RWA Weekly Report | Total Market Cap Sees First Slight Correction in Six Weeks; US CFTC May Allow Stablecoins as Tokeniz

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RWA sector market performance

As of November 11, 2025, the total on-chain value of RWA was $35.69 billion, a slight decrease of $0.9 billion from $35.78 billion on November 5, a drop of 0.25%. This marks the first slight pullback after six consecutive weeks of increases, indicating the market has entered a short-term consolidation phase at high levels. The total number of asset holders increased from 530,943 to 534,725, a weekly increase of 3,782, or 0.71%, indicating a slight slowdown in user growth. The number of asset issuers increased from 242 to 249, an increase of 7. In the stablecoin market, the total market capitalization rose from $294.62 billion to $296.85 billion, an increase of $2.23 billion, or 0.76%; the number of stablecoin holders also increased from 200.69 million to 201.66 million, an increase of approximately 970,000, or 0.48%.

In terms of asset structure, private lending remained at $18.6 billion this week, unchanged from the previous week, ending its previous continuous growth trend. US Treasury bonds saw a slight pullback, decreasing by $100 million to $8.7 billion, a drop of 1.14%. Commodity assets and institutional alternative funds remained largely unchanged (or slightly different, which will not be discussed here) at $3 billion this week, indicating stable market demand for these asset classes, remaining unchanged despite the overall downward trend. Public equity, in line with overall assets, saw a slight pullback, decreasing by $670.8 million to $660.6 million, a reduction of 1.53%, remaining within a range for two consecutive weeks, possibly still in a phase of structural adjustment and valuation rebalancing. Non-US government debt remained at $1 billion, while other smaller asset classes (such as private equity) saw little change compared to other asset classes this week.

Trend Analysis (Compared to last week )

This week, total market capitalization declined slightly, and user growth slowed. However, the asset structure stabilized, with core assets such as on-chain private lending and US Treasury bonds maintaining their dominant positions. Commodity assets and institutional alternative funds remained stable, while some growth assets, such as public equity and niche funds, are in a valuation digestion phase. Stablecoin liquidity increased slightly but did not significantly translate into new RWA market capitalization. Until risk appetite improves significantly, the RWA market as a whole will continue to focus on “structural digestion.”

बाज़ार keywords: consolidation, stabilization, differentiation.

RWA Weekly Report | Total Market Cap Sees First Slight Correction in Six Weeks; US CFTC May Allow Stablecoins as Tokeniz

Key Events Review

The US CFTC may allow stablecoins to be used as tokenized collateral in the derivatives market.

According to sources familiar with the matter, the U.S. Commodity Futures Trading Commission (CFTC) is developing a policy on tokenized collateral, expected to be released early next year. This policy could allow the use of stablecoins as acceptable tokenized collateral in the derivatives market. It may first be piloted in U.S. clearing houses and subject to stricter regulations, requiring disclosure of more information, such as position size, large traders and trading volume, as well as more detailed reporting of operational events.

Reports indicate that the Hong Kong government plans to issue digital green bonds denominated in US dollars, Hong Kong dollars, euros, and renminbi.

According to a Bloomberg report citing sources, the Hong Kong government plans to issue digital green bonds denominated in US dollars, Hong Kong dollars, euros, and renminbi, with pricing expected as early as today. This would be the third time the Hong Kong government has issued digital bonds since 2023. If this issuance proceeds successfully, it will be a significant step for the government in promoting the normalization of bond tokenization and the tokenization of real-world assets (RWAs). Analysts at CITIC Securities predict that within the next two to three years, Hong Kong’s native digital bonds will transition from pilot projects to a standard financing option for high-quality companies.

Bank of England: Proposes a £20,000 cap on individual stablecoin holdings.

The Bank of England has proposed that 60% of assets backing stablecoins should be short-term UK government bonds, with at least 40% held by the Bank of England. The Bank of England also proposes a £20,000 cap on stablecoin holdings for individuals and a £10 million cap for businesses.

Pakistan is considering issuing a rupee-backed stablecoin.

Zafar Masud, chairman of the Pakistan Bankers Association (PBA), said on Friday that Pakistan is seriously considering launching a rupee-backed stablecoin and is developing a prototype central bank digital currency (CBDC) to increase financial penetration and reduce remittance costs. Masud warned that Pakistan could lose up to $20 billion to $25 billion in क्रिप्टो-related economic growth opportunities if digital assets are not regulated in a timely manner. The deputy governor of the State Bank of Pakistan revealed that the CBDC prototype is being developed with assistance from the World Bank and the IMF, and pilot testing is planned before a full rollout. Pakistan began inviting international cryptocurrency exchanges and VASPs to apply for licenses in September.

Circle submits comment letter on the implementation of the GENIUS Act.

Circle announced that it has submitted a comment letter to the U.S. Treasury Department regarding the implementation of the GENIUS Act, emphasizing its recommendations for a comprehensive regulatory framework for stablecoins to ensure consumer protection, fair market competition, and global interoperability. Circle proposed a series of policy principles, including protecting customer funds, achieving interoperability through mutual recognition, ensuring the same rules apply to the same activities, maintaining a balance of competition domestically and internationally, setting clear consequences and contingency plans, and also noted that rulemaking should reinforce Congressional intent, providing clear and robust rules for all issuers accessing the U.S. market, while offering transparent and easily understandable financial products and services to the American people.

Japan’s Financial Services Agency (FSA) plans to require cryptocurrency custody and trading management service providers to register in order to strengthen industry security oversight.

