RWA Weekly Report｜Commodity Assets Increase by 5%; US Enters Period of Clarity in Crypto Asset Regulation (1.21-1.27)

Original | Odaily (@OdailyChina)

Author | Ethan (@ethanzhang_web3)

RWA Sector Market Performance

According to the rwa.xyz data dashboard, as of January 27, 2026, the total on-chain value of RWAs (Distributed Asset Value) continued its steady rise, increasing from $216.6 billion on January 20 to $232.3 billion, a weekly increase of $7.6 billion, representing a growth of 3.51%. The broader RWA market also saw a significant rebound, rising from $3.5008 trillion to $3.5508 trillion, an increase of $50 billion, or 1.43%. The total number of asset holders increased from 637,807 to 656,444, a net weekly increase of 18,637 people, or 2.92%. Meanwhile, the stablecoin market maintained relatively stable growth, with the number of holders increasing from 223.34 million to 223.87 million, up 0.23%; the stablecoin market cap saw a slight increase, rising from $2.9964 trillion to $2.99964 trillion, a gain of 0.1%.

In terms of asset structure, the dominant U.S. Treasury on-chain value remained unchanged at $9.1 billion. Commodity assets continued to perform strongly, growing from $4 billion to $4.2 billion, an increase of 5%. The non-U.S. government debt sector also continued to grow, rising from $8.319 billion to $8.491 billion, up 2.07%. Public equity performance remained robust, increasing from $8.631 billion to $8.754 billion, a gain of 1.43%. Private equity saw a slight increase from $425.5 million to $429.3 million, maintaining its growth trajectory. The private credit sector also remained stable, rising slightly from $2.5 billion to $2.55 billion. Institutional alternative funds experienced a slight decline, decreasing from $2.3 billion to $2.2 billion.

Trend Analysis (Compared to Last Week)

This week, the RWA market continued to demonstrate healthy expansion, with stable growth in total on-chain asset value and a relatively balanced allocation trend in market structure. Capital flows gradually tilted towards medium-to-high-risk asset classes, particularly in commodities, non-U.S. government debt, and equity assets, indicating market preference for medium-risk assets. The slight increases in private credit and private equity show that investors remain attentive to the stability of such assets. The steady growth in stablecoin market cap and user base has also laid the foundation for subsequent capital flows, further promoting the market's reservoir effect, which is largely consistent with last week's situation.

Market Keywords: Market Expansion, Capital Risk Appetite, Capital Diversion

Key Event Recap

Tokenized Gold and Tokenized Silver Sectors Both Hit Record High Market Caps 

According to Coingecko data, as gold prices continue to rise, the total market cap of the tokenized gold sector has surpassed $5.27 billion, currently reaching $5,275,490,349, with a 24-hour increase of 1%; the tokenized silver sector market cap has exceeded $400 million, currently at $439,598,206, with a 24-hour increase of 4.5%, both reaching new highs.

U.S. Enters Clearer Phase of Crypto Asset Regulation; Market Structure Bill Passage Could Boost Industry Predictability, Benefiting Retail Investors 

U.S. crypto asset regulation is accelerating further. If the proposed crypto market structure bill is ultimately passed, it will clarify federal regulatory agencies' authority over digital assets, making cryptocurrencies easier to manage, track, and trade, potentially attracting more investors and increasing token value. It is reported that crypto platforms like Coinbase and Kraken plan to follow a registration system, while stablecoin issuers like Circle and Tether will need to comply with bank-like regulatory requirements to safeguard retail investor assets. Subsequent steps include: approval by two Senate committees, passage by the full Senate vote, return to the House for final signing, and finally signature by Trump. Overall, most crypto investors will not be affected in the short term, but in the long run, the bill is expected to provide a safer, more predictable trading environment while making compliance operations of crypto platforms more transparent.

Paul Chan: Hong Kong Expects to Issue Stablecoin Licenses Later This Year 

Financial Secretary Paul Chan stated at the World Economic Forum Annual Meeting that Hong Kong adopts a proactive and prudent approach to developing digital assets, promoting market development under the principle of "same activity, same risk, same regulation." Since 2023, Hong Kong has licensed 11 virtual asset trading platforms and expects to issue stablecoin licenses later this year. Additionally, the SAR government has issued three batches of tokenized green bonds totaling approximately $2.1 billion and launched a regulatory sandbox to encourage application innovation.

South Korea Considering Allowing Domestic Institutions to Issue Virtual Assets; Stablecoins Remain Controversial 

Lee Chang-yong stated while attending the Asian Financial Forum in Hong Kong that, given market pressure, South Korean authorities have allowed residents to invest in virtual assets issued overseas. Financial regulators are considering establishing a new registration system to allow domestic institutions to issue virtual assets.

