Phemex RWA Weekly: The RWA market hits $35.83 billion following Kyrgyzstan’s launch of USDKG

Key Highlights

The tokenized real-world asset (RWA) market has surged to an impressive $35.83 billion, reflecting a 6.79% increase over the past 30 days. This growth demonstrates rising interest from both institutional and individual investors in digitizing traditional assets on the blockchain. The market now counts 531,561 holders—up 11.66% from last month—and 245 issuers, an increase of 13, signaling significant expansion in scale and ecosystem reach.

The BlackRock USD Institutional Digital Liquidity Fund (BUIDL) remains the market leader with a total value of $2.822 billion, underscoring institutional trust in tokenized U.S. government bonds. Tether Gold (XAUT) holds second place at $1.536 billion, up 41.96% in 30 days, driven by soaring demand for digital gold amid ongoing global economic uncertainty.

This week’s most notable development is Kyrgyzstan’s official launch of USDKG—the world’s first government-issued, gold-backed stablecoin. This marks a major milestone in state-level blockchain adoption in national financial systems. Simultaneously, Franklin Templeton has broadened its reach in Asia by introducing a tokenized money market fund (MMF) in Hong Kong, opening new investment channels in the region.

Chainlink’s on-chain metrics play a critical role in delivering reliable data to the RWA ecosystem. The rapid growth of stablecoins—especially USDT on Solana, known for its high speed and low fees—is fueling liquidity and creating a solid foundation for sustained RWA market expansion.

RWA Market Overview: Total Value, Leading Assets, and Stablecoin Trends

The RWA ecosystem is experiencing robust growth, with total tokenized asset value (excluding stablecoins) hitting $35.83 billion as of November 6, 2025, per RWA.xyz data. The 6.79% rise over the past 30 days signals a strong trend toward digital transformation of traditional assets. Growth drivers include participation by major financial institutions, improved regulatory clarity, and increasingly mature blockchain technology.

The number of unique holders has climbed to 531,561—an 11.66% jump from 30 days prior—showing wider RWA adoption among investors. Notably, the number of issuers rose from 232 to 245 in a month, as more companies recognize the potential of asset tokenization. Leading players like BlackRock, Tether, and Franklin Templeton are spearheading this trend, bringing added credibility to the market.

Stablecoins serve as the “lifeblood” of the RWA ecosystem, enabling quick and efficient transactions. With a total value of $294.74 billion, stablecoins act as both payment instruments and a bridge connecting traditional finance with decentralized finance (DeFi). Their price stability mitigates volatility risks, supporting large-scale RWA transactions.

Top Tokenized Assets (by Total Value)

The BlackRock BUIDL fund remains the market’s top asset at nearly $2.82 billion, highlighting strong demand for safe, tokenized investment vehicles. Tether Gold (XAUT) delivered a striking 41.96% increase in 30 days, highlighting the growing appeal of safe-haven assets in volatile markets. Paxos Gold (PAXG) posted steady 10.39% growth, cementing digitized gold’s place in RWA portfolios.

Top RWA Protocol Tokens (by Market Cap)

Chainlink leads with a $10.21 billion market cap and 12.45% growth in seven days, reflecting its critical role in powering RWA applications with reliable oracle data. Stellar and Hedera also saw marked gains, underscoring demand for payment and transaction infrastructure for tokenized assets. Ondo Finance’s 13.56% increase highlights strong interest in tokenized credit and treasury solutions.

Stablecoin Trends

Stablecoins are essential for RWA transactions, delivering instant, cross-border payments without traditional intermediaries. Their evolution not only streamlines transactions but also unlocks new opportunities for decentralized finance solutions.

USDT maintains its market lead with a total value of $181.9 billion, up 0.03% this week. Its stability and high liquidity make USDT the preferred stablecoin for large RWA transactions. USDC follows at $72.8 billion; despite a 0.66% dip, it continues to set on-chain volume records, according to JPMorgan, due to strict regulatory compliance and high transparency.

RLUSD—Ripple’s stablecoin—jumped 12.87% to $1 billion, spurred by integration with Mastercard’s payment network. This partnership enables RLUSD for retail and e-commerce, broadening stablecoin use beyond crypto.

