Original | Odaily Planet Daily (@OdailyChina)
Author | Ethan(@ethanzhang_web3)
RWA Sector Market Performance
According to the rwa.xyz data panel, as of January 6, 2026, the total on-chain value of RWA (Distributed Asset Value) continued its upward trend, growing from $190.5 billion on December 23 to $195.9 billion, a net increase of approximately $5.4 billion over the past two weeks, representing a growth of 2.83%. The broader RWA market volume saw a slight contraction, decreasing from $402.7 billion to $4015.3 billion, a reduction of about $10.4 billion, or a 0.26% decline. User activity on the asset side continued to rise, with the total number of asset holders increasing from 582,639 to 604,909, adding over 22,200 people, a growth rate of 3.82%. Stablecoin users also experienced steady expansion, with the number of holders rising from 212.54 million to 217.94 million, an increase of about 5.4 million, or 2.54%. However, the total market capitalization of stablecoins slightly decreased, dropping from $2991.7 billion to $2985.8 billion, a reduction of $5.9 billion, or a 0.2% decline.
In terms of asset structure, U.S. Treasury bonds remained the dominant leader, holding an absolute dominant position of $87 billion, unchanged. Commodity assets recorded growth in this period, increasing from $3.33 billion to $3.36 billion, a rise of about $0.3 billion. Institutional alternative funds also maintained a moderate upward trend, growing slightly from $2.6 billion to $2.6 billion, remaining stable. Private equity saw a slight decline, decreasing from $409.7 million to $407.7 million, a drop of about $2 million, with the decline controlled within 0.5%. **Non-US government debt rose from $649.9 million to $772.1 million, an increase of 18.8%, making it the category with the most outstanding performance in structural changes this period.** Public equity also recorded growth, rising from $720.8 million to $775.4 million, an increase of $54.6 million, or 7.6%. Private credit experienced a slight pullback, decreasing from $2.5 billion to $2.3 billion, a reduction of $200 million, making it the only sector with a noticeable contraction this week.
Trend Analysis (Compared to Last Week)
Overall, the RWA market continued to expand its on-chain asset scale this cycle, with user activity also strengthening simultaneously, indicating that market attractiveness remains undiminished. Notably, public equity and non-US government debt showed significant growth this week, possibly reflecting a temporary preference for medium-risk assets. The slight pullback in private credit and private equity also indicates investors are reassessing high-yield, illiquid assets. The stable growth in commodities and alternative funds reflects continued stable allocation demand for physically anchored and strategic products.
Market keywords: On-chain growth, structural differentiation, user volume surge.
Key Event Review
Ethereum Stablecoin Transfer Volume Exceeds $8 Trillion in Q4, Reaching a Record High
Cointelegraph posted on platform X, stating that the Q4 Ethereum stablecoin transfer volume has exceeded $8 trillion, setting a new historical record.
Yield-Bearing Stablecoins Generate Over $250 Million in Returns in 2025
Sentora released data showing that yield-bearing stablecoins generated over $250 million in returns in 2025. sUSDe contributed 24.9% of the returns, BlackRock's BUIDL contributed 9.7%, and sUSDS contributed 14.2%.
Central Cyberspace Affairs Office Lawfully Handled 61 Imitation Financial Institution Websites Inducing Netizens to Purchase "Stablecoins" and Other Financial Products
According to the Central Cyberspace Affairs Office's public account, in 2025, it lawfully handled 1,418 imitation and counterfeit website platforms, including 61 imitation websites of financial institutions like China Merchants Securities and CITIC Bank, which induced netizens to download apps for stock trading or purchase so-called "stablecoins" and other financial products, causing property losses. The Central Cyberspace Affairs Office pointed out that imitation websites typically collect netizens' personal information under the guise of "receiving subsidies," "recharging for consumption," "business cooperation," or "investment and financial management," to carry out fraudulent activities, infringing on the legitimate rights, interests, and property safety of the people, with significant social harm.
