RWA Weekly: The Hong Kong Monetary Authority has stated its intention to issue the first batch of stablecoin licenses in March; CME and Google are collaborating on a pilot program for tokenized cash.

Highlights of this episode

This week's statistics cover the period from January 31, 2026 to February 1, 2026.

This week, the total market capitalization of RWA on-chain continued its rapid growth to $24.4 billion, with the number of holders surging to 833,900, as the growth driver shifted to user base expansion. Meanwhile, the total market capitalization of stablecoins declined slightly, but monthly transaction volume soared to $9.82 trillion, with a turnover rate climbing to 32.7 times. The "high turnover, low growth" characteristic of existing funds circulating in a vacant manner intensified, highlighting that funds have not been effectively injected into ecosystem expansion.

Regulatory details continue to be refined, but disagreements remain: the White House meeting in the United States failed to reach an agreement on the issue of stablecoin yields; the Hong Kong Monetary Authority is assessing the first batch of license applications and striving to issue licenses in March; British experts have questioned the monetary potential of stablecoins; and Brazil is pushing forward with banning algorithmic stablecoins.

Traditional financial institutions are accelerating their integration with ecosystem development: CME is exploring the launch of its own token and partnering with Google to pilot tokenized cash; Fidelity's stablecoin FIDD has officially launched; Spain's BBVA bank has joined the EU stablecoin project; and MetaMask has integrated Ondo to allow users to directly trade tokenized US stocks and ETFs.

Meanwhile, payment and financing scenarios continue to penetrate the market, Y Combinator allows entrepreneurs to receive financing in stablecoins, and OSL Global launched a stablecoin trading hub.

Overall, the RWA sector is moving towards scaling up driven by user growth, while stablecoins, against the backdrop of regulatory competition and institutional participation, present a complex picture of both deepening application scenarios and idle capital.

Data Perspective

RWA Track Panorama

According to the latest data disclosed by RWA.xyz, as of February 6, 2026, the total market capitalization of RWA on-chain reached US$24.4 billion, an increase of 13.06% compared to the same period last month, continuing its rapid growth; the total number of asset holders increased to approximately 833,900, a significant increase of 36.52% compared to the same period last month, showing remarkable growth. The growth rate of holders far exceeded the growth rate of scale, highlighting that the driving force of market growth has shifted from the growth of capital scale to the expansion of user base.

Stablecoin Market

The total market capitalization of stablecoins shrank to $304.77 billion, a slight decrease of 1.1% compared to the same period last month, continuing the contraction trend; monthly transaction volume surged to $9.82 trillion, a dramatic increase of 39.24% compared to the same period last month, and the turnover rate of existing funds (transaction volume/market capitalization) climbed to 32.7 times.

The total number of monthly active addresses dropped sharply to 42.03 million, a decrease of 8.59% compared to the same period last month; the total number of holders increased steadily to 225 million, an increase of 3.64% compared to the same period last month.

Data shows that the continued contraction of market capitalization reflects the shrinking of overall liquidity, while high transaction volume relies on high-frequency trading turnover.

The leading stablecoins are USDT, USDC, and EURC. Among them, USDT's market capitalization decreased slightly by 0.51% month-on-month; USDC's market capitalization decreased by 6.85% month-on-month; and EURC's market capitalization increased slightly by 1.24% month-on-month, surpassing USDS to become the third largest stablecoin.

Regulatory news

The White House meeting failed to reach an agreement on stablecoin yields, and disagreements remain between the crypto industry and banks.

The White House convened representatives from the crypto industry and Wall Street banks to discuss the Senate's Crypto Market Structure Bill, but the two sides failed to reach an agreement on terms related to stablecoin yields. The meeting, chaired by Patrick Witt, President Trump's crypto advisor, aimed to advance the bill's legislative process.

The meeting primarily focused on whether stablecoins should be pegged to yields and rewards. While crypto industry representatives expressed optimism about the progress, banking representatives failed to propose concrete compromises. The White House has urged all parties to achieve substantial progress on technical terms within the month to push the bill through the Senate Banking Committee.

Banking representatives stated that any legislation must ensure support for loans to local households and small businesses while safeguarding the security and robustness of the financial system. Crypto industry representatives emphasized that legislation should not punish innovators and consumers who see digital assets as the foundation of the future of finance.

The bill has passed the House of Representatives and the Senate Agriculture Committee. Next, it needs to pass the Senate Banking Committee, but it still faces numerous obstacles in negotiations between Republicans, Democrats, the crypto industry, the banking sector, and the White House, including issues such as stablecoin yields, anti-corruption provisions, and protection of illicit finance.

