Stablecoins surpass $2 trillion, marking the official beginning of the era of the big integration between banks and DeFi.

What’s been happening in the crypto world this week? A one-sentence summary: Regulatory frameworks are being rolled out globally, banks are starting to tap into blockchain, and the real opportunities may not lie in tokenization itself but in the derivatives layer.

📊 Data speaks: stablecoins are no longer on the “fringe”

Monthly trading volume exceeds $2 trillion, what does this number indicate? It shows that stablecoins are no longer niche tools but have become part of the global payment infrastructure.

The current market landscape is very clear:

• Total Market Cap: $308.174 billion, weekly increase of $25.55 billion
• USDT dominance: Still firmly holding 60.20% market share, hard for other coins to shake
• USDC close behind: $77.641 billion, accounting for 25.19%, the only second-place contender worth watching

On-chain distribution is also interesting: Ethereum, though old, has the strongest capital inflow ($167.3 billion); Tron, low-key, has quietly accumulated $80.105 billion; Solana’s $156.16 billion may seem small, but its growth momentum is fierce.

What is the truth behind this? The network effect of the US dollar in the global financial system is strengthening. Although countries are shouting “de-dollarization,” when it comes to payments, they still have to use USD stablecoins. This is why governments are getting restless—they either issue their own stablecoins or get tied into the US dollar ecosystem.

🏛️ Major regulatory shift: from “ban” to “framework”

USA: FDIC begins drafting rules

The biggest news this week is FDIC announcing the release of a formal regulatory framework for stablecoins. This is not just news; it’s a historic turning point—US authorities are shifting from “we’re still studying” to “we’re setting rules.”

Under the GENIUS Act effective since July this year, the Federal Reserve oversees macro stability, OCC issues charters, and FDIC now has direct supervision over stablecoin issuers. They announced: The first application process document will be released this month, with detailed standards for capital, liquidity, and reserves to be introduced early 2026.

The key question: Will banks issue stablecoins or “tokenized deposits” in the future? They may look similar but are fundamentally different.

Stablecoins = open market, anyone can issue, 100% cash-backed, funds must be fully locked, banking leverage is directly eliminated. From a bank’s perspective, this is a nightmare—net interest margin (NIM) is squeezed to death.

Tokenized deposits = still bank-specific, liabilities of banks, can participate in credit creation, and earn interest. The only difference is that settlement speed is from T+1 to seconds. This is a defensive upgrade for banks, preserving their profitability.

So why do banks prefer tokenized deposits? Because they want to protect NIM. That’s the core logic—any digital reform for banks first questions: Will this cut my interest margin? If not, they’ll do it.

From a broader perspective, the US is building a three-layer architecture with these tools: the bottom layer uses tokenized deposits to support real-time settlement and liquidity management; the middle layer uses interbank shared ledgers for interoperability; the outer layer connects the open financial ecosystem via stablecoins. This is an attempt to “institutionalize DeFi.”

( Europe: joint issuance of digital currency

Ten major European banks (BNP Paribas, ING, UniCredit, etc.) have formed the Qivalis alliance, planning to launch a euro stablecoin in the second half of 2026.

It seems simple, but the implications are heavy: Europe cannot let the US dollar stablecoin dominate. Although the euro stablecoin market is currently only $67 million, this is a political issue, not a market one. The alliance aims to build on-chain payment infrastructure with 24/7 atomic settlement, without traditional correspondent banks or dispersed liquidity pools—directly challenging the US system.

) Asia’s three countries’ efforts

South Korea: Legislation must be submitted before January; they want a “localized stablecoin,” with banks holding over 50%. The underlying anxiety is clear—fear of being locked into the US dollar ecosystem.

Canada: Also regulating CAD stablecoins, aiming for 24/7 settlement to improve payment efficiency.

Israel: Running a dual-track approach—strict regulation of private stablecoins and promoting a digital shekel. A smart strategy—neither fully closed nor fully open.

A clear trend: Central banks worldwide are redefining “monetary sovereignty” through stablecoins. It’s not about banning but about holding the chokehold if you dare to issue.

🚀 The dark horse of RWA: synthetic derivatives are the future

This week Coinbase Ventures introduced a concept: “The Perpification of Everything.” This seemingly simple term represents the second growth curve in the RWA (Real-World Assets) space.

What is the first curve? Tokenization—moving assets onto the chain, turning them into NFTs, retaining ownership. Amundi did this week—the largest asset manager in Europe tokenized money market fund shares on Ethereum. It looks sexy but, honestly, it’s just moving existing systems elsewhere.

