Real-world assets kept growing on-chain through Sept. 4, 2026, while regulators in the U.S., Singapore, and South Korea advanced new work around tokenized securities and stablecoins. PANews said the week’s major developments also included the London Stock Exchange’s plan for tokenized UK shares, Intercontinental Exchange’s tie-up with tZERO, and fresh funding for stablecoin settlement, remittance, and payment infrastructure.
On-chain RWA and stablecoin metrics moved higher
The review covers the period from Aug. 28 to Sept. 4, 2026. According to RWA.xyz data cited by PANews, the total on-chain RWA market value rose to $38.76 billion, up 1.23% from the same time a month earlier. Total asset holders jumped to 3.298 million, an increase of 105.37% month over month.
Stablecoins also expanded. Total market capitalization reached $303.21 billion, up 2.51% from a month earlier. Monthly transfer volume climbed to $7.17 trillion, a 48.83% increase. Monthly active addresses recovered to 55.89 million, up 5.94%, reversing a short-term decline. Total holders reached 286 million, up 1.69%.
The leading stablecoins remained USDT, USDC, and USDS. USDT market value increased 2.34% from a month earlier, USDC rose 2.18%, and USDS slipped 0.55%.
Regulatory moves focused on transfer agents, stablecoins, and tokenized stocks
SEC proposes update to transfer agent rules
According to The Block, the U.S. Securities and Exchange Commission proposed updates to the rules governing registered transfer agents, a framework that has not been significantly revised since the late 1970s. Transfer agents maintain ownership records, process corporate actions such as mergers and dividend distributions, and support clearing and settlement.
The SEC chair said the proposal would “simplify and modernize” the rules to reflect the use of electronic communications and blockchain technology in securities issuance and share transfers. The agency said transfer agents are increasingly interacting with tokenized securities and artificial intelligence, while some market participants are exploring blockchain-based systems for recording securities ownership.
The SEC added that transfer agents engaging with tokenized securities and smart contracts must address risks tied to blockchain data integrity, tokenized security safeguards, and distributed ledger operating models. Injective recently became an SEC-registered transfer agent, while Securitize and tZERO are already registered. The public comment period will run for 60 days.
MAS opens consultation on stablecoin framework
According to Singapore Business Review, the Monetary Authority of Singapore plans to amend the Payment Services Act 2019 to introduce a stablecoin regulatory framework covering cross-border recognition, restrictions on interest payments, and financial stability safeguards.
The proposed regime would cover locally issued single-currency stablecoins pegged to the Singapore dollar or G10 currencies. Only licensed issuers would be allowed to market tokens as MAS-regulated stablecoins. MAS also proposed allowing jointly issued stablecoins registered in Singapore to be brought into scope if risks are sufficiently mitigated. In addition, it is considering limited recognition for a small number of foreign stablecoins that are subject to comparable overseas regimes, especially for cross-border wholesale use cases.
MAS also proposed banning interest payments on MAS-regulated stablecoins and requiring issuers to conduct stress tests and put in place recovery and orderly wind-down plans. The consultation runs through Oct. 16.
South Korea sets a three-stage tokenization roadmap
According to Digital Asset, South Korea’s Financial Services Commission said it will move ahead with model verification and pilot programs for tokenized listed stocks centered on Korea Exchange, or KRX, taking cues from pilot efforts at the New York Stock Exchange and Nasdaq. Unlisted shares would be tokenized through trust structures.
The commission’s three-stage roadmap starts in February 2027, when the token securities law takes effect. Phase one covers private money market funds, private corporate bonds, and unlisted shares, and is limited to institutional investors. Phase two expands to public offerings. Phase three introduces “on-chain settlement,” with both securities and payment legs completed on blockchain rails. The commission said formal work on on-chain settlement will begin after stablecoin legislation is in place.
HKDAP distribution network expands
According to Zhitong Finance, Standard Chartered Bank, Fosun International subsidiary Starlight Technology, and Yunfeng Financial subsidiary Yunfeng Securities became recognized distributors for Hong Kong dollar stablecoin HKDAP. Together with HashKey and OSL Group, which were authorized earlier, the total number of authorized distributors now stands at five.