By contrast, USDe fell 6.22% to $9 billion as yields were adjusted downward. USDe is a synthetic stablecoin using a delta-neutral mechanism; reduced yields have led some investors to seek higher returns elsewhere.

Stablecoin adoption continues to widen, especially as government-issued coins like Kyrgyzstan’s USDKG debut. This shift shows sovereign players now recognize stablecoins’ potential to modernize financial systems and boost international trade.

Notable RWA News: A Week of Innovation and Expansion

Institutional Moves

Kyrgyzstan Launches USDKG – First Government-Issued, Gold-Backed Stablecoin

The Kyrgyz government has officially launched USDKG, marking a milestone as the first nation to issue a stablecoin backed by physical gold. Each USDKG token equals 1 gram of gold in the national reserve, ensuring stable intrinsic value and convertibility.

USDKG is issued on BNB Chain, leveraging its speed and low costs. Kyrgyzstan aims to foster international trade—especially within Central and East Asia—and attract foreign investment through a modern, transparent financial tool.

The debut of USDKG creates opportunities for Kyrgyzstan and sets a precedent for other countries considering national stablecoins. Gold backing, rather than fiat, appeals to investors wary of inflation and currency swings.

Franklin Templeton Launches Tokenized MMF in Hong Kong

Franklin Templeton, a global asset management leader, has rolled out a tokenized money market fund (MMF) in Hong Kong valued at over $500 million. This marks a major step in Franklin Templeton’s Asian expansion, where demand for digital investment products is rising fast.

This MMF supports multi-chain trading, giving investors flexibility across blockchains. Tokenization reduces operational costs, increases transparency, and allows 24/7 trading—unlike traditional funds limited to business hours.

Franklin Templeton’s entry boosts RWA market credibility and encourages further institutional adoption. Hong Kong’s regulatory environment and strategic location position it as a leading RWA hub in Asia.

Bitso Integrates USDT on Solana

Bitso, a top crypto exchange in Latin America, now supports USDT on Solana. This upgrade gives users faster, cheaper transactions than on blockchains like Ethereum.

Solana can handle thousands of transactions per second at a fraction of a cent, making it ideal for payments and cross-border remittances. For RWA, this means tokenized asset deals can settle faster and more cost-effectively.

Bitso’s USDT integration on Solana reflects a wider shift toward high-performance blockchains to meet rising demands for speed and scalability in RWA markets.

Market Milestones

EUR Stablecoin Goes Global: Finery Markets Supports Monerium for FX Pairs

Monerium, Europe’s licensed EUR stablecoin issuer, has partnered with Finery Markets to enable cross-currency pairs between EUR and other currencies. Users can now directly swap EUR stablecoins for other stablecoins or fiat, bypassing multiple intermediaries.

This cross-rate pairing boosts EUR stablecoin liquidity, making it more attractive for global businesses and investors. For RWA, it opens tokenized asset trading in various currencies, reducing FX risk and increasing flexibility.

The Monerium–Finery Markets partnership is a strong example of fintech and blockchain collaboration to build more efficient global finance infrastructure.

Securitize Expands VanEck’s Tokenized VBILL Fund to Horizon

Securitize, a leader in asset tokenization, has expanded VanEck’s VBILL fund to the Horizon network. VBILL invests in short-term U.S. government bonds, now tokenized for broader access and improved liquidity.

This move to Horizon—a blockchain designed for enterprise finance—enables more institutional investors to participate. Horizon’s advanced security and compliance features meet the needs of demanding financial institutions.

This expansion not only grows VanEck’s assets under management but also exemplifies the multi-chain trend in RWA, where tokenized assets move across blockchains for optimal scale and efficiency.

Winvest Group Partners with RWA Greater Bay Area Incubator

Winvest Group has joined forces with the RWA Greater Bay Area incubator and set up its Southeast Asia HQ in Malaysia. The Greater Bay Area—which covers Hong Kong, Macau, and southern China—is emerging as a fintech and blockchain innovation hub.

The partnership aims to drive new RWA projects, offering tech, legal, and funding support to tokenization startups. Malaysia was selected for its blockchain-friendly legal environment and strategic location.

The launch of the RWA incubator highlights the growing push to build a comprehensive RWA ecosystem—supporting both major initiatives and grassroots innovation.

