RWA Weekly: Hong Kong Monetary Authority receives 36 applications for stablecoin licenses; Swift collaborates to promote tokenization of funds.

Highlights of this issue

This week's statistical period covers September 26 to October 3, 2025. The RWA market shows a trend of robust growth alongside structural differentiation: the total on-chain market capitalization and the number of asset holders are rising simultaneously, but new issuers entering the market have nearly stagnated, indicating a shift from scale expansion to deepening existing holdings. The market capitalization of stablecoins continues to grow, but the transaction volume and monthly active addresses have significantly declined, reflecting liquidity contraction and retail exit. Global regulatory pathways are diverging, with Hong Kong steadily advancing the stablecoin licensing process and expanding the tokenized bond pilot, considering access to central bank digital currency subscriptions; meanwhile, the EU is pushing to restrict multi-issuer stablecoins. RWA is expanding from fixed income to diverse assets such as equities, index funds, and IPs, with AlloyX and Circle having issued tokenized money market funds, while FG Nexus, Securitize, and Republic are focusing on tokenized equity assets.

Data Pivot

RWA Track Overview

According to the latest data disclosure from RWA.xyz, as of October 3, 2025, the total on-chain market value of RWA is $32.56 billion, an increase of 12.28% compared to the same period last month; the total number of asset holders is approximately 412,100, an increase of 9.18% compared to the same period last month; the total number of asset issuers has slightly increased to 222, only one more than last month, indicating that the entry of new issuers has nearly stagnated.

Stablecoin Market

The total market value of stablecoins is $289.86 billion, an increase of 5.78% compared to the same period last month; the monthly transfer volume has decreased to $3.27 trillion, a decline of 7.59% compared to the same period last month; the total number of monthly active addresses has shrunk to 27.06 million, a sharp drop of 19.60% compared to the same period last month; the total number of holders is approximately 192 million, showing nearly zero growth, indicating significant divergence between the two, revealing an intensifying degradation of market liquidity and structural imbalance: the expansion of market value relies on the accumulation of existing funds, while the accelerated withdrawal of retail investors leads to a continuous deterioration in trading frequency and network activity. The leading stablecoins are USDT, USDC, and USDe, with USDT's market value slightly increasing by 5.89% compared to the same period last month; USDC's market value increasing by 3.05% compared to the same period last month; and USDe's market value remaining basically unchanged, growing by 18.31% compared to the same period last month.

Regulatory news

Caixin: Hong Kong will first implement a Hong Kong Dollar stablecoin, tokenized ETF shares or units trading or transfer will be exempt from stamp duty

According to an exclusive interview with Caixin, Xu Zhengyu from the Hong Kong Treasury Bureau stated that the application for licenses for compliant stablecoins is progressing as per the original framework, with the first batch of licenses expected to be issued in early 2026 as scheduled. Hong Kong's regulatory positioning is very clear, which is to achieve a balance in three areas: innovation, integration into the real economy, and risk management. The first to be implemented will be the Hong Kong dollar stablecoin.

Regarding the issuance of RMB stablecoins in Hong Kong, Xu Zhengyu stated that from Hong Kong's perspective, the legal framework allows for different fiat currencies to serve as the underlying benchmarks for stablecoins. However, currency carries sovereign intent and strategic considerations. Pegging to the RMB must take into account national exchange rates and monetary policies, requiring a comprehensive assessment of the associated risks and benefits. Furthermore, the Hong Kong Inland Revenue Department has clearly stated that trading or transferring tokenized ETF shares or units on licensed digital asset trading platforms or other platforms in Hong Kong is exempt from stamp duty.

Market News: EU regulators push to ban multi-issuer stablecoins due to collapse concerns

The European Central Bank is seeking support for a ban on stablecoins issued simultaneously in the EU and other jurisdictions, which lays the groundwork for future conflicts over how operators like Circle and Paxos manage cross-border business. According to informed sources, the European Systemic Risk Board (ESRB), responsible for maintaining the safety of the European financial system, passed a recommendation last week calling for a ban on so-called “multi-issuance” stablecoins. This guidance was approved by a high-level committee composed of central bank governors and EU officials; although not legally binding, it will put pressure on regional regulators to implement relevant restrictions or explain how to maintain financial stability in the absence of such restrictions.

