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🧓 A Once-In-A-Century Transformation

RWA World Newsletter - Sept 26, 2025

Author

Ray Buckton
September 26, 2025

We’ve once again made it to Friday! Ray Buckton, Head of Research at RWA World, here wishing you an excellent one. 😘

We’re witnessing the most significant transformation in capital markets in the last 100 years as we rapidly approach a scenario where T+0 settlement is the norm. Markets will never be the same. 👏

🎯🔥 Rapid Fire Takeaways:

Even Morgan Stanley is set to offer crypto trading, further blurring the line between TradFi and onchain assets. 🕶️

Soon, entities like Fairmint and Superstate will have all the world’s equity onchain. Chat about it on Thursday at 2 pm EDT on Wolf Crypto – we’d love to get your take. 🐺

🏛️ Govs, Regs, and Associations

The White House Deputy Director now calls stablecoin regulation a “top priority,” the Treasury is seeking comment on the GENIUS Act, and SEC Chair Atkins is pushing for an innovation exemption by the end of the year. As the CFTC explores stablecoins as derivative collateral after adding a JP Morgan executive as co-chair to its digital asset group, the US and UK are collaborating on a crypto task force. 🦅

Further north, Canada seized $56 million from TradeOgre exchange as Alberta’s ATB calls for more crypto banking, all while the BoC urges stablecoin regulation to avoid falling behind. In the EU, ministers have agreed on a roadmap for the digital euro, delaying it again until 2029. Meanwhile, Russia called its digital ruble “strong”, as the UAE adopted a global crypto tax framework and Kazakhstan put grain onchain for its commodity export sector. 🌍

Thailand’s SEC launched a green asset framework for tokenized carbon, and Vietnam kicked off its crypto asset market as BDACS, a South Korean digital asset custodian, entered the country. Back home, Korea’s Democratic Party launched a digital asset task force for a won stablecoin. Hong Kong’s new regulations are moving tokenization from pilot to wider adoption as HSBC debuted a cross-border tokenized deposit offering. These developments aren’t without friction, as the first CNH stablecoin debuts while China asked top brokers to pause RWA business for an undisclosed period. ⛔

📰 Tokenization Development

Absolutely eye-watering funding rounds this week. Nothing will beat Tether’s $30 billion ask, but we’re talking huge numbers like: 

Sometimes collaborations are more valuable than funding (not like, $30 billion valuable, but you get the point.) To that end, we have some firm handshakes and strong initiatives unfolding: 

We’re seeing more agentic payments and AI involvement than ever before, which is bullish for the future capital market tech stack. As things move onchain, asset velocity can increase, meaning a greater need for automated compliance. What better compliance hire than an intelligent robot that never sleeps and only eats energy? 🤖

👛 Stablecoins

We can’t talk tokenization without stablecoins. MetaMask’s mUSD passed $65 million in supply one week after launch, as PayPal backs Stable to further grow PYUSD, which already expanded to multiple chains via LayerZero, while Circle launched USDC on HyperEVM. Coinbase and StratisX are launching an XSGD stablecoin in Singapore, as Ripple’s RLUSD becomes an offramp for BlackRock’s tokenized funds. 💸

Plasma announced its mainnet beta with $2 billion in liquidity and opening a stablecoin bank via Plasma One for greater global dollar access. They’re not the only stablecoin issuers seeking to become banks, as Ripple tangos with the OCC and Falcon Finance unveils RWA redemption plans for its USDf. Remember that 98% of stablecoins are dollar-denominated. The role of stablecoins in LatAm is becoming clearer, with Totoya and Yamaha accepting USDT payments in Bolivia. SocGen also selected Bullish Europe for a USD stablecoin as partnerships push FX innovation in Korea. At this rate, dollar dominance seems assured. 👑

That’s probably why the Bank of Italy wants more clarity, and alternatives are on the rise, like MHC Digital and Catena’s  AUD-backed stablecoin and Transak’s MiCA-compliant USDG, for which OKX is offering a 4.1% yield. Okay, time for a mini rapid fire round: Nubank plans stablecoins for its credit cards, Flare Network launched a stablecoin, EBANX will offer stablecoins in the Philippines, and Kaia and LINE are collaborating on a stablecoin super app. But wait, there’s more, with Crop launching a digital dollar, Polkadot debuting a new stablecoin, CZ taking a bigger stake in Ethena, and Hyperliquid sparring with rival DEX Aster. Never a dull moment in the world of digital dollars. 🕺

🆕 New Platforms, Programs, Tools, and Integrations

Innovation comes in waves, and the wave of onchain finance hasn’t even begun to crest. Let’s start with integrations this week:

Where do these products come from in the first place? Innovative companies are seeking to take a slice of the rapidly growing pie that is asset tokenization. So naturally, there’s no shortage of new launches to try and make that happen: 

I’m personally stoked about all this innovation. While not everything will succeed, experimentation is the harbinger of progress, so shout out to all the amazing companies and the people that comprise them for pushing the future of finance forward. 🤝

🌐 RWA Sectors & Ecosystems

The RWA World (pun totally intended) continues to expand, with Brera Holdings rebranding to Solmate after raising $300 million for its digital asset treasury. Caliber is also building a Chainlink treasury as StanChart plans a $250 million digital asset fund. 📜

Tokenized equities and funds are rising, with Fairmint’s CEO offering some great takes on the evolution of the market. LSEG and Microsoft’s launch of a private fund platform makes sense given Calastone’s projection of 58-fold growth to $235 billion by 2029. Meanwhile, Forward Industries announced plans to tokenize its shares via Superstate’s Opening Bell. 🛎️

Oxbridge’s SurancePlus is on track for its 42%+ returns from reinsurance this year, as tokenized real estate continues to take Dubai by storm. EstateX has been named the official tokenization partner of Liberland (which is governed by Justin Sun, by the way), and tZero is working to bridge traditional derivatives with digital counterparts. ☯️

💝 That’s A Wrap 

Another great week in RWA? Of course – that’s what we’re here for. 

At RWA World, we’re happy to facilitate any connections and provide strategic support to those building in the industry.

Get in contact if you find value in speaking to any of the 500+ contacts in our publicly available RWA database. 

Until next time, have a phenomenal weekend and week ahead.