RWA Weekly: Mainland enterprises' consulting volume for RWA business in Hong Kong plummets by over 90%; US SEC permits DTCC to custody on blockchain and approves tokenized stocks and other RWA assets

Highlights of This Issue

The weekly coverage period is from December 5 to December 11, 2025.

This week’s RWA market data shows that the total on-chain market capitalization has nearly stagnated, but the number of holders is steadily rising, reflecting that the market is entering a phase of deeper user penetration; the total stablecoin market cap has surpassed $300 billion, but monthly transfer volume and active addresses have significantly declined, indicating a market under “liquidity contraction and user activity decline” pressure.

On the regulatory front, some countries have made substantive progress in tokenized asset issuance. BRICS countries and Bhutan have launched digital currencies backed by gold as underlying assets; the Malaysian crown prince introduced a ringgit stablecoin. At the project level, multi-polar deployment of stablecoins is accelerating: stablecoin projects Crown in Brazil, and African stablecoin payment infrastructure Ezeebit have secured funding, and YouTube has launched a stablecoin payout option for US creators.

In sharp contrast, stricter regulations in Mainland China have caused a drastic drop in consulting inquiries for RWA business to Hong Kong, indicating that the RWA market is evolving in parallel amid global expansion and regional compliance challenges.

Data Insights

Overview of the RWA Sector

According to the latest data from RWA.xyz, as of December 12, 2025, the total on-chain market cap of RWA is $18.47 billion, a slight increase of 0.56% month-over-month, with the growth rate significantly slowing and nearly stagnating; the total number of asset holders has steadily risen to approximately 567,500, up 6.63% from last month, reflecting continuous expansion of the investor base.

Stablecoin Market

The total market cap of stablecoins has reached $300.3 billion, a marginal increase of 0.84% month-over-month, with the growth still at a low level, indicating the overall scale is in a slow expansion phase; however, key liquidity indicators have markedly worsened: monthly transfer volume plummeted to $5.44 trillion, a sharp decline of 21.85% from last month; meanwhile, active address count fell back to 44.23 million, a slight decrease of 2.29% MoM; total holders steadily grew to about 209 million, up 3.53% MoM, creating a strong divergence, reflecting market facing “liquidity contraction and user activity decline.” Market cap is maintained with difficulty, but actual fund circulation efficiency and on-chain trading activity are rapidly decreasing, indicating weakening payment and settlement demand or capital outflows from the on-chain system. Data suggests the market may have shifted from “stock optimization” to “liquidity decay” phase. Leading stablecoins include USDT, USDC, and USDS, with USDT’s market cap up 1.99% MoM; USDC up 0.58%; USDS up 3.52%.

Regulatory News

Russian Lawmakers to Focus on Cryptocurrency and Stablecoins in 2026

According to Cryptopolitan, Anatoly Aksakov, chairman of the State Duma’s Financial Market Committee, stated that cryptocurrencies and stablecoins will be a focus of Russia’s legislative work next year, as Russia begins to regulate its crypto sector and build a legal framework for digital finance. Aksakov reminded that the Bank of Russia has announced plans to introduce comprehensive crypto regulation in 2026.

Previously, Russian regulators long opposed allowing free cryptocurrency trading in the economy, but this week signaled a readiness to support easing regulations on crypto circulation. Currently, digital assets and derivatives can only be bought, traded, and used within a very limited “experimental legal regime” framework by a select group of privileged market participants, including foreign trade enterprises, financial companies, and “high-qualification” investors. Russian monetary authorities are discussing with the Ministry of Finance how to expand investor access and regulate transactions outside the “experimental legal regime.” It has also been disclosed that banks will be permitted to engage in digital currency-related business and to invest in crypto-based derivatives.

