Highlights of this issue
The statistical period of this weekly magazine covers September 18, 2026 - September 25, 2026.
The RWA track is picking up this week. The total market value on the chain has rebounded to US$40.9 billion, an increase of 4.24% from the previous month. The total number of asset holders has climbed to 4.75 million, an increase of 60.43% from the previous month. Market participants have continued to expand. The total market value of stablecoins has reached US$306.21 billion. Both monthly transfer volume and monthly active addresses have increased. Transaction activity is higher than market value growth, and capital flow efficiency has been further improved.
Regulatory level: The first batch of tokenized stock trading platforms under the U.S. SEC innovation exemption may announce operating plans next quarter. The Federal Reserve issued proposals related to stable currency reserves and bank issuance and opened public consultations; the European Central Bank system proposed to modify the MiCA stable currency reserve rules and extend the interest payment ban to indirect income scenarios such as lending and pledges; Hong Kong has made it clear that RMB trading of Hong Kong stocks will be implemented before July next year, and the Xunqing settlement digital asset platform plans to support CBDC settlement by the end of the year.
Project level: The New York Stock Exchange explores the tokenization of U.S. stocks, ARK joins hands with Securitize to complete the tokenization of its venture capital funds, Ondo launches a physical tokenization channel for stocks, Optimism joins hands with South Korea's KB Securities to deploy Asian institutional-grade tokenization products; Binance invested US$100 million in Circle and signed a five-year USDC promotion agreement.
Financing level: RockawayX invested US$150 million to lay out the RWA credit track, MoonPay plans to spend more than US$60 million to acquire securities firm North Capital to complete the US tokenized securities license, and multiple stablecoin underlying service providers have completed large-scale financing.
Pivot data
RWA track panorama
The latest data from RWA.xyz revealed that as of September 25, 2026, the total market value of the RWA chain rose to US$40.9 billion, an increase of 4.24% from the same period last month. The total number of asset holders climbed to 4.75 million, a significant increase of 60.43% from the same period last month. The asset scale continues its upward trend, and the number of holders has expanded significantly, reflecting the continued increase in market participants.
Stablecoin Market
The total market value of stablecoins reached US$306.21 billion, an increase of 1.12% from the same period last month; the monthly transfer volume recorded US$7.23 trillion, an increase of 6.17% from the same period last month; the total number of monthly active addresses reached 58.89 million, an increase from the same period last month increased by 11.37%; the total number of holders rose to 292 million, an increase of 3.04% from the same period last month, indicating that the growth rate of transaction activity and user-side indicators was significantly higher than the growth rate of market value, reflecting the improvement of capital flow efficiency and the marginal strengthening of market transaction demand.
The top stablecoins are USDT, USDC and USDS. The market value of USDT increased slightly by 0.42% from the same period last month; the market value of USDC increased by 1.67% from the same period last month; and the market value of USDS rebounded by 3.33% from the same period last month.
regulatory news
RMB trading of Hong Kong stocks will be implemented by July next year, and the Xunqing settlement digital asset platform plans to support CBDC settlement
According to Caixin.com, the Hong Kong Securities Regulatory Commission announced that the inclusion of RMB counters in Southbound Trading will be implemented before July 1 next year, by which time mainland investors can directly trade Hong Kong stocks in RMB. In addition, President Yu Weiman of the Hong Kong Monetary Authority announced that CMU OmniClear, jointly held by the Hong Kong Monetary Authority and the Hong Kong Stock Exchange, is building a cutting-edge digital asset platform, with the goal of enabling the platform to support settlement with central bank digital currency (CBDC) by the end of the year, and explore interconnection with tokenized deposits and compliant stablecoins.
The first batch of tokenized stock trading platforms exempted from SEC innovation in the United States will announce their operation plans as soon as next quarter.
According to Crypto In America, Taylor Lindman, chief legal counsel of the U.S. SEC Crypto Task Force, said that under the newly launched innovation exemption, the first batch of tokenized stock trading platforms may begin to announce operating plans as soon as next quarter, and the SEC has received inquiries from some companies about using exemption provisions. The five-year exemption allows eligible platforms to tokenize U.S.-listed stocks via permissioned AMMs and liquidity pool transactions on public, permissionless blockchains; the tokens must retain traditional shareholder rights such as dividends and voting.