The Chief Executive of the Hong Kong Monetary Authority (HKMA) stated that it is currently evaluating 36 stablecoin license applications and aims to issue the first batch of licenses in March.

According to Ta Kung Wen Wei Po, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, said that the Hong Kong Stablecoin Ordinance officially came into effect on August 1 last year. In the first round, a total of 36 institutions submitted applications for stablecoin licenses. The authorities are currently evaluating these applications and hope to make a decision as soon as possible, aiming to issue the first batch of licenses in March.

Eddie Yue stated that he has requested additional information from some applicants. Since the initial submissions mainly consisted of basic information required for licensing, further follow-up questions will be raised regarding key elements after review, such as details of specific application scenarios, risk management measures, and the composition of underlying reserve assets. If all required information is collected, efforts will be made to issue the first batch of licenses in March. The number of licenses issued in the first batch will certainly be small, and a prudent and stable approach will be adopted.

A Brazilian congressional committee is pushing forward a bill to ban algorithmic stablecoins.

According to CoinDesk, the Brazilian Congress's Committee on Science, Technology and Innovation has approved a bill aimed at banning algorithmic stablecoins. The bill would prohibit the issuance or trading of stablecoins like Ethena's USDe and Frax, which maintain their value through algorithms rather than fully collateralized assets, and would require all stablecoins issued in Brazil to be fully backed by segregated reserve assets.

The bill also raises transparency requirements and criminalizes the issuance of uncollateralized stablecoins, with violators facing up to eight years in prison. For stablecoins issued outside Brazil (such as USDT and USDC), the new regulations require that only companies authorized to operate in Brazil can offer such assets, and exchanges are responsible for ensuring their issuers comply with regulatory standards similar to those in Brazil; otherwise, they must assume full responsibility for managing the associated risks. The bill still needs to be reviewed by the Brazilian Council for Finance and Taxation and the Council for Constitutional, Judicial and Citizen Affairs before being submitted to the Senate to become law.

Project progress

Manta Network partners with Pruv Finance to launch RWA, a tokenized sports infrastructure.

Manta Network has announced a partnership with Pruv Finance, an Indonesian provider of compliant RWA infrastructure, to bring real-world asset investment opportunities to the on-chain ecosystem. Their first product, the Garuda Sports Fund ($GSP), focuses on investing in Indonesian paddleboard tennis courts and sports facilities, with an annualized recurring yield (APY) of approximately 30%. This asset will be integrated into Manta Pacific via a cross-chain bridge, and plans are in place to open token subscriptions to the community in the future, providing ordinary investors with opportunities to participate in yield-generating RWA investments.

Multiliquid and Metalayer launch RWA instant redemption guarantee on Solana

According to Cointelegraph, liquidity protocol Multiliquid has partnered with investment firm Metalayer Ventures to launch an institutional liquidity support facility on Solana, providing instant redemption services for tokenized real-world assets. This facility allows holders to instantly convert their tokenized asset positions into stablecoins, aiming to address a long-standing liquidity bottleneck in on-chain markets. The facility will act as a standing buyer for tokenized RWAs, purchasing assets at dynamically discounted prices. Initially, it will support tokenized government bond funds issued by institutions including VanEck, Janus Henderson, and Fasanara, as well as some alternative investment products.

MetaMask supports tokenized US stocks, ETFs, and commodities trading through its integration with Ondo Finance.

According to an official announcement, Consensys' non-custodial wallet MetaMask has integrated with Ondo Finance, a platform for tokenized real-world assets. Through this partnership, eligible mobile users outside the US can now directly buy, hold, and trade over 200 tokenized US stocks, ETFs, and commodities within their MetaMask wallets via Ondo Global Markets.

The initial supported assets include stocks such as Tesla, Nvidia, Apple, Microsoft, and Amazon, as well as ETFs such as SLV (silver), IAU (gold), and QQQ. Users do not need to open a traditional retail brokerage account; all transactions are conducted through an encrypted channel. Users can use the MetaMask Swaps feature to exchange USDC for Ondo's Global Market Token (GM token) on the Ethereum mainnet. This token is designed to track the market value of its underlying securities. Trading hours are from 8:05 PM ET on Sundays to 7:59 PM ET on Fridays, supporting 24/7 trading, and tokens can be transferred around the clock.

Ondo Finance launches a "Global Listing" service that allows stocks to be tokenized on the first day of their IPO.

