Highlights of this Issue

This weekly publication covers the period from December 12 to December 19, 2025. This week, the total on-chain market cap of RWA slightly increased to $18.9 billion, with holders continuing to grow; stablecoin market cap surpassed $300 billion, but trading activity declined, showing a “stock accumulation” characteristic. Global regulatory frameworks are accelerating; China is promoting digital RMB; the US, Canada, Hong Kong, and others are actively formulating rules for stablecoins and asset tokenization. Traditional financial institutions are deepening their involvement: JPMorgan launched tokenized funds on Ethereum and integrated JPM Coin into Base; Visa and Mastercard expanded stablecoin payment and clearing services; DTCC partnered with Canton Network to promote US debt tokenization. Meanwhile, Coinbase, PayPal, SoFi, and others have launched tokenized assets, stablecoin yield products, and cross-border payment solutions. Emerging markets like Brazil and Pakistan are also actively exploring sovereign asset tokenization. Overall, under the dual influence of regulatory compliance and institutional drive, RWA is gradually embedding into the global payment, settlement, and asset management systems.

Data Insights

RWA Sector Overview

According to the latest data from RWA.xyz, as of December 19, 2025, the total on-chain market cap of RWA reached $18.9 billion, a slight increase of 3.54% compared to the previous month, with a modest acceleration in growth, possibly indicating a rebound in native on-chain financial activities; the total number of asset holders increased to approximately 577,000, up 6.87% month-over-month, showing steady growth.

Stablecoin Market

The total market cap of stablecoins reached $300.02 billion, a 1.15% increase from the previous month, maintaining low-speed growth or entering a phase of stock stabilization; monthly transfer volume shrank to $5.72 trillion, down 14.34% MoM; total active addresses decreased slightly to 43.48 million, down 1.03% MoM; total holders steadily increased to about 211 million, up 3.76% MoM, with a widening divergence between holders and trading activity. This data suggests the market is showing a weak trend of expanding holder base while trading activity and capital turnover are shrinking. New users are likely mainly holding for allocation purposes, while institutional settlement and retail trading demand are weakening simultaneously. On-chain payment and settlement functions face challenges, and the market may have entered a phase of “stock accumulation and declining activity.” Leading stablecoins include USDT, USDC, and USDS, with USDT market cap up 1.92% MoM; USDC up 1.05%; USDS up 5.21%.

Regulatory News

People’s Bank of China: Promoting RMB Internationalization and Steady Development of Digital RMB

The Party Committee of the People’s Bank of China held a meeting emphasizing steady advancement of high-level financial openness and safeguarding financial security. It advocates for participating in and promoting reforms of global financial governance. It actively conducts financial diplomacy and bilateral/multilateral monetary cooperation. It promotes RMB internationalization. It continues to build and develop a multi-channel, broad-coverage cross-border RMB payment system. It steadily develops digital RMB.

US FDIC Proposes Rules for Stablecoin Application Framework to Promote Implementation of the GENIUS Act

According to The Block, the US Federal Deposit Insurance Corporation (FDIC) is advancing the implementation of parts of the stablecoin legislation passed into law this summer. On Tuesday, the FDIC board approved a proposed rulemaking notice that sets out application procedures for institutions issuing payment stablecoins through subsidiaries. The agency is soliciting public comments on this proposed rule. At the board meeting, FDIC legal counsel Nicholas Simons stated that applications need to specify the scope of activities, provide a description of “subsidiary ownership and control structure,” and include a “letter of engagement with a registered public accounting firm.” Simons said, “In summary, the proposed rule will enable the FDIC to assess the safety and soundness of proposed payment stablecoin activities while minimizing regulatory burdens on applicants.”

This summer, US President Trump signed the GENIUS Act, creating a federal regulatory framework for stablecoins. Earlier this month, FDIC Acting Chair Travis Hill told lawmakers that the agency plans to release an implementation framework for the GENIUS Act in the coming weeks. He also mentioned that the agency plans to issue a proposed rule in the coming months to set capital, liquidity, and risk management requirements for approved subsidiary stablecoin issuers.