The Federal Reserve proposed two stablecoin regulatory rules to clarify capital reserve requirements and bank issuance procedures.
According to CoinDesk, the U.S. Federal Reserve proposed two rule proposals on Thursday to implement the regulatory responsibilities for stablecoin issuers under the GENIUS Act. The proposal is now open for a 60-day public comment period. The first proposal put forward by the Fed involves capital and reserve requirements aimed at ensuring that stablecoins are fully backed by highly liquid assets and that issuers have a solid foundation during times of stress. The proposal also outlines the stablecoin-related businesses that banks regulated by the Federal Reserve are allowed to conduct, including content on stablecoin rewards. The second proposal sets out procedures for regulated banks to issue their own stablecoins, requiring banks to submit “business plans, financial information, and related policies, procedures and other documents.”
The European Central Bank and other European central banks oppose mandatory bank deposit rules for stablecoin reserves and extend the ban on stablecoin earnings to lending and pledging
According to Reuters, the European System of Central Banks (ESCB), composed of the European Central Bank and EU central banks, stated in its opinion on the MiCA regulations on September 22 that stablecoin issuers should not be forced to deposit a minimum proportion of reserve assets as bank deposits, because this would expose banks to the risk of deposit losses. Currently, MiCA requires major stablecoin issuers to deposit 60% of their reserves as bank deposits. The ESCB proposes to instead require part of the reserves to be invested in assets that mature within 1 to 5 working days.
According to CoinDesk, the European System of Central Banks (ESCB), composed of the European Central Bank and EU central banks, recommended in its response to the MiCA regulatory review consultation that crypto asset service providers (CASP) be prohibited from providing indirect benefits to stablecoin holders through lending, pledging and other products, and that the current ban on direct interest payments be extended to indirect benefits. The ESCB said that electronic money should be used for payments rather than savings, and the indirect income structure may blur the boundaries between electronic currency tokens and bank deposits.
Brazilian securities regulator plans to launch simulation test of securities tokenization
Brazil’s securities regulator (CVM) is advancing a distributed ledger technology (DLT) pilot program for tokenized securities, Ledger Insights reports. The program involves simulated trading only and does not involve real securities or investors. Coordinated by the CVM Tokenization Working Group (GTT), the test will last for 60 days and can be extended for a further 30 days. The draft is yet to be approved by the board of directors. The scope covers most of the securities life cycle from issuance to settlement of stocks, bonds, receivable certificates and investment fund shares.
Saudi Arabia withdraws from mBridge, a cross-border payment platform jointly built by multiple central banks
According to the Financial Times, the Saudi Central Bank (SAMA) has withdrawn from the cross-border central bank digital currency platform mBridge, which was not previously public. SAMA said that it joined as an observer in 2023, participated in the development of minimum viable products in 2024, and ceased to be a member after completing the proof of concept on May 13, 2025. It also denied that this move was related to US pressure. mBridge was launched by the Bank for International Settlements Innovation Center Hong Kong Center in 2021. The co-founders include the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Research Institute of the People's Bank of China and the Hong Kong Monetary Authority. BIS has handed over the project to various central bank partners in October 2024. The Macau Monetary Authority joined this year and went online in June.
Project progress
Hana Bank uses European Bank for Settlements’ blockchain technology to issue $100 million in digital bonds
According to Cointelegraph, South Korea’s Hana Bank issued a five-year, $100 million digital bond using Euroclear’s blockchain technology. This is South Korea’s first digital bond issued directly using Euroclear’s blockchain infrastructure. The issuance, registration and settlement of the bond are all conducted on a distributed ledger network. Leveraging the technology for bond allocation and payment settlement reduced a process that would have taken three to five working days to the same day.
