Highlights of this episode

This week's statistics cover the period from March 21, 2026 to March 27, 2026.

This week, the total market capitalization of the RWA chain grew steadily, with the growth rate of asset holders exceeding the growth rate of scale. The total market capitalization of stablecoins remained stable on the platform. Monthly active addresses and transaction volume continued to decline, while the total number of holders continued to expand, and allocation-oriented holdings dominated the market pattern.

Key developments have emerged in the regulatory landscape: the U.S. Crypto Market Structure Act has reached a compromise on stablecoin yield terms, which, while causing disagreements among industry players such as Coinbase, is expected to lead to a breakthrough in the legislative process; Delaware plans to include stablecoins in its banking regulatory framework, indicating that U.S. regulation is moving from macro principles to enforceable rules.

At the project level: the three major exchanges have successively deployed tokenization solutions; Glider and Franklin Templeton have partnered with Ondo to launch a tokenized stock portfolio platform and a 24-hour trading ETF product, respectively; Invesco acquired a $900 million on-chain fund from Superstate, entering the tokenized government bond market.

Ecosystem applications continue to deepen: Circle has reached its first African partnership to integrate USDC into the Sasai payment network; USDT0 has launched the payment public chain Tempo; Ripple is testing stablecoin automatic settlement for cross-border trade in the Singapore sandbox; Movement has launched its native stablecoin USDCx; and Obex has diversified $1 billion into credit, energy, and AI assets to expand stablecoin revenue sources.

In terms of financing, XFX completed a $17 million Series A funding round to develop fiat currency and stablecoin foreign exchange settlement, while Payy completed a $6 million seed round to build a privacy-focused stablecoin payment network.

Data Perspective

RWA Circuit Panorama

According to the latest data disclosed by RWA.xyz, as of March 27, 2026 , the total market capitalization of the RWA blockchain maintained steady growth to $ 26.6 billion, a 4.73 % increase compared to the same period last month, becoming the main support for its expansion. The total number of asset holders increased to approximately 694,000 , a 6.07 % increase compared to the same period last month, exceeding the growth rate of asset size.

Stablecoin Market

The total market capitalization of stablecoins rebounded slightly to $ 299.97 billion , a slight increase of 0.45 % compared to the same period last month, with the overall scale continuing the platform consolidation trend; monthly transaction volume declined to $9.1 trillion , a decrease of 7.95 % compared to the same period last month, marking the second consecutive month of decline, reflecting the continued cooling of demand for large-scale settlements and arbitrage.

The total number of monthly active addresses fell to 50.79 million, a decrease of 3.81 % compared to the same period last month; the total number of holders expanded to 240 million, an increase of 4.74 % compared to the same period last month. This divergence indicates that the incremental funds entering the market are more driven by allocation-oriented holdings rather than transactional demand, suggesting an expansion of the user base but a decline in actual participation.

The leading stablecoins are USDT, USDC, and USDS . Among them, the market capitalization of USDT increased slightly by 0.42 % month-on-month; the market capitalization of USDC increased slightly by 0.47% month-on- month ; and the market capitalization of USDS surged by 21.84 % month-on-month.

Regulatory news

The compromise proposal for the crypto market structure bill has sparked division within the industry; Coinbase has expressed dissatisfaction but has not yet publicly opposed it.

According to CoinDesk, the crypto industry has reacted with mixed feelings after the CLARITY Act, the U.S. crypto market structure bill, reached a compromise on stablecoin yield terms. Sources familiar with the matter revealed that Coinbase is dissatisfied with the latest compromise but has not yet publicly opposed it. The proposal was presented to the crypto industry on Monday and to the banking sector on Tuesday. Some stakeholders were "surprised," but Coinbase and others expressed dissatisfaction, believing the proposal could create unexpected obstacles to stablecoin-related products and services.

The new proposal will guide regulators in drafting rules that clarify how to regulate issues such as yield. Some are concerned that subjective standards set by regulators could restrict different types of reward programs and are demanding that rulemaking remain neutral. During Monday's industry conference call, Coinbase disagreed with other parties, with some arguing that giving up certain stablecoin yields is too costly, while others believed the bill was more likely to fail. An updated text is expected to be released this weekend or early next week. The banking sector has not yet publicly expressed its opinion on the proposal. A White House crypto advisor stated on social media, "Everything will work out, bullish."

A new bill in Delaware, USA, proposes to include stablecoins within the framework of banking regulation.

