On-chain RWA market cap rises to $34.9 billion
The reporting period for this weekly review covers July 10 to July 17, 2026. According to the latest data from RWA.xyz, total on-chain market capitalization for real-world assets reached $34.9 billion as of July 17, up 3.74% from the same point a month earlier. The total number of asset holders climbed to 1.077 million, a 15.84% increase from a month earlier and a record high, with net monthly growth of more than 140,000 holders.
Stablecoin figures moved in a different direction. Total stablecoin market capitalization slipped to $299.06 billion, down 0.03% from a month earlier, while liquidity pool levels were broadly unchanged. Monthly transfer volume fell to $5.49 trillion, a 20.9% drop from the same point last month, reversing the prior rebound.
Monthly active addresses rose to 54.02 million, up 0.74% from a month earlier, and total holders increased to 274 million, up 3.21%. The leading stablecoins remained USDT, USDC and USDS. USDT market capitalization rose 1.21% month over month, while USDC fell 1.7% and USDS dropped 13.31%.
Regulatory moves span the U.S., UK, Europe and emerging markets
U.S. housing bill with CBDC ban takes effect automatically
According to CoinDesk, a bipartisan U.S. housing bill that includes a ban on a central bank digital currency took effect automatically at the start of July 11 local time even though President Donald Trump declined to sign it. Trump wrote on Truth Social that he would not sign the housing bill in protest over the Senate’s failure to pass the Safeguard American Voter Eligibility Act.
Under the U.S. Constitution, a bill becomes law if the president neither signs nor vetoes it within 10 days after congressional approval. Because Trump did not exercise a veto, the bill became law at midnight local time on Saturday. The CBDC ban runs through the end of 2030 and bars the Federal Reserve from issuing a digital dollar. CoinDesk said the ban had previously appeared in other Republican-backed legislation before being attached to the housing bill.
UK targets early 2027 for first G7 digital sovereign bond
CoinDesk also reported that the UK plans to issue a digital sovereign bond in early 2027, making it the first G7 country to place government debt on distributed ledger infrastructure. Chancellor Rachel Reeves announced the timeline during her annual Mansion House speech.
The first issuance, called DIGIT, will be a sterling-denominated government bond issued on HSBC’s Orion platform and operated inside the Bank of England and Financial Conduct Authority digital securities sandbox. Bank of England Governor Andrew Bailey said the central bank would make DIGIT eligible as collateral in its market operations to support tokenized repo activity. The bond’s size, maturity, coupon, investor eligibility and settlement asset have not been disclosed. The first issuance will sit outside the regular gilt financing program.
ECB selects 36 payment firms for digital euro pilot
The European Central Bank said it has selected 36 euro-area payment service providers to take part in the digital euro pilot. The trial is scheduled to begin in the second half of 2027 and will run for 12 months across the ECB and 19 euro-area central banks.
The pilot will test digital euro payments, offline payments, e-commerce and in-store use cases while refining the user experience. The ECB said it received more than 50 applications after launching a call for interest in March 2026 and ultimately chose 36 firms from several member states, including Deutsche Bank, Adyen, Revolut Bank, Stripe Technology Europe and Worldline. If the EU passes digital euro legislation in 2026, the ECB said it aims to be ready for a first issuance in 2029, though any formal launch would still require a later decision.
Russia proposes limits on foreign stablecoin purchases
Bits.media reported that the final version of a Russian crypto regulation bill would restrict non-professional investors from buying foreign stablecoins, a group that covers most residents in the country. The bill adds two legal concepts, “foreign digital instruments” and “non-deliverable foreign digital instruments,” with collateral-backed stablecoins placed in the latter category.
Qualified investors would be allowed to buy foreign digital instruments, while non-qualified investors could only buy assets on a special central bank list. Russia’s central bank released a draft stablecoin framework in late June that would require all transactions to take place under state control through exchanges or licensed exchange points. Central bank governor Elvira Nabiullina had earlier said she was cautious on foreign stablecoins because issuers can freeze assets in user wallets.
