Key Takeaways

  • RWA market growth stabilizing with continued holder increase.
  • Stablecoin usage expanding significantly for transfers and transactions.
  • Key regulatory developments in US, Hong Kong, Singapore, UK, and UAE.
  • Innovative projects launching in credit cards, forex, and tax refunds.

RWA Market Landscape

As of November 14, 2025, the total on-chain market capitalization of RWAs reached $35.91 billion, a 5.35% increase from the previous month. The total number of asset holders exceeded 536,800, a 10.96% increase from the previous month, demonstrating strong growth.

Stablecoin Market

The total market capitalization of stablecoins reached $299.99 billion, a slight increase of 1.03% from the previous month. Monthly transfer volume surged to $4.96 trillion, a significant increase of 30.49% from the previous month. The total number of monthly active addresses increased significantly to 37.08 million, a 25.38% increase from the previous month. This data suggests that the stablecoin market is seeing an enhancement of on-chain payment and settlement functions.

Regulatory Developments

US SEC: Plans to launch 'Token Taxonomy' to clarify crypto asset characteristics.

US CFTC: Considering allowing stablecoins as collateral for derivatives.

Hong Kong Monetary Authority (HKMA): Continuing Ensemble project to support tokenized asset trading.

Singapore, UK, and UAE: Refining stablecoin and asset tokenization policies.

Emerging Projects

Standard Chartered Bank & DCS: Launched stablecoin-based credit card DeCard in Singapore.

Circle: Expanding Arc ecosystem with on-chain forex engine and multi-currency stablecoin partnership program.

Korean NH NongHyup Bank: Piloting stablecoin-based tax refund service on Avalanche platform.

Conclusion

The RWA market is showing promising growth, driven by technological innovation and regulatory developments. The expansion of stablecoin and central bank digital currency (CBDC) usage is expected to further enhance the efficiency and transparency of global financial transactions.


Risk Warning: this article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform.When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients. 

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