RWA Weekly Report | Representative Assets Drop Nearly 14%; Stablecoin Market Cap Reclaims $300 Billion (March 4 - March 10)

marsbitPubblicato 2026-03-10Pubblicato ultima volta 2026-03-10

Introduzione

RWA Weekly Report: Key assets fell nearly 14%; stablecoin market cap rebounds above $300 billion (Mar 4–10) DeFi stablecoin interest rates hit their lowest since June 2023. Stablecoin transaction volume reached a record 1.8 trillion in February, with USDC accounting for ~70% of transactions—double that of USDT. Regulatory developments include Florida’s Senate passing a stablecoin bill prohibiting interest payments, Hong Kong advocating for tokenization integration, South Korea moving to ban corporate stablecoin investments, and Russia planning new stablecoin legislation. BlackRock restricted redemptions in a $26 billion private credit fund, raising concerns about potential spillover effects into Bitcoin and DeFi. Stablecoin payment company KAST raised $80M at a $600M valuation. Ondo Finance launched tokenized stock trading on Binance Alpha and introduced tokenized equities as collateral in Ethereum DeFi via Chainlink oracles. MSX (STONKS) launched a Pre-IPO section offering shares among other upgrades. The total value of issued stablecoins rose over 51% since early 2025, reaching $311 billion.

Data: DeFi Stablecoin Interest Rates Hit Lowest Level Since June 2023

Blockworks posted on X platform, stating that stablecoin interest rates in DeFi have dropped to their lowest level since June 2023.

Data: Stablecoin Transaction Count Reached 1.8 Trillion in February, Hitting a New All-Time High; USDC Accounts for ~70% of Transactions, ~2x USDT's Volume

According to data from the Allium website, the number of stablecoin transactions reached 1.8 trillion in February, setting a new monthly record; among them, USDC transactions accounted for approximately 70% of the total data, about 1.26 trillion transactions, which is roughly twice the number of USDT transactions, the latter being about 514 billion.

Florida State Senate Unanimously Passes Stablecoin Regulatory Bill, Establishes State-Level Framework for Payment Stablecoins

The Florida State Senate passed Senate Bill 314 on Thursday with 37 votes in favor and 0 against, paving the way for establishing a regulatory framework for issuing payment stablecoins in the state. The bill, along with its companion House Bill 175, will be submitted to Governor Ron DeSantis for signature within the next 30 days. It is reported that the bill prohibits payment stablecoin issuers from paying any form of interest to holders, provided that "federal law prohibits such payments." A companion bill, CS/CS/SB 1440, was passed on the same day, expanding confidentiality protections for information from virtual currency businesses, qualified payment stablecoin issuers, and other institutions to protect trade secrets and non-public information.

Hong Kong SFC Chief Executive: Market Infrastructure Must Be Thoroughly Upgraded, Integrating Tokenization-Related Innovation Projects

Julia Leung, Chief Executive of the Hong Kong Securities and Futures Commission (SFC), delivered a keynote speech at the 2026 ASIFMA EU-Asia Financial Services Dialogue event. She stated that Hong Kong must thoroughly upgrade its market infrastructure, particularly in the fractionalization, clearing, and settlement of financial products. Distributed Ledger Technology (DLT) and tokenization developments offer a way forward. The true value of tokenization lies in its programmable nature, which supports a wide range of investment products, including bonds, funds, and even gold. As the tokenization ecosystem continues to grow, it is essential to effectively integrate related innovation projects, seamlessly combining market confidence in traditional finance with the efficiency of decentralized finance to further unlock liquidity. Leung revealed that the SFC has co-led a working group under the Asia-Pacific Regional Committee with the Australian Securities and Investments Commission (ASIC) to combat online scams and is participating in standard-setting and coordination work with global peers in areas such as digital assets.

South Korean Financial Authorities Plan to Prohibit Corporate Investment in Stablecoins

The South Korean Financial Services Commission is drafting "Corporate Virtual Currency Transaction Guidelines," and the permitted investment scope will not include stablecoins. These guidelines aim to allow listed corporations and registered professional investment corporations to trade digital assets for investment or financial purposes. To prevent disorderly investment in the early market stages, the authorities have decided to exclude dollar stablecoins like USDT and USDC from the permitted scope.