Ondo Finance, a tokenized real-world asset platform, announced the launch of its "Ondo Global Listing" service. This service enables the near-real-time on-chain integration of US stock IPOs, and allows trading on major blockchains through the Ondo Global Markets platform from the first day of listing.

Ondo states that historically, millions of investors worldwide have been restricted from participating in US IPOs. This new service will enable wallets, exchanges, and blockchains to offer on-chain IPO exposure on the first day of trading to their millions of users globally. These tokenized shares are permissionless, transferable, and designed to achieve stablecoin-like composability across the most widely used blockchain ecosystems.

CME Group is exploring the launch of "CME Coin" and is partnering with Google to pilot tokenized cash.

According to CME Group CEO Terry Duffy's remarks during the company's latest earnings call, the company is exploring the launch of its own cryptocurrency, "CME Coin," and plans to deploy it on a decentralized network for use by industry participants. This is the first time CME has explicitly mentioned the possibility of issuing its own token.

Duffy stated that this initiative is part of CME's exploration in the tokenized collateral space, and the company is also collaborating with Google to develop a "tokenized cash" solution, expected to launch later this year. This solution will involve banks acting as custodians to facilitate transactions.

Currently, CME has not clarified whether "CME Coin" will be used as a stablecoin, settlement token, or for other purposes. Duffy added that the market may have higher trust in it compared to tokens issued by systemically important financial institutions.

Furthermore, CME plans to launch 24/7 trading services for cryptocurrency futures in the second quarter of this year, and add futures contracts for Cardano, Chainlink, and Stellar. CME's daily cryptocurrency trading volume is projected to reach $12 billion by 2025, with micro Ethereum and Bitcoin futures performing particularly well.

Ethereum-based treasury company ETHZilla turns to real estate tokenization, finalizing a $4.7 million home loan deal.

According to CoinDesk, Ethereum treasury company ETHZilla is deepening its tokenization strategy by acquiring a $4.7 million portfolio of prefabricated and modular home loans. The company plans to tokenize these 95 loans on the Ethereum Layer 2 network, converting them into interest-bearing digital assets tradable through the regulated brokerage firm Liquidity.io. These loans, secured by first liens, are expected to yield an annualized return of approximately 10%. This move marks the company's shift from its core cryptocurrency holdings to a broader tokenized asset strategy.

SBI Holdings has partnered with Startale Group to launch the Strium blockchain, focusing on on-chain securities markets.

Japanese financial giant SBI Holdings, in collaboration with blockchain R&D company Startale Group (the team behind Sony's Layer 2), has developed a Layer 1 blockchain network called Strium. This network is specifically designed to support on-chain securities trading and aims to become the "foundational trading layer" for the Asian on-chain securities market, providing 24/7 trading capabilities and DeFi composability.

Previously, SBI and Startale announced a collaboration in August 2025 to develop a yen-based stablecoin and RWA trading platform, aiming to achieve instant cross-border settlement, fragmented ownership, and compliant on-chain transactions. Strium's proof-of-concept was released today, demonstrating its key technological capabilities, including settlement efficiency, resilience under high load, and interoperability with traditional financial systems and blockchain networks.

In addition, Startale recently received a $13 million investment from Sony to develop the Ethereum Layer 2 project Soneium and operate Astar Network, Japan's largest public blockchain. SBI Holdings has increased its investment in the crypto space, including investing in Circle's IPO and developing a crypto ETF that may be listed on the Tokyo Stock Exchange.

Tether has invested $150 million to acquire a 12% stake in Gold.com, expanding the issuance of its gold token XAUT.

According to Coindesk, Tether has acquired a minority stake in Gold.com (GOLD) for $150 million, giving it a 12% ownership. This further strengthens its presence in the gold market. Gold.com is a platform that offers trading in physical and tokenized gold. As part of the partnership, Tether will integrate its gold-backed token, XAUT, into Gold.com's infrastructure.

Amboss launches RailsX, a Lightning Network-based P2P platform for Bitcoin and stablecoin transactions.

According to The Block, Amboss Technologies has launched RailsX, a Lightning Network-based peer-to-peer trading platform built on native FPGAs for Bitcoin and stablecoin trading. RailsX enables atomic swaps across assets through revolving self-payments on Lightning Network channels, allowing Bitcoin and stablecoin holders to trade directly while retaining custody. Furthermore, Rails has partnered with Magnolia and Bringin to support connections to traditional banking systems in the US and Europe for fiat currency exchange.

