RWA Weekly: The central bank will steadily develop digital RMB by 2026, and WeChat and Alipay will gradually gain permission to open wallets

Highlights of this Issue

The weekly coverage period for this issue spans from January 2, 2026, to January 9, 2026.

This week, the total on-chain market capitalization of RWA has steadily increased to $19.8 billion, with holders surpassing 600,000; the total market cap of stablecoins slightly declined but monthly transfer volume surged by 29.04%, highlighting that “stock efficiency-driven” large institutional settlements have become the main engine of activity, forming a structural divergence from retail investors’ low activity.

Regulatory frameworks in multiple countries continue to improve: China’s central bank explicitly states that it will steadily develop digital RMB, with cross-border scenarios continuously landing—MyBank completed the first cross-border QR code payment between China and Laos; South Korea plans to require stablecoin issuers to be bank-led, with a minimum paid-in capital of 5 billion KRW; Russia accelerates the promotion of digital ruble applications within the budget system.

Project actions are frequent: Jupiter launched JupUSD, a stablecoin backed by compliant reserves; Tempo released the TIP-20 token standard designed specifically for payments. Traditional financial institutions are accelerating the integration of on-chain settlement and asset tokenization processes: RAKBank in the UAE authorized to issue Dirham stablecoins; Lloyds Bank completed the UK’s first tokenized deposit bond transaction; JPMorgan extended JPM Coin to the Canton network. Additionally, former Brazilian central bank officials launched the yield-sharing stablecoin BRD; Wyoming’s official stablecoin FRNT is officially launched, further enriching stablecoin forms and regional distribution.

Data Insights

RWA Track Panorama

Latest data from RWA.xyz shows that as of January 9, 2026, the total on-chain market cap of RWA reached $19.8 billion, a slight increase of 6.04% compared to the previous month, maintaining steady growth, indicating ongoing active native financial activities on-chain; the total number of asset holders increased to approximately 607,400, up 7.13% month-over-month, demonstrating a strong growth and continuous broadening of the investor base.

Stablecoin Market

The total market cap of stablecoins reached $298.65 billion, a slight decrease of 0.6% compared to the previous month, with overall scale continuing to contract; monthly transfer volume surged to $7.02 trillion, up 29.04% MoM, indicating a significant improvement in stock capital turnover efficiency; the total number of active addresses decreased slightly to 45.34 million, down 0.11% MoM; the total number of holders steadily increased to about 219 million, up 4.98% MoM. The divergence between these two metrics continues, indicating a market characterized by “institution-driven high-frequency settlement and stagnant retail activity,” reflecting a structural split.

Data reflects that the market has entered a phase of “stock efficiency-driven but weakened ecological foundation,” with the high growth in transfer volume mainly supported by large institutional settlements, while retail participation remains sluggish.

Top stablecoins are USDT, USDC, and USDS, with USDT’s market cap increasing slightly by 0.44% MoM; USDC’s market cap decreased by 3.95%; USDS’s market cap increased slightly by 2.11%.

Regulatory News

People’s Bank of China: Strengthen Virtual Currency Transaction Regulation in 2026, Steadily Develop Digital RMB

The work conference of the People’s Bank of China held on January 5-6, 2026, summarized 2025 work, noting active promotion of global financial governance reform and improvement, further enhancement of financial management and service levels, and precise governance of “funding chains” related to fraud and gambling. Strengthen regulation of virtual currency transactions. Enhance cash supply guarantees. Optimize the digital RMB management system. Key tasks in 2026 include: improving infrastructure for cross-border RMB use, strengthening regulation of virtual currencies, continuing to crack down on related illegal activities, deepening technological management and innovative applications, and steadily developing digital RMB.

Additionally, Caixin disclosed that currently only real-name verified digital RMB wallets can accrue interest—categories one, two, and three wallets can earn interest, while category four non-real-name wallets cannot (the fourth category wallet cannot confirm ownership). After January 1, participating banks’ mobile banking apps and payment platforms like WeChat and Alipay will gradually gain permission to open digital RMB wallets.

South Korea plans to require stablecoin issuers to be bank-controlled, with minimum paid-in capital of at least 5 billion KRW

According to Techinasia, South Korea’s plan to allow banks to issue stablecoins denominated in KRW has faced resistance from legislators, highlighting disagreements among the ruling party, financial regulators, and the central bank. The Financial Services Commission (FSC) has shifted stance and now supports the proposal by the Bank of Korea to restrict stablecoin issuance to alliances led and controlled mainly by banks.

Under the proposed amendments submitted to the National Assembly, stablecoins can be issued by alliances with majority ownership by banks, but as long as the banks maintain overall control, tech companies can become the largest single shareholders. The proposal also imposes stricter requirements on crypto exchanges, such as higher standards for IT stability, mandatory compensation for damages caused by hacking, and fines up to 10% of annual revenue. Issuers of stablecoins must have at least 5 billion KRW (about $3.7 million) in paid-in capital, with the possibility of higher thresholds as the market develops. As debates continue, legislators are expected to form a special working group to propose alternative legislation.

