RWA Weekly: Coinbase Ventures includes RWA Perptual Futures in its 2026 investment roadmap; multiple Central Banks warn about stablecoin regulatory risks.

Highlights of this issue

The statistical period of this week's report covers November 21 to November 27, 2025. This week, the RWA market has entered a phase of optimization of existing stock, 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 deeper user engagement. The total market capitalization of stablecoins is close to zero growth, while the number of monthly active addresses has surged by 24.84%, highlighting the strengthening of on-chain payment settlement functions and the activity of small, frequent transactions. On the regulatory front, the G20, European Central Bank, and South African Reserve Bank have warned of the regulatory risks associated with RWA and stablecoins. In contrast, South Korea's STO bill has passed preliminary review, and Bolivia plans to integrate stablecoins into its financial system, showing a trend of divergence in global regulation. At the project level, traditional finance and tech giants continue to integrate cryptocurrency projects to develop stablecoins: QCAD has been approved as Canada’s first compliant Canadian dollar stablecoin, Klarna plans to launch its own stablecoin on the Tempo blockchain in 2026, and U.S. Bank is testing its self-developed stablecoin on Stellar, indicating that stablecoins are becoming a new battleground fiercely contested by various market participants.

Data Pivot

RWA Track Overview

RWA.xyz latest data disclosure, as of November 28, 2025, the total on-chain market value of RWA reached $35.960 billion, a slight increase of 1.10% compared to the same period last month, with the growth rate continuing to slow down to nearly a six-month low, and the growth momentum significantly weakened; the total number of asset holders increased to approximately 551,400, up 8.02% compared to the same period last month; the total number of asset issuers is 251, which has stagnated in growth, reflecting the structural contradiction between the expansion of the market investor base and the bottleneck in asset supply.

Stablecoin Market

The total market value of stablecoins reached $299.45 billion, with a slight increase of 0.39% compared to the same period last month, and the growth rate continues to slow down, nearing stagnation; the monthly transaction volume remains high at $4.68 trillion, up 6.89% compared to the same period last month; the total number of active addresses surged to 40.90 million, a dramatic increase of 24.84% compared to the same period last month; the total number of holders steadily grew to approximately 205 million, with a slight increase of 2.86% compared to the same period last month, both confirming that the market has entered a new phase of “stock optimization”. Against the backdrop of nearly zero growth in market value, user activity and fund turnover efficiency have improved simultaneously, reflecting the continued strengthening of on-chain payment and settlement functions. Data indicates that institutional settlement and retail trading form a robust resonance, with the growth rate of active addresses significantly exceeding that of transaction volume, reflecting an increase in the activity of small, high-frequency trading and an improvement in the health of market structure. The leading stablecoins are USDT, USDC, and USDS, among which USDT's market value slightly increased by 0.25% compared to the same period last month; USDC's market value saw a slight increase of 0.38% compared to the same period last month; and USDS's market value rose by 3.26% compared to the same period last month.

regulatory news

G20 financial regulators call for close attention to the development of private credit and stablecoins

According to Reuters, Andrew Bailey, the chairman of the G20 Financial Stability Board (FSB), stated in a letter to G20 leaders that the rapid development of private credit markets and stablecoins urgently requires enhanced global regulatory cooperation. He warned that differences among countries in the regulation and prudential framework for stablecoins could increase systemic risks, calling for the establishment of cross-border compliance mechanisms. At the same time, he emphasized that the slow progress of major economies in implementing the Basel III global banking capital standards should also be taken seriously.

The European Central Bank warns of the risks of regulatory arbitrage for stablecoins in cross-border transactions, calling for a unified regulatory framework globally.

The financial stability review preview released by the European Central Bank today (the official report will be published on Wednesday) shows that by November 2025, the total market value of stablecoins will have exceeded $280 billion, accounting for about 8% of the entire cryptocurrency market. Among them, USDT and USDC together account for nearly 90%, and the reserve assets have reached the scale of the top 20 money market funds globally.