New York Stock Exchange and Blockchain.com plan to explore launching tokenized version of U.S. stocks
According to Reuters, the New York Stock Exchange (NYSE) and Blockchain.com are exploring the launch of encrypted versions of U.S. listed stocks, which will provide tokenized stock trading in the form of blockchain.
IBM connects Digital Asset Haven to Swift blockchain ledger to support tokenized deposit transactions
According to TheBlock, IBM announced that customers of its digital asset management and security platform, IBM Digital Asset Haven, can now connect to permissioned blockchain networks including Swift’s blockchain-based shared ledger. The newly launched ISO 20022 message adapter beta allows institutions to initiate tokenized deposit transactions on the ledger via standard payment messages.
Financial institutions participating in the Swift project have used Digital Asset Haven to complete tests of tokenized deposits on the ledger, IBM said. The ledger supports bank-issued tokenized deposits and is designed to help participating IBM clients achieve 24/7 transfers of digital assets, with final settlement still completed through existing systems. The message adapter enables banks to develop based on existing payment message formats and operational processes without introducing blockchain-specific workflows.
ARK partners with Securitize to tokenize venture capital funds and holds equity in OpenAI, Anthropic and other companies
According to CoinDesk, Cathie Wood’s ARK Invest has reached a cooperation with Securitize to tokenize its ARK Venture Fund (ARKVX). The fund's investment portfolio includes private technology companies such as OpenAI, Anthropic, Stripe and Databricks. Tokenization will be provided by Securitize on-chain issuance and investor services. ARKVX will first be launched on Ethereum and may be expanded to other blockchains in the future. This tokenization does not mean that the shares of the relevant invested companies themselves are on the chain or open to free trading. What investors receive is a blockchain representation of the fund’s equity; Securitize also plans to provide daily net asset values and support fund equity transactions in the blockchain market.
Ondo partners with Alpaca to launch physical tokenization channel for stocks, has been listed on Ethereum and BNB Chain
According to an announcement from Ondo Finance, approved institutions can now directly mint Ondo Stocks using the stocks they already hold through Alpaca’s Instant Tokenization Network, and can redeem the tokens into corresponding stocks. This mechanism has been launched on Ethereum and BNB Chain, aiming to improve capital efficiency and improve secondary market liquidity, spreads and market depth.
Optimism partners with South Korea's KB Securities and Securitize to promote institutional tokenization
Optimism officially announced that South Korea's KB Securities has signed a memorandum of understanding (MOU) with Securitize and Optimism, and plans to launch tokenized financial products for Korean institutional investors based on OP Mainnet. The first products include a tokenized money market fund, as well as a fund based on KB Asset Management’s flagship strategy. As the regulatory framework for tokenized securities in South Korea gradually develops, the three parties also plan to explore tokenized stocks and products such as ADR, corporate bonds and Korean government bonds. This cooperation is KB Securities’ first public foray into the field of tokenization.
Canada's six largest banks jointly explore Canadian dollar tokenized deposit options
According to CoinDesk, Canada’s six largest banks, Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), National Bank of Canada, Royal Bank of Canada (RBC), Scotiabank, and TD Bank, announced that they will jointly explore the development of tokenized deposit solutions based on the Canadian dollar. The first phase goal is to allow tokenized deposits to flow efficiently among financial institutions in Canada. The long-term goal is to interconnect with other emerging digital asset projects to provide faster, more efficient, and programmable payment services. Relevant testing is currently underway.
The European Central Bank's DLT settlement platform Pontes is officially launched to support wholesale transactions of tokenized assets settled in central bank currency.
According to the official announcement of the European Central Bank (ECB), the Eurosystem's tokenized asset settlement infrastructure Pontes was officially launched today, allowing wholesale tokenized asset transactions to be settled in central bank currency, using DLT to integrate issuance, trading, settlement, custody and other links and support smart contract automation. Thirteen banks including Deutsche Bank, Santander, Société Générale, and the European Investment Bank, as well as four DLT operators including Clearstream, are the first to access the network. The target for full completion is 2028.
Several UK banks complete the first batch of tokenized deposit transactions
British banks including Lloyds, NatWest, Barclays and HSBC have completed the world’s first inter-bank transactions using tokenized deposits, Cointelegraph reported.
