This Issue’s Highlights
The reporting period for this weekly newsletter covers July 3, 2026, to July 10, 2026.
This week, the total market capitalization of RWA on-chain ended its consecutive months of decline and returned to positive growth at $33.12 billion; the total market capitalization of stablecoins also surpassed $300 billion again, with monthly transaction volumes continuing a moderate upward trend, and monthly active addresses and holders growing in tandem, signaling a significant recovery in market vitality.
On the regulatory front, China’s Ministry of Commerce and eight other departments issued a document promoting the use of digital RMB for the issuance and settlement of consumption vouchers; the EU plans to amend MiCA to cover tokenized assets and non-EU stablecoins; Kazakhstan’s president signed a decree permitting businesses and government entities to use stablecoins for cross-border payments; and HSBC Hong Kong completed its first “natively digital” structured product issuance, marking a shift in tokenization from “post-hoc blockchain listing” to “natively issued.”
At the project level, Swift has announced that its blockchain ledger is ready, with 17 global banks set to pilot tokenized cross-border payments; Ondo has launched a perpetual contracts platform supporting tokenized U.S. stocks as collateral, becoming the first platform to allow perpetual RWA contracts backed by tokenized stocks; Sony has received conditional approval from the U.S. OCC to launch a stablecoin trust bank in 2027.
On the financing front, Securitize plans to deploy over $400 million to expand its institutional-grade tokenization business through acquisitions; Tether is investing $20 million to support the growth of on-chain financial services at Brazil’s Mercado Bitcoin.
Data pivot
RWA Sector Overview
RWA.xyz's latest data reveals that, as of July 10, 2026, the total on-chain market capitalization of RWA increased to $33.12 billion, marking a 3.06% month-over-month recovery and ending a string of consecutive monthly declines, returning to positive growth and indicating a renewed vitality in tokenized assets. The total number of asset holders rose to approximately 966,000, up 6.63% month-over-month, demonstrating steady growth that closely aligns with asset growth, suggesting a more balanced distribution of new allocations.
Stablecoin market
The total market capitalization of stablecoins has returned to $300.43 billion, a 0.77% month-over-month increase, ending a prolonged period of contraction and re-entering an expansion phase for liquidity pools; monthly transaction volume rose to $6.41 trillion, up 1.17% compared to the same period last month, continuing a moderate recovery trend and reflecting stabilized market settlement demand.
The total number of monthly active addresses increased to 54.75 million, up 2% month-over-month; the total number of holders rose to 272 million, expanding 2.82% month-over-month. The synergy between these two metrics indicates continued recovery in retail participation and sustained robust growth in allocational demand.
The top stablecoins are USDT, USDC, and USDS. Among them, USDT's market capitalization increased by 1.79% month-over-month; USDC's market capitalization decreased by 1.8% month-over-month; and USDS's market capitalization declined by 4.67% month-over-month.
Regulatory News
The Ministry of Commerce and eight other departments: Promote the use of digital RMB in the issuance and settlement of consumption vouchers.
According to Securities Times, the Ministry of Commerce and eight other departments issued guidelines to accelerate innovation and development in the retail industry. The guidelines mention enhancing digital and intelligent capabilities: supporting retail operators in digital transformation to achieve end-to-end digitization of procurement, sales, inventory, and logistics distribution, and integrating online and offline channels, products, services, and data. Encourage platforms to provide technological empowerment and resource sharing to small and medium-sized retail operators. Support third-party technology companies in developing digital management systems tailored for small and medium-sized retail operators, offering comprehensive solutions. Promote the application of "Artificial Intelligence +" to expand use cases such as intelligent product recommendations, low-altitude delivery, and unmanned retail. Promote the use of digital RMB in voucher distribution and settlement processes, leveraging smart contracts of digital RMB to ensure efficient circulation and precise, direct disbursement of subsidy funds.
The EU plans to amend MiCA to cover tokenized assets and non-EU stablecoins; comments are due by September 30.
