RWA Weekly: Stablecoin company First Digital plans to go public via SPAC merger; WLFI plans to launch RWA products next year

Highlights of This Issue

The statistical period for this issue covers November 28 to December 5, 2025. This week, changes in the RWA market data are due to adjustments in statistical methods. The total on-chain market capitalization has declined, but the number of asset holders continues to grow, indicating a solidifying user base. The total stablecoin market cap has surpassed $300 billion, but both transaction volume and monthly active addresses are down month-over-month. The market may be transitioning from a phase of rapid, efficiency-driven growth to a “new normal” focused on user penetration and ecosystem consolidation. On the regulatory front, the UK FCA has opened a regulatory sandbox for stablecoin companies, the US FDIC plans to release a draft implementation of the GENIUS Act, and the Bank of Israel has signaled strengthened oversight. Major global economies are accelerating the integration of stablecoins into prudential regulatory frameworks. At the project level, tokenized assets are continuing their global expansion: Amundi, Europe’s largest asset manager, has launched its first tokenized money market fund; Japan Post Bank is piloting DCJPY for real estate rent payments; Visa and Aquanow are extending stablecoin settlement services to Europe, Africa, and the Middle East. These developments show that the RWA ecosystem is systematically penetrating global markets through product innovation and expanding use cases.

Data Snapshot

RWA Sector Overview

Possibly due to changes in statistical methodology, the latest data from RWA.xyz shows that as of December 5, 2025, the total on-chain market cap for RWAs is $18.17 billion, a slight decrease of 3.05% month-over-month. The total number of asset holders has increased to approximately 556,800, up 5.42% from the previous month.

Stablecoin Market

The total stablecoin market cap has reached $301.74 billion, up a slight 1.62% from last month. Growth has recovered modestly but remains sluggish, indicating a lack of robust expansion. Monthly transaction volume decreased to $4.37 trillion, down 12.59% month-over-month, marking a significant contraction. The number of monthly active addresses increased to 40.21 million, but this is down 12.04% from last month. The total number of holders continues to grow steadily to approximately 206 million, up 2.73% month-over-month. This structural divergence suggests the market is maintaining activity, but capital turnover efficiency is declining. While new user growth and existing user activity are both rising, demand for large settlements or high-frequency trading appears to have weakened. The data indicates the market may be shifting from a prior phase of efficiency-driven high growth to a new normal focused on user penetration and ecosystem strengthening. The leading stablecoins are USDT, USDC, and USDS. USDT’s market cap is up 1.05% month-over-month; USDC is up 3.81%; USDS is up 2.02%.

Regulatory News

US SEC Holds Meeting on Tokenization Regulation; Traditional Finance and Crypto Sectors Diverge on “Decentralization”

According to The Block, the US SEC Investor Advisory Committee held a meeting Thursday on asset tokenization, with executives from Citadel, Coinbase, Galaxy, and others in attendance to discuss regulatory approaches. Citadel recommended the SEC strictly define intermediary roles like decentralized trading protocols, sparking opposition from crypto advocates who argued that traditional rules cannot apply to DeFi structures. Coinbase suggested reviewing rules individually to avoid imposing unsuitable obligations. SEC Chair Atkins said a compliant path should be provided to foster innovation in tokenization.

UK Financial Conduct Authority Opens Sandbox for Stablecoin Companies

According to Ledger Insights, the UK Financial Conduct Authority (FCA) announced the launch of a stablecoin project group as part of its regulatory sandbox program, with applications open until January 18, 2026. Bloomberg reports that the UK Debt Management Office is exploring expanding the UK government bond market in ways related to stablecoin reserves. In a recent speech, David Geale of the FCA said a “large enterprise” has joined the sandbox to test a pound sterling stablecoin for payments. Sandbox participants must ensure their designs meet the requirements set out in the FCA’s May consultation paper.

The UK employs a dual-track approach to stablecoin regulation: the Bank of England oversees systemically important stablecoins for prudential and financial stability reasons, while the FCA is responsible for other stablecoins, including conduct and consumer protection.

