RWA Weekly: Ctrip's overseas version launches stablecoin payments, Ethereum treasury company ETHZilla shifts to RWA business

Highlights of this Issue

The weekly report covers the period from December 19 to December 26, 2025. This week, the total on-chain market cap of RWA steadily increased to $19.04 billion, with the number of holders surpassing 590,000, maintaining growth momentum; meanwhile, the total market cap of stablecoins near $300 billion has nearly stagnated, further highlighting the deceleration in active holders and on-chain activity expansion. Global regulatory frameworks continue to advance: the US is drafting tax safe harbors for stablecoins, Japan plans to promote on-chain issuance of local bonds, and China, Korea, Ghana, and others are accelerating their deployment in digital currencies and stablecoins. Domestic institutions’ overseas branches are gradually exploring applications such as digital renminbi and stablecoin recharge and payments: ICBC Singapore branch piloted overseas digital renminbi wallet recharge, Ctrip’s overseas version integrated stablecoin payments, demonstrating accelerated adoption of stablecoins in cross-border settlement and tourism consumption. Meanwhile, Ethereum-based DAT company ETHZilla shifted its focus to RWA tokenization, reflecting a market transition from asset holding to value creation.

Data Insights

RWA Track Panorama

Latest data from RWA.xyz shows that as of December 26, 2025, the total on-chain market cap of RWA reached $19.04 billion, a slight increase of 4.09% month-over-month, maintaining steady growth; the total number of asset holders increased to approximately 593,900, up 7.72% from the previous month, indicating a strong growth in investor base.

Stablecoin Market

The total market cap of stablecoins reached $298.56 billion, a slight increase of 0.36% month-over-month, with growth approaching stagnation and entering a plateau phase; monthly transfer volume shrank to $6.08 trillion, a decrease of 0.23% MoM; total active addresses declined to 44.43 million, down 1.04% MoM; the total number of holders steadily increased to about 213 million, up 4.33% MoM, with divergence reaching a stage high, indicating the market is experiencing passive expansion of holder base alongside a comprehensive contraction of on-chain economic activity. Newly added holders are likely long-term allocators or low-activity accounts, while payment and settlement demand continues to weaken, highlighting a turning point in activity decline. Leading stablecoins include USDT, USDC, and USDS, with USDT’s market cap increasing by 1.39% MoM; USDC’s market cap decreased by 1.34%; USDS’s market cap increased by 2.99%.

Regulatory News

US House Drafts Tax Safe Harbors for Stablecoins and Crypto Collateralization, Clarifies Tax Policies

According to Zhitong Finance, bipartisan US House members are drafting a crypto tax framework that will provide safe harbors for certain stablecoin transactions and delay taxation on rewards earned through validated blockchain transactions. As broader digital asset regulation remains under negotiation, the crypto industry is urgently calling for legislative clarity on tax treatment. Ohio Republican Max Miller and Nevada Democrat Steven Horsford have responded by drafting a bill aligning crypto taxation with traditional securities. The draft, including bill text and policy goals, proposes exempting from capital gains tax transactions involving regulated stablecoins valued between $0.99 and $1.01. It also seeks to establish safe harbor rules for staking and mining rewards related to blockchain transaction validation. The bill further incorporates cryptocurrencies into the tax system covering securities and some commodities. Capital gains tax exemptions for foreign investors trading securities through domestic third parties and securities lending investors will also apply to digital assets.

Japan Plans to Promote On-Chain Local Bonds, Possible Legislation in 2026

According to Nikkei, Japan intends to submit legislation in 2026 to promote the digital securitization of local bonds via blockchain. The initiative aims to enable rapid, intermediary-free bond issuance and settlement, with real-time investor information access. The plan may include paying interest with local digital stablecoins and granting investors rights to local facilities, balancing monetary, social, and benefit aspects, potentially opening a new low-cost local financing pathway.

Korea’s Central Bank to Launch Second CBDC Pilot

According to Decenter, Korea’s central bank recently sent a formal document to major banks regarding the second round of CBDC testing. A central bank official stated that details, including methods and timelines, are currently under discussion.

The second phase considers issuing some government subsidies in digital currency form. The goal is to use CBDC to restrict subsidy usage and reduce administrative costs. Korea’s central bank previously launched a three-month CBDC pilot in April with seven banks, which was later suspended due to limited practical value and high costs for participating banks. The pilot faced criticism for its limited application and cost burden.

