RWA Weekly: Nearly 400 convenience stores in Hong Kong now support Digital Renminbi payments, and asset tokenization company Securitize plans to go public through a SPAC merger

Highlights of This Issue

This weekly overview covers the period from October 24 to October 30, 2025. The RWA market continued its steady growth this week, with the total on-chain market capitalization reaching $35.66 billion, an 8.77% increase compared to the previous week. The number of holders surpassed 520,000, indicating a continuously expanding user base. Stablecoin transfer volume surged to $4.65 trillion, with monthly active addresses also rising, signaling that the market has entered a “productivity-driven” healthy expansion cycle, with significant improvements in capital turnover efficiency. On the regulatory front, South Korea and Canada are accelerating stablecoin regulation legislation, while Europe is progressing more slowly. The Hong Kong Monetary Authority announced plans to build a digital currency framework to promote the coexistence of various tokenized currencies. At the project level, tokenization platforms Securitize and tZero are launching listings to challenge traditional capital markets; JPMorgan has completed private equity fund tokenization on its own chain and plans to introduce a fund tokenization platform; Circle’s payment blockchain Arc has entered public testing, with major traditional industry players actively participating.

Data Insights

Overview of the RWA Sector

According to the latest data from RWA.xyz, as of October 31, 2025, the total on-chain market capitalization of RWA has reached $35.66 billion, an 8.77% increase compared to the previous month, with growth slowing slightly; the total number of asset holders exceeded 523,600, up 10.39% from the previous month, showing ongoing market participation; the total number of asset issuers increased to 232.

Stablecoin Market

The total market capitalization of stablecoins reached $295.61 billion, a 1.85% increase from the previous month, indicating moderate growth; monthly transfer volume soared to $4.65 trillion, a 41.76% increase month-over-month; the total number of active addresses rose to 33.71 million, up 22.78% from last month; the total number of holders is approximately 200 million, a slight increase of 3.70%. These figures confirm that the market is entering a “productivity-driven” healthy expansion cycle, with both capital turnover efficiency and user activity improving in tandem, creating a positive feedback loop. Data shows that institutional settlement demand and retail transaction flows are working together, with transfer volumes exploding far beyond market cap growth, highlighting the strengthening of on-chain payment and settlement functions. Leading stablecoins include USDT, USDC, and USDe, with USDT’s market cap rising 3.82% compared to last month; USDC’s market cap increased slightly by 1.84%; USDe’s market cap declined further, dropping 31.21% compared to last month.

Regulatory News

Canada Accelerates Stablecoin Regulation, Possible New Rules Announced in Federal Budget

Sources familiar with the matter reveal that Canada is currently negotiating stablecoin regulation rules and may announce significant updates in next week’s federal budget. These sources say government officials have been engaging in in-depth discussions with regulators and industry participants for weeks. It is reported that Finance Minister Chrystia Freeland will address this issue in the budget document released on November 4. In July, the United States passed the Genius Act, authorizing financial regulators to oversee stablecoin issuers and their reserve management, and requiring issuers to comply with anti-money laundering and sanctions regulations. This new law has been welcomed by many in the crypto industry. However, in Canada, due to the lack of relevant legislation, regulators have indicated that stablecoins could be classified as securities or derivatives. Some experts believe they should be regulated as payment tools and subjected to strict oversight.

South Korean Lawmaker Proposes Bill to Prevent Stablecoin Use for Forex Regulation Evasion

According to Yonhap News Agency, Rep. Park Sung-hoon of the People Power Party plans to introduce an amendment to the Foreign Exchange Transactions Act to formally recognize stablecoins as a legal means of payment. The move aims to fill regulatory gaps in current laws and prevent illegal activities such as money laundering and tax evasion through stablecoins. The amendment explicitly adds stablecoins to the list of recognized payment methods in the first clause of Article 3, meaning stablecoins will have the same legal status as Korean banknotes, banknotes, and coins. This legislative development aligns with concerns recently raised by the Bank of Korea, which expressed worries about the potential risks of US dollar stablecoins in a written opinion to the National Assembly, noting they could bypass reporting requirements under the Foreign Exchange Transactions Act and be used for current and capital account transactions between countries.

