Highlights of this episode This week's weekly report covers the period from November 14th to November 20th, 2025. The RWA market showed signs of a phase of adjustment this week, with the total on-chain market capitalization slightly increasing to $35.67 billion, a significant slowdown in growth. However, the number of holders bucked the trend, reflecting a shift in the market from scale expansion to cultivating existing users. The total market capitalization of stablecoins declined slightly, while transaction volume and monthly active addresses remained high, highlighting the rigid demand for on-chain payment settlement, indicating the market has entered a "stock optimization" phase. Regulatory oversight continues to improve: the US FDIC is working on guidelines for tokenized deposit insurance, and a Russian court will rule on the property rights of USDT, solidifying the legal foundation for stablecoins and RWA from both judicial and insurance perspectives. At the project level, companies under Jack Ma are making frequent moves: Alibaba's cross-border business unit plans to launch a stablecoin-like payment system, Ant International and UBS will cooperate in the field of cross-border payment settlement, and Ondo Finance has received EU approval to operate, indicating the industry is entering a phase of business integration and institutional convergence. Data Perspective RWA Track Panorama According to the latest data disclosed by RWA.xyz, as of November 21, 2025, the total market capitalization of RWA on-chain reached US$35.67 billion, a slight increase of 2.91% compared to the same period last month. The growth rate slowed significantly compared to the previous month, indicating a weakening growth momentum. The total number of asset holders increased against the trend to 539,900, a 9.54% increase compared to the same period last month. The total number of asset issuers was 251, with almost zero growth. The investor base expanded, but the asset supply stagnated. Stablecoin Market The total market capitalization of stablecoins reached $297.72 billion, a slight decrease of 0.47% compared to the same period last month; monthly transaction volume remained high at $4.94 trillion, a significant increase of 18.44% compared to the same period last month; the total number of monthly active addresses further increased to 39.85 million, a significant increase of 32.56% compared to the same period last month; and the total number of holders steadily increased to 203 million, a slight increase of 3.03% compared to the same period last month. Both of these factors jointly verify the continuous optimization of market operating efficiency—despite a slight contraction in scale, the efficiency of capital turnover and user activity remain strong, highlighting the rigidity of on-chain payment and settlement demand. Data indicates that the market has entered a phase of stock optimization. The steady growth in transaction volume and the increase in active addresses demonstrate the resilience of the ecosystem, but the continuous contraction in market capitalization may reflect that institutional allocation funds have not yet entered the market. The leading stablecoins are USDT, USDC, and USDS. Among them, the market capitalization of USDT increased slightly by 0.22% compared to the same period last month; the market capitalization of USDC decreased slightly by 1.92% compared to the same period last month; and the market capitalization of USDS increased by 2.98% compared to the same period last month. Regulatory news The Federal Deposit Insurance Corporation (FDIC) is developing guidelines for tokenized deposit insurance. According to Bloomberg, the head of the Federal Deposit Insurance Corporation (FDIC) stated that the agency is developing guidelines for tokenized deposit insurance to help financial institutions expand their digital asset business. Acting Chairman Travis Hill stated that the shift of deposits from the traditional financial world to the blockchain or distributed ledger world should not change their legal nature. Hill made these remarks at a time when a debate was raging over how fintech companies not directly insured by the FDIC should fully compensate consumers if their funds are lost. Many fintech companies partner with FDIC-insured banks to offer products covered by "look-through deposit insurance," but this protection can be challenged if the third party goes bankrupt, failing to effectively safeguard consumer rights. The U.S. government's deposit insurance fund is a cornerstone of the financial system, designed to protect depositors in the event of bank failure. The Russian Constitutional Court will rule on whether USDT has "property rights," potentially setting a judicial precedent for stablecoins. According to DL News, the Russian Constitutional Court is hearing a case concerning a loan dispute involving 1,000 USDT, with the core issue being whether citizens have property rights to stablecoins (such as USDT). Previously, three courts ruled that USDT is not subject to Russia's "Digital Financial Assets" (DFA) regulations, prompting the plaintiff to appeal to the Constitutional Court. The case has drawn significant attention from the Russian Central Bank, the Ministry of Finance, and anti-money laundering agencies, and the court will issue a closed-door ruling within several weeks. If the ruling finds that stablecoins do not fall under DFA, it may make them more suitable for everyday transactions, but their legal protection will be limited. India plans to launch its debt-backed stablecoin ARC in early 2026. According to CoinDesk, India plans to launch ARC, a stable digital asset pegged 1:1 to the rupee, in the first quarter of 2026. Developed jointly by Polygon and local fintech company Anq, ARC will operate on top of a central bank digital currency (CBDC), employing a two-tier structure and being issued only through corporate accounts. Its aim is to curb capital flows to dollar-denominated stablecoins and