BRICS Launches Gold-Backed Digital Currency “Unit”

According to Intellinews citing the Russian Academy of Sciences’ Institute for Research on Economic Strategies (IRIAS), BRICS has developed a prototype for a gold-backed trade currency called “Unit,” a digital trading tool supported by a reserve basket comprising 40% physical gold and 60% BRICS currencies, with equal weights for the Brazilian real, Chinese yuan, Indian rupee, Russian ruble, and South African rand. The pilot project, initiated by IRIAS, issued 100 units on October 31, initially pegged to 1 gram of gold per unit. Although not yet an official policy, this is a direct step toward de-dollarization. The value of “Unit” fluctuates daily with the component currencies against gold; as of December 4, market volatility has adjusted the reserve basket’s value to approximately 98.23 grams of gold, effectively making each unit worth 0.9823 grams of gold.

Crypto influencer @Mark4XX cautions that this is only a pilot, not an officially adopted currency. It is initiated by IRIAS and promoted by some BRICS members, with other countries, including some in Africa, paying close attention.

Malaysian Crown Prince Launches Ringgit Stablecoin RMJDT for Crypto Payments

According to Bloomberg, the Sultan of Johor, Malaysia, Ismail Ibrahim, through Bullish Aim, launched a stablecoin RMJDT backed by ringgit cash and short-term government bonds, planned for issuance on Zetrix blockchain. RMJDT aims to become Malaysia’s standard for crypto payments, enhancing transaction efficiency and security. Zetrix provides the technical backbone for the national “Malaysian Blockchain Infrastructure” platform. Bullish Aim will also invest 500 million ringgit to establish a digital asset vault to buy Zetrix tokens.

Bhutan Issues Gold-Backed Digital Token TER on Solana

According to CoinDesk, Bhutan is expanding its national blockchain strategy with a gold-backed digital token issued by its special administrative zone Gelephu Mindfulness City, supported by the kingdom’s sovereignty framework. Announced on Thursday, the TER token aims to serve as a new bridge between traditional value storage and blockchain-based finance. The token is issued on Solana, with issuance and custody managed by Bhutan’s first licensed digital bank DK Bank. In the initial phase, investors can directly purchase TER tokens through DK Bank, combining familiar traditional asset purchase with transparent on-chain ownership. The announcement states that TER is designed to provide international investors with an accessible, tokenized gold version, offering digital custody and global transferability.

UK FCA States Stablecoins Will Be a Key Future Regulatory Focus

According to DL News, the UK Financial Conduct Authority (FCA) announced that stablecoins pegged to fiat currencies (like USD or GBP) will be one of its future key regulatory targets. This move is part of broader UK efforts to promote economic growth, including digitizing financial services, enhancing international trade competitiveness, and expanding small business lending. FCA CEO Nikhil Rathi wrote to Prime Minister Keir Starmer that FCA plans to finalize digital asset regulations by 2026 and advance the issuance of GBP-pegged stablecoins in the UK. Rathi said, “We will continue to take on greater risks to support economic growth while safeguarding consumers and market integrity.” He also mentioned prioritizing the migration of traditional assets onto blockchain, including enabling the world’s leading asset management industry to tokenize funds for increased efficiency and competitiveness.

SEC Approves DTCC’s Blockchain Custody and Recognition of Tokenized RWA Stocks

According to Bloomberg, the SEC granted the Depository Trust & Clearing Corporation (DTCC) a no-action letter allowing it to custody and recognize tokenized stocks and other real-world assets (RWA) on blockchain. This enables DTCC to provide a three-year tokenization service on pre-approved blockchains. SEC Commissioner Hester Peirce stated, “Although this project is still in pilot stage and subject to operational restrictions, it marks an important step toward market migration onto the chain.” Michael Winnike of DTCC’s Global Strategy and Market Solutions said that after approval, DTCC will expand its recordkeeping onto blockchain. As a core clearing and settlement hub for the US financial system, DTCC plays a vital role in stocks and fixed-income products. Many liquid assets in the US are stored in DTCC’s custody division—Depository Trust Co. The company plans to launch new tokenization services next year.