One reason for excluding stablecoins is that current South Korean foreign exchange laws do not recognize stablecoins as a means of external payment. Including stablecoins in the permitted investment scope would conflict with the existing legal system, effectively allowing companies to use stablecoins for trade and other commercial purposes. The South Korean National Assembly is currently reviewing an amendment to the Foreign Exchange Transactions Act, proposed last October, which aims to recognize stablecoins as a payment means.

It is reported that some listed companies with a high proportion of trade had requested the inclusion of stablecoins in the permitted scope to use them for foreign exchange hedging. Even if excluded from the guidelines, companies can still trade stablecoins through personal wallets or overseas exchanges. Industry insiders revealed that the relevant working group has completed its tasks, but the release of the guidelines is tied to the legislative process of the Digital Asset Basic Act.

Russian Ministry of Finance Plans to Introduce Stablecoin Bill, Citing "Huge Potential"

Russian Ministry of Finance officials stated they are considering introducing a separate stablecoin bill, rather than including stablecoins in the upcoming crypto exchange regulations. Alexey Yakovlev, Head of the Financial Policy Department at the Ministry, stated that stablecoins have "huge, even extremely huge potential."

Russia has already viewed stablecoins as a potential tool to circumvent sanctions. Yakovlev said that after the State Duma passes a bill prohibiting citizens from trading crypto assets on platforms without operating licenses, they will proceed with stablecoin regulation. This crypto bill is expected to be submitted to the State Duma during the spring session and could take effect as early as July.

Currently, stablecoins have no legal status in Russian law, and the Ministry of Finance expressed a desire to resolve this issue quickly. Yakovlev stated that the government wants to ensure stablecoins "serve economic interests, especially domestic ones." Previously, the Russian Central Bank established a category for "foreign digital rights," with the first approved stablecoin being the ruble-pegged A7A5 stablecoin, permitted for overseas trade last October. According to DefiLlama data, the total value of issued stablecoins has increased by over 51% since early 2025, reaching $311 billion.

BlackRock's $26 Billion Private Credit Fund Restricts Redemptions, Market Worries About Spillover to Bitcoin and DeFi

BlackRock, the asset management giant, has begun restricting withdrawals from one of its private credit funds, valued at approximately $26 billion, due to rising redemption requests. This has sparked concerns about spillover effects from stress in the global private credit market. Analysts warn that risks could also be transmitted directly on-chain. Data shows the current on-chain private credit scale is nearly $5 billion, primarily entering DeFi in the form of RWA tokenization. If the underlying credit assets face impairment or default, net value fluctuations of related tokens could trigger liquidations or liquidity tightening, thereby transmitting traditional credit stress to the DeFi ecosystem. Furthermore, tensions in this sector could affect the crypto market through two channels: macro deleveraging and tokenized credit products. If private credit funds are forced to deleverage or liquidate assets, it could trigger a chain reaction in broader risk assets and impact crypto assets, including Bitcoin.

Stablecoin Payment Company KAST Raises $80 Million, Valuation ~$600 Million

Stablecoin payment company KAST has completed an $80 million funding round co-led by QED Investors and Left Lane Capital. The funds will be used for expansion in North America, Latin America, and the Middle East, as well as for hiring, license applications, and product development. The new round values the company at approximately $600 million. Insiders said the terms of this round were finalized in October, and the company's annualized revenue is expected to rise to $100 million this year.

Bloomberg Analyst: Equity Tokenization Will Not Replace ETFs, But Will Democratize Access for Investors

Eric Balchunas, Senior ETF Analyst at Bloomberg, posted on the X platform, stating that Nasdaq's launch of an equity tokenization framework aims to allow stocks like Nvidia and Tesla to trade as traditional stocks while also supporting blockchain token forms. This initiative will build a bridge between traditional stock markets and blockchain investors, diversifying stock trading methods. Equity tokenization will not replace ETFs but will distribute them on-chain, providing participation opportunities for global investors, especially in less developed countries and regions. Bringing the world's most popular ETFs and stocks on-chain is a positive development for the market.

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 U.S. Treasuries 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 March 9, according to an official announcement, Binance Wallet launched an Ondo tokenized securities trading competition on Binance Alpha. Event period: March 9, 2026, 18:00 to March 23, 2026, 18:00 (UTC+8). During the event, the top 20,000 users by trading volume of Ondo tokenized securities on Binance Alpha will share equally in rewards equivalent to $500,000 worth of IAUon.

