RWA Weekly: SEC Plans to Promote "Token Classification Act", Coinbase Cancels $2 Billion Acquisition of BVNK

Highlights of this issue

This issue of the weekly report covers the statistical period from November 7 to November 13, 2025. This week, the RWA market's growth momentum has stabilized, with a total on-chain market value reaching $35.91 billion. The growth rate has slowed down, but the number of holders continues to grow strongly, surpassing 536,800. The stablecoin market maintains an “efficiency-driven” model, with transaction volumes approaching $5 trillion and a significant increase in monthly active addresses, indicating that the turnover of funds and on-chain payment functions are further strengthened. Key developments have emerged on the regulatory front: the US SEC plans to introduce a “token classification law” to clarify the attributes of crypto assets, and the CFTC is considering allowing stablecoins as collateral for derivatives; the Hong Kong Monetary Authority is advancing the Ensemble project to support tokenized asset trading; countries such as Singapore, the UK, and the UAE are also concurrently improving stablecoin and asset tokenization policies, with the global regulatory framework accelerating systematic construction. On the project level, multiple developments are emerging: Standard Chartered Bank collaborates with DCS to launch a stablecoin-based credit card, DeCard, in Singapore; Circle is expanding the Arc chain ecosystem, launching an on-chain foreign exchange engine and multi-currency stablecoin cooperation plan, and may be considering issuing a native token; South Korea's NH Nonghyup Bank is piloting a stablecoin-based tax refund service on the Avalanche platform, indicating that the RWA ecosystem is extending from asset issuance and payment settlement to full-chain services such as credit cards, foreign exchange trading, and tax refunds, pushing the industry into a phase of scaled development.

Data Pivot

RWA Track Overview

As of November 14, 2025, the latest data disclosure from RWA.xyz shows that the total on-chain market value of RWA has reached $35.91 billion, an increase of 5.35% compared to the same period last month, with a noticeable slowdown in growth rate compared to the previous month; the total number of asset holders has exceeded 536,800, up 10.96% compared to the same period last month, maintaining strong growth; the total number of asset issuers has increased to 249.

Stablecoin Market

The total market capitalization of stablecoins reached $299.99 billion, a slight increase of 1.03% compared to the same period last month; the monthly transaction volume rose to $4.96 trillion, a significant increase of 30.49% compared to the same period last month; the total number of monthly active addresses increased significantly to 37.08 million, an increase of 25.38% compared to the same period last month; the total number of holders steadily grew to 202 million, a slight increase of 3.03% compared to the same period last month, both of which jointly validate the deepening of the market efficiency-driven growth model, with the turnover efficiency of existing funds and user activity continuously improving, and the on-chain payment settlement function further strengthened. Data indicates that institutional large-scale settlements and retail transactions continue to resonate, with the growth rates of transaction volume and active addresses far exceeding the growth of market capitalization, highlighting an improvement in market health. The leading stablecoins are USDT, USDC, and USDS, among which the market capitalization of USDT increased by 1.63% compared to the same period last month; the market capitalization of USDC saw a slight increase of 0.28% compared to the same period last month; USDS circulation reached the $10 billion threshold, climbing to third place in the stablecoin sector, with a significant increase of 12.36% in market capitalization compared to the same period last month.

regulatory news

SEC Plans to Propose “Token Classification Law”: Using the Howey Test as a Anchor, Exploring Non-Securitization Path for Crypto Assets

According to The Block, Paul Atkins, the chairman of the U.S. Securities and Exchange Commission (SEC), announced at the Federal Reserve's fintech conference in Philadelphia that the SEC will launch a new regulatory framework called “Token Taxonomy” aimed at redefining when crypto assets are considered securities. Atkins stated that the framework will be based on the 1946 Howey Test to distinguish the legal attributes of tokens at different stages. He pointed out, “Cryptocurrencies may initially constitute investment contracts, but they will not always do so—when the network matures, the code is complete, and the issuers exit, the tokens will no longer rely on the efforts of the issuers.”

