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🏛️ Big Banks Talk Tokenization

RWA World Newsletter - July 25, 2025

Author

Ray Buckton
July 25, 2025

A new era of financial management is upon us, and yours truly, Ray Buckton, Head of Research at RWA World, is ready – are you? 😉

Ethereum certainly is—it’s quickly becoming a corporate reserve asset, with Ether ETFs seeing $534 million in daily inflows and the SEC discussing the network’s token standards for compliant securities issuances. 💥

🎯🔥 Rapid Fire Takeaways:

Ether is also becoming a corporate reserve asset, as proven by The Ether Machine, and its $1.5 billion Ether treasury is getting listed on the Nasdaq. 📋

Let’s talk about it live on Tuesday and Thursday at 2 pm EDT on Wolf Crypto. Drop me a message via email or message on X if you’d like to be part of the live panel. 🐺

⚖️ Govs, Regs, and Associations

Across the Atlantic, the UK government plans to issue a digital bond to decentralize market infrastructure, while adversary Russia aims to launch its digital ruble in 2026. Having been cut out of the US tokenization sandbox, the ECB has updated the work status of its digital euro after grinding Axiology the fourth EU DLT pilot regime license for digital bonds. All the while, Ripple is securing licences in the EU to capture market share on the continent. 💶

Major Chinese firms are recognizing Hong Kong's stablecoin regulations, and the city state’s central bank chief cautions against hype. Meanwhile, a Shanghai court alleges the discovery of a $6.5 billion illicit stablecoin network, with $905 million used in dirty forex transactions. Curious timing, as a new Belt and Road stablecoin is now live and the mainland is seeing firms go deep on asset tokenization. Seoul anticipates a rising dollar on the back of US regulation, as the ruling party prepares a won-based stablecoin as a countermove. 🐉

🎰 Buy, Back, or Partner? 

Mergers and acquisitions again define the week, with Archax buying Deutsche Digital Assets to expand its European presence. Figure Technology Solutions and Figure Markets also merged for efficiency, as did Streamex and BioSig Technology for commodity tokenization. This week’s investment landscape includes: 

Partnerships are also a big feature, with MultiBank partnering with Fireblocks and Mavryk to launch $10 billion real estate tokenization platform. They’re not alone, though, as many entities buddied up for progress and innovation: 

🏧 Stablecoins Galore

The stablecoin market continues to mature, with Ethena’s sUSDe seeing over 10% APY and plans a SPAC to buy millions of its ENA tokens. On-chain growth has been significant, with Polygon’s stablecoin supply at a 3-year high and USDC on Hyperliquid doubling to $4.9 billion, as Polkadot plans a stablecoin with its DOT token as collateral. Nevertheless, Bank of America remains cautious, and they’re not alone, indicated by the diverging opinions found in Q2 earnings calls. 📊

Infrastructure is ballooning, with Fintech MiniPay surpassing 8 million wallets and 200 million transactions and Rain achieving PSCI DSS compliance. Acronyms abound as KOSCOM validates its stablecoin layer and KONET files for a stablecoin patent. Kaia is linking Tether, KakaoPay, and Line in Korea, building the infrastructure for that won-based stablecoin, as Tastytrade and Zerohash pioneer instant account funding. And with WisdomTree launching its own USDW stablecoin, the progress continues regardless of bank sentiment. 📈

Regional considerations continue to define stablecoins. Tokenization is supercharging dollar usage in Africa. Tether’s recent account freeze fuels a debate on decentralization and control of global digital dollar usage. Remittance giant Western Union is now exploring stablecoins to cut costs, while Polymarket is also exploring them thanks to US clarity, which is seeing companies flock to the country. IVD Medical is exploring a US stablecoin license, and Snail spun up a US subsidiary to take advantage of the new regulations. 📜

⛏️ New Platforms, Programs, Tools, and Integrations

Everyone loves new stuff, whether it's a new feature of an entirely new platform. On the integration side, we have a few big movers this week:

Even more shiny new platforms and tools hit the market as well, for your tokenized viewing pleasure: 

There’s never a shortage of innovation and collaboration in this industry, and we love to see it.

🌐 RWA Sectors & Ecosystems

Bitcoin is rising as a significant unit of account, and soon you can buy ETFs with your BTC. Australia also debuted Bitcoin-backed mortgages and RGB Protocol tokenizing assets and USDT on Bitcoin. As BTC-backed DeFi rises, mining funds like Alteri’s on Chintai are gaining momentum. It’s a brave new Bitcoin world. 🌍

Tokenized stocks and funds are still hot this week, with Beself Brands entering the fray and KuCoin launching xStocks on the platform. Apollo and Securitize kicked off a tokenized credit fund, and ChinaAMC launched the first tokenized fund denominated in RMB. 🚀

🎉 A New Era 

With the GENUIS and CLARITY Acts passed, we’ve officially entered a new chapter for asset tokenization.

Bank executives are keen, and we support the global transition to DLT rails.

Explore RWA Data Feeds, our flagship product, for all your tokenization needs. 

It’s the backend infrastructure that handles the pricing of any asset you bring on-chain—after all, what good is a tokenized asset if you’re not getting accurate pricing?

Until next time!