Previously, Ondo Finance posted on the X platform, stating that Ondo's tokenized stock DeFi application, supported by Chainlink as the official data oracle, is now live. Institutional-grade priced assets like QQQon and TSLAon have unlocked on-chain stocks as high-quality collateral. With TradFi liquidity and oracle data, Ondo's tokenized U.S. stocks can now support on-chain lending and structured products. The first projects launched are Euler Finance vaults, with risk management by Sentora and security provided by Chainlink. This marks the first time tokenized stocks are used as collateral in Ethereum DeFi.

MSX (STONKS)

One-Sentence Introduction:

MSX is a community-driven DeFi platform focused on tokenizing U.S. stocks and other RWAs for on-chain trading. Through a partnership with Fidelity, the platform achieves 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 for on-chain U.S. stock investment, building the "Nasdaq of the crypto world."

Past Developments:

On March 2, MSX officially announced the launch of its Pre-IPO section and initiated its first offering. The first batch of open targets includes equity quotas from four unlisted companies: SpaceX ($3 million), ByteDance ($2 million), Lambda Labs ($1 million), and Cerebras Systems ($500,000). Eligible users can participate in the subscription through the MSX platform, with a minimum subscription amount of $10 per transaction. This Pre-IPO section is built based on a cooperation structure between MSX and Republic, with related assets connected through compliant channels and held by regulated third-party custodians. MSX stated that it will expand the scope of Pre-IPO targets in phases in the future and explore technical paths to enhance asset liquidity.

Previously, MSX announced that its official website, msx.com, underwent a comprehensive design upgrade on February 11, 2026. This revision focused on three directions: "visual redesign, interaction optimization, and brand communication," including adopting a dark financial color scheme, introducing neumorphic style and character elements, and reorganizing the layout of market data and functional modules. In terms of interaction, the website increased page whitespace based on a grid system, weakened interference from non-critical information, and centralized and streamlined entrances and buttons in high-frequency areas like market data, positions, and order placement to shorten operation paths. Simultaneously, the website uniformly uses brand green to mark key operations and status feedback, improving readability for critical steps like order placement and confirmation, and reducing the risk of misclicks and misjudgments.

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Domande pertinenti

QWhat is the current total value of issued stablecoins according to DefiLlama data mentioned in the article?

AThe total value of issued stablecoins has reached $311 billion.

QWhich stablecoin had approximately 70% of the transaction volume share in February, as per Allium data?

AUSDC had approximately 70% of the transaction volume share in February, accounting for about 1.26 trillion transactions.

QWhat significant action did the Florida Senate take regarding stablecoins?

AThe Florida Senate unanimously passed Senate Bill 314, which establishes a state-level regulatory framework for payment stablecoins and prohibits issuers from paying interest to holders if such payments are forbidden by federal law.

QWhat is the primary focus of the Ondo Finance protocol?

AOndo Finance is a decentralized finance protocol focused on structured financial products and the tokenization of real-world assets (RWA), aiming to provide users with fixed-income products like tokenized U.S. Treasuries.

QWhat new feature did the MSX (MyStonks) platform launch on March 2nd?

AMSX officially launched a Pre-IPO section, allowing users to participate in the认购 (subscription) of pre-IPO equity from companies like SpaceX, ByteDance, Lambda Labs, and Cerebras Systems.

Letture associate

Silicon Valley 'Startup Guru' Steve Hoffman: Web3 + AI Could Be a Trap

Silicon Valley investor and "Godfather of Startups" Steve Hoffman warns that combining Web3 with AI is likely a trap, not a promising venture. In an interview, Hoffman argues that while AI is a foundational technology touching all industries, Web3 adds complexity, friction, and regulatory risk without solving mainstream consumer or business needs. He advises founders to focus on deep, specialized applications where startups can out-iterate giants, rather than on generic features easily replicated by large tech companies. Hoffman observes that Silicon Valley will lead foundational AI research, while China excels at rapid, large-scale application and commercialization, particularly in robotics. He stresses that AI-driven autonomous agents capable of collaborative, multi-step tasks are 2-4 years away, which will cause significant job displacement. The solution is not to slow AI but to redesign business models around human-AI collaboration and reform social systems like education and retraining. For startups, Hoffman recommends focusing on vertical, expertise-heavy domains to build defensibility. He sees major opportunities in AI fraud detection and cybersecurity. Key founder mindsets include systemic thinking over feature-focus, relentless customer centricity, building adaptive teams, and deeply understanding AI's capabilities and limits. Hoffman is also leading a non-profit initiative to establish university centers aimed at training future leaders in responsible, human-value-aligned AI innovation.

