Real World Asset (RWA) Market Analysis: Growth, Regulatory Trends, and Innovations in 2025

Real World Asset (RWA) Market Overview

This issue covers the statistical period from September 19 to September 25, 2025. This week, the total on-chain market value of RWA exceeded the US$30 billion mark, with a slight rebound in ecological participation. The stablecoin market continues to show structural characteristics of "institutional settlement and retail investor retreat."

The United States, Canada, and South Korea are actively promoting the construction of stablecoin legislative frameworks. Traditional banking giants such as HSBC Holdings and SBI Shinsei Bank are exploring tokenized cross-border transactions. Platforms such as Franklin Templeton Benji and BlackRock Securitize continue their multi-chain expansion strategies. DAT treasury companies such as SharpLink and Forward Industries plan to tokenize equity or stocks on-chain.

The overall market shows a clear trend of accelerating compliance, deep integration of traditional finance and blockchain technology, and expansion of application scenarios from financial assets to diverse fields such as sports IP and new energy.

Data Insights

Latest data from RWA.xyz reveals that as of September 26, 2025, the total on-chain market value of RWA is US$30.61 billion, an increase of 7.62% from the previous month, maintaining steady growth. The total number of asset holders is approximately 402,300, an increase of 8.61% from the previous month. The total number of asset issuers will increase slightly to 21, indicating another slight increase in the total number of ecosystem participants.

Stablecoin Market

The total market value of stablecoins is US$287.66 billion, an increase of 6.43% from the previous month. The monthly transfer volume shrank to US$3.16 trillion, a decrease of 12.14% from the previous month. The total number of monthly active addresses dropped to 26.55 million, a sharp decrease of 24.72% from the previous month. The total number of holders is approximately 193 million, a slight increase of 1.39% from the previous month. This continuous divergence indicates the coexistence of institutionalization in the market and the retreat of retail investors: the growth in market value is driven by the settlement of large amounts of funds, while retail transaction activity is rapidly shrinking.

The top stablecoins are USDT, USDC, and USDe. The market value of USDT increased slightly by 4.95% from the previous month. The market value of USDC increased by 7.40% from the previous month. The market value growth of USDe remained basically unchanged, an increase of 18.41% from the previous month.

Regulatory Developments

• Canada: Bank of Canada calls for the establishment of a stablecoin framework to avoid falling behind.
• United States: U.S. Treasury Department initiates the process of transforming the GENIUS Act into stablecoin regulatory rules, and opens a period for public comment.
• South Korea: South Korean ruling party forms digital asset task force to draft comprehensive stablecoin and cryptocurrency legislation.

Projects and Progress

• NBA player Tristan Thompson launches Web3 project basketball.fun, tokenizing NBA players.
• SBI Shinsei Bank collaborates with Partior and DeCurret to conduct tokenized cross-border settlement experiments.
• SunCar plans to invest up to US$10 million in Real World Asset (RWA) cryptocurrencies.
• BlockRock partners with Ning Investment to launch US$20 million new energy asset tokenization.
• HSBC launches cross-border tokenized deposit service.
• Solana vault Forward Industries to tokenize equity on Superstate platform.
• Tokenized securities infrastructure company Synthesys completes US$11 million seed and strategic round financing.
• Ripple stablecoin RLUSD becomes share exchange channel for BlackRock and VanEck tokenization funds.
• Franklin Templeton integrates Benji platform with BNB Chain, expanding the field of tokenization.
• Swarm to launch nine stock tokens on Plasma mainnet.
• DigiFT and Hash Global launch tokenized fund providing compliant channel for investing in BNB.
• MyStonks officially renamed msx.com, comprehensive brand upgrade.
• Ethereum Treasury SharpLink to issue tokenized shares SBET on Ethereum.
• Securitize expands to Sei network and launches Apollo's tokenized credit fund on the network.

Conclusion

The Real World Asset (RWA) market is experiencing significant growth and developments, driven by innovation, regulatory advancements, and the integration of traditional finance with blockchain technology. However, it is important to conduct thorough research and understand the risks involved before making any decisions.