RWA Weekly｜Visa Invests an Additional 2 Million Euros in Stablecoins; Stripe Launches Stablecoin Accounts in Over 100 Countries (5.8-5.13)

Original | Odaily Daily Report (@OdailyChina)

Author | Ethan (@ethanzhang_web3)

RWA Sector Market Performance

According to RWA.xyz data, as of May 13, 2025, the total on-chain value of RWA reached $22.38 billion, an increase of 7.59% compared to 30 days ago. The total number of on-chain asset holders is 100,941, an increase of 5.33% compared to 30 days ago, with a total of 189 asset issuances. The total value of stablecoins is $231.6 billion, an increase of 2.17% compared to 30 days ago, while the number of stablecoin holders is 161.92 million, an increase of 2.83% compared to 30 days ago.

From a historical trend perspective, the total on-chain value of RWA has shown significant growth since 2019, particularly accelerating after 2023, peaking in early 2025, indicating the rapid adoption of tokenized assets. In terms of asset class distribution, private credit dominates with a value of $13 billion, accounting for 58.09% of the total value; US Treasury Debt has a value of $6.8 billion, accounting for 30.38%; commodities are valued at $1.5 billion, accounting for 6.7%; and International Alternative Funds are valued at $478.5 million, accounting for 2.14%. Stocks, non-US Government Debt, and Corporate Bonds have relatively small proportions.

According to the data comparison from last week, the distribution of asset classes this week has changed slightly compared to last week, but some trends can still be observed. The value of Private Credit has slightly increased to $13 billion, with its proportion rising from 57.64% to 58.09%, further solidifying its dominance. The value and proportion of US Treasury Debt remain unchanged at $6.8 billion and 30.38%. Commodities and International Alternative Funds have seen slight increases in value, but their proportions have not changed much (6.7% and 2.14%). Stocks, non-U.S. government debt, and corporate bonds still account for a small proportion, with investors showing low interest in allocating to these asset classes.

Summary: Private credit continues to attract inflows, reflecting investors’ preference for high-yield, alternative assets, while the stability of U.S. Treasury bonds makes them the preferred safe-haven asset. Investors may consider seeking opportunities in the private credit space while paying attention to the role of U.S. Treasury bonds as a portfolio stabilizer, but should be wary of potential downturn risks in the equity and corporate bond markets.

Review of Key Events from Last Week

The U.S. Senate rejected the advancement of the stablecoin bill, exacerbating concerns related to Trump.

According to reports, on May 8, the U.S. Senate voted 48 to 49 against the procedural vote for the stablecoin regulation bill (GENIUS Act), failing to reach the 60-vote threshold needed to advance, thus delaying the debate process. Two Republican senators, Josh Hawley and Rand Paul, voted against it along with all Democrats, and Majority Leader John Thune also changed his vote to opposition to allow for future reintroduction. Democrats opposed the bill due to concerns about the Trump family’s relationship with crypto businesses and the bill’s inadequate anti-money laundering provisions. Senators Ruben Gallego and Mark Warner called for a delay to improve the text. Republicans accused Democrats of lacking a willingness to cooperate, claiming that this move could stifle the U.S. crypto industry.

Superstate launched “Opening Bell”, supporting SEC registered stock issuance and trading on the blockchain.

Superstate announced the launch of the “Opening Bell” platform, supporting the direct on-chain issuance and trading of SEC-registered stocks. This project will be first deployed on the Solana chain, achieving the native integration of traditional equity and blockchain infrastructure. Recently, Superstate has collaborated with multiple institutions to submit a framework proposal to the SEC.

Stripe has launched stablecoin accounts in over 100 countries.

According to an announcement on May 7, global payment platform Stripe has launched stablecoin accounts in 101 countries, allowing users to send, receive, and hold balances in USD stablecoins, functioning similarly to traditional bank accounts. The service supports Circle’s USDC and the USDB stablecoin issued by the Bridge platform acquired by Stripe in October 2024, covering countries such as Argentina, Chile, and Turkey. The current total market value of stablecoins has exceeded $231 billion, particularly in developing economies with high inflation and inadequate financial infrastructure, where the demand for stablecoins as a store of value and medium of exchange continues to grow.