Lee Chang-yong pointed out that if a Korean Won-denominated stablecoin is launched, its primary use might focus on cross-border transactions, while tokenized deposits are more suitable for domestic payment scenarios. However, he emphasized that significant controversy still surrounds stablecoins. The core concern is whether a Korean Won stablecoin could be used to circumvent capital flow management, especially when combined with USD stablecoins.

He further stated that USD stablecoins have a wide application scope and low acquisition barriers, with related transaction costs significantly lower than using USD directly. When exchange rate fluctuations trigger changes in market expectations, funds could rapidly flow into USD stablecoins, causing large-scale capital transfers; simultaneously, the participation of numerous non-bank institutions in stablecoin issuance significantly increases regulatory difficulty.

Additionally, Lee Chang-yong noted that South Korea itself has a highly developed fast payment system, so retail Central Bank Digital Currency (CBDC) offers limited advantages. Currently, the central bank is advancing tokenized deposits and wholesale CBDC through multiple parallel pilot projects to maintain the existing two-tier financial system.

Thai SEC Releases Three-Year Strategic Plan, Will Introduce Crypto ETF Regulatory Framework 

The Thai Securities and Exchange Commission (SEC) released its 2026-2028 three-year strategic plan, focusing on establishing a crypto ETF regulatory framework and promoting asset tokenization. Thai SEC Secretary-General Pornanong Budsaratragoon stated that the plan aims to develop digital assets into a formal investment category, enhancing the competitiveness of the local market.

According to the plan, the Thai SEC expects to issue crypto ETF regulatory guidelines early this year and explore issuance in trust form. Meanwhile, the Thailand Futures Exchange (TFEX) is researching the launch of crypto futures trading. Regarding security regulation, the Thai SEC intercepted 47,692 crypto mule accounts used for fraud in 2025 and handled over 12,000 investor inquiries. Currently, the Thai digital asset market is valued at approximately $3.19 billion, with a daily trading volume of $95 million. Furthermore, the Thai government has approved an exemption from capital gains tax on crypto transactions conducted through authorized service providers from 2025 to 2029.

American Bankers Association Plans to Lobby to Block Interest-Bearing Stablecoins 

The American Bankers Association has listed "preventing stablecoins from generating yield" as its top lobbying goal for 2026. The association believes that interest-bearing stablecoins would become an alternative to bank deposits, potentially leading to trillions of dollars flowing out of the traditional banking system, thereby weakening banks' lending capacity and endangering their core role in the financial system.

In response, Circle CEO Jeremy Allaire refuted this at the Davos Forum, calling concerns that stablecoin yields would affect bank deposits "completely absurd." He pointed out that yields can enhance user stickiness and that stablecoins will become a necessary payment system for AI agents conducting large-scale transactions in the future. Opponents argue that this move aims to protect bank interests, limits fintech innovation, and puts the US dollar at a disadvantage in competition with China's digital yuan.Opinion: NYSE's Securities Tokenization Plan More Like "Concept Packaging," Lacks Key Details 

Fortune magazine analyst Omid Malekan wrote that the New York Stock Exchange's large-scale tokenization plan is nothing more than an empty promise dressed in innovation. The 24/7 trading and instant settlement emphasized by the NYSE are not unique to blockchain; existing centralized systems can technically achieve the same. The real resistance comes from the interest structures of existing intermediaries and business partners. The plan also fails to disclose which blockchains and stablecoins it will support, as well as programming languages, virtual machines, and token standards. Considering the NYSE's grand plan is "subject to regulatory approval," this lack of detail is puzzling. The core advantages of public chains are not database efficiency but permissionless global access and a financial architecture similar to bearer assets, which fundamentally conflicts with the "qualified broker participation only" market structure explicitly retained by the NYSE.

U.S. Lawmakers Submit Multiple Amendments to Crypto Market Structure Bill, Including Banning President and Others from Trading Digital Assets 

Ahead of next week's hearing, debate, and vote on the crypto market structure bill by the Senate Agriculture Committee, Democratic lawmakers have submitted several amendments.

One amendment aims to add the "Digital Asset Ethics Act" to the bill. This amendment would prohibit "covered persons" such as the President, Vice President, and members of Congress from engaging in certain financial transactions involving digital assets. Bloomberg estimated that Trump has profited approximately $1.4 billion from his cryptocurrency investments, including investments in the DeFi and stablecoin project World Liberty Financial. The Trump family also holds a 20% stake in the mining company American Bitcoin.