Atkins pointed out that most cryptocurrencies are not securities and proposed two main principles: first, the asset characteristics do not change when they are on the blockchain; second, the economic substance takes precedence over the label—if a token represents profit expectations based on the efforts of others, it is still considered a security. Initial classifications include: network tokens, NFTs, and digital utility tokens are not securities, while tokenized stocks and bonds are securities. He stated that tokens could detach from their security characteristics as the network matures, and non-security tokens may trade on CFTC or state regulatory platforms in the future. Atkins emphasized that the SEC will align with congressional legislation and continue to crack down on fraudulent activities, “we will not allow fears about the future to trap us in the past.”

The CFTC may allow stablecoins as acceptable tokenized collateral, with relevant policies possibly being introduced early next year.

According to CoinDesk, the U.S. Congress has been trying to grant the Commodity Futures Trading Commission (CFTC) greater direct jurisdiction over the cryptocurrency spot market. According to sources, the CFTC is drafting a tokenized collateral policy expected to be released early next year. This policy may allow the use of stablecoins as acceptable tokenized collateral in the derivatives market, potentially piloted first at U.S. clearinghouses. It will implement stricter regulations requiring more disclosures, such as position sizes, large traders, trading volumes, and more detailed reporting of operational events.

The Hong Kong Monetary Authority announces a new phase of the Ensemble project to support tokenized deposits and the real trading of digital assets

According to reports from Jiemian News, the Hong Kong Monetary Authority has announced the launch of Ensemble, which has officially entered the trial phase. This milestone marks an important step for Hong Kong in conducting real transactions using tokenized deposits and digital assets in a controlled trial environment. Ensemble will continue to operate until 2026, laying a solid foundation for the next phase of innovation. The interbank settlement of tokenized deposit transactions will first be conducted through the Hong Kong dollar Real-Time Gross Settlement system (RTGS). The trial environment will be gradually upgraded to support the 24/7 settlement of tokenized central bank currencies, promoting the continuous development of a broader tokenized ecosystem in Hong Kong.

Monetary Authority of Singapore: Will pilot tokenized notes and introduce laws related to stablecoins

According to Jinshi reports, the highest official of the Monetary Authority of Singapore (MAS) stated on Thursday that the Singapore central bank plans to advance the construction of a scalable and secure tokenized financial ecosystem. To this end, a pilot for the issuance of tokenized MAS bills will be launched next year, along with the introduction of relevant laws to regulate stablecoins. MAS Director Chia Der Jiun pointed out at the Singapore FinTech Festival: “Tokenization has started, but has asset-backed tokens reached 'escape velocity'? It has not yet been achieved.” He stated that MAS has been refining the details of the stablecoin regulatory framework and will draft relevant legislative proposals, with a core focus on “robust reserve asset support and reliable redemption mechanisms.” Chia Der Jiun also added that MAS is simultaneously supporting various pilot projects under the “Blue Initiative,” which aims to explore the use of tokenized bank liabilities and regulated stablecoins for settlement.

The Bank of England proposes to set a limit of £20,000 on individual stablecoin holdings

According to Jinshi Data, the Bank of England proposed to set a limit of £20,000 on individual stablecoin holdings, while the limit for corporate stablecoin holdings is £10 million. Stablecoins transitioning from the regulatory framework of the UK Financial Conduct Authority (FCA) can invest up to 95% of their reserve assets in short-term government bonds.

The UAE Digital Dirham was tested in the first government transaction

According to Cryptopolitan, the UAE government has completed its first nationwide transaction using the country’s central bank digital currency, the “digital dirham”. The transaction was carried out jointly by the Ministry of Finance and the Dubai Finance Department. It was processed on the mBridge platform and took less than two minutes. Ahmed Ali Meftah, Executive Director of the Central Accounts Department of the Ministry of Finance, pointed out that this pilot is aimed at testing operational readiness and ensuring seamless technical integration with the UAE central bank system. Previously, in August 2025, the UAE central bank announced it was preparing to launch its central bank digital currency—the digital dirham—before the end of the year.