Bank of Israel Signals Strengthened Stablecoin Regulation as Digital Shekel Project Advances

According to CoinDesk, Bank of Israel Governor Amir Yaron signaled that the country is preparing to take a more proactive regulatory approach to stablecoins. Speaking at the central bank’s “Payments in an Era of Change” conference in Tel Aviv, Yaron described private digital dollars as a payment force and argued regulators can no longer treat them as marginal. He emphasized that stablecoins are deeply integrated into global capital flows, with a market cap exceeding $300 billion and monthly transaction volumes above $2 trillion. Yaron highlighted the industry’s concentration risk, noting that 99% of stablecoin activity is controlled by only two issuers: Tether and Circle. He argued that this concentration increases systemic vulnerability and underscores the need for regulatory clarity. Yaron listed several priorities for private issuers and regulators, including fully-backed 1:1 reserves, liquid reserve assets, and the creation of scalable regulatory frameworks.

Yoav Soffer, head of the Israeli digital shekel project, also discussed the plan at the conference, stating the digital shekel will be a “central bank currency for everything.” A 2026 roadmap includes plans to provide official recommendations by year-end.

FDIC to Release First GENIUS Act Stablecoin Issuance Regulatory Draft This Month

According to CoinDesk, FDIC Acting Chair Travis Hill will state at a congressional hearing that the FDIC will publish its first draft of the federal regulatory application process for stablecoin issuance under the GENIUS Act this month, with further rules on capital and liquidity requirements planned for early next year. Hill also said the FDIC is developing guidance for regulating tokenized deposits.

Georgia Seeks Hedera Partnership to Advance On-Chain Property Rights and Tokenization

According to Cointelegraph, Georgia’s Ministry of Justice has signed an MoU with public chain network Hedera, considering migrating the nation’s land registry system on-chain and tokenizing real estate. At a meeting between Justice Minister Paata Salia and Hedera representatives, both parties discussed integrating blockchain technology into public infrastructure.

Georgian officials said they are considering moving the data of the National Agency of Public Registry to a blockchain network, aiming to “further ensure property rights protection and enhance transparency and reliability of processes.” The parties are also considering real estate tokenization, similar to other RWA tokenization projects. The agreement is currently a non-binding MoU. The next step will be to form a joint working group with experts from the Ministry of Justice and the National Agency of Public Registry.

IMF Warns Stablecoins Could Undermine Monetary Sovereignty, Recommends Limits to Prevent Substitution Risk

The IMF’s latest report, “Understanding Stablecoins,” finds that dollar-dominated stablecoins are rapidly penetrating emerging and developing economies, potentially undermining central banks’ control over domestic liquidity and interest rates. The report notes that stablecoins can quickly enter markets via mobile phones and the internet, especially when unhosted wallets exist, increasing the risk of “currency substitution,” reducing local currency usage, and impacting central bank policy transmission and seigniorage revenue.

The IMF recommends countries establish legal frameworks to prevent stablecoins from obtaining “legal tender” or “official currency” status, thus safeguarding financial sovereignty. Currently, 97% of total stablecoin market cap is pegged to the US dollar, with only a small portion linked to the euro or yen. The report highlights the rising use of stablecoins in cross-border payments and in high-inflation countries, particularly in Africa, the Middle East, and Latin America.

Local Developments

Canaan Partners with SynVista Energy to Launch Green Bitcoin Mining Solution, Supporting RWA Asset Development

Canaan Inc. (NASDAQ: CAN) has partnered with SynVista Energy to launch a green, energy- and storage-based Bitcoin mining solution. The solution uses a smart power scheduling system to optimize the synergy between electricity and computing power, increasing clean energy utilization and reducing waste.

The two parties will also explore recording data such as power generation and carbon reduction on-chain to support RWA asset development. The partnership will start with a demonstration project and promote large-scale implementation of green mining.

Hong Kong Gold Exchange Singapore Subsidiary Issues Physical Gold-Backed Token XGZ

According to Hong Kong Economic Journal, the Singapore subsidiary of Hong Kong Gold Exchange (HKGX) has issued a digital gold token, Gold Zip (XGZ), each backed by physical gold stored in authorized vaults, primarily in Hong Kong.

Hua Xia Bank Leads First “Blockchain + Digital RMB” Bond Issuance in Industry

According to Jintou, Hua Xia Bank recently led and underwrote the industry’s first “blockchain book-entry + digital RMB pooling” financial bond, raising RMB 4.5 billion. The entire issuance process is recorded on-chain in real time and is immutable, with investors able to check information at any time. Raised funds are directly pooled via digital RMB, eliminating multiple layers of clearing. The issuer is Hua Xia Financial Leasing, a wholly-owned subsidiary of Hua Xia Bank. The initial plan was to issue RMB 3 billion, with an additional RMB 1.5 billion oversubscription, ultimately closing at RMB 4.5 billion. The three-year bond has a coupon rate locked at 1.84%.

