In Brief Sonnet stockholders approve merger with Hyperliquid Strategies and Rorschach I LLC. The transaction supports Sonnet’s oncology focus using its FHAB drug platform. HSI’s securities are expected to list on Nasdaq after deal completion. Sonnet BioTherapeutics Holdings, Inc. announced sto

Highlights of this issue The statistical period for this week's newsletter covers November 21 to November 27, 2025. This week, the RWA market has entered a stage of existing stock optimization, with the total on-chain market capitalization growth further slowing to 1.10%. However, the number of holders continues to rise, indicating a shift in the market from scale expansion to user engagement. The total market capitalization of stablecoins is approaching zero growth, while the number of monthly active addresses has significantly increased by 24.84%, highlighting the strengthening of on-chain payment settlement functions and the activity of small high-frequency transactions. On the regulatory front, the G20, European Central Bank, and South African Reserve Bank have all warned about the regulatory risks of RWA and stablecoins. In contrast, South Korea's STO bill has passed preliminary review, and Bolivia plans to integrate stablecoins into its financial system, reflecting a trend of divergence in global regulation. At the project level, traditional finance and tech giants continue to integrate crypto projects to develop stablecoins: QCAD has been approved as Canada's first compliant Canadian dollar stablecoin, and Klarna plans to launch its stablecoin on the Tempo chain in 2026.

Europe's largest asset management company Amundi has partnered with CACEIS to bring its Euro money market fund onto Ethereum, marking a new milestone in 24/7 trading. (Background: South Korea's "STO Security Token Offering" bill has passed preliminary review, potentially unlocking the tokenization era for RWA as early as next year.) (Additional context: Xu Zhengyu: The core of RWA and stablecoins is to serve the "real economy", and efforts are underway to tokenize real assets such as international shipping rents.) Amundi announced that its Euro money market fund has added "tokenized shares" and successfully completed its first on-chain transaction in early November, officially becoming one of the latest members to bring real-world assets (RWA) onto Ethereum. Announcement coincides with the first transaction. According to reports, this fund will map its existing short-term high-quality Euro debt assets into ERC-20 tokens, maintaining its relationship with traditional.

According to Mars Finance, South Korea's electronic securities law and capital market law amendments to promote the institutionalization of security token offerings (STO) have passed the National Assembly's Administrative Committee for bill review, laying the foundation for the opening of the STO circulation market in the first half of next year. The amendment aims to officially incorporate Blockchain Distributed Ledger technology into the electronic registration system, allowing issuers to register and manage token securities based on distributed ledger as electronic securities; at the same time, it will bring small-scale OTC Trading platforms for investment contract securities and non-monetary trust income securities under regulation, providing a basis for the legitimate operation of fragmented investment exchanges. If the bill is finally approved in next month's National Assembly plenary session, the tokenization and circulation of various physical assets such as real estate, art, and music copyrights can be carried out within the regulatory framework.

YOKOHAMA, Japan, Nov. 21, 2025 /PRNewswire/ — Pivotal Trend Service Co., Ltd. (“PTS”) today announced the official launch of its flagship digital asset product, PMN (Pivotal Mining Note), on Republic, marking a significant milestone for the global digital securities industry. PMN becomes the first J

The Paradigm Evolution and Real Structure of RWA 1.1 The Three-Stage Evolution of RWA The evolution of RWA is actually a slow evolution under the combined influence of the blockchain capability stack, financial market demand, and the regulatory environment. A brief review of the three stages: Phase One: STO Experimental Period (2015–2020) Before the rise of Ethereum, many early attempts were made to "tokenize" assets such as stocks, bonds, and real estate rights into security tokens (STO). Traditional securities were mapped onto the blockchain through legal contracts. Unfortunately, the dilemma of this phase lies in the fact that the on-chain liquidity infrastructure was not yet mature, Oracle awareness was weak, cross-chain mechanisms were lacking, and secondary markets were difficult to match. As a result, more assets ultimately traded in traditional markets, with on-chain representation being mainly formal. Phase Two: Yield-bearing Stablecoins / Tokenized National Bonds Phase (2020–2023) De

According to Mars Finance news, on October 18, following the announcement of the completion of the B1 round of equity and the acquisition of the RIA license, the decentralized trading platform ANT.FUN officially announced that it has obtained the license issued by the SEC.