Kyrgyzstan issues approximately $50 million stablecoin USDKG and halts nationwide mining

According to a report by Reuters, Kyrgyzstan has issued a national stablecoin, USDKG, with an initial scale of approximately 50.14 million coins, nominally valued at 1 dollar per coin. It is issued by a state-owned enterprise controlled by the Ministry of Finance and backed by gold reserves, intended for cross-border payments and trade. The government plans to gradually increase this to approximately 500 million dollars, and ultimately to about 2 billion dollars. At the same time, due to power shortages, Energy Minister Talaybek Ibraev announced that all national crypto mining farms have been shut down and disconnected from the grid, and measures such as limiting consumption and importing electricity from neighboring countries (including Russia) have been taken.

Local Dynamics

Hong Kong launches the third batch of multi-currency digital green bonds, utilizing HSBC's distributed ledger platform

According to Bloomberg, the Hong Kong government is marketing a new batch of “digital native” green bonds, covering USD, HKD, EUR, and offshore RMB (CNH), which are planned to be recorded and settled through HSBC's distributed ledger platform and rated AA+ by S&P. The proposed issuance specifications include: USD two-year T3+3, EUR four-year MS+23, CNH five-year coupon of 1.90%, HKD two-year coupon of 2.50, all with a scale of Benchmark; if successful, this will be the third such issuance since 2023. According to statistics, this year several companies in Hong Kong have issued digital bonds, totaling about 1 billion USD.

Project Progress

Mantle collaborates with Bybit and Backed to launch US stocks on-chain, leading the next wave of trillion-dollar tokenized assets

According to official news, Mantle has announced a strategic partnership with Bybit and Backed to introduce tokenized US stocks on the Mantle blockchain through xStocks, partially achieving 24/7 access to globally leading assets. The xStocks tokens issued by Backed are backed 1:1 by underlying securities, redefining the interaction between traditional markets and blockchain technology.

Under the new mechanism, Mantle and Bybit users can obtain tokenized versions of leading stocks such as NVDAx, AAPLx, and MSTRx through xStocks. Bybit will fully support accessing xStocks via the Mantle network, achieving seamless connectivity between CEX and on-chain.

This collaboration is an important milestone for Mantle as the largest ZK proof-driven L2 network on Ethereum in the expansion of the RWA ecosystem.

Note: xStocks is not open to residents or individuals in the United States.

Exodus acquires Grateful, focusing on stablecoin payments in Latin America

Exodus Movement, Inc. (NYSE American: EXOD), a self-custody cryptocurrency platform listed on the New York Stock Exchange, announced the acquisition of the Uruguayan payment orchestrator Grateful, planning to integrate its stablecoin payment technology into its own self-custody wallet and merchant services. Grateful provides merchants and individuals with stablecoin collection and management, supporting wallet-to-wallet payments, QR checkout, e-commerce settlement, off-site redemption, and merchant dashboards, featuring lower fees, instant fund availability, and interest-bearing balances. Exodus stated that the integration will cover multi-chain products including Polygon, Optimism, Base, Arbitrum, and Solana.

Standard Chartered Bank partners with DCS to launch DeCard, a stablecoin-based credit card in Singapore

According to CoinDesk, Standard Chartered Bank has partnered with DCS Card Center to become the main banking partner for the new credit card DeCard. This credit card allows users to make payments using stablecoins in everyday transactions. The two companies announced on Tuesday that DeCard will be launched first in Singapore, where local regulators encourage experimentation with digital payment systems, before expanding to other major markets. Standard Chartered will provide virtual account services and API interfaces so that DCS can instantly identify and verify payments from DeCard users. This technological integration aims to make transactions faster and more transparent.

DBS Bank of Singapore collaborates with JPMorgan to advance cross-chain tokenized deposit interoperability

According to The Block, Singapore bank DBS (Development Bank of Singapore) and J.P. Morgan's Kinexys are developing a tokenized deposit cross-chain interoperability framework, aiming to support 24/7 transfers between public and permissioned chains. The solution will connect JPM's Deposit Tokens (based on Ethereum L2 Base) with DBS Token Services (permissioned chain), alleviating the lack of native interoperability and security risks. Both institutions have provided real-time settlement and liquidity on-chain. Previously, BNY Mellon was reported to be exploring tokenized deposit services, and several banks in the UK (Barclays, Lloyds, HSBC) have launched pilot projects for tokenized GBP deposits; the BIS 2024 report states that nearly one-third of jurisdictions are conducting related pilots or studies.