The European Central Bank report indicates that if stablecoins are widely adopted, it could lead households to convert some of their bank deposits into stablecoin holdings, weakening the retail funding source for banks and increasing financing volatility. Although MiCAR has prohibited European issuers from paying interest to mitigate such transfers, banks are still calling for similar restrictions to be implemented in the U.S. Additionally, the rapid growth of stablecoins and their connection to the banking system could also trigger a concentrated withdrawal of funds during a crisis. The report emphasizes the risks of a cross-border “multi-issuer mechanism,” warning that EU issuers may struggle to meet global redemption requests, calling for the implementation of pre-access additional safeguards and promoting global regulatory alignment.

South Korea's STO Act has passed its initial review, and the token securities circulation market is expected to open in the first half of next year

According to South Korean media Electronic Times, the amendments to the South Korean “Electronic Securities Act” and “Capital Markets Act” have passed the review by the National Assembly's Administrative Committee, marking a key step towards the institutionalization of Security Token Offerings (STO). If this meeting approves the bill next month, blockchain-based physical assets such as real estate, artworks, and music copyrights can be legally “tokenized” and circulated on legal platforms. Currently, three major conglomerates are competing for qualifications to operate STO trading platforms. The industry expects South Korea to become a hub for token securities in Asia.

The South African Reserve Bank lists cryptocurrencies and stablecoins as new financial risks

According to Bloomberg, the South African Reserve Bank has warned that crypto assets and stablecoins have become a new risk threatening the country's financial sector due to the lack of comprehensive regulation. In its semi-annual Financial Stability Assessment Report, it pointed out that the digital and cross-border nature of cryptocurrencies allows them to circumvent existing foreign exchange control laws, while digital assets have not yet been included in regulations. The central bank's chief macroprudential expert, Herco Steyn, stated that the risk arises from the “incomplete regulatory framework.” He expects progress next year but warns that if progress stagnates, “regulation will be inadequate.”

Currently, the South African Reserve Bank is working with the Treasury to formulate new regulations to supervise cross-border cryptocurrency transactions and amend foreign exchange control laws to include digital assets. The central bank emphasizes that as the adoption rate of cryptocurrency assets increases, the domestic regulatory framework must continuously adjust to market developments and risks. Data shows that the South African cryptocurrency industry is dominated by three major platforms: Luno, VALR, and Ovex. As of July, there were nearly 7.8 million registered users; by December 2024, total assets are expected to reach 25.3 billion rand.

Bolivia plans to incorporate stablecoins into the country's financial system

According to Solid Intel, Bolivia's Minister of Economy announced plans to integrate stablecoins into the country's official financial system.

Local Dynamics

The People's Bank of China and the Central Bank of the UAE have launched the payment interoperability and JISR multilateral digital currency bridge project

Pan Gongsheng, the governor of the People's Bank of China, recently attended the launch ceremony of the China-UAE Payment Cooperation Project alongside UAE Vice President Mansour and Central Bank Governor Khaled. The two sides signed a memorandum of understanding on cross-border payment connectivity, announcing the interconnection of the two countries' rapid payment systems to support online quick cross-border remittances for enterprises and individuals; witnessed the first transaction of the “UnionPay-Jaywan” dual-brand card; and officially launched the UAE Multilateral Digital Currency Bridge Project JISR to enhance bilateral financial cooperation and improve cross-border payment efficiency.

Project Progress

Sign launches a sovereign nation Layer2 solution based on BNB Chain, supporting stablecoins and RWA on-chain

The Sign team has released the sovereign Layer2 architecture “SIGN Stack”, built on BNB Chain and opBNB, specifically designed for the deployment of digital infrastructure and compliant stablecoins by nations. This solution features customizable Sequencer permissions, a DID identity system, gas-free stablecoin transfers, and the on-chain functionality for national real-world assets (RWA), aiming to establish BNB Chain as the settlement layer for global sovereign blockchain infrastructure.

AI company Caesar will collaborate with Centrifuge to launch an exploration of on-chain equity issuance

AI company Caesar announced a partnership with Centrifuge to launch an on-chain equity issuance exploration, becoming the first AI enterprise to attempt this mechanism.