Hong Kong Monetary Authority: As of the end of September, a total of 36 institutions have submitted applications for stablecoin licenses

According to Jinshi reports, the Hong Kong Monetary Authority has revealed that as of September 30, it has received stablecoin license applications from 36 institutions, including banks, technology companies, and other types of organizations. The Monetary Authority will approve applications in accordance with the “Stablecoin Ordinance” and aims to announce the first batch of licenses early next year, with only a few licenses issued in the first phase. Previously, the Monetary Authority encouraged institutions interested in applying for a license to contact them by August 31 or earlier and to submit applications by September 30 or earlier.

Hong Kong Securities and Futures Commission: RWA tokenized products are not suitable for stock trading at this time, and there is no advantage over traditional trading.

According to a report by the Hong Kong media Ming Pao, Ye Zhiheng, the Executive Director of the Intermediary Institutions Department of the Hong Kong Securities and Futures Commission responsible for virtual asset trading, stated in an interview with the Hong Kong media that RWA accounts for less than 1% of the global digital asset management size (AUM), and the trading volume is even lower than 1%. Currently, the RWA tokenized products in the market are mainly related to fixed-income products (such as money market funds). If applied to securities trading and settlement, the latency of blockchain technology does not offer an advantage over the high efficiency of traditional exchange trading and settlement systems, making it difficult to accommodate high-frequency trading, and it is currently not suitable for stock trading.

Ye Zhiheng also revealed that there are about 300 colleagues in the Intermediaries Division of the Hong Kong Securities and Futures Commission, with 50 people highly involved in virtual asset regulatory matters. Their responsibilities include licensing, AML, etc., and they plan to hire external personnel to enhance work effectiveness.

Local Dynamics

The third batch of tokenized bonds in Hong Kong may connect to the central bank digital currency subscription

According to Caixin, data disclosed by the Assistant Chief Executive (External Affairs) of the Hong Kong Monetary Authority, Xu Huaizhi, indicates that the Hong Kong Special Administrative Region Government has issued bonds totaling approximately HKD 386 billion in RMB, HKD, EUR, and USD through the “Government Green Bond Program” and the “Infrastructure Bond Program” since 2019. In February 2023 and February 2024, two batches of tokenized green bonds were successfully issued, with sizes of USD 100 million and USD 750 million, respectively. The third batch of tokenized bonds will not only consider asset-side tokenization but also the realization of fund-side tokenization. Given that the development of fund-side tokenization in Hong Kong is early and the most mature is the Central Bank Digital Currency (CBDC), it is possible that the fund-side of this batch of tokenized bonds may connect to CBDC subscriptions.

Zhong Shouyou announces collaboration with Amber Premium to jointly promote the landing of the “Xianjian Qixia Zhuan” IP RWA plan

The Hong Kong-listed company Zhong Shouyou (00302.HK) announced a strategic partnership with institutional-level crypto financial service provider Amber International Holding Limited. The two parties will work together to promote the implementation of the “Xianjian Qixia Zhuan” IP RWA plan under the premise of compliance and regulation.

Standard Chartered Bank provides custody, AlloyX launches a tokenized money market fund combining DeFi strategies on Polygon

According to CoinDesk, Hong Kong stablecoin infrastructure company AlloyX announced that it has partnered with Standard Chartered and Polygon to launch a tokenized money market fund called RYT on the Polygon network, with Standard Chartered providing asset custody services for the fund.

AlloyX has recently been acquired by Hong Kong listed company Solowin Holdings. The company stated that RYT will initially be offered only on the Polygon network, with plans to expand to other networks in the future.

Project Progress

Centrifuge launches S&P 500 Index Fund SPXA on Base Network

According to CoinDesk, the RWA project Centrifuge announced the launch of the first blockchain S&P 500 index fund SPXA authorized by the S&P Dow Jones Indices on the Coinbase Base network. The fund is managed by Janus Henderson and Anemoy, a subsidiary of Centrifuge, and supports around-the-clock trading with publicly disclosed holdings. FalconX serves as the anchor investor, while Wormhole is responsible for cross-chain expansion.

Multiple institutions in the UK have launched a pilot project for tokenized deposits, and Quant has revealed that it has been selected to provide infrastructure for the UK tokenized pound deposit project.