South Korea’s Gyeonggi Province to start stablecoin PoC in August
Etoday reported that Gyeonggi Province will formally begin a stablecoin proof-of-concept program in August. The project will explore blockchain-based stablecoins for local currency, public subsidies and payments.
The first phase will focus on three areas: programmable payments, zero-knowledge proofs, and proof of reserves to verify in real time whether stablecoin issuance matches reserve assets. If progress is smooth, the project is expected to enter a second expansion phase from October to December, with attention on misuse prevention, privacy safeguards, business suitability and feedback from residents and businesses.
Bolivia studies adding USDT to the national payments system
CoinDesk reported that Bolivia is evaluating whether to integrate Tether’s USDT into the national payments system as a regulated option alongside the boliviano and the U.S. dollar. Economy Minister José Gabriel Espinoza said authorities are preparing a framework for banks, digital wallets and payment institutions, but the plan remains under technical review. USDT has not been granted legal tender status and implementation details have not been released.
Since the central bank lifted restrictions on crypto trading in mid-2024, local crypto transaction volume has climbed to $430 million within a year, while overall volume grew roughly 630%. The report said demand for crypto assets has increased among companies and residents in a setting marked by dollar scarcity and a move to a floating exchange rate this year. Officials said any rollout would come with stronger anti-money laundering oversight as Bolivia remains on the Financial Action Task Force gray list.
Tanzania central bank drafts crypto and stablecoin rules
According to Bitcoin.com, Bank of Tanzania Governor Emmanuel Tutuba said the central bank is developing a regulatory framework for cryptocurrencies and stablecoins to strengthen oversight and protect investors. Tutuba said the bank has received multiple complaints from investors who lost money in crypto trading, especially younger investors.
The framework is also meant to address risks tied to money laundering and terrorist financing. Bitcoin.com said Tanzania’s central bank has expanded supervision of digital financial services in recent years, and the new rules are intended to improve oversight of digital asset activity while supporting financial stability and consumer protection.
China digital yuan wallets add offline payment code support
China’s digital yuan operations center said wallets from Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of Communications, Postal Savings Bank of China and Industrial Bank now support offline payment codes in the e-CNY app. The feature will later be extended to more operating institutions.
The offline code allows users to generate a payment code in the app even in no-network or weak-network conditions, with merchants completing payment by scanning it. If connectivity is interrupted or too weak, the system automatically switches to an offline payment code without requiring manual setup. Users need to have enabled small-amount password-free payments in advance. If they have also enabled automatic top-up, payments can still go through when balances are insufficient.
Tokenization projects broaden across banks, market infrastructure and Japan
Wall Street banks form tokenized deposit network
Bloomberg reported that JPMorgan, Bank of America, Citi, Wells Fargo and HSBC are joining a shared network operated by The Clearing House to connect tokenized bank deposits using blockchain. The effort is aimed at responding to the expansion of dollar stablecoins such as USDT and USDC in payments and settlement.
The network is expected to go live next year and is designed to connect internal blockchain systems across banks, with wholesale payments and liquidity management as the first use cases. Artemis Analytics data showed about $33 trillion in stablecoin transaction volume in 2025, while Bloomberg Intelligence estimated that related payment flows could exceed $50 trillion by 2030.
DTCC works with nearly 40 institutions on tokenized stocks and Treasuries
The Wall Street Journal reported that the Depository Trust & Clearing Corporation is advancing a tokenization initiative for Wall Street assets including Microsoft, SPY, QQQ and U.S. Treasuries. Participating institutions include JPMorgan, BlackRock and Goldman Sachs, among nearly 40 firms involved.
The institutions plan to use tokenized assets in collateral transfers, repo trades and stock trading. The stated aim is to improve capital efficiency, streamline settlement and move more traditional market infrastructure on-chain.
