Original | Odaily Planet Daily (@OdailyChina)
Author | Ethan (@ethanzhang_web3)
RWA Sector Market Performance
According to the rwa.xyz data panel, as of March 3, 2026, the total on-chain value of RWA (Distributed Asset Value) grew from $25.07 billion on February 24 to $26.22 billion, an increase of approximately $1.15 billion in a single week, a rise of about 4.59%. The scale of on-chain assets accelerated upwards again, reaching a new阶段性 high. The Representative Asset Value jumped from $362.56 billion to $390.14 billion, an increase of about $27.58 billion, a rise of approximately 7.61%, with growth significantly higher than the previous week.
The user side continued to see structural adjustments, with the number of addresses experiencing a阶段性 contraction. The total number of asset holders further decreased from 710,400 to 657,500, a reduction of about 52,900 people, a decrease of approximately 7.45%. In terms of stablecoins, the total market capitalization increased from $296.10 billion to $298.51 billion, an increase of about $2.41 billion, a rise of about 0.81%; the number of stablecoin holders fell from 236.91 million to 231.17 million, a decrease of about 5.74 million people, a drop of about 2.42%.
At the asset structure level, US Treasury bonds continued to strengthen their dominant position, growing from $10.6 billion to $10.8 billion, an increase of about $200 million in a single week, firmly remaining the largest single asset class. Commodity assets surged from $5.3 billion to $6.0 billion, an increase of about $700 million, a rise exceeding 13%, becoming the strongest incremental sector this period. Private credit expanded from $2.9 billion to $3.0 billion, maintaining a温和 upward trend. Institutional alternative funds remained around $2.2 billion, largely横盘 for several weeks; similarly, compared to the above assets, other asset categories experienced smaller fluctuations.
Trend Analysis (Compared to Last Week)
Overall, compared to last week's data, in this cycle's RWA market, the total asset volume is still accelerating growth, with commodities and US Treasuries becoming the main directions for capital承接, private credit and corporate bonds expanding steadily, and structural risk appetite slightly increasing. At the same time, the contraction in the number of holders and stablecoin account规模 indicates that funds are concentrating towards larger, more规模化 entities, and the market is gradually shifting from a stage of "broad participation" to a stage of "scalable allocation." Overall risk appetite is温和 shifting upwards, but funds still focus on收益 stable, highly liquid assets as the core allocation direction.
Market Keywords: Scale Acceleration, Fund Concentration, Commodity Volume Surge.
Key Event Review
Source: Stablecoin Yield Agreement Unlikely Before March, Disagreements Hinder Market Structure Bill Progress
Crypto journalist Sander Lutz, citing a banking source directly involved in the negotiations, reported that the White House hopes to reach an agreement on stablecoin yield issues before this weekend, but such an agreement is unlikely to be completed before March. The source stated that Patrick Witt's previous public statement about reaching an agreement before March was unrealistic.
The source indicated that there are still significant differences between the crypto industry and banking lobbying groups on the stablecoin yield issue, and these differences have affected the progress of the crypto market structure bill. "Text is circulating, but there is still a gap from forming a final bill."
The source also said that if Coinbase CEO Brian Armstrong does not participate in the negotiations, there is a risk of the agreement failing. Although the banking side hopes to reach an agreement, the probability of the bill passing in the next month may significantly decrease.
US SEC to Hold Private Market Valuation Roundtable on March 4, Focusing on Retail Investor Access
The U.S. Securities and Exchange Commission (SEC) officially announced that it will hold a roundtable in its Washington headquarters on March 4 to discuss private market valuation and responsible retailization issues. The meeting will be chaired by Brian Daly and直播 via the official website. Roundtable topics include exploring the opportunities and challenges brought by the gradual entry of traditional private assets into public products, matters public investors should pay attention to, and the governance challenges and industry best practices faced by managers in providing exposure to private market assets in response to retail demand.
Nasdaq Enters Prediction Market, Plans to Launch 100 Index Binary Options
Nasdaq Inc. intends to launch an options contract that allows "yes or no" bets on major stock indices, becoming the latest exchange operator to enter the rapidly growing prediction market. According to a rule change proposal submitted to the U.S. Securities and Exchange Commission, the company hopes to list "binary options" on its flagship Nasdaq 100 Index and the Nasdaq 100 Micro Index. The filing shows that Nasdaq contracts will be priced between 1 cent and $1, reflecting the market's view on the likelihood of a particular outcome. This would be Nasdaq's first foray into products mirroring prediction markets. These so-called "outcome-related options" would allow traders to take binary positions on whether specific events occur. Binary options are simplified versions of options contracts where the payout depends on the outcome of a "yes or no" proposition. The prediction market industry lists financial contracts涉及 sports, politics, and pop culture. Unlike event contracts from Kalshi, Polymarket US, and CME, which are regulated by the U.S. Commodity Futures Trading Commission (CFTC), binary options are regulated by the SEC. Nasdaq's contracts are currently awaiting SEC approval. (Recommended Reading: 《Nasdaq Enters Prediction Market: Wall Street Bets 'Yes or No' on Tech Index》)
SEC Chairman: US Missed Crypto Regulatory Window, Accelerating Rule Modernization
U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins stated that the SEC is重新提振 the pace of advancement in crypto regulation to make up for previous shortcomings in policy making. He noted at an event at the University of Texas that regulatory agencies failed to adapt to industry innovation trends in a timely manner in the past.