According to Cointelegraph, two Delaware lawmakers have introduced the "Delaware Payments Stablecoin Act," which proposes a licensing framework for stablecoin issuers and digital asset service providers. The bill adopts the definition from the U.S. federal Stablecoin Act and covers provisions such as reserve shortage remedies, mandatory redemption timelines, capital requirements, and anti-money laundering obligations. If approved, the state banking commissioner will develop implementing rules within a specified timeframe.

The Delaware Banking Modernization Act, also submitted, aims to update the state's banking law, which hasn't undergone major revisions since 1981, and provides a definition for digital assets to clarify the regulatory framework. The Delaware governor stated that the legislation aims to lower barriers to entry for financial services, allowing residents to send, receive, and store funds simply through an internet connection. Both bills still need to be reviewed by the Senate Banking Committee and debated by the full committee before becoming law. Legislators also plan to submit the Delaware Money Transmission and Virtual Currency Modernization Act in the coming days, focusing on implementing consumer protections and regulating the types of licensed activities.

Project progress

The NYSE and Securitize are partnering to develop a tokenized securities platform.

According to The Wall Street Journal, the New York Stock Exchange (NYSE) is partnering with Securitize, a platform for tokenized assets, to develop a tokenized securities platform.

Nasdaq and Talos will collaborate to develop a tokenized collateral management solution.

According to official news, Nasdaq and digital asset infrastructure platform Talos have announced a partnership to integrate Talos's digital asset infrastructure with Nasdaq's Calypso and transaction monitoring platforms to develop a tokenized collateral management solution. This integration will allow financial institutions to manage on-chain and off-chain collateral workflows within a unified environment.

CME Group and Bank of Montreal launch institutional "tokenized cash" settlement service

According to Bloomberg, Bank of Montreal plans to offer tokenized cash services and deposits to institutional clients through the CME Group network, enabling continuous fund transfers outside of banking hours. The service is slated for launch in the second half of this year, pending regulatory approval. At that time, regulated financial institutions and commercial banks that are clients of both BMO and CME will be able to utilize the service for 24/7 processing of trade settlements, margin calls, and collateral transfers. Previously, CME had tested Google Cloud blockchain technology to enhance market infrastructure and support 24/7 trading.

Bitpanda launches Vision Chain, a public blockchain, connecting with EU banks and tokenized assets.

According to CoinDesk, Austrian crypto brokerage Bitpanda has launched a new public blockchain, Vision Chain, targeting European banks and fintech companies for issuing and settling tokenized assets under regulatory frameworks such as MiCA and MiFID II. The network is built on Optimism's Ethereum infrastructure and uses a compliant Euro stablecoin to pay on-chain transaction fees, mitigating the price volatility risk of the blockchain's native token. Bitpanda stated that Vision Chain aims to provide traditional brokerages, banks, and other institutions with 24/7 trading and settlement infrastructure for tokenized securities, promoting the on-chain trading of traditional assets such as stocks and funds.

BitGo partners with ZKsync to build tokenized deposit infrastructure for banks

According to CoinDesk, BitGo has partnered with ZKsync to provide banks with a full-stack infrastructure for tokenized deposits, helping financial institutions bring traditional funds to the blockchain without overstepping regulatory boundaries. The solution integrates BitGo's institutional custody and wallet services with ZKsync's Prividium permissioned blockchain, enabling banks to issue, transfer, and settle tokenized deposits while maintaining compliance and control. The infrastructure is currently in testing and is expected to go into production later this year.

Glider and Ondo launch a tokenized stock portfolio platform; Franklin Templeton and Ondo partner to launch ETFs that can be traded 24/7 in crypto wallets.

According to Cointelegraph, Glider and Ondo Finance have jointly launched a new platform that allows retail investors to build and automate the management of custom portfolios of tokenized US stocks. The platform lets users create personalized baskets of on-chain stocks, directly holding the underlying assets without the need for brokerage accounts, wallets, gas fees, or manual trade management. Glider co-founder Brian Huang stated that unlike traditional ETFs that tie assets to a fixed product, this platform allows users to build index-based portfolios with custom weights that are automatically maintained, thus avoiding reliance on aggregated products. Initially focusing on tokenized US stocks, the platform plans to expand to other asset classes such as commodities and introduce lending and interest-bearing features. The platform is not yet available to US users, but the company holds multiple SEC registrations, preparing for a future launch in the US.