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Silicon Valley 'Startup Guru' Steve Hoffman: Web3 + AI Could Be a Trap

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Token Inefficient, Economy Tokenless

The article "Tokens Aren't Economical, Economics Aren't Tokenized" analyzes a pivotal shift in the AI industry from a technology-driven narrative to one dominated by capital efficiency. It highlights two concurrent trends: a severe capital shortage due to the exorbitant and recurring costs of compute (e.g., OpenAI's high burn rate) and a wave of corporate spin-offs where major tech companies are separating their AI units (like Kuaishou's Kling and Baidu's Kunlunxin). The core argument is that AI's "anti-internet" business model, where user growth increases costs rather than profits, has created a disconnect between high valuations and actual cash flow. Spin-offs address this by allowing AI assets to be valued independently. Within a parent company, they are seen as cost centers, but as standalone entities, they are priced based on their growth potential and scarcity in the primary market, leading to massive valuation premiums (e.g., Kling's estimated value tripling post-spin-off). The industry is at an inflection point, moving from "model worship" to "value realization." The competition is evolving from a pure compute (GPU) race to a broader focus on systemic efficiency and full-stack engineering (involving CPUs and orchestration) to achieve viable commercialization. The year 2026 is framed as a critical moment where the industry must definitively answer how to economically translate AI capability into tangible business value, reshaping the sector's future power structure.

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Token Inefficient, Economy Tokenless

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Crossing the 'Memory Wall': The Wafer-Level Revolution and Computing Power Routes in the AI Inference Era

In 2026, a historic shift occurred in AI as major cloud providers' inference spending surpassed training spending for the first time, signaling a move from "building large models" to "using large models." This shifts the core challenge from computing power to the "memory wall"—the bottleneck of data movement (model weights, activations, KV Cache) between external DRAM and processors, where energy and latency from data transfer far exceed computation itself. Companies like Nvidia face GPU idle time due to bandwidth limits. In contrast, Cerebras Systems adopts a radical "wafer-scale" approach with its Wafer-Scale Engine (WSE). Instead of cutting a silicon wafer into many chips, Cerebras uses almost the entire wafer as one massive chip (WSE-3). This design provides 44GB of on-chip SRAM, delivering memory bandwidth thousands of times higher than traditional HBM (e.g., 21 PB/s vs. Nvidia B200). For LLM inference, weights are streamed layer-by-layer from external MemoryX storage to the chip, avoiding HBM bottlenecks. This results in token generation speeds 1.5–5 times faster than Nvidia's B200 in some models and significant advantages in first-token latency and long-context tasks. Additionally, Cerebras's architecture offers much lower interconnect power consumption (0.15 pJ/bit vs. GPU's ~10 pJ/bit). However, Cerebras faces challenges: SRAM scaling has slowed with advanced nodes, limiting future capacity gains; the chip requires specialized liquid cooling and custom software stacks; and its external I/O bandwidth (150 GB/s) is low compared to NVLink, hindering multi-system scaling for very large models. Competition is intensifying. Major players are pursuing three paths: 1) Developing proprietary inference ASICs (e.g., Google TPU, Microsoft Maia), 2) Leveraging advanced packaging (e.g., TSMC's SoW) to democratize wafer-scale-like integration, potentially eroding Cerebras's process advantage within a few years, and 3) Exploring optical interconnects for ultimate bandwidth. Commercially, Cerebras is transitioning from a hardware vendor to a service provider, facing the immense challenge of building high-power, specialized data centers to meet large contracts (e.g., 250MW/year from 2026–2028). In conclusion, the AI inference era presents a fundamental architectural trade-off. Cerebras opts for extreme physical optimization for low-latency, single-task performance, while Nvidia prioritizes versatility and massive cluster throughput. The path forward remains uncertain, with technology and business models still evolving in the race toward advanced AI.