Hong Kong Monetary Authority: Building a Robust Digital Currency Framework to Promote Complementary Coexistence of Digital HKD, Tokenized Deposits, and Stablecoins

Hong Kong Monetary Authority Chief Executive Eddie Yue announced in an article titled “Bridging Hong Kong’s Digital Economy” that the HKMA will release a new financial technology development blueprint to ensure Hong Kong remains at the forefront of fintech. The HKMA will explore central bank digital currency (CBDC) and develop next-generation data infrastructure, further researching how tokenization can improve the financial system. Additionally, Hong Kong will establish a comprehensive digital currency framework to promote the coexistence of digital HKD, tokenized deposits, and regulated stablecoins.

European Central Bank Aims to Launch Digital Euro Pilot in 2027

The European Central Bank (ECB) stated on Thursday that, pending timely approval from legislators, it could initiate its digital euro pilot project in 2027. The ECB considers this project crucial for maintaining financial sovereignty within the eurozone. It views the digital euro as a strategic alternative to US-dominated private payment methods such as credit cards and stablecoins. The ECB emphasized that in an era of increasing geopolitical tensions, this initiative is becoming more important, as financial autonomy and resilience are seen as key to safeguarding Europe’s economic sovereignty. After four years of research and preparation, the ECB indicated that a pilot might begin as early as mid-2027, with a full rollout expected two years later.

Domestic Developments

Hong Kong Expands Digital RMB Usage, Nearly 400 Convenience Stores Support e-CNY Payments Starting Today

According to Caixin, Bank of China (Hong Kong) announced that, in partnership with convenience store chain Circle K and vending machine operator FreshUp, over 380 Circle K stores and the first 1,200 FreshUp vending machines across Hong Kong will support digital RMB (e-CNY) payments starting October 27, 2025. Local residents and travelers from mainland China can use BoC Pay+ “Digital RMB Zone” or the “Digital RMB” app to pay at these stores and vending machines. BOC Hong Kong has upgraded its acquiring systems for Circle K and FreshUp and will automatically convert digital RMB into Hong Kong dollars to assist merchants with cross-border settlement.

Project Progress

Custodia and Vantage Bank Launch Real-Time Tokenized Deposit Network for U.S. Banks

According to Decrypt, Custodia Bank and Vantage Bank Texas have launched a tokenized deposit real-time network for U.S. banks, expanding their previous pilot to a nationwide network. The system supports switching between deposits and compliant stablecoins under the GENIUS Act. The platform is awaiting final regulatory approval before large-scale deployment.

Swiss Crypto Bank AMINA Partners with Tokeny to Launch Compliant Digital Securities Issuance Platform

Financefeeds reports that Swiss crypto bank AMINA Bank has partnered with Luxembourg-based tokenization company Tokeny to provide a regulated digital securities issuance channel. The collaboration connects AMINA’s bank-grade custody and settlement with Tokeny’s ERC-3643-based issuance stack. The goal is to create a single platform capable of handling primary issuance and qualified custody. Under the supervision of the Swiss Financial Market Supervisory Authority (FINMA), the bank holds investor funds and manages accounts, while smart contracts on-chain perform eligibility checks and transfer rules. Both companies claim that eliminating custom integrations and reducing manual checks can shorten issuance timelines from months to weeks.

Tokenized Securities Platform tZero Prepares for 2026 IPO

According to The Block, tZero Group Inc., which operates a securities marketplace linked to digital tokens, plans to go public in 2026. CEO Alan Konevsky stated that the company is in discussions with bankers but has not yet selected a partner. The company is also exploring pre-IPO funding. With over 50 employees, tZero is not yet profitable.