US Senator: Digital ID and CBDC Would Deprive Americans of Financial Freedom and Privacy
US Senator Warren Davidson posted on platform X, stating that the GENIUS Act, centered around stablecoins, might deprive Americans of financial freedom and privacy and could have counterproductive effects. He warned that the US is moving towards a特许 (licensed) and heavily monitored financial system, believing that recent cryptocurrency legislation undermines the industry's original promises of permissionless and private money. Warren Davidson pointed out that the design of the GENIUS Act facilitates the realization of a wholesale version of a US dollar Central Bank Digital Currency (CBDC), which could be used for monitoring, coercion, and control. He stated that the rollout of a digital ID system would force Americans to obtain government permission to use their own funds, calling for a rejection of the globalist surveillance state and a return to the pursuit of Bitcoin's original promise as a permissionless peer-to-peer payment system. Another US Senator, Marjorie Taylor Greene, agreed with the above views, stating that she voted against the GENIUS Act, believing it hands power to banks while opening a "backdoor" for CBDCs. Although both representatives are more positive about the potential of the CLARITY Act to protect self-custody, Warren Davidson believes that its ability to improve personal freedom is limited if the GENIUS Act takes effect.
Tether Invests in Cross-Border QR Code Payment Platform SQRIL
Stablecoin giant Tether disclosed that it has invested in the real-time cross-border QR code payment platform SQRIL. The specific investment amount has not been disclosed. SQRIL currently primarily targets markets in Asia, Africa, and Latin America and can integrate with APIs of traditional banks (like Barclays or Bank of America), digital banks like Venmo, Revolut, or Cash App. The new funds will support its exploration of better stablecoin and QR code cross-border scan payment methods.
Solana Ecosystem US Stock Tokenization Platform BackedFi's Assets Approach $1 Billion
Solana Daily posted on platform X, stating that the RWA on-chain platform BackedFi has tokenized stocks worth nearly $1 billion on the Solana network.
Standard Chartered and Ant International Launch Commercialized Blockchain Tokenized Deposit Solution in Hong Kong and Singapore
Standard Chartered Bank and Ant International announced the formal commercial launch of a blockchain-based tokenized deposit solution in Hong Kong and Singapore, enabling 7x24 real-time fund transfers. The solution supports instant settlement in Hong Kong dollars, offshore Renminbi, and US dollars, aiming to enhance the global fund and liquidity management efficiency of cross-regional enterprises.
It is reported that this solution was developed under the framework of the Hong Kong Monetary Authority-led Project Ensemble and the Distributed Ledger Technology regulatory sandbox. By tokenizing Ant International's accounts on its own Whale blockchain fund management platform, it enables near-real-time liquidity transfers between different regional entities of an enterprise.
Standard Chartered Bank stated that the solution breaks through the limitations of traditional banking hours and clearing cycles, meeting enterprises' demand for "instant liquidity." Ant International stated that the cooperation combines its capabilities in global payments and tokenization technology with Standard Chartered's banking system depth, further optimizing cross-border working capital management. This launch is seen as an important milestone for Project Ensemble in promoting the application of tokenized assets and is expected to drive more enterprises to explore the practical application of tokenized deposits within the region.
PwC Increases Focus on Crypto Sector, Regulatory Shift Becomes Key Driving Factor
Against the backdrop of a significant shift in the US government's attitude towards digital assets, PwC, one of the Big Four accounting firms, is increasing its investment in cryptocurrency and related businesses. Paul Griggs, Head of PwC US, stated that this strategic adjustment began last year, primarily benefiting from the appointment of pro-crypto regulatory officials and the advancement of multiple digital asset-related legislative processes in the US Congress. Griggs pointed out that the regulatory framework around stablecoins and the "Genius Act" help boost market confidence in such assets, and asset tokenization will continue to develop, requiring PwC to deeply participate in this emerging ecosystem. The report stated that these comments reflect that changes in the policy environment are prompting traditional blue-chip institutions to reassess and gradually enter the digital asset market, which they had long maintained a cautious attitude towards.
BlackRock: Consensus Among Global Capital Giants Heats Up, Stablecoins to Enter Stage of Systemic Financial Influence
BlackRock stated in its "2026 Global Outlook" that stablecoins will challenge governments' control over fiat currency. As the adoption rate of stablecoins surges, there is a risk of shrinkage in the scale of fiat currency usage in emerging market countries. Shortly before this prediction, UK's Standard Chartered Bank warned in October that the popularity of stablecoins could lead to the loss of over $1 trillion in deposits from emerging market bank accounts. Similar challenges also exist in the US banking industry. The landmark stablecoin bill "Genius Act," signed into law in July this year, allows crypto companies to offer yield-like products that traditional banks are prohibited from providing, posing a threat to traditional financial institutions. Samara Cohen, Global Head of Market Development at BlackRock, said: "Stablecoins are no longer niche products; they are becoming a bridge between traditional finance and digital liquidity."
