Original article | Odaily Odaily( @OdailyChina )
Author | Ethan ( @ethanzhang_web3 )
RWA sector market performance
According to the rwa.xyz data dashboard, as of March 10, 2026, the total on-chain value of RWA increased slightly from $26.22 billion on March 3 to $26.43 billion, an increase of approximately $210 million in a single week, representing a growth rate of about 0.8%. Compared to the accelerated upward trend in previous weeks, the total on-chain assets continued to reach new highs this week, but the growth rate slowed significantly . In contrast, the total value of representative assets fell from $390.14 billion to $336.08 billion, a decrease of approximately $54.06 billion, or about 13.9%.
On the user side, moderate growth resumed: the total number of asset holders increased from 657,500 to 665,300, a weekly increase of approximately 7,760, or about 1.18%, ending the previous period of continuous decline and consolidation. Regarding stablecoins, the total market capitalization rebounded from $298.51 billion to $301.04 billion, an increase of approximately $2.53 billion, or about 0.85%, regaining the $300 billion mark ; the number of stablecoin holders also increased from 231.17 million to 233.94 million, an increase of approximately 2.77 million, or about 1.2%.
In terms of asset structure, US Treasury bonds continue to hold a core position in on-chain RWA, growing from $10.8 billion to $11 billion, an increase of approximately $200 million in a single week. Commodity assets, however, fell from $6 billion to $5.7 billion, a decrease of approximately $300 million, ending its previous strong upward trend. Private lending slightly declined from $3 billion to $2.8 billion, possibly due to some funds taking profits after the previous rebound. In contrast, institutional alternative funds rebounded from $2.2 billion to $2.4 billion, showing some recovery; corporate bonds increased from $1.8 billion to $1.9 billion, continuing their moderate expansion trend.
Trend Analysis (Compared to last week )
Compared to last week, this week did not see a concentrated surge in any particular type of risky asset. Instead, it was more characterized by a moderate rotation among mainstream assets: US Treasuries continued to attract funds, institutional alternative funds and corporate bonds strengthened marginally, while commodities and private credit underwent some consolidation at high levels.
Overall, the total value of assets distributed on the RWA chain continued to rise during this period, but the growth rate slowed, and the total value of representative assets saw a significant pullback. The simultaneous improvement in user numbers and the total market capitalization of stablecoins indicates that market participation is still recovering. Structurally, as mentioned earlier, funds continue to favor high-certainty assets such as US Treasuries, while also beginning to spread to medium-risk sectors such as corporate bonds and institutional alternative funds, resulting in a slight increase in overall risk appetite.
Market keywords: consolidation at high levels, structural rotation, and liquidity recovery.
Key Events Review
Data: The market capitalization of USD-denominated stablecoins has rebounded to over $300 billion.
According to data from RWA.xyz, the total market capitalization of USD-denominated stablecoins has reached $301.04 billion. USDT has a market capitalization of approximately $195.147 billion, and USDC has a market capitalization of approximately $79.647 billion, continuing to rank first and second in the stablecoin market.
The debate over the US CLARITY Act has sparked a public debate between the banking industry and White House crypto policy officials. Christopher Williston VI, president of the Texas Independent Bankers Association, stated on the X platform that any compromise by the banking industry on the act would harm local lending and economic productivity, and declared that he would not back down on the issue of liquidity supporting the local economy. In response, Patrick Witt, executive director of the White House Digital Assets Advisory Council, argued that no compromise on the CLARITY Act would mean no restrictions on stablecoin rewards offered by intermediaries. He further stated that, according to the banking industry's narrative of "deposit outflows," this could have disastrous consequences, a logic he likened to "watching an arsonist threaten to burn down your own house."
Coinbase stated that the IRS's 1099-DA rule for digital asset tax reporting is overly cumbersome and could impose unnecessary administrative burdens on many cryptocurrency holders. Lawrence Zlatkin, Coinbase's VP of Tax, pointed out that the new rule requires reporting small transactions such as stablecoin transactions and network gas fees. Given that stablecoin prices are generally stable and gas fees are typically only a few dollars or less, reporting such information could lead to "over-reporting," further complicating the tax system.
Coinbase is reportedly sending 1099-DA forms to millions of US users. This system requires exchanges to report users' digital asset transactions to the IRS and provide users with copies so they can self-report profits and losses. However, in this year's filings, Coinbase will only report the gross proceeds from digital asset sales to the IRS, without providing a cost basis. Users will need to calculate their true taxable income themselves, which may confuse some investors. Coinbase plans to start calculating the cost basis for users from next tax year onwards to simplify the filing process.