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Crossing the 'Memory Wall': The Wafer-Level Revolution and Computing Power Routes in the AI Inference Era

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Has Bitcoin's 'Rebound Ended', Officially Entering the Late Bear Market Phase?

**Title: Has Bitcoin's Rebound Ended, Entering the Late Bear Market Phase?** **Summary:** Bitcoin's price has declined by 13% this week, signaling a potential return to late-stage bear market conditions. The price fell to around $67k, positioned between the Realized Price and Realized Cap Weighted Average. For the first time since early 2022, the Short-Term Holder cost basis has dropped below this key average, confirming a hallmark of late-cycle bear markets. Profitability metrics have collapsed sharply. The 7-day average of the Realized Profit/Loss ratio plummeted from a local high of 3.16 to 0.29, mirroring the February panic sell-off. Critically, the 90-day average never breached the threshold of 2, indicating the recent rally to $82k was a bear market bounce, not a structural shift. Realized losses surged to $1.35 billion daily, with $770 million coming from Long-Term Holders selling at a loss. This accelerating redistribution of supply from weak to strong hands is a necessary but ongoing process for a market bottom. The rally stalled almost precisely at the aggregate cost basis (~$83k) of US spot Bitcoin ETF investors, turning that level into strong resistance and leaving the average ETF holder underwater again. Spot market flows have turned decisively negative, showing sellers are dominating order books despite the price drop. While a significant futures long liquidation event cleared over $400 million in leverage, providing a potential reset, sustained spot demand is yet to materialize. Options markets continue to price in higher future volatility (Implied Volatility) than recent price action (Realized Volatility) has shown, with a persistent skew towards put options, indicating ongoing demand for downside protection. In conclusion, multiple metrics point to a fragile market structure. Resistance at the ETF cost basis, accelerating realized losses, dominant spot selling, and cautious options pricing all suggest the bear market trend persists. A sustainable recovery likely requires a resurgence of spot demand, ETF holders returning to profit, and a clear reduction in selling pressure.

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Has Bitcoin's 'Rebound Ended', Officially Entering the Late Bear Market Phase?

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TechFlow Intelligence Agency: Anthropic Calls for Global Pause in AI Development While Preparing for Trillion-Dollar IPO; SpaceX IPO Roadshow Heats Up, But S&P 500 Rejects Fast-Track Inclusion

In today's TechFlow Intelligence Briefing, several major tech stories highlight a growing theme of trust and credibility gaps across AI, crypto, and finance. AI company Anthropic has publicly called for a global pause in AI development, citing risks from Claude's "recursive self-improvement." Ironically, this coincides with reports the company is preparing for a massive IPO targeting a near $1 trillion valuation. This perceived hypocrisy, coupled with widespread user complaints about Claude's declining performance, is sparking debate over whether the safety warning is genuine or a competitive tactic. Meanwhile, in a substantive security move, Anthropic open-sourced a framework for AI-powered vulnerability discovery. In the crypto market, Bitcoin's price drop below $61,000 triggered over $1.16 billion in liquidations, flipping the market into a state where more BTC is held at a loss than at a profit, a historical bearish signal. On the corporate front, SpaceX's highly anticipated IPO is generating immense Wall Street excitement, with Goldman Sachs projecting 100x revenue growth by 2030. However, the S&P 500 has refused to fast-track the company's inclusion post-IPO, potentially limiting immediate institutional demand. Separately, ByteDance's AI app Doubao lost over 6 million monthly active users after introducing a subscription model, highlighting the challenges of AI monetization. Other notable developments include Nvidia certifying HBM4 memory from Samsung, SK Hynix, and Micron; Cloudflare's acquisition of front-end tooling company VoidZero; and its CEO warning that bot traffic now exceeds human traffic online. The underlying narrative connects these events: a trust crisis. From AI firms' contradictory actions and crypto volatility to the clash between SpaceX's hyped narrative and institutional rules, a pattern is emerging where stated intentions and actual practices are increasingly misaligned.

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TechFlow Intelligence Agency: Anthropic Calls for Global Pause in AI Development While Preparing for Trillion-Dollar IPO; SpaceX IPO Roadshow Heats Up, But S&P 500 Rejects Fast-Track Inclusion

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