RWA Weekly Report|Asset Holders Surge by 26%; White House Convenes Crypto Companies and Banks to Discuss Stablecoin Yield Issues (1.28-2.3)
RWA Weekly Report: Asset Holders Surge 26%; White House Meets with Crypto Firms and Banks on Stablecoin Rewards (Jan 28 - Feb 3)
The total on-chain value of Distributed Real-World Assets (RWA) reached $23.96 billion, a weekly increase of 3.14%. The broader Represented Asset Value saw a significant adjustment, dropping 43.86% to $199.44 billion, likely due to a change in statistical methodology. A key highlight was the 26.52% surge in total asset holders, adding over 174,000 new participants. The stablecoin market also grew, with its total market cap rising 4.64% to $310.15 billion.
Structurally, U.S. Treasuries remained the largest component at $9.6 billion, though it saw a slight decrease. Commodities were the strongest-growing asset class, up 9.09% to $4.8 billion. Private credit expanded by 8% to $2.7 billion.
A major development was a closed-door meeting at the White House, convening crypto industry representatives (including Coinbase) and banking organizations to discuss the contentious issue of stablecoin rewards. The core disagreement lies in whether third-party platforms should be allowed to offer yields to stablecoin holders, a practice banks oppose for fear of draining deposits.
Other significant events included:
- The SEC and CFTC launching "Project Crypto" to create a unified regulatory framework.
- Hong Kong’s monetary authority receiving 36 stablecoin license applications, with the first batch to be issued in March.
- The UK launching an inquiry into stablecoin growth and its proposed regulatory regime.
- Binance announcing it will convert the entire $1 billion in its SAFU insurance fund from stablecoins to Bitcoin.
- Tether reporting 2025 net profits exceeding $10 billion.
Key projects like Ondo Finance (ONDO) and MSX (STONKS) continued to expand, with Ondo’s USDY tokenized treasury product launching on the Sei network and its Total Value Locked (TVL) surpassing $2.5 billion.
Odaily星球日报02/03 13:31