Ghana Explores Gold-Backed Stablecoin, Legalized Crypto Trading via Bill

According to The Block, Ghana’s parliament passed the Virtual Asset Service Providers Act, officially legalizing cryptocurrency trading, requiring practitioners to register with the central bank or securities regulator. The Bank of Ghana announced plans to explore asset-backed digital settlement tools, including gold-backed stablecoins, in 2026 to promote cross-border payments and market infrastructure.

People’s Bank of China and Eight Departments Promote Cross-Border Digital RMB Applications, Explore Payment Cooperation with Singapore and Others

The People’s Bank of China and seven other departments issued the “Opinions on Financial Support for Accelerating the Construction of the Western Land-Sea New Corridor.” The document proposes exploring international digital finance cooperation, supporting provinces along the route to participate in multilateral CBDC bridge projects, and promoting cross-border payments using CBDC with Thailand, Hong Kong, UAE, Saudi Arabia, and others. It supports pilot programs for cross-border digital RMB payments with Singapore, building cross-border e-commerce digital service platforms, and connecting with digital trade platforms to enhance cross-border e-commerce services.

It also emphasizes expanding RMB cross-border use, strengthening bilateral currency cooperation with Southeast and Central Asian countries, and facilitating RMB settlement for trade and investment. It encourages RMB investment and reinvestment by ASEAN investors, supports RMB-denominated commodity trading, and cross-border RMB cash transport by banks. It advocates for using RMB in cross-border financing, guarantees, and asset transfers, and for eligible provinces to join the cross-border RMB payment system. Leveraging digital RMB’s advantages—instant settlement, low cost, programmable—researches innovative solutions via smart contracts, and explores expanding digital RMB’s cross-border applications in settlement, financing, and tax rebates. It aims to reduce costs and improve efficiency through bilateral and multilateral cross-border business models.

Guangzhou’s 15th Five-Year Plan: Expand Digital RMB Application Scenarios

The Guangzhou Municipal Party Committee released suggestions for the 15th Five-Year Plan, emphasizing accelerating the development of a financial powerhouse. It aims to build a modern financial service system aligned with the Greater Bay Area’s core functions, strengthen platforms like Zhujiang New Town and International Financial City, and support the Guangzhou Futures Exchange to diversify derivatives. It will promote financial reforms, establish comprehensive tech-finance services, connect green and transitional finance, improve policies supporting small and micro enterprises, develop a provincial pension finance demonstration, and expand digital RMB scenarios. It also plans to improve the corporate listing and M&A mechanisms, support innovative sectors like investment advisory and asset management, and develop the Greater Bay Area wealth and asset management hub. Strengthening local financial regulation and intergovernmental oversight is also highlighted.

Domestic Developments

ICBC Singapore Pilots Overseas Digital RMB Wallet Recharge

According to Xinhua Finance, under the guidance of the People’s Bank of China Digital Currency Research Institute and the Monetary Authority of Singapore, ICBC Singapore successfully piloted overseas digital renminbi wallet recharge. Singapore users can top up their digital RMB wallets via local accounts for travel and consumption within China. This marks another innovation in cross-border digital currency application following the pilot for digital RMB import-export settlement, deepening China-Singapore financial cooperation.

Ctrip Overseas Version Trip.com Launches Stablecoin Payments Supporting USDT and USDC

According to ForesightNews, Ctrip’s overseas platform Trip.com now supports stablecoin payments globally, including USDT and USDC, via multiple blockchains such as Ethereum, Tron, Polygon, and Solana. In Vietnam, using USDT for flights and hotel bookings saves approximately 18% and 2.35%, respectively.

Supported by Singapore-based crypto payment provider Triple-A, which also collaborates with Grab, the process simplifies: hotel bookings require only name and email, no detailed personal info.

Qianxun Technology Launches PayKet, a Global Digital Currency Financial Service Platform Based on Compliant Stablecoins

Hong Kong-listed Qianxun Technology (01640.HK) announced the launch of PayKet, a global digital currency financial service platform based on compliant stablecoins.

Progress

Circle Clarifies: Tokenized Gold and Silver Trading Platform is Fake News

According to CoinDesk, Circle clarified that a recent press release claiming the launch of a tokenized gold and silver trading platform “CircleMetals” was false. The fake news was released before Christmas, impersonating Circle’s brand and executives, and directing users to connect wallets for USDC and gold (GLDC) and silver (SILC) token exchanges. Circle confirmed it has never launched such a service, and the website is offline. Users are advised to stay alert and not trust unverified links or wallet connection requests.