Project developments ranged from exchange infrastructure to tokenized equity and stablecoin rails
ICE takes stake in tZERO
According to CoinDesk, Intercontinental Exchange, the parent company of the New York Stock Exchange, said it will work with blockchain infrastructure firm tZERO to build core infrastructure for its planned NYSE-linked tokenized securities market.
The companies plan to create a transfer agent and broker-dealer settlement system for on-chain security tokens. tZERO is expected to act as the platform’s digital transfer agent and participant, handling recordkeeping and compliance for changes in tokenized stock ownership. ICE is also participating in tZERO’s latest financing round and licensing 103 blockchain patents to the company. The two sides will also look at using tokenized assets as trading collateral in businesses including ICE clearinghouses. In March, ICE named Securitize as the digital transfer agent for the same platform.
Bitfinex Securities lists five tokenized products tied to bitcoin treasury stocks
According to a Bitfinex announcement, Bitfinex Securities listed five tokenized notes backed by shares of public companies known for holding bitcoin on their balance sheets:
- Strategy Note (CMSTR), backed by 100 shares of Strategy Inc. common stock per note
- Strategy STRC Note (STRCst), linked to one share of Strategy Inc. variable rate perpetual preferred stock and passing through dividend rights
- Metaplanet Note (CMPTL), backed by 100 shares of Metaplanet Inc. common stock per note
- H100 Note (CH100), backed by 100 shares of H100 Group AB common stock per note
- Capital B Note (CALCPB), backed by 100 shares of Capital B common stock per note
The products are issued by Luxembourg-based ORO (II) fund through STOKR. The underlying shares are held by a regulated custodian. The notes can be traded fractionally against U.S. dollars, Tether (USDt), and bitcoin, are regulated by El Salvador’s CNAD, and are issued on Liquid Network. Participating wallets must pass Bitfinex Securities KYC and AML checks.
Securitize and Socios plan tokenized sports equity
Securitize said it is working with Socios on Socios Equity Tokens, a program for compliant tokenized issuance of minority stakes in professional sports clubs. The companies said they will explore new models for club equity financing and ownership on a global basis.
Socios will handle sports industry partnerships and fan-facing engagement, while Securitize will manage securities issuance, investor onboarding, ownership registration, and transfer controls through its regulated entities. Securitize said the global professional sports club market is worth about $500 billion and added that the initiative could become one of the first projects in its European trading and settlement system under the EU DLT pilot regime.
Ethena extends USDe yield strategy to equity perpetuals
According to CoinDesk, USDe issuer Ethena plans to expand the basis-trade strategy behind its synthetic dollar from BTC, ETH, and SOL perpetuals into equity perpetual contracts, aiming to capture higher and steadier funding rates.
Ethena said open interest in equity perpetuals rose from less than $1 billion in March this year to about $6.2 billion. It also said recent annualized funding rates were around 14% on Hyperliquid and 17.5% on Binance, well above the low single-digit levels seen in bitcoin. Ethena expects real-world asset perpetual exposure in USDe reserves to exceed crypto derivatives over the next 12 to 24 months and said it will disclose its first partner exchanges and deployment plans within weeks. USDe circulation currently stands at about $4 billion, down from nearly $15 billion at its 2025 peak.
LSE explores tokenized UK shares with Payward
According to fxnews, the London Stock Exchange said it plans to introduce tokenized UK shares and has partnered with Payward, Kraken’s parent company, to examine how regulated market infrastructure and digitally native distribution can support the next stage of tokenized public equity markets.
The exchange said it is evaluating a model for tokenized UK shares aimed at widening access to capital markets while preserving shareholder rights, protections, and governance standards. The work will consider how LSEG’s digital securities depository could support settlement and asset servicing, subject to regulatory approval.
The effort sits within LSEG’s broader infrastructure modernization plan, which also includes the 24-hour trading venue LSE 24, a digital securities depository, and a digital clearing house. Subject to approval, LSE also plans to list xStocks on LSE 24 and begin trading in 2027.
Payward and SoFi connect stablecoin and dollar settlement services
According to Cointelegraph, Payward reached an agreement with SoFi to bring SoFiUSD stablecoin onto Kraken and connect Payward to SoFi’s 24/7 U.S. dollar settlement network.
SoFi will use Kraken Prime as its source of digital asset liquidity. Payward will join the SoFi Exchange Network and gain access to its commercial banking services. SoFiUSD is a U.S. dollar stablecoin issued by SoFi Bank and launched in 2026.