Mu Digital completes $1.5 million Pre-Seed funding round, focusing on bringing high-yield credit from Asia on-chain

Mu Digital announced that it has completed a $1.5 million Pre-Seed round of financing, with investors including UOB Venture Management, Signum Capital, CMS Holdings, Cointelegraph Accelerator, and Echo. Mu Digital focuses on bringing real assets from Asia's $20 trillion credit market onto the blockchain, with plans to launch the Monad mainnet on November 24. The products include the Asia Dollar (AZND) with a focus on 6-7% returns and muBOND with returns of up to 15%.

Ondo issued $25 million in YLDS stablecoins to Figure to enhance the OUSG yield strategy

According to the official website of Ondo Finance, Ondo has invested $25 million in the yield-bearing stablecoin YLDS issued by Figure subsidiary FCC, to support its flagship tokenized short-term U.S. Treasury fund OUSG. The fund currently has a total lock-up of over $780 million, with a portfolio that includes funds issued by several institutions such as BlackRock, Fidelity, Franklin, and WisdomTree.

QCAD has been approved as Canada's first compliant Canadian dollar stablecoin

According to PR Newswire, Stablecorp announced that its QCAD Digital Trust service has received the final receipt for its prospectus from Canadian securities regulators. QCAD is issued in compliance with the current stablecoin regulatory framework, becoming Canada's first compliant CAD stablecoin. QCAD is backed by a 1:1 reserve of Canadian dollars held in custody by regulated institutions, providing near-instant, low-cost cross-border and domestic transfers; reserves will be audited regularly and disclosed publicly.

Klarna plans to launch its own stablecoin on the Tempo chain in 2026

According to Solid Intel, the Swedish fintech company Klarna plans to launch its own stablecoin on the blockchain network Tempo, supported by Paradigm and Stripe, in 2026.

Wyoming Stablecoin Committee Launches tFRNT Testnet Faucet

According to the official announcement from the Wyoming Stable Token Commission, the U.S. Wyoming Stablecoin Committee has launched the Frontier Stable Token testnet faucet. Users can connect their wallets on the official website, select 8 testnets, and receive up to 1000 tFRNT every 24 hours. tFRNT has no reserve backing and is solely a testnet token for simulating mainnet contract testing, used for developer integration testing and novice experience of the FRNT mechanism. Currently, it supports testnets such as Arbitrum, Avalanche, Base, Ethereum, Hedera, Optimism, Polygon, and Solana, with relevant import instructions available on their FAQ page.

The fifth largest bank in the United States, U.S. Bancorp, is testing its developed stablecoin on the Stellar platform

According to The Block, U.S. Bancorp has stated that the company is testing its self-developed stablecoin on the Stellar blockchain. The bank's choice of the Stellar blockchain appears to stem from considerations of transaction security and control. Mike Villano, Senior Vice President of Corporate Innovation at the bank, stated: “For banking clients, we must consider additional safeguards around the 'Know Your Customer (KYC)' principles, such as the ability to reverse transactions. After conducting more R&D on the Stellar platform, we found that one of its major advantages is that its underlying operational layer can freeze assets and suspend online transactions.”

According to data from the Federal Reserve, as of September 30, U.S. Bancorp is the fifth largest bank in the United States, managing assets totaling $671 billion.

Pruv Finance secures $3 million in Pre-A funding round, aiming to build compliant and tradable on-chain RWA distribution infrastructure

Pruv Finance has completed approximately $3 million in Pre-A round financing, led by UOB Venture Management, with participation from Saison Capital, Taisu Ventures, Ascent, Spiral Ventures, and Royal Group. Pruv claims to be the first digital financial platform approved by Indonesia's OJK regulatory sandbox, addressing the RWA “compliance and liquidity” conflict, supporting asset non-whitelist locking, cross-chain free transfer, and being natively compatible with DeFi.

Deutsche Börse will integrate a third euro stablecoin EURAU

According to Cointelegraph, Deutsche Börse announced that it will integrate the euro stablecoin EURAU issued by AllUnity as part of its digital asset strategy, having previously supported Circle's EURC and Société Générale's Forge division's EURCV. EURAU will initially offer institutional-grade custody services through its central securities depository Clearstream, with plans to expand to its full service system in the future.

It is reported that EURAU is issued by an electronic money institution licensed by Germany's BaFin and is aligned with the MiCA framework. The total market capitalization of local stocks on the Frankfurt Stock Exchange is approximately $2.23 trillion, with 474 listed companies.