Additionally, SEC Chair Paul Atkins on X said the US financial markets are moving toward a “chain-based” era, with the SEC prioritizing innovation and actively adopting new technologies to realize this future.

UK Lawmakers Urge Chancellor to Question Bank of England’s Stablecoin Cap Proposal

According to Bloomberg, a cross-party UK parliament group urged Chancellor Rachel Reeves to oppose the Bank of England’s proposal to set a cap on stablecoin holdings, claiming it would undermine the government’s effort to position the UK as a leader in digital assets. In a letter to Reeves, senior MPs including CEO Peter Cruddas of trading platform CMC Markets argued that the BoE’s plan to limit individual stablecoin holdings would not reduce risk but would push capital abroad. The group expressed concern that “the UK is gradually moving toward a fragmented and restrictive approach that will hinder innovation, limit adoption, and drive activity offshore.”

Last month, the Bank of England proposed its draft stablecoin rules, including a temporary cap of £20,000 (~$26,350) for individual stablecoin holdings and a £10 million limit for enterprises. It also requires GBP-pegged issuers to hold at least 40% of their reserves as interest-free deposits at the central bank. These proposals faced criticism from crypto firms, deeming them overly strict.

India’s Deputy Governor Warns of Stablecoin Risks

According to Zhitong Finance, India’s Deputy Governor warned in a public speech that stablecoins could exacerbate dollarization risks, weaken emerging economies’ control over capital flows, and threaten monetary policy independence. Moreover, their circulation could raise borrowing costs and induce currency substitution effects. Foreign stablecoins might also cause significant loss of seigniorage revenues for many countries.

( Domestic Developments

Mainland China Enterprises’ RWA Business Inquiries to Hong Kong Plummet Over 90%

According to First Finance, mainland Chinese enterprises’ inquiries about RWA business in Hong Kong have plummeted over 90% in two months, with most projects being asked to pause. Seven industry associations jointly issued risk reminders, explicitly stating that member units are prohibited from participating in virtual currency and RWA token issuance and trading within China, emphasizing that “knowingly or should have known” liabilities will be pursued, and denying the “offshore entity + domestic team” model. Regulators state no approval has been given for any RWA tokenization activities, warning of risks such as false assets, business failure, and speculation. RWA-related stocks such as Langchao Group and GCL System Integration have shown significant declines from previous highs.

) Project Developments

Western Union to Launch Stablecoin-Backed Prepaid Payment Card in High-Inflation Economies

According to Criptonoticias, Western Union announced it will issue a stablecoin-supported prepaid payment card, initially targeting countries with severe inflation, aiming to further integrate digital assets into payment services. CFO Matthew Cagwin said the card aims to preserve purchasing power, especially where currencies depreciate sharply—such as Argentina, where inflation exceeded 200% last year. The stablecoin card denominated in USD helps remittance recipients preserve value. Western Union also revealed it is working on a USD stablecoin called USDPT, issued by Anchorage Digital on Solana, planned for 2026.

Paradigm Invests $13.5 Million in Brazilian Stablecoin Project Crown

Crypto venture firm Paradigm announced a $13.5 million investment in Brazilian stablecoin company Crown, valuing the company at about $90 million. This is Paradigm’s first investment in Brazil. Crown states its BRLV stablecoin, pegged to the Brazilian real (BRL), is now the “largest emerging market stablecoin,” fully backed by Brazilian bonds, with a current size of around 360 million reais (~$66 million).

BRLV is mainly for institutional clients; investors can earn high yields (~15%) by holding the stablecoin. Paradigm says Crown has established strong network effects and expects rapid expansion in Brazil.

Stablecoin Cross-Border Payments Firm MetaComp Completes $22 Million Pre-A Round

According to PR Newswire, Singapore-licensed stablecoin cross-border payment and fund management provider MetaComp announced a $22 million Pre-A round, with investors including Eastern Bell Capital, Noah, Sky9 Capital, Freshwave Fund, and Beingboom Capital, with 100 Summit Partners as exclusive financial advisor.