SoFi has 15.8 million members and already offers crypto trading in its app. Kraken said order routing through Kraken Prime will give SoFi liquidity from multiple venues. The companies also said qualified custody services could be added later, and Kraken’s institutional and commercial clients would gain round-the-clock dollar settlement through SEN.
Twenty-one financial institutions plan stablecoin joint venture
According to PR Newswire, 21 major international financial institutions said they plan to set up a new global company in the second half of 2026 to launch fully bank-reserve-backed stablecoin products. The first product would be denominated in U.S. dollars, with euro and other G7 currency stablecoins to follow as priorities.
The venture is intended for wholesale, institutional, and retail use cases including cross-border payments and digital asset settlement, and it aims to comply with frameworks including the GENIUS Act and MiCA. Participating firms include Bank of America, Citi, Goldman Sachs, Wells Fargo, Fidelity Investments, WisdomTree, Deutsche Bank, UBS, Banco Santander, BBVA, MUFG Bank, Standard Bank, and Sirius International Holding. The target launch window is the first half of 2027.
Circle and edgeX expand work around Arc
Circle and decentralized perpetual futures platform edgeX said that when Arc mainnet goes live on Sept. 16, edgeX will serve as Arc’s flagship perp venue and offer 24/7 FX trading from day one.
At launch, edgeX plans to list a USD/JPY perpetual and more than 150 perpetual markets spanning U.S. equities, commodities, and crypto assets. All of them will use native Arc USDC as margin and settlement collateral.
Arc is Circle’s Layer 1 blockchain built for stablecoin finance. It includes the StableFX engine, an institutional RFQ system, and 24/7 on-chain PvP settlement, with USDC used as native gas. Circle Ventures has invested in edgeX, and the platform says cumulative trading volume has exceeded 900B. The companies said they plan to add more major FX pairs over time and explore non-dollar stablecoin margin as well as on-chain FX spot markets.
Kast launches a business stablecoin settlement platform
According to Cointelegraph, stablecoin payments company Kast launched KAST Business, a platform offering business accounts, payment cards, cross-border transfers, and treasury services built on stablecoins.
Businesses can open fiat virtual accounts through licensed partners, deposit supported stablecoins and crypto assets, issue virtual cards, and make local payments in more than 20 fiat currencies. Kast said idle funds on the platform can earn yields of up to 8% annually from sources including short-term U.S. Treasurys and stablecoin yield, while spending can generate cashback of up to 3%.
Kast previously raised $80 million at a valuation of about $600 million. It said the new push is aimed at North America, Latin America, and the Middle East. The company claims more than 1 million users and said it wants to bring in 1,000 to 5,000 active businesses by the end of 2026.
Kravata goes live on Sui
Stablecoin payment infrastructure platform Kravata has launched on the Sui blockchain. The company provides compliant stablecoin transfer, collection, merchant settlement, and embedded global account services for Latin America, with zero gas fees and settlement within seconds.
Kravata said it already serves about 5 million users in the region. Following the integration, those services will run on Sui.
MSX opens the third Pre-IPO subscription round
According to an official announcement from MSX, subscriptions for the third Pre-IPO round opened at 18:00 UTC+8 on Aug. 31 and will remain open until 00:00 UTC+8 on Sept. 6, 2026. The two projects in this round are Neuralink and Anduril.
MSX said allocation will be based on users’ effective $MSX holdings. The platform also said its second Pre-IPO project, Polymarket, has already opened for redemption with a subscription return rate of 33.3%.
Funding activity backed expansion in Southeast Asia, Latin America, and payment infrastructure
SBI plans $270 million Ajaib investment
According to CoinDesk, SBI Holdings plans to acquire a 20% stake in Indonesian online brokerage Ajaib Group for about $270 million before the end of this month. The goal is to support issuance of its yen-pegged stablecoin JPYSC in Southeast Asia and build a blockchain-based cross-border settlement network.
Ajaib offers securities brokerage, FX margin trading, crypto, and asset management services in Indonesia. SBI said the deal would give it access to a consumer retail market of about $375 billion and a channel to more than 20 million retail investors. The report described the transaction as one of Indonesia’s largest technology financings in recent years. SBI has already acquired Singapore exchange Coinhako and invested in Singapore digital securities platform DigiFT. Japan’s government has previously said it wants to build on-chain settlement infrastructure for stocks and government bonds in the early 2030s.