Tradable plans Stellar migration for up to $1 billion in private credit assets
The Block reported that Tradable, a tokenization platform backed by ParaFi Capital, plans to move up to about $1 billion in private credit assets from Ethereum layer-2 network ZKsync to Stellar. Founded in 2024, Tradable provides on-chain infrastructure for the full private credit lifecycle, including compliance controls and investor onboarding.
Last year the platform tokenized about $1.7 billion across nearly 30 institutional private credit positions on ZKsync. The migration is intended to build on Stellar’s user base in institutional tokenization and its compliance and privacy features. Stellar has previously hosted RWA products and stablecoin pilots from Franklin Templeton, WisdomTree, Ondo Finance and Figure.
Cantor and Securitize bring blockchain into the IPO process
CoinDesk reported that Cantor Fitzgerald has partnered with tokenized brokerage Securitize to bring blockchain infrastructure into the IPO process. Cantor will provide equity capital markets and trading capabilities, while Securitize will supply tokenization infrastructure for issuance, distribution and servicing of tokenized securities.
Under the arrangement, listed companies will be able to raise capital and issue securities on-chain within the traditional public offering framework. CoinDesk noted that, unlike tokenized funds or secondary trading, the partnership puts blockchain infrastructure directly into IPOs and follow-on offerings under an issuer-sponsored model in which tokens represent actual securities rather than wrapped or synthetic exposure.
Visa launches Visa Stablecoin Platform
Fortune reported that Visa has launched the Visa Stablecoin Platform, or VSP, to help banks and fintech companies integrate stablecoin services into existing payment and treasury workflows. Visa processes about $15 trillion in payments each year and said it has already handled billions of dollars in stablecoin settlement.
The company said it wants to expand that volume by making stablecoin use easier for roughly 15,000 financial institutions and more than 200 million merchants. VSP is positioned as a common infrastructure layer for stablecoin payments, fund transfers and settlement. At launch it will support OUSD, a new stablecoin from the Open Standard alliance, while remaining compatible with USDC and USDG.
Circle wins final OCC approval for national trust bank
Circle said it has received final approval from the Office of the Comptroller of the Currency to establish First National Digital Currency Bank, N.A., which will operate as Circle National Trust. Circle trades on the NYSE under the ticker CRCL.
The bank will serve as a federally regulated national trust bank providing digital asset custody for Circle and its affiliates. Over time, custody services may also be opened to selected institutional clients, including banks and regulated derivatives firms. Under the approved business plan, the charter also leaves room for bringing USDC reserve management under a federal regulatory framework.
JCB signs MOU with Circle
Cointelegraph reported that JCB, one of Japan’s largest credit card issuers, has signed a memorandum of understanding with Circle to explore payments and cross-border treasury operations using USDC in Japan. The work will focus on tests in JCB’s cross-border treasury management and merchant payment use cases.
Ondo launches tokenized U.S. stocks backed by DTCC-custodied securities
According to Solid Intel, Ondo has launched its first tokenized U.S. equity products directly backed by securities held in custody at DTCC. The initial assets include BlackRock’s IVV ETF and Micron stock. Ondo Finance also entered a strategic partnership with Japan’s SBI Group to bring Japanese stocks on-chain, distribute Ondo tokenized products in the SBI ecosystem, and use SBI’s JPYSC stablecoin for on-chain settlement and collateral.
SBI and DigiFT launch JX on Solana; JPYSC lending starts this month
Bloomingbit reported that SBI Global Asset Management and DigiFT have launched JX, a tokenized investment product on Solana that brings a high-dividend Japanese equity strategy on-chain for qualified and institutional investors. SBI Asset Management is responsible for strategy management. The Solana Foundation said the tokenized RWA market has increased from $5.9 billion last year to $21.9 billion.
The Block separately reported that SBI Group will launch a lending service for its JPYSC stablecoin this month through SBI VC Trade. Users lending JPYSC will be offered a 12-week fixed-yield product with a 3% annualized return. The service is launching less than a month after JPYSC debuted. SBI said JPYSC is Japan’s first yen stablecoin guaranteed by a trust bank and that lower transaction costs and support for large trades should help attract both retail and institutional users.
