RWA Weekly Report | GENIUS stablecoin bill enters formal review stage; US SEC releases new guidelines for Crypto Assets brokers (5.14-5.20)

Original | Odaily Daily Report (@OdailyChina)

Author | Ethan (@ethanzhang_web3)

RWA Sector Market Performance

According to RWA.xyz data, as of May 20, 2025, the total on-chain value of RWA reached 22.6 billion USD, an increase of 5.85% compared to 30 days ago. The total number of on-chain asset holders is 101,854, an increase of 4.17% compared to 30 days ago, with a total of 191 asset issuances. The total value of stablecoins is 232.17 billion USD, an increase of 2.18% compared to 30 days ago, while the number of stablecoin holders is 163.02 million, an increase of 2.8% compared to 30 days ago.

From a historical trend perspective, the total on-chain value of RWA has shown significant growth since 2019, especially accelerating after 2023, reaching a peak in early 2025, indicating the rapid adoption of tokenized assets. In the distribution of asset classes, Private Credit dominates with a value of $13.1 billion, accounting for 57.96% of the total value; US Treasury Debt is valued at $7 billion, making up 30.97%; Commodities are valued at $1.4 billion, which is 6.19%; and International Alternative Funds amount to $511.8 million, accounting for 2.26%. Stocks, non-US Government Debt, and Corporate Bonds have relatively smaller proportions.

From the comparison of data from last week, the distribution of asset classes this week has still shown relatively minor changes, but there are some trends worth noting.

Private Credit value slightly increased from $13 billion to $13.1 billion, but its proportion slightly decreased from 58.09% to 57.96%, indicating that although the total amount has grown, its dominant position in total assets has been slightly diluted. Meanwhile, US Treasury Debt value increased from $6.8 billion to $7 billion, with its proportion rising from 30.38% to 30.97%, reflecting that the market’s demand for allocation to Treasury bonds is still on the rise.

The total value of commodities has slightly declined from 1.5 billion dollars to 1.4 billion dollars, with its share dropping from 6.7% to 6.19%. Meanwhile, institutional alternative funds have increased from 478.5 million dollars to 511.8 million dollars, with a slight increase in their share to 2.26%. Subcategories such as stocks, non-U.S. government debt, and corporate bonds have not shown significant expansion, with their shares still relatively low and limited market attention.

Summary:

This week, the allocation ratio of U.S. Treasury bonds has slightly increased, which may indicate that some funds are inclined to return to stable assets in the current market environment; while private credit continues to grow, the growth rate has slowed down. Overall, the coexistence of high-yield assets and low-volatility assets remains the main theme of RWA allocation. It is recommended that investors continue to pay attention to private credit opportunities while moderately increasing their allocation to stable assets such as U.S. Treasury bonds, optimizing the risk-return structure while being cautious towards stocks and corporate bonds that are still in a low allocation state.

Key Event Review

The U.S. Senate passed a procedural motion, and the GENIUS stablecoin bill has entered the formal review stage.

According to Eleanor Terrett, the U.S. Senate passed a procedural motion for the “GENIUS Act” with a vote of 66 in favor and 32 against, clearing the way for final legislation. The bill aims to establish a federal regulatory framework for stablecoins and their issuers. A previous version was stalled on May 8 due to disputes over consumer protection and national security provisions, but revisions to the text have persuaded several Democratic senators to support it. Senator Bill Hagerty, who is leading the bill, called it a “historic opportunity” to advance the first digital asset legislation.

The US SEC releases new guidelines for regulating cryptocurrency brokers.

The U.S. Securities and Exchange Commission (SEC) recently released the latest Q&A guidelines regarding the regulatory rules for cryptocurrency brokers, clarifying that brokers are not subject to securities capital rules (such as Rule 15c3-3) when holding non-securities cryptocurrency assets, and that non-securities cryptocurrency assets are not protected under the Securities Investor Protection Act (SIPA). Additionally, the SEC has provided regulatory guidance specifically for transfer agents using distributed ledger technology for the first time and indicated that more detailed regulations will be introduced in the future.