FIS and Intain Launch Small Bank Loan Tokenization Platform on Avalanche

According to CoinDesk, financial technology provider FIS and structured finance platform Intain have launched a “Digital Liquidity Gateway” based on Avalanche, aimed at regional and community banks. This platform supports the tokenization of loans into NFTs, automatic settlement through stablecoins like USDC, and integration with FIS's core banking systems, which cover over 20,000 institutions. The platform has begun onboarding banks and institutional investors, with expectations to complete hundreds of millions of dollars in loan transactions within the year, initially involving commercial real estate and aviation financing. Intain's AI verifies loan documents and data before minting NFTs, enhancing transparency and preventing double pledging.

Coinbase and stablecoin startup BVNK cancel $2 billion acquisition deal

According to Fortune magazine, a spokesperson for the cryptocurrency exchange Coinbase confirmed that Coinbase has canceled acquisition talks with UK-based stablecoin startup BVNK. It is still unclear why the two companies have put this deal on hold, which had progressed to the due diligence stage, and in October, Coinbase and BVNK reached an exclusivity agreement, meaning that BVNK could not accept bids from other potential acquirers. A spokesperson for Coinbase stated in a statement: “We have always been actively seeking opportunities to expand our mission and product offerings. After discussing the possibility of acquiring BVNK, both parties agreed not to proceed further with this matter.”

BVNK helps clients use stablecoins for payments, cross-border transactions, and other application scenarios, with an acquisition price of approximately $2 billion. If this deal is completed, the amount will be almost double the $1.1 billion that fintech giant Stripe paid in February this year to acquire stablecoin startup Bridge.

ClearToken Obtains UK Approval to Launch Cryptocurrency and Tokenized Asset Settlement System

According to The Block, the UK's Financial Conduct Authority (FCA) has approved London-based ClearToken to launch regulated settlement services for digital assets. Its upcoming CT Settle platform, which adopts a “payment versus payment” model, will allow for simultaneous settlement of transactions in cryptocurrencies, stablecoins, and fiat currencies for both parties. The platform is designed similarly to the CLS system in the foreign exchange market, aiming to reduce settlement risk and free up capital. This approval gives ClearToken the authorization to operate as a payment institution and registered crypto asset company, laying the groundwork for its future tokenization and digital asset clearinghouse. Additionally, the company plans to seek approval from the Bank of England to expand its clearing and margin services using the central bank's digital securities sandbox.

Turbo Energy chooses Taurus and Stellar to launch a tokenized clean energy financing pilot project in Spain

According to The Block, Turbo Energy S.A. (TURB), listed on Nasdaq, has initiated a hybrid renewable energy facility financing tokenization initiative in conjunction with blockchain firms Taurus S.A. and the Stellar Development Foundation, starting with a pilot project in Spain. According to a Tuesday announcement, this pilot will tokenize the debt financing of power purchase agreements for on-site integrated batteries, deploying Turbo Energy's proprietary SUNBOX solar energy storage system. At the same time, Taurus's institutional-grade platform, Taurus-CAPITAL, will issue and manage these tokenized assets on the Stellar blockchain. The announcement stated that this approach demonstrates a decentralized, scalable model, with plans to expand into international markets through Turbo Energy Solutions and its new “energy as a service” model subsidiary, facilitating project financing for business clients.

Visa pilots stablecoin payments for US businesses using fiat currency

Payment giant Visa has announced a pilot program in the United States that allows businesses to pay US dollar stablecoins (such as USDC) to cryptocurrency wallets through fiat accounts (such as USD). This service is facilitated through the Visa Direct digital payment network, aiming to provide easier fund flow for industries that rely on quick payments, such as international businesses and freelancers.

Visa President Chris Newkirk stated that this move aims to achieve “minute-level” global circulation of funds, rather than “days.” Currently, Visa is working with some partners to further promote this service in 2026. According to Visa research, 57% of freelancers prefer digital payment methods to quickly access funds.

