RWA Weekly: The Bank of England plans to exempt proposed limits on corporate stablecoin holdings, while BNY Mellon explores allowing tokenization of deposits and blockchain payments.

Highlights of this issue

The statistical period for this week's report covers October 3, 2025, to October 9, 2025. This week, the RWA market continues to show strong growth, with on-chain total market capitalization and the number of holders both rising; however, the growth rate of issuers has slowed down, leading to an increase in market concentration. The transfer volume of stablecoins has stopped declining and is on the rise, but the number of monthly active addresses continues to shrink, further confirming that the recovery of liquidity is driven by large institutional transactions, while retail investors are continuously withdrawing, indicating structural differentiation.

Mainstream jurisdictions around the world are actively embracing asset digitization under a prudent regulatory framework. India has announced the launch of a digital rupee, the UK plans to exempt certain restrictions on stablecoins and will establish a “Digital Market Director” to coordinate the tokenization of the retail financial market. The RWA infrastructure protocol continues to strengthen compliance, and the issuance and trading of institutional-grade products are accelerating toward a closed loop. Ondo Finance has completed the acquisition of Oasis Pro to obtain SEC licensing, while Plume Network has gained SEC transfer agent qualifications. Overall, the market demonstrates a distinct characteristic of “institution-led, compliance-first, and ecological integration” across three dimensions: data growth, regulatory breakthroughs, and ecological construction.

Data Pivot

RWA Track Panorama

RWA.xyz latest data disclosure, as of October 10, 2025, the total on-chain market value of RWA reached $33.650 billion, an increase of 17.01% compared to the same period last month; the total number of asset holders rose to 421,900, an increase of 8.68% compared to the same period last month; the total number of asset issuers slightly increased to 226, indicating a continuous improvement in ecological participation, but the centralized pattern has not changed.

Stablecoin Market

The total market value of stablecoins reached $294.34 billion, an increase of 5.65% compared to the same period last month; the monthly transfer volume rebounded to $3.45 trillion, slightly up by 3.63% compared to the same period last month, ending the continuous shrinkage trend; the total number of monthly active addresses further decreased to 28.23 million, down 4.39% compared to the same period last month; the total number of holders is approximately 195 million, a slight increase of 2.06% compared to the same period last month, with the two continuing to diverge, indicating that the recovery of market liquidity is fully driven by large institutional settlements, while retail trading activity continues to shrink. The leading stablecoins are USDT, USDC, and USDe, among which USDT's market value increased by 5.53% compared to the same period last month; USDC's market value slightly increased by 4.35% compared to the same period last month; USDe's market value grew by 11.73% compared to the same period last month.

regulatory news

India is about to launch a digital currency backed by the Reserve Bank of India

According to Aninews, India's Minister of Commerce and Industry Piyush Goyal revealed that India will soon launch a digital currency supported by the Reserve Bank of India (RBI), utilizing blockchain technology for faster and safer transactions, similar to the stablecoins in the United States. However, Piyush Goyal emphasized that the Indian government remains cautious about cryptocurrencies like Bitcoin that lack sovereign backing and pointed out the risks associated with unregulated digital assets.

The Bank of England plans to exempt proposed limits on the holdings of corporate stablecoins

According to Bloomberg, the Bank of England plans to exempt proposed limits on the holdings of corporate stablecoins, indicating a softening of its stance on crypto assets in the face of competition from the United States. Sources have revealed that the Bank of England intends to grant exemptions to businesses, such as cryptocurrency exchanges that require holding large amounts of stablecoins, and also allow companies to settle using stablecoins in an experimental digital securities sandbox. This suggests that Governor Andrew Bailey's previously skeptical attitude is easing, although the Bank of England has declined to comment. The digital payments industry is concerned that the UK cannot compete with the US's Genius Act, and the Bank of England plans to set limits on personal and corporate stablecoin holdings, with a consultation document expected to outline this by the end of the year. Previously, Bailey had denied the stablecoin and digital pound projects, and this exemption is seen as a significant shift.

The UK plans to establish a “Digital Markets Director” to promote the on-chain transformation of wholesale financial markets

According to Bloomberg, the UK Treasury will establish a “Digital Markets Champion” to coordinate the digitalization (Tokenization) of blockchain-based wholesale financial market asset issuance, trading, and settlement. The Treasury's Economic Secretary, Lucy Rigby, stated that a “Dematerialisation Market Action Taskforce” will be formed to oversee the transition from paper equity certificates to electronic formats. The government has released the “Wholesale Financial Markets Digital Strategy” to promote the adoption of blockchain and artificial intelligence, and has launched a tender for “Digital Gilt” (DIGIT), inviting technology providers to participate in issuing UK government bonds on the blockchain.