Russia begins large-scale introduction of digital ruble into the budget and banking systems

According to Cryptopolitan citing TASS, Russia has begun large-scale integration of digital ruble into the budget system and banking sector, preparing for full promotion in September 2026. Since early this year, digital ruble has been actively used in transactions related to the state, now capable of transferring to government budgets and paying federal agencies.

Russia has set phased timelines and deadlines for promoting digital ruble among banks and enterprises: by September 1, 2026, the largest banks and their retail clients must enable customers to transact with digital ruble. The Central Bank of Russia also decided that from last week, transactions using digital ruble accounts for paying taxes, fees, and government-related payments will be fee-free.

Domestic Developments

Yiyatong: Cross-border payments and domestic supply and marketing services currently do not involve digital RMB payment scenarios

According to Zhitong Finance, Yiyatong stated on its interactive platform that currently, cross-border payments and domestic supply and marketing services do not involve digital RMB payment scenarios. The company will continue to monitor digital RMB policies and market dynamics, reserve relevant technical adaptation capabilities, and explore the feasibility of its application in cross-border settlement and other scenarios.

China-Laos pilot cross-border digital payment cooperation, MyBank completes first digital RMB QR code payment

According to 21 Finance, under the guidance of the People’s Bank of China, MyBank completed the first digital RMB QR code payment at a Laotian merchant through the cross-border digital payment platform connected to the Digital RMB International Operating Center. This marks the latest progress in bilateral cross-border digital payment cooperation between China and Laos. The opening of this pathway signifies that digital RMB has achieved “internal inclusion and external use” for the first time, providing a new payment method for Chinese residents abroad and further deepening the cooperation between the central banks of China and Laos in digital currency.

Project Progress

Jupiter officially launches JupUSD, a stablecoin built on Ethena technology

According to official sources, Jupiter announced the official launch of JupUSD, a USD-pegged stablecoin supported by reserves, built on Ethena Labs technology, “aimed at powering the next chapter of finance.” Initially, 90% of its reserves will consist of compliant stablecoins USDtb that meet GENIUS standards, collateralized by BlackRock’s BUIDL fund, with 10% USDC as liquidity buffer. Although JupUSD does not generate yield, it can be integrated with Jupiter Lend for deposits, borrowing, or leverage, and enjoy exclusive benefits. Depositing funds into the Lend yield vault will give users jlJupUSD, which can be used for special promotions, providing additional liquidity and utility for JupUSD.

MANTRA: All ERC20 versions of OM will be deprecated on January 15, please migrate promptly

Focusing on RWA assets, Layer1 blockchain MANTRA reminds on X that less than 8% of the total OM token supply is in ERC20 version. All ERC20 OM tokens will be officially deprecated on January 15; users are urged to migrate as soon as possible.

Latin American digital bank Kontigo promises compensation after theft of about $340,000 in stablecoins

According to Bloomberg, Latin American-focused digital bank Kontigo issued a statement on X on Monday, stating that due to a hacking attack resulting in the loss of about $340,905 worth of stablecoins for some customers, the company plans to compensate over 1,000 customers. In a previous post, Kontigo said: “We detected unauthorized access, some users’ funds were affected, customer funds are protected, and any affected amount will be compensated by Kontigo.”

Headquartered in San Francisco but focused on Latin America, Kontigo has grown rapidly since its founding in 2023, attracting many notable partners. Its website states that it currently has over 1 million active users per month and total platform payments exceeding $1 billion. Recently, it raised $20 million in seed funding from investors including Y Combinator.

Tempo releases TIP-20, a token standard designed specifically for stablecoins and payment scenarios

According to Tempo’s official announcement, it has launched a new token standard, TIP-20, designed for stablecoins and payment applications, extending ERC-20 and compatible with existing EVM ecosystems. TIP-20 integrates features such as Transfer Memo, compliance strategy registry, yield distribution, and stablecoin payment Gas, suitable for enterprise finance, cross-border settlement, interest-bearing stablecoins, and other scenarios.

TIP-20 has support from infrastructure partners like AllUnity, Bridge, LayerZero, aiming to create a unified on-chain payment standard, improving compliance, efficiency, and interoperability of stablecoins, and accelerating the onboarding of real-world payment scenarios. Tempo will provide SDKs, test funds, and documentation to help developers deploy TIP-20 quickly.

