Original | Odaily Planet Daily ( @OdailyChina )
Author | Ethan ( @ethanzhang_web3 )
RWA Sector Market Performance
According to the latest data from RWA.xyz, as of July 8, 2025, the total value of RWA on the chain is $24.52 billion, up 0.2% from $24.47 billion on July 1, and remains stable overall. Although the market value has not changed much, the activity of the on-chain ecosystem has increased significantly, with the number of asset holders jumping from 227,582 to 285,260, an increase of 25.35%. At the same time, the number of asset issuers increased from 196 to 249, an increase of 27%, indicating that a large number of new assets and protocols are accelerating into the RWA market. In terms of stablecoins, this week also performed steadily. The total value of stablecoins increased from $240.08 billion to $241.58 billion, an increase of 0.62%; the number of stablecoin holders increased from 169.57 million to 170.35 million, an increase of 0.46%.
From the perspective of asset structure, private credit fell slightly this week, from $14.3 billion last week to $14.1 billion, still ranking first, but its dominance has slightly weakened. In contrast, U.S. Treasury bonds rose from $7.4 billion to $7.5 billion, and funds slightly returned to stable assets. Commodity assets remained unchanged at $1.6 billion, and institutional alternative funds fell slightly from $554 million to $553 million, and the overall structure remained relatively balanced.
What is the trend (compared to last week )?
The ecological expansion is obvious, and users and assets are growing in both directions : Although the market value of on-chain assets has not fluctuated significantly this week, the rapid growth of the user base means that more traffic is entering the RWA ecosystem, and the sharp increase in the number of new project issuances indicates that more new assets will be gradually launched. There are signs of slight rebalancing in asset allocation : Private credit has slightly pulled back, while US bonds have seen a small increase, which may reflect that some funds have turned to stable assets in the short term for risk mitigation. This combination of high yield + stable defense is still the main line of current investor preferences, and future trends depend on the interest rate expectations and credit environment changes in the macro market. Stablecoins continue to expand and support transaction liquidity : The scale and users of stablecoins have maintained a slight increase, providing stable support for the flow of funds and asset settlement in the RWA market. Especially in the context of accelerated asset issuance, the growth of stablecoins will become a key infrastructure to support the efficient operation of the entire on-chain economy.
The current RWA market has entered a structural expansion period and investors are advised to adopt a core + satellite approach in their allocation strategy: as mentioned before, continue to use private credit and US Treasuries as core assets, taking into account both profitability and stability; pay close attention to newly issued assets and agreements, and give priority to projects with complete information disclosure and clear compliance; flexibly manage liquidity, and combine stablecoins with highly liquid assets for short-term funding arrangements; appropriately track the trends of commodities and alternative assets as a supplementary option for hedging and diversification.
In general, although the RWA market is in a stage of sideways market capitalization, the basic ecology is expanding rapidly and the platform activity is increasing. It is expected to enter a new round of growth cycle driven by asset innovation + user influx as the core.
Review of key events
The EU has issued MiCA licenses to 53 crypto companies, Tether and Binance are not on the list
The latest data shared by Circle executive Patrick Hansen shows that the EU has currently issued MiCA licenses to 53 institutions, allowing them to passport within the 30 countries of the European Economic Area and provide services without having to apply one by one.
Among them, 14 companies were approved to issue stablecoins or electronic money tokens (EMT), including Circle, Crypto.com, Societe Generale, Stablemint, Quantoz and StablR; Tether, as the issuer of USDT, has not yet obtained a compliance license and is not included in the list.
The other 39 approved crypto asset service providers (CASPs) include BBVA, Robinhood, Coinbase, Kraken and OKX. Binance did not appear on the list.
The Republican Party of the U.S. House of Representatives announced that the week of July 14 will be designated as Cryptocurrency Week, focusing on reviewing three key crypto legislations, including the GENIUS Stablecoin Act, the market structure bill Clarity, and the proposal against central bank digital currency (CBDC) passed by the Senate. This move is aimed at promoting the Trump administrations digital asset agenda and strive to complete legislative delivery by August. The GENIUS Act requires stablecoins to be fully backed by liquid assets such as the U.S. dollar, and stipulates that issuers with a market value of more than $50 billion must be audited annually. This agenda is seen as an important node for the comprehensive clarification of U.S. crypto policy.
CNBC reported that after OpenAI issued a warning, Robinhood stock tokens faced EU scrutiny. The Central Bank of Lithuania said that it had contacted Robinhood and was waiting for clarification on the structure of its OpenAI and SpaceX stock tokens. Robinhood has not yet commented on this. Giedrius Šniukas, a spokesman for the Bank of Lithuania, said that the legality and compliance of these specific tools can only be evaluated after receiving and evaluating this information, and the information provided to investors must be clear, fair and not misleading.
Ondo Finance to acquire SEC-regulated broker Oasis Pro
Ondo Finance will acquire Oasis Pro, a broker regulated by the U.S. Securities and Exchange Commission (SEC), to promote the development of the tokenized stock market in the United States. The transaction is still subject to regulatory approval. The specific acquisition amount has not been disclosed. At that time, Ondo will obtain a license to operate a broker-dealer, ATS and digital securities transfer agent in the United States.