KakaoBank promotes the construction of stablecoin for Korean Won and on-chain settlement infrastructure

According to Decrypt, South Korean IT giant Kakao's digital bank KakaoBank is accelerating the development of a technical system that supports KRW stablecoins and tokenized assets, covering smart contract execution, token standards, full nodes, and issuance management backends; its blockchain partner Kaia submitted at least four trademarks for Korean won-pegged stablecoins in August. Sam Seo, chairman of the Kaia Foundation, stated that they are in discussions with multiple parties regarding the KRW stablecoin POC, but details are not disclosed due to confidentiality.

Securitize Approved by the EU to Operate a Tokenized Trading and Settlement System on the Avalanche Blockchain

According to The Block, on Wednesday, Securitize received regulatory authorization for a pilot program of distributed ledger technology (DLT) from the EU, allowing it to operate a regulated trading and settlement system, becoming the first institution with compliant tokenization infrastructure in both the US and the EU. The Spanish National Securities Market Commission (CNMV) has approved its operation of the system throughout the EU. As part of the system launch plan, Securitize will deploy a European trading and settlement platform based on the Avalanche blockchain, due to its near real-time settlement capabilities and customizable institutional-grade architecture. The first issuance of tokenized securities based on the new authorization is expected to take place in early 2026.

Ripple's stablecoin RLUSD has been approved for use as an accepted fiat-backed token in the Abu Dhabi Global Market

According to official news, Ripple has announced that its USD-backed stablecoin Ripple USD (RLUSD) has been recognized by the Abu Dhabi Financial Services Regulatory Authority (FSRA) as an “approved fiat-backed token” and can be used within the Abu Dhabi Global Market (ADGM), the international financial center in the capital of the United Arab Emirates (UAE).

Visa partners with AquaNow to accelerate settlement speed using stablecoins

According to Jinshi reports, Visa(V.N) has partnered with AquaNow to achieve faster settlements using stablecoins.

Bybit and Mantle Jointly Launch USDT0 Cross-Chain Stablecoin Service

Bybit officially announced today that it will support the deposit and withdrawal of USDT0 on the Mantle network, becoming one of the first mainstream exchanges to support this new cross-chain USDT standard. At that time, users will be able to directly deposit and withdraw USDT0 between Bybit and the Mantle network, and enjoy a limited-time zero withdrawal fee promotion.

USDT0 is built on the LayerZero universal fungible token standard, adopting a mint-burn architecture that maintains a strict 1:1 backing, eliminating the fragmentation bridging issue. This collaboration makes Mantle the largest exchange-related Layer 2 network by total locked value (TVL).

MSX platform 24H trading volume reached $1.26 billion, setting a new historical daily record

As of 10:00 on November 28, the 24H trading volume of the MSX platform reached 1.26 billion USD, setting a new single-day historical high. Currently, the cumulative trading volume of RWA on the MSX platform has exceeded 13.15 billion USD, with more than 200 types of RWA tokens launched, and approximately 166,000 users. MSX is a decentralized digital asset trading platform focused on trading U.S. stock token assets and contracts, achieving efficient and transparent digital asset trading and management through blockchain technology, and promoting the digitization of traditional assets and enhancing liquidity.

Insights Collection

Coinbase Ventures: RWA perpetual contracts, the trend of perpetualization of everything

As RWA regains market attention, investors are seeking new types of risk exposure. Perpetual contracts, being the most mature trading product in the cryptocurrency field, offer a faster and more flexible participation path compared to the underlying assets of RWA due to their structural characteristics. Thanks to recent improvements in the Perp DEX infrastructure, RWA perpetual contracts have created risk exposure to off-chain assets through perpetual contracts. We observe that RWA perpetual contracts are evolving in two directions: first, bringing alternative assets on-chain. Since perpetual contracts do not require holding the underlying assets, the market can focus on almost any underlying, driving everything from private equity to economic data into the “perpetualization” process. Second, as the intertwining of cryptocurrencies and macro markets becomes increasingly tight, more mature trading groups are no longer satisfied with simply going long on crypto assets, but are seeking richer investment products. This has generated demand for exposure to macro assets on-chain, enabling traders to hedge or establish positions using tools linked to crude oil, inflation-adjusted gains and losses, credit spreads, and volatility.