Local Dynamics

Derlin Holdings Advances RWA Tokenization, Involving ByteDance, Kraken, and eSelf AI

According to an announcement from the Hong Kong Stock Exchange, Hong Kong listed company Derlin Holdings has announced that it has obtained approximately $5.7 million in private equity through funds and SPV, intended for RWA tokenization; among which it indirectly holds ByteDance (approximately $2 million, implied valuation of about $315 billion), Kraken (approximately $3 million, implied valuation of about $15 billion), and eSelf AI (approximately $700,000, implied valuation of about $21 million). The company plans to tokenize the relevant SPV after the completion of the delivery and promote the tokenization projects of Derlin Tower LPF and Animoca Brands LPF; the Animoca Brands LPF scheme uses XRP Ledger and has received pilot funding from Hong Kong Cyberport. Derlin Securities and Derlin Digital Family Office have submitted materials to the Securities and Futures Commission, aiming to initiate distribution and platform operation in early 2026.

Project Progress

WisdomTree Acquires Ceres Partners to Expand Custody and Tokenization Market

According to Businesswire, cryptocurrency ETF issuer WisdomTree has announced the completion of its acquisition of alternative asset management firm Ceres Partners. This transaction will expand its business into exchange-traded products (ETP), custody, and the tokenization market. The acquisition amount includes $275 million in cash paid at closing and up to $225 million in earn-out consideration.

(Note: Earn-out is a common valuation adjustment mechanism in acquisition transactions, where the buyer can pay additional funds based on the target company's achievement of specific metrics after paying the base consideration. Unlike earn-out agreements, earn-out adjustments focus more on quantifiable objective data, reducing human intervention factors.)

Swiss exchange operator SIX Group integrates SDX digital asset business, aiming to create a unified tokenization platform

According to Cryptopolitan, SIX Group AG, the operator of the Swiss Stock Exchange, announced that it will integrate the operations of its digital asset division, SIX Digital Exchange (SDX), into the group’s main exchange and post-trade services division. This move marks the end of SDX’s independent brand identity. In the future, SDX’s trading operations will be handled by the main exchange of SIX, while settlement and custody services will be transferred to SIX Securities Services. SIX Group stated that by integrating digital asset capabilities, it aims to create a unified and robust platform to simplify the processes for banks and asset management companies to adopt blockchain technology for trading, custody, and token issuance, thereby accelerating the growth of the digital asset business and the tokenization transformation of the financial system. SIX will also continue to collaborate with institutions like the Swiss National Bank (SNB) to advance important projects such as wholesale central bank digital currencies (CBDC).

Ondo Finance completes acquisition of Oasis Pro, obtains SEC license to expand the U.S. tokenized securities market

The RWA (Real World Asset) tokenization protocol Ondo Finance has announced that it has successfully completed the acquisition of the regulated digital asset brokerage firm Oasis Pro. This strategic acquisition allows Ondo Finance to obtain a comprehensive set of licenses and infrastructure, including a SEC-registered brokerage firm, alternative trading system (ATS), and transfer agent (TA), enabling it to develop and provide a regulatory-compliant tokenized securities market within the United States. Oasis Pro's infrastructure supports the tokenization, issuance, transfer, and secondary trading of RWAs, and it is one of the first regulated ATSs in the U.S. authorized to use stablecoins for digital securities settlement. Ondo CEO Nathan Allman stated that through this merger, Ondo is committed to building a transparent, accessible, and compliant on-chain financial system, and accelerating the development of the tokenized securities market in the United States.

Plume Network has been approved by the SEC to register as a transfer agent, accelerating the RWA tokenization process

RWA Layer 2 network Plume Network has announced that it has successfully obtained approval from the U.S. Securities and Exchange Commission (SEC) to register as a Transfer Agent. This move is a significant milestone for Plume Network in bringing real-world assets onto the blockchain, meaning it will be able to provide compliant share registration, transfer, and management services for securities tokens issued on-chain. Plume Network CEO Chris Yin has stated that the network's goal is to provide a compliant, open, and transparent blockchain environment for asset issuers and institutional investors. This registration makes it one of the few blockchain infrastructures with such SEC licenses, which will greatly facilitate the RWA tokenization of over 180 projects on its platform (involving $4.5 billion in assets awaiting tokenization) and further bridge the gap between traditional finance and decentralized finance (DeFi).

BNY Mellon Explores Allowing Tokenized Deposits and Blockchain Payments

According to market news, BNY Mellon, one of the world's largest custodial banks, is exploring the possibility of allowing tokenized deposits and blockchain payments.