Abstract RWA is undergoing a profound paradigm shift - from the experimental phase of Security Token Offerings (STO), to the mature stage of USD stablecoins with U.S. Treasury bonds as the core reserve, and then to the next generation of financial infrastructure composed of high-performance public chains and new generation liquidity solutions. This paradigm shift not only reflects the evolution of the logic behind Crypto technology but also mirrors the impending reconstruction and innovation of the financial order. 01 The Paradigm Evolution of RWA The evolution of the RWA paradigm is essentially the history of the expansion of the blockchain capability stack. 2009-2015: Early RWA Attempts of Colored Coins The Bitcoin genesis block was born in 2009, successfully establishing the first decentralized value ledger in human civilization history. However, the vision of Satoshi Nakamoto to build "a P2P electronic currency" led to Satoshi himself and subsequent Bitcoin developers like B.

The Hong Kong "Stablecoin Regulation" has come into effect, and enterprises planning to layout RWA should pay attention to compliance risks. The article lists several illegal cases, emphasizing the need to ensure the underlying assets are real, the fundraising is legal, and the structure is compliant. These lessons remind enterprises to avoid the risk of "fundraising fraud," highlighting five key principles such as asset transparency and technological compliance to safely and legally carry out RWA projects.

The digital asset landscape is constantly shifting, presenting both unprecedented opportunities and complex regulatory challenges. In this dynamic environment, South Korea is taking decisive steps to cement its position as a leader in the global digital economy. A significant development on the

STOs tokenize real-world assets like real estate, equity, or debt, enabling fractional ownership and blockchain-based transparency. Compared to IPOs, STOs offer faster settlement, lower costs, and 24/7 trading via smart contracts on regulated platforms. Despite regulatory and technical

MicroStrategy insiders sold $864M in 2025 with no purchases, signaling possible internal uncertainty. MSTR stock fell 10% in a month as Metaplanet surged 152%, widening performance gaps. MicroStrategy holds 582,000 BTC amid growing criticism of its Bitcoin-centric strategy. A surge of insider sto

StakeStone (STO) posted the highest volume-to-market cap ratio at 94.88%, signaling strong Tokens trader participation and liquidity surge. Algorand (ALGO) showed price resilience with a $1.73B market cap, closing just below key resistance at $0.202 despite a volume dip. OneFinity (ONE)

The legalization process of South Korea's security token (Security Token, STO) is expected to accelerate after the presidential election (voting on 6/3), providing compliance for what the South Korean financial industry sees as the next generation growth engine. Currently, due to the fact that relevant South Korean regulations (Capital Market Act, amendments to the Electronic Securities Act, etc.) have not yet been voted through in the National Assembly, STO products remain in a "gray area," limiting the full participation of large financial institutions. Currently, the South Korean political sector is focused on S

Author: Lulu Hong Kong has transformed from self-mockery as the "ruins of Asia's financial center" to relying on Hong Kong stock IPOs, the combination of RWA's virtual and real aspects, and the resurgence of stablecoin hotspots to return to a global financial center, all in just over a year, a great rebirth. In recent years, Hong Kong has become a forefront in the development of RWA (Real World Asset) through innovations in virtual asset policies and institutional practices. This article systematically sorts out the evolution of Hong Kong's Security Token Offering (STO) and RWA policies, benchmark compliance cases, and the layout of core licensed institutions, revealing the key logic behind the construction of Hong Kong's compliant RWA ecosystem. This article does not include RWA on-chain ecology or RWA conceptual projects that have not been approved by the Hong Kong SFC. Hong Kong RWA Policy Timeline 1. Initial Exploration (2017-2022) September 2017: Hong Kong Securities and Futures Commission

STO's falling wedge pattern on the 4H chart suggests a bullish breakout potential, with a target of $0.118, 10.73% higher. Active trading and high volume support this outlook.

StakeStone (STO) is showing potential for a bullish reversal within a falling wedge pattern. A confirmed close above resistance levels could indicate momentum towards $0.16. Traders should monitor for increased volume to confirm a breakout.