The new funds will accelerate the expansion of its StableX Network, integrating SWIFT with multiple stablecoin networks to provide real-time cross-border settlement for enterprises. MetaComp holds a major payments license from the Monetary Authority of Singapore, with stablecoin payment volume exceeding $1 billion monthly across over 30 markets. The company plans to deepen operations in Southeast Asia, South Asia, and the Middle East.

African Stablecoin Payment Infrastructure Ezeebit Completes $2.05 Million Seed Round

According to BitcoinKE, South African-regulated crypto payments startup Ezeebit announced closing a $2.05 million seed round to accelerate product development and merchant onboarding in South Africa, Kenya, and Nigeria. The platform supports stablecoin instant settlements and local currency payments, having processed over 30,000 transactions. Investors include Raba Partnerships, Founder Collective, VISA, Revolut, Talos, and industry executives.

RWA Tokenization Network Real Finance Secures $29 Million Private Round

According to Cointelegraph, RWA tokenization platform Real Finance announced raising $29 million in a private round to build RWA infrastructure. The round includes a $25 million capital commitment from Nimbus Capital, with Magnus Capital and Frekaz Group also participating.

Funds will be used to expand compliance and operational infrastructure to develop a full-stack RWA platform. The company’s short-term target is tokenizing $500 million in assets, about 2% of the current tokenized asset market size. The RWA market is currently dominated by US Treasury products, private credit, and institutional alternative funds, with tokenized money market funds and other assets rapidly growing. Industry experts expect stronger growth as regulation clarifies in the coming year.

Circle to Launch USDCx Stablecoin with “Bank-Grade Privacy” on Aleo Blockchain

According to Fortune, Circle will partner with privacy-focused blockchain Aleo to launch USDCx, offering “bank-grade privacy.” Transaction histories will be invisible to the public, only visible as encrypted “information blocks,” but each transaction will include compliance records accessible upon legal request. Aleo co-founder Howard Wu says USDCx meets institutional privacy needs and has attracted interest from Request Finance, Toku, and others.

Stripe and Paradigm’s Tempo Blockchain Goes Live for Public Beta

According to Bloomberg, Stripe and crypto venture Paradigm’s Tempo blockchain has launched a public beta, open to all enterprises, focusing on stablecoin payment scenarios. New partners include UBS, Cross River Bank, and prediction market platform Kalshi, alongside existing partners Deutsche Bank, Nubank, OpenAI, and Anthropic. Tempo features a dedicated payment channel with fixed transaction fees (0.1 cents per transaction), reducing gas fee volatility and supporting any USD stablecoin for fee payments.

Superstate Launches On-Chain Direct Issuance Program for Tokenized Stock Fundraising

According to The Block, Superstate, led by Coinbase founder Robert Leshner, announced “Direct Issuance Programs” allowing publicly listed companies to directly raise funds by issuing tokenized stocks to verified investors with stablecoin payments and instant settlement. The service will run on Ethereum and Solana, with initial offerings expected in 2026. The plan bypasses underwriters and complies with SEC regulations, aiming to promote on-chain capital markets.

Stripe Acquires Valora Wallet Team to Expand Stablecoin Services

According to The Block, payments giant Stripe has acquired the Valora team via “acqui-hiring,” expanding its crypto operations. Valora founder Jackie Bona announced the team will join Stripe to advance global financial inclusion. Terms were not disclosed, including number of Valora employees joining. Bona states that the acquisition does not include Valora’s underlying IP. The app will revert to its roots at cLabs for future development.

Valora launched in 2021, developing a mobile-first, user-controlled crypto wallet app focused on stablecoins on the CELO blockchain. It aims to make crypto transfers as simple as sending text messages, previously partnering with M-Pesa and other P2P apps in Africa, and collaborating with Tether to promote global stablecoin adoption.