Progmat migrates about $2.7 billion tokenized securities platform to Avalanche
The Block reported that Progmat, Japan’s largest issuance and management platform for security tokens, has moved its entire platform and all existing tokenized assets from a private permissioned chain based on Corda 5 to the public Avalanche network. The migration covers more than JPY 452 billion, or about $2.7 billion in assets.
Progmat said the migration was completed without changing the behavior or specifications of existing project contracts, and financial institution operations were not interrupted. Rights transfer processing became about three to five times faster than before, while transaction finality fell to under two seconds. Incubated by Mitsubishi UFJ Trust and Banking and spun out in 2023, Progmat accounts for about 64.6% of issuance value in Japan’s security token market, covering most tokenized real estate and corporate bonds.
Lawson plans August pilot for JPYC payments
Bitcoin.com reported that Japanese convenience store chain Lawson plans to pilot JPYC stablecoin payments at a Tokyo store in early August. Customers will pay by scanning with a smartphone wallet. The trial is described as Japan’s first stablecoin payment test directly linked to a point-of-sale system.
Hashport is providing wallet technology support. Stablecoin payment data will feed directly into Lawson’s existing store management system and record product quantities, payment times and transaction details. Lawson will decide whether to expand the program after evaluating the stability of POS integration.
BitPay receives Dutch MiCA license
Cointelegraph reported that crypto payments firm BitPay has received a crypto-asset service provider license under the MiCA framework from the Dutch Authority for the Financial Markets, allowing it to operate across EU member states. BitPay said the license will support an expansion of its crypto and stablecoin payment business in Europe.
Cumberland secures MAS MPI license in Singapore
Cumberland said in a post on X that its Singapore subsidiary, Cumberland SG Pte. Ltd., has received a Major Payment Institution license from the Monetary Authority of Singapore. The license allows the company to provide digital payment token services and cross-border money transfer services.
MSX adds six tokenized U.S. equities
U.S. equity token trading platform Maitong MSX has listed six tokenized products: $SKHYV.M, described as a global HBM leader; $S.M, an AI-native cybersecurity company; $ISRG.M, a surgical robotics company; and three directional ETFs tied to SKHY, namely 2x long $SKUU.M, 2x short $SKDD.M and 1x short $SKHZ.M.
Funding remains concentrated in tokenization and stablecoin infrastructure
Alpaca raises $135 million
Developer-focused stocks, options and crypto API broker Alpaca said it has raised $135 million in a funding round led by Peak XV, with Elefund participating. Other new and existing investors include Opera Tech Ventures, the venture arm of BNP Paribas Group, and Unbound.
Alpaca said the new capital will be used to expand an agent-first prime brokerage infrastructure aimed at tokenized markets and AI-native financial services. Total funding now stands at $435 million, including debt financing mainly from Kraken parent Payward and BMO.
Flex raises $70 million
Forbes reported that California-based fintech company Flex raised $70 million in a B1 round led by Halo Fund. Its core product, Flex Global, is a stablecoin-based cross-border banking platform that offers multicurrency accounts spanning 32 currencies in 170 countries and regions.
Flex said its core customers generate annual revenue of between $3 million and $200 million and are concentrated in construction, wholesale, and import-export industries.
Velocity closes $38 million Series A
Fortune reported that London-based payments startup Velocity raised $38 million in a Series A led by Dragonfly, with participation from Coinbase, Capital One Ventures and market maker Wintermute. Founded in 2025, Velocity provides stablecoin-based cross-border settlement and treasury tools for global merchants, payment firms, fintechs and financial institutions.
The company is already operating in the United States, parts of Europe and Australia. It said the new funds will go toward licenses in Africa and Latin America, stronger asset custody infrastructure and yield-generating stablecoin products for larger enterprises with more complex treasury and cross-border settlement needs.
Trasia Labs says it has raised $35 million
According to an official announcement, Trasia Labs, a liquidity provider focused on Asian equity perpetuals, said it has raised $35 million, including a $1.75 million seed round led by Multicoin Capital. The funds will support launch of web and mobile applications, user growth and the first HIP-3 markets centered on Asian securities.