Bank of Canada Announces Only High-Quality Stablecoins Tied to Central Bank Currency Will Be Approved

According to Cointelegraph, the Bank of Canada has stated that, under the upcoming stablecoin regulations expected in 2026, it will only approve high-quality stablecoins pegged to the central bank’s currency to ensure stablecoins become “premium money.” Bank of Canada Governor Tiff Macklem said in a speech at the Montreal Chamber of Commerce on Tuesday: “We want stablecoins to be as good as banknotes or bank deposits.” Macklem hopes stablecoins will be backed 1:1 by central bank currency and supported by “high-quality liquid assets” that can be easily exchanged for cash. These assets typically include government bonds and treasury securities.

Macklem’s remarks follow a lengthy 2025 budget report released in early November, which states that stablecoin issuers will be required to hold sufficient reserves, establish redemption policies, and implement various risk management frameworks, including measures to protect personal and financial data.

Hong Kong Financial Secretary’s Office: Studying Legal and Regulatory Framework for Tokenized Bond Issuance and Trading

According to Jinshi, at the “Web5 Ecosystem” summit held in Hong Kong on December 18, Deputy Secretary for Financial Services and the Treasury, Chen Haoliang, stated that the government is studying the legal and regulatory framework for tokenized bond issuance and trading, exploring optimization measures, and promoting the adoption of tokenization technology in Hong Kong’s bond market to enrich the variety of tokenized and digital assets. Additionally, the Hong Kong Monetary Authority is implementing digital currency projects, including promoting commercial banks to issue tokenized deposits and facilitating real tokenized asset trading.

Pakistan to Collaborate with Binance to Explore Tokenization of Sovereign Bonds and $2 Billion Assets

According to Reuters, Pakistan’s Ministry of Finance announced that Pakistan has signed a memorandum of understanding with cryptocurrency exchange Binance to tokenize assets worth up to $2 billion (including sovereign bonds, treasury bills, and commodity reserves) to improve liquidity and attract investors. Furthermore, the Virtual Asset Regulatory Authority (VARA) said Pakistan has preliminarily approved Binance and digital asset platform HTX to register with regulators, establish local subsidiaries, and prepare to apply for full exchange licenses.

Domestic Developments

Circle and LianLian International Sign MoU to Explore Stablecoin-Driven Next-Generation Cross-Border Payment Infrastructure

According to Circle’s official announcement, USDC issuer Circle has signed a memorandum of understanding with licensed cross-border payment provider LianLian International to explore stablecoin-based cross-border payment solutions, aiming to improve efficiency, transparency, and accessibility, focusing on emerging markets in Asia and global merchants. They are also considering promoting interoperability between traditional payment systems and on-chain settlement via Circle Payments Network and Layer 1 chain Arc.

Standard Chartered Launches Blockchain-Based Tokenized Deposit Solution

According to Techinasia, Standard Chartered has launched a blockchain-based tokenized deposit solution supporting real-time transfers in HKD, offshore RMB, and USD for Ant International. The bank partnered with global fintech company Ant International to deploy this technology on Ant’s WhaleEx platform. This launch is part of the Hong Kong Monetary Authority’s “Digital Hong Kong Dollar” project (Project Ensemble), aimed at promoting distributed ledger technology in the region.

Ant International is the first client to adopt this new solution, which enables 24/7 fund management and liquidity transfer. Both Standard Chartered and Ant International are members of the EnsembleTX group, supporting the promotion of tokenization technology in Hong Kong. Since May 2024, Standard Chartered has joined the “Digital Hong Kong Dollar” project community to help develop industry standards and test tokenization applications.

