Original article | Odaily Odaily( @OdailyChina )
Author | Ethan ( @ethanzhang_web3 )
RWA sector market performance
According to the rwa.xyz data panel, as of February 3, 2026, the total on-chain value of RWA (Distributed Asset Value) reached $23.96 billion, an increase of $730 million from $23.23 billion on January 27, representing a weekly increase of 3.14%. However, the broader RWA market size, specifically the Represented Asset Value, saw a significant correction, decreasing from $355.17 billion on January 27 to $199.42 billion, a shrinkage of $155.75 billion, or 43.86%. This may be due to adjustments in statistical methods, and similar situations have occurred frequently before, so it is not considered an anomaly.
In terms of the number of asset holders, the total number of asset holders increased from 656,444 to 830,533, a net increase of 174,089 in a single week, representing a growth rate of 26.52% . The stablecoin market maintained its upward trend, with its total market capitalization rising from $296.39 billion to $310.15 billion, an increase of $13.76 billion, or 4.64%. The number of stablecoin holders also increased from 223.87 million to 224.73 million, an increase of 0.38%.
In terms of asset structure, US Treasury bonds remain the largest component of the current on-chain RWA market, with a market capitalization of $9.6 billion on February 3, a slight decrease of $200 million from $9.8 billion the previous week, a drop of approximately 2.04%. Commodity assets continued to expand, rising from $4.4 billion to $4.8 billion, an increase of 9.09% , making it the strongest growing single asset class this cycle.
The private lending sector steadily expanded, growing from $2.5 billion to $2.7 billion, an increase of $200 million, or 8%, in a single week. The market value of institutional alternative funds remained stable at $2.3 billion, unchanged from the previous week. Corporate bonds and non-US government debt followed suit, both adjusting from $1.6 billion and $847 million respectively to $1.5 billion. The former saw a slight pullback, while the latter surged by $653 million, an increase of 77.1%.
The public equity sector saw a slight decline, falling from $1.1 billion to $933 million. Although the data was slightly revised downwards, it remained largely stable. Meanwhile, private equity also saw a small decline, falling from $389.6 million to $322.1 million, a decrease of $67.5 million, or 17.3%.
Trend Analysis (Compared to last week )
Over the past week, the RWA market has shown structural divergence: the total value of on-chain distributed assets has steadily increased, while representative assets have experienced significant pullbacks. User engagement and the total market capitalization of stablecoins have risen in tandem, further solidifying the funding base. In terms of asset structure, commodities and private lending assets have received more incremental funds, reflecting a gradual increase in market risk appetite; while government bonds and private equity have performed relatively weakly, possibly due to limited returns and liquidity constraints, leading to a decline in popularity.
Market keywords: user expansion, rising risk appetite, strengthening commodities and credit.
Key Events Review
The White House convened a closed-door meeting this Monday with representatives from the crypto industry and traditional banks to discuss stablecoin rewards, a core point of contention in crypto legislation. Participants included Coinbase, several crypto industry associations, and banking organizations. The meeting was chaired by Patrick Witt, a member of the President's Council of Advisors on Digital Assets.
Representatives from the crypto industry generally gave the meeting positive reviews. Summer Mersinger, CEO of the Blockchain Association, stated that the meeting was an important step in pushing for bipartisan legislation on the structure of the digital asset market, with stablecoin yields being one of the remaining key points of contention. Cody Carbone, CEO of the Chamber of Digital Commerce, also noted that the parties had identified key pain points and potential areas for compromise, but a final solution had not yet been reached, with the goal of establishing a roadmap by the end of February.
The report points out that the main issue surrounding stablecoin yields centers on whether third-party platforms (such as Coinbase) should be allowed to offer rewards to stablecoin holders. Banking organizations continue to oppose such practices, fearing they could divert bank deposits, impact community banks' lending capacity, and criticizing the previously passed GENIUS stablecoin bill for regulatory loopholes on this issue.
Sources familiar with the matter said the banks took a relatively hard line during the meeting, limiting the flexibility of the negotiations. The White House plans to narrow the scope of subsequent consultations and push all parties to make decisions on specific compromises in future meetings.
The SEC and CFTC chairmen launched Project Crypto to unify crypto regulation.
According to the SEC's official website, SEC Chair Paul S. Atkins and CFTC Chairman Mike Selig officially launched the Project Crypto joint initiative on January 29 at CFTC headquarters. This initiative aims to harmonize the two agencies' regulatory standards for the crypto market in response to bipartisan market structure legislation currently being pushed forward by Congress. Paul S. Atkins stated that current regulatory models are ill-suited to the current state of technological convergence, and fragmented regulation has become a source of investor confusion rather than protection. Project Crypto will seek to establish a unified framework in areas such as trading, clearing, custody, and risk management, and will adhere to the principle of minimum effective dose for appropriate regulation. Furthermore, SEC staff have provided guidance over the past year on memecoin, stablecoins, mining, staking, and broker financial responsibility, and clarified that registered advisors and regulated funds can deposit crypto assets with specific state-licensed financial institutions. This initiative marks a shift in regulatory focus from enforcement-driven to rule-clarification, aiming to reduce compliance costs through interagency collaboration.
Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), stated at a Legislative Council meeting on Monday that the HKMA plans to issue the first batch of stablecoin issuer licenses in March, with a very limited initial number. The HKMA has received 36 applications so far, and the approval process is nearing completion. The review focuses on risk management, anti-money laundering controls, reserve asset quality, and application scenarios. Licensed issuers must comply with local regulations governing cross-border activities, and mutual recognition arrangements with other jurisdictions may be explored in the future.
The UK House of Lords Financial Services Regulation Committee announced today that it has launched a new investigation into the growth of UK stablecoins and the proposed regulatory framework, and is soliciting written evidence from the public by March 11, 2026.
Initiated by Committee Chair Baroness Noakes, the investigation aims to assess the potential impact of stablecoins on the UK financial services industry and the macroeconomy. Key issues include: the anticipated development of the sterling stablecoin market, a comparison of regulatory regimes with those in the US and Europe, and whether the proposed framework from the Bank of England and the Financial Conduct Authority (FCA) balances international competitiveness with consumer protection. The investigation will also examine whether stablecoins will impact monetary policy implementation and traditional financial intermediaries.
Circle CEO Jeremy Allaire stated in an article published on the X platform that, according to Artemis data, USDC on-chain transaction volume exceeded $8.4 trillion in January, while the total on-chain transaction volume of the stablecoin market was $10 trillion.
US President nominates crypto enthusiast Kevin Warsh as Federal Reserve Chairman
US President U.S. President Mark Trump announced on Truth Social Media his nomination of Kevin Warsh as the next Federal Reserve Chairman. Warsh, a current Hoover Institution Fellow and Stanford Graduate School of Business lecturer, served on the Federal Reserve Board of Governors from 2006 to 2011. Warsh holds a pro-cryptocurrency stance, having stated that Bitcoin is an important asset that can serve as a policy watchdog and does not pose a systemic threat to its ability to govern the economy. He has also been an angel investor in the algorithmic stablecoin project Basis and the crypto indexing company Bitwise. While he has expressed support for central bank digital currency frameworks, he is considered a hawk on monetary policy. The nomination still requires Senate confirmation to succeed Jerome Powell, whose term expires in May.
The Hong Kong Securities and Futures Commission (SFC) and the Capital Markets Authority of the United Arab Emirates (UAE) signed a Memorandum of Understanding (MOU) today to enhance cross-border regulatory cooperation on matters related to digital assets. This landmark MOU is the first agreement signed between the SFC and an overseas regulatory body on regulatory cooperation regarding regulated digital asset entities. The MOU establishes a framework for enhanced regulatory cooperation, including mutual consultation and information exchange on the regulation of cross-border regulated digital asset entities, fully demonstrating the SFC's commitment to promoting international cooperation in accordance with its ASPIRe roadmap.
New York Attorney General criticizes GENIUS stablecoin bill: insufficient consumer protection
New York Attorney General Letitia James and four state attorneys general recently wrote to several Democratic lawmakers criticizing the GENIUS Stablecoin Act, signed into law by Trump last year, for major flaws in consumer protection, particularly its failure to require stablecoin issuers to return stolen funds in the event of theft.
The letter specifically names Tether (USDT) and Circle (USDC), arguing that the two stablecoin issuers can still generate interest income on the stolen assets, while victims lack effective recourse. New York prosecutors point out that while the bill grants stablecoins greater "legitimacy," it fails to simultaneously strengthen key regulatory requirements such as counter-terrorism financing, anti-money laundering, and prevention of crypto fraud.
The GENIUS Act is currently entering its implementation phase, requiring stablecoins to be fully backed by US dollars or highly liquid assets and to undergo annual audits for issuers with a market capitalization exceeding $50 billion. However, New York prosecutors believe these measures are insufficient to address the widespread use of stablecoins in illicit financial transactions.
According to Chainalysis data, approximately 84% of illicit crypto transactions in 2025 involved stablecoins, prompting New York to call for further strengthening of the regulatory framework to better protect consumer rights.
Recently, Binance announced in an open letter to the crypto community that it will adjust the asset structure of the SAFU fund, gradually converting its existing $1 billion stablecoin reserves into Bitcoin reserves, with plans to complete the conversion within 30 days of the announcement. Binance will regularly review the SAFU fund's asset size, and if the fund's market capitalization falls below $800 million due to Bitcoin price fluctuations, Binance will replenish the fund with Bitcoin to restore it to $1 billion.
