RWA Weekly Report | RWA Market Cap Continues to Rise; US Senators Submit Over 130 Amendments on Stablecoin Yields and DeFi (1.14-1.20)

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Author | Ethan (@ethanzhang_web3)

RWA Sector Market Performance

According to rwa.xyz data dashboard, as of January 20, 2026, the total on-chain value of RWA (Distributed Asset Value) continues to rise, increasing from $20.81 billion on January 13 to $21.66 billion, a net weekly increase of $850 million, approximately 4.09% week-over-week growth. The broad RWA market experienced a rebound during this period, rising from $282.68 billion last week to $350.08 billion, an increase of $67.4 billion, a 23.84% increase. Asset-side user activity also surged significantly, with the total number of asset holders increasing from 620,073 to 637,807, a net weekly increase of over 17,700 users, a 2.86% rise. In stablecoins, the number of holders grew from 220.12 million to 223.34 million, an increase of 3.23 million, a 1.47% growth; market cap slightly increased from $297.68 billion to $299.64 billion, adding $19.6 million, a 0.66% increase.

In terms of asset structure, the US Treasury bond sector maintains an absolute dominance, rising from $8.9 billion to $9.1 billion, a 2.25% increase. Commodity assets continued their upward trend, increasing from $3.7 billion to $4 billion, a $300 million growth. Private credit rebounded this week after a correction, reaching $2.5 billion, indicating a sign of recovery; meanwhile, institutional alternative funds slightly contracted from $2.5 billion to $2.3 billion, a decrease of $200 million. Non-US government debt also rose slightly, from $809.8 million to $831.9 million, a 2.73% increase. Public equities continued to strengthen, rising from $8.077 billion to $8.631 billion, a 6.87% increase. Private equity also saw a slight uptick from $420.5 million to $425.5 million, maintaining its upward momentum.

Trend Analysis (Compared to Last Week)

This cycle, the RWA market continued its structural expansion, with both user activity and overall market size rebounding clearly stronger than last week. From capital flow perspective, capital previously concentrated in low-risk US debt assets is accelerating to diversify, gradually shifting towards commodities, equities, and non-US debt categories, indicating a mild increase in market risk appetite. Meanwhile, the market cap of stablecoins and user base continue to grow steadily, laying a solid foundation for subsequent capital flows and asset injection.

Market Keywords: On-chain expansion, diversified allocation, structural evolution.

Key Event Review

US Senators Submit Over 130 Amendments, Focus on Stablecoin Yields and DeFi

US Senators have submitted over 130 amendments ahead of this week’s scheduled debate on the crypto market structure bill, covering stablecoin yield rules, DeFi provisions, restrictions on public officials’ crypto interests, and adjustments to definitions of digital asset mixers and blenders. These amendments are jointly proposed by Democratic and Republican senators.

The Senate Banking Committee will hold a hearing this Thursday to discuss and vote on whether to include these amendments in the bill, followed by a vote on whether to advance the legislation. Some amendments show bipartisan support, including proposed changes to stablecoin yield provisions, such as removing the current language related to “holding stablecoins only,” and strengthening disclosure and risk warning requirements.

NYSE Plans to Launch Tokenized Securities Trading and On-Chain Settlement Platform

The New York Stock Exchange (NYSE) plans to launch a tokenized securities trading and on-chain settlement platform supporting 24/7 trading of US stocks and ETFs, fractional trading, stablecoin-based settlement, and instant delivery, integrated with NYSE’s existing matching engine and blockchain settlement system. According to the plan, tokenized stocks will have the same dividends and governance rights as traditional securities. NYSE’s parent company ICE is also collaborating with banks like BNY Mellon and Citigroup to explore tokenized deposit and clearing infrastructure, supporting cross-timezone, around-the-clock capital and margin management.

(Recommended reading: “NYSE to Launch 24/7 Stock Token Trading, How Will Competitors React?” / “NYSE Launches 24/7 Crypto Stock Trading, Which Crypto Businesses Will Benefit or Suffer?”)

