Original | Odaily Planet Daily (@OdailyChina)
Author | Ethan(@ethanzhang_web3)
RWA Sector Market Performance
According to the rwa.xyz data dashboard, as of February 3, 2026, the total on-chain value of RWA (Distributed Asset Value) reached $23.96 billion, an increase of $730 million from $23.23 billion on January 27, representing a weekly growth of 3.14%. In terms of the broad RWA market size, i.e., the total value of representative assets (Represented Asset Value), there was a significant correction, dropping from $355.17 billion on January 27 to $199.42 billion, a decrease of $155.75 billion, or 43.86%. This may be due to adjustments in statistical caliber, a situation that has often occurred before and is not abnormal.
In terms of the number of asset holders, the total number of asset holders increased from 656,444 to 830,533, a net increase of 174,089 in a single week, a growth rate of 26.52%. The stablecoin market maintained an upward trend, with its total market capitalization rising from $296.39 billion to $310.15 billion, an increase of $13.76 billion, or 4.64%. The number of stablecoin holders also grew from 223.87 million to 224.73 million, an increase of 0.38%.
In terms of asset structure, U.S. Treasury bonds remain the largest component of the current on-chain RWA market, with a market value of $9.6 billion on February 3, a slight decrease of $200 million from $9.8 billion the previous week, a drop of about 2.04%. Commodity assets continued to expand, rising from $4.4 billion to $4.8 billion, a growth of 9.09%, making it the single asset category with the strongest growth in this cycle.
The private credit sector steadily expanded, growing from $2.5 billion to $2.7 billion, an increase of $200 million in a single week, or 8%. The market value of institutional alternative funds remained stable at $2.3 billion, unchanged from the previous week. Corporate bonds and non-U.S. government debt both adjusted, from $1.6 billion and $847 million to $1.5 billion and $1.5 billion respectively, with the former experiencing a slight correction and the latter growing significantly by $653 million, an increase of 77.1%.
The public equity sector saw a decline, dropping from $1.1 billion to $933 million. Although the data showed a slight decrease, it remained largely stable. Private equity also saw a slight synchronous decline, falling from $389.6 million to $322.1 million, a decrease of $67.5 million, or 17.3%.
Trend Analysis (Compared to Last Week)
Over the past week, the RWA market overall exhibited structural differentiation: the on-chain distributed asset value grew steadily, while the value of representative assets saw a significant correction. User participation and the total market capitalization of stablecoins rose simultaneously, further solidifying the capital foundation. From an asset structure perspective, commodity and private credit assets attracted more incremental capital, reflecting a gradual increase in market risk appetite. In contrast, Treasury bonds and private equity performed relatively weakly, possibly due to limited returns and liquidity constraints, leading to a decline in popularity.
Market keywords: user expansion, rising risk appetite, strengthening commodities and credit
Key Event Review
White House Convenes Crypto Companies and Banks to Discuss Stablecoin Yield Issues, Legislative Divisions Remain Unresolved
This Monday, the White House convened representatives from the crypto industry and traditional banking to hold a closed-door meeting on stablecoin rewards, a core contentious issue in crypto legislation. Participants included Coinbase, several crypto industry associations, and banking organizations. The meeting was chaired by Patrick Witt, a member of the President's Digital Asset Advisory Committee.
Crypto industry representatives generally gave positive evaluations of the meeting. Blockchain Association CEO Summer Mersinger stated that this meeting was an important step in promoting bipartisan digital asset market structure legislation, with the stablecoin rewards issue being one of the current key remaining disagreements. Digital Chamber of Commerce CEO Cody Carbone also said that the parties had identified the main pain points and potential directions for compromise but had not yet reached a final solution, with the goal of forming a path by the end of February.
Reports indicate that the stablecoin rewards issue mainly focuses on whether to allow third-party platforms (like Coinbase) to offer rewards to stablecoin holders. Banking organizations continue to oppose related practices, worrying that they might divert bank deposits, impact the lending capacity of community banks, and criticizing the previously passed GENIUS stablecoin bill for having regulatory loopholes on this issue.
Informed sources stated that the banking side's stance was relatively firm during the meeting, with limited flexibility in negotiations. The White House plans to narrow the scope of consultations in the follow-up, pushing all parties to make decisions on specific compromise solutions in future meetings.
SEC Chair and CFTC Chair Launch Project Crypto to Unify Crypto Regulation
According to a disclosure on the SEC website, SEC Chair Paul S. Atkins and CFTC Chair Mike Selig officially launched the joint initiative Project Crypto at the CFTC headquarters on January 29. This initiative aims to coordinate the regulatory standards of the two agencies for the crypto market in response to the bipartisan market structure legislation being advanced by Congress. Paul S. Atkins stated that the current regulatory model is difficult to adapt to the current state of technological integration, and fragmented regulation has become a source of confusion for investors rather than protection. Project Crypto will seek to establish a unified framework in areas such as trading, clearing, custody, and risk management, following the principle of the minimum effective dose for moderate regulation. Additionally, SEC Staff have provided guidance over the past year on Memecoin, stablecoins, mining, staking, and broker financial responsibility, and have clarified that registered advisors and regulated funds can hold crypto assets in specific state-chartered financial institutions. This initiative marks a shift in regulatory focus from enforcement-driven to rule clarification, aiming to reduce compliance costs through inter-agency collaboration.
