12h ago
🧵 RWA Weekly｜Ant Group & JD(.)com Halt Hong Kong Stablecoin Plans; STBL to Mint 100M USST in Q4
1/ Market Overview
This week’s #RWA Weekly shows continued expansion in the institutional-led RWA market:
• Total on-chain market capitalization surpassed $34.5B (+11.45% WoW)
• #Stablecoin transfer volume surged 37.42%, with active addresses rising in parallel
The market is shifting from “slow growth” to high-efficiency capital circulation + rapid scale expansion. However, issuer growth remained minimal — signaling intensified market concentration around top financial players.
2/ Regulatory Developments
• The UK and South Korea are progressing stablecoin legislation aligned with U.S. standards
• Hong Kong’s SFC continues strengthening oversight for tokenized funds
• Ant Group and JD(.)com suspended their Hong Kong stablecoin issuance plans — highlighting the need to balance compliance risk and business rollout
3/ Project Highlights
• @BlackRock BUIDL Fund added $500M exposure to @Aptos → tokenized assets exceed $1.2B on-chain
• @RobinhoodApp & @krakenfx expanded tokenized asset offerings and trading volume
• Major Japanese banks accelerated issuance and integration of $JPY- and $USD-linked stablecoins
4/ RWA 3.0: Convergence & Innovation Ahead
The erroneous minting of 300 trillion $PYUSD by @Paxos reignited governance and operational risk concerns in centralized stablecoins.
Looking forward, the market is entering the RWA 3.0 era, where traditional finance and crypto infrastructure deeply converge — potentially unlocking new financial instruments and driving real economic adoption.
QR-based stablecoin payments are rapidly bridging the “last mile” between Web3 and everyday commerce.
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