Senate Crypto Legislation Enters Critical Phase, Amendments Surge, Lobbying War Intensifies

As the Senate Banking Committee’s hearing approaches, US crypto legislation enters a “final sprint” phase. Currently, over 70 amendments have been proposed, with disagreements over stablecoin yields and DeFi regulation rapidly intensifying, involving the crypto industry, banking lobbying groups, and consumer protection organizations.

The Senate will revise and vote on the bill this Thursday. The bill aims to clarify the regulatory boundaries between the SEC and CFTC, define digital asset attributes, and introduce new disclosure requirements.

Committee Chair Tim Scott released a 278-page bill text on Monday, followed by numerous amendments from bipartisan lawmakers. Some proposals involve granting the Treasury Department authority to impose sanctions on “distributed application layers,” while others focus on stablecoin yield issues, which are currently the most contentious points.

Coinbase CEO Brian Armstrong stated that their “Stand With Crypto” initiative will score the Thursday’s revision vote, claiming it will test whether senators are “standing with bank profits or consumer rewards.” Industry insiders note that while the bill still has momentum, its final direction remains highly uncertain.

(Recommended reading: “Major Uncertainty in Crypto Market, Will CLARITY Bill Pass the Senate?” / “CLARITY Hearing Delayed, Why Are Industry Divisions So Deep?”)

Hong Kong Securities and Futures Professionals Association: Hong Kong Has Completed Preliminary Virtual Asset Regulatory Infrastructure

The Hong Kong Securities and Futures Professionals Association announced that the Hong Kong government plans to release the 2026/2027 Budget on February 25, focusing on virtual assets and investor protection. Hong Kong has completed initial regulatory infrastructure for virtual assets, with future efforts shifting toward commercialization, including improving RWA secondary market liquidity, accelerating product approval, introducing international liquidity, and enhancing professional training. This aims to upgrade Hong Kong from a well-regulated market to a globally leading virtual asset hub with abundant liquidity and widespread application, aligning with the country’s “14th Five-Year Plan” for financial openness and digital economy.

Tokenized Assets Expected to Reach $400 Billion by 2026, Banks and Asset Managers Accelerate Entry

Following the validation of stablecoins’ product-market fit (PMF) in 2025, the crypto industry is pushing “on-chain USD” to further realize the potential of tokenized assets, including stocks, ETFs, money market funds, and gold, as tradable on-chain financial modules. Several industry executives project that the market size of tokenized assets could reach approximately $400 billion by 2026.

Hashdex Chief Investment Officer Samir Kerbage said that the current tokenized asset market is about $36 billion, and the next growth phase will be driven more by structural reshaping of value transfer methods rather than mere speculation. He pointed out that once stablecoins become “on-chain cash,” funds will naturally flow into investable assets, serving as a bridge between digital currencies and digital capital markets.

Reports indicate that the tokenized asset market approached $20 billion in 2025, with traditional financial giants like BlackRock, JPMorgan, and BNY Mellon deeply involved. Tether CEO Paolo Ardoino believes 2026 will be a pivotal year for banks transitioning from pilots to actual deployment, especially in emerging markets, where tokenization can help issuers bypass traditional infrastructure limitations.

Additionally, Centrifuge COO Jürgen Blumberg predicts that by the end of 2026, the on-chain real-world asset (RWA) lock-up volume may exceed $100 billion, with more than half of the top 20 global asset managers launching tokenized products. Securitize CEO Carlos Domingo states that native tokenized stocks and ETFs will gradually replace synthetic assets and become high-quality collateral in DeFi.

Hong Kong Financial Secretary Deputy: Stablecoin Development Will “Prioritize Stability First, Then Progress,” Gold Central Clearing System to Operate Within the Year

Hong Kong Financial Secretary Deputy Paul Chan Mo-po mentioned in a speech that Hong Kong will further promote stablecoin development, emphasizing “stability first, then progress,” to prevent illegal fund inflows and ensure financial system stability. He also noted that Hong Kong is actively expanding gold storage capacity, aiming to increase total capacity to 2,000 tons within three years, and is establishing a gold central clearing system, inviting Shanghai Gold Exchange to participate, with operations expected within this year.