Atkins said that since the Donald Trump administration took office, the SEC's stance has become more open. It has established a crypto working group, withdrawn multiple enforcement cases, and launched the "Project Crypto" plan to promote regulatory framework updates. He emphasized that, compared to short-term price fluctuations, he is more concerned about the application prospects of distributed ledger technology in payment, clearing, and settlement systems.
Additionally, the SEC this week approved WisdomTree's digital currency market fund to achieve 7x24 hour trading and instant settlement. Atkins also revealed that exploring the launch of tokenized bank deposit products will be considered in the future.
White House AI and Crypto Lead: Crypto Industry Has Made Concessions on Stablecoin Yield, Banks Should Respond
White House AI and Crypto Affairs Director David Sacks stated on social media that Patrick Witt is promoting compromise progress between the banking industry and the crypto industry and actively facilitating market structure legislation.
Sacks said the crypto industry has made significant concessions on the stablecoin yield issue and called on the banking side to make corresponding responses.
Japanese Yen Stablecoin Issuer JPYC Completes Approximately $12 Million Series B Funding, Led by Asteria
Japanese yen stablecoin issuer JPYC announced the completion of the first phase of its Series B funding, raising approximately 1.78 billion yen (about $12 million), led by Japanese IT solutions provider Asteria. The funds primarily came from Japanese domestic companies and fund institutions, with BitFlyer Holdings also participating in the investment.
JPYC officially launched in October 2025 under Japan's funds transfer business regulatory framework, positioning itself as an onshore yen stablecoin. The company has partnered with Densan Systems, which covers a payment network of about 65,000 convenience stores in Japan, to explore domestic payments, cross-border remittances, and tourism payment applications in convenience store scenarios. Additionally, JPYC has participated in the stablecoin foreign exchange quotation system StableFX launched by Circle for cross-border settlement.
Hong Kong Financial Secretary: Digital Assets to Be Listed as Qualifying Investments Eligible for Tax Concessions
Hong Kong Financial Secretary Paul Chan stated in his budget speech that to further attract family offices and funds to settle in Hong Kong, the tax system will be optimized. Digital assets, precious metals, etc., will be listed as qualifying investments eligible for tax concessions, planned to take effect from the 2025/2026 year of assessment. Furthermore, the Crypto-Asset Reporting Framework (CARF) and the newly revised Common Reporting Standard (CRS) from the Organisation for Economic Co-operation and Development (OECD) will be implemented in the next two years respectively,配合 international efforts to enhance tax transparency and combat cross-border tax evasion. Amendment bills to the Inland Revenue Ordinance are expected to be submitted in the first half of the year.
Chan also stated that the Hong Kong government will continue to issue tokenized bonds regularly. The Faster Payment System (FPS) will establish a digital asset platform within the year to support the issuance and settlement of digital bonds, gradually expanding to other digital assets and connecting with other tokenization platforms in the region.
Alliance of 12 European Banks Plans to Launch Euro Stablecoin in Second Half of 2026
The Qivalis alliance, composed of 12 European banks, is advancing a plan for a euro-pegged stablecoin, targeting commercial launch in the second half of 2026. Consortium members include CaixaBank, BNP Paribas, ING, UniCredit, BBVA, Danske Bank, DZ Bank, SEB, KBC, Raiffeisen Bank International, and Banca Sella.
The token will be pegged 1:1 to the euro, with at least 40% of its reserves held in bank deposits and the remainder invested in highly-rated short-term eurozone government bonds. Qivalis CEO Jan Sell stated that the project aims to provide the EU with a regulated domestic alternative to counter the dominance of US dollar stablecoins and for use in global scenarios such as cross-border business payments. The consortium is currently in discussions with cryptocurrency exchanges, market makers, and liquidity providers to ensure the token is tradable on the first day of launch.
11 US Senators Request Federal Agencies Investigate Binance's Sanctions Compliance
11 US senators sent a letter to Treasury Secretary Scott Bessent and Attorney General Pamela Bondi, requesting a comprehensive review of whether Binance complies with US sanctions and anti-money laundering requirements, and an assessment of its implementation of the 2023 settlement agreement.
