RWA Weekly Report｜Commodity Assets Surge Over 13%; Nasdaq Enters Prediction Market, Plans to Launch 100 Index Binary Options (2.25-3.3)
- Core View: While the Real World Asset (RWA) market continues to hit new highs in asset scale, it shows a clear trend of capital concentration towards core assets like US Treasuries and commodities, and a shift in user structure from "broad participation" to "large-scale allocation."
- Key Elements:
- The total value of on-chain RWA grew by approximately $1.15 billion in a single week to $26.22 billion, while the total value of representative assets surged 7.61% to $390.14 billion, indicating an acceleration in growth rate.
- The total number of asset holders decreased by 7.45% to 657,500, showing a contraction in market participation and a concentration of capital towards larger entities.
- US Treasury bonds ($10.8 billion) and commodity assets (weekly growth exceeding 13% to $6 billion) were the primary directions of capital inflow.
- Active US regulatory developments: the SEC approved an exemption for WisdomTree's tokenized fund and will host a private markets conference; stablecoin legislation negotiations face disagreements.
- Continued development in industry infrastructure: Chainlink's data standard launched on the Canton mainnet, JPYC completed its Series B funding round, and the European Banking Federation plans to launch a euro stablecoin.
Original | Odaily (@OdailyChina)
Author | Ethan (@ethanzhang_web3)
RWA Sector Market Performance
According to the rwa.xyz data dashboard, as of March 3, 2026, the total on-chain value (Distributed Asset Value) of RWAs grew from $25.07 billion on February 24 to $26.22 billion, an increase of approximately $1.15 billion in a single week, representing a growth of about 4.59%. The scale of on-chain assets accelerated upward again, reaching a new stage high. The total value of representative assets (Represented Asset Value) jumped from $362.56 billion to $390.14 billion, an increase of about $27.58 billion, representing a growth of about 7.61%, with a growth rate significantly higher than the previous week.
On the user side, structural adjustments continued, with the number of addresses contracting temporarily. The total number of asset holders further declined from 710,400 to 657,500, a decrease of approximately 52,900, representing a drop of about 7.45%. In terms of stablecoins, the total market capitalization increased from $296.10 billion to $298.51 billion, an increase of about $2.41 billion, representing a growth of about 0.81%. The number of stablecoin holders decreased from 236.91 million to 231.17 million, a decrease of approximately 5.74 million, representing a drop of about 2.42%.
In terms of asset structure, U.S. Treasury bonds continued to strengthen their dominant position, growing from $10.6 billion to $10.8 billion, an increase of about $200 million in a single week, firmly remaining the largest single asset category. Commodity assets jumped from $5.3 billion to $6.0 billion, an increase of about $700 million, representing a growth of over 13%, becoming the strongest incremental sector in this period. Private credit expanded from $2.9 billion to $3.0 billion, maintaining a moderate upward trend. Institutional alternative funds remained around $2.2 billion, largely maintaining a sideways trend for several weeks; similarly, compared to the above assets, other asset categories experienced smaller fluctuations.
Trend Analysis (Compared toLast Week)
Overall, compared to last week's data, in this cycle, the RWA market's total asset value continues to accelerate growth, with commodities and U.S. Treasuries becoming the primary destinations for capital inflows. Private credit and corporate bonds are expanding steadily, indicating a slight rise in structural risk appetite. Meanwhile, the contraction in the number of holders and stablecoin account sizes shows that capital is concentrating towards larger, more centralized entities. The market is gradually shifting from a phase of "broad participation" to a phase of "scale-based allocation." The overall risk appetite is moderately shifting upward, but capital remains focused on assets with stable returns and good liquidity as the core allocation direction.
Market Keywords: Scale Acceleration, Capital Concentration, Commodity Surge.
Key Event Review
Crypto journalist Sander Lutz, citing a banking industry source directly involved in the negotiations, reported that the White House hopes to reach an agreement on stablecoin yields by the end of this week, but such an agreement is unlikely to be finalized before March. The source stated that Patrick Witt's previous public statement about reaching an agreement before March is unrealistic.
The source pointed out that significant differences remain between the crypto industry and banking lobbying groups on the stablecoin yield issue, and these disagreements have affected the progress of the crypto market structure bill. "Text is circulating, but there is still a gap before a final bill is formed."
The source also stated that if Coinbase CEO Brian Armstrong does not participate in the negotiations, there is a risk of the agreement failing. Although the banking side hopes to reach a deal, the probability of the bill passing in the next month may significantly decrease.