The company said its web trading interface is already live with Chinese and English support. Its mobile app is expected this summer. Trasia Labs is the development team behind Trasia, an Asia-first non-custodial trading platform built on Hyperliquid.
Cyclops raises $20 million Series A
Fortune reported that Miami-based payments infrastructure startup Cyclops raised $20 million in a Series A aimed at helping payments companies use stablecoins to speed up settlement. The company said its tools use stablecoins to improve cross-border and traditional payment flows, increasing settlement efficiency and cutting costs.
Pact Labs closes $7 million Series A led by Tether
Tether said it led a $7 million Series A in infrastructure provider Pact Labs, with Blockchange Ventures and Lasagna also participating. The funding will be used to expand the use of USA₮ in payroll, earned wage access, credit and everyday payments.
Tether said it plans to use Pact Labs to embed the regulation-compliant digital dollar USA₮ into U.S. enterprise payroll and payments systems, enabling real-time wage distribution, embedded digital wallets and an alternative to the time delays of traditional batch-based payments.
Research and market commentary
a16z crypto says TradFi is rebuilding its own workflows with blockchain
An article on the a16z crypto website said traditional financial institutions are selectively adopting blockchain technology to improve existing business lines rather than plugging directly into open DeFi protocols. It cited firms such as JPMorgan using permissioned chains for deposit settlement, and BlackRock and Franklin Templeton using tokenized money market funds to improve settlement and distribution.
The article argued that these approaches preserve controls such as KYC, freezing and transaction reversibility while still taking advantage of atomic settlement, shared ledgers and programmable money. It said institution-focused permissioned layers and DeFi innovation on open networks are likely to develop in parallel over the long run.
Fidelity points to balance sheet management as a long-term tokenization use case
CoinDesk reported that Fidelity sees the most compelling long-term use case for tokenized funds in balance sheet management for large global institutions, not just around-the-clock liquidity. Tokenized money market funds and other on-chain instruments, Fidelity said, could help pensions, insurers and corporations use cash spread across accounts and jurisdictions more efficiently.
PANews overview: SBI is building an on-chain finance stack
PANews said Japanese financial group SBI Holdings is accelerating efforts to move settlement, asset issuance, credit and asset management on-chain. It recently launched trust-based yen stablecoin JPYSC, added USDC and RLUSD for a dual-currency settlement setup, worked with Startale on the RWA trading network Strium and partnered strategically with the Solana Foundation. On the DeFi and asset management side, SBI has invested in Morpho and Gauntlet.
PANews said the broader goal is to combine Web3 technology with traditional financial licenses and customer relationships, though coordination across the system and scaled deployment still need time to prove out.
PANews overview: stablecoins are moving beyond trading use
PANews summarized a Binance Research report saying stablecoins are evolving from a pure trading medium into a digital financial infrastructure that combines savings, yield, payments and cross-border settlement. In emerging markets, users are treating them as long-term “digital dollar accounts.” In yield products, stablecoins are being paired with tokenized Treasuries and other RWAs. In application terms, they are spreading into high-frequency retail payments, weekend arbitrage settlement, AI agent micropayments and on-chain foreign exchange.
PANews overview: Avalanche’s RWA growth diverges from AVAX price action
PANews also outlined what it called a growth paradox around Avalanche. While AVAX has fallen more than 50% this year, tokenized assets on Avalanche have reached $2.1 billion. BlackRock’s BUIDL fund on Avalanche rose 105% in one week to more than $900 million. Japan’s Progmat has migrated $2.7 billion in assets to Avalanche, and South Korean companies including Hyundai Motor and KB Kookmin Card are using the network for cross-border settlement and payment activity.
PANews said Avalanche’s Subnet model has appealed to institutions by balancing data sovereignty, security and compliance. At the same time, many enterprise deployments avoid using AVAX for gas, creating a gap between ecosystem growth and token value capture.