Partior is connected to the DiSH tokenized deposit platform of London Stock Exchange Group and is expected to be launched in the first quarter of 2027.
According to Ledger Insights, the cross-border payment network Partior announced that it will be connected to the London Stock Exchange Group's digital clearing house DiSH, allowing settlement banks to aggregate and settle bilateral inter-bank balances with each other around the clock. Partior's existing settlement banks include DBS Bank, Deutsche Bank, JPMorgan Chase and Standard Chartered Bank, supporting US dollars, euros and Singapore dollars. Previously, inter-bank clearing had to be completed through traditional channels during regular business hours, and pre-set funds or credit were required during non-business hours. The solution is being tested in the industry and is expected to be launched in the first quarter of 2027.
Binance invests US$100 million in Circle, and both parties renew a 5-year USDC promotion agreement
The 8-K filing submitted by Circle to the SEC shows that Binance has spent US$100 million to subscribe for 1.237 million Circle Class A ordinary shares at US$80.84 per share (lower than the market price at the time). The shares are locked for a maximum period of two years, during which Binance retains voting rights but cannot sell, transfer or hedge. The two parties also extended the original business cooperation to a new five-year agreement: Binance will promote USDC on the platform, and Circle will pay it a monthly incentive fee based on the proportion of USDC holdings. The transaction was completed on September 17.
U.S. stock token trading platform Maitong MSX lists 5 new U.S. stock tokens for spot use
US stock token trading platform Maitong MSX has launched spot trading of network security equipment supplier $FTNT, data security SaaS provider $VRNS, digital identity security leader $SAIL, multinational e-commerce platform $SHOP and global online travel platform $EXPE.
Financing dynamics
RockawayX invested US$150 million in RWA credit, betting on the on-chain income market
According to CoinDesk, digital asset investment institution Rockaway RockawayX has approximately US$2 billion in assets under management and has currently deployed approximately US$300 million in funds on the chain. The plan will focus on areas such as trade and supply chain financing, special asset-backed securities, CLOs and real estate-related credit.
MoonPay plans to acquire North Capital for over US$60 million to lay out tokenized securities
According to Fortune, MoonPay announced the acquisition of North Capital Investment Technology, a brokerage service company in Utah, USA, which provides custody, secondary market transactions, and tokenization services for debt, equity and other assets. MoonPay did not disclose the transaction amount, but people familiar with the matter revealed that the transaction was an all-stock transaction worth more than $60 million. North Capital holds a number of U.S. Securities and Exchange Commission (SEC)-related licenses including broker-dealers, alternative trading systems (ATS), transfer agents and investment advisors, and MoonPay plans to use this to expand businesses such as tokenized stocks.
Stablecoin infrastructure company HIFI completed $37 million in Series A financing, led by Left Lane Capital
According to The Block, stablecoin infrastructure company HIFI completed a $37 million Series A round of financing, led by Left Lane Capital. The specific valuation has not been disclosed. HIFI CEO Zach Walsh said that this is the company's first round of pricing financing, and the current annual direct transaction volume of the platform is approximately US$7 billion. This round of financing will be used to expand stablecoin payment products and tokenized capital market infrastructure. HIFI currently supports the transfer of funds in and out of U.S. dollars and stablecoins, payments through the U.S. banking system and bank cards, and provides U.S. dollar cash settlement services for tokenized repurchase agreements and U.S. Treasury bond transactions. HIFI also previously participated in the U.S. Depository Trust and Clearing Corporation (DTCC)’s tokenized securities production and transaction test.
Stablecoin payment network Atum completes US$13.5 million in seed round financing, led by Variant
According to official news, stablecoin payment network Atum announced the completion of a $13.5 million seed round of financing, led by Variant, with participation from PayPal Ventures, Abstract Ventures, Road Capital, Mirana Ventures, First Commit, and Credibly Neutral. Atum does not issue stablecoins, operate blockchains, or custody funds. Instead, it provides a cross-stablecoin and cross-chain coordination layer for global capital flows, responsible for authorization, routing, and confirmation, and supports AI agent payments through protocols such as x402 and MPP. Its founder and CEO Pete Cooling previously led the Visa encryption product team.