support domestic debt demand. This mechanism, combined with Uniswap v4 whitelist controls, strengthens compliance and safeguards monetary sovereignty. Local News Alibaba's cross-border e-commerce division plans to launch an AI subscription service and a stablecoin-like payment system. According to CNBC, Alibaba Group Holding Ltd.'s cross-border e-commerce division is planning to launch an AI-based subscription service and is partnering with JPMorgan Chase & Co. to pilot a "stablecoin-like" payment solution aimed at improving the efficiency of cross-border settlements. This plan may allow customers to use this digital payment tool for international trade and service transactions, thereby reducing the risks associated with exchange rate fluctuations and settlement times. Ant International and UBS will collaborate in the field of blockchain-based cross-border payment and settlement. According to the South China Morning Post, Singapore-based Ant International (a spin-off of Ant Group) is accelerating its global cash management business through a strategic partnership with UBS Group AG, while the two companies also hope to explore blockchain-based tokenized deposit innovations. The two companies said Monday that, according to a memorandum of understanding signed at UBS's Singapore office, Ant International will use UBS Digital Cash, its blockchain payment platform launched last year, for global fund management operations to improve efficiency, transparency, and security. The collaboration will also explore joint innovation in tokenized deposits, including an interconnected solution involving Ant's self-developed blockchain-based Whale platform—its internal fund management system. Project progress MoonPay will issue and manage stablecoins on behalf of its clients. According to Bloomberg, cryptocurrency payments company MoonPay Inc. will begin issuing and managing stablecoins on behalf of its clients. Zach Kwartler, MoonPay's newly appointed head of stablecoin business, stated in an interview that the New York-based company will leverage its existing money transmission license to offer the service across U.S. states. Kwartler said that issuing its own stablecoins will help MoonPay's clients better manage their payment operations. In a statement released Thursday, MoonPay said the issuance service will target enterprise clients in the U.S., Asia, and Latin America, and will cover multiple blockchains. The American Community Bankers Association is urging the OCC to block Sony Bank's trust from applying for a stablecoin license. According to Decrypt, the Independent Community Bankers Association (ICBA) has sent a letter to the Office of the Comptroller of the Currency (OCC) requesting that Sony Bank's Connectia Trust apply for a national trust license to issue a US dollar stablecoin. The ICBA argues that the stablecoin possesses "deposit-like" characteristics but is not subject to Federal Deposit Insurance or the Canada Revenue Agency (CRA), potentially triggering restrictions under the Bank Holding Company Act through debit cards and other means. The ICBA also questions the influence of the Sony Group over Sony Financial. Other companies seeking federal licenses include Coinbase, Circle, Ripple, Paxos, and Bridge (Stripe's stablecoin division). The Trump Organization plans to develop tokenized resorts in the Maldives with its Saudi partners. According to Bloomberg, the Trump Organization is planning to develop a luxury resort in the Maldives with its Saudi Arabian partners and intends to tokenize the hotel development project. In a joint statement Monday, the two companies said the Trump International Hotel Maldives project will include 80 ultra-luxury beach villas and overwater villas, and will be jointly developed by the Trump Organization and Dar Global Plc. Dar Global is a London-listed subsidiary of a Saudi developer. The Maldives resort, scheduled to open by the end of 2028, is just a 25-minute speedboat ride from the capital, Malé. The project's tokenization will allow investors to participate in the development phase, offering digital shares that investors can purchase in token form. Grab and StraitsX signed a memorandum of understanding to jointly build a Web3 wallet and stablecoin settlement network. Southeast Asian ride-hailing giant Grab has signed a memorandum of understanding with Singapore-based stablecoin platform StraitsX to develop a Web3 wallet and stablecoin clearing network for the Asian market. The two companies will work together to integrate the Web3 wallet into the Grab App, enabling GrabPay merchants to accept stablecoins such as XSGD and XUSD, and facilitating cross-border, real-time, and compliant settlements. The system will incorporate smart contracts and on-chain fund management, with all user assets managed in non-custodial wallets, complying with regulatory requirements. Deutsche Börse adds Société Générale's stablecoin to its core market system. According to CoinDesek, Deutsche Börse Group (DB1) and SG-FORGE, the digital asset subsidiary of Société Générale, announced on Tuesday their plans to integrate regulated euro and dollar stablecoins into their infrastructure. The two companies have signed an agreement to integrate SG-FORGE's euro and dollar stablecoin, CoinVertible, with DB1's backend systems, including Clearstream. The first phase will test CoinVertible's performance as a settlement asset for securities and collateral workflows and explore its role in fund management functions. Deutsche Börse also plans to list these tokens on its digital trading platform to improve liquidity. The two companies will explore the possibility of using stablecoins across Deutsche Börse's broader service offerings, including clearing, custody, and data tools for banks, asset managers, and crypto firms. This collaboration is progressing concurrently with the two companies' participation in a wholesale central bank digital currency pilot project. Circle launches xReserve, an interoperability