Circle expands the Arc chain ecosystem, launching an on-chain foreign exchange engine and a multi-currency stablecoin cooperation plan, and is possibly considering issuing a native token on the ARC Network

According to The Block, Circle has announced the launch of the StableFX on-chain foreign exchange engine and multi-currency stablecoin partnership program on its Arc blockchain. This service supports compliance institutions to use stablecoins for multi-currency trading and atomic settlement 24/7, simplifying the counterparty and clearing processes in the traditional foreign exchange market. The first batch of partners includes regional stablecoin issuers from Brazil, Australia, Japan, South Korea, and other locations. The Arc mainnet is expected to go live in 2026.

According to Solid Intel, Circle Internet Group is exploring the launch of a native token on the ARC Network.

Sui issues the stablecoin USDsui, set to launch within the year

According to the Sui blog, Sui will collaborate with Bridge (under Stripe) to launch the native stablecoin USDsui, targeting wallets, DeFi, and application scenarios, compatible with the Bridge ecosystem and interoperable with stablecoins on platforms like Phantom, Hyperliquid, and MetaMask. USDsui is deployed based on Open Issuance, positioned for compliance readiness, cross-border payments, and P2P transfers, and aims to adhere to the requirements following the enactment of the GENIUS Act; related revenue will be used for ecosystem growth and investment. The official report states that the on-chain transfer volume of the Sui stablecoin reached approximately $412 billion in August to September, reflecting demand and capacity.

Korea's NH Nonghyup Bank pilots a stablecoin-based tax refund service on the Avalanche platform

According to a report by The Block, NH Nonghyup Bank, one of the five major banks in South Korea, has launched a proof-of-concept project to digitize the value-added tax (VAT) refund process for inbound tourists and utilize stablecoins to verify real-time settlement models. This project is in collaboration with Avalanche, Fireblocks, Mastercard, and Worldpay, leveraging the Avalanche blockchain to test smart contract-driven tax refund automation and stablecoin settlement processes. Since the aim is to confirm the technical and operational feasibility, it does not involve real funds or customer data. The project is designed to improve the VAT refund process in response to the increase in tourists visiting South Korea, allowing foreign tourists to apply for a refund of 10% VAT when leaving the country. NH Nonghyup Bank plans to transform the traditional paper-based refund process in two ways and has stated that it will further develop stablecoin-based payment and refund services in accordance with the upcoming guidelines from financial regulatory authorities.

Global fund network Calastone collaborates with Polygon for tokenized asset distribution

According to The Block, global fund network Calastone has once again selected Polygon as its tokenization technology partner. Starting Wednesday, asset management companies will be able to distribute Calastone's tokenized fund share classes on the Polygon network. Simon Keefe, Calastone's Head of Digital Solutions, stated that the market is eager for more efficient and transparent infrastructure, and blockchain is ready for large-scale applications; with Polygon, its tokenization issuance platform can seamlessly integrate into the on-chain ecosystem, combining the efficiency of a global network with blockchain to simplify the fund issuance process. Tokenized fund share classes are digital forms of traditional mutual fund or ETF shares, supported by 1:1 ratios of real regulated custodian fund units.

Telcoin has been approved to establish the first regulated digital asset bank in the United States, which will launch the first bank-issued stablecoin eUSD

According to Businesswire, Telcoin has announced that it has received a final operating license issued by the Nebraska Department of Banking and Finance to launch the first digital asset custody institution in the United States—Telcoin Digital Asset Bank. This operating license enables Telcoin to directly connect U.S. bank accounts with the regulated “digital cash” stablecoin. Its flagship product, eUSD, will be the first bank-issued, on-chain dollar stablecoin. This is also the first bank license explicitly authorized to connect U.S. consumers with DeFi.

Hedera integrates the ERC-3643 standard to enhance asset tokenization compliance capabilities

Hedera has announced the integration of ERC-3643 (the T-REX standard proposed by Tokeny) in its Asset Tokenization Studio, enabling cross-border asset issuance within a global compliance framework. This standard introduces on-chain identity verification and a modular architecture, enhancing flexibility and compliance. The new feature will assist financial institutions and enterprises in conveniently issuing compliant assets that meet KYC/KYB requirements, and will run in parallel with ERC-1400 to achieve global compatibility.