Project Progress

Bloomberg: Coinbase Announced Launch of Prediction Markets and Tokenized Stocks This Week

According to Bloomberg, sources familiar with the matter revealed that Coinbase Global Inc. announced the launch of prediction markets and tokenized stocks this week. These products were officially introduced during Coinbase’s product showcase on December 17. The sources also mentioned that Coinbase’s tokenized stocks will be launched internally, not via partners. Coinbase executives had previously expressed interest in these areas but had not officially announced plans. For weeks, screenshots hinting at these features have circulated on social network X. This move is part of Coinbase’s effort to become a “one-stop app,” providing broad asset and market access and keeping pace with competitors diversifying in the same direction.

JPMorgan Launches Tokenized Money Market Fund on Ethereum and Deploys JPM Coin on Base Blockchain

According to the Wall Street Journal, JPMorgan Chase is launching “My OnChain Net Yield Fund” (MONY).

According to CoinDesk, JPMorgan has deployed its digital deposit token JPM Coin onto Coinbase’s Base blockchain, marking the first large-scale integration of a major Wall Street firm into a public chain ecosystem. JPM Coin differs from stablecoins; it is a digital representation of interest-bearing bank deposits, limited to transfer among whitelisted users. This move responds to institutional client demand for on-chain use of bank deposit products, mainly for collateral and margin payments in crypto trading. JPM emphasizes that its deployment has full permission control and risk isolation, reflecting traditional finance’s move toward DeFi. The tokenized money market fund, issued on Ethereum, initially funded with $100 million.

Visa Launches Stablecoin Advisory Service and Enables USDC Clearing on US Banks

According to Fortune, Visa announced on Monday the launch of a stablecoin consulting service to help fintechs, banks, and other enterprises develop strategies and implement stablecoins. The service has dozens of clients, including Navy Federal Credit Union, VyStar Credit Union, and a financial institution called Pathward. It will assist in formulating stablecoin strategies, technology, operations, and implementation. Use cases include cross-border transactions, especially with countries experiencing currency volatility, and B2B transactions.

According to Bloomberg, Visa announced that US banks can use Circle’s USDC on Solana for transaction clearing, marking the first comprehensive deployment of stablecoin settlement services within the US banking system. Initial users include Cross River Bank and Lead Bank. This is facilitated by regulatory easing during Trump’s second term and the launch of the Arc chain developed jointly by Visa and Circle. Visa expects stablecoins to become a key payment channel in the future, with annualized clearing volume reaching $3.5 billion by the end of November.

Mastercard Expands Blockchain and Stablecoin Payment Business in Middle East via Partnership with ADI Foundation

According to Cointelegraph, Mastercard has established a new partnership with the ADI Foundation to expand blockchain and stablecoin payment services in the Middle East.

Interactive Brokers Supports Stablecoin Deposits for US Clients

According to Bloomberg, brokerage giant Interactive Brokers now allows some US clients to fund their personal accounts with stablecoins, enabling direct deposits via crypto wallets without linking a bank account. The feature will be gradually rolled out to more users.

DTCC and Canton Network Collaborate on US Debt Tokenization, Supported by SEC “No-Objection Letter”

According to CoinDesk, the clearing giant DTCC announced a partnership with privacy-focused blockchain Canton Network to advance the tokenization of US Treasury assets under DTCC custody. The project has received SEC “no-objection” approval and plans to launch a minimum viable product (MVP) in the first half of 2026, with future scaling based on client demand. DTCC will co-chair the Canton Foundation with Euroclear, participating in industry decentralization standards.

Brazil’s B3 to Launch Own Tokenization Platform and Stablecoin

According to CoinDesk, Brazil’s main stock exchange B3 plans to launch a tokenization platform and issue its own stablecoin next year to deepen its involvement in crypto. The platform will enable tokenization and trading of assets on the exchange, sharing liquidity pools with traditional markets. To support settlement, B3 also plans to issue a stablecoin that will serve as a payment and clearing tool within the tokenized environment, reducing reliance on existing cash processes. The stablecoin is expected to be pegged to the Brazilian real.