Fidelity's stablecoin FIDD has officially launched, open to both retail and institutional investors.

According to The Block, Fidelity Investments' USD stablecoin, Fidelity Digital Dollar (FIDD), has officially launched and is open to retail and institutional investors. Issued on Ethereum by the Fidelity Digital Asset Association, the stablecoin can be purchased or redeemed directly for $1 through Fidelity Digital Assets, Fidelity Crypto Assets, and Fidelity Crypto Assets services for wealth management platforms.

Spanish bank BBVA joins EU banks' stablecoin project Qivalis

According to CoinDesk, BBVA, Spain's second-largest bank, has announced its participation in Qivalis, a consortium of EU banks aiming to launch a regulated euro-denominated stablecoin to challenge the dominance of dollar-denominated stablecoins. Qivalis currently comprises 12 major EU banks, including BNP Paribas, ING, and UniCredit. Qivalis plans to apply for electronic money institution authorization from the Dutch Central Bank under the EU's Crypto Asset Markets Act (MiCA) and aims to launch its euro-denominated stablecoin in the second half of 2026.

Y Combinator will allow its spring cohort of entrepreneurs to receive funding in the form of stablecoins.

According to Fortune magazine, Y Combinator, a well-known Silicon Valley startup incubator, announced that it will allow founders of its Spring 2026 cohort of startups to choose to receive funding in the stablecoin USDC, typically around $500,000. Nemil Dalal, Y Combinator's crypto-focused visiting partner, stated that founders choosing stablecoins can receive tokens on multiple blockchains such as Ethereum and Solana, with the possibility of expanding to other stablecoins in the future based on demand. He pointed out that stablecoins are one of the key areas where the institution wants to see more entrepreneurial ideas, and therefore, it wants to actively implement this approach.

Dalal stated that Y Combinator expects more startups to raise funds on-chain in the future. He believes that despite the current low sentiment in the crypto market, enthusiasm for stablecoins continues to grow, regardless of the volatility of crypto asset prices.

KBank, a South Korean internet bank, has filed 13 trademark applications related to stablecoin wallet services.

According to Cryptopolitan, South Korean internet bank KBank has filed 13 trademark applications related to stablecoin wallet services, including names such as KSC Wallet and KSTA Wallet, in preparation for its planned listing on the Korea Stock Exchange (KOSPI) main board on March 5, 2026. According to the Korea Intellectual Property Information Service website, these trademark applications are categorized under software supporting digital currencies, cryptocurrencies, stablecoins, crypto mining, and NFTs. In its registration filings, KBank stated that the funds raised from the share issuance will be used to advance its digital asset business and other blockchain-based initiatives. This is the bank's third attempt at an IPO; its previous IPO plans for 2023 and 2024 were postponed due to a challenging market environment and valuation issues.

OSL Global is listed on StableHub, with major stablecoins trading at a 1:1 exchange rate with the US dollar.

OSL Group, a stablecoin trading and payment platform, announced that its international trading platform, OSL Global, officially launched on the stablecoin trading hub StableHub on February 6.

As a compliant stablecoin trading infrastructure for global users, StableHub supports zero-slippage 1:1 exchange between various mainstream stablecoins and the US dollar, and will successively launch activities such as fee waivers and asset-based incentives based on user asset investment and usage scenarios. In the first phase of the campaign, OSL Global partnered with Ripple to launch an asset-based reward program of up to 18% on RLUSD.

Jason Liu, Head of Global Exchange Business at OSL, stated that StableHub is a crucial component of OSL's strategy to build a global compliant stablecoin ecosystem and advance stablecoin trading and payments. By providing a one-stop, low-cost cross-stablecoin exchange and fiat currency deposit/withdrawal service, StableHub aims to address core issues in the current market such as complex stablecoin exchange processes, high transaction costs, and fragmented liquidity, offering institutional investors, DeFi users, and businesses and individuals with cross-border payment needs a more efficient and sustainable stablecoin usage path.

StableHub initially supports stablecoins including RLUSD, USDGO, USDC, and USDT. In the future, the platform will continue to expand its supported stablecoin offerings and further refine its stablecoin trading and application scenarios within a framework of compliance, security, and liquidity.

RWA's MSX trading platform has launched spot and contract trading instruments across multiple sectors.

According to official sources, MSX has simultaneously launched spot trading for optical substrate supplier $AXTI.M, as well as spot and contract trading for automated test equipment manufacturer $TER.M and optical communication device and module leader $LITE.M.