Bank of New York Mellon and Galaxy to Launch Tokenized Liquidity Fund on Solana Next Year

According to CoinDesk, State Street and Galaxy Asset Management plan to launch a tokenized liquidity fund in early 2026, using stablecoins to enable 24/7 investor capital flows, expanding blockchain’s role in institutional cash management. The “State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP)” will accept stablecoins issued by PayPal (PYUSD) for subscriptions and redemptions, whenever assets are available. Qualified investors meeting certain thresholds can participate. Ondo Finance committed about $200 million as seed capital. Initially on Solana, the fund will later expand to Stellar and Ethereum. Galaxy aims to leverage Chainlink’s cross-chain data and asset transfer tools.

Figure Plans to Introduce Securitized Stablecoin YLDS on Solana

According to Business Insider, Figure’s subsidiary Figure Certificate Company (FCC) plans to mint YLDS—an on-chain registered debt security—on Solana. YLDS is a securitized stablecoin designed to maintain a fixed USD value, providing ongoing yield via US Treasuries and repurchase agreements. Decentralized finance platform Exponent Finance on Solana will be the first user.

Keel Launches $500 Million Initiative to Promote RWA on Solana

According to CoinDesk, Sky Ecosystem’s capital allocation platform Keel announced “Tokenization Regatta,” a $500 million investment plan to attract real-world asset projects onto Solana through funding and resource support. The initiative aims to finance RWA projects issuing debt, credit, and funds, with over 40 institutions expressing interest.

JPMorgan Creates USCP Token on Solana to Support Galaxy Digital Debt Issuance

According to The Block, Coinbase and Franklin Templeton completed a transaction on Solana involving Galaxy Digital debt tokens. JPMorgan arranged the issuance of commercial paper by a Galaxy Digital subsidiary, one of the earliest debt offerings on a public blockchain. The transaction details have not been disclosed.

This marks Galaxy Digital’s first US debt issuance on US public markets and the debut of USCP tokens—JPMorgan’s tokenized version of short-term debt issued on Solana to facilitate the transaction. Funds raised will be paid in Circle USDC. Coinbase is a blockchain partner, providing custody and wallet services for USCP tokens and USDC.

YouTube Launches New Option to Pay Creators with Stablecoins

According to Forbes, YouTube is enabling creators to choose to receive earnings in PayPal stablecoins. PayPal’s crypto lead May Zabaneh confirmed the feature is live and currently only available in the US. YouTube’s parent Google also confirmed the addition, allowing creators to get paid via PayPal stablecoins for their content revenue shares.

Ripple Completes $200 Million Acquisition of Stablecoin Platform Rail

According to Cointelegraph, Ripple has officially completed its $200 million acquisition of stablecoin platform Rail.

Circle’s Euro-Backed Stablecoin EURC Launches on World App

According to official sources, Circle’s euro-backed stablecoin EURC is now live on World App, allowing users to buy, sell, and send EURC within World Wallet.

AirAsia Founder and Standard Chartered Collaborate to Explore Malaysian Ringgit-Backed Stablecoin

According to Bloomberg, AirAsia’s operator and Standard Chartered Malaysia signed a memorandum of understanding to explore issuing a stablecoin backed by ringgit, Malaysia’s currency. Recently, a Malaysian royal announced a similar token.

A Friday statement says Tony Fernandes’ Capital A and Standard Chartered Malaysia will jointly develop and test the stablecoin via the Bank Negara Malaysia-regulated Digital Asset Innovation Hub. Standard Chartered Malaysia will act as issuer, while Capital A may pilot wholesale use cases. This marks Capital A’s first foray into regulated digital assets.

Tokenized Stock Trading Platform MSX Launches Multiple Spot and Derivative Products

According to official sources, MSX has launched spot trading for US telecom company $SATS.M, global liquor giant $DEO.M, Destiny Tech 100 fund $DXYZ.M, and BTC DAT $XXI.M, as well as new derivative products for media giant $DIS.M.