Author | Ethan(@ethanzhang_web3)
RWA Sector Market Performance
According to the rwa.xyz data dashboard, as of December 23, 2025, the total on-chain value (Distributed Asset Value) of RWA continued its moderate growth trend this week. The total increased from $187.4 billion on December 17 to $190.5 billion, a rise of approximately $3.1 billion, representing a weekly gain of 1.65%. The broader RWA market size contracted slightly, falling from $410.38 billion to $402.57 billion, a decrease of $7.81 billion, or 1.9%. The total number of asset holders on the user side increased from 575,752 to 582,639, adding 6,887 new users in a single week, a sequential growth of 1.2%. Meanwhile, the stablecoin user base continued to expand, with the number of holders climbing from 210.72 million to 212.54 million, an increase of about 1.82 million people, or 0.86%. The total market capitalization of stablecoins saw a slight pullback, decreasing from $300.18 billion to $299.17 billion. Although it declined slightly (by approximately $101 million), the overall level remained relatively steady.
In terms of asset structure, US Treasury bonds remain the core anchor of the RWA sector, with their on-chain scale holding steady at $8.7 billion. Commodity assets saw an uptick, rising from $3.22 billion to $3.33 billion, a gain of $110 million, contributing the most incremental growth this week. The institutional alternative fund sector also experienced a slight increase, moving from $2.5 billion to $2.6 billion, indicating a trend of capital reallocation into steady, non-traditional assets. Private equity recorded significant growth, jumping from $381 million to $410 million, an increase of $29 million. Non-US government debt saw a slight correction, decreasing modestly from $664.3 million to $649.9 million, a drop of 2.2%. However, public equity quietly grew, increasing from $689.1 million to $720.8 million. Private credit remained stable, edging up $10 million to $2.5 billion, continuing its sideways trend after stabilizing previously.
Trend Analysis (Compared to Last Week)
Overall, the total volume of on-chain RWA assets saw steady growth this week, while the broader traditional representative assets experienced some fluctuations. User numbers continued to grow, indicating a gradual strengthening of real activity in the on-chain RWA market. Assets with moderate risk appetites, such as commodities, private equity, and institutional alternative funds, began to attract more capital allocation, suggesting that some market participants are releasing liquidity from low-risk instruments like US Treasuries and转而 pursuing higher marginal returns. Furthermore, the continued climb in stablecoin holders remains a key variable driving potential capital inflows in the future.
Market Keywords: Steady growth with slight increases, structural shift, user activity.
Key Event Review
Potential Policy Adjustments as Trump Prepares for Next November's Midterm Elections May Again Impact Digital Assets
Caixin published its "2026 New Year Special Review and Outlook," which noted that the "Trump Trade" took effect in 2025, with gold and virtual currencies shining. In March, an executive order was signed to include approximately 210,000 Bitcoin held by the federal government into the national strategic reserve. Various transactions based on stablecoins and digital currencies saw significant implementation in 2025. Public companies transformed into treasury companies specifically hoarding digital currencies, sparking speculation. However, the seizure of $15 billion in Bitcoin from the Chen Zhi telecom fraud group by the US brought transaction security issues into sharp focus, and Bitcoin fell from its historical high by year-end. Moving into 2026, as Trump begins preparing for the November midterm elections, which areas his policies will adjust in response to feedback, and how this will impact the performance of various major asset classes, becomes a theme requiring持续关注 in 2026.
US SEC Issues Guidance on Broker Crypto Asset Custody and Crypto ATS Operations
The U.S. Securities and Exchange Commission (SEC) this week, through its Division of Trading and Markets, issued a new staff statement providing operational guidance for regulated broker-dealers custodying client crypto assets. It simultaneously released a set of Frequently Asked Questions (FAQ) regarding crypto alternative trading systems (ATS).
Regarding custody, the SEC stated that as long as broker-dealers follow the informal standards outlined in the statement, including properly safeguarding client private keys and预先 considering scenarios like blockchain failures, 51% attacks, hard forks, or airdrops, the regulatory层面 will not take enforcement action. This guidance applies to crypto securities, including tokenized stocks and debt securities, though related definitions still await further clarification.
Additionally, the SEC highlighted key focuses for regulatory attention concerning the trading and settlement activities of crypto ATSs. SEC Crypto Assets and Cyber Unit Head, Commissioner Hester Peirce, stated that trading platforms and market participants need to operate under clear market structure rules to promote a fair and orderly market environment without adding unnecessary burdens.