Insights Highlights

S&P predicts that the issuance of euro-denominated stablecoins will increase 1,600 times to reach $1.3 trillion by 2030.

According to The Block, S&P Global Ratings predicts in its latest report that the euro-denominated stablecoin market could reach €1.1 trillion (approximately $1.3 trillion) by 2030, representing a roughly 1600-fold increase from the €650 million (approximately $767 million) base at the end of 2025. In its baseline scenario, S&P projects the market will reach €570 billion (approximately $672 billion) by 2030, equivalent to 2.2% of total bank deposits in the eurozone. The report attributes this growth primarily to demand for asset tokenization investments, noting that the EU's Crypto Asset Markets Regulation (MiCA), which came into effect on January 1, 2025, provides a clear regulatory framework for issuers. S&P believes that the real-world applications of stablecoins, compared to their current primary use in crypto asset trading, will support this rapid growth.

True On-Chain Finance: How to Quantitatively Model the Risk of RWA Assets

PANews Overview: The key to the successful on-chaining of Real-World Assets (RWAs) and their true transformation into tradable financial products lies in establishing a rigorous and quantifiable risk pricing and management system, similar to traditional finance. Real-world case studies from 2024-2025 across five different sectors (such as BlackRock's government bond funds, Dubai real estate, and Swiss corporate bonds) illustrate that the success of an RWA project hinges on its ability to create a closed loop across several key stages.

First, risk quantification is crucial, requiring precise calculation of asset risk using models such as PD (probability of default) and LGD (loss of default). Second, structured design is essential, necessitating bankruptcy isolation through SPVs (Special Purpose Vehicles), ensuring stable returns through a clear cash flow distribution sequence (Waterfall), and implementing reasonable credit enhancement measures to buffer risks. Finally, regulatory compliance is paramount, requiring the design of a legal structure based on the rules of different jurisdictions (such as Hong Kong and Singapore), and ensuring asset authenticity, transparency, and auditability through technological means (such as oracles and on-chain monitoring).

Only when the technological "on-chain" approach is closely integrated with the financial essence of "controllable risk" can RWA truly move from concept to large-scale, sustainable financial practice.

Primitive Ventures: Why are we bullish on on-chain perpetual US stocks?

PANews Overview: On-chain perpetual US stock contracts are becoming a key entry point for the crypto market to absorb liquidity from traditional finance (especially US stocks). They are rapidly developing because they meet the urgent needs of global traders for 24/7 uninterrupted trading, high leverage, unified margin across assets, and integration with DeFi strategies.

The underlying logic is similar to "onshore issuance, offshore distribution," where compliant institutions complete the tokenization of the underlying stocks, while trading volume and product innovation are dominated by offshore crypto trading platforms, thus allowing global users who cannot easily access the US brokerage system to gain exposure to US stocks.

While the entire technology stack (from infrastructure to trading front-end) has rapidly taken shape and shows the potential to reshape the global asset trading landscape, this trend is facing a critical window of opportunity where it's a race against time. The biggest threat is not insufficient demand, but rather that traditional regulators may soon standardize such products and integrate them into existing brokerage systems, thereby seizing the first-mover advantage.

Therefore, the key to success lies in the ability to quickly lock in users, build liquidity, and participate in shaping the future rules of the game before regulatory rules are clearly defined. Essentially, on-chain perpetual contracts are not challenging traditional finance, but rather rewriting the way global assets are traded and accessed with greater capital efficiency and speed.

Tether's "Gold Standard" Ambition: How the Stablecoin Giant Buys Up Gold by Disassembling XAUt

PANews Overview: Tether (issuer of USDT) has become one of the world's largest gold holders, possessing approximately 140 tons of gold worth $23 billion. Last year, it purchased over 70 tons, a scale comparable to many central banks. This massive acquisition is not simply for investment, but rather to provide physical reserves backing for its gold-backed stablecoin product, XAUt.

XAUt is a token where each coin represents one ounce of physical gold stored in a high-standard Swiss vault, and holders can even trace the serial number of the specific gold bar. Tether plans to allocate 10%-15% of its assets to gold, meaning its gold purchases will continue.

This move has made Tether a new force to be reckoned with in the gold market, with its buying pace even coinciding with periods of rising gold prices. Essentially, Tether is leveraging its vast influence and profits in the crypto world to digitize and tokenize the ancient asset of gold, making it easier to divide and circulate on the blockchain.

However, this also raises new questions: Does this "digital gold," which is closely linked to the volatility of the crypto market, inject new vitality into gold, or does it bring additional risks and volatility?