The letter cited related reports stating that approximately $1.7 billion in digital assets flowed through Binance to entities related to Iranian terrorism, including organizations associated with the Houthis and the Islamic Revolutionary Guard Corps. Investigators also found over 1,500 accounts accessed by Iranian users, as well as potential activities related to circumventing Russian sanctions. The letter also pointed out that some Binance compliance personnel who discovered suspicious transactions were subsequently dismissed, and law enforcement agencies indicated that Binance's cooperation in providing customer information has declined.
Senators Chris Van Hollen, Ruben Gallego, and nine other senators signed the letter, expressing concern about payment cards launched by Binance in former Soviet regions and stablecoin-related cooperation projects, believing these products could be used to evade sanctions. The senators requested the relevant agencies report on the review progress by March 13.
Additionally, Senator Richard Blumenthal also launched a congressional investigation into Binance this Tuesday, requesting relevant documents and internal records from Binance CEO Richard Teng. Binance denied the allegations, stating it has identified and reported suspicious activities to authorities and does not allow Iranian users to use its platform.
Bernstein: Circle Has Transformed into Fintech Infrastructure, Rates it "Outperform"
Bernstein pointed out that Circle is no longer seen as a mere crypto asset "proxy investment target" but has transformed into a fintech infrastructure service provider, reflecting a profound shift in the company's business positioning.
According to Circle's Q4 2025 financial report, the company's revenue achieved significant growth—total revenue for the full fourth quarter reached approximately $770 million, a sharp increase of 77% year-on-year. Company CEO Jeremy Allaire stated in the earnings call that we are currently in the early stages of a fundamental change in how the global economic system operates, and the economic system of the future will be more internet-based and highly automated.
Bernstein's analyst team believes that Circle will play a key role in this evolution and reaffirmed its "Outperform" rating and $190 price target in the latest research report, suggesting significant upside potential for the company's stock price.
Analysts Gautum Chhugani and colleagues noted in the report that Circle's Q4 performance clearly diverged from the overall crypto market trend, emphasizing that the company is moving towards becoming a core internet infrastructure provider, not just a stablecoin or crypto token business. (Recommended Reading: 《Behind Circle's Strong Stock Rebound: AI, Prediction Markets, and Institutional Adoption》)
US SEC Approves WisdomTree's Exemption Request for Tokenized Money Market Fund
The U.S. Securities and Exchange Commission (SEC) announced that its Division of Investment Management has issued an exemptive order to WisdomTree's tokenized money market fund, the WisdomTree Treasury Money Market Digital Fund. According to this order, investors can buy and sell shares of this money market fund (MMF) intraday at $1 per share through dealers,不受 its daily closing net asset value (NAV)限制. The fund issues tokenized shares on the blockchain. This regulatory exemption allows investors to continuously trade tokenized fund shares intraday with dealers and achieve faster settlement speeds than traditional models. The SEC added that this move provides flexibility for the operation of tokenized fund products under the current regulatory framework, helping to improve trading efficiency and the settlement experience.
Ethereum Treasury Company ETHZilla Renames to Forum Markets and Transitions to RWA Digital Asset Platform
Nasdaq-listed Ethereum treasury company ETHZilla announced its official renaming to Forum Markets and its transition to a digital asset platform. Its stock ticker will also change to "FRMM" upon Nasdaq approval, but the CUSIP number will remain unchanged. Shareholders need not take any action regarding this change. After the transformation, the company will strategically upgrade to build an institutional-grade real-world asset (RWA) tokenization digital asset platform and explore the launch of tokenized investment products for multiple asset classes.
Cardone Capital Aims to Enter Tokenized Real Estate Field, Seeks Best Layer 2 Partner
Billionaire Grant Cardone stated that Cardone Capital is preparing to tokenize its real estate holdings and inquired which Layer 2 would be the best partner.
Previous news: Billionaire Grant Cardone will launch the world's largest listed real estate Bitcoin company in 2026.
MEV Capital's AUM Drops to ~$300 Million, Shrinks 80% in Four Months
MEV Capital's assets under management (AUM) decreased by 80% in four months, standing at approximately $300 million as of February 25, down from the peak of $1.5 billion in October 2025 (source: DefiLlama). This decline followed the deUSD stablecoin depegging event on October 10, 2024, which triggered automatic liquidations across multiple protocols, causing the company a direct loss of over $10 million (source: The Big Whale). MEV Capital has offices in Vilnius and Dubai, with a primarily French team, and previously had significant exposure to yield strategies involving deUSD.