Policy and Regulation

Waller: Well-Regulated Stablecoins Modernize Finance and Trade

Federal Reserve Governor Christopher Waller delivered a keynote on the role of stablecoins in modern finance. He emphasized that well-regulated, compliant stablecoins can reshape global finance and commerce.

Waller said stablecoins can lower cross-border transaction costs, speed up payments, and broaden financial access for the unbanked. But he cautioned about liquidity, operational, and illicit use risks if not properly managed.

His remarks are a positive indicator for the stablecoin and RWA sectors, showing regulators are moving toward clear frameworks over outright bans.

Tokocrypto CEO: National Stablecoins Will Drive Major Impact on Crypto and the Digital Economy

The CEO of Tokocrypto—a leading Indonesian exchange—shared that national stablecoins will trigger a domino effect, with more countries developing digital financial ecosystems.

National stablecoins modernize payments and help local businesses join the global economy. For crypto, state involvement brings legitimacy and attracts institutional capital.

However, he also stressed the need for a balance between government oversight and blockchain decentralization to ensure national stablecoins deliver user benefits.

Bank Negara Malaysia Unveils Asset Tokenization Roadmap

Bank Negara Malaysia has released a three-year roadmap for asset tokenization pilots and market rollout. The plan covers tech trials, pilots with selected financial institutions, and broad market deployment.

The roadmap’s goal is to establish strong RWA market infrastructure—ensuring cybersecurity, investor protection, and international compliance. The central bank will also collaborate with other regulators and global organizations to share best practices and set standards.

Malaysia’s clear strategy shows its commitment to becoming Southeast Asia’s RWA hub, pressuring regional peers to develop similar frameworks.

Technology and Integration

Chainlink Partners with FTSE Russell for On-Chain Indices

Chainlink, a top blockchain oracle provider, has partnered with FTSE Russell to bring global indices on-chain. Through Chainlink’s DataLink, indices like the S&P 500 and FTSE 100 will be available on blockchain in real time.

On-chain traditional financial indices are a breakthrough for RWA, enabling DeFi to use trusted data for complex products such as tokenized index funds, futures, and derivatives.

Chainlink’s DataLink already supports over $700 million in tokenized assets, and that figure is expected to climb as more institutions come onboard. The FTSE Russell partnership enhances data reliability and paves the way for new RWA products.

Fireblocks, Polygon, Solana, Stellar, and TON Form $10 Trillion Alliance

Fireblocks, Polygon, Solana, Stellar, and TON have formed an alliance to capitalize on the $10 trillion global trade market. The group aims to set standards for cross-chain stablecoin payments and RWA transactions.

Each brings unique strengths: Fireblocks for custody and security, Polygon and Solana for scalability, Stellar for cross-border payments, and TON for messaging app integration (e.g., Telegram).

The alliance’s goal is to build a global stablecoin and RWA payment system, enabling fast, affordable, secure transactions for businesses and individuals worldwide. If successful, it could transform international commerce.

SBI Digital Markets Deploys Chainlink CCIP

SBI Digital Markets—a subsidiary of Japan’s SBI Holdings—has deployed Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to bolster multi-chain tokenized asset trading. CCIP enables secure asset and data transfers between blockchains, solving a key RWA challenge.

With CCIP, SBI Digital Markets offers seamless tokenized asset trading, allowing clients to buy and sell across blockchains without intermediaries. This cuts costs, reduces settlement times, and boosts liquidity.

SBI Holdings is one of Japan’s largest financial groups, with extensive operations in banking, securities, and crypto. Its embrace of advanced blockchain tech underscores the digital shift of traditional finance.

Additional Updates

Circle Submits Feedback on the GENIUS Act

Circle, issuer of USDC, the world’s second-largest stablecoin, has submitted feedback to the U.S. Congress on the GENIUS (Guiding and Establishing National Innovation for U.S. Stablecoins) Act. The bill aims to set a comprehensive legal framework for U.S. stablecoins.

Circle’s letter proposes tweaks to reserve requirements, oversight, and consumer protection. The company stresses balancing innovation with risk management to ensure regulation doesn’t stifle stablecoin growth.