In addition to customer protection, the proposed Guidance and Establishment of a National Innovation for Stablecoins in the United States Act (GENIUS Act) has also attracted attention for its bankruptcy provisions (Section 11). The Act gives stablecoin holders the highest priority over reserve assets, even surpassing secured creditors and administrative expenses of bankruptcy administrators, but this may make it difficult for debtors to effectively reorganize. In addition, although reserve assets are not included in bankruptcy property, they are still subject to automatic freezing clauses, which is logically questionable. If the reserves are insufficient, holders can also obtain super priority, further squeezing the resources of the bankruptcy procedure, which may cause the bankruptcy case to fail due to administrative bankruptcy. Lawyers pointed out that without a unified representative mechanism to coordinate the transfer of some rights by holders, it will be difficult to achieve effective liquidation. If not adjusted, the liquidation framework of the GENIUS Act may become an obstacle to the development of digital financial stablecoins.
Stablechain, a stablecoin public chain supported by USDT, is officially released
According to the official Stable X platform release, the stablecoin public chain Stablechain supported by USDT has been officially released, with the following features: USDT as native Gas; ultra-low cost and instant settlement; high-performance operation; enterprise-level security and scale support, as well as cross-chain composability based on USDT0 and layerzero support; developer-friendly environment; unified wallet for global payments. (For details, please refer to USDTs own son is here: the release of the native chain Stable, pointing directly to the dominant position of TRON? )
Many xStocks on-chain US stocks decoupled, and HOODX once exceeded $800
Odaily Planet Daily News: At around 18:30 on July 3, many xStocks on-chain US stocks were de-anchored, among which HOODX once rose above $800. Then it immediately returned to the anchor.
Yahoo Finance quotes show that Robinhood (HOOD) is currently priced at $95.42. (For details, please refer to 10 Questions about xStocks: What are we trading when trading US stock tokens? )
Musk said that OpenAI equity is fake, but has not yet responded to SpaceX coins
In response to OpenAIs rebuttal to Robinhoods claim that it had not authorized it and that the so-called OpenAI Coin was not OpenAIs equity, Musk, OpenAIs mortal enemy, responded on the X platform: Your equity is fake. It is not yet clear whether Musk is saying that OpenAI Coin is fake equity or that OpenAIs own equity is simply a castle in the air. It is worth noting that the stock coins issued by Robinhood also include SpaceX coins, but Musk has not responded to this.
Earlier analysis pointed out that OpenAI is currently completing a major restructuring, and its chief financial officer Sarah Friar made it clear that this structural reform is to pave the way for a possible IPO in the future. However, if Robinhood launches token equity without authorization, it may not only shake the equity structure, but also pre-price, interfere with market expectations and potential investor confidence, and create instability. (For details, please refer to: OpenAI denounces Robinhood for unauthorized stock tokenization, whose interests are affected? )
Hot Project Dynamics
MyStonks（STONKS）
One sentence introduction:
MyStonks is a community-driven DeFi platform that focuses on tokenizing RWAs such as US stocks and trading them on the chain. The platform works with Fidelity to achieve 1:1 physical custody and token issuance. Users can use stablecoins such as USDC, USDT, USD1, etc. to mint stock tokens such as AAPL.M and MSFT.M, and buy and sell them around the clock on the Base blockchain. All transactions, minting and redemption processes are executed by smart contracts to ensure transparency, security and auditability. MyStonks is committed to breaking through the boundaries between TradFi and DeFi, providing users with a high-liquidity, low-threshold on-chain investment portal for US stocks, and building a NASDAQ of the crypto world.
Recent Updates:
On July 2, MyStonks announced that its number of users has exceeded 100,000 , and it has listed 146 tokenized US stocks supported by the platform in the field of on-chain transactions and real assets, covering multiple core industries such as technology, finance, consumption, medicine, semiconductors, energy, aviation and Chinese stocks, and launched multiple short ETF tokens . On the same day, it posted that the stock token GRYP.M (standing for Gryphon Digital Mining) submitted an amended S-4 registration statement due to its merger plan with American Bitcoin Corp, resulting in a 59.79% increase in price. In addition, it announced the addition of two new US stock tokens: WU.M (Western Union Company) and RTX.M (RTX Corporation). Western Union is a cross-border remittance company headquartered in Denver, Colorado, while RTX is an aerospace and defense company;
On July 3, MyStonks announced that the stock token EYEN.M (Eyenovia) was officially renamed HYPD.M (Hyperion DeFi). At the same time, in order to support this brand adjustment, the stock token HYPD.M was temporarily suspended from trading;
On July 4, MyStonks announced a strategic partnership with Web3 social platform DeBox .
Bedrock (BR)
One sentence introduction:
Bedrock is a multi-asset liquidity re-staking protocol powered by a non-custodial solution designed in partnership with RockX. Bedrock leverages its universal standards to unlock liquidity and maximize value for PoS tokens such as ETH and IOTX, as well as existing liquid staking tokens called uniETH and uniIOTX.
Recent Updates:
On July 2, Bedrock announced a partnership with EchelonFi to launch a new lending market on its platform, allowing users to borrow with uniBTC, uniETH, and uniIOTX as collateral and earn up to 20% APY;
On July 3, Bedrock announced that the trading volume of its Bitcoin liquidity pledge token brBTC has exceeded $100 million. At the same time, Bedrock has launched a new BR trading event with a bonus pool of $100,000;
On July 4, Bedrock announced preliminary details of Airdrop Season 2, which plans to continue to reward active users with Bedrock Diamonds. The event will include tasks such as staking uniTokens, participating in DeFi protocols, referring friends, and holding Bedrock NFTs, and is expected to launch at the end of July;
On July 5, Bedrock announced that its uniETH now supports staking on the Arbitrum chain, and users can earn EigenLayer points, Bedrock Diamonds, and up to 8% staking rewards.
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