Felix Pago closes $200 million Series B
According to Bloomberg, stablecoin remittance startup Felix Pago completed a $200 million Series B round consisting of $87 million in equity financing and $113 million in credit facility financing. Andreessen Horowitz, or a16z, participated in the equity round, while the credit line came from General Catalyst’s Customer Value Fund.
Felix Pago is one of the more established stablecoin remittance networks in Latin America. It uses WhatsApp as a front-end channel and relies on USDC and blockchain infrastructure for settlement to reduce both cost and transfer time for remittances from the U.S. to Mexico.
Bullish extends $100 million debt facility to USD.AI
According to CoinDesk, crypto trading platform Bullish (NYSE: BLSH) will provide USD.AI with a $100 million debt facility to supply liquidity for AI infrastructure loans backed by GPUs and other high-performance computing assets.
USD.AI, developed by Permian Labs, is designed to connect AI infrastructure finance with on-chain capital. The protocol currently holds more than $225 million in locked crypto assets. Bullish also plans to list trading pairs tied to USD.AI’s yield-bearing token sUSDai, creating a secondary market built around GPU-backed debt.
Diameter Pay raises $10 million Series A
According to The Block, stablecoin payments infrastructure startup Diameter Pay raised $10 million in a Series A round co-led by CMT Digital and Lightspeed Faction, with participation from SixThirty Ventures, Stellar Development Foundation, Tech Council Ventures, Onigiri Capital, and BitRock Capital.
This is the company’s first outside funding since launch. Founder and CEO David Lighton said Diameter Pay had previously been self-funded. The round began in April and closed in July as an equity financing, with no post-money valuation disclosed. Founded in 2023, the company provides payment infrastructure for banks, fintech firms, and digital asset exchanges, including U.S. dollar virtual accounts through partner banks, domestic and cross-border payments, stablecoin on- and off-ramps, and compliance controls.
The firm said its dollar virtual accounts let overseas fintechs offer U.S. dollar accounts to their own customers while Diameter Pay handles the compliance and payment controls and connects those services with stablecoin infrastructure.
Market views in the weekly review focused on new capital channels and back-end tokenization rails
Wintermute view summarized by PANews
PANews said one of the week’s takeaways is that ETF flows, DAT, and stablecoins have become more routine as channels for traditional capital entering crypto, leaving the market in need of another source of incremental liquidity for a new bull cycle. In that summary, RWA is described as the only potential channel still showing clear growth.
PANews also said RWA should be understood not just as assets moving on-chain, but liquidity moving on-chain. In that reading, capital enters the on-chain system first rather than flowing directly into one token, which could make the impact more gradual and persistent than an ETF-style burst. The summary put annual RWA inflows at about $16 billion, roughly one-tenth of peak ETF and DAT levels, and said looser regulation and broader acceptance of tokenized assets as collateral are emerging growth drivers.
Ethena and FalconX summary
PANews also summarized a separate view on Ethena and FalconX, saying the two set up a $1 billion revolving secured lending facility through a bankruptcy-remote SPV and directed USDe reserve assets into overcollateralized institutional credit. FalconX acts as originator, servicer, and collateral manager, with collateral held by a third party and Ethena sitting at the top of the repayment stack.
In PANews’ summary, the move broadens USDe’s yield mix beyond funding rates into staking yield, funding rates, Treasury-like assets, and institutionally secured credit, creating a return base for sUSDe that is less tied to crypto market swings.
Tokenization economics shift to back-end infrastructure
PANews also summarized an industry view that tokenization competition is shifting away from front-end issuance and listing toward clearing, custody, settlement, and repo infrastructure. The article cited three examples: Bain Capital leading a $74 million round in clearing and custody firm RQD*, Mirae Asset’s acquisition of exchange Digital X to build a $10.9 billion integrated stablecoin, RWA, and STO strategy, and a first fully on-chain sovereign bond repo completed by firms including Virtu and Tradeweb with atomic settlement in 10 minutes.
The summary said front-end issuance and distribution are scaling quickly and barriers are falling, while regulated, auditable back-end systems that can support collateralized financing are becoming the scarcer assets in the market.