Bank for International Settlements Report: Tokenized Currency Market Fund Surpasses $9 Billion

According to a report by Cryptopolitan, the latest report from the Bank for International Settlements (BIS) indicates that the total assets of tokenized money market funds have surged from $770 million at the end of 2023 to nearly $9 billion, becoming a key source of collateral in the crypto ecosystem. The institution warns that while such assets possess “the flexibility of stablecoins,” they also bring substantial operational and liquidity risks.

The BIS identifies liquidity mismatches as the main risk of tokenized money market funds. It points out that although investors can redeem tokenized fund shares on a daily basis, the underlying assets still follow the traditional T+1 settlement mechanism. During periods of market pressure, concentrated redemption requests will expose this structural risk. Subsequently, the organization noted that the market is still in the early stages of development, and solutions are continuously being improved, such as the distributed ledger repurchase (DLR) system launched by fintech company Broadridge, which enables same-day settlement of tokenized government bond transfers.

Swiss gold giant MKS PAMP “returns” to the gold tokenization track

PANews Overview: Switzerland's leading gold refiner MKS PAMP is making a comeback in the field of gold tokenization, leveraging its deep industry background (with a complete supply chain from refining, certification to trading and authoritative LBMA qualifications). It has restarted the DGLD token project, which was dormant for six years due to an immature market, through a full acquisition of the project party. This relaunch has undergone key upgrades: shifting from the previously niche Bitcoin sidechain to mainstream public chains like Ethereum to enhance compatibility and liquidity, while focusing on serving institutional investors. Additionally, it provides liquidity support for the token through its own trading department. Compared to existing tokens like PAXG and XAUT in the market, MKS PAMP's core competitive advantages lie in its strong physical gold background, a flexible redemption threshold as low as 1 gram, and a strategy of waiving related fees during the initial relaunch phase. This positions it as a strong player among the emerging gold RWA (Real World Assets) sector, making it a formidable “traditional giant”.

Catastrophe Bonds to Fan Economy: The Dual Peak Diversification of Institutional Funds and the Multi-Yield Landscape of RWA

PANews Overview: The development of RWA (Real World Assets) is entering a new stage driven by both “robust assets” and “innovative assets.” Its landscape has expanded significantly from traditional government bonds and real estate to diverse fields such as catastrophe bonds, tech equity, agriculture, and even fan economy. This “bimodal differentiation” strategy is quite clear: on one end, assets like catastrophe bonds, which are “low correlation” assets unrelated to market fluctuations, serve as the foundation of trust, meeting institutions' needs for security and defensiveness. On the other end, fan economy assets such as K-pop concerts and short drama IPs transform investors into consumers and dissemination nodes, creating strong ecological value and viral effects. These two are not opposing; rather, they develop in parallel under regulatory frameworks in places like Hong Kong—robust assets establish a trust moat for the entire track, while innovative assets inject traffic and growth potential, jointly pushing RWA from mere “asset on-chain” towards a “systemic value reconstruction” that enhances accessibility and liquidity and redefines participation rules, indicating that 2026 will be a critical year for its transition from concept validation to large-scale application.

Compliance Panorama Guide for Equity Tokenization of Non-Listed Companies

PANews Overview: The tokenization of equity in unlisted companies is the conversion of company shares into digital tokens on the blockchain. Its core value lies in significantly improving the efficiency of capital markets through technological means, providing investors with liquidity conveniences such as 24-hour trading, fractional investments, and global access. It opens up new possibilities for companies to raise funds globally, ensure automatic compliance, and reduce operational costs. However, the key to achieving all this is not technology, but compliance. Major global jurisdictions (such as the United States, European Union, Singapore, and Hong Kong) generally recognize it as a security and incorporate it into existing regulatory frameworks. Therefore, successful tokenization projects must be carefully designed in terms of legal structure (such as using SPV indirect ownership or hybrid models) and properly address compliance details such as custody and shareholder registry management, ultimately achieving the goal of “not avoiding regulation, but digitalizing compliance.” This marks a deep integration of traditional finance and blockchain technology, representing an important direction for the transformation of future financing methods.