RWA Weekly Report｜Total Market Cap Hits New High; US Stablecoin Legislation Nears Consensus, Yield Issue Remains Key Breakthrough (3.11-3.17)
Author | Ethan (@ethanzhang_web3)
RWA Sector Chợ Performance
According to the rwa.xyz data dashboard, as of March 17, 2026, on-chain assets in this cycle continued to reach new highs. The total value of RWA on-chain grew further from $26.43 billion on March 10 to $27.05 billion, an increase of approximately $620 million in a single week, representing a gain of about 2.35%. The total value of representative assets also rebounded synchronously, rising from $336.08 billion to $346.79 billion, an increase of about $10.71 billion, or approximately 3.19%.
On the user side, growth continued, with the total number of asset holders increasing from 665,300 to 675,000, adding about 9,730 new users in a week, a growth of about 1.46%. In the stablecoin sector, the overall market cap remained above the $300 billion high, with the total market value slightly declining from $301.04 billion to $300.54 billion, a decrease of about $500 million, or a drop of about 0.17%. The number of stablecoin holders continued to climb, rising from 233.94 million to 237.29 million, an increase of about 3.35 million, or approximately 1.43%.
In terms of asset structure, the total scale of U.S. Treasury bonds increased from $11 billion to $11.2 billion, adding about $200 million in a week. Commodity assets remained stable at a high level, basically staying around $5.7 billion with little change from the previous week. Looking at a more granular asset distribution, asset-backed credit has a market value of $3.1 billion, becoming the most important credit sector besides U.S. Treasuries and commodities. Specialized finance has a market value of $2.1 billion, indicating that scenario-specific and customized financing demands are expanding on-chain. Corporate credit stands at $723.2 million, while non-U.S. government debt remains stable at around $1.2 billion. Equity assets have reached $1 billion. Private equity has further contracted to around $308.6 million, indicating that capital’s willingness to allocate to low-liquidity, long-cycle equity assets remains relatively cautious.
(This week, some previously broader categories such as private credit and institutional alternative funds have begun to be broken down into more granular categories like asset-backed credit, specialized finance, corporate credit, diversified credit, and active strategies. Additionally, smaller-scale assets such as real estate and venture capital remain relatively marginal, with limited impact on the total.)
Trend Analysis (Compared to Last Week)
Overall, in this cycle, both the on-chain distributed assets and the broad representative assets in the RWA market grew simultaneously. Capital flows remain clearly concentrated in high-certainty assets, with U.S. Treasuries continuing to act as the main reservoir. At the same time, more detailed segmentation has begun to appear within credit assets, with asset-backed credit, specialized finance, and corporate credit jointly absorbing some of the new capital. This indicates that market risk appetite has slightly increased compared to earlier periods but remains rational and restrained.
Chợ Keywords: Accelerating Total Volume, Refined Classification, Rational Sentiment.
Key Event Review
U.S. SEC Chair: Will Consider Innovation Exemption to Facilitate Tokenized Securities Trading
U.S. Securities and Trao đổi Commission Chair Paul S. Atkins stated at an Investor Advisory Committee meeting that the agency will vote on a proposal regarding the tokenization of equity securities. The SEC is expected to soon consider an innovation exemption to facilitate limited trading of certain tokenized securities, with an eye toward developing a long-term regulatory framework. Paul S. Atkins also mentioned that the Crypto Assets Working Group has held multiple roundtables over the past 13 months, met with hundreds of market participants, solicited broad public feedback, and received a substantial amount of written comments to understand how best to adapt rules to new trading types, while still welcoming input on the design of potential innovation exemption proposals.
U.S. Securities and Trao đổi Commissioner Hester M. Peirce wrote in an article that research has been initiated on an “innovation exemption” scheme for tokenized securities, allowing limited-scope trading and technical experimentation for some tokenized securities. This exemption scheme will be more cautious than the industry-proposed “blanket exemption.” She believes it should be explored whether different models of security tokenization should be allowed for experimentation under the innovation exemption framework, and whether issuer consent is needed for third parties to issue tokenized versions of their stocks, to promote technological innovation while avoiding regulatory arbitrage and maintaining core investor protection mechanisms.
Hester M. Peirce also emphasized that regulators should not excessively intervene in private capital allocation. The SEC is currently evaluating several key issues, including: whether existing disclosure systems adequately cover the ownership structure of tokenized securities; the disclosure obligations of brokers and clearing agencies in tokenized security interest issuance; the compatibility of atomic settlement with the current T+1 settlement rules; and the applicability of regulatory authority in structures without intermediaries or with new types of intermediaries.