B3 is also expanding into crypto derivatives, developing products such as Bitcoin, Ethereum, and Solana options, as well as event-based contracts linked to crypto prices. These are currently under review by the Brazilian Securities and Exchange Commission (CVM).

Ripple Stablecoin RLUSD Expands to Layer 2 Networks Using Wormhole’s NTT Standard

According to the official blog, Ripple announced the first expansion of its stablecoin RLUSD to Layer 2 networks, collaborating with cross-chain interoperability protocol Wormhole and NTT token standard to test on Optimism, Base, Ink, and Unichain. Ripple expects to launch RLUSD on more chains after obtaining final regulatory approval next year; RLUSD’s deployment on subsequent chains requires testing and approval by the New York Department of Financial Services. Initially, RLUSD was issued only on XRPL and Ethereum.

Stablecoin $U Officially Launched: Available on BNB Chain and Ethereum, Integrated with PancakeSwap, ListaDAO, and Other Major DeFi Protocols, Listed on Centralized Exchange HTX

United Stables announced the official launch of the USD stablecoin $U, now deployed on both BNB Smart Chain (BSC) and Ethereum (ETH), with multiple ecosystem integrations. The $U stablecoin is fully backed 1:1 (USD + leading stablecoins), with real-time on-chain proof of reserves (PoR), monthly audits, and future support for enterprise privacy and AI-native payments (EIP-3009/x402). It is the first “unified stablecoin” on BNB Chain, consolidating major stablecoins as collateral assets to form a unified liquidity layer.

In terms of ecosystem integration, $U supports major DeFi protocols including PancakeSwap, Aster, Four.meme, and ListaDAO, allowing users to trade, stake, lend, and provide liquidity directly on-chain. Wallets like Binance Wallet, Trust Wallet, and SafePal have integrated $U. Beyond on-chain, $U is also listed on the centralized exchange HTX.

According to the project, $U aims to empower trading, DeFi, institutional settlement, cross-border payments, and AI autonomous economy scenarios, with plans to expand to more blockchains, DeFi protocols, and trading platforms.

Exodus, MoonPay, and M0 to Launch New Digital USD for Daily Payments in Early 2026

Fintech company Exodus announced a partnership with MoonPay to launch a fully USD-backed stablecoin supporting its digital dollar experience within its ecosystem. The stablecoin is issued and managed by MoonPay, built on M0’s open stablecoin infrastructure.

This initiative will be integrated with Exodus’s upcoming payment feature, Exodus Pay, allowing users to pay, transfer, and earn rewards with stablecoins without needing to understand cryptocurrencies, maintaining a self-custody model. The stablecoin will also be available via MoonPay’s global distribution network, including buying, selling, exchanging, depositing, and checkout functions, providing broad real-world use cases for users and merchants. The stablecoin is expected to launch in early 2026, with more details to be announced before release; the exact launch date depends on regulatory compliance.

Intuit Collaborates with Circle to Integrate USDC, TurboTax and QuickBooks to Support Stablecoin Payments

According to The Block, financial software giant Intuit has signed a multi-year partnership with Circle to embed USDC stablecoin payments into core products like TurboTax and QuickBooks for faster, lower-cost settlements such as tax refunds and business payments. Circle provides the USDC infrastructure. The specific launch timeline and whether users will hold USDC directly or just use it as a backend payment channel have not been disclosed. Previously, Visa enabled USDC-based settlement services for US banks on Solana, and Circle has expanded issuance and distribution with several exchanges including Bybit.

PayPal Launches PYUSD Savings Vault on Spark Platform and Expands Stablecoin Use Cases for AI Funding

According to The Block, PayPal is launching the PYUSD Savings Vault on the decentralized lending platform Spark, offering stablecoin users a new way to earn yields, with an annual percentage yield (APY) of 4.25%. The yield is “anchored” to Sky’s savings rate, funded by income from the Sky protocol. PYUSD was integrated into SparkLend in September, allowing deposits and loans of the stablecoin. Both companies aim to scale deposits to $1 billion after initial success. The new PYUSD Savings Vault may boost PYUSD deposits on SparkLend. As part of Spark’s Savings V2, the vault also leverages Spark’s liquidity layer, deploying stablecoin deposits into Spark’s balance sheet, including lending strategies on SparkLend.