infrastructure, to help developers deploy USDC-backed stablecoins. According to its official blog, stablecoin issuer Circle announced the launch of its new interoperability infrastructure, Circle xReserve, enabling blockchain teams to deploy USDC-backed stablecoins that are fully interoperable with USDC. Powered by the xReserve Authentication Service, xReserve allows developers and users to seamlessly transfer value between USDC-backed stablecoins and USDC on supported blockchains without relying on third-party bridging services. Its partners, Canton and Stacks, will integrate with xReserve in the coming weeks. HSBC will offer tokenized deposit services to customers in the United States and the United Arab Emirates. According to Bloomberg, HSBC Holdings Plc will begin offering tokenized deposit services to corporate clients in the U.S. and the United Arab Emirates in the first half of next year. Manish Kohli, head of global payments solutions at HSBC, stated that the tokenized deposit service will allow clients to make domestic and cross-border fund transfers 24/7 with instant processing, without being limited to business hours. He added that the system will help large enterprises manage liquidity more efficiently. HSBC's tokenization service has been launched in Hong Kong, Singapore, the UK, and Luxembourg, and currently supports transactions in euros, pounds sterling, US dollars, Hong Kong dollars, and Singapore dollars. Kohli stated that when the service expands to the Middle East next year, it will add the UAE dirham. According to Kohli, HSBC plans to expand the application of tokenized deposits in programmable payments and autonomous vaults, systems that utilize automation and artificial intelligence to independently manage cash and liquidity risks. Furthermore, HSBC is also exploring the stablecoin industry and is currently in talks with several stablecoin issuers to offer reserve management and settlement account services. Ondo Finance has received EU approval to offer on-chain US stocks and ETFs to retail investors in 30 countries. Ondo Finance announced that its subsidiary, Ondo Global Markets, has received approval from the Liechtenstein Financial Markets Authority (FMA) to offer tokenized US stocks and ETFs in the European Economic Area (EEA). This regulatory approval means that Ondo can compliantly offer on-chain stocks and ETFs to over 500 million retail investors in 30 markets, including all EU countries, Iceland, Liechtenstein, and Norway. Apex Group plans to acquire brokerage firm Globacap to boost its tokenization business in the United States. According to CoinDesk, two sources familiar with the matter revealed that Apex Group, a financial services provider with over $3 trillion in assets under management, plans to acquire Globacap, a London-based investment platform that owns a U.S.-regulated broker-dealer. This acquisition would help Apex lead the way in tokenizing regulated funds in the U.S., amid growing interest from professional investors in blockchain-based real-world assets (RWAs). In March of this year, UK cryptocurrency exchange Archax announced that it had acquired Globacap's US operations. However, a recent report citing sources familiar with the matter indicates that the deal fell through and new bidders have entered the fray. Robinhood plans to allow DeFi app users to use tokenized stocks without permission. According to Cryptopolitan, Robinhood has announced a three-phase plan to enable DeFi app users to use tokenized stocks permissionlessly, leveraging Arbitrum Stylus for compatibility. The final phase will make stock tokens completely permissionless, allowing users to use them across various dApps. AJ Warner, Head of Strategy at Offchain Labs, stated that Robinhood is laying the foundation for the transition of traditional finance to a permissionless ecosystem. The recent launch of its tokenized stock product in Europe is a first step, covering approximately 800 publicly traded securities, with plans to expand into private equity. Currently in Phase One, EU users can buy tokenized shares within the app, but cannot transfer them out; they are for in-app use only. Phase Two focuses on infrastructure, leveraging the acquired Bitstamp to enable 24/7 trading of stock tokens, breaking traditional trading time limitations. In Phase Three, users and DeFi protocols will be free to use permissionless tokens, such as buying Apple tokenized shares and using them as collateral. This marks a shift in retail investment methods, with tokenized shares becoming programmable modules in the open financial system; this phase represents a long-term strategic move. Swiss precious metals giant MKS PAMP plans to relaunch its gold token project. According to Bloomberg, Swiss precious metals giant MKS PAMP SA is set to relaunch its gold token program after a failed attempt six years ago, aiming to capitalize on growing market interest in digital physical gold. MKS PAMP has acquired Gold Token SA in an effort to revive its digital gold project. MKS PAMP was one of the initial players to launch the DGLD token in 2019, a collaboration that also included CoinShares International Ltd. MKS PAMP CEO James Emmett stated that the initial launch was "premature," and the token remained largely dormant for many years afterward. This relaunch will involve the company's trading arm purchasing the tokens and providing liquidity on exchanges. MKS PAMP will issue DGLD tokens only to accredited institutions, who can then sell them on secondary cryptocurrency exchanges, operating similarly to other gold tokens. According to the company, the tokens can be exchanged for a corresponding amount of physical gold in quantities as low as 1 gram. Securitize expands RWA coverage with the help of Plume. According to CoinDesk, Plume, a modular Layer 2 blockchain centered on Real-World Assets (RWA), announced on Wednesday that tokenization giant Securitize will expand its global reach in the RWA space by launching institutional-grade