Asset management giant VanEck launches tokenized U.S. Treasury fund VBILL

Asset management company VanEck has announced the launch of the first tokenized fund VBILL, in collaboration with Securitize, providing an on-chain investment channel for short-term U.S. Treasury bonds. The fund is now live on the Avalanche, BNB Chain, Ethereum, and Solana networks. With a minimum investment of $1 million on the Ethereum network, the investment threshold for the other networks is $100,000. The fund’s assets are custodied by State Street Bank and are priced daily using the Redstone oracle.

Gnosis invested $14.9 million to acquire HQ.xyz, accelerating its entry into the Asian market.

The German blockchain infrastructure project Gnosis has acquired the Singapore-based on-chain business account platform HQ.xyz for $14.9 million, marking its largest acquisition to date. HQ has been rebranded as Gnosis HQ, supporting stablecoin payments, Visa card expenditures, traditional bank withdrawals, and financial management tools. This acquisition will drive Gnosis’s expansion from infrastructure to the application layer, officially entering the Asian Web3 financial services market.

Galaxy Digital discusses stock tokenization plan with SEC

According to a report by Bloomberg, Galaxy Digital is in discussions with the U.S. Securities and Exchange Commission (SEC) about its stock tokenization plan. The plan aims to tokenize Galaxy Digital’s stock and other stock assets to achieve greater trading efficiency and liquidity.

The New York Fed and BIS jointly advance Project Pine, preparing central banks for the future of tokenized finance.

The Federal Reserve Bank of New York Innovation Center has jointly developed “Project Pine” with the Bank for International Settlements (BIS) Innovation Hub, creating a central bank operational smart contract toolkit suitable for tokenized financial systems. This toolkit supports functions such as interest payments, open market operations, and collateral management, enhancing the efficiency of central banks’ crisis response. The project is developed based on Hyperledger Besu, which is compatible with Ethereum, emphasizing technological neutrality and aiming to lay the groundwork for a future financial system that operates 24/7.

MoonPay partners with Mastercard to launch a stablecoin payment card, supporting 1.5 million merchants worldwide.

The crypto payment platform MoonPay announced a partnership with Mastercard to launch a Mastercard-branded virtual card that supports stablecoin payments. Users can use this card to spend stablecoins like USDC and USDT, which are automatically converted to fiat currency at the time of the transaction, usable at over 1.5 million Mastercard merchants worldwide. This collaboration is based on the API technology of Iron, a stablecoin payment infrastructure company acquired by MoonPay in March, aimed at simplifying cross-border payment processes and enhancing the real-world payment applications of stablecoins.

Hot Project Dynamics

Ondo Finance (ONDO)

Official website:

Introduction: Ondo Finance is a decentralized finance protocol focused on structured financial products and the tokenization of real-world assets. Its goal is to provide users with fixed-income products, such as tokenized U.S. Treasury bonds or other financial instruments, through blockchain technology. Ondo Finance allows users to invest in low-risk, high-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 range in the DeFi ecosystem.

Recent Update: On May 14, it was announced that in collaboration with JPMorgan’s Kinexys digital payment network and Chainlink, the first cross-chain, atomic delivery versus payment (DvP) settlement transaction was completed on the Ondo Chain testnet, using Ondo’s tokenized US Treasury Fund OUSG.

On May 17, Ondo announced that its RWA products (mainly USDY) on the Solana network have a total TVL of over $250 million, accounting for over 99% of the tokenized treasury bond holders on the Solana network.

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, art, equity, etc.) into digital assets through blockchain technology, reducing investment barriers and increasing asset liquidity. Plume provides a customizable framework that supports developers in building decentralized applications (dApp) related to RWA, integrating DeFi and traditional finance through its ecosystem. Plume Network emphasizes compliance and security, committed to providing solutions that bridge traditional finance and the crypto economy for institutional and retail investors.

Latest Update: On May 16, Plume tweeted detailed information about the upcoming Plume Genesis phase (a key milestone of the mainnet) and its three core assets:

• PLUME: The native token used for paying gas fees, governance, and staking.
• pUSD: A stablecoin supported by RWA, used for payments and yield generation.
• pETH: Tokenized Ethereum asset, supporting composability within the ecosystem.

On May 18, Plume announced that BTC interoperability features are set to launch, supporting the integration of Bitcoin assets with the Plume ecosystem. Specific details have not yet been disclosed, but it is expected to be achieved through cross-chain bridges or wrapped assets.

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