Other amendments include measures to prevent "digital asset kiosks" from conducting fraudulent transactions; and requiring the postponement of the effective date of future crypto legislation until at least four Commodity Futures Trading Commission (CFTC) commissioners are appointed. As the CFTC currently has only one commissioner, with a maximum of five, this issue has been a point of contention for some lawmakers.

Stablecoins Transferred Over $35 Trillion Last Year, But Only 1% Was Real-World Payments 

A new report from consulting firm McKinsey and blockchain data company Artemis Analytics shows that stablecoins transferred over $35 trillion on blockchains last year, but only about 1% of that constituted real-world payments. The analysis estimates that only $380 billion of the activity reflected actual payments, such as paying suppliers, remittances, or payroll. This accounts for about 0.02% of global payment volumes, which McKinsey estimates exceed $2 quadrillion annually.

Tether Gold Accounts for Over Half of Gold Stablecoin Market Share; Gold Reserves Reached 520,089.350 Ounces in Q4 Last Year 

Tether officially announced that Tether Gold accounts for over half of the entire gold stablecoin market share. Key metrics for the company at the end of Q4 2025:

Total Physical Gold Reserves: 520,089.350 ounces (fine troy ounces)

Total XAU₮ Tokens in Circulation: 520,089.300000 XAUT

Gold Backing: 1:1, each XAUT token is backed by one fine troy ounce of physical gold.

Total Market Cap: $2,246,458,120

Tokens Sold: 409,217.640000 XAUT

Tokens Available for Sale: 110,871.660000 XAUT

Capital One Plans to Acquire Fintech Company Brex for $5.15 Billion; Brex Previously Planned to Launch Stablecoin Instant Payment Feature 

Technology-driven financial services company Capital One has agreed to acquire fintech company Brex for a mix of cash and stock (50% each), valuing the deal at $5.15 billion, and will integrate it into its commercial banking and payments business. The transaction is expected to be completed in mid-2026, with Franceschi continuing to oversee Brex's integration into Capital One's commercial banking and payments business.

Brex previously announced plans to launch a native stablecoin instant payment feature.

CPIC IMHK Co-Establishes $500 Million RWA Tokenization Fund 

China Pacific Insurance Investment Management (Hong Kong) Limited (CPIC IMHK) announced the co-establishment of a Real-World Asset (RWA) tokenization fund with Hivemind Capital. The initial target for this fund platform is set at $500 million, with the specific amount depending on market conditions, demand from institutional and other non-retail qualified investors, and relevant regulatory approvals. Both companies are committed to combining on-chain investment infrastructure with established asset management practices to provide transparent, compliant, and institutional-grade tokenized investment products.Blockchain Infrastructure Company Zerohash in Talks to Raise $250 Million at $1.5 Billion Valuation 

Blockchain infrastructure company Zerohash is in talks to raise $250 million at a valuation of $1.5 billion. However, Zerohash has not yet responded to requests for comment on the matter. As discussions are ongoing, the amount may change. Zerohash raised $104 million in a Series D-2 round led by Interactive Brokers last October, bringing the company's valuation to $1 billion. Founded in 2017, the company provides APIs and embeddable developer tools that enable financial institutions and fintech companies to deliver cryptocurrency, stablecoin, and tokenized products.

Davos "Tokenization" Debate: Technological Dividends Promising, Sovereignty and Regulation More Challenging 

While AI almost "dominated" the entire World Economic Forum 2026 Annual Meeting, virtual currency, once a hot topic at Davos, also returned to the spotlight. Representatives from traditional banks, regulatory agencies, and crypto leaders engaged in a pointed, in-depth debate on whether tokenization is on the verge of an explosion, how digital currencies are reshaping sovereign boundaries, and the foundation of trust in the financial system:

1. Coinbase CEO Brian Armstrong pointed out that tokenization solves the efficiency problems of the financial system, enabling real-time settlement and reducing fees, but its core power lies in the "democratization of investment access."

2. Euroclear CEO Valérie Urbain views tokenization as an "evolution of financial markets and securities" that could allow issuers to shorten issuance cycles, reduce issuance costs, and help markets "reach a broader range of investors," playing a role in "financial inclusion."

3. Bank of France Governor François Villeroy de Galhau believes that increasing investment opportunities must be accompanied by a synchronous improvement in financial literacy; otherwise, tokenization could turn into a disaster.

4. Standard Chartered Group CEO Bill Winters stated bluntly that while achieving tokenization for the vast majority of transactions by 2028 might be slightly optimistic, the direction that "the vast majority of assets will ultimately be settled digitally" is irreversible.

5. Ripple CEO Brad Garlinghouse quoted former Fed Chairman Ben Bernanke, saying governments will not relinquish control over