According to Bloomberg, asset management firm Franklin Templeton, in partnership with Ondo Finance, has launched a tokenized version of ETFs that can be traded 24/7 in crypto wallets, bypassing traditional brokerage accounts and limited trading hours. The product covers US stocks, fixed income, and gold, initially targeting investors in Europe, Asia Pacific, the Middle East, and Latin America. Franklin stated that the launch date in the US market will depend on further clarification from regulators regarding the on-chain distribution of registered funds by third parties.

Invesco acquires $900 million on-chain fund from Superstate, entering the tokenized government bond market.

According to CoinDesk, Invesco, with $2.2 trillion in assets under management, will take over Superstate's approximately $900 million tokenized US Treasury bond fund, USTB, officially entering the tokenized fund market. The fund holds short-duration US Treasury bonds and will be renamed "Invesco Short Duration US Government Securities Fund," maintaining the USTB code and token structure. The transition is expected to be completed in the second quarter of 2026. Superstate will continue to handle the trading technology and on-chain infrastructure, including tokenized share issuance, on-chain settlement, and digital registration systems, while Invesco's global liquidity team will handle day-to-day investment management. This product will allow Invesco to join traditional asset management firms such as BlackRock and Franklin Templeton, which participate in the approximately $12 billion tokenized US Treasury bond market.

Deloitte and Stablecorp plan to build stablecoin infrastructure for Canadian institutions.

According to Cointelegraph, Deloitte Canada is partnering with Stablecorp to develop stablecoin infrastructure for Canadian financial institutions, planning to integrate Stablecorp's Canadian dollar stablecoin QCAD into the payment and settlement processes of institutional clients. Soumak Chatterjee, a partner at Deloitte Canada's financial services division, stated that this initiative aims to help banks and other institutions prepare for stablecoin adoption once regulatory frameworks are in place. Potential use cases include 24/7 payments, improved settlement efficiency, and transparent transaction records based on blockchain technology.

Movement launches native stablecoin USDCx

Move Industries, a core contributor to the Movement Network, has launched USDCx on the Movement M1 mainnet. This stablecoin is fully backed by USDC reserves at a 1:1 ratio and automatically converts USDC across chains via Circle xReserve, requiring no third-party bridge and with near-zero minting fees. It has also been integrated into ecosystem applications such as DEXs, lending platforms, wallets, and institutional custody.

USDT0 has launched on the payment public chain Tempo, now covering more than 23 chains.

According to The Block, USDT0 has been launched on Tempo, a payment-oriented public blockchain jointly developed by Stripe and Paradigm. USDT0 is issued based on LayerZero's Omnichain Fungible Token standard, pegged 1:1 to USDT. It circulates seamlessly across multiple blockchains through a locking + minting/burning mechanism. Currently, it has been deployed on at least 23 networks, including the Ethereum mainnet, mainstream Layer 2 networks, Monad, HyperLiquid, as well as Bitcoin scaling networks Corn and Rootstock, and dedicated USDT networks Stable and Plasma. Tempo is designed for stablecoin payment scenarios, emphasizing high throughput and low fees, and incorporates a stablecoin AMM at the protocol layer for stablecoin exchange.

Ripple conducts sandbox testing in Singapore for automated settlement of stablecoin RLUSD in cross-border trade.

According to CoinDesk, Ripple is participating in the Monetary Authority of Singapore's BLOOM Sandbox program, partnering with supply chain finance company Unloq to test the use of the RLUSD stablecoin to automate cross-border trade payments. When shipment conditions are verified, the system automatically triggers payments, aiming to replace the time-consuming manual verification and letter of credit processes in traditional trade finance. This pilot utilizes Unloq's SC+ platform to integrate trade obligations, settlement terms, and financing processes into a single execution layer, with funds transferred via RLUSD on the XRP ledger.

This participation in the BLOOM Sandbox marks Ripple's third significant move in three weeks. Previously, Ripple expanded Ripple Payments into a full-stack stablecoin infrastructure platform and acquired an Australian financial services license. Ripple is leveraging its regulatory and institutional credibility to transform RLUSD from a stablecoin with limited adoption into an enterprise-compliant and programmable settlement asset.

Sky-backed Obex will diversify its $1 billion portfolio across credit, energy, and AI assets to expand its stablecoin yield sources.