assets on Plume's Nest staking protocol. The asset launch will begin with assets related to the Hamilton Lane Fund and continue until 2026, targeting a capital size of $100 million. As part of the deal, Bitcoin finance platform Solv plans to invest up to $10 million in Plume's RWA vault, broadening its Bitcoin-based yield products through regulated RWA exposure. MSX, a tokenized stock trading platform, has launched spot and contract trading products across multiple sectors. According to official sources, MSX has completed spot and contract trading for clean energy storage solutions provider $EOSE.M, century-old multinational pharmaceutical company $MRK.M, and US biotechnology company $ABBV.M; spot trading for space exploration company $LUNR.M, IIoT and drone system solutions provider $ONDS.M, and contract trading for S&P 500 ETF $SPY.M have also been launched. Insights Highlights Obex Raises $37 Million to Build Interest-Rating Stablecoin Infrastructure, Aiming to Become the "YC of Stablecoins" PANews Overview: Web3 incubator Obex has secured a significant $37 million in funding, aiming to become the "YC of stablecoins." Through a professional incubation model, it systematically supports and invests in projects that bring real-world assets onto the blockchain, aiming to drive the development of next-generation "interest-bearing stablecoins." It also seeks to provide the sector, which has gained attention due to high-risk exposure from events like Stream Finance, with much-needed institutional-grade risk control and underwriting standards, thereby building a safer and more scalable interest-bearing stablecoin infrastructure. Why will RWA become a key narrative in 2025? PANews Overview: Real-world cryptocurrencies (RWAs) transform valuable assets in the real world (such as government bonds, houses, gold, corporate loans, and even stocks) into digital tokens that can be traded on the blockchain. Its significance in 2025 is primarily due to its massive scale and rapid growth (the total value of on-chain RWAs excluding stablecoins has reached $35 billion, with an annual growth rate exceeding 150%), and the validation of traditional financial giants (such as BlackRock's BUIDL fund). Its core value lies in improving efficiency: through blockchain technology, it can reduce transaction costs, enable 24/7 trading, and make previously indivisible and illiquid assets (such as private lending and real estate) more accessible to global investors. Currently, the market is mainly dominated by two asset classes: private lending (offering higher yields) and US Treasury bonds (offering stable, low-risk returns), while the tokenization of gold, stocks, and real estate is also rapidly developing. However, the article also cautions that RWAs are not a panacea; they cannot create liquidity out of thin air, and their success heavily relies on clear regulation, reliable underlying assets, and strong market confidence. In conclusion, RWA's long-term story is not about disrupting traditional finance, but about enabling traditional financial assets to operate "on-chain," thereby building a more efficient and inclusive new financial market. Technical Adaptation and Implementation Bottlenecks for On-Chain RWA of Assets such as Real Estate and Government Bonds PANews Overview: Real-world asset tokenization (RWA) uses blockchain technology to transform traditional assets such as government bonds and real estate into tradable digital tokens, aiming to improve asset liquidity and trading efficiency. Technically, it relies on smart contracts for automated management, oracles for trusted data, and cross-chain protocols to connect compliant and public chains for global circulation. However, RWA implementation still faces multiple bottlenecks: legally, there is a disconnect between token rights and off-chain asset ownership, with prominent issues of cross-border regulation and data sovereignty; technically, cross-chain bridges and oracles pose security risks, and performance and decentralization are difficult to balance; in the market, non-standard assets are difficult to value, liquidity is prone to mismatch, and institutional compliance costs are high, resulting in RWA currently primarily based on standardized assets such as government bonds. In the future, breakthroughs in RWA will depend on "embedded compliance," a multi-layered cross-chain architecture, and the continued participation of institutional capital to gradually build a trust system connecting traditional finance with the on-chain ecosystem. The "Dual-Track" Future of Japanese Yen Stablecoins: Deconstructing JPYC's DeFi Path and the Institutional Path of Collaborative Stablecoins PANews Overview: Japan's stablecoin market is developing in a regulatory-driven "dual-track" pattern. The first track is the DeFi path represented by JPYC, based on a "funds transfer business" license. While compliant and redeemable, it is limited by the legal regulation that "a single transaction cannot exceed 1 million yen," thus primarily serving small-scale transactions, arbitrage, and on-chain micropayments within the global DeFi ecosystem. The second track is stablecoins jointly promoted by three major banks, including Mitsubishi UFJ, based on the "Trust Law" and issued through the Progmat platform. These stablecoins have no trading cap and aim to address pain points in traditional finance, such as large-scale cross-border B2B settlements, modernization of core banking systems, and ultimately, providing compliant on-chain settlement tools for the already multi-billion yen security token (RWA) market. This dual-track system is essentially a strategic design of Japan's top-level financial system. On the one hand, it restricts Web3 innovation to the retail and small-scale sectors to control risk; on the other hand, it ensures that high-value systemic financial businesses remain firmly in the hands of traditional financial institutions, thereby building a "compliance moat for traditional