According to The Block, citing Euronews, the European Union is considering revising the MiCA regulation to encompass emerging areas such as tokenization and non-EU stablecoin issuers, with public comments due by September 30. MiCA fully came into effect on July 1 after the transition period ended, with only 244 companies approved as crypto-asset service providers. This revision follows the rise of tokenized securities—on-chain stock values have reached $2.16 billion, up nearly 45% month-over-month—and global regulatory developments following the passage of the U.S. GENIUS Act. An EU diplomat stated, “It seems inevitable to revisit this document at this time.” The European Commission launched a related review in May, noting that “since MiCA was adopted, the digital assets market has continued to evolve, and the global policy and regulatory landscape has undergone significant changes,” and is currently assessing whether the EU framework needs updating.
The President of Kazakhstan has signed an executive order to allow businesses and government entities to use stablecoins for cross-border payments.
According to Bits.media, President Tokayev of Kazakhstan has signed a presidential decree on "Measures to Stimulate and Develop the Digital Assets Industry," aiming to allow businesses and government institutions to use stablecoins for cross-border payments. The decree states that studying mechanisms for using crypto assets in payments will "open additional channels for Kazakhstan’s imports and exports." It also plans to exempt individuals from personal income tax on crypto transactions conducted through state-regulated Kazakhstani infrastructure and encourages the transfer of digital assets previously held on foreign unregulated platforms to domestic service providers. The decree restricts the use of associated natural gas for mining, permitting its use for crypto asset extraction only when "not required to meet national needs." The decree was jointly drafted by Kazakhstan’s Ministry of Artificial Intelligence and Digital Development, the Central Bank, and the Astana International Financial Centre.
Local Insights
HSBC issues native digital structured products in Hong Kong
According to The Defiant, HSBC has completed its first "digital-native" structured product issuance in Hong Kong, a private placement of USD-denominated notes issued directly on a blockchain rather than being digitized after issuance. Marketnode served as the tokenization agent and digital payment agent, managing the payment flows between the issuer and investors. HSBC did not disclose the issuance size, reference assets, note maturity, number of investors, or the blockchain used.
This transaction is a private placement of structured notes, with HSBC positioning it as a pilot to demonstrate how tokenization impacts the entire product lifecycle—from issuance to settlement and servicing. Previously, HSBC, in collaboration with Marketnode and United Overseas Bank (UOB), participated in the Monetary Authority of Singapore’s Project Guardian and submitted a case study on a digitally native structured note issuance.
Project Progress
Swift has announced that its blockchain ledger is ready, with 17 banks set to pilot tokenized cross-border payments.
According to official announcements, Swift has declared its blockchain-based ledger ready for use, with 17 banks from six continents preparing to pilot tokenized deposits for 24/7 cross-border payments. The ledger provides participating banks with a secure orchestration layer, enabling them to issue tokenized deposits on their own ledgers and facilitate round-the-clock fund movement prior to final settlement via existing systems.
Participating banks include ANZ, BNP Paribas, Bank of New York Mellon, Citibank, DBS Bank, First Abu Dhabi Bank, FirstRand Bank, HSBC, Itaú Unibanco, Lloyds Bank, Mashi Group Bank, Mitsubishi UFJ Bank, OCBC Bank, Standard Chartered Bank, UBS, United Overseas Bank, and Wells Fargo.
Dinari and tZERO launch a blockchain-based token platform for U.S. equities targeting brokers.
According to CoinDesk, tokenization service provider Dinari has partnered with regulated broker-dealer tZERO to offer brokers a one-stop platform for U.S. stock tokenization, covering issuance, trading, custody, clearing and settlement, and shareholder services. Dinari’s dShares are backed 1:1 by actual stocks held by regulated custodians, preserving shareholder rights such as dividends and corporate actions; tZERO provides brokerage, custody, and clearing infrastructure.
Tether plans to natively issue USDT on Bitcoin via the RGB protocol.
According to Bitcoin Magazine, Tether plans to natively issue USDT on Bitcoin via RGB protocol version 0.11.1, with deployment led by UTEXO. The RGB protocol combines its client-side verification mechanism with the Lightning Network to enable instant, private settlements while anchoring security to Bitcoin’s UTXO model. Users will be able to handle USDT using native Bitcoin addresses and send or receive USDT via the Lightning Network using compatible wallets. The product is expected to launch within the coming weeks or in July.
