Recent data reflects a clear shift in the crypto market: the total market cap of stablecoins has risen to $31.0676 billion, and the on-chain RWA asset market cap has reached $2.124 billion. Behind these numbers are over 200 million stablecoin holders and more than 630,000 RWA asset holders.

Interestingly, traditional financial giants are beginning to truly embrace this ecosystem. The world's largest custodian bank, BNY, has launched a service for institutional clients—settling bank deposits directly on the blockchain. Meanwhile, Visa is also working on integrating stablecoins into existing payment systems, clearly not wanting to fall behind in this wave.

A notable phenomenon in 2025 is the explosive growth of real asset tokenization. The on-chain RWA market cap has increased by 232% year-over-year, indicating that market demand for tokenized real assets far exceeds expectations. From a traditional finance perspective, this suggests that institutional investors are starting to believe this path is viable.

However, there are still some policy waves. The U.S. Senate Banking Committee delayed a discussion on a cryptocurrency bill at the last minute, reminding the market that regulation is still evolving. But overall, the momentum for stablecoins and RWA development is already quite clear.