Original | Odaily Planet Daily (@OdailyChina)
Author | Ethan (@ethanzhang_web3)
RWA Sector Market Performance
According to the rwa.xyz data panel, as of December 9, 2025, the total on-chain value of RWA (Distributed Asset Value) has clearly stabilized this week after experiencing significant volatility last week due to statistical adjustments. Data shows the total value slightly increased from $18.41 billion on December 2nd to $18.44 billion, a modest gain of approximately $30 million. Simultaneously, the Representative Asset Value grew from $391.55 billion to $391.66 billion, corroborating the resilience of the broader RWA market's scale. User growth momentum remains strong, with the total number of asset holders jumping from 555,428 to 561,558, a weekly increase of 6,130 users, or about 1.1%. In the stablecoin market, the total market capitalization further rose from $300.99 billion to $301.92 billion, an increase of $930 million; the number of stablecoin holders surged by 2.06 million, breaking from 205.69 million to 207.75 million, providing ample potential purchasing power for on-chain assets.
In terms of asset structure, the US Treasury bond sector, a recent key support, saw its scale slightly retract from $8.9 billion last week to $8.8 billion, a decrease of $100 million. In contrast, the private credit sector, which shrank significantly last week, showed signs of rebounding, with its scale increasing from $2.0 billion to $2.2 billion, a weekly growth of $200 million. Institutional alternative funds continued to face pressure, further decreasing from $2.6 billion to $2.5 billion. Commodity assets maintained high stability, holding steady at $3.1 billion for two consecutive weeks. Among other sectors, public equity performed notably well, growing from $655.8 million to $671.7 million, while non-US government debt slightly increased to $637.2 million, and private equity dipped slightly to $391.6 million.
Trend Analysis (Compared to Last Week)
This week, the RWA market showed steady overall growth, disregarding the impact of last week's "data adjustments." Although the total market cap did not see a strong rebound, the halt in the decline of the private credit sector may be a positive signal for the market. Capital flows are beginning to diversify from the US Treasury-led gains towards slightly higher-risk credit and equity assets. The massive growth in the stablecoin user base remains the biggest macro highlight of the week, suggesting that off-market funds are accelerating their entry and positioning. Although not yet fully converted into RWA asset growth, the reservoir effect is already evident.
Market Keywords: Stabilization and Recovery, Credit Reflow, Liquidity Reservoir.
Key Event Review
US CFTC Launches Digital Asset Collateral Pilot Program, Bitcoin, Ethereum, and USDC Can Be Used as Margin in Derivatives Markets
Acting Chairman of the US Commodity Futures Trading Commission (CFTC), Caroline D. Pham, announced the launch of a digital asset collateral pilot program, permitting digital assets like BTC, ETH, and USDC to be used as compliant margin in US-regulated derivatives markets. The CFTC also issued regulatory guidance on tokenized collateral and repealed old rules rendered obsolete by the enactment of the GENIUS Act.
The CFTC stated that this move is a significant milestone in advancing the application of tokenized assets in regulated markets, providing a clear regulatory framework for futures and swaps markets, including: the scope of available tokenized assets, legal enforceability, custody and segregation requirements, valuation and risk management, and operational risk. Initially, for the first three months, digital asset collateral acceptable by FCMs (Futures Commission Merchants) will be limited to BTC, ETH, and USDC, and they must report持仓规模 (holdings size) to the CFTC weekly by account.
Simultaneously, the CFTC is providing "no-action" relief to FCMs accepting digital assets as margin, offering regulatory clarity for institutions, and requiring them to maintain robust risk controls. The CFTC also rescinded Staff Notice 20-34, as the GENIUS Act and recent rapid developments have made its contents inapplicable.
Several industry companies welcomed this. Coinbase's Chief Legal Officer stated that the CFTC's decision proves stablecoins and digital assets can improve payment efficiency. Circle's President said this would reduce settlement friction and enhance the dollar's dominance. Crypto.com's CEO called it a "pivotal moment in US crypto history." A Ripple executive pointed out that clearly including stablecoins as eligible margin would lead to higher capital efficiency.
The CFTC indicated that the related actions incorporated feedback from market participants, public comments, the Crypto CEO roundtable, and recommendations from its Global Markets Advisory Committee.
US Commodity Futures Trading Commission: Spot Cryptocurrency Products Now Allowed for Trading on CFTC-Registered Exchanges
Acting Chairman of the US Commodity Futures Trading Commission (CFTC), Caroline D. Pham, announced that spot cryptocurrency products will be permitted for trading on CFTC-registered, regulated futures exchanges for the first time.
Pham stated this is part of the Trump administration's commitment to making the US the "crypto capital of the world," aiming to address the lack of protections on offshore exchanges by providing a regulated domestic market.
