visa and Mastercard will seek acquisitions or investments in the stablecoin sector.
Visa and Mastercard are rapidly embracing cryptocurrency payments to capitalize on the growing popularity of stablecoins in developing countries and to fend off competition from merchants attempting to bypass their networks. Both companies have been aggressively expanding their cryptocurrency payments businesses overseas and have been actively seeking acquisition or investment opportunities. Visa, in particular, is looking to invest in stablecoin startups, especially in infrastructure that could help it expand its banking network and increase its user base.
Obex raises $37 million to create the "Y Combinator" of its RWA-collateralized stablecoin.
According to Coindesk, crypto incubator Obex has announced the completion of a $37 million funding round, led by Framework Ventures, LayerZero, and the Sky ecosystem. Obex's core objective is to incubate and fund next-generation interest-bearing stablecoin projects, and it has been described as the "Y Combinator" (a well-known Silicon Valley incubator) of the stablecoin space.
Key areas: Obex will focus on stablecoin strategies backed by high-quality real-world assets (RWA), using institutional-grade risk control standards to avoid the failures seen with previous synthetic stablecoins.
Sky's role: Obex will become the capital allocator for the Sky ecosystem (the successor to MakerDAO, which owns the USDS stablecoin). The Sky ecosystem has already authorized the deployment of up to $2.5 billion of USDS to eligible projects incubated through Obex, providing funding and scalability for these stablecoin strategies.
Vance Spencer, co-founder of Framework Ventures, said Obex will offer a 12-week incubation program, providing early-stage teams with access to capital, technical resources, and Sky infrastructure, aiming to address the current lack of robust risk infrastructure in the interest-bearing stablecoin market.
Trending Projects
Ondo Finance (ONDO)
In short:
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 US Treasury bonds or 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 token, ONDO, 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 November 24, Ondo Finance announced a $25 million strategic investment in YLDS, a stablecoin launched by a subsidiary of Nasdaq-listed Figure, to enhance the yield sources of its flagship tokenized fund OUSG and improve its diversified portfolio.
Previously, Ondo Finance announced on its X platform that it had received EU approval to offer tokenized stocks and ETFs across Europe. This approval expands its reach for tokenized stocks and ETFs to over 500 million investors in the EU and EEA. The underlying prospectus governing the tokenized stock and ETF offerings has been approved by the Liechtenstein Financial Markets Authority (FMA). This move will allow Ondo Finance to offer tokenized stocks and ETFs to retail investors in 30 European markets.
MSX (STONKS)
In short:
MSX is a community-driven DeFi platform focused on tokenizing and trading RWA (Retail Assets and Services) such as US stocks on the blockchain. Through a partnership with Fidelity, the platform achieves 1:1 physical custody and token issuance. Users can mint stock tokens such as 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 aims to bridge the gap between TradeFi and DeFi, providing users with a highly liquid, low-barrier-to-entry on-chain investment gateway to US stocks, building a "Nasdaq for the crypto world."
Latest news:
On November 5th, the MSX platform officially launched its S1 points season and M-Bean incentive mechanism. The platform will statistically analyze real trading and holding activities in US stock spot trading, cryptocurrency futures, and US stock futures, automatically settling the previous day's points at 10:00 AM (UTC+8) daily. M-Beans, a core indicator for measuring user trading activity and contribution, will also be used for the allocation and incentive of the platform's token $MSX. M-Bean calculation considers not only trading volume but also position duration, profit and loss performance, and team Boost level to ensure fair incentives. Team Boost uses a T+2 update mechanism, automatically synchronizing bonuses, and historical trading points are retrospectively incorporated into community incentives.
Previously, MyStonks announced a brand upgrade , officially changing its domain name to msx.com, marking a new era of global fintech. This upgrade not only simplifies access but also reflects a shift from a meme-centric approach 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 focus on users, drive technological innovation, and improve the security and efficiency of digital financial services.
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- 核心观点：RWA市场重拾升势，美债领涨。
- 关键要素：
- RWA总价值突破360亿美元。
- 美债单周净增7亿美元。
- 持有者总数增长近万人。
- 市场影响：推动资产向合规高流动性集中。
- 时效性标注：短期影响。
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