Azoth Lab

Sharing the latest RWA market insights & product updates.

[Azoth Lab @Azoth_Lab]

Big Moves for this Week
#RWA #Blockchain #Tokenization #DigitalAssets

1️⃣ CMB International Partners with BNB Chain to Tokenize $3.8B Money Market Fund
CMB International announced a partnership with BNB Chain to bring its USD Money Market Fund on-chain via CMBMINT and CMBIMINT tokens. Supported by licensed platforms DigiFT and OnChain, the initiative expands institutional-grade RWA access for qualified investors. As of Oct 10, the fund ranks No.1 in Bloomberg’s APAC category with $3.8B AUM.
2️⃣ Global Push for Digital Asset Infrastructure Intensifies
Governments worldwide are accelerating blockchain adoption. Macau is advancing the Digital Macanese Pataca, France is tokenizing commercial papers and piloting a wholesale CBDC, the UK explores on-chain fund share registration, France’s Lise secured approval as Europe’s first tokenized securities exchange, and Singapore’s BLOOM Project uses stablecoins and tokenized liabilities to enhance settlement. Blockchain is fast becoming core to global financial digitization.
3️⃣ RWA On-Chain Market Keeps Growing
Total on-chain RWA reached $34.14B (+10.6%) with 489K holders and 225 issuers. Stablecoins climbed to $295.96B (+3.7%) with 196.6M holders, reflecting continued institutional confidence and capital inflow into tokenized real-world assets.

[Azoth Lab @Azoth_Lab]

Big Moves for this Week
#RWA #Crypto #Markets #Stablecoin

1️⃣ SEC Eyes “Innovation Exemption” for Digital Assets
SEC Chair Paul Atkins said the agency plans to launch an “innovation exemption” framework for companies building with digital assets and emerging tech, possibly by Q4 2025 or early 2026. Despite the government shutdown slowing rulemaking, Atkins called it a top priority to attract innovators back to the US.
2️⃣ HashKey Secretly Files for Hong Kong IPO
Sources say HashKey Group, Hong Kong’s largest licensed crypto exchange, has secretly submitted its IPO application, targeting a $500M raise as early as this year. The move could mark a milestone for Hong Kong’s virtual asset regulatory regime.
3️⃣ Gold Breaks $4,000 as Safe-Haven Demand Soars
Spot gold surged past $4,000/oz amid fears of a US government shutdown and economic uncertainty. Prices are up over 50% YTD, fueled by falling real yields, Fed easing expectations, and record inflows into gold ETFs.
4️⃣ “Black Friday” Hits Wall Street
US stocks plunged sharply on Oct 10, after Trump vowed to “massively raise tariffs on Chinese goods.” Combined with missing economic data due to the shutdown and weak sentiment, panic selling swept the market, dragging all three major indices lower.
5️⃣ RWA Market Tops $33.7B On-Chain
Total on-chain RWA reached $33.73B (+10.2%), with 480K holders and 224 issuers. Stablecoins rose to $293.5B (+4.5%) with nearly 196M holders, signaling strong momentum across tokenized real-world assets.

[Azoth Lab @Azoth_Lab]

Big Moves for this Week
#RWA #Stablecoin #Tokenization
1️⃣ SEC Approves Unified Listing Standards for Crypto ETFs
The US SEC approved the “commodity trust shares” standard (Release No. 34-103995) on Sept 17. This shifts spot ETF listings from case-by-case approvals to a standardized fast-track process, marking a milestone for liquidity and institutional adoption in crypto.
2️⃣ Hong Kong to Expand Tokenized Bond Pilot
The HKMA disclosed that since 2019, the HKSAR government has issued ~HKD 386B in bonds, including tokenized green bonds of $100M (Feb 2023) and $750M (Feb 2024). A third issuance will not only tokenize the asset side but also explore CBDC integration for the funding side.
3️⃣ Nine European Banks to Issue MiCA-Regulated Euro Stablecoin
ING, UniCredit, Danske Bank, CaixaBank, and six other major European banks announced a joint venture to launch a MiCA-compliant euro stablecoin by late 2026. Licensed as an e-money institution with the Dutch central bank, the coin aims to become the EU digital payment standard.
4️⃣ SoftBank & ARK in Talks for Tether’s $500B Valuation Round
Bloomberg reports SoftBank and ARK Investment are in early talks to join Tether’s largest-ever funding round. The deal could value Tether at $500B, making it one of the world’s most valuable private companies.
5️⃣ Aster Surges as DeFi Perp Rival to Hyperliquid
Formed by the merger of APX Finance and Astherus, Aster has quickly become a top perpetual DEX. Its TGE day saw a 1650% token surge and $371M in trading. With features like 1001x leverage, dark-pool-style hidden orders, and yield-bearing margin, Aster’s TVL jumped 328% in 3 days to $1.73B, and daily volumes topped $20B, briefly surpassing Hyperliquid.
6️⃣ RWA On-Chain Market Tops $30B
On-chain RWA reached $30.34B, up 6.59% in 30 days. Stablecoins grew to $288.81B with 193.29M holders. Both sectors show strong momentum, with 221 issuers and over 406K asset holders driving adoption.

