RWA Weekly Report｜RWA Market Cap Continues to Rise; US Senators Submit Over 130 Amendments Focusing on Stablecoin Yields and DeFi (1.14-1.20)
- Core View: The RWA (Real World Assets) market has recently shown structural expansion, with significant increases in total on-chain value and user activity. Concurrently, US crypto legislation has entered a critical phase, with global regulation and institutional participation accelerating the asset tokenization process.
- Key Elements:
- As of January 20, the total on-chain value of RWA reached $21.66 billion, a weekly increase of 4.09%; the broad RWA market rebounded to $350.08 billion, a gain of 23.84%.
- The US Senate submitted over 130 amendments to the crypto market structure bill, focusing on stablecoin yields and DeFi regulation. The bill's review has entered a critical voting stage.
- The New York Stock Exchange plans to launch a tokenized securities trading and on-chain settlement platform, supporting 24/7 trading of US stocks and ETFs with stablecoin settlement.
- Industry executives predict the tokenized asset market could grow to approximately $400 billion by 2026, with traditional financial institutions like BlackRock and JPMorgan deeply involved.
- Hong Kong has stated that the preliminary regulatory infrastructure for virtual assets is complete, with the next focus shifting to the commercialization and implementation of applications to align with the national financial opening strategy.
Original | Odaily (@OdailyChina)
Author | Ethan (@ethanzhang_web3)
RWA Sector Market Performance
According to the rwa.xyz data dashboard, as of January 20, 2026, the total on-chain value (Distributed Asset Value) of RWA continued its upward trend, increasing from $208.1 billion on January 13 to $216.6 billion, with a net weekly increase of $8.5 billion, representing a sequential growth of approximately 4.09%. The broader RWA market rebounded this period, rising from $282.68 billion last week to $350.08 billion, an increase of $67.4 billion, or 23.84%. User activity on the asset side also surged significantly, with the total number of asset holders increasing from 620,073 to 637,807, a net weekly increase of over 17,700 people, a growth of 2.86%. Regarding stablecoins, the number of holders rose from 220.12 million to 223.34 million, an increase of 3.23 million, or 1.47%; the market capitalization increased slightly from $297.68 billion to $299.64 billion, adding $1.96 billion, a growth of 0.66%.
In terms of asset structure, the U.S. Treasury sector maintained its absolute dominance, rising from $89 billion to $91 billion this period, a 2.25% increase. Commodity assets also continued their upward trend, rising from $37 billion to $40 billion, recording an increment of $3 billion. Private credit rebounded to $2.5 billion this week after consecutive corrections, reflecting a signal of recovery; while institutional alternative funds contracted slightly, decreasing from $2.5 billion to $2.3 billion, a drop of $200 million. Non-U.S. government debt also saw a slight increase, rising from $8.098 billion to $8.319 billion, a growth of 2.73%. Public equities continued to strengthen, increasing from $8.077 billion to $8.631 billion, a growth of 6.87%. Private equity also rose slightly from $420.5 million to $425.5 million, continuing its recovery momentum.
Trend Analysis (Compared to Last Week)
This cycle, the RWA market continued its structural expansion trend, with both user activity and overall market scale recovering, showing significantly stronger performance compared to last week. From the perspective of capital flows, capital previously concentrated in low-risk U.S. Treasury assets is accelerating its diversification, gradually tilting towards medium-risk categories such as commodities, equities, and non-U.S. debt. This shift in allocation intuitively signals a moderate increase in market risk appetite. Meanwhile, the stablecoin market capitalization and user base continue to grow steadily, laying a solid foundation for subsequent capital flows and asset injections into the market.
Market Keywords: On-chain Scaling, Diversified Allocation, Structural Evolution.
Key Event Review
U.S. Senators Submit Over 130 Amendments, Stablecoin Yields and DeFi in Focus
U.S. senators have submitted over 130 amendments for the upcoming review of the crypto market structure bill this week. The content covers stablecoin yield rules, DeFi provisions, restrictions on public officials' involvement with crypto interests, and adjustments to the definitions of digital asset mixers and tumblers, among others. The amendments were jointly proposed by senators from both the Democratic and Republican parties.
The Senate Banking Committee will hold a review meeting this Thursday to discuss the relevant amendments and vote on whether to incorporate them into the bill text, followed by a vote on whether to advance the legislative process. Some amendments show bipartisan support, including proposed modifications to stablecoin yield provisions, such as deleting the phrase "solely for holding stablecoins" from the current text and strengthening yield disclosure and risk warning requirements.
