StakeStone (STO) price exploded into focus this week after a sharp move pushed the token to a new all time high near $0.8427 on April 2. The rally did not come from a slow build. It came from a sudden imbalance between supply and demand that forced price higher within a very short window. The

StakeStone（STO）saw a sharp surge on April 2, with the highest gain reaching 166.9%. The price jumped to $0.49159 and was accompanied by large withdrawals. This rally was driven by the launch of a new payment feature, with the 24-hour trading volume up 590.8%. However, the technical picture shows an overbought condition, and combined with selling pressure from upcoming unlocks, short-term pullback risk should be watched closely.

_NYSE partners with Securitize to build a blockchain platform for tokenized stocks and ETFs, aiming for faster settlement and possible 24/7 trading._ The New York Stock Exchange announced a partnership with digital asset firm Securitize. According to WSJ, the companies plan to build a tokenized sto

Ripple obtains Luxembourg Electronic Money Institution preliminary license to support its payment network strategy in the EU. JPMorgan predicts $130 billion will flow into Bitcoin, and CME will launch futures for ADA, LINK, and XLM. South Korea is paving the way for STO legislation through relevant laws, MetaMask supports the TRON network. BNB Foundation completes a BNB burn worth $1.27 billion, Ethereum transaction volume hits a new all-time high, and Federal Reserve officials hint at possible rate cuts.

Operators of over-the-counter trading platforms for fragmented investments established to build a securities token (STO) market trading infrastructure have selected two consortia led respectively by a Korean exchange and Nextrade. As financial regulators approach the substantive end of the preliminary licensing process, the fragmented investment market is officially entering the regulatory framework. At the meeting held on January 7, the Securities and Futures Commission under the Financial Committee reviewed the "Preliminary License Application for Financial Investment in Fragmented Investment OTC Exchanges" and decided to select the consortium (KDX), jointly formed by the Korean Exchange and the Korea Securities Depository, as well as the consortium (NXT), composed of Nextrade-Musicow, as operators. The Lucent Block consortium, which submitted the application together, was not selected in this review. Fragmented investment refers to dividing high-value assets such as artworks, real estate, and music copyrights into small units,

_North Korea-linked hackers stole over $2 billion in crypto this year alone, using fewer attacks with far larger losses._ North Korea’s exploits reached a new high this year. Data from Chainalysis shows a rise in stolen value, even as the number of attacks fell.  While over $3.4 billion was sto

Highlights of this issue The statistical period for this week's newsletter covers November 21 to November 27, 2025. This week, the RWA market has entered a stage of existing stock optimization, with the total on-chain market capitalization growth further slowing to 1.10%. However, the number of holders continues to rise, indicating a shift in the market from scale expansion to user engagement. The total market capitalization of stablecoins is approaching zero growth, while the number of monthly active addresses has significantly increased by 24.84%, highlighting the strengthening of on-chain payment settlement functions and the activity of small high-frequency transactions. On the regulatory front, the G20, European Central Bank, and South African Reserve Bank have all warned about the regulatory risks of RWA and stablecoins. In contrast, South Korea's STO bill has passed preliminary review, and Bolivia plans to integrate stablecoins into its financial system, reflecting a trend of divergence in global regulation. At the project level, traditional finance and tech giants continue to integrate crypto projects to develop stablecoins: QCAD has been approved as Canada's first compliant Canadian dollar stablecoin, and Klarna plans to launch its stablecoin on the Tempo chain in 2026.

Europe's largest asset management company Amundi has partnered with CACEIS to bring its Euro money market fund onto Ethereum, marking a new milestone in 24/7 trading. (Background: South Korea's "STO Security Token Offering" bill has passed preliminary review, potentially unlocking the tokenization era for RWA as early as next year.) (Additional context: Xu Zhengyu: The core of RWA and stablecoins is to serve the "real economy", and efforts are underway to tokenize real assets such as international shipping rents.) Amundi announced that its Euro money market fund has added "tokenized shares" and successfully completed its first on-chain transaction in early November, officially becoming one of the latest members to bring real-world assets (RWA) onto Ethereum. Announcement coincides with the first transaction. According to reports, this fund will map its existing short-term high-quality Euro debt assets into ERC-20 tokens, maintaining its relationship with traditional.

According to Mars Finance, South Korea's electronic securities law and capital market law amendments to promote the institutionalization of security token offerings (STO) have passed the National Assembly's Administrative Committee for bill review, laying the foundation for the opening of the STO circulation market in the first half of next year. The amendment aims to officially incorporate Blockchain Distributed Ledger technology into the electronic registration system, allowing issuers to register and manage token securities based on distributed ledger as electronic securities; at the same time, it will bring small-scale OTC Trading platforms for investment contract securities and non-monetary trust income securities under regulation, providing a basis for the legitimate operation of fragmented investment exchanges. If the bill is finally approved in next month's National Assembly plenary session, the tokenization and circulation of various physical assets such as real estate, art, and music copyrights can be carried out within the regulatory framework.

The Paradigm Evolution and Real Structure of RWA 1.1 The Three-Stage Evolution of RWA The evolution of RWA is actually a slow evolution under the combined influence of the blockchain capability stack, financial market demand, and the regulatory environment. A brief review of the three stages: Phase One: STO Experimental Period (2015–2020) Before the rise of Ethereum, many early attempts were made to "tokenize" assets such as stocks, bonds, and real estate rights into security tokens (STO). Traditional securities were mapped onto the blockchain through legal contracts. Unfortunately, the dilemma of this phase lies in the fact that the on-chain liquidity infrastructure was not yet mature, Oracle awareness was weak, cross-chain mechanisms were lacking, and secondary markets were difficult to match. As a result, more assets ultimately traded in traditional markets, with on-chain representation being mainly formal. Phase Two: Yield-bearing Stablecoins / Tokenized National Bonds Phase (2020–2023) De