Furthermore, as part of the "Crypto Sprint" initiative, the CFTC will also promote the use of tokenized collateral (including stablecoins) in derivatives markets and revise rules to support the application of blockchain technology in infrastructure such as clearing and settlement.
US Lawmakers Urge Regulators to Implement Stablecoin Regulations by July 2026 Deadline
The GENIUS Stablecoin Act passed this summer in the US has entered the implementation phase, with federal regulators advancing配套规则制定 (supporting rulemaking), targeting completion by July 18, 2026. Representative Bryan Steil urged regulators at a hearing to "finish on time," avoiding prolonged delays in the rules' issuance. The FDIC stated it would propose a GENIUS-related rule draft this month, and the NCUA said the first rule might be the stablecoin issuer application process. GENIUS requires stablecoins to be fully backed by dollars or highly liquid assets and mandates annual audits for issuers with a market cap exceeding $50 billion. During the hearing, Democratic Representative Maxine Waters also questioned potential conflicts of interest regarding President Donald Trump's involvement in crypto projects.
Former BOC Vice President: Accelerating Digital Yuan Development, Policy Stance of Resolutely Curbing Virtual Currencies Including Stablecoins is Fully Clear
Former Vice President of the Bank of China, Wang Yongli, published an article on his public account titled "Why Did China Resolutely Halt Stablecoins?" He pointed out that China's policy orientation of accelerating the development of the digital yuan and resolutely curbing virtual currencies, including stablecoins, is now entirely clear. This is based on a comprehensive consideration of factors such as China's leading advantage in mobile payments and the digital yuan, RMB sovereign security, and monetary and financial system stability. He emphasized that there is little space and opportunity for developing non-dollar stablecoins, as dollar stablecoins already account for over 99% of the market capitalization and trading volume of global fiat stablecoins. He stressed that following the path of dollar stablecoins to develop a yuan stablecoin would not only find it difficult to challenge the international status of dollar stablecoins but could even make the yuan stablecoin a vassal of dollar stablecoins, posing a serious threat to RMB sovereign security and monetary and financial system stability.
Several European Banks Advance Euro Stablecoin, Targeting Launch in Second Half of 2026
Ten European banks, including BNP Paribas, ING, and UniCredit, have formed a new company, Qivalis, planning to launch a euro-pegged stablecoin in the second half of 2026 to counter dollar dominance in digital payments. Qivalis is headquartered in Amsterdam, with former Coinbase Germany CEO Jan-Oliver Sell as CEO and former NatWest Chairman Howard Davies as Chairman.
South Korean Ruling Party Demands推进 Stablecoin Bill, Commercial Banks Must Hold at Least 51% Stake
South Korea's ruling party, the Democratic Party, has demanded the government submit a new bill by December 10th to regulate won-pegged stablecoins.
Kang Jun-hyun, convener of the Democratic Party's Political Affairs Committee, stated that the draft bill would only allow alliances where commercial banks hold at least a 51% stake to issue fiat-pegged tokens. Kang Jun-hyun said this move aims to协调 (coordinate) the positions of the Bank of Korea (BOK), the Financial Services Commission (FSC), and the banking industry.
If the government fails to act, Kang Jun-hyun stated the National Assembly will take the lead and advance legislation. The proposal restricts stablecoin issuance to alliances where commercial banks hold no less than a 51% stake, aiming to resolve the long-standing dispute over issuer qualifications. However, the Financial Services Commission subsequently issued a statement saying, "has not yet finalized anything regarding the alliance proposal."
International Monetary Fund Warns: Stablecoin Adoption Could Weaken Central Bank Control
The International Monetary Fund (IMF) stated that stablecoins have the potential to broaden individuals' access to financial services, but this could come at the expense of national central banks.
In a 56-page report released on Thursday, the international organization pointed out "currency substitution" as a potential risk brought by stablecoins, stating this trend could gradually erode countries' financial sovereignty.
Historically, if individuals wanted to hold US dollars, they typically needed to hold physical cash or open specific types of bank accounts. However, the IMF emphasized, "stablecoins can rapidly penetrate a country's economic system via the internet and smartphones."
The organization added: "Especially in cross-border scenarios, the use of foreign currency-denominated stablecoins could lead to currency substitution, potentially weakening monetary sovereignty, particularly where non-custodial wallets exist."
The IMF stated that if a significant amount of economic activity ceases to rely on the domestic currency, central banks will find it difficult to effectively control domestic liquidity and interest rates.
The report noted that if foreign currency-denominated stablecoins gain a foothold through payment services, domestic alternatives like Central Bank Digital Currencies (CBDCs) could face competitive pressure. Unlike privately issued stablecoins, CBDCs are a digital form of sovereign currency issued, regulated, and managed by the central bank.