The New York Stock Exchange plans to launch a tokenized securities trading and on-chain settlement platform, intended to support 7×24 hour trading of U.S. stocks and ETFs, fractional share trading, stablecoin-based fund settlement, and instant settlement, integrating NYSE's existing matching engine with a blockchain settlement system. According to the plan, tokenized stocks will have the same dividend and governance rights as traditional securities. ICE, the parent company of NYSE, is also collaborating with banks such as BNY Mellon and Citigroup to explore tokenized deposits and clearing infrastructure to support cross-timezone, round-the-clock fund and margin management.
(Recommended Reading: "NYSE Plans to Start 7*24 Hour Stock Tokenized Trading, 'Competitors' Are Stunned", "NYSE Launches 7*24 Crypto-Stock Trading, Which Crypto Businesses Will Be Directly Benefited or Hurt?")
Senate Crypto Bill Enters Critical Moment, Amendments Surge, Lobbying War Heats Up
As the Senate Banking Committee hearing approaches, U.S. crypto legislation has entered a "sprint phase." Currently, the bill has seen over 70 amendments, with disagreements over stablecoin yields and DeFi regulation rapidly intensifying, involving the crypto industry, banking lobby groups, and consumer protection organizations.
The Senate will amend and vote on the bill this Thursday. The bill aims to clarify the regulatory boundaries between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), define the nature of digital assets, and introduce new disclosure requirements.
Committee Chairman Tim Scott released the 278-page bill text on Monday, followed by a large number of amendments submitted by bipartisan lawmakers. Some proposals involve granting the Treasury Department the power to impose sanctions on "distributed application layers," while other amendments focus on the stablecoin yield issue, becoming the biggest point of contention currently.
Coinbase CEO Brian Armstrong stated that his Stand With Crypto initiative will score Thursday's amendment votes, saying it will test whether senators "stand with bank profits or consumer rewards." Industry insiders point out that while the bill still has momentum, its final direction remains highly uncertain.
(Recommended Reading: "The Biggest Variable for the Crypto Market Outlook, Can the CLARITY Act Pass the Senate?", "CLARITY Review Suddenly Postponed, Why Is the Industry So Divided?")
The Hong Kong Securities and Futures Professional Association stated that the Hong Kong government plans to announce the 2026/2027 Financial Budget on February 25, focusing on virtual assets and investor protection. Hong Kong has completed the initial regulatory infrastructure in the virtual asset field, and the next step should shift focus to the commercialization and application implementation. By unlocking secondary market liquidity for RWA, accelerating product approvals, introducing international liquidity, and strengthening practitioner training, Hong Kong can upgrade from a market with clear regulations to a global virtual asset center with ample liquidity and widespread applications, aligning with the national "15th Five-Year Plan's" financial opening and digital economy strategy.
Tokenized Assets May Grow to $400 Billion Scale by 2026, Banks and Asset Managers Accelerate Entry
As stablecoins validated product-market fit (PMF) in 2025, the crypto industry is pushing "on-chain dollars" to play a further role, tokenizing assets such as stocks, ETFs, money market funds, and gold as tradable on-chain financial building blocks. Several industry executives predict that the tokenized asset market size is expected to grow to approximately $400 billion by 2026.
Samir Kerbage, Chief Investment Officer of Hashdex, stated that the current tokenized asset scale is about $36 billion, and the next phase of growth will stem more from the structural reshaping of value transfer methods rather than pure speculative demand. He pointed out that once stablecoins mature as "on-chain cash," funds will naturally flow to investable assets, becoming a bridge between digital currency and the digital capital market.
The report indicates that the tokenized asset scale in 2025 was close to $20 billion, with traditional financial institutions like BlackRock, JPMorgan Chase, and BNY Mellon deeply involved. Tether CEO Paolo Ardoino believes that 2026 will be a critical year for banks to move from pilot programs to actual deployment, especially in emerging markets, where tokenization can help issuers bypass traditional infrastructure limitations.
Furthermore, Centrifuge COO Jürgen Blumberg predicts that by the end of 2026, the on-chain real-world asset (RWA) total value locked (TVL) may exceed $100 billion, with over half of the world's top 20 asset management institutions launching tokenized products. Securitize CEO Carlos Domingo pointed out that native tokenized stocks and ETFs will gradually replace synthetic asset models and become high-quality collateral in DeFi.
Hong Kong Deputy Financial Secretary Michael Wong, delivering a speech at an event, discussed digital assets and crypto assets. He stated that Hong Kong will further promote stablecoin development in the future but emphasized "prioritizing stability before advancement," preventing the inflow of illegal funds and ensuring the stability of the financial system. Additionally, Wong noted that Hong Kong is actively expanding its gold storage facility capacity, aiming to increase the total capacity to 2,000 tons within the next three years. A gold central clearing system is currently being established, with the Shanghai Gold Exchange invited to participate, targeting operation within this year.