DWF Labs Co-founder: Plans to Expand Gold Trading Business and Increase Gold Reserves This Year
Andrei Grachev, Co-founder of digital asset market maker DWF Labs, posted on platform X, stating that he has received one kilogram of gold with a purity of 999.9% from DWF Labs' gold trading department. The institution's plan for 2026 is to expand its gold trading business and increase gold reserves. It has already started offering gold "retail" delivery services, with a starting scale of one kilogram, and will subsequently launch more other real-world asset (RWA) plans.
TD Cowen: US Crypto Market Structure Bill May Be Delayed Until 2027, Implementation Earliest in 2029
The Washington research team of investment bank TD Cowen pointed out that the US market structure bill aimed at clarifying the regulatory framework for the crypto market, although still has a path for advancement this year, is more likely to be delayed until 2027 due to congressional political games and officially implemented around 2029. Jaret Seiberg, the team leader and Managing Director, stated that Democrats lack the motivation to accelerate legislation before the 2026 midterm elections, especially given the expectation of potentially regaining control of the House of Representatives.
Seiberg pointed out that the main disagreement over the bill centers on conflict-of-interest clauses. Democrats may push for restrictions on senior government officials and their families participating in crypto businesses, including Donald Trump. However, if such clauses take effect immediately, it might be difficult to gain support from Trump's side unless the effective date is postponed for several years. TD Cowen believes that delaying the implementation of the entire bill along with the conflict clauses could be a compromise path. The report stated that this market structure bill is seen as the next key regulatory milestone following the stablecoin "GENIUS Act," but it requires at least 60 votes for support in the Senate, and Democratic games over the timetable could further delay the legislative process.
Coinbase: Multiple Forces Will Converge in 2026 to Accelerate Crypto Adoption
David Duong, Head of Investment Research at Coinbase, stated that ETFs, stablecoins, tokenization, and clearer regulation will form a convergence effect in 2026, further accelerating the mainstream adoption of cryptocurrency.
He pointed out that in 2025, spot ETFs opened a compliant entry point, corporate crypto asset treasuries emerged, and stablecoins and tokenization became more deeply integrated into the core processes of finance. By 2026, trends such as accelerated ETF approvals, the expanded role of stablecoins in DvP (Delivery versus Payment), and wider acceptance of tokenized collateral will reinforce each other.
On the regulatory front, the US has clarified stablecoins and market structure through the GENIUS Act, while Europe is advancing the MiCA regulatory framework, providing clearer policy boundaries for institutional entry. Duong believes this marks an important stage in crypto's transition from a niche market to global financial infrastructure.
Furthermore, he emphasized that crypto demand no longer relies on a single narrative but is driven by macroeconomics, technology, and geopolitics together, and the capital structure will become more long-term, with reduced pure speculative behavior.
Hana Financial Group Chairman: Stablecoins May Become a New Growth Engine
Ham Young-joo, Chairman and CEO of Hana Financial Group, stated in a New Year's address that as technology-driven financial structural changes accelerate, funds are flowing from the traditional banking system to emerging areas, and stablecoins are expected to become an important growth driver for the group in the future. Ham pointed out that the group needs to proactively build a complete digital asset ecosystem covering issuance, distribution, use, and circulation, rather than merely competing within existing frameworks.
Ham also stated that while the incorporation of digital assets into the regulatory system is still in the stage of political discussion, making it difficult to accurately assess the actual impact of stablecoins, the group still needs to carry out fundamental innovation in advance and, through cross-industry and cross-regional cooperation, lay out distribution networks in advance for the wider application of stablecoins. Additionally, he emphasized the need to reduce high dependence on traditional banking business and accelerate expansion into non-banking businesses to cope with the financial structural transformation brought about by AI development and changes in fund flow patterns. Ham also warned that scale and past success alone are no longer sufficient to guarantee long-term survival. The group needs systematic restructuring in investment banking, risk management, and corporate credit assessment, and to overcome internal inertia, adopting a more urgent posture to find new growth opportunities.
