Original | Odaily Planet Daily ( @OdailyChina )
Author | Ethan ( @ethanzhang_web3 )
RWA Sector Market Performance
According to the latest data from RWA.xyz, as of June 10, 2025, the total value of RWA on the chain is $23.14 billion, a slight decline of 0.39% from $23.23 billion on June 3. Despite the slight adjustment in the market value, the activity on the chain has increased significantly, and the number of asset holders has jumped from 113,670 to 167,437, an increase of 47.3%. The number of asset issuances increased from 193 to 194, maintaining a slow growth; the total value of stablecoins rose to $237.49 billion, up 0.71% from last week, and the number of holders also increased to 166.63 million, up 0.73%.
In terms of asset classes, private credit fell slightly to $13.3 billion this week, down $100 million from last week, but still accounted for the largest share and maintained an absolute dominant position in the current RWA structure. U.S. Treasuries continued to remain stable at $7.3 billion this week, indicating that its market recognition as a defensive asset remains solid.
Commodity assets remained at $1.5 billion for the third consecutive week, with minimal fluctuations, indicating that their allocation ratio has stabilized. Institutional alternative funds increased from $527.8 million last week to $529.7 million. Although the increase was not large, it continued the moderate upward trend. It is worth noting that stock assets continued to grow to $340.2 million this week, up 7.2% from last week, indicating that the markets attention and confidence in on-chain securities assets are gradually increasing.
What is the trend (compared to last week )?
The asset structure remained stable, and user participation increased significantly : the biggest change this week was not the market value itself, but the significant increase in the number of asset holders, indicating that the platforms user base has expanded rapidly, which may be related to the launch of new assets, user incentives or the recovery of market sentiment; private credit assets have slightly adjusted back, and the growth momentum has slowed down : although it still ranks first, the amount has declined, which may indicate short-term fund diversion or a phased adjustment in risk preferences; U.S. Treasury assets continue to rise steadily: in the current market environment, its stable performance has a ballast effect on the asset structure; the allocation of commodities, alternative funds, etc. has maintained a small increase, and the overall assets are still conservative bottom-position assets. Investors attention to these low-volatility assets continues, indicating an enhanced awareness of diversified allocation.
In summary, unlike the previous stable growth, this weeks RWA on-chain assets maintained a stable and adjusted structure: the total market value slightly decreased but the participation rate surged, the main structure remained unchanged but asset rotation began to emerge . Private credit remained strong as a high-yield asset, but short-term fluctuations may have potential diversion; stable assets such as US Treasury bonds and alternative funds continued to rise steadily, providing a safety cushion for the investment portfolio.
Review of key events
The US Stablecoin GENIUS Act triggered a fierce game between the two parties
The GENIUS Act, a stablecoin bill that the U.S. Senate is about to vote on, has triggered a fierce game between the two parties. The legislative controversy disclosed on June 6 showed that the bill could reshape the $250 billion stablecoin market, but it was strongly opposed by people such as Republican Senator Josh Hawley of Missouri, who believed that it would give technology giants too much financial control. Hawley accused the bill of giving a green light to technology companies such as Meta to issue stablecoins in disguise, and the amendment he submitted required non-financial listed companies to be approved by the newly established Stablecoin Certification Review Committee. Although some provisions were adopted, he criticized the final version for weakening key regulatory constraints. The Democratic Party is worried that the bill may provide regulatory arbitrage space for private companies such as Musks X Money, and plans to propose an amendment to prohibit technology companies from issuing stablecoins.
