Original | Odaily Planet Daily (@OdailyChina)
Author | Ethan(@ethanzhang_web3)
RWA Sector Market Performance
According to rwa.xyz data dashboard, as of March 10, 2026, the total on-chain value of RWA increased slightly from $26.22 billion on March 3rd to $26.43 billion, a weekly increase of approximately $210 million, a gain of about 0.8%. Compared to the accelerated upward trend in previous weeks, the total amount of on-chain assets continued to hit new highs this week, but the growth rate has significantly slowed down. In contrast, the total value of representative assets fell from $390.14 billion to $336.08 billion, a decrease of approximately $54.06 billion, a drop of about 13.9%.
User-side recovery shows moderate growth: The total number of asset holders increased from 657,500 to 665,300, adding about 7,760 people in a week, an increase of about 1.18%, ending the previous consecutive decline and weak consolidation. In terms of stablecoins, the total market capitalization rebounded from $298.51 billion to $301.04 billion, an increase of about $2.53 billion, a gain of about 0.85%, reclaiming the $300 billion mark; the number of stablecoin holders also rose from 231.17 million to 233.94 million, an increase of about 2.77 million people, an increase of about 1.2%.
At the asset structure level, U.S. Treasury bonds continue to be the core anchor of on-chain RWA, with their scale growing from $10.8 billion to $11 billion, a weekly increase of about $200 million. Commodity assets fell from $6 billion to $5.7 billion, a decrease of about $300 million, ending the previous strong upward trend. Private credit fell slightly from $3 billion to $2.8 billion, possibly due to some profit-taking after the previous rebound. In contrast, institutional alternative funds rebounded from $2.2 billion to $2.4 billion, showing some recovery; corporate bonds increased from $1.8 billion to $1.9 billion, continuing a moderate expansion trend.
Trend Analysis (Compared to Last Week)
Compared to last week, this week did not see a concentrated爆发 (outbreak) of a particular risk asset class, but rather manifested more as a moderate rotation among mainstream assets: U.S. Treasuries continued to attract funds, institutional alternative funds and corporate bonds showed marginal strength, while commodities and private credit experienced some consolidation at high levels.
Overall, the total value of on-chain RWA distribution assets continued to rise this cycle, but the growth rate slowed, while the total value of representative assets saw a significant pullback. The simultaneous improvement in user numbers and stablecoin total market capitalization indicates that market participation is still recovering. Structurally, as mentioned earlier, funds continue to prefer high-certainty assets like U.S. Treasuries, while also beginning to spread to medium-risk sectors like corporate bonds and institutional alternative funds, indicating a slight overall increase in risk appetite.
Market Keywords: High-level consolidation, structural rotation, liquidity repair.
Key Event Review
Data: USD Stablecoin Market Cap Reclaims $300 Billion
According to RWA.xyz data, the total market capitalization of USD stablecoins has reached $301.04 billion. Among them, USDT's market cap is approximately $195.147 billion, and USDC's market cap is about $79.647 billion, continuing to rank as the top two in the stablecoin market.
CLARITY Act Controversy Heats Up: White House Crypto Official Refutes View That Stablecoin Rewards Cause Bank Deposit Outflows
Discussions around the U.S. CLARITY Act have sparked public debate between the banking industry and White House crypto policy officials. Christopher Williston VI, President of the Texas Independent Bankers Association, publicly stated on platform X that compromising on this bill would harm local lending and economic production capacity, and declared they would not back down on liquidity issues supporting the local economy. In response, Patrick Witt, Executive Director of the White House Digital Asset Advisory Committee, countered that making no compromise on the CLARITY Act issue means not setting limits on stablecoin rewards for intermediaries. If the banking industry's narrative about "deposit outflows" holds, this situation could have disastrous consequences. This logic is "like watching an arsonist threaten to burn down their own house."
Coinbase: New US Crypto Tax Rules Complex, Stablecoin and Gas Fee Reporting May Lead to System "Over-Reporting"
Coinbase stated that the digital asset tax reporting Form 1099-DA rules introduced by the U.S. Internal Revenue Service (IRS) are overly cumbersome and could impose unnecessary administrative burdens on a large number of cryptocurrency holders. Lawrence Zlatkin, VP of Tax at Coinbase, pointed out that the new rules require reporting stablecoin transactions and network gas fees for微小金额 (tiny amount) transactions. Stablecoins themselves have essentially stable prices, and gas fees are usually only a few dollars or even less. Reporting such information could lead to system "over-reporting," making the tax system more complex.
It is reported that Coinbase is currently sending 1099-DA forms to millions of U.S. users. This system requires trading platforms to report users' digital asset transaction situations to the IRS and provide a copy to the user for their own profit and loss declaration. However, in this year's reporting, Coinbase will only report the total gross proceeds from digital asset sales to the IRS, not the cost basis. Users need to calculate the actual taxable gains themselves, which may cause confusion for some investors. Coinbase plans to calculate the cost basis for users starting from the next tax year to simplify the declaration process.