Circle Launches Public Testnet of Arc Blockchain, with Participation from Visa, BlackRock, and Others

CoinDesk reports that Circle (issuer of USDC, CRCL) has launched a public testnet of its payment-oriented Arc blockchain, with over 100 institutions involved, including Visa, HSBC, BlackRock, AWS, Anthropic, Coinbase, Kraken, and others. Arc aims to serve as a foundational layer for financial services, offering USD-denominated transactions, sub-second settlement, optional privacy, and integration with Circle’s payment ecosystem. Visa is testing stablecoin settlement to accelerate cross-border payments, while BlackRock is exploring stablecoin settlement and on-chain FX. Circle’s long-term goal is decentralization, with open validators and governance.

Tokenization Securities Marketplace tZero Prepares for 2026 IPO

According to The Block, tZero, which operates a securities marketplace tied to digital tokens, plans to IPO in 2026. The company aims to raise $469 million in total proceeds, partly through a PIPE (Private Investment in Public Equity) with full commitments of $225 million, involving investors like Arche, Borderless Capital, Hanwha Investment & Securities, InterVest, and ParaFi Capital. Citigroup and Cantor Fitzgerald will serve as joint placement agents. Existing shareholders, including ARK Invest, BlackRock, Blockchain Capital, Hamilton Lane, Jump Crypto, and Morgan Stanley Investment Management, will transfer 100% of their equity into the combined entity.

Grove Plans to Invest $100 Million in Newly Launched Securitize Tokenized AAA CLO Fund

Grove, a decentralized finance protocol, announced in its blog that Securitize has launched a tokenized AAA CLO fund (STAC) focused on AAA-rated CLO tranche assets. The fund is custodied by BNY Mellon and advised by its subsidiary Insight. After governance approval, Grove will provide a $100 million anchor investment. Fund shares will be issued as Ethereum-based tokens, available for qualified investors through the Securitize platform.

Ondo Expands Tokenized Products to BNB Chain

According to Cointelegraph, RWA tokenization platform Ondo Global Markets has expanded its offerings to BNB Chain, enabling BNB Chain users to trade over 100 Wall Street stocks and ETFs. Ondo stated: “This integration allows BNB Chain to access over 100 tokenized US stocks and ETFs, supported by ecosystem projects like PancakeSwap.”

JPMorgan Completes Private Equity Fund Tokenization on Its Own Chain, Plans to Launch Investment Fund Tokenization Platform in 2026

The Wall Street Journal reports that JPMorgan has completed a private equity fund tokenization pilot on its proprietary blockchain network, aiming to represent and settle fund shares on-chain to improve liquidity and transparency. JPMorgan plans to officially launch an “Alternative Investment Fund Tokenization Platform” in 2026, providing on-chain issuance and trading services for private equity, credit, and other private market assets.

Japanese Startup JPYC to Launch the First Yen-Linked Stablecoin

Reuters reports that Japan will soon see the launch of the world’s first stablecoin pegged to the Japanese yen. The startup JPYC announced it will issue a stablecoin fully exchangeable for yen, backed by domestic savings and Japanese government bonds (JGB). The JPYC stablecoin will initially have no transaction fees to focus on expanding its use, earning interest through holdings of Japanese government bonds.

Japanese Payment Giant TIS Teams Up with Avalanche to Launch Multi-Token Payment Platform, Supporting AVAX

CoinDesk reports that TIS, a Japanese payment infrastructure provider with a $2 trillion annual transaction volume, partnered with Avalanche to develop a multi-token platform based on AvaCloud, supporting stablecoins, tokenized deposits, and future CBDC issuance and settlement. The platform complies with Japan’s Payment Services Act and aims to transform financial infrastructure toward programmability and real-time settlement. TIS will collaborate with banks, enterprises, and government agencies to promote global adoption of the system.

Tokenized Stock Trading Platform MSX Launches Spot and Futures for Three Markets

Officially, MSX has launched spot and futures trading for $NOK.M (Nokia), $NEE.M (NextEra Energy), and spot trading for $VST.M (Vistra).