Circles opening gain expanded to 186%, triggering the circuit breaker again
Stablecoin issuer Circle Internet Group and its shareholders selling shares raised nearly $1.1 billion in an initial public offering (IPO), after which the companys stock price soared 186% at the opening, triggering circuit breakers twice. Circle became one of the few pure cryptocurrency companies listed in the United States, including Coinbase, Mara Holdings and Riot Platforms. This is the companys second attempt to go public. Previously, its merger plan with a special purpose acquisition company failed due to regulatory challenges in late 2022. The cryptocurrency industry is gaining new political support under the friendly attitude of the US government. In particular, the stablecoin field has been accelerating due to expectations that Congress will pass stablecoin-related legislation this summer. Wall Street analysts say the stablecoin market could grow 10 times in the next five years, creating a trillion-dollar market opportunity.
Hong Kong Government: Stablecoin Ordinance will take effect on August 1, 2025
The Hong Kong SAR Government published the Stablecoin Ordinance (Effective Date) Notice in the Gazette on June 6, designating August 1, 2025 as the date on which the Stablecoin Ordinance (Cap. 656) (the Ordinance) will come into effect. The Secretary for Financial Services and the Treasury, Mr. Christopher Hui, said: After the Ordinance comes into effect, the licensing system will provide appropriate regulations for relevant stablecoin activities and will be a milestone in promoting the sustainable development of Hong Kongs stablecoin and digital asset ecosystem.
Alternative amendment to the US CLARITY Act has been released
According to crypto journalist Eleanor Terrett, an alternative amendment to the CLARITY Act, the US digital asset market clarity bill, has been released. The alternative amendment is an updated version of the submitted bill, incorporating recent amendments and additions. The text will serve as the basis for the Republicans (reviewing amendments) of the US House Financial Services Committee on Tuesday (June 10).
According to official news, Plume Network announced the launch of its public mainnet Plume Genesis on June 5. Plume Genesis brings on-chain RWAs including Superstate, Blackstone, and Invesco, with more than $150 million in RWA capital deployed in various use cases; it has sufficient liquidity in multiple asset classes; and more than 200 projects have been announced in its ecosystem. The ecosystem includes a large number of RWA native and blue-chip DeFi applications such as Morpho, Curve, Orderly, Matrixdock, Lorenzo, Rooster, Solera, and Mystic.
Plume is focused on bringing RWA to the chain, and the network is committed to carrying more than $4 billion in assets.
In the future, Plume will introduce multiple asset classes and RWAfi use cases to its ecosystem, including tokenized art, precious metals, motorcycles, uranium, and trading cards, thereby broadening the scope of application of RWA’s on-chain utility.
Hot Project Dynamics
Bedrock (BR)
Official website: https://www.bedrock.technology/
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 maximum value for PoS tokens such as ETH and IOTX, as well as existing liquid staking tokens called uniETH and uniIOTX.
Latest News:
On June 4, Bedrock announced that its BR/BNB PancakeSwap V3 liquidity pool has been included in the Binance Alpha Earn Hub of OKX Wallet, providing an income opportunity of up to 134% APR. Users can earn rewards and receive Alpha Points (OKX Incentive Program) by participating in the pool.
On June 9, Bedrock partnered with WLFI to launch the USD1 /BR liquidity pool on PancakeSwap , providing users with the opportunity to earn farming income with stablecoins USD1 and BR.
Usual (USUAL)
Official website: https://usual.money/
One sentence introduction:
Usual is a decentralized stablecoin protocol that aims to create a fair, community-driven financial ecosystem through tokenized real assets (RWA). Its core goal is to transform the centralized profit model of traditional stablecoins (such as USDT) into a user-owned and governed model, redistributing value and control to the community through its stablecoin products USD0 and USD 0++, as well as the governance token USUAL. The project combines the stability of real assets with the composability of DeFi, and is committed to providing users with secure, transparent and high-yield financial tools.
Recent Updates:
On June 5, Usual released its 2025-2026 roadmap , announcing its transformation from a single yield-based stablecoin protocol ( USD0 ) to a “revenue-sharing, composable financial layer.”
On June 9, Usual submitted the UIP-8 governance proposal , suggesting that Lidos wstETH be used as the first collateral for ETH0 , which was regarded by the community as a key step for Usual to expand into synthetic assets.
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