SEC to Hold Private Market Valuation Roundtable on March 4, Focusing on Retail Investor Access
The U.S. Securities and Exchange Commission (SEC) officially announced it will host a roundtable discussion on March 4 at its Washington headquarters to discuss private market valuation and responsible retailization. The meeting will be chaired by Brian Daly and livestreamed via the official website. Topics will include exploring the opportunities and challenges as traditional private assets gradually enter public products, considerations for public investors, and the governance challenges and industry best practices for managers providing exposure to private market assets in response to retail demand.
Nasdaq Enters Prediction Market, Plans to Launch 100 Index Binary Options
Nasdaq Inc. plans to launch an options contract that allows "yes or no" bets on major stock indices, becoming the latest exchange operator to enter the fast-growing prediction market. According to a rule change proposal filed with the SEC, the company wants to list "binary options" on its flagship Nasdaq 100 Index and the Nasdaq 100 Micro Index. Documents show that Nasdaq contracts will be priced between 1 cent and $1, reflecting market views on the probability of a particular outcome. This will be Nasdaq's first foray into products mirroring prediction markets. These so-called "outcome-related options" will allow traders to take binary positions on whether specific events occur. Binary options are simplified versions of option contracts where payouts depend on the outcome of a "yes or no" proposition. The prediction market industry lists financial contracts covering sports, politics, and pop culture. Unlike event contracts from Kalshi, Polymarket US, and CME, which are regulated by the CFTC, binary options are regulated by the SEC. Nasdaq's contracts are currently awaiting SEC approval. (Recommended reading: 《Nasdaq Enters Prediction Market: Wall Street Bets on Tech Index with "Yes or No"》)
SEC Chairman: US Missed Crypto Regulatory Window, Now Accelerating Rule Modernization
U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins stated that the SEC is revitalizing its pace in the crypto regulatory field to make up for previous shortcomings in policymaking. Speaking at an event at the University of Texas, he noted that regulators failed to adapt promptly to industry innovation trends in the past.
Atkins said that since the Donald Trump administration took office, the SEC's stance has become more open, establishing a crypto working group, withdrawing multiple enforcement cases, and launching the "Project Crypto" initiative to promote regulatory framework updates. He emphasized a greater focus on the application prospects of distributed ledger technology in payment, clearing, and settlement systems compared to short-term price volatility.
Additionally, the SEC this week approved WisdomTree's digital currency market fund to achieve 7×24 hour trading and instant settlement. Atkins also revealed that exploring tokenized bank deposit products will be a future focus.
White House AI and Crypto Affairs Director David Sacks stated on social media that Patrick Witt is pushing for compromise progress between the banking and crypto industries and actively facilitating the landing of market structure legislation.
Sacks said the crypto industry has made significant concessions on the stablecoin yield issue and called on the banking side to make corresponding responses.
Japanese yen stablecoin issuer JPYC announced the completion of the first phase of its Series B funding, raising approximately 1.78 billion yen (about $12 million), led by Japanese IT solutions provider Asteria. The funds primarily came from Japanese domestic companies and fund institutions, with BitFlyer Holdings also participating in the investment.
JPYC officially launched in October 2025 under Japan's funds transfer business regulatory framework, positioning itself as an onshore yen stablecoin. The company has partnered with Densan Systems, which covers a payment network of about 65,000 convenience stores in Japan, to explore applications in domestic payments, cross-border remittances, and tourism payments within convenience store scenarios. Furthermore, JPYC has participated in Circle's stablecoin foreign exchange quotation system StableFX for cross-border settlement.
Hong Kong Financial Secretary Paul Chan Mo-po stated in his budget speech that to further attract family offices and funds to Hong Kong, the tax system will be optimized. Digital assets, precious metals, etc., will be listed as eligible investments for tax concessions, planned to take effect from the 2025/2026 tax year. Additionally, the Crypto-Asset Reporting Framework (CARF) and the revised Common Reporting Standard (CRS) from the OECD will be implemented in the next two years to support international efforts to enhance tax transparency and combat cross-border tax evasion, with amendments to the Inland Revenue Ordinance expected to be submitted in the first half of the year.
Chan also stated that the Hong Kong government will continue to issue tokenized bonds regularly. The Faster Payment System (FPS) will establish a digital asset platform within the year to support the issuance and settlement of digital bonds, gradually expanding to other digital assets and connecting with other tokenization platforms in the region.
Consortium of 12 European Banks Plans to Launch Euro Stablecoin in Second Half of 2026
The Qivalis consortium, composed of 12 European banks, is advancing a plan for a euro-pegged stablecoin, targeting commercialization in the second half of 2026. Consortium members include CaixaBank, BNP Paribas, ING, UniCredit, BBVA, Danske Bank, DZ Bank, SEB, KBC, Raiffeisen Bank International, DekaBank, and Banca Sella.