finance."Highlights of this episode This week's weekly report covers the period from November 14th to November 20th, 2025. The RWA market showed signs of a phase of adjustment this week, with the total on-chain market capitalization slightly increasing to $35.67 billion, a significant slowdown in growth. However, the number of holders bucked the trend, reflecting a shift in the market from scale expansion to cultivating existing users. The total market capitalization of stablecoins declined slightly, while transaction volume and monthly active addresses remained high, highlighting the rigid demand for on-chain payment settlement, indicating the market has entered a "stock optimization" phase. Regulatory oversight continues to improve: the US FDIC is working on guidelines for tokenized deposit insurance, and a Russian court will rule on the property rights of USDT, solidifying the legal foundation for stablecoins and RWA from both judicial and insurance perspectives. At the project level, companies under Jack Ma are making frequent moves: Alibaba's cross-border business unit plans to launch a stablecoin-like payment system, Ant International and UBS will cooperate in the field of cross-border payment settlement, and Ondo Finance has received EU approval to operate, indicating the industry is entering a phase of business integration and institutional convergence. Data Perspective RWA Track Panorama According to the latest data disclosed by RWA.xyz, as of November 21, 2025, the total market capitalization of RWA on-chain reached US$35.67 billion, a slight increase of 2.91% compared to the same period last month. The growth rate slowed significantly compared to the previous month, indicating a weakening growth momentum. The total number of asset holders increased against the trend to 539,900, a 9.54% increase compared to the same period last month. The total number of asset issuers was 251, with almost zero growth. The investor base expanded, but the asset supply stagnated. Stablecoin Market The total market capitalization of stablecoins reached $297.72 billion, a slight decrease of 0.47% compared to the same period last month; monthly transaction volume remained high at $4.94 trillion, a significant increase of 18.44% compared to the same period last month; the total number of monthly active addresses further increased to 39.85 million, a significant increase of 32.56% compared to the same period last month; and the total number of holders steadily increased to 203 million, a slight increase of 3.03% compared to the same period last month. Both of these factors jointly verify the continuous optimization of market operating efficiency—despite a slight contraction in scale, the efficiency of capital turnover and user activity remain strong, highlighting the rigidity of on-chain payment and settlement demand. Data indicates that the market has entered a phase of stock optimization. The steady growth in transaction volume and the increase in active addresses demonstrate the resilience of the ecosystem, but the continuous contraction in market capitalization may reflect that institutional allocation funds have not yet entered the market. The leading stablecoins are USDT, USDC, and USDS. Among them, the market capitalization of USDT increased slightly by 0.22% compared to the same period last month; the market capitalization of USDC decreased slightly by 1.92% compared to the same period last month; and the market capitalization of USDS increased by 2.98% compared to the same period last month. Regulatory news The Federal Deposit Insurance Corporation (FDIC) is developing guidelines for tokenized deposit insurance. According to Bloomberg, the head of the Federal Deposit Insurance Corporation (FDIC) stated that the agency is developing guidelines for tokenized deposit insurance to help financial institutions expand their digital asset business. Acting Chairman Travis Hill stated that the shift of deposits from the traditional financial world to the blockchain or distributed ledger world should not change their legal nature. Hill made these remarks at a time when a debate was raging over how fintech companies not directly insured by the FDIC should fully compensate consumers if their funds are lost. Many fintech companies partner with FDIC-insured banks to offer products covered by "look-through deposit insurance," but this protection can be challenged if the third party goes bankrupt, failing to effectively safeguard consumer rights. The U.S. government's deposit insurance fund is a cornerstone of the financial system, designed to protect depositors in the event of bank failure. The Russian Constitutional Court will rule on whether USDT has "property rights," potentially setting a judicial precedent for stablecoins. According to DL News, the Russian Constitutional Court is hearing a case concerning a loan dispute involving 1,000 USDT, with the core issue being whether citizens have property rights to stablecoins (such as USDT). Previously, three courts ruled that USDT is not subject to Russia's "Digital Financial Assets" (DFA) regulations, prompting the plaintiff to appeal to the Constitutional Court. The case has drawn significant attention from the Russian Central Bank, the Ministry of Finance, and anti-money laundering agencies, and the court will issue a closed-door ruling within several weeks. If the ruling finds that stablecoins do not fall under DFA, it may make them more suitable for everyday transactions, but their legal protection will be limited. India plans to launch its debt-backed stablecoin ARC in early 2026. According to CoinDesk, India plans to launch ARC, a stable digital asset pegged 1:1 to the rupee, in the first quarter of 2026. Developed jointly by Polygon and local fintech company Anq, ARC will operate on top of a central bank digital currency (CBDC), employing a two-tier structure and being issued only through corporate accounts. Its aim is to curb capital flows to dollar-denominated stablecoins and