Author | @Web3\_Mario Abstract: As Trump's policies are being implemented one by one, attracting manufacturing back through tariffs, actively triggering stock market bubbles to pressure the Federal Reserve to cut interest rates and inject liquidity, and then promoting financial innovation through deregulation to accelerate industrial development, this set of strategies is truly changing the market. Among them, the RWA track under the favorable deregulation policies is also increasingly attracting the attention of the crypto industry. This article mainly introduces the opportunities and challenges of tokenized stocks. Overview of the Development History of Tokenized Stocks In fact, tokenized stocks are not a new concept. Attempts at STOs began in 2017. The so-called STO (Security Token Offering) is a financing method in the cryptocurrency field, which essentially digitizes and chains the rights of traditional financial securities using blockchain technology.

! A significant step towards a more interconnected blockchain ecosystem has just been announced. Omnichain liquidity infrastructure provider Stakestone (STO) has officially gone live with its integration supporting World Liberty Financial’s (WLFI) USD1 stablecoin. This move is set to dramatically en

MANTRA will hold the first Real World Asset Summit in Seoul, South Korea on April 14, in collaboration with BTCON, focusing on the STO legalization plan, and inviting several key institutional representatives and well-known figures to attend, including the head of DAMAC. The discussion will focus on a tokenization collaboration plan worth over $1 billion.

Nasdaq President TaI Cohen recently released an article revealing that Nasdaq plans to start extending trading hours in the second half of 2026, reaching 5 days a week (working days), 24 hours of uninterrupted trading. Proponents believe that the move is in line with the psychological expectations of global retail investors, while opponents believe that longer trading hours may lead to dispersion of trading volumes, thereby reducing the accuracy of pricing. (Synopsis: Buffett's shareholder letter hides a mystery: full of cash and other U.S. stocks crash? Bear market fears a repeat of the dot-com bubble) (Background added: U.S. stock trends" Traditional IPOs are dead? Is on-chain STO the future? Tal Cohen, president of the US stock exchange Nasdaq, recently revealed in a post on the business community platform LinkedIn that Nasdaq plans to start extending trading in the second half of 2026

StakeStone has released the White Paper on Decentralization-based Liquidity infrastructure, introducing STONE, SBTC, and STONEBTC, as well as LiquidityPad. STO governance Token coordinates the value flow, implements Decentralization governance using the veSTO model, and adopts a multi-burn mechanism.

With the impact of policies, the era of technology mergers and IPOs may come to an end, but the encryption era is emerging. Traditional exit methods are difficult, and technology startups may turn to financing through securities Token(STO), and the government seems to relax its regulation of Cryptocurrency. STO may become the future trend, opening a new window for technology company financing. The government holds a preventive attitude towards large-scale mergers and acquisitions, while relaxing regulation of the crypto market, symbolizing that technology STO may usher in a new era.

ICO (Initial Coin Offering) once sparked a financial revolution in 2017, allowing developers to raise funds without giving up equity. Although the ICO market flourished, it also laid the groundwork for regulatory risks. Regulatory pressure has led the industry to self-purification, shifting towards Compliance. While the ICO frenzy has subsided, it has left behind technological legacies such as STO securitized Tokens and new economic infrastructure. Although the experiments have settled, financial history is moving towards the next chapter.

The Financial Services Commission (FSC) of South Korea announced on Thursday (16) that they have dealt with the first case of unfair cryptocurrency trading behavior under the Virtual Asset User Protection Act, in which the suspect made hundreds of millions of Korean won in profits through malicious market manipulation and pump and dump within a month. (Background: South Korea FSC launches discussion on the second phase of the regulatory framework for the Virtual Asset User Protection Act, what about Taiwan?) (Background: South Korea officially promotes the legalization of STO security tokens, and many securities firms and banks are actively preparing.) The Virtual Asset User Protection Act of South Korea officially took effect in July last year, and on January 16th of this week, the Financial Services Commission (FSC) announced that they have dealt with the first case of unfair cryptocurrency trading behavior since the law took effect. Crackdown on pump and dump incidents, according to FSC

On January 3, according to ledgerinsights, Mizuho Securities has partnered with Blue Sky Solar to launch the first solar business private sale securities Token issuance (STO) through DeepFlow news. The Tokenization involves the revenue of a Limited Liability Company (LLC) and 8 solar power plants with a total output power of 9.5 megawatts, providing electricity to approximately 9,000 households. This issuance adopts BOOSTRY's iBet for Fin.