[Azoth Lab @Azoth_Lab]

Big Moves for this Week
#RWA #Stablecoin #Tokenization
1️⃣ Fed Cuts Rates by 25bps
The Fed lowered rates to 4.00%–4.25%, in line with expectations. Bitcoin spiked past $110K, trading volumes surged, and institutions eyed Web3. Overheating and tighter regulation remain risks.
2️⃣ HKICPA to Issue Virtual Asset Guidelines
The Hong Kong Institute of CPAs will release accounting and audit standards for virtual assets by next year, while promoting IP financing and trading to boost competitiveness.
3️⃣ SEC Approves Unified Listing Standards for Crypto ETFs
The SEC passed a “commodity trust shares” standard, shifting spot ETF listings to a fast-track process. Combined with Fed easing, this is seen as a landmark boost for crypto markets.
4️⃣ Google & Coinbase Launch AI Payment Protocol
Google, Coinbase, and the Ethereum Foundation introduced AP2, enabling both card and USDC payments with enhanced security. Backed by 60+ firms, it supports AI shopping and enterprise settlement.
5️⃣ First AI Agent Marketplace Goes Live
MuleRun launched as the world’s first AI worker marketplace, debuting stock and crypto research agents. Its “Crypto Alpha Hunt” tool targets early-stage coins, reportedly linked to Alibaba’s team.
6️⃣ RWA Market Tops $30B On-Chain
On-chain RWA hit $30.32B, up 8.69% in 30 days. Stablecoins rose to $284.46B with 192M holders. Both markets show steady expansion and stronger on-chain momentum.

[Azoth Lab @Azoth_Lab]

Big Moves for This Week
#RWA #Stablecoin #Tokenization
1️⃣ BlackRock Pushes Forward with Asset Tokenization
Bloomberg reports that BlackRock is exploring tokenizing ETFs and other traditional assets to enable 24/7 trading, improve cross-border accessibility, and provide new collateral for crypto networks. The firm has already launched its $2B BUIDL fund and conducted pilot tests. The tokenized asset market currently stands at around $28B, far below the U.S. ETF industry.
2️⃣ HKMA Releases Crypto Asset Classification Draft
The Hong Kong Monetary Authority (HKMA) published a consultation draft for its Supervisory Policy Manual CRP-1, aiming to implement Basel crypto asset capital standards starting January 2026. Assets are divided into two groups: tokenized or stable assets with effective mechanisms, and unsecured tokens such as BTC, ETH, or ineligible stablecoins, which face stricter capital treatment. Consultation runs until October 10.
3️⃣ Nasdaq Seeks Approval for Tokenized Securities Trading
On Sept 8, Nasdaq filed a proposal with the SEC to allow listed stocks and ETPs to trade in both traditional and tokenized forms on its main market. If approved, this would mark the first time a major U.S. exchange permits tokenized securities, potentially boosting liquidity and advancing regulated RWA adoption, though uncertainties remain over approval and implementation.
4️⃣ Hyperliquid Launches USDH Stablecoin Vote
Hyperliquid announced that the issuer of its native stablecoin ticker USDH will be chosen through on-chain voting. Native Markets leads with 71.54%, followed by Paxos Labs with 20.80%. Native Markets emphasizes community contributions and direct HyperEVM minting, while Paxos highlights compliance strength and global partnerships. The outcome will determine the primary USDH issuer within Hyperliquid’s ecosystem.
5️⃣ RWA Market Expansion Continues
On-chain RWAs have reached $29.39B, up 7.6% over the past 30 days, with 390K holders and 211 issuers. Stablecoins total $280.67B, held by nearly 192M addresses, reflecting steady growth in tokenized assets and stablecoin adoption.