support domestic debt demand. This mechanism, combined with Uniswap v4 whitelist controls, strengthens compliance and safeguards monetary sovereignty. Local News Alibaba's cross-border e-commerce division plans to launch an AI subscription service and a stablecoin-like payment system. According to CNBC, Alibaba Group Holding Ltd.'s cross-border e-commerce division is planning to launch an AI-based subscription service and is partnering with JPMorgan Chase & Co. to pilot a "stablecoin-like" payment solution aimed at improving the efficiency of cross-border settlements. This plan may allow customers to use this digital payment tool for international trade and service transactions, thereby reducing the risks associated with exchange rate fluctuations and settlement times. Ant International and UBS will collaborate in the field of blockchain-based cross-border payment and settlement. According to the South China Morning Post, Singapore-based Ant International (a spin-off of Ant Group) is accelerating its global cash management business through a strategic partnership with UBS Group AG, while the two companies also hope to explore blockchain-based tokenized deposit innovations. The two companies said Monday that, according to a memorandum of understanding signed at UBS's Singapore office, Ant International will use UBS Digital Cash, its blockchain payment platform launched last year, for global fund management operations to improve efficiency, transparency, and security. The collaboration will also explore joint innovation in tokenized deposits, including an interconnected solution involving Ant's self-developed blockchain-based Whale platform—its internal fund management system. Project progress MoonPay will issue and manage stablecoins on behalf of its clients. According to Bloomberg, cryptocurrency payments company MoonPay Inc. will begin issuing and managing stablecoins on behalf of its clients. Zach Kwartler, MoonPay's newly appointed head of stablecoin business, stated in an interview that the New York-based company will leverage its existing money transmission license to offer the service across U.S. states. Kwartler said that issuing its own stablecoins will help MoonPay's clients better manage their payment operations. In a statement released Thursday, MoonPay said the issuance service will target enterprise clients in the U.S., Asia, and Latin America, and will cover multiple blockchains. The American Community Bankers Association is urging the OCC to block Sony Bank's trust from applying for a stablecoin license. According to Decrypt, the Independent Community Bankers Association (ICBA) has sent a letter to the Office of the Comptroller of the Currency (OCC) requesting that Sony Bank's Connectia Trust apply for a national trust license to issue a US dollar stablecoin. The ICBA argues that the stablecoin possesses "deposit-like" characteristics but is not subject to Federal Deposit Insurance or the Canada Revenue Agency (CRA), potentially triggering restrictions under the Bank Holding Company Act through debit cards and other means. The ICBA also questions the influence of the Sony Group over Sony Financial. Other companies seeking federal licenses include Coinbase, Circle, Ripple, Paxos, and Bridge (Stripe's stablecoin division). The Trump Organization plans to develop tokenized resorts in the Maldives with its Saudi partners. According to Bloomberg, the Trump Organization is planning to develop a luxury resort in the Maldives with its Saudi Arabian partners and intends to tokenize the hotel development project. In a joint statement Monday, the two companies said the Trump International Hotel Maldives project will include 80 ultra-luxury beach villas and overwater villas, and will be jointly developed by the Trump Organization and Dar Global Plc. Dar Global is a London-listed subsidiary of a Saudi developer. The Maldives resort, scheduled to open by the end of 2028, is just a 25-minute speedboat ride from the capital, Malé. The project's tokenization will allow investors to participate in the development phase, offering digital shares that investors can purchase in token form. Grab and StraitsX signed a memorandum of understanding to jointly build a Web3 wallet and stablecoin settlement network. Southeast Asian ride-hailing giant Grab has signed a memorandum of understanding with Singapore-based stablecoin platform StraitsX to develop a Web3 wallet and stablecoin clearing network for the Asian market. The two companies will work together to integrate the Web3 wallet into the Grab App, enabling GrabPay merchants to accept stablecoins such as XSGD and XUSD, and facilitating cross-border, real-time, and compliant settlements. The system will incorporate smart contracts and on-chain fund management, with all user assets managed in non-custodial wallets, complying with regulatory requirements. Deutsche Börse adds Société Générale's stablecoin to its core market system. According to CoinDesek, Deutsche Börse Group (DB1) and SG-FORGE, the digital asset subsidiary of Société Générale, announced on Tuesday their plans to integrate regulated euro and dollar stablecoins into their infrastructure. The two companies have signed an agreement to integrate SG-FORGE's euro and dollar stablecoin, CoinVertible, with DB1's backend systems, including Clearstream. The first phase will test CoinVertible's performance as a settlement asset for securities and collateral workflows and explore its role in fund management functions. Deutsche Börse also plans to list these tokens on its digital trading platform to improve liquidity. The two companies will explore the possibility of using stablecoins across Deutsche Börse's broader service offerings, including clearing, custody, and data tools for banks, asset managers, and crypto firms. This collaboration is progressing concurrently with the two companies' participation in a wholesale central bank digital currency pilot project. Circle launches xReserve, an interoperability