Thailand Central Bank Monitors USDT “Gray Market” Transactions

The Bank of Thailand stated that as part of its efforts to combat “gray market” funds, it has found that a large portion of stablecoin activity on local platforms is related to foreign entities. Governor Vitai Ratanakorn said approximately 40% of USDT sellers operating on Thai platforms are foreigners, and “they should not be trading within the country,” thus stablecoins, along with cash flow, gold trading, and e-wallet funds, will be subject to stricter scrutiny.

South Korea Considers Easing “One Bank per Exchange” Restrictions

Local media reports that South Korea’s financial regulators are evaluating whether to end the long-standing practice of “one exchange, one bank” cooperation. This review, coordinated by the Financial Services Commission (FSC) and Fair Trade Commission, aims to assess whether the current mechanism exacerbates market concentration. The report notes that “one bank per exchange” is not codified in law but has gradually formed under AML and KYC requirements. Studies suggest this model may limit small and medium exchanges from accessing banking services, consolidating advantages for top platforms.

This discussion also relates to the second phase of legislation for the “Digital Asset Basic Law” in South Korea. The bill plans to allow issuance of Korean won stablecoins but faces regulatory and approval disagreements, with the submission delayed to 2026.

Pakistan Signs MoU with WLFI to Explore USD1 Stablecoin Cross-Border Payments

The Pakistan Virtual Asset Regulatory Authority (PVARA) announced it has signed a memorandum of understanding (MoU) with the Trump family’s crypto project World Liberty Financial (WLFI) and its subsidiary SC Financial Technologies LLC, aiming to explore cross-border payments and digital settlement using USD1 stablecoin. The MoU focuses on technical cooperation, knowledge sharing, and regulatory dialogue, and does not constitute a binding agreement for deploying USD1 within Pakistan’s financial system. Under the terms, SC Financial Technologies will collaborate with the State Bank of Pakistan and relevant agencies to study how USD1 and other stablecoins can be integrated into the country’s regulated payment ecosystem.

Coinbase Plans to Launch Custom Stablecoins Allowing Enterprises to Issue 1:1 Supported Digital Dollars

Market rumors indicate that Coinbase is launching custom stablecoins, allowing enterprises to issue 1:1 backed digital dollars.

Fidelity Converts Money Market Funds into Stablecoin Reserves

Fidelity announced that it is converting two of its institutional money market funds into stablecoin-compatible reserves, aiming to position for growth in tokenized assets and regulated stablecoins. The updates apply to Western Asset Institutional Treasury Obligations Fund (LUIXX) and Western Asset Institutional Treasury Reserves Fund (DIGXX), both managed by its subsidiary Western Asset Management. Fidelity Digital Assets head Roger Bayston stated that traditional funds are beginning to go on-chain, making it easier for more people to use them. It is reported that LUIXX has been modified to meet the GENIUS Act standards, which set reserve requirements for regulated stablecoins. The fund currently holds short-term US Treasuries with maturities under 93 days, suitable as stablecoin reserves; DIGXX has launched a digital institutional stock class designed for distribution on blockchain platforms, allowing approved intermediaries to record and transfer fund ownership on-chain.

Crypto Bank Anchorage Digital Seeks $200M–$400M Funding Before IPO

Crypto bank Anchorage Digital is seeking to raise $200 million to $400 million in new funding to prepare for a potential IPO planned for 2026. As the first crypto bank granted a federal charter in 2021, Anchorage Digital has been committed to becoming a leading stablecoin issuer since the passage of the GENIUS Act in July 2025.

CEO Nathan McCauley said they plan to double the size of their stablecoin team within a year. A company spokesperson noted that 2025 was a year of expansion, solidifying their leadership in institutional crypto through acquisitions and partnerships, including plans to launch USAT tokens with Tether in the US. Anchorage Digital also offers custody, trading, and staking services, expanding its business through acquisitions like Securitize For Advisors and Hedgey in December 2025. The company completed a $350 million funding round led by KKR & Co at a valuation exceeding $3 billion at the end of 2021.

Bank of America CEO: Interest-Bearing Stablecoins Could Cause $6 Trillion Bank Deposit Outflows

Bank of America CEO Brian Moynihan stated during a quarterly earnings call that interest-bearing stablecoins could lead to $6 trillion in bank deposit outflows and harm SME lending. Citing US Treasury data, Moynihan explained that stablecoins’ financial structure is similar to money market funds, with reserves invested in short-term government securities rather than converted into bank loans. He believes widespread adoption of interest-bearing stablecoins will push banks toward more costly wholesale funding, raising overall borrowing costs. Currently, the crypto legislation under discussion in the Senate Banking Committee proposes banning idle stablecoins from earning interest.