For PYUSD Savings Vault, 90% of deposits are allocated to yield-generating strategies via Spark’s liquidity layer, with the remaining 10% held as “instant withdrawal liquidity” in the contract. Interest is credited as an accumulated token, spPYUSD, to depositors. Currently, over 57% of deposits are in stablecoins, 15.73% in on-chain crypto lending, 10.24% in AAA corporate bonds, 10.10% in off-chain crypto lending, 5.32% in US Treasuries, with the rest in other investments.

According to Cryptopolitan, PayPal announced that its stablecoin PYUSD will partner with Web3 protocol USD.AI to fund AI companies. USD.AI will use PYUSD to provide credit and financing for GPU and data center needs. The two plan to combine common payment frameworks with programmable settlement to facilitate long-term credit, leasing, and upcoming agency-driven transactions. They also pledged to offer a 4.5% interest rate on deposits as part of customer incentives, aiming to attract more users. The program will start in early January and last for one year.

US-based National Bank SoFi Launches USD Stablecoin SoFiUSD, Now Live on Ethereum

According to The Block, SoFi Bank announced the launch of USD stablecoin SoFiUSD (1:1 cash reserve), claiming to be the first US national bank to issue a stablecoin on a public chain. SoFiUSD is live on Ethereum, offering near-instant, low-cost settlement 24/7 for banks, fintechs, and enterprise partners, with plans to open to SoFi users. SoFi states that it can hold cash reserves in Federal Reserve accounts, share earnings, and support partner white-label issuance or direct settlement and payment integration. The stablecoin will also be used for card networks, retail settlement, SoFi Pay cross-border remittances, and POS payments. Several institutions are advancing stablecoins, including KlarnaUSD, Western Union’s USDPT, and Stripe’s USDB.

Startale and SBI to Launch Regulated JPY Stablecoin in Japan

According to Techinasia, Japanese blockchain infrastructure firm Startale Group and financial group SBI Holdings plan to launch a fully regulated, JPY-pegged stablecoin by Q2 2026 to support global settlement. They will develop this digital currency under a new agreement. Shinsei Trust & Banking will handle issuance and redemption, while licensed crypto exchange SBI VC Trade will manage circulation. The JPY stablecoin will be issued by a trust bank for global settlement and institutional use. Startale will focus on technology development, while SBI will handle compliance and promotion.

StraitsX and Solana Foundation Collaborate to Launch XSGD and XUSD on Solana in Early 2026

StraitsX announced a partnership with the Solana Foundation to bring its Singapore dollar-backed stablecoin XSGD and US dollar-backed stablecoin XUSD to the Solana blockchain, planned for early 2026. This integration will leverage Solana’s high-efficiency, low-cost network for real-time global payments and digital commerce.

XSGD and XUSD are already active on multiple blockchains, with over $1.8 billion in on-chain transaction volume. Launching on Solana will enable deep connectivity for SGD and USD on the same chain, supporting on-chain FX, AMM liquidity, lending markets, and institutional payments.

StraitsX and the Solana Foundation will also promote deep liquidity for DEX, AMM, and lending markets, further strengthening Solana’s role in AI-driven on-chain payments and DeFi applications.

Ondo and LayerZero Launch Cross-Chain Securities Bridge, Plan to Launch Tokenized Stocks and ETFs on Solana in Early 2026

According to Ondo’s official blog, Ondo and LayerZero launched the “Ondo Bridge,” supporting 100+ existing Ondo stocks and ETFs to transfer 1:1 cross-chain between Ethereum and BNB Chain, with plans to expand to more EVM chains within weeks. The bridge uses a unified architecture replacing individual asset-specific bridges. Existing LayerZero-integrated apps (over 2,600) can quickly connect to Ondo Global Markets assets; Stargate already supports this. Ondo claims it is the largest cross-chain securities tokenization bridge to date. Previously, Ondo Global Markets on Ethereum and BNB Chain accumulated over $350 million in TVL and about $2 billion in trading volume.