infrastructure, to help developers deploy USDC-backed stablecoins. According to its official blog, stablecoin issuer Circle announced the launch of its new interoperability infrastructure, Circle xReserve, enabling blockchain teams to deploy USDC-backed stablecoins that are fully interoperable with USDC. Powered by the xReserve Authentication Service, xReserve allows developers and users to seamlessly transfer value between USDC-backed stablecoins and USDC on supported blockchains without relying on third-party bridging services. Its partners, Canton and Stacks, will integrate with xReserve in the coming weeks. HSBC will offer tokenized deposit services to customers in the United States and the United Arab Emirates. According to Bloomberg, HSBC Holdings Plc will begin offering tokenized deposit services to corporate clients in the U.S. and the United Arab Emirates in the first half of next year. Manish Kohli, head of global payments solutions at HSBC, stated that the tokenized deposit service will allow clients to make domestic and cross-border fund transfers 24/7 with instant processing, without being limited to business hours. He added that the system will help large enterprises manage liquidity more efficiently. HSBC's tokenization service has been launched in Hong Kong, Singapore, the UK, and Luxembourg, and currently supports transactions in euros, pounds sterling, US dollars, Hong Kong dollars, and Singapore dollars. Kohli stated that when the service expands to the Middle East next year, it will add the UAE dirham. According to Kohli, HSBC plans to expand the application of tokenized deposits in programmable payments and autonomous vaults, systems that utilize automation and artificial intelligence to independently manage cash and liquidity risks. Furthermore, HSBC is also exploring the stablecoin industry and is currently in talks with several stablecoin issuers to offer reserve management and settlement account services. Ondo Finance has received EU approval to offer on-chain US stocks and ETFs to retail investors in 30 countries. Ondo Finance announced that its subsidiary, Ondo Global Markets, has received approval from the Liechtenstein Financial Markets Authority (FMA) to offer tokenized US stocks and ETFs in the European Economic Area (EEA). This regulatory approval means that Ondo can compliantly offer on-chain stocks and ETFs to over 500 million retail investors in 30 markets, including all EU countries, Iceland, Liechtenstein, and Norway. Apex Group plans to acquire brokerage firm Globacap to boost its tokenization business in the United States. According to CoinDesk, two sources familiar with the matter revealed that Apex Group, a financial services provider with over $3 trillion in assets under management, plans to acquire Globacap, a London-based investment platform that owns a U.S.-regulated broker-dealer. This acquisition would help Apex lead the way in tokenizing regulated funds in the U.S., amid growing interest from professional investors in blockchain-based real-world assets (RWAs). In March of this year, UK cryptocurrency exchange Archax announced that it had acquired Globacap's US operations. However, a recent report citing sources familiar with the matter indicates that the deal fell through and new bidders have entered the fray. Robinhood plans to allow DeFi app users to use tokenized stocks without permission. According to Cryptopolitan, Robinhood has announced a three-phase plan to enable DeFi app users to use tokenized stocks permissionlessly, leveraging Arbitrum Stylus for compatibility. The final phase will make stock tokens completely permissionless, allowing users to use them across various dApps. AJ Warner, Head of Strategy at Offchain Labs, stated that Robinhood is laying the foundation for the transition of traditional finance to a permissionless ecosystem. The recent launch of its tokenized stock product in Europe is a first step, covering approximately 800 publicly traded securities, with plans to expand into private equity. Currently in Phase One, EU users can buy tokenized shares within the app, but cannot transfer them out; they are for in-app use only. Phase Two focuses on infrastructure, leveraging the acquired Bitstamp to enable 24/7 trading of stock tokens, breaking traditional trading time limitations. In Phase Three, users and DeFi protocols will be free to use permissionless tokens, such as buying Apple tokenized shares and using them as collateral. This marks a shift in retail investment methods, with tokenized shares becoming programmable modules in the open financial system; this phase represents a long-term strategic move. Swiss precious metals giant MKS PAMP plans to relaunch its gold token project. According to Bloomberg, Swiss precious metals giant MKS PAMP SA is set to relaunch its gold token program after a failed attempt six years ago, aiming to capitalize on growing market interest in digital physical gold. MKS PAMP has acquired Gold Token SA in an effort to revive its digital gold project. MKS PAMP was one of the initial players to launch the DGLD token in 2019, a collaboration that also included CoinShares International Ltd. MKS PAMP CEO James Emmett stated that the initial launch was "premature," and the token remained largely dormant for many years afterward. This relaunch will involve the company's trading arm purchasing the tokens and providing liquidity on exchanges. MKS PAMP will issue DGLD tokens only to accredited institutions, who can then sell them on secondary cryptocurrency exchanges, operating similarly to other gold tokens. According to the company, the tokens can be exchanged for a corresponding amount of physical gold in quantities as low as 1 gram. Securitize expands RWA coverage with the help of Plume. According to CoinDesk, Plume, a modular Layer 2 blockchain centered on Real-World Assets (RWA), announced on Wednesday that tokenization giant Securitize will expand its global reach in the RWA space by launching institutional-grade