[Azoth Lab @Azoth_Lab]

Native Markets has officially secured the $USDH ticker on Hyperliquid, winning with a commanding 71.54% vs. Paxos Labs’ 20.80%. While Paxos pushed a compliance-first approach—pledging to use 95% of interest income to buy back $HYPE and leverage TradFi ties—Max Fiege’s Native Markets highlighted its “local-first” ethos and commitment to decentralization.

[Azoth Lab @Azoth_Lab]

Big Moves for This Week
#RWA #Stablecoin #Tokenization
1️⃣ BOC Hong Kong Seeks Stablecoin License
Bank of China (Hong Kong) is reportedly applying for a stablecoin issuer license before the September deadline, aiming to be among the first batch approved. Both BOC Hong Kong and HKMA declined to comment.
2️⃣ Sun Yuchen vs. Trump Family: WLFI Fallout
From Trump’s launch of WLFI in Sept 2024, to Sun’s $75M investment in early 2025, and the launch of USD1 stablecoin in March, tensions peaked on Sept 4 when WLFI froze over $1B of Sun’s tokens after suspicious transfers. Sun denied selling and demanded asset recovery.
3️⃣ Kraken & Backed Launch xStocks on Ethereum
Kraken and Backed brought tokenized equities xStocks to Ethereum, adding to $3.5B in cross-chain volume. Moonshot also rolled out xStocks tokens like NVDAx, COINx, and TSLAx, though U.S. users are excluded.
4️⃣ MyStonks Partners with Paimon Finance
MyStonks and Paimon Finance announced a strategic partnership to expand RWA applications. Paimon will soon launch Stockpad for discounted tokenized stock purchases.
5️⃣ Ondo Finance Rolls Out 100+ Tokenized Equities
Ondo launched over 100 tokenized U.S. stocks and ETFs on Ethereum, with plans to reach 1,000 by year-end. The platform partners with OKX Wallet, Bitget Wallet, and Gate, with Chainlink oracles supporting pricing.
6️⃣ RWA Market Growth Continues
On-chain RWA value reached $28.44B, up 7.2% in 30 days, with 381K holders and 274 issuers. Stablecoins total $277.26B held by nearly 191M addresses, showing steady expansion of the tokenized asset market.

[Azoth Lab @Azoth_Lab]

Big Moves for This Week
#RWA #Stablecoin #Web3 #Tokenization
1️⃣ HKVALA officially launches in Hong Kong
On the one-month mark of Hong Kong’s Stablecoin Ordinance and the rollout of the Digital Asset Development Policy 2.0, the Hong Kong Virtual Asset Listed Companies Association (HKVALA) was formally established. With 50+ listed companies from Hong Kong, A-shares, and U.S. markets, the alliance marks a shift from “solo efforts” to “ecosystem collaboration,” offering a “Hong Kong model” for balancing innovation and regulation.
2️⃣ Chainlink brings U.S. economic data on-chain
Chainlink announced a partnership with the U.S. Department of Commerce to provide blockchain access to key Bureau of Economic Analysis (BEA) datasets, including real GDP, PCE Price Index, and private domestic sales. Initially available on 10 blockchains like Ethereum, Arbitrum, and Optimism, these feeds unlock use cases in automated trading, tokenization, and DeFi risk management.
3️⃣ Japan Post Bank plans 2026 digital currency launch
Nikkei reports that Japan Post Bank, one of Japan’s largest financial institutions, will launch a digital currency in 2026, potentially enabling transactions for tokenized securities and NFTs.
4️⃣ Trump family-backed WLFI prepares token unlock
On Aug 26, WLFI launched its Lockbox page for holders to migrate tokens ahead of its Sept 1 unlock. 20% of initial allocations will enter circulation, marking the project’s shift from a “political symbol” to a tradable governance token.
5️⃣ CFTC clarifies foreign trading platform registration
The U.S. CFTC released guidance on Foreign Boards of Trade (FBOT) registration, creating a clear legal pathway for non-U.S. platforms to serve American users. The move could reshape crypto exchange competition and U.S. trading access.
6️⃣ On-chain RWA and stablecoin adoption rising.
Total RWA reached $27.92B (+7.42% MoM) with 371,489 holders (+8.78%) and 272 issuers. Stablecoin supply hit $272.94B (+6.29% MoM) across 190M wallets (+1.78%), reflecting steady institutional and retail adoption.