Project Updates

WLFI Co-Founder: Series of RWA Products to Launch in January 2026

According to Reuters, World Liberty Financial, a crypto company backed by the Trump family, will launch a series of real-world asset (RWA) products in January 2026, as announced by co-founder Zach Witkoff at an event in Dubai. World Liberty Financial’s stablecoin USD1 was used by Abu Dhabi-backed MGX to pay for its investment in Binance this year.

Europe’s Largest Asset Manager Amundi Launches First Tokenized Share Class for Euro Money Market Fund

According to Cointelegraph, Europe’s largest asset management company, Amundi, has launched its first tokenized share class for its euro money market fund. The fund now uses a hybrid structure, allowing investors to freely choose between the traditional and blockchain-based versions. The first transaction was recorded on Ethereum on November 4. The launch was developed in partnership with European asset services group CACEIS, which provided tokenization infrastructure, investor wallets, and a digital order system for subscriptions and redemptions. According to both companies, tokenizing the fund can simplify order processing, widen the investor base, and enable 24/7 trading.

Japan Post Bank Pilots DCJPY for Real Estate Rent Payments

According to CoinPost, Japan Post Bank has signed a cooperation agreement with real estate company Shinoken Group and DeCurret DCP to test DCJPY’s automated settlement function in the context of Shinoken’s monthly rent payments. DCJPY is a tokenized deposit pegged to bank deposits, with official issuance targeted for fiscal year 2026. The pilot is expected to complete by the end of December 2025, with plans to introduce a points incentive mechanism for group service consumption in the future.

Visa Partners with Aquanow to Expand Stablecoin Settlement in Europe, Middle East, and Africa

According to The Block, payment giant Visa has partnered with crypto infrastructure provider Aquanow to expand stablecoin settlement services in the CEMEA (Central and Eastern Europe, Middle East, and Africa) region. This integration will enable Visa’s issuing and acquiring partners in the region to settle transactions with approved stablecoins like USDC. The service supports 365-day, year-round settlement, eliminating the weekend and holiday delays common in traditional banking systems.

Wyoming Stable Token Commission Releases FRNT Testnet Faucet

According to Crowdfundinsider, the Wyoming Stable Token Commission has released the testnet faucet for the Frontier Stable Token ((FRNT)). Anyone with a digital wallet can connect to the website and choose from eight testnets. Users can request up to 1,000 “tFRNT” tokens every 24 hours to their public address. tFRNT tokens have no reserve backing; they are testnet (development) tokens intended to “simulate smart contracts deployed on its supported seven mainnet blockchains.”

Bloomberg: Stablecoin Company First Digital Plans to Go Public via SPAC Merger

According to Bloomberg, sources say Hong Kong-based First Digital Group plans to go public via a merger with a blank-check company. The company will soon announce it has signed a non-binding letter of intent outlining its plans to merge with New York-listed CSLM Digital Asset Acquisition Corp III (CSLM).

First Digital Group issues the stablecoin FDUSD, which has a market supply of about $920 million, down from a peak of $4.4 billion in April 2024. As trustee, First Digital Group also manages reserves for TrueUSD, a stablecoin operated by Techteryx, whose advisor is Justin Sun.

RWA Platform OpenEden Completes Strategic Funding Round with Ripple, FalconX, and Others

RWA tokenization platform OpenEden has announced the completion of a strategic funding round with investors including Ripple, Lightspeed Faction, Gate Ventures, and others. The funds will be used to expand its RWA tokenization service platform and scale up its regulated yield stablecoin USDO and tokenized US Treasury fund TBILL.

OpenEden founder and CEO Jeremy Ng said the financing will help the company provide compliant products that meet both traditional and decentralized finance standards. In 2025, the RWA tokenization market doubled in size, and OpenEden’s TBILL fund has become a top choice for institutional investors, with assets under management growing over ten-fold in two years.

Kraken to Acquire Tokenized Asset Platform Backed Finance

According to Bloomberg, crypto exchange Kraken has announced plans to acquire tokenized asset platform Backed Finance. Co-CEO Arjun Sethi said in an interview that Kraken already offers Backed’s stocks and ETF products, and after the acquisition, plans to integrate these products more closely into its platform. Sethi stated, “While everyone is talking about tokenized stocks, we’re already doing it. We’re focused on long-term investment, not hype.” Kraken did not disclose deal terms.

