RWA Market, Stablecoin & Regulatory Updates - November 7, 2025

Key Highlights

• RWA Market Growth: Total on-chain market capitalization surpasses $35.8 billion, with an increase in holders.
• 'High Frequency, Low Inflation' Phase for Stablecoins: Transfer volume exceeds $5 trillion, and monthly active addresses surge.
• Accelerated Regulatory Momentum: New initiatives in Southeast Asia, Canada, and the United Kingdom.
• Financial Institutions Expand Blockchain Applications: New projects from JPMorgan Chase, WisdomTree, and UBS.

RWA Market Overview

According to RWA.xyz data, the total on-chain market capitalization of RWAs reached $35.83 billion as of November 7, 2025, a 6.79% increase from the previous month. The total number of asset holders increased to nearly 531,600, indicating increased market participation.

Stablecoin Market

The total market capitalization of stablecoins reached $294.74 billion, a slight increase of 0.16% from the previous month. However, the monthly transfer volume surged to $5.08 trillion, a 50.10% increase. The number of monthly active addresses also increased significantly to 35.96 million, up 27.81%. This suggests that the market has entered a 'high frequency, low inflation' phase, with increased efficiency in fund turnover and increased use of on-chain payment and settlement functions.

Regulatory News

• Malaysia: Launched a three-year plan to explore the tokenization of real-world assets.
• Indonesia: Plans to launch a digital version of the Indonesian Rupiah based on distributed ledger technology (DLT).
• Canada: Plans to enact laws to regulate fiat-backed stablecoins, similar to the U.S. GENIUS Act.
• United Kingdom: Plans to introduce stablecoin regulations in sync with the United States.

Corporate and Project News

• Zhaojin Mining: Collaborating with Ant Group Digital Technologies to explore gold tokenization.
• Franklin Templeton: Launches first tokenized money market fund in Hong Kong.
• JPMorgan Chase: Executes first fund services transaction on Kinexys blockchain.
• WisdomTree: Launches 14 tokenized funds on Plume blockchain and partners with Chainlink to provide net asset value (NAV) data.
• Zerohash: Obtains EU MiCA license in the Netherlands.
• UBS: Executes first live trade of tokenized fund using Chainlink DTA standard.
• Maitong MSX: Launches S1 points season and M-Bean incentive mechanism.
• Dinari: Uses Chainlink to tokenize S&P DJI's upcoming crypto market index.
• Tether: Collaborates with KraneShares and Bitfinex Securities to advance the development of tokenized capital markets.

Insights and Analysis

• PANews: Detailed analysis of how Stream xUSD went from 'stablecoin' to on-chain Ponzi scheme.
• PANews: Canton launches $500M+ DAT, RWA scale exceeds $6 trillion.
• PANews: Analysis of how YLDS, the first RWA issued by Figure, achieved a compliance breakthrough.