Original | Odaily Planet Daily ( @OdailyChina )
Author | Ethan ( @ethanzhang_web3 )
RWA Sector Market Performance
According to the latest data from RWA.xyz, as of July 22, 2025, the total value of RWA on the chain is $25.49 billion, a slight correction of $20 million from $25.51 billion on July 15, a weekly decline of 0.08%, and the overall high sideways trend. Despite the slight decline in market value, the activity of the on-chain ecosystem has continued to increase, with the total number of asset holders increasing from 310,566 to 319,480, a weekly increase of more than 9,000, an increase of 2.88%. The number of asset issuers increased from 251 to 256, with 5 new issuers added in a week, maintaining steady growth. In terms of stablecoins, the total value of stablecoins increased from $243.73 billion to $247.72 billion, an increase of 1.64%; the number of holders increased from 171.60 million to 172.94 million, an increase of 0.78%.
From the perspective of asset structure, private credit rose again this week, from $14.9 billion to $15.2 billion, a weekly increase of $300 million, and continued to play a core role in on-chain asset allocation. U.S. Treasury bonds retreated slightly, from $7.5 billion to $7 billion, which may be affected by factors such as adjustments in market expectations for short-term interest rates. Commodity assets rose to $1.7 billion, the first increase in three consecutive weeks, and the market once again paid attention to inflation hedging or bulk assets. Institutional alternative funds increased to $770.7 million, a weekly increase of more than $70 million, and institutions increased their demand for diversified allocations.
What is the trend (compared to last week )?
This week, the overall RWA market continued the trend of high sideways + structural adjustment. The number of on-chain users and asset issuers continued to rise, and the trend of ecological expansion remained unchanged. Although the total market value fell slightly, it did not affect the enthusiasm of market participation. Structurally, funds continued to flow back to private credit and alternative assets, and investors remained optimistic about high-yield assets and had stable allocation confidence. However, there was a phased reduction in U.S. Treasury assets, and the markets risk aversion sentiment eased, or a new judgment was formed on the future interest rate path. Alternative assets performed well, growing by more than 10% this week. The diversified allocation of structured assets is no longer limited to traditional credit or bond logic. Institutional funds are becoming more accepting of non-standard products that have both stable returns and risk control capabilities.
In general, in late July 2025, the RWA market is in the stage of structural consolidation + accelerated differentiation, and the asset structure continues to move towards diversification and high quality. Although the total market value has not seen a breakthrough, the on-chain user base and protocol expansion provide strong support. It is expected that there will still be a large space for structural upgrades and innovations in the future. Investors are advised to pay close attention to on-chain credit assets and non-standard products, and maintain configuration flexibility and judgment in a dynamic market.
Review of key events
Trump signs GENIUS Act, the first federal regulatory framework for stablecoins in the United States
US President Trump has officially signed the GENIUS Act, marking the first federal regulation on crypto assets. The Act requires that stablecoins must be 100% reserved in US dollars or equivalent liquid assets, and that issuers with a market value of more than US$50 billion be subject to annual audits, while also setting regulatory guidelines for overseas issuance. Executives from Circle, Tether, Coinbase and others attended the signing ceremony, and Trump said the move would establish the United States dominance in global finance and crypto technology.
U.S. House of Representatives passes three cryptocurrency bills
On Thursday local time, the U.S. House of Representatives passed three cryptocurrency-related legislations, namely the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act. The CLARITY Act and the Anti-CBDC Surveillance State Act will be sent to the Senate for deliberation. The GENIUS Act is expected to be signed into law by Trump on Friday local time.
Citigroup CEO: Citigroup is exploring the possibility of issuing stablecoins
Citibank CEO Jane Fraser confirmed in the second quarter earnings call that the bank is evaluating the feasibility of issuing Citi Stablecoin. Although the current focus is still on tokenized deposits, Fraser emphasized that stablecoins, crypto custody and fiat-crypto conversion will be important components of Citis digital financial strategy.
She said that digital assets represent the next stage of digitalization of payments, financing and liquidity, and Citi will meet the needs of corporate clients through stablecoin reserve management, cross-border solutions and built-in compliance tools. Citis research team expects that the stablecoin market size is expected to grow to US$3.7 trillion by 2030.
Ondo Finance announces acquisition of blockchain development firm Strangelove
Ondo Finance announced the acquisition of blockchain development company Strangelove. The specific acquisition price has not been disclosed. The acquisition will expand Ondo’s engineering and product capabilities, enabling it to develop the infrastructure to put RWA on the chain.
BSGM plans to acquire a licensed brokerage firm and develop Nasdaq-compliant RWA token business
BioSig Technologies (NASDAQ: BSGM) announced that its consolidated subsidiary Streamex has commissioned compliance services agency CXG to lead the acquisition of a U.S. licensed broker-dealer registered with FINRA/SEC to promote the implementation of compliant RWA business in the public market.
The acquisition will make Streamex one of the first RWA token issuers with SEC/FINRA compliance qualifications and listed on Nasdaq, with the initial goal of issuing compliant tokens backed by physical gold to serve institutional and retail investors.
Streamex is building an RWA commodity market platform based on Solana, plans to denominate its balance sheet with physical gold in the vault, and explore other commodity tokenization opportunities, intending to build a bridge between traditional finance and blockchain.
Figure Technology Solutions and Figure Markets announced their official merger and will jointly build a capital market platform with blockchain as the core, connecting consumer credit and asset tokenization transactions. The merged company will continue to use the name Figure Technology Solutions, integrate its more than 70% market share in the RWA field, and is committed to expanding market opportunities of more than $130 billion.
Through its two core businesses, Figure Connect and Democratized Prime, the company has achieved on-chain asset standardization and circulation in multiple directions, including home equity loans, mortgage loans, and crypto asset lending. Its latest on-chain mortgage ABS (FIGRE 2025-HE 3) received an SP AAA rating, the first in blockchain finance. The merger will accelerate the implementation of Figures RWA infrastructure based on the Provenance blockchain and promote the transition of traditional finance to the DeFi ecosystem. The companys CEO Michael Tannenbaum said that Figure has the first-mover advantage in technology and team, and is in a critical window period for reshaping the underlying structure of the financial market.
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.
Latest News:
On July 17, MyStonks officially announced the completion of its integration with OKX Wallet , and the two parties reached a strategic cooperation.
On July 21, MyStonks announced a deep strategic partnership with BIT, a global professional digital asset trading platform .
PicWe Global (WEUSD)
One sentence introduction:
PicWe Global is a DeFi protocol focused on RWA, dedicated to transforming traditional financial assets such as US stocks and US bonds into tradable digital tokens through blockchain technology. Its core product is the native stablecoin WEUSD, which supports users to mint, redeem and transfer assets across multiple blockchains (such as BNB Chain, Arbitrum, Base Chain, Movement, etc.), providing a high-liquidity, low-cost investment channel. PicWe Global optimizes the cross-chain ecosystem through a bridgeless CATM architecture, reduces liquidity fragmentation and operating costs, and uses state channel technology to seamlessly connect the liquidity pools of CEX and DEX to improve market efficiency.
Previous news:
On June 9, PicWe officially announced in a tweet that its protocol has been integrated into BNB Chain and launched a new cross-chain infrastructure, PicWe Infra, which allows users to transfer assets on Movement, Base or Arbitrum to BNB Chain within 3 minutes. In the future, it will also support direct exchange of assets between any chain and BNB Chain, and all cross-chain operations are driven by PicWes bridgeless full-chain engine.
From July 12 to 14, according to official news from PicWe, its decentralized protocol has now been deployed to HashKey Chain and Plume Network .
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