assets on Plume's Nest staking protocol. The asset launch will begin with assets related to the Hamilton Lane Fund and continue until 2026, targeting a capital size of $100 million. As part of the deal, Bitcoin finance platform Solv plans to invest up to $10 million in Plume's RWA vault, broadening its Bitcoin-based yield products through regulated RWA exposure. MSX, a tokenized stock trading platform, has launched spot and contract trading products across multiple sectors. According to official sources, MSX has completed spot and contract trading for clean energy storage solutions provider $EOSE.M, century-old multinational pharmaceutical company $MRK.M, and US biotechnology company $ABBV.M; spot trading for space exploration company $LUNR.M, IIoT and drone system solutions provider $ONDS.M, and contract trading for S&P 500 ETF $SPY.M have also been launched. Insights Highlights Obex Raises $37 Million to Build Interest-Rating Stablecoin Infrastructure, Aiming to Become the "YC of Stablecoins" PANews Overview: Web3 incubator Obex has secured a significant $37 million in funding, aiming to become the "YC of stablecoins." Through a professional incubation model, it systematically supports and invests in projects that bring real-world assets onto the blockchain, aiming to drive the development of next-generation "interest-bearing stablecoins." It also seeks to provide the sector, which has gained attention due to high-risk exposure from events like Stream Finance, with much-needed institutional-grade risk control and underwriting standards, thereby building a safer and more scalable interest-bearing stablecoin infrastructure. Why will RWA become a key narrative in 2025? PANews Overview: Real-world cryptocurrencies (RWAs) transform valuable assets in the real world (such as government bonds, houses, gold, corporate loans, and even stocks) into digital tokens that can be traded on the blockchain. Its significance in 2025 is primarily due to its massive scale and rapid growth (the total value of on-chain RWAs excluding stablecoins has reached $35 billion, with an annual growth rate exceeding 150%), and the validation of traditional financial giants (such as BlackRock's BUIDL fund). Its core value lies in improving efficiency: through blockchain technology, it can reduce transaction costs, enable 24/7 trading, and make previously indivisible and illiquid assets (such as private lending and real estate) more accessible to global investors. Currently, the market is mainly dominated by two asset classes: private lending (offering higher yields) and US Treasury bonds (offering stable, low-risk returns), while the tokenization of gold, stocks, and real estate is also rapidly developing. However, the article also cautions that RWAs are not a panacea; they cannot create liquidity out of thin air, and their success heavily relies on clear regulation, reliable underlying assets, and strong market confidence. In conclusion, RWA's long-term story is not about disrupting traditional finance, but about enabling traditional financial assets to operate "on-chain," thereby building a more efficient and inclusive new financial market. Technical Adaptation and Implementation Bottlenecks for On-Chain RWA of Assets such as Real Estate and Government Bonds PANews Overview: Real-world asset tokenization (RWA) uses blockchain technology to transform traditional assets such as government bonds and real estate into tradable digital tokens, aiming to improve asset liquidity and trading efficiency. Technically, it relies on smart contracts for automated management, oracles for trusted data, and cross-chain protocols to connect compliant and public chains for global circulation. However, RWA implementation still faces multiple bottlenecks: legally, there is a disconnect between token rights and off-chain asset ownership, with prominent issues of cross-border regulation and data sovereignty; technically, cross-chain bridges and oracles pose security risks, and performance and decentralization are difficult to balance; in the market, non-standard assets are difficult to value, liquidity is prone to mismatch, and institutional compliance costs are high, resulting in RWA currently primarily based on standardized assets such as government bonds. In the future, breakthroughs in RWA will depend on "embedded compliance," a multi-layered cross-chain architecture, and the continued participation of institutional capital to gradually build a trust system connecting traditional finance with the on-chain ecosystem. The "Dual-Track" Future of Japanese Yen Stablecoins: Deconstructing JPYC's DeFi Path and the Institutional Path of Collaborative Stablecoins PANews Overview: Japan's stablecoin market is developing in a regulatory-driven "dual-track" pattern. The first track is the DeFi path represented by JPYC, based on a "funds transfer business" license. While compliant and redeemable, it is limited by the legal regulation that "a single transaction cannot exceed 1 million yen," thus primarily serving small-scale transactions, arbitrage, and on-chain micropayments within the global DeFi ecosystem. The second track is stablecoins jointly promoted by three major banks, including Mitsubishi UFJ, based on the "Trust Law" and issued through the Progmat platform. These stablecoins have no trading cap and aim to address pain points in traditional finance, such as large-scale cross-border B2B settlements, modernization of core banking systems, and ultimately, providing compliant on-chain settlement tools for the already multi-billion yen security token (RWA) market. This dual-track system is essentially a strategic design of Japan's top-level financial system. On the one hand, it restricts Web3 innovation to the retail and small-scale sectors to control risk; on the other hand, it ensures that high-value systemic financial businesses remain firmly in the hands of traditional financial institutions, thereby building a "compliance moat for traditional finance."