Amplify ETFs has submitted applications for Stablecoin Technology ETF and Tokenized Technology ETF to the U.S. SEC

According to Globenewswire, ETF solution provider Amplify ETFs has announced that it has submitted applications to the U.S. Securities and Exchange Commission for the Amplify Stablecoin Technology ETF (QSTB) and the Amplify Tokenized Technology ETF (QTKN). The former primarily tracks companies and assets that capitalize on growth opportunities using stablecoins as a digital payment and settlement mechanism, while the latter tracks companies and assets that benefit from the digitalization of real-world assets.

BlackRock and Brevan Howard tokenized funds launched on Sei via KAIO

According to the Sei blog, KAIO has integrated its tokenized fund with the Sei Network, providing KAIO tokens representing shares of the BlackRock ICS US Dollar Liquidity Fund, as well as on-chain access to the Brevan Howard Master Fund. This integration supports institutional-grade compliance, subscription/redemption, and reporting processes, and can be used as a stablecoin reserve or for DeFi collateral and yield-generating assets. Sei claims that its high-performance chain offers a better trading experience for money market-type products; KAIO is currently only open to institutions and accredited investors.

ARK Invest's funds have invested approximately $10 million in Securitize shares

According to CoinDesk, ARK Invest holds approximately 3.25% of Securitize through the ARK Venture Fund, which, based on the fund's net assets of $32.53 billion as of September 30, translates to an investment of about $10 million, making it the eighth largest holding. Securitize was founded in 2017 and has issued $4.6 billion in tokenized assets, with partners including BlackRock, Hamilton Lane, and Apollo, and has issued BlackRock's tokenized money market fund BUIDL (with a scale of $2.8 billion). The tokenization market has grown 112% this year to $33 billion and is expected to reach $18.9 trillion by 2033.

Tokenized stock infrastructure Block Street completes $11.5 million funding, led by Hack VC

Block Street announced the completion of a $11.5 million strategic financing round, led by Hack VC, with participation from Generative Venture, DWF Labs, StudioB, Bridge34, and others. Block Street focuses on building the execution and lending layer for tokenized stocks, with a tech stack that includes Aqua (RFQ intent) and Everst (hybrid clearing). The project plans to launch on the L1 project Monad in the fourth quarter of this year, with subsequent expansions to Ethereum, BNB Chain, and Base. The team members come from well-known institutions such as Citadel, Point72, and Google, and plan to launch a transparent dashboard to enhance user experience.

Tokenized stock trading platform MSX launches spot and contract assets in multiple popular sectors

According to official news, on October 6th, MSX completed the launch of quantum computing “dual standards”, namely the spot and contract trading of $RGTI.M and $QUBT.M. Recently, $RGTI.M received new orders from the Novera system, while $QUBT.M received an initial rating of “buy” from institutions and completed private placement to promote commercialization.

On October 7, MSX simultaneously launched contract trading for $RKLB.M and $SOXL.M (Semiconductor 3x Leveraged ETF). $RKLB.M is a small rocket and satellite launch service provider, with market attention on its completion of National Aeronautics and Space Administration collaboration tasks and several task windows in mid-October. $SOXL.M is driven by AI chips and high computing power demand, with active trading aimed at high-risk investors tracking short-term industry trends.

Insights Highlights

In an era where everyone can issue stablecoins, why does success only belong to a minority?

PANews Overview: This article explains why it is technically easy to issue stablecoins, but only a few like USDT and USDC achieve widespread success. The core issue is that whether a stablecoin can succeed depends not on its creation but on its ability to establish strong network effects and utility. This depends on four pillars: sufficient liquidity (easy to exchange for other assets), convenient fiat on/off-ramp channels, broad utility (accepted in numerous scenarios), and cross-chain interoperability. Existing giants have established significant advantages in these areas, making it extremely difficult to challenge them in an open ecosystem. In contrast, within closed or custodial systems (such as centralized exchanges or custodial wallets), operators can enforce their own stablecoins and profit, but these stablecoins are mostly confined within their own “walled gardens” and struggle to break into broader markets.

How RWA is Implemented in Traditional Enterprises: A Full Breakdown of Three Paths (Taking the New Energy Industry as an Example )

PANews Overview: This article points out three feasible paths for enterprises (especially new energy enterprises) to put real-world assets (RWA) on-chain, which form a ladder of increasing difficulty and value. Path One “Right Confirmation/Proof Type” is the simplest, using blockchain to record asset data (such as power generation) to enhance transparency and trust, but it does not issue tokens, so it does not directly finance; Path Two “Payment/Store Value Type” goes a step further, issuing tokens for payment or exchange of rights (such as charging service points), which can greatly improve capital settlement efficiency, but must comply with payment regulations; Path Three “Financing/Income Type” is the most complex and valuable, issuing security tokens representing asset income rights (such as packaging future income from charging piles into tokens), which can directly finance global investors, but faces high compliance costs and legal risks.