Ondo launches a perpetual futures platform supporting tokenized U.S. stocks as collateral.
According to the official announcement, Ondo has launched Ondo Perps, a perpetual futures platform that allows users to trade with up to 20x leverage using tokenized stocks as collateral. The platform currently supports commodities such as Oil, Gold, and Silver, as well as U.S. equities including Apple, Nvidia, Tesla, Meta, Microsoft, Amazon, Coinbase, and Robinhood, along with indices like the US 100 and US 500, and assets such as SpaceX and Palantir. Trading is available 24/7 throughout the year. Ondo states that Ondo Perps is the first platform to enable perpetual futures trading on RWA assets backed by tokenized stocks, aiming to deliver liquidity and capital efficiency on-chain comparable to traditional derivatives exchanges. The Pre-Alpha version is currently open to users outside the U.S., Panama, and other restricted jurisdictions.
The PayPal USD stablecoin, PYUSD, will be natively issued on the Polygon network.
According to The Block, PayPal announced that its USD stablecoin, PYUSD, will be natively issued on the Polygon network and integrated with Polygon’s Open Money Stack, enabling businesses to seamlessly handle payments, cross-border settlements, and payouts.
Sony has received conditional approval from the U.S. OCC to launch a stablecoin trust bank in 2027.
According to Banking Dive, Sony has received conditional approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank, with plans to launch Connectia Trust in 2027, focusing on the issuance and management of USD-backed stablecoins. The trust subsidiary, part of Sony Financial Group, has an initial capital of $40 million.
Modern Credit Cards and Modern Cars have completed a proof of concept for stablecoin remittances between their U.S. and Mexico business units.
According to Asia Business Daily, Hyundai Card and Hyundai Motor have completed a proof of concept for cross-border remittances using stablecoins, enabling stablecoin transfers between Hyundai Motor’s legal entities in the United States and Mexico, and plan to launch a second round of validation between European legal entities by the end of this month.
In the first PoC, Hyundai Motor's U.S. entity converted $20,000 into USDT, transferred it to its Mexican entity, and then converted it back into USD, with an average total processing time of just seven minutes—significantly faster than the 3 to 4+ hours typically required for traditional bank transfers. Participants included Hyundai Card, Hyundai Motor’s U.S. and Mexican entities, Tether, Avalanche, and Axiym. The second PoC will take place in Europe and involve actual cross-border transfers in non-U.S. dollar local currencies, with Circle and Visa among the participants. Hyundai Card stated that this validation lays the foundation for the practical adoption of stablecoins in cross-border remittances and plans to explore applications in areas such as settlement and fund transfers among Hyundai Motor Group’s global entities.
South Korean fintech company Toss is collaborating with Optimism and Sunnyside Labs to explore a Korean won stablecoin.
According to The Block, South Korean fintech company Toss is collaborating with Optimism and Sunnyside Labs to explore a Korean won-denominated stablecoin. Over the coming months, the three parties will conduct a proof of concept to test the application of OP Stack in compliant blockchain-based digital financial infrastructure.
MSX, the U.S. stock token trading platform, has launched five new U.S. stock tokens.
The U.S. stock token trading platform Maitong MSX has launched tokens for $Q.M, a hidden champion in semiconductor materials; $XBI.M, the SPDR S&P Biotech ETF; $ENTG.M, the absolute leader in advanced semiconductor consumables; $BWET.M, the Oil Tanker Freight ETF; and $LAZR.M, an institutional-grade photonics-themed ETF.
Funding Updates
Securitize raises $400 million to expand its institutional-grade tokenization business through acquisitions.