ICE, the parent company of the New York Stock Exchange, has invested in cryptocurrency exchange OKX at a valuation of $25 billion. ICE declined to disclose the specific investment amount or terms, but emphasized the shared vision between the two companies. OKX will reportedly provide ICE with real-time cryptocurrency price data and plans to open trading of on-chain stocks and derivatives listed on the NYSE to its users starting in the second half of 2026. ICE previously announced the construction of its own blockchain-based tokenized securities trading infrastructure and an investment in prediction market platform Polymarket. (Recommended reading: " NYSE Invests $25 Billion in OKX, Stock Tokenization Officially Launched ")
Data: DeFi stablecoin interest rates hit their lowest level since June 2023.
Blockworks stated in an article on the X platform that stablecoin interest rates in DeFi have fallen to their lowest level since June 2023.
According to data from Allium, stablecoin transactions reached 1.8 trillion in February, setting a new monthly record. Among them, USDC transactions accounted for 70% of the total market data, approximately 1.26 trillion, which is about twice the number of USDT transactions, which were approximately 514 billion.
The Florida Senate passed Senate Bill 314 on Thursday by a vote of 37-0, paving the way for the state to establish a regulatory framework for the issuance of payment stablecoins. The bill, along with its companion bill, House Bill 175, will be submitted to Governor Ron DeSantis for his signature within the next 30 days. The bill reportedly prohibits payment stablecoin issuers from paying any form of interest to holders, provided that "federal law prohibits such payments." The accompanying bill, CS/CS/SB 1440, also passed on the same day, expanding confidentiality protections for information from virtual currency companies, qualified payment stablecoin issuers, and other entities to protect trade secrets and non-public information.
In her keynote speech at the EU-Asia Financial Services Dialogue hosted by the Asian Securities Industry and Financial Markets Association in 2026, Hong Kong Securities and Futures Commission (SFC) Chief Executive Officer, Ms. Leung Fung-yee, stated that Hong Kong must thoroughly upgrade its market infrastructure, particularly in the segmentation, clearing, and settlement of financial products. Distributed ledger technology (DLT) and tokenization offer a solution. The true value of tokenization lies in its programmable nature, which can support a wide range of investment products, including bonds, funds, and even gold. As the tokenization ecosystem continues to grow, it is essential to effectively integrate related innovative projects, seamlessly combining market confidence in traditional finance with the efficiency of decentralized finance to further unleash liquidity. Ms. Leung revealed that the SFC, together with the Australian Securities and Investments Commission (ASIC), is leading a working group under its Asia Pacific Committee to combat online scams and is exchanging information with global peers to participate in the standardization and coordination work in areas such as digital assets.
South Korean financial authorities plan to ban companies from investing in stablecoins.
The South Korean Financial Services Commission is currently drafting "Guidelines for Corporate Virtual Currency Trading," which will exclude stablecoins from the permitted investment scope. These guidelines aim to allow listed corporations and registered professional investment entities to trade digital assets for investment or financial purposes. To prevent disorderly investment in the early stages of the market, the authorities have decided to exclude USDT, USDC, and other US dollar stablecoins from the permitted scope.
One reason stablecoins are excluded is that the current South Korean Foreign Exchange Transaction Law does not recognize them as a means of external payment. Including stablecoins in the scope of investment permits would conflict with the existing legal system, effectively allowing companies to use stablecoins for trade and other commercial purposes. The South Korean National Assembly is currently reviewing an amendment to the Foreign Exchange Transaction Law that proposes recognizing stablecoins as a means of payment; this bill was proposed last October.
It is understood that some listed companies with a high proportion of trade have requested that stablecoins be included in the scope of licensing so that they can use stablecoins for foreign exchange hedging. Even if excluded from the guidelines, companies can still trade stablecoins through personal wallets or overseas exchanges. Industry insiders revealed that the relevant working group has completed its work, but the release time of the guidelines is linked to the legislative process of the Digital Asset Basic Law.
Russian Finance Ministry officials have stated they are considering a separate stablecoin bill, rather than including stablecoins in upcoming crypto exchage regulations. Alexey Yakovlev, head of the Finance Ministry's Financial Policy Department, said stablecoins have "enormous, even extremely enormous, potential."
Russia has identified stablecoins as a potential tool for circumventing sanctions. Yakovlev stated that once the State Duma passes a bill banning citizens from trading crypto assets on platforms without operating licenses, Russia will begin pushing forward with stablecoin regulation. This crypto bill is expected to be submitted to the State Duma during the spring session and could take effect as early as July.