According to reports from the Global Market Broadcast, some of the largest lending institutions in the UK are advancing plans to launch a tokenized version of customer deposits next year. Previously, the Governor of the Bank of England, Andrew Bailey, called for tokenization technology to be prioritized over stablecoins. This banking initiative is a response to that call. The UK Finance Association revealed on Friday that institutions such as HSBC, National Westminster Bank, and Lloyds Bank have launched pilot projects to use tokenized deposits for payments in online markets. This tokenized deposit pilot in the UK also involves Barclays Bank, the Nationwide Building Society, and Santander Bank, and will continue until mid-2026. In addition, the pilot will test the application scenarios of tokenized deposits in the remortgage process and digital asset settlement.

Although the UK Financial Conduct Authority (FCA) does not expect to finalize stablecoin regulations until the end of 2026, the Bank of England has made it clear that banks can conduct experiments with tokenized deposits within the existing regulatory framework. Currently, several large banks are simultaneously researching tokenized deposits and stablecoins. The CEO of Citigroup stated in July that the importance of tokenized deposits may surpass that of stablecoins.

Quant CEO Gilbert Verdian stated on platform X: “Quant has been chosen to create a new payment infrastructure and banking technology for the UK's tokenized pound deposits (GBTD) project. This project is a pioneering financial market infrastructure initiative led by UK Finance, in collaboration with major commercial banks including Lloyds, Barclays, HSBC, NatWest, Santander, and Nationwide.”

According to previous reports, multiple institutions in the UK have launched a pilot project for tokenized deposits.

Maple Finance collaborates with Elwood to promote institutional digital asset lending

The cryptocurrency lending platform Maple Finance has announced a partnership with Elwood Technologies to support large financial institutions entering the digital asset lending market. Maple's on-chain lending and asset management platform will integrate Elwood's trade execution, portfolio management, and risk tools to address the infrastructure and operational challenges faced by traditional institutions in the crypto space.

Maple focuses on structured lending products and yield strategies based on public chains, while Elwood is supported by hedge fund manager Alan Howard, providing connections and data analysis services for global exchanges, custodians, and fund management.

Republic plans to tokenize the equity of Animoca Brands

Investment platform Republic has announced plans to tokenize equity in the global Web3 company Animoca Brands, opening a new avenue for global investors to access Animoca Brands. The tokenized equity will be minted on the Solana blockchain and distributed to the wallets of participating investors. Token trading will take place on Republic's global market platform. More details about the tokenization process will be announced later.

Chainlink and UBS Advance On-Chain Transformation in the Fund Industry through Swift

According to CoinDesk, Chainlink has launched a CRE-based technology process that allows banks to interact with on-chain “tokenized funds” via Swift (ISO 20022) and has completed fund subscriptions and redemptions in a pilot with UBS. The process is triggered by UBS's existing system, and after receiving the Swift message, CRE executes on-chain instructions through Chainlink Digital Transfer Agent. This move aims to provide blockchain integration for the global fund industry, which exceeds $100 trillion, and continues the cross-chain interoperability exploration of Singapore's “Project Guardian.” Previously, Chainlink also conducted a pilot for standardizing corporate action data with 24 global banks, DTCC, and Euroclear.

MSX will hold several RWA & Web3 themed events during TOKEN2049, including a private lunch.

The decentralized RWA trading platform MSX (, formerly MyStonks), made its debut during TOKEN2049 in Singapore from October 1st to 2nd, hosting a series of events themed “RWA & Web3”. These included a private lunch meeting “MSX 2049 Lunch Meeting”, a keynote speech by the CMO titled “Let Quality Assets Flow Freely” at the “Meta CryptoOasis: DeFi 3.0 & DAT Night”, and the setup of the “MSX MYSTARS Girl Group” booth along with related activities.

MSX will showcase its on-chain US stock spot and contract product matrix at multiple themed events and booths, and explore the compliance of RWA and the integration development path with global Builders.

Circle's tokenized currency market fund USYC has launched on the Solana network, and is only available to non-US institutional investors

According to the official blog, Circle has announced that its tokenized money market fund USYC is now available on the Solana blockchain. USYC is a tokenized fund share launched by Circle, representing ownership in a short-term US government money market fund and providing access to the underlying asset's returns.

The official emphasizes that USYC is only applicable to qualified non-US institutional investors who have completed KYC/AML and passed wallet whitelist verification, and is classified as a licensed token.

On Solana, USYC can be used as an interest-bearing asset in lending protocols, margin collateral in perpetual DEXs, or deployed into automated yield vaults. In addition to Solana, USYC has previously supported networks such as Base, Ethereum, and NEAR.