U.S. Senate Majority Leader Says Clarity Act Unlikely to Advance Before April
U.S. Senate Majority Leader John Thune stated that the mật mã market structure bill, the Clarity Act, is not expected to pass the Senate Banking Committee before April. The bill aims to establish a comprehensive regulatory framework for digital assets in the U.S. The House of Representatives has previously advanced this legislation, but discussions in the Senate continue.
The main obstacle to the bill’s advancement is the issue of stablecoin yields, with the mật mã industry and the banking sector yet to reach a compromise. The banking sector believes allowing stablecoins to provide yields could lead to deposits flowing out of traditional institutions. Meanwhile, Patrick Witt, Executive Director of the White House President’s Digital Asset Advisory Committee, stated this week that compliant stablecoins could attract new global capital to the U.S. banking system.
Additionally, the Senate passed a comprehensive housing bill that day containing a provision prohibiting the Federal Reserve from issuing a CBDC. The bill will be sent to the House for further consideration and voting. Currently, lawmakers are prioritizing advancing President Trump’s SAVE America Act, with Thune stating the Senate will vote on that bill next week.
JPMorgan analysts previously described the potential passage of crypto market structure legislation as a “positive catalyst” for the industry in the second half of the year. Trump also stated earlier this month on Truth Social that passing the Clarity Act is the “next step to get the job done” after the GENIUS Act.
During The Digital Chamber’s DC Blockchain Summit, several U.S. Congress members and industry participants will discuss stablecoin legislative progress. Tim Scott (Chairman of the Senate Banking Committee) is expected to be asked about the timeline for the next markup of the relevant bill. Industry insiders revealed that negotiations around the stablecoin “yield” issue are nearing consensus. Cody Carbone stated that the regulatory proposal might include prohibiting yields on idle stablecoin balances but allowing reward mechanisms based on transactional behavior, with relevant parties expected to reach a solution within the next week.
Furthermore, Thom Tillis and Angela Alsobrooks are seen as key legislative drivers, with both expressing concern about the banking industry’s worries regarding funds flowing from deposit accounts to high-yield crypto products. Industry insiders believe that once these two lawmakers are satisfied with the bill text, the stablecoin yield controversy is expected to be largely resolved, after which the regulatory focus will shift to issues like DeFi and token classification.
European Central Bank Unveils Tokenized Finance Plan to Enhance EU Financial Autonomy
The European Central Bank on Wednesday unveiled a timeline for building a tokenized wholesale financial ecosystem for the eurozone, aiming to ensure the euro’s continued status as an international currency.
The strategy consists of two core projects: Pontes, a transaction layer based on distributed ledger technology, expected to launch in the third quarter; and Appia, a long-term project planned to continue until 2028, by which time the Eurosystem will release a blueprint for a tokenized financial ecosystem, covering infrastructure, governance frameworks, and standard-setting.
European policymakers have positioned financial infrastructure as a geopolitical issue. A previous analysis by the European Parliament noted that Europe’s reliance on foreign payment networks constitutes a “structural vulnerability” to its financial sovereignty. This plan aims to reduce dependence on non-European and dollar-centric financial systems, enhancing the EU’s strategic autonomy and financial resilience.
ECB Executive Board member Piero Cipollone stated that Appia aims to build a path from the current financial system to the future tokenized market, based on central bank money.
Hong Kong Stablecoin Concept Stock Bright Smart Securities: Ant Group’s Tender Offer Approved
Hong Kong stablecoin concept stock Bright Smart Securities & Commodities Holdings announced that the tender offer initiated by Ant Group has received approval from relevant Chinese authorities and is expected to complete the transaction on March 30. The company’s shares will resume trading on March 17.
Crypto market maker DWF Labs Managing Partner Andrei Grachev analyzed that the “Altseason” driven by overall crypto market rallies is becoming history. Factors such as the explosive growth in the number of tokens, limited participant scale, and crypto ETFs absorbing liquidity are changing the market structure. Currently, institutional funds are more inclined to allocate to Bitcoin, Ethereum, and tokenized real-world assets (RWA), further diverting attention and capital away from altcoins. Future markets will see shorter narrative cycles and more intense sector rotations. A large number of mid-to-long-tail tokens will resemble high-risk venture capital or “casino-style” assets, making survival difficult based on hype alone. Data shows that over the past 13 months, the altcoin market has seen cumulative outflows exceeding $209 billion, with about 38% of altcoins currently trading near their historical lows.