And the second curve? Synthetic derivatives. No need to truly tokenize assets; just bring the price information on-chain, allowing people to trade this price via perpetual contracts###Perps### directly.

Imagine: you don’t need to own Tesla stock or wait for custodians to move stocks on-chain; you can now leverage-trade Tesla prices on Injective or Hyperliquid with USDC. Apple, gold, even private company equity—anything.

Why is this critical?

1. Speed: No need to wait for legal asset definitions; markets can be established instantly.
2. Liquidity: 99% of traders don’t want to own assets—they want to bet on prices, volatility, and correlations.
3. Scale: The US OTC derivatives market trades over $10 trillion annually, now being moved onto the chain.

Data support: Hyperliquid already accounts for over 80% of on-chain Perps trading volume; Injective’s iAssets allow trading prices of Apple, Circle, Nvidia; Trove even added Pokémon cards into perpetual contracts.

More wild applications? A project called Ostium uses RWA Perps for cross-border investments—non-US investors wanting into US stocks face complex traditional paths (multiple clearing intermediaries, custodians, brokers, high costs, slow). Ostium directly transmits price signals via perpetual contracts to global investors, with full transparency, 24/7 trading, instant settlement, and self-custody in smart contracts. It’s a “double bypass” using technology and legal strategies, redefining brokerage models.

What are RWA derivatives essentially doing? Turning “price” into an infrastructure at the protocol layer, driven by crypto collateral, creating a global liquidity network that directly connects US market signals with global investor pools. It’s a blockchain-based re-architecture of the entire financial pricing system.

This also explains why the RWA market has grown nearly 300% this year—true opportunities lie not in “moving stocks on-chain” but in “using derivatives to enable anyone worldwide to trade any price.”

💰 Funding frenzy: who is betting

This week’s notable funding rounds:

• Ostium (RWA Perps): $240 million, led by General Catalyst and Jump Crypto. Trading volume already at $2.5 billion, directly threatening the CFD industry (traditional annual volume $10 trillion).

• Fin (formerly TipLink, founded by former Citadel employees): $170 million, led by Pantera, with Sequoia and Samsung Next participating. Focused on cross-border high-value transfers, supporting single transactions of tens of millions to hundreds of millions of USD. A direct replacement for SWIFT.

• Axis: $5 million, led by Galaxy Ventures. Building on-chain yield protocols, already in beta with $100 million deployed, achieving a Sharpe ratio of 4.9 through delta-neutral arbitrage. Bringing Wall Street hedge fund logic onto the chain.

• N3XT (former Signature Bank exec): $72 million, supported by Paradigm, HACK VC, and Winklevoss Capital. This is a “narrow bank” model—full reserves, 24/7 atomic settlement, automated via smart contracts. Redefining banking.

Why do these funding rounds point in the same direction? Because the entire industry is working on a big project: rebuilding financial infrastructure on blockchain, replacing banks, clearing, derivatives, and investment across the entire chain.

🌍 New applications: from tools to infrastructure

A final, often overlooked but crucial trend: stablecoins and blockchain infrastructure are beginning to enter scenarios requiring the highest “trust.”

Case of Cobo and Hong Kong Red Cross: Fire rescue in Taipo, using a specially developed blockchain charity wallet supporting 13 chains and multiple assets. All transaction fees borne by Cobo, ensuring 100% of donations go directly to disaster relief. So far, HKD 2.32 million raised, fully traceable on-chain.

Circle’s charitable fund: 1% equity pledge, with initial funds invested in US community development financial institutions(CDFIs), focusing on small business financing and financial inclusion. Already used USDC for humanitarian aid in Ukraine and Venezuela.

What does this mean? Upgrading from payment tools to social infrastructure. No longer just “making money with stablecoins,” but “using stablecoins and on-chain transparency to solve trust issues.” This institutional adoption will, in turn, drive compliance and stability across the ecosystem.

Conclusion: two certain trends

1. Regulatory frameworks formalize = stablecoins move from gray areas to institutionalization. Countries are competing for narrative dominance, but the direction is clear: if you want to issue, you must accept strict regulation.

2. RWA derivatives explode = real growth is not in tokenized ownership but in creating a global liquidity network through derivatives. This is moving a market with annual trading volume in the trillions of dollars.

Others are details. The key point: banks, central banks, and institutional investors are starting to take this seriously. From “ban” to “participate,” this shift is happening much faster than most expect.