Shenchao TechFlow news, XT will soon launch STO (STO CHAIN Project) and open STO/USDT trading pair in the innovation zone (RWA). Details are as follows: Deposit Time: December 12, 2024, 13:00 (UTC+8) Trading time: December 13, 2024, 13:00 (UTC+8) Withdrawal time: 13:00 on December 14, 2024 (UTC+8) STO Chain Global Corp. (STO CHAIN) is the visionary founding institution of STO Chain, playing a key role in its development and strategic evolution. As a leader in blockchain technology and digital finance, STO CHAIN

BiFinance and DingYi Group signed a strategic cooperation framework protocol aimed at using blockchain technology and artificial intelligence to promote the digital transformation of real-world assets, forming innovative asset management and trading solutions. The cooperation includes digital asset, RWA/STO, integration of blockchain technology and artificial intelligence, among other areas. The collaboration signals further cooperation between the two in the fields of digital asset and blockchain technology, jointly driving innovation and development.

South Korea's Cryptocurrency capital gains tax has been extended for another two years. Hashed CEO Simon Kim believes that this will promote the institutionalization process of Cryptocurrency and Web3 fields in the country. It is expected to include allowing companies to open Cryptocurrency accounts, allowing institutional investors to participate in Cryptocurrency investments, allowing issuance of Tokens in Korea, and releasing STO/RWA regulatory frameworks. These reforms are seen as important progress for the government in the Cryptocurrency field and good news for both retail and institutional investors, but the implementation effects of Cryptocurrency regulatory measures still need to be observed.

South Korea's Cryptocurrency tax has been postponed for another two years, accelerating the institutionalization process of Cryptocurrency and Web3 in the country. It allows companies to open Cryptocurrency accounts, institutional investors to participate in Cryptocurrency investments, issuance of Tokens in South Korea, the establishment of STO/RWA regulatory frameworks, the development of stablecoin guidelines, the establishment of virtual asset accounting standards, and the segmentation of custody expertise. It also allows South Korean exchanges to access overseas users and relaxes investment restrictions for South Korean companies on overseas blockchain companies.

BTCFi is a comprehensive project that includes BTC, STO, RWA, RWAFi, Decentralized Finance, and PayFi. BTC refers to a series of assets including BTC, MSTR, COIN, and BTC spot ETF. STO refers to the issuance of ST (Token) based on funds or offshore companies, targeting BTC, MSTR, and IBIT. Among them, RWA packages BTC, MSTR, and IBIT into synthetic assets, and RWAFi trades it as an ETF, supporting staking and restaking, exchange trading or on-chain trading, while Decentralized Finance is based on this system. High-net-worth users can become LPs of BTCFi by providing BTC, MSTR, and IBIT and enjoy LPDividend. PayFi is the payment part of this comprehensive system, allowing BTCFi to be more directly applied to daily life.

DWF Labs is featured as a case study in UCLA Blockchain Faculty's book, The STO Financial Revolution. The case study provides insight into the practicalities of managing STOs and digital assets in the market. DWF Labs aims to support the growth of the industry through knowledge sharing by offering guest lectures.