NYSE Parent ICE Invests in OKX at $25 Billion Valuation
Intercontinental Exchange (ICE), parent company of the New York Stock Exchange, has invested in cryptocurrency exchange OKX at a $25 billion valuation. ICE currently declines to disclose the specific investment amount or terms for OKX but emphasizes the shared vision for the future between the two companies. It is reported that OKX will provide real-time cryptocurrency price data to ICE and plans to open up trading of on-chain stocks and derivatives listed on the NYSE to its users starting in the second half of 2026. ICE had previously announced building its own blockchain-based tokenized securities trading infrastructure and invested in the prediction market platform Polymarket. (Recommended reading: "NYSE Invests in OKX at $25 Billion Valuation, Onboarding Stock Tokenization")
Data: DeFi Stablecoin Interest Rates Hit Lowest Level Since June 2023
Blockworks stated on platform X 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 Record High; USDC Transactions Account for ~70%, About Twice USDT's Count
According to data from the Allium website, stablecoin transaction count reached 1.8 trillion in February, setting a new monthly record; among them, USDC transaction count accounted for 70% of the overall market data, approximately 1.26 trillion, about twice the transaction count of USDT, which was around 514 billion.
Florida State Senate Unanimously Passes Stablecoin Regulation Bill, Establishes State-Level Regulatory 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. This bill, along with the 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." The 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 CEO: Market Infrastructure Must Be Thoroughly Upgraded, Integrating Tokenization-Related Innovations
Julia Leung, CEO 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, especially in the fractionalization, clearing, and settlement of financial products. Distributed Ledger Technology (DLT) and tokenization developments provide a way out. The real value of tokenization lies in its programmable nature, which can support a wide range of investment products, including bonds, funds, and even gold. As the tokenization ecosystem continues to grow, related innovation projects must be effectively integrated, seamlessly combining the confidence in traditional finance with the efficiency of decentralized finance to further unlock liquidity. Leung revealed that the Hong Kong 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 participates in standard-setting and coordination work in areas like digital assets with global counterparts.
South Korean Financial Authorities Plan to Prohibit Corporate Investment in Stablecoins
In the "Corporate Virtual Currency Transaction Guidelines" being formulated by South Korea's Financial Services Commission, the permitted investment scope will not include stablecoins. These guidelines aim to allow listed companies and registered professional investment corporations to trade digital assets for investment or financial purposes. To prevent disorderly investment in the early market stage, the authorities decided to exclude USD stablecoins like USDT and USDC from the permitted scope.
One reason for excluding stablecoins is that current South Korean Foreign Exchange Transactions Act does not recognize stablecoins as a means of external payment. Including stablecoins in the permitted investment scope would conflict with the current 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 that would recognize stablecoins as a means of payment; this bill was proposed last October.
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 task force has completed its work, but the release timing of the guidelines is linked 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 of Finance, said 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 the 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 the government wants to ensure stablecoins "serve economic interests, especially domestic ones." Previously, the Russian central bank established the category of "foreign digital rights," and the first approved stablecoin was the ruble-pegged A7A5 stablecoin, permitted for use in overseas trade last October. According to DefiLlama data, the total value of issued stablecoins has risen over 51% since early 2025, reaching $311 billion.
BlackRock's $26 Billion Private Credit Fund Limits Redemptions, Market Worries About Spillover to Bitcoin & DeFi
A private credit fund with approximately $26 billion in assets under management, under asset management giant BlackRock, has begun limiting withdrawals due to rising redemption requests, sparking concerns about spillover from stress in the global private credit market. Analysts warn that risks could also be transmitted directly through the chain. Data shows the current on-chain private credit scale is close to $5 billion, primarily entering DeFi in the form of RWA tokenization. If the underlying credit assets experience 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 field could be transmitted to 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 affect crypto assets including Bitcoin.
Stablecoin Payment Company KAST Raises $80 Million at ~$600 Million Valuation
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. Informed sources said the terms of this funding 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 Benefit Investors Universally
Eric Balchunas, Senior ETF Analyst at Bloomberg, stated on platform X that Nasdaq's launch of an equity tokenization framework aims to allow stocks like Nvidia and Tesla to be traded both as traditional stocks and in blockchain token form. This move will build a bridge between traditional stock market and blockchain investors, making stock trading methods more diverse. 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 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. 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 within the DeFi ecosystem.
Latest Developments:
March 9: According to an official announcement, Binance Wallet launched an Ondo tokenized securities trading competition on Binance Alpha. Event time: 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 rewards equivalent to $500,000 worth of IAUon.
Previously, Ondo Finance posted on platform X: Ondo tokenized stock DeFi applications, supported by Chainlink as the official data oracle, are now live. QQQon, TSLAon, and other institutionally priced assets have unlocked on-chain stocks as high-quality collateral. Leveraging TradFi liquidity and oracle data, Ondo 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, USD1 to mint stock tokens like AAPL.M, 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 point for on-chain U.S. stock investment, building the "Nasdaq of the crypto world".
Past Developments:
March 2: MSX officially announced the launch of its Pre-IPO section and initiated the first issuance. The first batch of open targets includes equity quotas in 4 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. Related assets are accessed through compliant channels and held by regulated third-party custodians. MSX stated that it will expand the scope of Pre-IPO targets in stages in the future and explore technical paths to enhance asset liquidity.
Previously, MSX announced that its official website msx.com completed 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 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 the entry points and buttons for high-frequency areas like market data, positions, and order placement to shorten the operation path. Simultaneously, the website uniformly uses brand green to mark key operations and status feedback, improving the readability of critical steps like order placement and confirmation, and reducing the risk of misclicks and misjudgments.
Related Links
《RWA Weekly Report Series》
《After the Status of Stablecoins Rose, Old Partners Circle and Stripe Compete for Territory》
《NYSE Invests in OKX at $25 Billion Valuation, Onboarding Stock Tokenization》