Circle’s active role in lawmaking reflects the stablecoin industry’s maturity and readiness to collaborate with regulators for a sustainable environment.

Chainlink Launches CRE to Accelerate Institutional Tokenization

Chainlink has launched Corporate Real Estate (CRE), a new service to speed up commercial real estate tokenization for institutions. CRE offers comprehensive solutions from asset valuation and token creation to ownership management and secondary trading.

Commercial real estate, one of the world’s largest asset classes, often suffers from illiquidity due to high values and complex deals. Tokenization allows fractional ownership, enabling broader investor access and improved liquidity.

Chainlink’s CRE integrates real-time oracle data, ensuring token values align with actual asset prices—an important step for bringing commercial real estate into the RWA ecosystem.

RWA Events Calendar: What’s Happening This Week?

This week’s events are pivotal for the RWA market’s continued growth. FASB’s accounting update could reshape corporate stablecoin strategy, while Ondo’s ETF expansion and Standard Chartered’s custody launch signal deepening traditional finance involvement.

Summary

The RWA market has reached a notable $35.83 billion in total value, with 245 issuers and 531,561 holders—evidence of the accelerating merger of blockchain and traditional finance. This growth reflects both quantitative expansion and the increasing maturity of the RWA ecosystem.

This week saw multiple milestones that lay the foundation for the market’s long-term development. Kyrgyzstan’s USDKG launch—the first government-issued, gold-backed stablecoin—ushers in a new era for sovereign digital currencies, signaling broader blockchain acceptance at the state level.

Franklin Templeton’s over $500 million tokenized MMF launch in Hong Kong demonstrates that top financial institutions are making substantial RWA investments. Hong Kong’s role as Asia’s financial gateway is solidifying its status as a regional RWA hub, attracting global capital and talent.

The Chainlink–FTSE Russell partnership to bring global financial indices on-chain is a technological leap, enhancing data reliability and enabling a new wave of RWA-based financial products. With more than $700 million in supported assets, Chainlink is cementing its place as a critical oracle in the RWA ecosystem.

Stablecoins remain a driving force, with USDT at $181.9 billion and RLUSD up 12.87% after Mastercard integration. The arrival of sovereign stablecoins like USDKG demonstrates the shift from community-driven to government-backed digital finance.

The outlook for RWA is bright, with more institutions entering, regulatory improvements, and ongoing technological progress. Upcoming events—such as the FASB update, Ondo ETF expansion, and Standard Chartered custody launch—will further propel the market.

Challenges persist, especially around regulation and cross-chain interoperability, but sustained collaboration among financial, blockchain, and regulatory stakeholders is steadily addressing these issues.

The RWA market is not a fleeting trend—it’s a fundamental evolution in asset ownership, trading, and management. At $35.83 billion and growing, RWA is set to become an essential part of the global financial system in the years ahead.

FAQ

What are Real-World Assets (RWA)? Why are they gaining attention?

RWA are real-world assets tokenized on the blockchain (like bonds or real estate). They’re gaining attention because they combine the strengths of traditional assets with blockchain benefits, offering liquidity, compliance, and stable returns for institutional investors.

How large is the current RWA market? What types of assets does it include?

The RWA market reached a record $35.83 billion in 2026. It mainly covers assets such as real estate, credit certificates, renewable energy, and other financial instruments, paving the way for major growth in Web3.

What distinguishes Kyrgyzstan’s USDKG stablecoin from others?

USDKG, issued by Kyrgyzstan and backed by $500 million, is unique in being pegged 1:1 to the Kyrgyz som, not the U.S. dollar like most other stablecoins.

How might USDKG affect Kyrgyzstan’s economy and the crypto market?

USDKG can help Kyrgyzstan attract international investors and reshape its local crypto market. As a gold-backed currency, it could enhance financial stability and establish a new standard in the global stablecoin ecosystem.

What are the main applications of the RWA market? What are its growth prospects?

RWA are mainly used for tokenizing real estate, debt certificates, commodities, and more. Outlook is strong, with the market projected to reach $350–500 billion within a year as blockchain infrastructure advances.

What risks should investors consider when investing in RWA projects?

RWA investors should watch for regulatory risks, technical flaws, low liquidity, and valuation mismatches. Careful due diligence is essential to safeguard assets.