Ondo Finance announced on X that its tokenized stocks and ETFs platform will go live on Solana in early 2026. It claims to be the largest tokenized stocks and ETFs platform, aiming to bring Wall Street liquidity into the internet capital markets.

SOL Treasury Company Forward Industries Tokenizes Shares via Superstate

According to The Block, NASDAQ-listed SOL treasury company Forward Industries is issuing its shares on-chain via a native blockchain tokenization platform. As of Thursday, Forward stated: “Its SEC-registered stock is now live on Solana through Superstate’s Opening Bell platform, marking the first time a listed company’s equity can be directly used within DeFi.” The tokenized FWDI will be integrated into Solana’s DeFi ecosystem as an SPL token. The tokenized shares will be held by a transfer agent under Superstate, responsible for tracking ownership in the non-custodial DeFi space and assisting in transferring shares from traditional brokerage accounts to whitelisted Solana wallets.

EquiLend Makes Strategic Investment in Digital Prime to Accelerate $4 Trillion Traditional Asset Tokenization

According to CoinDesk, traditional finance giant EquiLend announced a strategic minority investment in crypto financing platform Digital Prime Technologies, focusing on its institutional lending network Tokenet, and plans to introduce regulated stablecoin collateral and other new features. Managing over $4 trillion in lendable assets, EquiLend states this move is to adapt to asset tokenization trends and accelerate the integration of traditional and digital asset markets.

Tether Plans to Explore Equity On-Chain After Raising Up to $20 Billion

According to Bloomberg, Tether is considering on-chain equity solutions after pursuing up to $20 billion in fundraising, including buybacks or tokenized equity to improve liquidity. Tether’s management is concerned that discounted transfers of shares by existing shareholders could impact valuation, and currently does not allow shareholders to exit via this round. Tether has previously launched the Hadron platform to represent stocks and other assets on-chain.

Malaysian Halogen Capital Completes $3.2 Million Funding Round to Expand Asset Tokenization

Malaysian licensed digital asset fund manager Halogen Capital announced closing a $3.2 million (MYR 13.3 million) funding round led by Kenanga Investment Bank, with participation from 500 Global and others.

Kenanga’s private equity arm acquired 14.9% of Halogen Capital, becoming its largest institutional shareholder. Other investors include 500 Global, Digital Currency Group, The Hive Southeast Asia, Jelawang Capital, and Mythos Venture Partners.

Halogen Capital says the funds will be used to expand its physical asset tokenization business, including mutual funds, bonds, Islamic bonds, private credit, and real estate. As of November 2025, the company manages about MYR 18 million (~$4.4 million). Founded in 2023, Halogen Capital manages 8 wholesale and private trust funds serving high-net-worth individuals, corporates, and institutions.

Stablecoin Payment Company Speed Completes $8 Million Funding, Led by Tether

Tether led an $8 million funding round for payment infrastructure company Speed (Speed1), with ego death capital participating. Speed, built on Bitcoin’s Lightning Network and USDT, processes about $1.5 billion annually, serving 1.2 million users and merchants, providing BTC/USDT instant settlement and enterprise routing.

Stablecoin Payment Platform RedotPay Raises $107 Million Series B

According to The Block, Hong Kong-based stablecoin payment platform RedotPay completed a $107 million Series B funding round led by Goodwater Capital, with participation from Pantera Capital, Circle Ventures, Blockchain Capital, and existing investors HSG. The funds will be used for product iteration, licensing, and strategic acquisitions. RedotPay processes over $10 billion annually, with annual revenue exceeding $150 million, serving users in over 100 markets, with over 6 million registered users, and remains profitable.