RWA Weekly: NYSE announces it is developing a tokenized securities platform; Hong Kong is expected to issue its first stablecoin licenses this year

Highlights of this Issue

The weekly report covers the period from January 17, 2026, to January 23, 2026.

This week, the total on-chain RWA market cap remains steady at $22.59 billion, with holders surpassing 640,000. Growth is still driven by user expansion; stablecoin total market cap slightly decreased to $296.19 billion, while monthly transfer volume surged to $8.99 trillion, with a turnover rate jumping to 30.3 times. The market has entered a high-turnover phase of existing assets, with new capital inflow slowing down.

On the regulatory front, Hong Kong is expected to issue its first stablecoin licenses later this year, with clear support for digital RMB smart contract technology. Institutionally, NYSE announced development of a tokenized securities platform, and F/m Investments applied to the SEC for a pilot of tokenized shares, indicating mainstream exchanges and asset managers are actively bringing traditional assets onto the chain.

At the project level, Ondo Finance is expanding tokenized stocks and ETFs to Solana; RedStone acquired Security Token Market to strengthen RWA data infrastructure; Superstate completed a large funding round to build an on-chain issuance layer. Payment scenarios continue to deepen, with companies like Argentina’s Pomelo advancing stablecoin credit card deployment.

Overall, under traditional financial dominance, the market is shifting from user expansion to balancing efficiency and scale. The stablecoin market shows a complex picture of high-frequency settlement and active ecosystem fundamentals.

Data Insights

RWA Track Panorama

According to the latest data from RWA.xyz, as of January 23, 2026, the total on-chain RWA market cap reached $22.59 billion, a 7.58% increase compared to the previous month, with steady growth; the total asset holders increased to approximately 646,100, up 8.36% month-over-month.

The growth rate of asset holders exceeds that of asset scale, indicating the market remains in the “user expansion-driven” stage.

Stablecoin Market

The total stablecoin market cap contracted slightly to $296.19 billion, a decrease of 0.66% compared to the previous month, reflecting a drying up of new capital inflows or potential net outflows; monthly transfer volume soared to $8.99 trillion, a 47.82% increase from the previous month, with the turnover rate (transfer volume/market cap) sharply rising to 30.3 times, highlighting stablecoins’ high liquidity advantage.

Total active addresses increased to 46.39 million, up 4.57% MoM; total holders reached 223 million, up 5.09% MoM, continuing to expand the user base.

Data indicates the market has entered a “normalization stage of stock competition,” with the divergence of shrinking market cap and soaring turnover rate suggesting funds may be “rotating” within the system via high leverage, derivatives collateralization, or arbitrage strategies, rather than for ecosystem expansion.

Top stablecoins are USDT, USDC, and USDS, with USDT market cap down slightly by 0.04% MoM; USDC slightly decreased by 0.01%; USDS slightly increased by 0.11%.

Regulatory News

Cheng Maobo: Hong Kong Expected to Issue First Stablecoin Licenses Later This Year

Hong Kong Financial Secretary Paul Chan Mo-po stated at the Davos Forum that Hong Kong will issue its first stablecoin licenses later this year, implementing the principle of “same activity, same risk, same regulation,” to promote digital asset development prudently. Licenses have already been issued to 11 virtual asset trading platforms, and three batches of tokenized green bonds totaling about $2.1 billion have been issued. He emphasized that digital assets can improve financial efficiency and risk management, and are key to integrating实体经济与科技。

Local Developments

Caixin: Digital RMB Smart Contract Development Supports Fully Turing-Complete Languages like Ethereum’s Solidity

According to Caixin, a technical insider familiar with digital RMB revealed that the smart contracts based on the account system of digital RMB are essentially “condition-triggered automatic execution codes,” similar to smart contracts on public blockchains, with the main difference being whether they are fully Turing-complete. Digital RMB’s account-based smart contracts are limited Turing-complete, strictly restricted within the templates approved by the central bank, supporting only predefined, simple condition-triggered functions mainly for security and risk control reasons. The development of digital RMB smart contracts supports multiple programming languages, including Ethereum’s Solidity and other fully Turing-complete languages. Technically, this is feasible, but designing a standard access and audit mechanism acceptable to the financial system remains the core challenge.

KuCoin and Jinjun Services Reach Investment Intent, Plan to Promote an Integrated Gold Industry Platform with Hong Kong Gold Exchange

KuCoin announced today that it has reached an equity investment intent with Jinjun Services Ltd., supporting its deep cooperation with the Hong Kong Gold Exchange (HKGX) to jointly promote the construction of a comprehensive gold industry chain platform integrating trading, settlement, storage, and related management functions.

Against the backdrop of accelerated upgrades in Hong Kong’s gold market, this cooperation aims to enhance cross-regional circulation and coordination efficiency through technological and systemic integration. This strategic investment reflects KuCoin’s ongoing exploration in financial infrastructure, promoting the integration of digital technology with the physical gold industry to build a more efficient and transparent gold ecosystem.