Bloomberg: Hong Kong Plans to Introduce New Rules for Insurer Investments in Crypto Assets and Infrastructure
The Hong Kong Insurance Authority (IA) has proposed new rules aimed at guiding insurance funds into crypto assets and infrastructure sectors. According to a presentation document dated December 4th, the regulator plans to impose a 100% risk capital requirement on crypto assets, while the risk capital requirement for stablecoin investments will be determined based on the fiat currency to which the Hong Kong-regulated stablecoin is pegged.
The Hong Kong IA stated that it initiated a review of the risk-based capital制度 this year, with the primary goal of supporting the insurance industry and broader economic development. The proposal is expected to undergo public consultation from February to April next year, before being submitted to the legislature. Furthermore, the new rules involve incentives for infrastructure investment, proposing capital benefits for investments in infrastructure projects in Hong Kong, mainland China, or those linked to Hong Kong (such as the development of new towns like the Northern Metropolis), to support the SAR government's local infrastructure construction plans. As of 2024, the total premium income of Hong Kong's insurance industry was approximately HK$635 billion.
US Lawmakers Propose Tax Breaks for Small Stablecoin Payments and Staking Rewards
US lawmakers have introduced a discussion draft that would ease the tax burden on ordinary cryptocurrency users by exempting small stablecoin transactions from capital gains tax, including a $200 tax exemption for stablecoin payments, and providing new deferral options for staking and mining rewards. According to the draft, if a stablecoin is issued by an issuer approved under the GENIUS Act, is pegged to the US dollar, and its trading price remains within a narrow range around $1, users would not need to recognize gains or losses on transactions not exceeding $200.
Data: Approximately 50% of Euro Stablecoins Deployed on Ethereum
According to Token Terminal data, approximately 50% of the market capitalization of Tokenized Euro (Euro stablecoins) is deployed on the Ethereum chain, with the remainder distributed across multiple chains including Arbitrum, Polygon, Base, and Solana.
Grayscale: Stablecoin Supply Reached $300 Billion in 2025, Monthly Trading Volume Averaged $1.1 Trillion, Multiple Token Subjects to Benefit
Grayscale posted on X platform, stating that stablecoins experienced explosive growth in 2025, with supply reaching $300 billion and monthly trading volume averaging $1.1 trillion. With the passage of the GENIUS Act (Stablecoin Genius Act) and increasing stablecoin adoption, blockchain projects like ETH, TRX, BNB, and SOL will benefit from the growing transaction flow. Infrastructure such as Chainlink (LINK) and emerging networks like XPL will also benefit.
Gemini: Urges US Congress to Maintain the Genius Act As Is
Gemini posted on X platform, stating that Gemini, along with over 125 companies and organizations, has co-signed a letter urging the US Congress to maintain the Genius Act as is. Gemini stated that legitimate stablecoin rewards benefit consumers and competition and are already legally permitted. Modifying the Genius Act at this time would harm certainty and innovation.
Stablecoin U Officially Launches: Lands on BNB Chain and Ethereum, Integrates with Mainstream DeFi Protocols like PancakeSwap and ListaDAO, Lists on Centralized Exchange HTX
United Stables announced the official launch of the USD stablecoin U, currently deployed on both BNB Smart Chain (BSC) and Ethereum (ETH), with multiple ecological integrations completed. It is reported that the U stablecoin is 1:1 fully reserved (USD + major stablecoins), features real-time on-chain proof-of-reserve (PoR), monthly audits, etc., and will support enterprise-grade privacy protection and AI-native payments (EIP-3009/x402) in the future. U is the first "unified stablecoin" stablecoin on BNB Chain, integrating mainstream stablecoins as usable collateral assets to form a unified liquidity base.
Ecological Integration: U has integrated support for mainstream DeFi protocols including PancakeSwap, Aster, Four.meme, and ListaDAO. Users can directly trade, stake, lend, and provide liquidity on-chain. Wallet Support: Binance Wallet, Trust Wallet, and SafePal have simultaneously listed U. Beyond the on-chain world, U is also listed on the centralized exchange HTX.
United Stables stated that U will focus on empowering scenarios such as trading, DeFi, institutional settlement, cross-border payments, and the AI autonomous economy, and plans to expand to more public chains, DeFi protocols, and trading platforms in the future.
WLFI Releases Governance Proposal: Proposes Using Part of Unlocked Treasury Funds to Incentivize USD1 Adoption
WLFI released a governance update announcement stating that a new community governance proposal is open for voting, proposing the use of part of the unlocked WLFI treasury funds as incentives to drive the adoption and growth of the stablecoin USD1.
The announcement showed that in the past three weeks, WLFI has used USD1 to repurchase approximately $10 million worth of WLFI tokens and successfully obtained multiple spot trading pair supports on Binance. Meanwhile, the usage scale of USD1 in CeFi and DeFi scenarios has grown significantly, and the WLFI token unlock schedule is also steadily progressing and nearing finalization.