According to CoinDesk, Obex, an incubator backed by Framework Ventures, has begun deploying $1 billion to link the Sky ecosystem's USDS stablecoin to yields from real-world assets such as AI data centers, energy, and housing, expanding stablecoin yield sources from crypto-native cycles to real-world assets. Initial partners include Maple, USD.ai, Daylight, Centrifuge, Securitize, River, TVL Capital, and Better. These institutions will bring real-world economic sectors such as lending, housing finance, energy, and AI infrastructure onto the blockchain through tokenization. It is understood that Obex was authorized last year to allocate up to $2.5 billion of Sky's USDS reserves to real-world assets to generate yields.

RWA's MSX trading platform has added several new aerospace-related stocks.

According to official sources, MSX has listed transactions for several US commercial space companies, including $MNTS.M, aerospace and defense technology company $SIDU.M, Earth observation leader $PL.M, real-time space intelligence company $BKSY.M, and the largest supplier of the US military's PWSA, $YSS.M.

Financing Dynamics

XFX, a foreign exchange settlement company, has completed a $17 million Series A funding round to expand its presence in fiat and stablecoin foreign exchange settlement.

According to Fortune, foreign exchange settlement startup XFX announced the completion of a $17 million Series A funding round, led by Castle Island Ventures, with participation from Haun Ventures and Coinbase Ventures, among others. This follows a previous seed round of $9 million. Founded by three former Bitso employees and headquartered in Miami, XFX focuses on providing institutional clients with high-speed forex and payment infrastructure between fiat currencies and stablecoins. Currently, it supports USD, Mexican Peso, and Colombian Peso, as well as various stablecoins, with a focus on providing deep liquidity on a select few currency pairs. The company plans to use the new funding to expand its quantitative team and strengthen partnerships with trading desks and banks.

Privacy-focused stablecoin payment network Payy raises $6 million in seed funding, led by FirstMark Capital.

According to The Block, Payy, a startup focusing on privacy-focused stablecoin payments, has completed a $6 million seed funding round led by FirstMark Capital, with participation from Robot Ventures and DBA Crypto. Formerly the Web3 database project Polybase, Payy transitioned to stablecoin payments in 2023. It currently offers self-custodied wallets and Visa cards supporting USDC transactions. Payy has also developed the Payy Network, a Layer 2 network on Ethereum using zero-knowledge proofs, enabling on-chain privacy of transaction amounts and addresses. The company claims its platform already covers over 100,000 users in 120 countries, with an annualized transaction volume of approximately $130 million. Going forward, it will focus on providing stablecoin payment solutions to financial institutions and fintech companies and plans to launch its native token.

Insights Highlights

The Financial Stability Board warns that dollar-denominated stablecoins exacerbate financial risks in emerging economies.

The Financial Stability Board (FSB), in its 2025 annual report, stated that cross-border circulation of dollar-denominated stablecoins poses a “more acute” financial stability and macroeconomic risk to emerging market and developing economies. The FSB noted that such stablecoins could lead to the substitution of local currencies, weaken the use of domestic payment systems, reduce the effectiveness of monetary policy, increase fiscal pressures, and be used to circumvent capital flow control measures. The FSB stated that it is necessary to continuously assess the development of the stablecoin sector, focusing on its vulnerabilities in liquidity, operational risks, and linkages with traditional financial systems, and to promote the implementation of the global stablecoin regulatory framework introduced in 2023, which still has implementation gaps.

TD Securities: Nasdaq's tokenization plan may lead to trading being split into two markets.

According to Cointelegraph, TD Securities warns that Nasdaq's tokenization plans could lead to a dual market structure in the US, with traditional exchanges and blockchain trading platforms operating in parallel. Reid Noch, Vice President of US Equity Market Structure at TD Securities, points out that Nasdaq is pursuing three initiatives: upgrading its trading and settlement processes, supporting companies issuing tokenized shares, and promoting trading on offshore platforms such as Kraken. The firm believes that while tokenized shares are backed by real stocks, operating outside the US regulatory framework could lead to price discrepancies for the same asset on different platforms, potential outflow of trading activity from traditional exchanges, and reduced market predictability.

Electric Capital: Only 34 RWA assets have over $50 million in on-chain assets; AI infrastructure spending may be a catalyst.