According to Lookonchain monitoring, early Bitcoin supporter and ShapeShift founder Erik Voorhees has resumed buying gold-related tokens after a pause of about a month. Since January 31, he has created 28 new wallets, spending a total of approximately $23.76 million to purchase 2,834 XAUT (about $13.78 million) and 2,019 PAXG (about $9.97 million), with an average purchase price of about $4,896. Currently, his paper profit is approximately $513,000.
Data: USDC Issuance Scale Breaks $80 Billion for the First Time, Reaching a New All-Time High
Artemis data shows that the cross-chain issuance scale of USDC has surpassed $80 billion for the first time, temporarily reported at $81.083 billion, setting a new all-time high.
Pump.fun: Launches Tokenized Agent Auto-Buyback Feature
Pump.fun posted on X, stating that on-chain Agents are taking dominance, and Pump.fun is building tools to accelerate the Agent economy on its platform. The first step is launching an auto-buyback feature for tokenized Agents. This solution aims to bridge the gap between Agent success and human opportunity. The feature is now live.
World Liberty Financial Co-founder Teases AI Agent Payment Technology for USD1
World Liberty Financial Co-founder Zak Folkman stated on Wednesday that the stablecoin issuer is preparing to make a major push into the field of AI agent autonomous payments. This move will position its stablecoin USD1 for future scenarios where autonomous software agents transact at machine speed. Folkman said the team has been developing related technology behind the scenes, and an upcoming update will completely change perceptions about AI agent autonomous payments. Other developers on the project confirmed that World Liberty Financial is already developing AI agents capable of autonomous payments.
The total stablecoin market size is now close to $315 billion, double that of 2022, with USD1 being the fifth-largest stablecoin. U.S. Treasury Secretary Scott Bessent previously raised the global stablecoin adoption forecast to $3 trillion by 2030, while Citi analysts predict the market could expand to $4 trillion by the end of 2030.
Meanwhile, Circle is launching blockchain infrastructure and micropayment features for agent transactions; Stripe is developing Tempo, a blockchain dedicated to stablecoin payments; Shopify has integrated stablecoin payments; Coinbase has incubated x402, an open standard for agent payments. Meta acquired Moltbook, a social network built for AI agents, on Tuesday, and OpenAI has also hired the creator of the autonomous agent framework OpenClaw.
Pharos Secures Strategic Investment from GCL New Energy, Valuation Nears $1 Billion
Layer 1 blockchain project Pharos has secured a strategic investment from GCL New Energy, with the project valuation nearing $1 billion. This investment was previously announced on January 8, 2026, and has now been finalized after completing relevant information disclosure procedures with the Hong Kong Stock Exchange (HKEX).
The report indicates that this collaboration will focus on real-world asset (RWA) related applications, including renewable energy asset tokenization, decentralized energy trading systems, and carbon footprint tracking and verification. Pharos stated that its parallel execution architecture is designed to support high-throughput financial infrastructure, improving asset settlement efficiency, transparency, and liquidity.
GCL New Energy is a Hong Kong-listed energy company. Both parties plan to explore the application of blockchain technology in energy infrastructure and financial markets through this collaboration.
Hot Project Updates
Ondo Finance (ONDO)
One-Sentence Introduction:
Tài chính Ondo is a decentralized finance protocol focused on structured financial products and the tokenization of real-world assets. Its goal is to provide users with fixed-income products, such as tokenized U.S. Treasury bonds or other financial instruments, through blockchain technology. Ondo Finance allows users to invest in low-risk, high-liquidity assets while maintaining decentralized transparency and security. Its token, ONDO, is used for protocol governance and incentive mechanisms. The platform also supports cross-chain operations to expand its application scope within the DeFi ecosystem.
Latest Updates:
On March 10, RWAxyz data showed that the total on-chain value of tokenized stocks has surpassed $1 billion. Ondo Finance and Backed Finance’s xStocks platform occupy the majority of the market share for tokenized stock issuance and trading. Ondo Finance accounts for about 58%, and xStocks about 24%, forming an early duopoly
Bài viết này được lấy từ internet: RWA Weekly Report｜Total Market Cap Hits New High; US Stablecoin Legislation Nears Consensus, Yield Issue Remains Key Breakthrough (3.11-3.17)
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