The Bank of New York Mellon Launches Money Market Fund Designed for Stablecoin Issuers

According to U.S. media reports, Bank of New York Mellon is launching a money market fund specifically tailored for stablecoin issuers, who need to comply with the recently signed U.S. stablecoin law. The bank's BSRXX is one of the first funds designed specifically for stablecoin providers, aimed at providing them with an investment venue to deposit the funds they receive when issuing new tokens, while complying with the GENIUS Act, which was signed into law by Trump earlier this year. This law requires issuers of dollar-backed digital tokens to invest their reserves in ultra-safe investments with shorter durations than traditional money market funds. Stephanie Pierce, Deputy Head of BNY Mellon Investment, stated that the new fund is designed to meet the law's requirements by holding only securities with a maturity of 93 days or less.

Aave Labs Obtains MiCAR Authorization, Launches Push Zero-Fee Stablecoin Deposit and Withdrawal Service

Aave Labs subsidiary Push Virtual Assets Ireland Limited has obtained authorization from the Central Bank of Ireland under the EU MiCAR framework to launch regulated zero-fee stablecoin up/down services in the EEA, supporting GHO and other stablecoins. This service allows users to conveniently convert between euros and digital assets, emphasizing consumer protection and transparency. Aave Labs has chosen Ireland as its EEA operational hub; the authorization applies only to Push's compliant deposits and withdrawals, while the decentralized Aave Protocol remains unaffected.

The tokenized stock trading platform MSX has launched spot and contract assets in three data tracks

According to official news, MSX has completed spot and contract trading for data storage product manufacturer $STX.M and storage solution provider $WDC.M; spot trading for the comprehensive retail electricity and power generation company $VST.M has also been newly listed.

Insights Collection

Bank of New York Mellon: The scale of stablecoins and tokenized cash may reach $3.6 trillion by 2030

According to a report by CoinDesk, the latest report from BNY Mellon states that by 2030, the scale of stablecoins and tokenized cash could reach $3.6 trillion, with the market value of stablecoins expected to be $1.5 trillion, and the remainder consisting of tokenized deposits and money market funds. These digital cash equivalents can accelerate settlement, reduce risk, and enhance collateral liquidity. The report points out that tokenized assets such as U.S. Treasuries and bank deposits can help institutions optimize collateral management and streamline processes. In the future, pension funds may be able to instantly use tokenized money market funds to post margin for derivatives contracts, making such scenarios more common. The report believes that regulation is a key driving force, as the EU's Markets in Crypto-Assets Regulation and the policy work being advanced in the U.S. and Asia-Pacific indicate that the regulatory environment is maturing, likely supporting both innovation and market stability. The report asserts that blockchain will not replace traditional systems but will work in conjunction with them, combining traditional and digital to bring immense value to customers and the world.

RWA 2025 Report: Asset Tokenization and Future Outlook

PANews Overview: The tokenization of real-world assets has bid farewell to the early experimental stage by 2025, officially entering a “mainstreaming” turning point driven by widespread adoption and clear regulatory frameworks from global mainstream financial institutions (such as UBS and Apollo); it is no longer merely about simply “moving” traditional assets (from bonds to stocks) onto the blockchain for access opportunities, but rather through unique advantages such as round-the-clock trading and programmability, it is giving rise to entirely new financial application scenarios like stock-backed lending, thereby constructing a new financial infrastructure that connects traditional finance with Web3, safeguarded by clear regulations, and is expected to enter the next stage of large-scale expansion under the leadership of Asia.

Banking “On-Chain Trend”: Tokenized Deposits Become a New Battlefield in Global Finance

PANews Overview: The global financial landscape is undergoing a profound transformation from “de-banking” to “banking on-chain.” Traditional banking systems are no longer resisting blockchain but are actively initiating an institutional change aimed at regaining dominance in monetary digitization, utilizing “tokenized deposits” (i.e., on-chain certificates of bank deposits) as their weapon, while balancing efficiency and sovereignty. From cross-chain interoperability in Singapore, the multi-layered currency framework in Hong Kong, to the institutional pilot in the UK, banks across countries are attempting to integrate and reshape the on-chain payment and settlement ecosystem by putting their liabilities on-chain, while retaining existing legal validity and regulatory control. This aims to construct a future financial infrastructure that is multi-layered and complementary, composed of central bank digital currencies, tokenized deposits, and regulated stablecoins.