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🌌 $100 Trillion in 60 Months?

RWA World Newsletter - Oct 17, 2025

October 17, 2025

Happy Friday, fine folks – Ray Buckton, bringing you the best of this week’s onchain assets. 🥇

Digital assets are going mainstream as institutions double down on tokenization – Broadridge’s DLT repo platform is doing $339 billion daily, and TD Cown sees onchain capital hitting $100 trillion within five years. Tokenized stocks will be a big part of that, and Fairmint is leading the private equity charge with over $1 billion now onchain. 💪

🎯🔥 Rapid Fire Takeaways:

And with BlackRock’s Larry Fink eyeing an even bigger role in tokenization, and Securitize potentially going public via a SPAC, those figures and predictions don’t seem far off. 🔮

Come talk tokenization on Thursday at 2 pm EDT on Wolf Crypto – the conversation is live, so let’s get you involved. 🐺

🏛️ Govs, Regs, and Associations

However, the IMF sees crypto as a $305 billion time bomb, and the Democrats’ DeFi proposal in the US is also drawing fire for its relative restrictions. States are nevertheless pushing forward with their own digital asset experimentation. The Bank of North Dakota is working with Fiserv to launch a state stablecoin, and California passed a law preserving unclaimed crypto in its original form. Jack Dorsey is urging tax-free status for “everyday” Bitcoin payments, while further afield, BCP became the first Peruvian bank offering regulated crypto access. 🌎

France calls for unified crypto regulations in the EU, as the union pushes for stablecoins to break the dollar monopoly. The Bank of England’s Bailey echoes the sentiment, vowing stronger global action on stablecoin risks. The UK is also mulling major crypto reform plans, as DLT and smart contracts officially “come of age” according to representatives, and ETNs return to the country. In Africa, Uganda is piloting its CBDC as parliament passes a crypto asset law. ⚜️

In the MENA region, Bahrain welcomed Ripple’s RLUSD while crypto.com received a payment license from the UAE central bank. The Royal Bank of India also launched a unified market interface for tokenized assets, while nearby Singapore delayed its bank crypto asset rules until 2027 amid industry pushback. Bhutan is putting its entire national ID system on Ethereum, and the Hong Kong Law Society is exploring its relationship with digital assets. 🐉

📰 Tokenization Development

Big buys this week, with SS&C spending $1 billion to acquire Calastone, and even bigger talks in the works, with Coinbase and Mastercard allegedly in talks to acquire stablecoin issuer BVNK. We also saw some serious funding rounds: 

Sometimes it’s not about the short-term profits, but the long-term strategic benefit of collaboration. We have proof of that once again this week: 

Not a week goes by without some serious funding and partnerships. Asset tokenization feels like it’s reaching a fever pitch, but we’re just getting started. 🌱

👛 Stablecoins

Tether’s USDT topped $180 billion in supply despite liability concerns arising from a $300 million Celsius settlement. There’s a reason Circle is the most trusted stablecoin in regulated markets, as analysts see USDC surplanting the $20 trillion cross-border payment market. They’re working hard to make it happen, recently launching a multisig smart account platform. Stripe isn’t taking this lying down. They’re enabling stablecoin payments for subscription services, and recently launched Open Issuance, a platform making it easier than ever to create stablecoins, all while applying for a bank trust charter. 🤺

Collaboration is redefining stablecoin initiatives, as California launches a consortium and BoA, Citi, and Goldman explore a joint initiative. Legend Trading secured a MiCA license for its regulated stablecoin-to-fiat settlement hub, and Maestro is bringing stablecoins to Bitcoin. Massive names are making strategic moves, as Visa pilots stablecoin prefunding and Anchorage onshores USDtb. Perceptions are also shifting, as DWS sees stablecoins as a core part of global payment infrastructure, and Paxos claims that trust company-issued stablecoins are the safest path for global finance. 🔒

Nansen’s CEO is calling the “dollar on blockchain” crypto’s biggest success, as MIT professors say that the success of this technology rests on its interoperability. So far, so good, as FGA expands its custody capabilities in Hong Kong, and nearby Taiwanese stablecoin company OwlTing secured a Nasdaq listing. S&P Global is also tapping Chainlink to rate stablecoins’ ability to retain peg. 📐

🆕 New Platforms, Programs, Tools, and Integrations

Fireblocks is integrating with XION for walletless blockchain access, and Figure now has its yield-bearing security token YLDS on Sui. Beyond these sleek integrations, we have some equally slick launches of infrastructure and products: 

The entire industry smells like cellophane, given all these shiny new developments. We love to see it. 🔥

🔍 RWA Sectors & Ecosystems

Onchain and offchain growth is accelerating, with the Arbitrum Foundation hiring its first head of investment strategy, and Square Bitcoin becoming a big test for Bitcoin’s future as a payment network. Wolfsberg’s recent report highlighted a path forward for risk management in crypto, as JPMorgan mulls crypto trading, but is shying away from custody. Perhaps a good move, as Ethena’s recent USDe depeg on Binance, as evidence points towards a coordinated attack. 🎯

Tokenzied treasury assets are seeing $770 million in capital flows, as OpenEden’s TBILL fund received an AA+ rating from S&P Global. Tokenized stocks are also blazing ahead, with Blue Ocean betting big on the industry, and SoloTex getting the green light from FINRA to bring the instruments to retail traders. Edel Finance is the first to offer liquid onchain lending options for tokenized stocks, which is a huge first for the industry.

⏺️ Record Scratch 

Another epic week for onchain assets. 

The industry continues to mature and grow by leaps and bounds.

Here’s to another great week to define the rest of October – see you next time! 👋