RAKBank receives preliminary approval from the UAE Central Bank to issue Dirham-pegged stablecoins

According to Cointelegraph, RAKBank received preliminary approval from the UAE Central Bank (CBUAE) on Wednesday to issue Dirham-pegged payment tokens, preparing to join the UAE stablecoin ecosystem. The bank stated in a Wednesday press release that the upcoming stablecoin will be fully backed 1:1 by Dirhams held in segregated regulatory accounts, managed by audited smart contracts, with real-time reserve proof. The launch marks a new phase in RAKBank’s digital asset strategy; previously, in 2025, the bank took steps to allow retail customers to trade cryptocurrencies through regulated brokers.

Barclays invests in stablecoin clearing platform Ubyx

According to Cointelegraph, Barclays has made its first investment in a stablecoin-related company—Ubyx, a US-based stablecoin clearing platform—but did not disclose the investment amount. Ryan Hayward, head of digital assets and strategic investments at Barclays, said: “As tokens, blockchain, and wallets continue to develop, technical expertise will play a key role in providing connectivity and infrastructure, enabling regulated financial institutions to interact seamlessly. This investment aligns with Barclays’ exploration of opportunities around new digital currencies like stablecoins.”

Lloyds Bank completes UK’s first tokenized deposit purchase of government bonds

According to CoinDesk, Lloyds Banking Group, the UK’s third-largest bank by market value, announced it completed the UK’s first transaction using tokenized deposits to purchase UK government bonds. Using the crypto trading platform Archax and privacy-focused Canton network, Lloyds Bank facilitated this bond purchase, demonstrating that tokenization technology can transform traditional banking by converting real-world assets into digital form for instant buying, selling, or transferring.

In this transaction, Lloyds Bank issued tokenized deposits on the Canton network. Subsequently, Lloyds Bank Corporate Markets used these deposits to pay for the tokenized bonds purchased from Archax. Archax then transferred the underlying funds back to Lloyds Bank’s regular account.

JPMorgan deploys JPM Coin on Canton network

According to The Block, JPMorgan’s blockchain and digital payments division Kinexys announced the deployment of JPM Coin (JPMD) on the Canton network, marking the second expansion after its launch on Coinbase-supported Ethereum Layer 2 network Base in November 2025.

JPM Coin is a USD deposit token issued by JPMorgan, providing an alternative stablecoin solution for institutional clients, supporting 24/7 instant peer-to-peer transactions.

Former Brazilian central bank official launches yield-sharing stablecoin BRD pegged to the real

According to CoinDesk, former Brazilian central bank official Tony Volpon launched BRD, a yield-sharing stablecoin pegged to the Brazilian real and backed by Brazilian government debt. Volpon stated on Brazil’s CNN program “Cripto na Real” that the token will be supported by national debt, with its value linked to sovereign bonds, aiming to allow holders to enjoy yields from local interest rates. Brazil’s benchmark interest rate is 15%, while the Federal Reserve’s target rate is 3.5% to 3.75%.

Volpon said this aims to make it easier for foreign investors to access Brazil’s high-yield environment. Despite long-standing international interest in Brazil’s high interest rates, regulatory restrictions, currency frictions, and domestic infrastructure often limit access to these yields; BRD could increase demand for the country’s debt, potentially lowering borrowing costs by expanding the investor base.

Wyoming’s official stablecoin FRNT officially launched and deployed on Solana, available via Kraken

According to Wyoming Stable Token Commission, Wyoming officially launched its government-backed fiat reserve stablecoin “FRNT” for public issuance via Kraken exchange, becoming the first US public institution-issued, fully reserve-backed stablecoin. FRNT is deployed on Solana and can be bridged via Stargate to Ethereum, Arbitrum, and other multi-chain networks. It targets individuals and institutions, supports instant settlement, transaction fees as low as $0.01, and its reserve interest will fund local education.

OSL Global launches four trading pairs including gold stablecoin PAXG

OSL Group’s global exchange OSL Global announced the launch of PAX Gold (PAXG) USD trading pair today. Users can trade PAXG/USD and deposit/withdraw on the Ethereum network.

Meanwhile, OSL Global has also launched three USD trading pairs: WLD/USD, PUMP/USD, and CRV/USD. Users can trade WLD/USD, PUMP/USD, and CRV/USD, with WLD and CRV supporting deposits and withdrawals on Ethereum, and PUMP on Solana.

Morgan Stanley plans to launch a digital wallet later this year to support tokenized assets

Market sources indicate that Morgan Stanley plans to launch a digital wallet later this year to support tokenized assets.

RWA trading platform MSX launches spot and derivatives products across multiple sectors

According to official sources, MSX has added spot and derivatives trading for US aircraft carrier and strategic nuclear submarine manufacturer $HII.M, NASA technology and engineering firm $KBR.M, largest US independent oil & gas producer $COP.M, global oilfield services technology leader $SLB.M, Vietnam ETF $VNM.M, Japan ETF $EWJ.M, and Korea ETF $EWY.M.