[Azoth Lab @Azoth_Lab]

At the Hong Kong CRYPTOFI FORUM 2025 @CryptoFi_Forum on Aug 27, CZ @cz_binance emphasized the pivotal role of RMB internationalization in driving HK’s stablecoin development, calling it the breakthrough point. He also stressed the urgency of clear RWA regulations for financial innovation, while envisioning massive opportunities from Web3–AI convergence and how blockchain could reshape education. These insights offer HK fresh pathways for breakthroughs in emerging tracks.
For us, the takeaway is clear: stablecoin and RWA regulatory clarity in HK is not only about compliance and security, but also about enabling global capital to connect with the Web3 market. The convergence of Web3 and AI reveals infinite possibilities for RWA in smart research, on-chain risk management, and financialized education. Azoth will continue to explore these frontiers, bringing real-world assets to life on-chain, while staying true to our vision of identifying and empowering high-quality RWA assets.

[Azoth Lab @Azoth_Lab]

@AzothFinance 🚀🚀🚀

[Azoth Lab @Azoth_Lab]

Big Moves for this Week(8.18-8.24)
#RWA #Web3 #Token
1️⃣ Powell Hints at Rate Cut Risk
Fed Chair Jerome Powell said tariff-driven price hikes are temporary and manageable but stressed vigilance against persistent inflation. With unemployment steady, the Fed can act cautiously, though job risks remain. Traders now see a ~90% chance of a September rate cut (up from 75%).
2️⃣ DBS Issues Tokenized Structured Notes on Ethereum
Singapore’s largest bank DBS launched tokenized notes tied to crypto assets on Ethereum, accessible via ADDX, DigiFT, and Hydrax. The product lowers entry from $100K to $1K, boosting liquidity. Related trades topped $1B in H1 2025, +60% QoQ, with plans to expand into equity and credit notes.
3️⃣ Bitcoin Asia 2025 Set for Record Attendance
The flagship Bitcoin Asia event will be held in Hong Kong on Aug 28–29, expecting 15,000 attendees. It will be the world’s second-largest Bitcoin conference, underscoring Hong Kong and Asia’s rising role in the global digital economy.
4️⃣ Ondo Finance to Launch On-Chain U.S. Stock Trading
Ondo Finance confirmed its Ondo Global Markets platform will debut on Ethereum on Sept 3, enabling blockchain-based access to U.S. equities.
5️⃣ MetaMask to Launch mUSD Stablecoin
MetaMask will roll out mUSD on Ethereum and Linea, issued by Stripe-owned Bridge. Backed 1:1 by high-quality USD assets, mUSD will leverage M0’s liquidity network for transparency and cross-chain composability.
6️⃣ RWA & Stablecoins Hit New Highs
On-chain RWA reached $26.49B (+4.46%/30d) with 367K holders and 268 issuers. Stablecoins total $267.53B (+4.7%) with 189.9M holders (+2.1%), reflecting steady institutional and retail adoption.

[Azoth Lab @Azoth_Lab]

Big Moves for this Week
#RWA #Web3 #Token

1️⃣ HK on Stablecoin Volatility
HKMA and SFC stressed strict licensing, saying talks ≠ approval, and warned investors of hype and manipulation.
2️⃣ CMBI Launches Multi-Chain RWA Fund
In partnership with Singapore’s DigiFT, tokenizing USD money market funds for multi-chain distribution — the first cross-border compliant RWA public fund.
3️⃣ Chainlink Integrates ICE Market Data
Bringing global FX and precious metals pricing to 2,000+ dApps, delivering institutional-grade, low-latency data on-chain.
4️⃣ Stripe & Paradigm Build Tempo Chain
Stripe is secretly developing an Ethereum-compatible L1, after acquiring Bridge and Privy, speeding up its crypto push.
5️⃣ RWA & Stablecoins Hit Record Highs
RWA market cap hits $26.48B with 363K holders; stablecoins reach $266.62B with nearly 190M users — demand surges.

[Azoth Lab @Azoth_Lab]

RWA is not a sickle — it is a bridge, a cornerstone for building a truly “on-chain financial system.”
https://t.co/6F3qF3zqSY