RWA Growth Meets Softer Transfers as Tokenised Stocks Advance

Real-world asset (RWA) markets continued to expand in user numbers, but on-chain activity weakened in the latest update. By 9 October, tokenised RWA value was $38.88 billion, down 0.99% month on month, while holders climbed to 5.18 million. Stablecoin market capitalisation edged up to $295.09 billion, but monthly transfer volume fell 21.87% to $6.82 trillion. Earlier figures for 25 September showed RWA value at $40.9 billion and transfer volume at $7.23 trillion, pointing to a recent slowdown in value and settlement activity despite broader adoption. Institutional tokenisation plans advanced. OKX and Intercontinental Exchange proposed an SEC-regulated platform for tokenised shares in 63 NYSE-listed companies, with shareholder rights such as dividends and voting. Earlier initiatives included NYSE and Blockchain.com exploring tokenised US equities, ARK Invest and Securitize tokenising the ARK Venture Fund, and Ondo launching stock-backed products on Ethereum and BNB Chain. Securitize later partnered with LG CNS and launched tokenised US stocks on Solana; Ondo also introduced tokenised exposure to private-company equity returns. Regulation is taking shape across major markets. US agencies have considered rules for tokenised securities and stablecoin reserves, while the SEC’s innovation exemption could enable tokenised stock platforms to outline operating plans. In Europe, the ECB is targeting a 2029 digital euro launch, and ESMA has told crypto providers to stop offering non-MiCA-compliant stablecoin services and clear existing exposure by 8 January 2027. The ECB has also advanced wholesale tokenised-asset settlement plans, while Japan outlined possible approaches to government bond tokenisation. Investment and infrastructure developments included Binance’s $100 million investment in Circle and a five-year USDC promotion agreement, RockawayX’s $150 million commitment to RWA credit, and MoonPay’s proposed acquisition of North Capital for more than $60 million. Spiko raised $90 million and reported $2.7 billion in assets under management. Overall, RWA adoption and institutional interest are growing, but lower stablecoin transfers suggest softer near-term trading and settlement demand. Regulatory implementation, liquidity and product compliance remain key risks.