Hong Kong Monetary Authority: Received 36 Stablecoin License Applications, Plans to Issue First Batch of Stablecoin Issuer Licenses in March
Hong Kong Monetary Authority Chief Executive Eddie Yue stated at a Legislative Council meeting on Monday that the HKMA plans to issue the first batch of stablecoin issuer licenses in March, with the initial number of approvals being very limited. The HKMA has currently received 36 applications, and the approval process is nearing completion. The review focuses include risk management, anti-money laundering controls, the quality of reserve assets, and application scenarios. Licensed issuers must comply with local cross-border activity regulations, and future exploration of mutual recognition arrangements with other jurisdictions is possible.
UK Financial Services Regulation Committee Launches Regulatory Investigation into Stablecoins
The UK House of Lords Financial Services Regulation Committee announced today the launch of a new investigation into the growth of UK stablecoins and the proposed regulatory regime, calling for written evidence from all sectors, with a deadline of March 11, 2026.
This investigation was initiated by Committee Chair Baroness Noakes and aims to assess the potential impact of stablecoins on the UK financial services industry and macroeconomy. Core topics include: the expected development of the GBP stablecoin market, comparisons with US and EU regulatory systems, and whether the proposed frameworks by the Bank of England and the Financial Conduct Authority (FCA) balance international competitiveness with consumer protection. The investigation will also review whether stablecoins could impact monetary policy execution and traditional financial intermediaries.
Data: USDC On-Chain Transaction Volume Exceeds $8.4 Trillion in January, Accounting for 84% of Total Market Share
Circle CEO Jeremy Allaire posted on platform X that, according to Artemis data, USDC on-chain transaction volume exceeded $8.4 trillion in January, while the total on-chain transaction volume of the stablecoin market was $10 trillion.
US President Nominates Crypto-Friendly Kevin Warsh as Fed Chair
The US President posted on Truth Social, nominating Kevin Warsh as the next Chair of the Federal Reserve. Kevin Warsh is currently a researcher at the Hoover Institution and a lecturer at Stanford Graduate School of Business. He served as a Federal Reserve Governor from 2006 to 2011. Kevin Warsh holds a friendly stance towards cryptocurrency, having stated that Bitcoin is an important asset that can serve as a policy overseer and does not pose a systemic threat to Bitcoin's ability to manage the economy. Additionally, Kevin Warsh participated as an angel investor in the algorithmic stablecoin project Basis and the crypto index management company Bitwise. Although he has expressed support for a central bank digital currency framework, he is considered a hawk on monetary policy. This nomination still requires Senate confirmation to succeed Jerome Powell, whose term expires in May.
Hong Kong SFC and UAE Securities and Commodities Authority Sign MoU to Strengthen Cross-Border Digital Asset Cooperation, Creating a New Milestone
The Hong Kong Securities and Futures Commission (SFC) and the Securities and Commodities Authority of the United Arab Emirates (UAE) signed a Memorandum of Understanding today to strengthen cross-border regulatory cooperation between the two sides on digital asset-related matters. This landmark MoU is the first agreement signed by the SFC with an overseas regulator regarding the regulatory cooperation of regulated digital asset entities. The MoU establishes a framework for enhanced regulatory cooperation, including mutual consultation and information exchange on the regulation of cross-border regulated digital asset entities, fully reflecting the SFC's commitment to promoting international cooperation according to its ASPIRe roadmap.
New York Attorney General Criticizes GENIUS Stablecoin Bill: Insufficient Consumer Protection
New York State Attorney General Letitia James and four local district attorneys recently sent a letter to several Democratic lawmakers, criticizing the GENIUS Stablecoin Act signed into law by Trump last year for having major flaws in consumer protection, particularly for not requiring stablecoin issuers to return stolen funds in the event of theft.
The letter named Tether (USDT) and Circle (USDC), arguing that the two major stablecoin issuers can still earn interest on related assets after funds are stolen, while victims lack effective recourse channels. New York prosecutors pointed out that although the bill gives stablecoins higher "legitimacy endorsement," it does not simultaneously strengthen key regulatory requirements such as anti-terrorism financing, anti-money laundering, and crypto fraud prevention.
The GENIUS Act is currently entering the specific implementation phase, requiring stablecoins to be fully backed by US dollars or highly liquid assets and imposing annual audits on issuers with a market value exceeding $50 billion. However, New York prosecutors believe these measures are still insufficient to address the widespread use of stablecoins in illegal fund flows.
According to Chainalysis data, about 84% of illegal crypto transaction volume involved stablecoins in 2025. Based on this, New York calls for further strengthening of the regulatory framework to better protect consumer rights.