NYSE-listed Shift4 Launches Stablecoin Settlement Platform Supporting USDC, USDT, and Others

According to Businesswire, NYSE-listed Shift4 has launched a stablecoin settlement platform allowing merchants to settle using major stablecoins like USDC, USDT, EURC, and DAI without accepting bank transfers. Merchants can choose from networks such as Ethereum, Solana, Plasma, Stellar, Polygon, TON, and Base.

Amplify Launches Two New ETFs Focused on Stablecoins and Asset Tokenization

Asset management firm Amplify ETFs launched two new ETFs: Amplify Stablecoin Technology ETF (STBQ) and Amplify Tokenization Technology ETF (TKNQ), offering investment opportunities in stablecoins and asset tokenization.

STBQ tracks the MarketVector Stablecoin Technology Index, covering payment companies, crypto infrastructure providers, and stablecoin exchanges, holding 24 assets including XRP, SOL, ETH, and LINK.

TKNQ tracks the MarketVector Tokenization Technology Index, holding 53 assets supporting real-world asset digitization and crypto assets.

Both ETFs have an expense ratio of 69 basis points and are listed on NYSE Arca.

ETHZilla Sells 24,291 ETH for Bond Redemption, Shifts Focus to RWA Tokenization

Ethereum treasury company ETHZilla announced on X that, as part of redeeming outstanding senior secured convertible bonds, it sold 24,291 ETH for approximately $74.5 million. ETHZilla plans to use most or all proceeds for this redemption.

ETHZilla believes its value will mainly be driven by revenue and cash flow growth from RWA tokenization, so it will stop providing the mNAV dashboard on its website but will continue periodic balance sheet updates. It will also report any material changes in ETH holdings or shares in filings with the SEC and social media.

Korea’s Payment Giant BC Card Completes Stablecoin Payment Pilot

Korea’s payment giant BC Card announced the completion of a stablecoin payment pilot for foreign users, allowing them to pay local merchants with stablecoins. The pilot was conducted with blockchain firm Wavebridge, wallet provider Aaron Group, and cross-border remittance service Global Money Express, enabling users to convert overseas wallet stablecoins into digital prepaid cards for payments.

BC Card states this is a preparatory step for future stablecoin payment infrastructure, responding to evolving regulations. As Korea’s largest payment company, handling over 20% of domestic card transactions and serving 3.4 million merchants, BC Card’s move indicates growing acceptance of stablecoins as an alternative or supplement to traditional payments.

Korea’s stablecoin regulation is still under discussion; the Financial Services Commission (FSC) has not yet submitted a draft due to disagreements with the central bank. Globally, stablecoins are increasingly adopted as a substitute or complement to traditional payment methods.

Nodu Completes $1.45 Million Funding, Building European “Zerohash” Stablecoin Infrastructure

According to Tech.eu, London-based stablecoin infrastructure startup Nodu, with Latvian roots, announced closing a $1.45 million pre-seed round led by Digital Space Ventures. The platform aims to provide compliant stablecoin access solutions aligned with MiCA regulations, creating an “European Zerohash/Bridge.” Nodu supports KYC/AML, stablecoin payments, and fiat on/off ramps, covering over 100 countries, with plans to expand globally and strengthen partnerships with banks and fintechs.

Stablecoin Payment Programmable Trust Layer Coinbax Completes $4.2 Million Seed Round

According to GlobeNewswire, stablecoin payment platform Coinbax raised $4.2 million in seed funding to enable custody, strategy execution, and programmable settlement of digital assets.

Led by BankTech Ventures, investors include Connecticut Innovations, Paxos, SpringTime Ventures, and firms from banking, payments, and digital infrastructure sectors.

Aptos Stablecoin Market Cap Grows Over 60% Year-to-Date, Peaks at $1.8 Billion

Aptos official Twitter states that in 2025, it has become the preferred blockchain for stablecoins, with a growth of over 60% year-to-date, peaking at $1.8 billion.

Tokenized Stock Trading Platform MSX Launches Spot and Derivative Assets

According to official sources, MSX has launched spot and futures for US aerospace and space infrastructure company $RDW.M, defense tech and aerospace solutions $VOYG.M, global sports brand leader $NIKE.M, physical platinum ETF $PPLT.M; and leveraged Nasdaq 100 ETF $TQQQ.M; as well as gold $GLD.M and silver $SIVR.M spot and futures trading.