Project Progress

Bhutan to Run Sei Network Validator Nodes, Exploring Payment and Tokenization Cooperation

According to Cointelegraph, Bhutan’s sovereign wealth fund Druk Holding and Investments (DHI) will deploy and operate Sei Network validator nodes in Q1 2026 in partnership with Sei Development Foundation as part of its digital transformation. DHI officials said future cooperation may include payments, tokenization, and digital identity. Bhutan has already provided about 800,000 residents with an Ethereum-based autonomous identity system and accumulated approximately 11,286 BTC through Bitcoin mining for national projects including Gelephu Mindfulness City.

NYSE Announces Development of Tokenized Securities Platform

According to Businesswire, NYSE announced it is developing a tokenized securities trading and on-chain settlement platform, seeking regulatory approval. The platform will support tokenized trading experiences, including 24/7 operation, real-time settlement, USD-denominated orders, and stablecoin-based financing. It combines NYSE’s Pillar matching engine with a blockchain-based post-trade system, supporting multi-chain settlement and custody.

Upon approval, the platform will provide NYSE with a new trading venue supporting tokenized stocks interchangeable with traditional securities and native digital securities tokens. Tokenized shareholders will enjoy traditional dividends and governance rights. The design complies with market structure principles and will be distributed through non-discriminatory channels to all qualified broker-dealers.

F/m Investments Applies to SEC for Tokenized Shares Pilot

According to Bloomberg, F/m Investments has applied to the U.S. SEC for an exemption to record its $6.3 billion 3-month U.S. Treasury ETF (ticker: TBIL) on a blockchain, serving as a testbed for traditional asset tokenization. The application does not alter the ETF’s holdings or trading methods, only registering shares on-chain in the backend, ensuring consistency with existing shares in fees, rights, and disclosures. If approved, this case could be a key test for integrating blockchain technology into the U.S. asset management system.

Nomura-Supported Laser Digital Launches Tokenized Bitcoin Yield Fund

According to CoinDesk, Laser Digital, a crypto trading firm under Nomura, launched a tokenized Bitcoin yield fund. The fund aims to generate long-term returns through market-neutral arbitrage, lending, and options strategies, targeting over 5% net return exceeding Bitcoin spot performance over rolling 12 months.

The fund will be tokenized via professional issuer KAIO and custodied by a joint venture of Nomura, CoinShares, and Ledger’s Komainu. It is open only to qualified investors in certain jurisdictions (excluding the U.S.), with a minimum subscription of $250,000 or equivalent in Bitcoin.

Jupiter to Explore More Stablecoin Use Cases, JupUSD Focuses on Security, Inclusiveness, and Transparency

Solana ecosystem DEX Jupiter posted on X that the launch of stablecoin JupUSD is driven by concerns for security, inclusiveness, and transparency. JupUSD remains in early development stages and will continue to be developed within the project and ecosystem:

1. JupUSD will actively return native treasury yields to the ecosystem;
2. JupUSD reserves are supported by 90% BlackRock BUIDL Fund and 10% USDC;
3. Providing JupUSD on Jupiter Lend can earn treasury yields;
4. Interest-bearing assets jlJupUSD and JLP can be used as core composable trading tokens and DeFi modules;
5. Jupiter will seek more stablecoin use cases, integrations, and partnerships to enhance JupUSD.

Ondo Finance Extends Tokenized US Stocks and ETFs to Solana

According to CoinDesk, Ondo Finance announced expanding its tokenized stocks and ETFs to the Solana blockchain, bringing over 200 tokenized US stocks and ETFs to the network, further extending its Ondo Global Markets platform beyond Ethereum and BNB Chain.

RedStone Acquires Data Platform Security Token Market to Accelerate Adoption of Tokenized Assets

According to Cryptobriefing, oracle provider RedStone has acquired digital asset data platform Security Token Market(STM.co) and its flagship conference TokenizeThis to accelerate real-world asset tokenization and expand influence in the US and institutional markets.

Founded in 2018, STM operates the world’s largest tokenized RWA database, tracking over 800 on-chain stocks, real estate, debt instruments, and funds, with a total market cap exceeding $60 billion. Its annual conference TokenizeThis gathers banks, asset managers, regulators, issuers, and blockchain leaders to discuss asset tokenization in traditional and decentralized finance.

USD.AI Approves Up to $500 Million GPU Financing Line for Sharon AI

According to USD.AI’s official announcement, USD.AI approved providing up to $500 million in asset-backed, non-recourse debt to Australian AI computing power provider Sharon AI, using on-chain credit systems and stablecoin liquidity for GPU deployment financing. Early deployment is expected in Q1 2026, with an initial tranche of about $65 million.

Tokenization Startup Cork Completes $5.5 Million Seed Round, Led by a16z and CSX

According to The Block, startup Cork announced completing a $5.5 million seed round led by Andreessen Horowitz (a16z), CSX, and Road Capital, with participation from 432 Ventures, BitGo Ventures, Cooley, DEPO Ventures, Funfair Ventures, G20 Group, Gate Labs, Hyperithm Gate, IDEO Ventures, PEER VC, Stake Capital, and WAGMI Ventures.