Visa Ventures invests 2 million euros in the stablecoin infrastructure platform BVNK, promoting the globalization of stablecoin payments.

Visa has invested in the stablecoin payment infrastructure platform BVNK through its venture capital arm, Visa Ventures. This marks Visa’s first direct investment in a startup in this field and is seen as a strong validation of the potential of stablecoins as a global payment infrastructure. BVNK currently processes an annual volume of $12 billion, with clients including companies such as Deel and dLocal. According to previous news, stablecoin infrastructure company BVNK has completed a $50 million Series B funding round, led by Haun Ventures.

BioSig merges with Streamex to create an RWA company listed on Nasdaq.

According to reports, BioSig Technologies has signed a letter of intent to merge with Streamex Exchange Corp., intending to list an RWA company on Nasdaq through an all-stock transaction. Streamex provides tokenized infrastructure for a commodity market based on Solana, aiming to bring the $21 trillion mining and $142 trillion global commodity market on-chain. After the merger, Streamex shareholders will hold approximately 19.9% of the company’s common stock, increasing to 75% after converting preferred shares. BioSig CEO Anthony Amato stated that this move will enhance growth potential, while Streamex co-founders Henry McPhie and Morgan Lekstrom referred to it as an evolution of traditional finance.

Latest Updates on Hot Projects

Plume Network

Official website:

Introduction: Plume Network is a modular Layer 1 blockchain platform focused on the tokenization of real-world assets (RWA). It aims to transform traditional assets (such as real estate, artworks, equity, etc.) into digital assets through blockchain technology, lowering investment thresholds and enhancing asset liquidity. Plume provides a customizable framework that supports developers in building decentralized applications (dApp) related to RWA, and integrates DeFi and traditional finance through its ecosystem. Plume Network emphasizes compliance and security, striving to provide solutions that bridge traditional finance and the crypto economy for both institutional and retail investors.

Latest update: On May 9, announced a partnership with Lorenzo Protocol (@LorenzoProtocol) to bring its financial abstraction layer into the Plume ecosystem, reducing the friction costs of RWA staking and sustainable yields for native BTC and other CeFi products. On the same day, it was announced that PLUME tokens will be integrated with Hyperliquid and listed on Hyperbridge.

On May 12, the first step of its mainnet journey was announced: Plume Alpha, marking the initial phase of mainnet deployment. The goal of Plume is to make the on-chain RWA experience as seamless as native crypto assets, allowing users to stake, swap, lend, borrow, and speculate on RWA on Plume. This phase lays the groundwork for unlocking subsequent functionalities such as asset tokenization and governance.

R2 Yield (R2)

Official website:

Introduction: R2 Yield is a stablecoin yield protocol that integrates real-world assets (RWA), traditional finance (TradFi), and decentralized finance (DeFi), aiming to provide users with stable income opportunities through blockchain technology. Its core product R2 USD is a stablecoin backed by real-world assets, including tokenized U.S. Treasury bonds, money market strategies, and rental income from real estate. This design allows R2 USD to combine stability with income generation capabilities, breaking the limitations of traditional stablecoins (such as USDT and USDC) that do not directly generate income for users. The mainnet is expected to officially launch in the second to third quarter of 2025.

Latest updates: On May 8th, the testnet’s points dashboard was updated, allowing users to view points earned through tasks such as minting, staking, and providing liquidity. On May 9th, it was announced that the number of testnet addresses had exceeded 200,000, with a total number of transactions surpassing 10,000,000.

Since the launch of the test network, R2 has completed deployments on multiple test networks such as Plume, ETH Sepolia, and Arbitrum Sepolia, attracting over 90,000 users to participate in just one week.

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