The company's revenue also fell sharply. In Q1 2026, its protocol gross revenue was $804,720, down 86.8% year-on-year; down 92.4% from $6,100,000 in Q4 2025. Quarterly net income dropped from $608,910 in Q4 2025 to $99,020 in the latest quarter. Personnel-wise, CEO Laurent Bourquin (former Société Générale executive) has faded from public view, and about 10 of the original 15 employees have left. A source said Bourquin is "taking a break." Luxembourg's Belem Capital announced this Wednesday that it had internalized MEV Capital's institutional asset management team. The original management mandate has ended, and all investment operations have been transferred to Belem's internal platform. Belem Capital is a digital asset investment platform providing regulated DeFi exposure for institutional investors. This integration includes 10 asset management, risk, and technology experts.
Meanwhile, the tokenization protocol Midas announced on platform X that it has appointed RockawayX as the strategy manager for its mMEV and mevBTC products, effective immediately. RockawayX manages assets of approximately $2 billion and will be responsible for continuous risk monitoring and strategy supervision. Midas added that all pending redemptions have been completed at the latest verified prices.
Chainlink Data Standards Now on Canton Mainnet
Canton Network and Chainlink jointly announced that Chainlink Data Standards have been officially deployed on the Canton ecosystem, further promoting the scalable development of institutional-grade real-world asset (RWA) tokenization. The Chainlink Cross-Chain Interoperability Protocol (CCIP) will be launched on Canton soon to support the secure cross-chain transfer of tokenized assets. Additionally, Chainlink Data Streams, SmartData NAV & AUM data feeds, and Proof of Reserve have also been integrated into the Canton ecosystem.
BTCS Executive: Crypto Treasury Companies May See Consolidation Wave in 2026
BTCS Chief Strategy Officer Wojciech Kaszycki stated that against the backdrop of a持续低迷 market, crypto treasury companies may see a consolidation trend in 2026. He pointed out that some companies' stock prices are currently below the net asset value (NAV) of their held crypto assets, trading at a discount.
Kaszycki believes that companies with actual operating businesses (such as blockchain validator services or public/private credit products) have cash flow and are more capable of acquiring enterprises that only hold crypto assets but lack operating income. Furthermore, he mentioned that the tokenization of real-world assets (RWA), especially the on-chain conversion of public and private credit assets, may grow significantly in the next 24 months and could become a potential revenue source for treasury companies.
He also mentioned that the world's largest Bitcoin treasury company, Strategy, provides credit-like and fixed-income tools to investors and uses this as a key argument for inclusion in the MSCI index system.
Hot Project Dynamics
MSX (STONKS)
One-Sentence Introduction:
MSX is a community-driven DeFi platform focused on tokenizing and on-chain trading of RWAs like US stocks. Through a partnership with Fidelity, it 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 TradFi and DeFi, providing users with a high-liquidity, low-barrier entry to US stock investment on-chain, building the "Nasdaq of the Crypto World".
Latest Development:
On March 2,麦通 MSX officially announced the formal launch of the Pre-IPO section and initiated the first phase of sales. The first batch of open targets includes equity quotas from 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 single subscription amount of $10. This Pre-IPO section is built based on the 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,麦通 MSX announced that its official website msx.com completed a comprehensive design upgrade on February 11, 2026. This revision focused on three major directions: "visual redesign, interaction optimization, brand communication," including adopting a dark financial color scheme, introducing neumorphic style and character elements, and reorganizing the layout of market quotes 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入口 and buttons for high-frequency areas like quotes, 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.
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.
Previous Developments:
On February 12, Ondo Finance announced that Ondo Global Markets' tokenized stocks are now live on DeFi lending markets, first launching SPYon and QQQon, integrated with Morpho and Gauntlet. Ondo tokenized stocks and ETFs can now serve as efficient risk management collateral assets in Ethereum DeFi.
On February 13, Ondo Finance posted on platform X stating that Ondo's tokenized stock DeFi application, supported by Chainlink as the official data oracle, is now live. QQQon, TSLAon, and other institutionally priced assets are unlocked as high-quality collateral for on-chain stocks. With TradFi liquidity and oracle data, Ondo tokenized US 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 is the first time tokenized stocks are used as collateral in Ethereum DeFi.
Previously, Bloomberg senior ETF analyst Eric Balchunas stated on platform X that 21Shares is applying to launch an Ondo ETF.
Related Links
《RWA Weekly Report Series》
《Nasdaq Enters Prediction Market: Wall Street Bets 'Yes or No' on Tech Index》
《Behind Circle's Strong Stock Rebound: AI, Prediction Markets, and Institutional Adoption》
《Starting from HyperLiquid: What Kind of Exchange Does RWA Truly Need?》
