Report No. 34: Stablecoins surpass $300 billion USD, RWA enters a new derivatives phase

Welcome to Market News No. 34. This week, the stablecoin and digital asset ecosystem continue to record significant milestones.

Key Insights

Stablecoin Market Reaches New Heights

Total market capitalization of stablecoins reaches $308.174 billion USD, an increase of $25.55 billion compared to last week. The market structure remains dominated by USDT (60.20% market share), with USDC maintaining second place at $77.641 billion USD (25.19%).

Monthly trading volume has surpassed $2 trillion USD, reflecting the growing appeal of stablecoins within the financial system. This network effect has attracted attention from central banks and global regulators.

Prominent Blockchain Networks

Ethereum leads in stablecoin market size with $167.3 billion USD. Tron ranks second ($80.105 billion USD), while Solana accelerates with $15.616 billion USD.

The new-generation stablecoin group is experiencing strong growth: USDD (+27.51%), Frax (+16.04%), and crvUSD (+15.91%) top this week’s list.

The Future Digital Currency Architecture

FDIC Shapes On-Chain Banking Rules

The US Federal Deposit Insurance Corporation (FDIC) has announced plans to develop the first regulatory framework for tokenized deposits and stablecoins issued by licensed banks. This signals that the US supervisory system views blockchain technology as an integral part of the financial infrastructure.

The core difference between these two types lies in their accounting nature. Stablecoins are open-loop assets — issued by any organization, freely circulating on public chains, requiring 100% high-liquidity reserve assets. Tokenized deposits, on the other hand, are insured liabilities — only licensed banks can issue them, still on balance sheets, and involved in credit creation processes.

From a banking perspective, this choice is not accidental. Stablecoins weaken net interest margins (NIM) but expand global payment networks. Tokenized deposits protect traditional profit models, merely modernizing technological layers. This dual strategy allows banks to preserve core profit structures while building bridges to the open financial ecosystem.

Guidance documents for licensing are expected to be released this month, with capital and liquidity standards phased in by early 2026.

A Three-Layer System Is Emerging

The future architecture may include:

• Inner layer: tokenized deposits supporting instant payments
• Middle layer: shared ledger linking banks
• Outer layer: stablecoins connecting the decentralized world

Real Assets Developing a Derivative Layer

From Tokenization to Price Access Rights

Major European asset regulators have recently moved assets onto blockchain, signaling a broad shift. But the real driver is not just asset tokenization, but the derivative structures built around them.

Perpetual contracts (perpetual futures) allow traders to access prices without owning the underlying assets. This gap is crucial because it shifts the market focus from “which assets can be on-chain?” to “which prices can be traded?” Tesla, oil, credit spreads, inflation expectations — all can become programmable financial tools.

Last year, trading volume of perpetual contracts exceeded $58 trillion USD, three times the spot trading volume. The market is shifting toward real assets.

Advantages of This Structure

First: speed. No need for custody or waiting for legal definitions, markets can form before assets go on-chain.

Second: financial expression. Most users prefer to speculate on trends and correlations rather than own assets.

Third: crossing geographical boundaries. New projects like Ostium recently raised $24 million USD to provide access to perpetual contracts for investors outside the US, avoiding traditional cross-border payment complexities. All processes occur on-chain 24/7 with instant settlement.

Global Movements

Europe Builds Its Own Euro System

A coalition of 10 leading European banks has established Qivalis, planning to issue a MiCA-compliant euro stablecoin in the second half of 2026. The goal is to address cross-border payment fragmentation within the current SEPA system.

South Korea Focuses on Monetary Sovereignty

The government requires submission of a stablecoin bill draft by 10/12, with potential approval from January next year. The new approach emphasizes a bank-led issuance consortium, aiming to maintain control and balance the dominance of USD stablecoins.

Canada and Israel Follow Suit

Canada is pushing legislation for a CAD stablecoin to integrate into North American payment infrastructure. Israel is combining private stablecoin oversight with plans for a digital shekel, establishing a dual-track strategy for the future of digital currency.

UK Recognizes Digital Assets

King Charles III approved the Digital Asset Act (Tài sản số) in 2025, establishing bitcoin and stablecoins as independent asset classes with clear ownership rights. This move lays a legal foundation for large-scale compliant applications.

New Business Initiatives

Programmable Payments

N3XT, founded by former traditional banking leaders, has raised $72 million USD to provide programmable USD payments on blockchain. fintech Unlimit’s Stable.com integrates stablecoin payments with fiat withdrawals to over 150 countries. Fintech firm completed a $17 million USD funding round to develop cross-border payment applications with high value.

On-Chain Profits

Axis raised $5 million USD to develop a stable yield protocol for USD, bitcoin, and gold. Plume brings institutional-grade RWA yields to other networks.

Core Asset Tokenization

Startale issued USD stablecoin for Sony’s Soneium ecosystem. Visa expands stablecoin payment channels into Eastern Europe, West Asia, and Africa. Uniswap integrates Revolut’s financial app, allowing users in 28 countries to buy crypto directly from bank balances.

Philanthropy and Inclusive Finance

Cobo partnered with the Hong Kong Red Cross to activate a compliant blockchain wallet for large-scale fire relief in Tai Po, raising HKD 2.32 million with full transparency.

Circle established a charity fund committed to “1% equity,” focusing on microfinance and community lending organizations in the US.

These initiatives demonstrate that stablecoins and blockchain are shifting from mere trading tools to layers of infrastructure for inclusive finance.

Strategic Trends

Through Issue No. 34, three dominant trends emerge:

1. Institutionalization of DeFi — Central banks and regulators are shaping rules for stablecoins and tokenized deposits, shifting from suppression to active management.

2. Derivatives of Real Assets — Perpetual contracts do not require asset tokenization but only price access, expanding payment frontiers.

3. Social Applications — Blockchain is reaching scenarios demanding the highest trust: philanthropy, inclusive finance, cross-border payments.

Stablecoins are no longer fringe phenomena but core components of the digital financial transformation.