According to TheDefiant, Electric Capital analyzed 501 real-world yield (RWA) assets and cross-referenced them with tokenized assets currently showing significant on-chain activity. The report reveals that only 34 yield assets have an on-chain size exceeding $50 million, primarily concentrated in US Treasury bonds, private credit, corporate bonds, and non-US sovereign bonds. The remaining 93% of yield sources are constrained by seven types of obstacles, including inadequate legal structures, challenges faced by asset-backed securities, and the practical integration difficulties of goods with computing infrastructure.

The study further points out that the distribution stage is the main bottleneck in RWA development: among 35 non-stablecoin on-chain yield assets, only two assets have more than 2,000 holders. This phenomenon is partly due to asset design limitations; for example, BlackRock's BUIDL product has a minimum investment threshold of $5 million. Meanwhile, data shows that most tokenized assets still heavily rely on a few large deployers and treasury managers. For example, in BUIDL, its top ten holders control 98% of the supply, and these holders are mostly from other protocols.

Electric Capital predicts that five key factors will drive more real-world assets onto the blockchain in the future: continued growth in stablecoin size and diversification of market yield preferences; increased product competition among protocols; improved capacity of treasury infrastructure to absorb duration risk; tiered mechanisms to expand the buyer base; and leveraged cycles to amplify demand for collateralized assets. Furthermore, spending on AI infrastructure (which Goldman Sachs projects will exceed $500 billion by 2026) is expected to be a significant catalyst, with the on-chain financing potential of GPU leasing, data center construction, and energy contracts being particularly noteworthy.

Favorable policies and bets from industry giants: The institutional strategy behind Solana's record high.

PANews Overview: Solana's on-chain stablecoin supply reached a record high of $17 billion in March 2026, marking a shift from endogenous recovery to a new phase of growth driven by policy dividends and institutional giants.

This milestone is thanks to the legal protections provided by the GENIUS Act for compliant assets, as well as the deep integration of traditional financial giants such as Stripe, Visa, PayPal, and BlackRock in cross-border payments, clearing, and asset tokenization.

Meanwhile, the locking of liquidity in DeFi protocols within the ecosystem, the explosive growth of the RWA market, and the rise of AI Agent high-frequency micro-payment scenarios have jointly created a powerful synergistic effect.

Despite facing challenges such as MEV attacks and tightening macro liquidity, Solana is attracting mainstream global capital through its high-performance infrastructure, accelerating its progress toward becoming an "internet capital market".

US regulators are loosening restrictions on cryptocurrencies: stablecoins are becoming "quasi-cash," and derivatives are no longer subject to trading limits.

PANews Overview: The United States has recently systematically relaxed regulations on crypto assets through multiple policy adjustments by the SEC, CFTC, and NYSE, accelerating their integration into the traditional financial system.

The SEC drastically reduced the capital discount rate for compliant stablecoins from 100% to 2%, granting them "quasi-cash" status and improving brokerage firms' capital efficiency by 50 times.

The CFTC's approval of BTC and ETH as collateral for futures margin releases cross-market arbitrage liquidity and optimizes risk management by leveraging their 24/7 settlement advantage.

The NYSE removed position limits for Bitcoin and Ethereum spot ETF options, elevating their regulatory status to the same level as mature commodities such as gold, significantly enhancing institutional participation and market depth.

These measures together create a liquidity loop from underlying assets to risk hedging tools, marking the transition of crypto assets from the periphery of finance to the mainstream stage, but also posing new challenges to the macro-control of cross-market systemic risks.

The stablecoin battle is taking a turn: Circle's rebound faces policy resistance, while Tether seeks to legitimize itself through auditing.

PANews Overview: After the stablecoin market surpassed $300 billion, the competitive landscape shifted from a simple market capitalization contest to a deeper competition based on compliance and application scenarios.

Circle's stock price has been significantly impacted by the US Transparency Act policy fluctuations. After experiencing a major shock, Circle is actively transforming itself by deploying Arc blockchain and delving into new scenarios such as AI payments and prediction market settlements, attempting to evolve from a single issuer into a digital dollar infrastructure platform.

At the same time, in response to regulatory pressure and to facilitate potential financing plans, Tether officially launched its first-ever comprehensive financial audit conducted by the "Big Four" accounting firms, striving to strengthen its moat of trust by increasing transparency.

Overall, the industry is accelerating towards compliance and transparency, with industry giants jointly ushering in a new era of open competition in the stablecoin market by expanding infrastructure capabilities and strengthening audits.

Paystand acquires Bitwage to expand its global cryptocurrency payment services.

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