The proposal aims to continue the current growth momentum, using incentive mechanisms to further expand the integration, use cases, and number of partners for USD1, thereby enhancing the overall level of economic activity within the WLFI ecosystem. The announcement pointed out that the growth of USD1 will directly drive the expansion of the WLFI ecosystem and benefit the entire community.
Ghana Passes New Bill Legalizing Cryptocurrency Trading, Plans to Explore Gold-Backed Stablecoins
The Ghanaian parliament has voted to pass the Virtual Asset Service Provider Bill, formally legalizing cryptocurrency trading and related digital asset activities. The bill stipulates that individuals and entities engaged in digital asset activities must register with the Bank of Ghana or the Securities and Exchange Commission, depending on the nature of their business.
Bank of Ghana Governor Johnson Asiama stated in a speech that the bill lays the foundation for the licensing and supervision of industry participants, ensuring that emerging activities are brought into a transparent and regulated framework. Johnson Asiama explicitly stated that after the bill is passed, no one will be arrested for trading cryptocurrencies. Additionally, Ghana plans to conduct special explorations in 2026 focused on payments, trade finance, and market infrastructure, including researching asset-backed digital settlement instruments like gold-backed stablecoins. According to estimates by Web3 Africa Group, Ghana processed approximately $3 billion in cryptocurrency transactions between July 2023 and June 2024.
Bankless Founder's 2026 Predictions: Focus on Tokenization, ICO Return, and Quantum Challenges
Bankless founder David Hoffman released his predictions for the 2026 market, stating: He believes 2026 will be the first year of asset tokenization, with traditional financial giants like BlackRock fully embracing blockchain technology; as the regulatory environment improves, ICOs will return to the market in a more mature form; the DeFi ecosystem will accelerate its expansion, with new stablecoin banks有望 developing into financial super-apps; robot-related tokens may see speculative price frenzies; meanwhile, the potential threat of quantum computing to cryptocurrency security will gradually attract industry attention.
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, 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 December 15, Ondo Finance announced on platform X that its tokenized stock and ETF platform will launch on the Solana blockchain in early 2026, aiming to bring Wall Street liquidity into the internet capital market.
Previously, it was reported that the U.S. Securities and Exchange Commission (SEC) has concluded its investigation into tokenized asset company Ondo Finance without recommending any charges.
This investigation began in October 2023, initiated by former SEC Chairman Gary Gensler, primarily reviewing whether Ondo complied with US securities laws in its tokenized US Treasury product offerings and whether the ONDO token should be classified as a security. An Ondo spokesperson stated that the company received formal notice in late November that this two-year SEC investigation had concluded. Since the pro-cryptocurrency SEC Chairman Paul Atkins took office, the agency has closed most cryptocurrency-related investigations. Ondo stated that the resolution of the investigation clears obstacles for its expansion in the US. The company had previously registered as an investment adviser and acquired SEC-registered broker-dealer, ATS operator, and transfer agent Oasis Pro Markets. Ondo is scheduled to host its annual Ondo Summit in New York on February 3, where new tools and products for tokenizing real-world assets are expected to be announced.
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 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 point for US stock investments on-chain, building the "Nasdaq of the crypto world".
Latest Developments:
On December 22, MSX founder Bruce posted, stating that recent BTC selling pressure has encountered resistance, marginal selling has dried up, and there is actual capital absorbing筹码 below, not emotional buying, and he holds a bullish attitude towards this.
Previously, Bruce posted on X that Nasdaq has submitted a stock token application, and MSX is prepared to convert into "official" tokens. He said: "Nasdaq already submitted its stock token application to the SEC in September this year. If progress is fast, it will officially launch in Q1 next year. The launch of Nasdaq's stock tokens will impact all 'non-official stock tokens.' MSX is prepared to convert into 'official' tokens at any time."
Related Links
《RWA Weekly Report Series》
Curates the latest insights and market data for the RWA sector.
《5 Major L1 Public Chains Most Worth Watching in 2026: The Mainline Evolution from DeFi to RWA》
For investors, developers, and traders, helping to see which public chains are continuously gathering real activity, users, and long-term value.
《After 13 Ministries and 7 Associations Issued a Document to Prevent Virtual Currency Risks, Where is the Path for RWA?》
Article: Our advice is: If you want to engage in RWA, please first sever all connections with domestic RMB, ordinary retail investors, and promotional channels. In front of red lines, living long is more important than running fast. Legal red lines are never meant for playing jump rope.