Coinbase CEO Brian Armstrong posted on X that due to provisions in the bill restricting stablecoin rewards, banning tokenized stocks, and limiting DeFi, Coinbase has officially withdrawn support for the bill. Armstrong accused the amendments of aiming to eliminate competition from banks by canceling stablecoin rewards. As a result, the Senate Banking Committee has postponed the scheduled vote on January 15.

HKUST Professor Tang Bo: Gold Tokens Can Earn On-Chain, Different from Traditional Gold ETFs

HKUST Associate Dean of Finance Tang Bo stated that gold tokenization is becoming the most promising sector in RWA tokenization, as the value of gold as a safe-haven asset is returning, and tokenization technology will give this ancient asset new financial attributes. Gold tokenization differs from traditional gold ETFs. Gold tokens are 1:1 backed certificates of physical gold, allowing holders to directly redeem physical gold from vaults, whereas ETFs are just asset-backed certificates. More importantly, gold tokens can generate interest on-chain through collateralized lending, further activating gold’s financial properties.

Opinion: If the Crypto Market Structure Bill Passes, It Will Be a Bullish Catalyst

Galaxy Research Director Alex Thorn posted on X that the US Senate Banking Committee will vote on the crypto market structure bill on January 15. The current Senate seat distribution is 53 to 47, and since the bill typically requires 60 votes to pass, Republicans still need support from 7 to 10 Democrats.

Thorn explained that the bill involves DeFi classification under AML rules, stablecoin reserve yield handling, non-custodial developer protections, and SEC authorization or restrictions on token issuance. If passed, it will be a major bullish catalyst for crypto adoption; if not, the overall industry fundamentals will be less affected, but negative market sentiment may ensue.

Hot Project Updates

MSX (STONKS)

Brief Introduction:

MSX is a community-driven DeFi platform focused on tokenizing and on-chain trading of US stocks and other RWAs. The platform partners with Fidelity to enable 1:1 physical custody and token issuance. Users can mint stock tokens like AAPL.M, MSFT.M using stablecoins such as USDC, USDT, USD1, and trade 24/7 on the Base blockchain. All transactions, minting, and redemption processes are executed via smart contracts, ensuring transparency, security, and auditability. MyStonks aims to bridge TradFi and DeFi, providing users with high liquidity, low-threshold access to on-chain US stock investments, building a “Nasdaq of the crypto world.”

Latest Updates:

On January 13, Ma Tong MSX announced a change in the fee model for RWA spot trading. The adjustment shifts from a “bilateral fee” to a “unilateral fee” structure. Specifically, the buy side continues to charge a 0.3% fee, while the sell side fee drops to 0. This means that completing a full “buy + sell” transaction cycle will reduce the overall trading cost by approximately 50%. The new fee policy is now effective across the entire MSX platform, covering all listed RWA spot trading pairs.

Previously, Ma Tong MSX published its 2025 review article “Anchoring the Era of Windows, Building a New On-Chain US Stock Ecosystem,” reflecting on the year’s milestones.

Ondo Finance (ONDO)

Brief Introduction:

Ondo Finance is a decentralized finance protocol focused on structured financial products and tokenization of RWAs. Its goal is to provide fixed-income products such as tokenized US Treasuries or other financial instruments via blockchain technology. Ondo Finance allows users to invest in low-risk, highly liquid assets while maintaining decentralization, transparency, and security. Its token ONDO is used for protocol governance and incentives, and the platform supports cross-chain operations to expand its DeFi ecosystem applications.

Previous Developments:

On January 4, according to onchainschool.pro monitoring, over $1 billion worth of tokens are expected to unlock next week, including ONDO, TRUMP, PUMP, APTOS, and other well-known projects.

Earlier, Ondo Finance announced on X that its tokenized stocks and ETF platform will launch on the Solana blockchain in early 2026, aiming to bring Wall Street liquidity into the internet capital markets.

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