RWA Market Weekly: Hong Kong Actively Competes for Global Hub Status, User Penetration Continues to Accelerate

Highlights of this Issue

The statistical period for this week's report covers August 1 to August 7, 2025. During the week, the RWA market demonstrated strong momentum in user penetration and the activity of tokenized stock tracks, with Hong Kong becoming the absolute focus. The "Stablecoin Regulation" officially took effect, opening the license application window, as state-owned banks, brokerages, and Hong Kong-listed companies intensively layout RWA and stablecoin businesses, with frequent strategic investments, collaborations, and financing actions. At the same time, infrastructure construction continues to improve, project progress accelerates, showing a significant trend of RWA and traditional finance accelerating integration, with Hong Kong actively competing for global hub status.

Data Pivot

RWA Track Overview

As of August 8, 2025, the total market value of the RWA chain is $24.93 billion, a decrease of 1.33% compared to the same period last month, with the overall scale remaining stable. The total number of asset holders is approximately 344,700, an increase of 19.08% compared to the same period last month, indicating a continued acceleration in user penetration. The total number of asset issuers is 260.

Stablecoin market

The total market capitalization of stablecoins is $258.25 billion, with a month-on-month increase of 4.96% compared to the same period last month. The monthly transaction volume is $3.30 trillion, a significant month-on-month increase of 16.26% compared to the same period last month. The total number of active addresses and holders is approximately 39.93 million and 188 million, respectively, both showing slight month-on-month increases of 2.23% and 2.96%. The increase is highly correlated, indicating a strong possibility of organic growth among active users. The leading stablecoins are USDT, USDC, and USDe, with USDT and USDC showing slight month-on-month increases in market capitalization of 3.29% and 3.78%, respectively, while USDe's market capitalization soared by 79.60% compared to the same period last month.

tokenized stock market

The total market value of tokenized stocks is $374 million, a slight decrease of 3.05% compared to the same period last month. The monthly transfer volume is approximately $330 million, a sharp increase of 47.56% compared to the same period last month, characterized by a high turnover rate. The total number of monthly active addresses and holders is approximately 55,900 and 60,600, respectively, with a ratio close to 1, indicating strong user stickiness. The growth rates compared to the same period last month are 17.31% and 20.42%, revealing robust ecological growth momentum. The stock with the highest issuance scale is EXOD, reaching $264 million.

Regulatory News

• The "Stablecoin Ordinance Draft" in Hong Kong officially came into effect on August 1, establishing a licensing system for the issuance of fiat-backed stablecoins in Hong Kong.

• Hong Kong may narrow the scope of its first batch of stablecoin licenses to three to four companies. Several Chinese banks with branches in Hong Kong and Chinese securities firms with branches in Hong Kong are eager to participate in the compliant stablecoin business.

• The US SEC has released temporary guidance on cryptocurrency accounting, indicating that certain stablecoins can be treated as cash.

• After the U.S. "GENIUS Act" took effect last month, which prohibits stablecoin issuers from providing passive income through staking or deposit balances to users, Coinbase and PayPal continue to offer users annual yields of 3%-5% through "reward programs."

Local Dynamics

• Cao Cao Travel has signed a strategic cooperation memorandum on virtual assets with the licensed financial institution Victory Securities in Hong Kong, focusing on in-depth collaboration in three main areas: RWA tokenization, stablecoin payment applications, and compliant digital currency issuance.

• Hanyu Pharmaceutical and the digital asset platform KuCoin have officially signed a strategic cooperation letter of intent, intending to jointly explore the pilot project for the tokenization of RWA with "future revenue rights of innovative drug research and development" as the underlying asset in Hong Kong, the first of its kind in mainland China.

• Hong Kong listed company Derlin Holdings announced that it has signed a share subscription agreement with RWA tokenized fintech company Asseto, raising HKD 653.3 million to focus on the development of blockchain, RWA, and virtual asset businesses.

• Hong Kong listed company Yisou Technology has made a strategic investment of 5 million USD in Lightnet, a fintech company under the Charoen Pokphand Group, aiming to support its Web3 technology and cross-border payment business.

• The RWA registration and registration platform officially launched in Hong Kong on August 7, initiated by the Hong Kong Web 3.0 Standardization Association, dedicated to achieving a complete service system for the digitization, assetization, and financialization of RWA asset tokenization.

Project Progress

• Coinbase announced that it will launch new services in the United States in the coming months, including tokenized stocks, prediction markets, derivatives, and early token sales.

• The BlackRock BUIDL Fund has paid out over $62.5 million in dividends to date, with dividend payments reaching $9.3 million in July.

• The Singapore licensed cryptocurrency exchange DigiFT will launch CUBX, the first regulated fintech loan tokenized product in Southeast Asia.

• BounceBit officially launched the innovative yield platform BB Prime, combining real-world assets with crypto-native strategies.

• Particle Network opens up an end-to-end versatile infrastructure, creating a universal trading layer for RWAs, stablecoins, and digital assets.

• Chainlink officially launches real-time Data Streams, providing sub-second latency price data for US stocks and ETFs.

• The digital asset settlement network Lynq has officially welcomed its first batch of institutional clients, including well-known market makers, OTC trading platforms, and liquidity providers such as 1Konto, StoneX, and Archax.

• Mind Network officially launches the new protocol Encrypted Messaging Onchain, providing native compliance, privacy, and communication capabilities for RWA scenarios.

• MyStonks announced the successful completion of the filing for the issuance of securities tokens in the United States, obtaining compliance qualifications to issue securities tokens to qualified investors in the U.S.