Insights Collection
Interview with Zheng Di, a leading-edge technology investor: The sec "Innovation Exemption" opens a compliance bull market, which targets are potential stocks?
PANews Overview: Investor Zheng Di said in an interview with PANews that the SEC's five-year innovation exemption will bring at least two years of regulatory stability to stock tokenization and will start a compliance bull market driven by RWA; Coinbase, Robinhood, and Circle have advantages at the exchange, user, and stablecoin levels respectively. Uniswap at the protocol level is the most recognized by traditional finance, while Arbitrum and Base each have their own pros and cons.
The purpose of listing U.S. stocks on the chain is to solve the asset shortage on the chain, undertake offshore funds to serve U.S. IPOs, and provide infrastructure for the machine economy of AI agents. He believes that Bitcoin's breakthrough of the 200-day moving average marks the start of this bull market. The overall market position is low and it is difficult to have a deep correction. The bull market will last for at least one year. Oil prices and the progress of AI replacing white-collar labor are key market variables. He also pays attention to the undervalued prediction market track and the opportunities for privacy coins in a compliance environment.
Stablecoins make money from U.S. debt, who takes the profits?
PANews Overview: Circle’s financial report shows that the core revenue of stablecoins comes from U.S. debt reserve income, but high channel distribution costs squeeze profits. Coinbase and Binance have received a lot of incentives as the leading channels. Binance even invested in Circle and signed a five-year promotion agreement to help develop emerging markets. Even if USDC circulation declines, distribution costs are still growing, reflecting the intensifying competition for industry stocks.
Emerging stablecoin projects compete for channels through high-proportion return returns, and some channels also choose to issue their own stablecoins to directly obtain reserve income. There are variables in the U.S. CLARITY Act legislation. Whether to allow the issuance of interest-like rewards will reshape the income distribution pattern among issuers, channels, and users. The core competition in the stablecoin track has turned to user balance entrance and reserve income distribution rights.
44 times a year, accounting for 86% on the chain: a16z’s five pictures reveal the changes of RWA perpetual contract
PANews Overview: The a16z report shows that the RWA perpetual contract market is expanding rapidly. In August 2026, the trading volume reached US$117.3 billion, an increase of 44 times from a year ago, and the size of open contracts reached US$4.8 billion, an increase of nearly 30 times. The focus of market trading has completed a structural reversal, and the proportion of on-chain transactions has increased to 86%, replacing centralized exchanges as the main force. Hyperliquid’s HIP‑3 Upgraded to an important boosting force.
Trading categories have also shifted from being dominated by commodities in the past to being dominated by stocks. In August, stock trading volume accounted for 48%, exceeding 28% of commodities and 18% of the index. Although the current overall scale is still far less than that of the traditional derivatives market, the data confirms that it is feasible to obtain traditional asset exposure on the chain, and it is expected to develop into a normalized business in the future.
Coinmetrics Report: The Competition for Tokenized Stocks and Their Path Ahead
PANews Overview: The CoinMetrics report points out that crypto exchanges are transforming into all-round exchanges that integrate tokenized stocks, derivatives and on-chain infrastructure. Kraken, Binance, Coinbase, Robinhood, etc. use different technical paths to deploy related businesses; against the background of the decline in crypto market trading volume, the scale of spot tokenized stocks and RWA perpetual contracts has achieved significant growth, and Binance bStocks trading volume has exceeded 3.7 billion US dollars in several months.
The SEC has issued a five-year innovation exemption, allowing compliance platforms to conduct tokenized stock chain transactions through licensed AMMs. However, current mainstream certificate products do not meet the exemption conditions, and the market still responds positively. The industry has various models such as issuer's native equity, custody income certificates, and pure derivatives. It is still in its early stages, and there is no definite winning solution yet. The boundaries between traditional finance and crypto assets continue to dissolve.