WLFI supported by the Trump family: will tokenize real-world assets (RWA) such as oil and real estate, and plans to expand stablecoin USD1

The cryptocurrency venture capital firm World Liberty Financial (WLFI), supported by members of the Trump family, announced its latest plans at the TOKEN2049 conference. The company's CEO, Zach Witkoff, stated that WLFI is actively working on tokenizing real-world assets (RWA) such as oil, gas, and real estate, and plans to expand its USD stablecoin, USD1, to more blockchain networks.

Telegram Wallet joins the xStocks Alliance, bringing tokenized stocks xStocks to Telegram

According to official announcements, the xStocks alliance formed by Kraken and Backed has announced a partnership with the Telegram wallet to bring the tokenized stock product xStocks to the Telegram platform. According to the plan, eligible Telegram users will soon be able to access a range of xStocks assets directly in their built-in custodial crypto wallet (Wallet in Telegram). In the second phase of the collaboration, xStocks will also expand to the self-custodial wallet based on the TON blockchain. This move will allow xStocks to be used as collateral for DeFi protocols and Web3 mini-apps within the TON ecosystem.

FG Nexus will collaborate with Securitize to tokenize its stocks on Ethereum, potentially becoming the first on-chain US dividend stock

According to CoinDesk, Nasdaq-listed company FG Nexus (FGNX), which focuses on Ethereum, has announced that it has chosen to partner with tokenization specialist Securitize, allowing investors to hold their common and preferred shares as tokens on the Ethereum blockchain.

This cooperation will make FGNXP, the preferred stock of FG Nexus, the first fully on-chain dividend stock listed in the United States. Tokenized stocks will have the same legal rights as traditional stocks, but will be able to achieve nearly instantaneous settlement on-chain through Securitize's SEC-regulated Alternative Trading System (ATS).

Carlos Domingo, CEO of Securitize, stated that this move means that American investors will be able to hold real stock tokens, rather than synthetic wrappers. Securitize had also previously provided technical support for BlackRock's tokenized money market fund.

Ondo Finance and Securitize have built on the Sei network

Layer1 blockchain Sei announced on its official X platform that two major players in the tokenization of real-world assets (RWA), Ondo Finance and Securitize, have chosen to build or integrate on the Sei network.

Sei officials pointed out that these two companies together hold over 50% of the tokenized U.S. Treasury market share. Sei stated that this move indicates institutions are aligning towards the settlement layer being built for a globally scaled market.

Insights Collection

The Advancing Avalanche: Multiple AVAX Treasury Teams Join Forces to Drive Ecological Expansion

PANews Overview: This article analyzes the two core expansion strategies of the public chain Avalanche: first, by promoting the establishment of listed companies' treasury holding a large amount of AVAX tokens (such as AgriFORCE, renamed AVAX One) to introduce huge capital from traditional financial markets, thereby enhancing the value and ecological impact of AVAX. However, this “buying tokens and speculating on stocks” model has been questioned due to its potential to exhaust market patience and its high reliance on market conditions; second, by vigorously promoting the tokenization of real-world assets, it has attracted numerous traditional giants, including BlackRock, the Visa settlement network, and state government stablecoins, to issue assets on its chain, making Avalanche an important platform in the RWA field, resulting in a significant increase in on-chain trading volume and ecological activity. In short, Avalanche is striving to secure a favorable position in the next round of blockchain competition through a combination of “bringing traditional funds into the treasury” and “promoting real assets on-chain.”

Stablecoin Summer is here, which mines should we rush into?

PANews Overview: This article primarily discusses three popular projects during the market frenzy of “Stablecoin Summer”: Plasma ($XPL), STBL ($SBTL), and Falcon Finance ($FF), which offer high-yield “mining” opportunities. Plasma, as a public chain focused on zero-fee stablecoin payments, has the most options for mining pools and the richest sources of income, including providing liquidity on exchanges and decentralized platforms; STBL's innovation lies in its “yield stripping” three-token model, allowing users to trade stablecoins flexibly while holding future rights to income, but it has fewer mining pool options and higher risks; Falcon Finance, on the other hand, issues synthetic stablecoin USDF through over-collateralization of various assets, gaining significant market attention. PANews solemnly states that the information is for reference only and not investment advice.