Based on Binance's assessment of Bitcoin as a core asset in the crypto ecosystem and its long-term value, Binance is willing to share the uncertainties with the industry during periods of pressure and increased cyclical volatility, and continue to invest resources in the crypto ecosystem. This initiative is part of Binance's long-term commitment to building the industry, and the company will continue to advance related work and gradually share more progress with the community.
Tether announced that its net profit for 2025 will exceed $10 billion, mainly due to the growth of its USDT stablecoin and increased investment in U.S. Treasury bonds.
At the end of the year, the company had $6.3 billion in excess reserves to support its $186.5 billion USDT liabilities, making it one of the largest holders of U.S. government debt, with a total exposure of $141 billion. The company's reserves also included $17.4 billion worth of gold and $8.4 billion worth of Bitcoin.
OSL Group announces $200 million equity financing
OSL Group ( 863.HK ), a stablecoin trading and payment platform, announced today that it will raise US$200 million (approximately HK$1.56 billion) in equity financing to deepen its strategic layout in stablecoin trading and payment. According to the plan, the funds raised will be used for strategic acquisitions, expanding its global payment and stablecoin business, product and technology infrastructure development, and daily operations.
OSL Group CFO Ivan Wong stated, "OSL Group's strategic layout in the stablecoin trading and payments sector has received full market recognition and widespread support. This financing will allow the company to introduce more like-minded strategic and long-term investors, enabling us to not only timely acquire high-quality licensed trading and payments companies globally, but also expand our shareholder base and capital size, laying a solid first-mover advantage for the company to advance its compliance-based globalization strategy."
Trending Projects
Ondo Finance (ONDO)
In short:
Ondo Finance is a decentralized finance protocol focused on the tokenization of structured financial products and real-world assets. Its goal is to provide users with fixed-income products, such as tokenized US Treasury bonds or other financial instruments, through blockchain technology. Ondo Finance allows users to invest in low-risk, highly liquid assets while maintaining decentralized transparency and security. Its token, ONDO, is used for protocol governance and incentive mechanisms, and the platform also supports cross-chain operations to expand its application within the DeFi ecosystem.
Latest news:
On January 29th, according to official news , Ondo Finance's yield-generating stable asset USDY has been officially deployed on Sei. USDY is backed by short-term U.S. Treasury bonds and bank deposits, and is the first permissionless tokenized U.S. Treasury bond underlying asset on Sei. Currently, USDY's market capitalization exceeds $1.2 billion, and this integration brings one of the largest liquidity pools in the RWA (Recovery and Waiver) space to the Sei ecosystem.
Previously, according to official data , Ondo Finance's total value locked (TVL) had exceeded $2.5 billion, making it a leading global platform for tokenized US Treasury bonds and stocks. Ondo's TVL in the tokenized US Treasury bond sector reached approximately $2 billion, and its USDY product exceeded $1 billion in TVL, supporting global investors across 9 blockchains. Its flagship institutional fund, OUSG, has a TVL of over $770 million, covering funds from top asset management companies such as Fidelity, BlackRock, and Franklin Templeton. Its tokenized stock TVL exceeds $500 million, accounting for approximately 50% of the market share. Since its launch in September 2025, its cumulative trading volume has exceeded $7 billion, covering more than 200 stocks.
MSX (STONKS)
In short:
MSX is a community-driven DeFi platform focused on tokenizing and trading RWA (Retail Assets and Services) such as US stocks on the blockchain. Through a partnership with Fidelity, the platform achieves 1:1 physical custody and token issuance. Users can mint stock tokens such as AAPL.M and MSFT.M using stablecoins like USDC, USDT, and USD1, and trade them 24/7 on the Base blockchain. All trading, minting, and redemption processes are executed by smart contracts, ensuring transparency, security, and auditability. MyStonks aims to bridge the gap between TradeFi and DeFi, providing users with a highly liquid, low-barrier-to-entry on-chain investment gateway to US stocks, building a "Nasdaq for the crypto world."
dynamic:
Previously, MSX announced a change to its RWA spot trading fee structure, effective immediately. The adjustment changes the fee structure from "two-way charging" to "one-way charging." Specifically, the fee for buying remains at 0.3%, while the fee for selling is reduced to 0%. This means that users will experience a substantial 50% reduction in overall transaction costs when completing a full "buy + sell" trading loop. This fee policy is currently in effect across the entire MSX platform, covering all listed RWA spot trading pairs.
In addition, MSX published a 2025 year-end review article titled "Anchoring the Window of the Times, Building a New Ecosystem for US Stocks on the Blockchain," reviewing the year's interim achievements.
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