Japan’s Financial Services Agency (FSA) is considering a new system requiring third-party institutions providing asset custody or transaction management services to cryptocurrency exchanges to register with the regulatory body before providing such services. The proposal was discussed on November 7 at a working group meeting of the Financial System Council, an advisory body to the Prime Minister.

Current regulations only require cryptocurrency exchanges to strictly manage user assets, such as using cold wallets for storage, but do not impose corresponding requirements on related outsourcing service providers. The FSA plans to regulate such institutions through a registration system and require exchanges to use only registered custody or management systems to prevent theft of funds or system failures due to security vulnerabilities.

The report points out that the intrusion point in the 2024 DMM Bitcoin theft (a loss of approximately 48.2 billion yen, equivalent to $312 million) originated from Ginco, an outsourced trading system provider. Most members of the working group support the new regulation, believing it will help improve the transparency of cryptocurrency regulation.

The Financial Services Agency (FSA) expects to finalize its policy report as soon as possible and plans to submit amendments to the Financial Instruments and अदला-बदली Act at the regular Diet session in 2026. Furthermore, the agency is actively promoting local stablecoin projects, recently approving the first yen-pegged stablecoin, JPYC, and supporting stablecoin pilot programs by banks including Mizuho Bank, Bank of Mitsubishi UFJ, and Sumitomo Mitsui Banking Corporation.

Japan’s Financial Services Agency: Will support the joint issuance of stablecoins by the three major banks to promote innovation in the payment sector.

Japan’s Financial Services Agency (FSA) announced today that it will support a pilot program for the joint issuance of stablecoins by three major banks: Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank. According to the FSA announcement, this pilot program will be the first supported case under the newly established “Payment Innovation Project (PIP),” which aims to promote innovation in the payments sector. In addition to the three major banks, other institutions applying to participate in the project include: Mitsubishi Corporation (as a business participant), Progmat (providing the issuance infrastructure), and Mitsubishi UFJ Trust Bank (expected to be responsible for the trust functions).

Brazilian central bank official: Algorithm-based stablecoins have been banned.

Brazilian central bank official Vivan stated that crypto companies should assess the appropriateness of allowing clients to conduct complex cryptocurrency-related operations. Algorithmic stablecoins have been banned, and the buying and selling of these assets is being prohibited. Agreements reached to date remain in effect, but stablecoin activity must cease. Currently, the taxation of cryptocurrencies remains unchanged. The definition and timeframe for taxing cryptocurrency transactions equivalent to foreign exchange transactions will be determined by the tax authorities.

Coinbase calls on the Treasury Department to ensure that the regulatory rules of the GENIUS Act do not deviate from the original intent of Congress.

Coinbase has submitted feedback to the U.S. Treasury Department, urging it to strictly adhere to the original intent of Congress when formulating the implementing rules of the GENIUS Act, avoiding over-regulation, and particularly excluding non-financial software, blockchain validators, and open-source protocols. Coinbase’s Chief Policy Officer pointed out that regulators should not treat third-party reward programs as “interest,” so as not to violate the spirit of the Act. Coinbase also suggested treating payment-type stablecoins as cash equivalents for related tax and accounting issues. The GENIUS Act, signed into law in July 2025, establishes the U.S. federal regulatory framework for stablecoins.

Standard Chartered Bank, in partnership with DCS, launched the DeCard stablecoin credit card, first in Singapore.

Standard Chartered Bank has announced a partnership with Singapore-based card issuer DCS Card Centre, becoming its primary banking partner for the DeCard stablecoin credit card product. This card allows users to make direct stablecoin payments for everyday spending, with Standard Chartered handling transaction settlement and reconciliation.

DeCard will reportedly launch first in Singapore, with plans to expand to other major markets in the future. Standard Chartered Bank will provide virtual accounts and API interface services for the product, enabling instant transaction identification and clearing, thereby promoting the integration of stablecoin assets with traditional payment systems.

Hong Kong and China Gas secured a HK$100 million credit line as the underlying asset to complete the RWA tokenization project.

Hong Kong-listed Hong Kong and China Gas announced that it has secured a HK$100 million credit line from Chong Hing Bank to complete the RWA tokenization project. The project is reportedly supported by Ant Financial’s Jovay Layer2 blockchain, and key financial and operational data will be uploaded to the blockchain in real time.

Trending Projects

Ondo Finance (ONDO)

RWA Weekly Report | Total Market Cap Sees First Slight Correction in Six Weeks; US CFTC May Allow Stablecoins as Tokeniz

In short:

ओन्डो फाइनेंस 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.

ताजा खबर:

On November 8th, Ondo Finance posted an apology on the X platform for the recent surge in Ethereum gas fees. In the past 24 hours, trading demand for Ondo tokenized shares accounted for more than 10% of Ethereum gas usage.

Previously, Ondo Global Markets की घोषणा की the expansion of its stock tokenization platform to BNB Chain. Launched in September, Ondo Global Markets’ expansion is reportedly built on its cross-chain strategy and is currently supported on Ethereum, with plans for deployment on other blockchains. Data shows that within weeks of its September launch, Ondo Global Markets’ TVL exceeded $350 million, with a total on-chain transaction volume of $669 million.

MyStonks (STONKS)

RWA Weekly Report | Total Market Cap Sees First Slight Correction in Six Weeks; US CFTC May Allow Stablecoins as Tokeniz

In short:

MyStonks 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 enables 1:1 physical custody and token issuance. Users can mint stock tokens like AAPL.M and MSFT.M using stablecoins such as 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.”

ताजा खबर:

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.

पहले, 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.