RWA Weekly | Wall Street banks join forces on a tokenized deposit network; Alpaca raises $135M This week, the total on-chain RWA market cap rose to $34.9 billion, while the number of asset holders jumped to a record high of 1.077 million. However, monthly stablecoin transfer volume fell sharply by 20.9%, pointing to a split between continued user growth and cooling settlement demand. On the regulatory front, a U.S. housing bill that includes a CBDC ban automatically became law after President Trump declined to sign it. The UK plans to issue the G7’s first digital sovereign bond in early 2027, while the European Central Bank selected 36 payment firms to participate in its digital euro pilot, showing that global regulatory implementation is accelerating despite diverging policy paths. On the project side, @jpmorgan, @BankofAmerica, @Citi, and other Wall Street banks are jointly building a tokenized deposit network to counter the growth of stablecoins. @The_DTCC is also working with nearly 40 institutions to advance the tokenization of equities and U.S. Treasuries. Japan was another key focus this week: @sbigroup launched a $JPYSC lending service with a 3% annual yield, @progmat_en migrated its $2.7 billion security token platform to @avax, and @lawsonbank_jp began testing JPYC stablecoin payments. On financing, @AlpacaHQ raised $135 million, @FlexSuperApp secured $70 million, and @velocityxyz_ closed a $38 million Series A, as stablecoin payment infrastructure continues to attract major capital. #RWA #Stablecoins #OnchainFinance #DigitalEuro #CBDC #DTCC #Avalanche