Investment Bank: 2026 May Welcome a "Crypto Winter," but Institutionalization and On-Chain Transformation Continue to Advance
Investment bank Cantor Fitzgerald stated in its year-end report that Bitcoin may be entering a prolonged downward phase, potentially facing a "crypto winter" in 2026. Analyst Brett Knoblauch stated that it has been about 85 days since Bitcoin's cyclical high, and prices may remain under pressure in the coming months, even testing the average break-even point of Strategy holdings around $75,000.
However, Cantor believes this adjustment is different from previous bear markets triggered by large-scale liquidations or systemic risks. The dominant force in the current market is shifting from retail to institutions, with a noticeable divergence between token price performance and underlying development. Decentralized finance, asset tokenization, and crypto infrastructure continue to advance.
The report shows that the scale of real-world asset (RWA) tokenization has grown to approximately $18.5 billion this year, triple the beginning of the year, covering credit products, US Treasuries, and stocks. Cantor expects the on-chain RWA scale to exceed $50 billion in 2026, and the growth rate may accelerate as more financial institutions experiment with on-chain settlement.
In terms of trading structure, decentralized exchanges (DEX) are continuously eroding the market share of centralized platforms. Although Cantor expects overall trading volume to decline with the fall in coin prices in 2026, DEXs, represented by perpetual contracts, are still expected to continue growing driven by infrastructure and user experience improvements.
On the regulatory front, the recent passage of the "Digital Asset Market Clarity Act" (CLARITY) in the US is seen as an important turning point. The bill clarifies the standards for defining digital assets between securities and commodities and, upon meeting decentralization conditions, delegates the primary regulatory authority over the spot crypto market to the CFTC. This framework is expected to reduce policy uncertainty and provide a compliant path for banks and asset management institutions to participate more deeply in the crypto market.
Additionally, the report mentioned the rapid expansion of on-chain prediction markets, especially in sports betting, where related trading volume has exceeded $5.9 billion, reaching over 50% of DraftKings' Q3 trading volume. Institutions like Robinhood, Coinbase, and Gemini have entered this赛道 (track), promoting the development of more transparent, order book-based models.
Cantor also reminded that risks remain: Bitcoin's price is only slightly above the cost range of some crypto asset treasury companies, and a break below key support levels could trigger market sentiment fluctuations. Meanwhile, the accumulation pace of digital asset trusts has slowed with price and premium contractions.
Overall, Cantor believes that 2026 may not see a new price explosion, but while the market cools, more solid infrastructure and deeper institutionalization are gradually taking shape.
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, high-liquidity 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 in the DeFi ecosystem.
Latest Developments:
On January 4, 2026, according to onchainschool.pro monitoring, tokens worth over $1 billion are expected to be unlocked next week, including several well-known projects such as ONDO, TRUMP, PUMP, and APTOS.
Previously, Ondo Finance announced on platform X that its tokenized stocks and ETF platform will launch on the Solana blockchain in early 2026, aiming to bring Wall Street liquidity to the internet capital market.
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 cooperation with Fidelity, the platform achieves 1:1 physical custody and token issuance. Users can use stablecoins like USDC, USDT, USD1 to mint stock tokens such as AAPL.M, MSFT.M, and trade 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 TradFi and DeFi, providing users with a high-liquidity, low-threshold on-chain US stock investment entry, building the "Nasdaq of the crypto world."
Latest Developments:
On December 31, Maiton MSX published a 2025 review article "Anchoring the Era Window, Co-building a New On-Chain US Stock Ecosystem", reviewing this year's phased achievements.
Previously, Bruce, founder of Maiton MSX, posted that recent BTC selling pressure has encountered resistance, marginal selling has dried up, and there is actual capital absorbing筹码 (chips/shares) below, not emotional buying, expressing a bullish attitude.
Related Links
《RWA Weekly Report Series》
Curates the latest insights and market data on the RWA sector.
《Maiton MSX 2025 Review: Anchoring the Era Window, Co-building a New On-Chain US Stock Ecosystem》
Maiton MSX has completed the leap from an "innovative idea" to a "stably operating global RWA infrastructure".