Currently, stablecoins do not have legal status under Russian law, and the Ministry of Finance has stated its desire to resolve this issue as soon as possible. Yakovlev stated that the government wants to ensure stablecoins "serve economic interests, especially domestic interests." Previously, the Central Bank of Russia established a category for "foreign digital rights," with the first approved stablecoin being the ruble-pegged A7A5, which was approved for use in overseas trade last October. According to DefiLlama data, since the beginning of 2025, the total value of issued stablecoins has increased by over 51%, reaching $311 billion.
A private lending fund under asset management giant BlackRock, with approximately $26 billion in assets under management, has begun restricting withdrawals due to rising redemption requests, raising concerns about the spillover of pressure from the global private lending market. Analysts warn that the risk could also be transmitted directly on-chain. Data shows that the current scale of on-chain private lending is approaching $5 billion, mainly entering DeFi in the form of RWA tokens. Once the underlying credit assets experience impairment or default, the net value fluctuations of the related tokens could trigger liquidations or liquidity tightening, thereby transmitting traditional credit pressure to the DeFi ecosystem. In addition, tensions in this sector could be transmitted to the crypto market through both macro deleveraging and tokenized lending products. If private lending funds are forced to deleverage or liquidate assets, it could trigger a chain reaction in a wider range of risky assets, affecting crypto assets including Bitcoin.
Stablecoin payment company KAST has raised $80 million in funding, co-led by QED Investors and Left Lane Capital. The funds will be used for expansion in North America, Latin America, and the Middle East, as well as hiring, licensing applications, and product development. The new round values the company at approximately $600 million. Sources familiar with the matter said the terms of the funding round were finalized in October, and the company's annualized revenue is expected to reach $100 million this year.
Eric Balchunas, senior ETF analyst at Bloomberg, wrote on the X platform that Nasdaq's equity tokenization framework aims to allow stocks like Nvidia and Tesla to be traded both as traditional stocks and as blockchain tokens. This move will bridge the gap between traditional stock markets and blockchain investors, diversifying stock trading methods. Equity tokenization will not replace ETFs, but rather distribute them on-chain, providing participation opportunities for global investors, especially in less developed countries and regions. Bringing the world's most popular ETFs and stocks onto the blockchain is beneficial for the market.
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 March 9th, according to an official announcement , Binance Wallet launched the Ondo tokenized security trading competition on Binance Alpha. The event runs from 18:00 on March 9th, 2026 to 18:00 on March 23rd, 2026 (UTC+8). During the event, the top 20,000 users by trading Ondo tokenized securities on Binance Alpha will equally share a reward of IAUon equivalent to $500,000 USD.
Previously, Ondo Finance announced on the X platform that its tokenized equity DeFi application, powered by Chainlink as the official data oracle, is now live . Institutional-grade priced assets such as QQQon and TSLAon have been used as high-quality collateral to unlock on-chain equity. Leveraging TradFi liquidity and oracle data, Ondo's tokenized US equity now supports on-chain lending and structured products. The first project to launch is Euler Finance Vault, with risk management by Sentora and security provided by Chainlink. This marks the first time tokenized equity has been used as collateral in Ethereum DeFi.
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."
Previous updates:
On March 2nd, MSX officially announced the launch of its Pre-IPO section and the commencement of its first offering . The first batch of open targets includes equity allocations in four unlisted companies: SpaceX ($3 million), ByteDance ($2 million), Lambda Labs ($1 million), and Cerebras Systems ($500,000). Eligible users can participate in the subscription through the MSX platform, with a minimum subscription amount of $10 per transaction. This Pre-IPO section is built on a partnership structure between MSX and Republic, with related assets accessed through compliant channels and held by a regulated third-party custodian. MSX stated that it will expand the scope of Pre-IPO targets in stages in the future and explore technological pathways to improve asset liquidity.
Previously, MSX announced that its official website, msx.com , completed a comprehensive design upgrade on February 11, 2026. This redesign focused on three main areas: visual reconstruction, interaction optimization, and brand communication. The upgrade included adopting a dark financial color scheme, introducing a new skeuomorphic style and human elements, and reorganizing the layout of market data and functional modules. In terms of interaction, the website uses a grid system to increase white space, reduce interference from non-critical information, and centralize and streamline the entrances and buttons for high-frequency areas such as market data, positions, and order placement to shorten the operation path. At the same time, the website uniformly uses the brand's green color to highlight key operations and status feedback, improving the readability of key steps such as order placement and confirmation, and reducing the risk of accidental clicks and misjudgments.
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