Cork aims to build a “programmable risk layer,” making implicit risks in real-world assets transparent and tradable via tokenization. Its infrastructure allows asset managers and issuers to create customized swap markets, improving redemption liquidity, risk transparency, and market confidence of on-chain assets. The tool can also assess risks of stablecoins, staked tokens, and other crypto-native products. The team plans to launch its first production-grade risk markets in the coming months and expand collaborations with treasuries and asset issuers.

Superstate, a Fintech and Asset Tokenization Company, Completes $82.5 Million Series B

According to Cointelegraph, Superstate, a fintech and asset tokenization firm, announced closing an $82.5 million Series B funding round led by Bain Capital Crypto and Distributed Global, with participation from Haun Ventures, Brevan Howard Digital, Galaxy Digital, Bullish, ParaFi, and others. The company plans to use the funds to build a comprehensive on-chain issuance layer on Ethereum and Solana for issuing and trading SEC-registered stocks, aiming to make fundraising and listing more efficient via blockchain.

Superstate currently manages over $1.23 billion in assets and operates two tokenized funds. As an SEC-registered transfer agent, it supports direct issuance and sale of digital stocks on public blockchains by listed companies through its “Opening Bell” platform by late 2025, managing issuance, settlement, and ownership records in real time.

Argentine Payment Startup Pomelo Completes $55 Million Series C, Launches Stablecoin Credit Card

According to Bloomberg, Argentina-based fintech Pomelo completed a $55 million Series C led by Kaszek and Insight Partners, aiming to deepen its Latin American presence and expand globally. Funds will be used to grow its credit card payment processing in Mexico and Brazil, and to launch a global credit card settled in USDC stablecoin. Pomelo also plans to develop cross-border real-time and smart agent payment systems serving traditional banks and large international clients, with partners including Visa, Mastercard, Binance, Western Union, among others.

River Completes $12 Million Strategic Funding, Backed by Maelstrom Fund, The Spartan Group, and Others

River announced the completion of a $12 million strategic funding round, with investors including Tron DAO, Justin Sun, Maelstrom Fund founded by Arthur Hayes, The Spartan Group, and several Nasdaq-listed US and European companies. The funding will support River’s expansion into EVM and non-EVM ecosystems, including networks like TRON and Sui, and continue building on-chain liquidity infrastructure.

Insights Highlights

Fortune: Post-Genius Act, Stablecoins May Trigger Remittance Market Changes, Traditional Giants and Crypto Firms Compete Intensively

Fortune magazine reports that the Genius Act, effective July 2025, has begun impacting the $900 billion remittance market, with increased competition between crypto companies and traditional remittance firms like Western Union and MoneyGram. Deutsche Bank senior stock analyst Nate Svensson believes traditional remittance firms still hold advantages, especially with established global regulatory frameworks. Wharton finance professor Jessica Wachter notes that crypto-native firms can leverage stablecoin advantages flexibly, but when combining stablecoins with existing fiat remittance systems, they risk “competing with themselves.”

NYSE’s On-Chain Attack: Is the Tokenized Securities “Final Battle” Coming?

PANews overview: The world’s largest stock exchange, NYSE, announced it is developing an independent tokenized securities trading and settlement platform, marking a deep “surprise attack” by traditional financial giants and potentially shaping the future landscape of asset tokenization.

The platform adopts a “high-performance matching engine + on-chain final settlement” hybrid architecture, aiming to enable stock “fragmentation,” support 24/7 trading, and instant atomic settlement, greatly improving capital efficiency and retail accessibility.

This move not only sparks a “arms race” with Nasdaq and other global exchanges’ digital initiatives but also could have profound impacts on the crypto ecosystem: providing unprecedented mainstream regulatory certainty and institutional trust for tokenized assets; meanwhile, siphoning funds and users from crypto markets, forcing native crypto projects to transform, and fostering a new generation of “dual-competent” liquidity providers integrating traditional market makers and DeFi protocols.

It signals an irreversible “code-level” restructuring of the financial system’s core logic, with asset tokenization shifting from fringe innovation to a mainstream financial infrastructure battleground.

While Wall Street Debates, Digital RMB Starts “Paying” Users

PANews overview: Starting January 1, 2026, digital RMB has begun “paying interest” to users. Funds stored in one- to three-type real-name wallets can earn interest at a current account rate (example cited as 0.05%), providing a new reason for people to leave idle money inside. Its role has shifted from a pure cash (M0) to a broader monetary base (M1), enabling banks to utilize some funds for business activities and thus promoting its adoption. Additionally, leveraging programmable smart contracts, digital RMB can implement more complex financial functions like installment payments and restricted spending, and supports dual offline payments to suit various scenarios. Although the interest rate is low and its usage scope is still narrower than Alipay and WeChat Pay, backed by state credit security and expanding cross-border payment applications, digital RMB aims to evolve from a policy-driven tool into a more attractive and practical digital financial infrastructure.