According to CoinDesk, publicly traded NYSE company Securitize (SECZ) plans to deploy over $400 million to expand its institutional tokenization platform through acquisitions of complementary businesses, rather than competing peers. Securitize previously merged with a SPAC affiliated with Cantor, retaining approximately 70% of the trust funds, raising over $400 million in total. Since its founding in 2017, the company has issued approximately $4.4 billion in tokenized assets, including BlackRock’s $2.2 billion U.S. Treasury money market fund BUIDL and nearly $300 million in Securitize’s own tokenized equities, making it one of the largest issuers of tokenized assets to date. CEO Carlos Domingo sees strong potential for listing stocks and ETFs on-chain, noting that even if just 2% of the global $140 trillion equity market were tokenized, it could create a $3 trillion tokenized market.
Tether invests $20 million to support Mercado Bitcoin's expansion of on-chain financial services in Brazil.
Tether has announced a $20 million strategic growth investment in Mercado Bitcoin, a blockchain-based financial services platform in Latin America, to support its expansion into tokenization, stablecoin payments, credit, on-chain capital markets, and compliant digital financial services. Founded in 2013, Mercado Bitcoin currently serves 4.5 million users, has issued over R$2 billion in tokenized assets, and holds more than ten financial licenses in Brazil and Europe. Tether stated that this investment will further advance on-chain financial infrastructure in Brazil and Latin America and accelerate the mainstream adoption of stablecoins and asset tokenization.
Crypto startup M1X Global raises $5.5 million in seed funding led by Paradigm
According to The Block, crypto startup M1X Global has completed a $5.5 million seed round led by Paradigm, with participation from Breed VC, bringing its total funding to $8.5 million. Previously, the company raised $3 million in an angel round in March, with investors including former Coinbase CTO Balaji Srinivasan and Cumberland Labs CEO Tama Churchouse.
M1X Global, building sovereign financial infrastructure, has partnered with the Republic of the Marshall Islands to issue USDM1. USDM1 is a tokenized, U.S. dollar-denominated sovereign debt instrument, fully backed one-to-one by U.S. Treasuries and natively issued by a sovereign nation on a public blockchain. USDM1 was initially issued on the Stellar blockchain and is now also tradable on the Canton and Solana blockchains.
Insight Highlights
Stablecoins enter an era of specialized roles: East Asia becomes a major hub for stablecoin savings, while Tether bets on new growth markets.
PANews overview: Stablecoins are transitioning from crypto tools to global financial infrastructure, showing clear regional differentiation worldwide: Latin America focuses on cross-border remittances, while East Asia and the Pacific dominate stablecoin savings.
The industry has accelerated into an era of scenario-based specialization, with the two major players following distinctly different paths: USDC dominates in total trading volume and DeFi through compliance and institutional demand, while USDT maintains absolute superiority in transaction count and B2B cross-border settlements thanks to its extensive network of circulation.
Facing stringent compliance pressures in Europe and the U.S., Tether has chosen to proactively withdraw from Europe, instead actively expanding into new growth opportunities and diversifying revenue streams by investing in compliant platforms in emerging markets, facilitating the return of USDT to the Bitcoin network, and launching a gold-backed Visa card backed by gold reserves.
In the future, non-US dollar stablecoins, AI payments, and on-chain foreign exchange will become new areas of industry focus.
Tiger Research: First, move RWA tokenization overseas.
PANews overview: Although the RWA (real-world asset) tokenization market has reached tens of billions of dollars, financial institutions operating in regions with regulatory gaps should not passively wait or limit themselves to sandbox trials; instead, they should proactively pursue international expansion to gain practical experience. Launching cross-border RWA businesses requires institutions to meticulously prepare in six core areas: overseas bases, licenses, asset and investor definitions, settlement, and operations.
Currently, going global primarily follows two paths: first, the local jurisdiction path, which involves directly entering regulated jurisdictions such as Hong Kong, Singapore, and the United States, and leveraging locally licensed platforms to accelerate business deployment; second, the on-chain native path, which utilizes offshore compliance structures provided by platforms like Ondo or Plume (such as SPVs) to bypass local entity restrictions and quickly access global and DeFi liquidity.
The essence of RWA tokenization lies in achieving real sales and business implementation, not just technical demonstrations. The market won’t wait for regulations to be finalized; institutions must immediately build their core competencies through practical execution.