Binance to Adjust SAFU Fund's $1 Billion Stablecoin Reserve to Bitcoin Reserve, Plans to Complete Conversion Within 30 Days
Recently, in "An Open Letter to the Crypto Community," Binance announced that it will adjust the asset structure of the SAFU Fund, gradually converting the original $1 billion stablecoin reserve into a Bitcoin reserve, and plans to complete the exchange within 30 days of this announcement. Binance will conduct regular reviews of the SAFU Fund's asset size. If the market value of the SAFU Fund falls below $800 million due to Bitcoin price fluctuations, Binance will supplement Bitcoin to restore the fund size to $1 billion.
Based on Binance's judgment of Bitcoin as the core asset of the crypto ecosystem and its long-term value, Binance is willing to share the uncertainty with the industry during periods of industry pressure and increased cycle volatility, continuously investing resources into the crypto ecosystem. This move is part of Binance's long-term commitment to building the industry, and后续 work will continue to be promoted, with more progress gradually shared with the community.
Tether's 2025 Net Profit Exceeds $10 Billion, Gold Reserves Surpass $17.4 Billion
Tether reported a net profit of over $10 billion in 2025, primarily due to the growth of its USDT stablecoin and increased investment in U.S. Treasury bonds.
The company had $6.3 billion in excess reserves at year-end to support $186.5 billion in USDT liabilities, making it one of the largest holders of U.S. government debt, with a Treasury exposure as high as $141 billion. The company's reserves hold $17.4 billion worth of gold and $8.4 billion worth of Bitcoin.
OSL Group Announces $200 Million Equity Financing
Stablecoin trading and payment platform OSL Group (863.HK) today announced a $200 million (approximately HK$1.56 billion) equity financing to deepen its strategic layout in areas such as stablecoin trading and payments. According to the plan, the raised funds will be used for the company's strategic acquisitions, expansion of global payment and stablecoin business, product and technology infrastructure development, and daily operations.
OSL Group Chief Financial Officer Ivan Wong stated: "OSL Group's strategic layout in the stablecoin trading and payment track has received full market recognition and widespread support. This financing will allow the company the opportunity to introduce more like-minded strategic and long-term investors. It can not only raise funds to timely capture high-quality licensed trading and payment enterprises globally but also expand the shareholder base and capital scale, laying a solid first-mover advantage for the company to advance its compliance-based globalization strategy."
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. 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 scope in the DeFi ecosystem.
Latest developments:
On January 29, according to official news, Ondo Finance's yield-bearing stable asset USDY has been officially deployed on Sei. USDY is backed by short-term U.S. Treasury bonds and bank deposits and is the first permissionless tokenized U.S. Treasury base asset on Sei. The current market value of USDY exceeds $1.2 billion. This integration brings one of the largest capital pools in the RWA field into the Sei ecosystem.
Previously, according to official data, Ondo Finance's Total Value Locked (TVL) has exceeded $2.5 billion, making it a leading global tokenized U.S. Treasury and stock platform. Ondo's TVL in the tokenized U.S. Treasury bond field is about $2 billion. The USDY product has broken through $1 billion TVL, supporting global investors across 9 chains. The flagship institutional fund OUSG has a TVL of over $770 million, covering top asset management company funds like Fidelity, BlackRock, and Franklin Templeton. Tokenized stock TVL exceeds $500 million, accounting for about 50% of the market share. Since its launch in September 2025, cumulative trading volume has exceeded $7 billion, covering 200+ stocks.
MSX(STONKS)
One-sentence introduction:
MSX is a community-driven DeFi platform focused on tokenizing U.S. stocks and other RWAs and trading them on-chain. Through cooperation 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 boundary between TradFi and DeFi, providing users with a high-liquidity, low-threshold on-chain U.S. stock investment portal, building the "Nasdaq of the crypto world."
Dynamics:
Previously, MyStonks MSX issued an announcement that, effective immediately, it is changing the fee collection model for RWA spot trading. After the adjustment, this section changes from the original "two-way fee" to a "one-way fee." The specific execution standard is that the buy direction will maintain a 0.3% handling fee, while the sell direction handling fee is reduced to 0. This means that when users complete a full trading cycle of "buy + sell," the comprehensive transaction cost will be substantially reduced by 50%. This fee policy is now effective across the entire MSX platform, covering all listed RWA spot trading pairs.
Additionally, MyStonks MSX published a 2025 review article "Anchoring the Era Window, Co-building a New On-Chain U.S. Stock Ecosystem," reviewing the phased achievements of this year.
Related Links
《RWA Weekly Report Series》
《After the RWA Outbreak: How is Value Capture Redistributed Among Different Roles?》
《From Safe-Haven Assets to On-Chain Targets: The Changing Role of Precious Metals in the RWA Cycle》
《Traditional Financial Giants Enter RWA Together, Should Web3 Companies Really Panic?》