> At this point, Hong Kong has basically established a firm foothold. Written by: Bai Lu, Bowen, Bai Lu Living Room The Hong Kong virtual asset market in 2023 will be full of excitement. From Hong Kong's "still half-hidden" approach to the crypto industry in 2018, it has only scratched the surface; to recent years, in the face of the eyeing gaze of Singapore, a strong financial rival in East Asia, and the contextual support of the Chinese self-deprecating "crypto-Jews", Hong Kong announced in October 2022 The Chinese-speaking circle was skeptical of the lofty words of "Competing for a Global Virtual Asset Center" to be completely All-in; until the Wanxiang Carnival Summit in Hong Kong in April 2023, there was a huge crowd and a mixed carnival started. After June 2023, a series of intensive virtual asset policies were implemented at a speed beyond expectations, from exchange licensing to new STO regulations, licensed funds and

Recently, the Hong Kong Securities and Futures Commission issued a circular to provide regulatory guidance on the development of "tokenized securities" in Hong Kong. Tokenized securities belong to a narrow branch of STO (security token issuance), which is still traditional securities in essence, but after tokenized on-chain issuance, it can bring higher transparency, lower circulation costs, and potential staking returns. Taking the lead in testing the waters of STOs in the form of "tokenized securities" is more suitable for the early stage when the regulation is not perfect and the risk cannot be fully controlled, and as the industry continues to mature, it is expected that more asset categories will be tokenized. The agency predicts that the scale of Hong Kong's STO is expected to reach trillions of US dollars in the future. Compared with the early ICO (Initial Coin Offering), the STO must be regulated by the relevant securities institutions and securities laws and regulations, and can be regarded as a "compliance-level ICO" with controllable risks. And it is more IPO

Written by: Will Awang, Master of International Business Law, 10 years of legal experience, serial entrepreneur in the technology industry, investment and financing lawyer, focusing on Web3 virtual assets Recently, the popularity of tokenization has been spreading from DeFi to TradFi, and we can see that MakerDAO has allocated a large number of tokenized US bond assets in recent years, and the Bank for International Settlements (BIS) has been promoting various pilots of CBDC tokenization. Hong Kong's Securities and Futures Commission (SFC) has also observed a growing interest in tokenising traditional financial instruments in the global financial markets, with an increasing number of intermediaries exploring the tokenisation of securities and the distribution of tokenised securities to customers. The SFC believes that it is time to provide more guidance on tokenised securities-related activities (e.g. Security Token ...

"Digitalization is blurring the boundaries of traditional industries, which is a real financial revolution." As early as 2017, McKinsey described the digital wave in its "Competing in a Borderless World" report. As global acceptance of virtual assets grows, the potential behind them has sparked discussions among regulators. When tokens are considered financial instruments, security tokens have become the focus of regulators in various countries, including Hong Kong's Securities and Futures Commission (SFC). Looking back at Hong Kong's "Policy Declaration on the Development of Virtual Assets in Hong Kong" released on October 31, it reiterated the potential and prospects of tokenization. In addition, just last month, Huang Lexin, head of the financial technology department of Hong Kong SFC, said that security tokens and Real World Assets (RWA) will no longer be included in the “complex” product definition, mentioning that there may be a new version of Security Token Offering (STO) regulations. Financial assets of...

The popularity of this round of RWA is not just speculation, but the structure of the entire market and the current cycle of the economy have changed, allowing everyone to discover that this thing has more achievable value. This sharing invited three guests from well-known Hong Kong virtual asset No. 9 institutions, they are: Chief Executive Officer of Pandu Fund - Junfei CSOP Quantitative Investment Team Director - Wang Yi MaiCapital Managing Partner- Marco Lim 1. How should RWA be regulated in Hong Kong? Can it be opened like retail investors? RWA is the abbreviation of Real World Asset (real world asset), and the concept of the previous generation is STO (Security Tokenization Offering tokenized securities). RWA is undoubtedly a very hot...

Source: Colin Lee Since the beginning of the year, the market has been discussing RWA (real world assets, that is, real world assets) more and more frequently. Some people believe that RWA will trigger the next round of bull market. Some entrepreneurs have also adjusted their direction to the track related to RWA, hoping to boost the rapid growth of business under the blessing of the gradually heating up narrative. RWA is to map the assets in the traditional market on the chain in the form of tokens for web3.0 users to buy and sell. RWA's tokens have the right to earn money from assets. A few years ago, the scope of STO mainly focused on corporate bond financing, but now the scope of RWA is broader: it is not limited to the primary market of traditional assets, and any asset that circulates in the primary and secondary markets can be tokenized On the chain in a way that allows web3.0 users to participate in investment. Therefore, the narrative of RWA contains a wide variety of assets,...