According to rwa.xyz, Backed Finance is currently the second-largest platform for tokenized listed stocks, with about 23% market share. The xStocks product offers exposure to over 60 tokenized stocks and ETFs, all backed 1:1 by underlying assets.

Matrixport MSX 24-Hour Trading Volume Surpasses $2 Billion, Points Season S1 Concludes

According to the MSX official website (msx.com), the platform’s 24-hour trading volume reached $2 billion, setting a new single-day record. As of this writing, total platform trading volume has exceeded $20.6 billion, surging more than $7.5 billion in the past five days, an increase of over 57%.

Additionally, MSX ended Points Season S1 on December 2. User-earned M Credits will be directly used for future MSX token distributions.

Stable and Theo Anchor Over $100 Million in Funds for Libeara-Supported Tokenized US Treasury Fund “ULTRA”

According to CoinDesk, Stable and Theo have jointly injected over $100 million into the Delta Wellington ultra-short-term on-chain US Treasury fund (ULTRA). The fund is managed by FundBridge Capital and Wellington Management, with technical support from tokenization platform Libeara. ULTRA is one of the first institutional-grade tokenized US Treasury strategies and has received a Particula AAA rating.

Sony Blockchain Partner Startale Launches USDSC Dollar Stablecoin on Soneium Network

According to CoinDesk, Startale Group, which partners with Sony on its Web3 platform Soneium, has launched a US dollar-pegged stablecoin called Startale USD (USDSC). The token aims to be the default digital dollar for payments, rewards, and other functions within the Soneium ecosystem. Soneium is an Ethereum Layer2 network, launched last year by Sony Group and Startale’s joint venture, Sony Block Solutions Labs. USDSC is built on M0 infrastructure, a startup developing programmable stablecoin modular platforms. Startale also launched the STAR points rewards system, incentivizing users to mint or hold USDSC, complete in-app tasks, or interact with dApps via the Startale app (the Soneium ecosystem’s mobile hub).

Stablecoin App Fin Raises $17 Million, Led by Pantera Capital

According to Fortune, Fin, a stablecoin app founded by former Citadel employees, has completed a $17 million funding round led by Pantera Capital, with participation from Sequoia and Samsung Next.

The app aims to leverage stablecoin technology to provide cross-border and large-value payment services, enabling global fast transfers without complex operations. It allows users to send money to other Fin users, bank accounts, or crypto wallets, claiming fees far lower than traditional banking channels. Fin targets large-value cross-border and domestic transfers, such as improving payment efficiency in import-export trade. The app has not yet officially launched, with a pilot planned among import-export businesses next month. The company’s revenue will come from transfer fees and stablecoin reserve interest.

Insights Collection

Tokenizing Private Company Equity: A Trillion-Dollar “Siege” and the Challenge from Perpetuals

PANews summary: Tokenization of private company equity aims to solve the multi-trillion-dollar private market’s problem of “high value but low liquidity,” using blockchain to grant ordinary investors access to high-end assets like unicorns and provide existing shareholders flexible exit routes beyond IPO. However, the space faces “dimensionality reduction attacks” from on-chain derivatives like perpetuals (e.g., Hyperliquid’s OpenAI contract), which offer simpler, high-leverage, highly liquid, and regulatory grey-area forms that precisely meet users’ desire to bet on company valuation movements rather than shareholder rights, thus diverting market attention and volume. This warns that equity tokenization projects must go beyond mere price exposure, focusing on core value propositions like real shareholder rights, long-term capital allocation, and cash flow distribution. The likely future path combines compliance and shareholder protections with on-chain liquidity.

Institutional-Grade RWA: Chainlink Data Reliability + Aave Contract Security

PANews summary: For RWA (Real World Asset) adoption on blockchain to be secure and reliable, two major technical hurdles must be overcome: (1) a trustworthy data input layer, ensuring that on-chain net asset value, prices, and other metrics are accurate; (2) a secure contract execution layer, guaranteeing that financial operations like lending and liquidation are safe. The article highlights Chainlink’s oracle network as a model for data, using decentralized consensus across multiple nodes and data sources to provide tamper-resistant NAV and proof of reserves. Aave’s lending protocol represents the execution layer, with thoroughly audited smart contracts, fine-tuned risk parameters, and isolation mechanisms providing bank-level safety for handling RWA assets. Their synergy on platforms like Aave Arc demonstrates that only by building these two robust technical foundations—reliable data and secure contracts—can trillions in traditional assets safely and efficiently enter DeFi, moving RWA from proof-of-concept to large-scale adoption.