WLFI Co-founder: To Launch a Series of RWA Products in January 2026
According to a Reuters report, Zach Witkoff, co-founder of the crypto enterprise World Liberty Financial, backed by the family of US President Trump, announced at an event in Dubai on Wednesday that the company will launch a series of Real World Asset (RWA) products at the beginning of Q1 2026, in January. World Liberty Financial's stablecoin, USD1, was used this year by an Abu Dhabi-backed MGX company to pay for its investment in Binance.
Hot Project Dynamics
Ondo Finance (ONDO)
One-Sentence Introduction:
Ondo Finance is a decentralized finance protocol focused on structured financial products and the tokenization of real-world assets. Its goal is to provide users with fixed-income products, such as tokenized US Treasury bonds or other financial instruments, through blockchain technology. Ondo Finance allows users to invest in low-risk, highly liquid assets while maintaining decentralized transparency and security. Its token, ONDO, is used for protocol governance and incentive mechanisms. The platform also supports cross-chain operations to expand its application within the DeFi ecosystem.
Latest Developments:
On December 8th, it was reported that the US Securities and Exchange Commission (SEC) has concluded its investigation into tokenized asset company Ondo Finance without recommending any charges.
This investigation began in October 2023, initiated by former SEC Chairman Gary Gensler, primarily examining whether Ondo complied with US securities laws in its tokenized US Treasury products and whether the ONDO token should be classified as a security. An Ondo spokesperson stated that the company received formal notice in late November that this two-year SEC investigation had concluded. Since the pro-crypto SEC Chairman Paul Atkins took office, the agency has closed most cryptocurrency-related investigations. Ondo stated that the resolution of the investigation clears obstacles for its expansion in the US. The company had previously registered as an investment adviser and acquired the SEC-registered broker-dealer, ATS operator, and transfer agent Oasis Pro Markets. Ondo is scheduled to host its annual Ondo Summit in New York on February 3rd, where new tools and products for tokenizing real-world assets are expected to be announced.
Previously, according to official news from Ondo Finance, over 100 tokenized stocks and ETFs launched by Ondo have officially gone live on Binance Wallet based on BNB Chain, opening investment opportunities to 280 million users.
MSX (STONKS)
One-Sentence Introduction:
MSX is a community-driven DeFi platform focused on tokenizing US stocks and other RWAs for on-chain trading. Through a partnership with Fidelity, the platform enables 1:1 physical custody and token issuance. Users can use stablecoins like USDC, USDT, and USD1 to mint stock tokens such as AAPL.M and MSFT.M, and trade them 24/7 on the Base blockchain. All trading, minting, and redemption processes are executed by smart contracts, ensuring transparency, security, and auditability. MyStonks is committed to bridging the gap between TradFi and DeFi, providing users with a high-liquidity, low-barrier entry to on-chain US stock investment, building the "Nasdaq of the crypto world."
Latest Developments:
On December 3rd, data from the MSX official website (msx.com) showed that the platform's trading volume reached $2 billion in the past 24 hours, setting a new single-day historical high. As of writing, the total platform volume has exceeded $20.6 billion, surging by over $7.5 billion in the past 5 days, a cumulative increase of over 57%. Additionally, MSX concluded its积分赛季 S1 (points season S1) on December 2nd; the M Credits (M豆) earned by users will be directly used for future MSX token distribution.
On December 5th, MSX founder Bruce posted on X that Nasdaq has submitted a stock token application, and MSX is prepared to convert to "official" tokens. He stated: "Nasdaq already submitted its stock token application to the SEC back in September this year. If progress is fast, it will officially launch in Q1 next year. The launch of Nasdaq's stock tokens will impact all 'non-official stock tokens.' MSX is prepared to convert to 'official' tokens at any time."
Related Links
《RWA Weekly Report Series》
Curates the latest insights and market data on the RWA sector.
《Regulatory Clarification: RWA Classified as Illegal Financial Activity, Domestic and Foreign Practitioners Take Note》
Seven Chinese financial industry associations jointly issued a risk warning, explicitly classifying Real World Asset tokenization (RWA) as a virtual currency-related illegal activity for the first time, alongside stablecoins and air coins. Authored by lawyer Liu Honglin, it provides a detailed analysis of the legal risks of RWA, the连带责任 (joint liability) of service institutions, and the regulatory穿透 (piercing) of the "overseas entity + domestic personnel" model, offering an authoritative reference for understanding the current direction of financial regulatory policy.
《Analyzing the First RWA "Implosion" Case, What Risks Demand Attention?》
Authored by lawyer Xiao Sa's team, this is an in-depth analysis of the first "implosion" incident in the RWA industry. It not only details the event's progression but also systematically breaks down the risk transmission mechanism, revealing the core vulnerabilities of RWA projects from three dimensions: underlying assets, technical architecture, and legal compliance.