The token will be pegged 1:1 to the euro, with at least 40% of its reserves held in bank deposits and the remainder invested in highly-rated short-term eurozone government bonds. Qivalis CEO Jan Sell stated that the project aims to provide the EU with a regulated domestic alternative to counter the dominance of dollar stablecoins and for use in global scenarios like cross-border business payments. The consortium is currently in discussions with cryptocurrency exchanges, market makers, and liquidity providers to ensure the token is tradable from day one of its launch.
11 US Senators Request Federal Agencies Investigate Binance Sanctions Compliance
Eleven U.S. senators sent a letter to Treasury Secretary Scott Bessent and Attorney General Pamela Bondi, requesting a comprehensive review of whether Binance complies with U.S. sanctions and anti-money laundering requirements, and an assessment of its implementation of the 2023 settlement agreement.
The letter cited reports stating that approximately $1.7 billion in digital assets flowed through Binance to entities linked to Iranian terrorism, including organizations associated with the Houthis and the Islamic Revolutionary Guard Corps. Investigators also found over 1,500 accounts accessed by Iranian users and potential activities related to circumventing Russian sanctions. The letter further noted that some Binance compliance personnel who discovered suspicious transactions were later dismissed, and law enforcement agencies indicated that Binance's cooperation in providing customer information has declined.
Senators Chris Van Hollen, Ruben Gallego, and nine other senators co-signed the letter, expressing concern about Binance's payment card launched in former Soviet regions and stablecoin-related partnership projects, believing these products could be used to evade sanctions. The senators requested the relevant agencies report on the review progress by March 13.
Additionally, Senator Richard Blumenthal launched a congressional investigation into Binance this Tuesday, requesting relevant documents and internal records from Binance CEO Richard Teng. Binance denied the allegations, stating it has identified and reported suspicious activities to authorities and does not allow Iranian users on its platform.
Bernstein: Circle Has Transformed into Fintech Infrastructure, Rates It "Outperform"
Bernstein pointed out that Circle is no longer viewed as a mere proxy investment target for crypto assets but has transformed into a fintech infrastructure service provider, reflecting a profound shift in the company's business positioning.
According to Circle's Q4 2025 financial report, the company's revenue saw significant growth—total revenue for the full fourth quarter reached approximately $770 million, a surge of 77% year-over-year. Company CEO Jeremy Allaire stated in the earnings call that we are in the early stages of a fundamental change in how the global economic system operates, with future economic systems being more internet-native and highly automated.
Bernstein's analyst team believes Circle will play a key role in this evolution and reaffirmed its "Outperform" rating and $190 price target in its latest research report, suggesting significant upside potential for the company's stock price.
Analyst Gautam Chhugani and his colleagues noted in the report that Circle's Q4 performance clearly diverged from overall crypto market trends, emphasizing that the company is developing towards becoming a core internet infrastructure provider, not just a stablecoin or crypto token business. (Recommended reading: 《Behind Circle's Strong Stock Rebound: AI, Prediction Markets, and Institutional Adoption》)
US SEC Approves WisdomTree Tokenized Money Market Fund Exemption Application
The U.S. Securities and Exchange Commission (SEC) announced that its Division of Investment Management has issued an exemptive order to WisdomTree's tokenized money market fund, the WisdomTree Treasury Money Market Digital Fund. Under this order, investors can buy and sell shares of this money market fund (MMF) intraday at $1 per share through dealers,不受其每日收盘净值 (NAV) restrictions. The fund issues tokenized shares on a blockchain. This regulatory exemption allows investors to continuously trade tokenized fund shares with dealers intraday and achieve faster settlement speeds compared to traditional models. The SEC added that this move provides flexibility for tokenized fund products to operate under the current regulatory framework, helping to improve trading efficiency and settlement experience.
Nasdaq-listed Ethereum treasury company ETHZilla announced its official renaming to Forum Markets and its transition to a digital asset platform. Its stock ticker will also change to "FRMM" upon Nasdaq approval, but the CUSIP number will remain unchanged, and shareholders need not take any action regarding this change. Post-transition, the company will strategically upgrade to build an institutional-grade digital asset platform for real-world asset (RWA) tokenization and explore launching tokenized investment products across multiple asset classes.
Cardone Capital Seeks to Enter Tokenized Real Estate, Looking for Best Layer 2 Partner
Billionaire Grant Cardone stated that Cardone Capital is preparing to tokenize its real estate holdings and asked which Layer 2 would be the best partner.
Previous news indicated that billionaire Grant Cardone will launch the world's largest publicly listed real estate Bitcoin company in 2026.