Bank of Thailand Monitoring USDT "Gray Money" Transactions
The Bank of Thailand stated that, as part of its crackdown on so-called "gray money," the institution has discovered that a significant portion of stablecoin activity on local platforms is related to foreign entities. Bank of Thailand Governor Vitai Ratanakorn said that about 40% of USDT sellers operating on Thai platforms are foreigners, stating "they should not be trading in the country." Therefore, stablecoins, along with cash flows, gold trading, and e-wallet fund flows, will face stricter scrutiny.
According to local media reports, South Korean financial regulators are evaluating whether to end the long-standing practice of "one exchange cooperating with only one bank." The review is being coordinated by the Financial Services Commission (FSC) and the Fair Trade Commission, aiming to assess whether the current mechanism exacerbates market concentration. Reports indicate that the "one exchange, one bank" rule is not written into law but gradually formed under anti-money laundering (AML) and customer due diligence requirements. Related studies suggest this model may limit small and medium-sized exchanges' access to banking services, thereby consolidating the advantage of leading platforms.
This discussion is also related to South Korea's advancement of the second phase of legislation for the Digital Asset Basic Act. The bill plans to allow the issuance of KRW stablecoins, but disagreements remain over the regulatory framework and approval mechanisms, with the submission time postponed to 2026.
Pakistan Signs MoU with WLFI to Explore USD1 Stablecoin for Cross-Border Payments
The Pakistan Virtual Asset Regulatory Authority (PVARA) announced it has signed a Memorandum of Understanding (MoU) with SC Financial Technologies LLC, an affiliate of the Trump family's crypto project World Liberty Financial (WLFI), aiming to explore the use of the USD1 stablecoin for cross-border payments and digital settlement. The MoU focuses on technical cooperation, knowledge sharing, and regulatory dialogue and does not constitute a binding agreement for deploying USD1 within Pakistan's financial system at this stage. According to the MoU terms, SC Financial Technologies will collaborate with the State Bank of Pakistan and relevant institutions to study how stablecoins like USD1 can be integrated into the country's regulated payment ecosystem.
According to market news: Coinbase is launching custom stablecoins, allowing enterprises to issue digital dollars backed 1:1.
Franklin Templeton Converts Its Money Market Funds into Stablecoin Reserve Tools
Franklin Templeton announced it is making two of its institutional money market funds blockchain-compatible, aiming to position for the growth market of tokenized assets and regulated stablecoins. This update applies to the Western Asset Institutional Treasury Obligations Fund (LUIXX) and the Western Asset Institutional Treasury Reserves Fund (DIGXX), both managed by its affiliate Western Asset Management. Roger Bayston, Head of Digital Assets at Franklin Templeton, stated that traditional funds are starting to go on-chain, so the focus is on making them more accessible. It is reported that the LUIXX fund has been modified to comply with the GENIUS Act, which sets reserve standards for regulated stablecoins. The fund currently only holds short-term U.S. Treasuries with maturities under 93 days and can be used as a stablecoin reserve tool; the DIGXX fund has launched a digital institutional share class specifically designed for distribution on blockchain platforms, allowing approved intermediaries to record and transfer fund share ownership on-chain.
Crypto Bank Anchorage Digital Seeks $200-400 Million Funding Before Potential IPO
Crypto bank Anchorage Digital is seeking to raise $200 to $400 million in new funding to prepare for a potential initial public offering. The company plans to conduct an IPO in 2026. As the first crypto bank to receive a federal charter in 2021, Anchorage Digital, following the passage of the GENIUS Act in July 2025, is committed to becoming a leading stablecoin issuer.
Anchorage Digital CEO Nathan McCauley stated plans to double the size of its stablecoin team within the next year. A company spokesperson said 2025 was its year of scaling, solidifying its leading position in the institutional crypto space through a series of acquisitions and partnerships, including plans with Tether to launch the USAT token in the U.S. Additionally, Anchorage Digital offers custody, trading, and staking services and expanded its business in December 2025 by acquiring Securitize For Advisors and integrating Hedgey. It completed a $350 million funding round led by KKR & Co. in late 2021, with a valuation exceeding $3 billion at the time.
Bank of America CEO: Interest-Bearing Stablecoins Could Lead to $6 Trillion in Bank Deposit Outflows
Bank of America CEO Brian Moy
