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🎃 Halloween... But Onchain!

RWA World Newsletter - Oct 31, 2025

Author

Ray Buckton
October 31, 2025

A very spooky Friday this time! Ray Buckton, Head of Research at RWA World, dressing up as the ghost of assets past this Halloween. 👻

With a16Z reporting crypto entering its maturity phase, Coinbase’s recent acquisition of Echo aims to bring the entire startup lifecycle onchain. They should call Fairmint. 👀

🎯🔥 Rapid Fire Takeaways:

Tokenization is moving from hype to reality, with 63% of custodians already offering tokenized assets and 41% of asset managers planning to launch products soon. No wonder Securitize is going public. 🎊

Tell us your thoughts on the matter this Thursday at 2 pm EDT on Wolf Crypto. Hope on the live stage! If you’re building in asset tokenization, we have a seat for you. 🐺

🏛️ Govs, Regs, and Associations

The Federal Reserve’s Waller has proposed “skinny” Fed master accounts for fintechs, potentially granting direct payment access for the first time. Despite Waren’s warnings that the GENIUS Act could nuke the financial system, the crypto market structure bill is 90% complete, and the CLARITY Act could redefine digital asset oversight. Florida wants crypto and stablecoins in state finances, and Canada is accelerating its stablecoin rules. Further south, while Brazil is temporarily putting digital currency on the shelf, the country’s capital market association launched a tokenization pilot project. 🦅

In Europe, the ESRB has flagged multi-issuance stablecoins as a serious risk, and EU leaders want wholesale settlement onchain. As Russia moves to legalize crypto in foreign trades, an EU crackdown on Russian stablecoin A7A5 is unfolding. In Nigeria, stablecoins are being explored alongside the eNaira as Nigerians get access to tokenized US stocks thanks to blockchain.com. That’s less of a problem in the UAE, which launched a new fintech, AI, and Web3 hub. 🐪

Kyrgyzstan launched its national stablecoin on the BNB chain, as CZ's influence shapes the country's digital asset policy. Australia’s ASIC has new guidance for crypto businesses, as South Korea handles concerns and debate over its stablecoin approach, and the Bank of Korea urges banks to take the lead. The world’s first yen-pegged stablecoin is live out of Japan, and Hong Kong Exchanges and Clearing is cracking down on digital asset treasury companies as the PBOC warns of stablecoin risk. That hasn’t deterred Jack Ma’s Ant Group, which just filed for a trademark on Antcoin. 🐜

📰 Tokenization Development

A rare week in which we have more outright acquisitions than we do raises! Here’s who's buying whom: 

While no nine-figure rounds this week, we saw a few contenders get close to or just at halfway there:

Of course, tokenization partnerships are common, but that doesn’t make them any less impactful: 

Another stellar week – to think it only gets better from here. 😌

👛 Stablecoins

Though fees are sometimes high and multi-isser versions might be a threat, stablecoins are redefining the $350 billion gaming market, shaping national economies like Venezuela’s, and are now 2.3% of global payments. The proof is there: Tether just celebrated 500 million users and is looking to add another 100 million with the launch of USAT in the United States. Terminal Finance accrued $280 million in deposits before launch. Ethena is quietly growing into a potential rival to Circle and Tether. Whether it's tax loopholes in Brazil, strategic monetary policy like in Hong Kong, or redefining remittances, stablecoins are becoming ubiquitous. 🌐

Zelle is entering the stablecoin game, but cybersecurity experts warn of risks. Payment giant Western Union is working with Solana on its stablecoin, as Visa added four new ones to its blockchain. New releases are everywhere: Thunes launched stablecoin support in 130+ countries, WSPN launched its stablecoin e-commerce tool, and Morhp explored a global stablecoin settlement layer. Stablecoins are unlocking new pathways to economic growth and trade everywhere you look. 🔎

It’s not all sunshine – Arthur Hayes warns that banks won’t always play nice with stablecoins. Paxos is also calling last week’s accidental $300 trillion USDG stablecoin mint a transparency will, as employees can start receiving part of their salary in the token. A former M^0 executive is also suing the company, claiming a hostile takeover. And while treasury and international payments from Nu and Dream are soaring, and StableCheck offers an independent way to evaluate stablecoins, some decision-makers in Washington are still less than excited about North Dakota’s recent stablecoin. 🤠

🆕 New Platforms, Programs, Tools, and Integrations

No shortage of new launches this week, but before that, a few integrations! Yellow Network has integrated with XRPL’s EVM for RWA trading, Pharos plugged into Chainlink’s CCIP to power its cross-chain infrastructure, and we have Mantra (OM) collaborating with Hyperlane to get more of that sweet cross-chain liquidity. 💧

But wait, there’s more: 

When IBM and Oracle are building in the same field as Coinbase and OKX, you know tokenization is getting serious. 👏

🌐 RWA Sectors & Ecosystems

Despite a 143% spike in tokenized asset losses, the industry is soaring. BlackRock’s Ethereum ETF purchased $72.5 million in ETH, SharpLink deployed $200 million in ETH on Linea, and Coinbase and Figment are expanding institutional staking on Ethereum. Banks are going bananas, with BNY seeing blockchain as the future while providing BaaS to WisdomTree, JPMorgan letting instititonal clients pledge BTC and ETH as collateral, and DBS and Goldman executing their first interbank crypto options trade. Onchain, Crypto.com is expanding its institutional custody footprint while pushing for a US trust bank charter, all while Revolut and Blockchain.com secured their respective MiCA licenses. 💳

Digital asset treasuries are rocking, with Aave proposing a $50 million token buyback and Momentum Media launching a BTC reserve. Forte Tech is tokenizing $2 million of Australian government bonds, as BlackRock advances tokenized ETFs and T.Rowe Price gets involved. 21Shares launched three new ETPs, as Spark allocated $100 million to Superstate’s USCC Fund, and Kraken surpassed $5 billion in tokenized equities trading volume. Tokenized stocks are still a hot topic, with SoloTex expanding its offerings and FINRA approving Ironlight's ATS for trading tokenzied securities. 👍

Even whisky is coming onchain, as Glenlivet 85 Years Old is now tokenized. But CZ isn’t all that bullish on tokenized gold, as evidenced by his spat with Peter Schiff on the topic. But hey, both of them can afford the new tokenized Ferrari 499P, so is it all that bad? 🏎️

🍬 Candy, Ghosts, and Celebration

Exciting times on and offchain as we wish everyone a safe, fun, and festive Halloween!

No tricks for us – just treats in the form of tokenized assets.

Until next time! 👋