RWA Weekly Report｜Asset Holders Surge 26%; White House Convenes Crypto Firms and Banks to Discuss Stablecoin Yield Issues (1.28-2.3) | Bee Network

RWA Weekly Report｜Asset Holders Surge 26%; White House Convenes Crypto Firms and Banks to Discuss Stablecoin Yield Issues (1.28-2.3) | Bee Network Login 인기 뉴스 밈 런치패드 AI 에이전트 DeSci 탑체인 익스플로러 뉴비의 경우 100x 코인 꿀벌 게임 필수 웹사이트 필수 앱 암호화폐 유명인 드핀 루키 에센셜 함정 탐지기 기본 도구 고급 웹사이트 교환 NFT 도구 안녕, 로그아웃 웹3 유니버스 계략 DApp 꿀벌 하이브 성장하는 플랫폼 기원 후 찾다 영어 코인 충전 로그인 다운로드 웹3 유니 계략 DApp 꿀벌 하이브 기원 후 집•분석•본문 RWA Weekly Report｜Asset Holders Surge 26%; White House Convenes Crypto Firms and Banks to Discuss Stablecoin Yield Issues (1.28-2.3)분석4주 전업데이트와이엇 8,859 9 Author | Ethan (@ethanzhang_web3)

RWA Sector 시장 성능 According to the rwa.xyz data dashboard, as of February 3, 2026, the total on-chain value of RWA (Distributed Asset Value) reached $239.6 billion, an increase of $7.3 billion from $232.3 billion on January 27, representing a weekly gain of 3.14%. In terms of the broad RWA market size, i.e., the total value of representative assets (Represented Asset Value), there was a significant correction, dropping from $3551.7 billion on January 27 to $1994.2 billion, a decrease of $1557.5 billion, or 43.86%. This may be due to adjustments in statistical methodology, a situation that has frequently occurred before and is not an anomaly.

Regarding the number of asset holders, the total number of asset holders increased from 656,444 to 830,533, a net increase of 174,089 in a single week, representing a growth rate of 26.52%. The stablecoin market maintained its upward trend, with total market capitalization rising from $2963.9 billion to $3101.5 billion, an increase of $137.6 billion, or 4.64%. The number of stablecoin holders also grew from 223.87 million to 224.73 million, an increase of 0.38%.

In terms of asset structure, U.S. Treasury bonds remain the largest component of the current on-chain RWA market, with a market value of $9.6 billion on February 3, slightly down by $200 million from $9.8 billion the previous week, a decrease of approximately 2.04%. Commodity assets continued to expand, rising from $4.4 billion to $4.8 billion, a gain of 9.09%, making it the single asset category with the strongest growth this cycle.

The private credit sector expanded steadily, growing from $2.5 billion to $2.7 billion, an increase of $200 million for the week, or 8%. The market value of institutional alternative funds remained stable at $2.3 billion, unchanged from last week. Corporate bonds and non-U.S. government debt showed similar adjustments, both moving from $1.6 billion and $847 million to $1.5 billion. The former experienced a slight correction, while the latter saw a significant increase of $653 million, a rise of 77.1%.

The public equity sector declined, falling from $1.1 billion to $933 million. Although the data showed a slight decrease, it remained largely stable. Private equity also saw a synchronized slight decline, dropping from $389.6 million to $322.1 million, a decrease of $67.5 million, or 17.3%.

Trend Analysis (Compared to Last Week) Over the past week, the RWA market overall showed structural divergence: the total value of distributed on-chain assets grew steadily, while representative assets experienced a significant correction. User participation and total stablecoin market capitalization rose in tandem, further solidifying the capital foundation. From an asset structure perspective, commodity and private credit assets attracted more incremental capital, reflecting a gradual increase in market risk appetite. In contrast, Treasury bonds and private equity performed relatively weakly, possibly due to limited yields and liquidity constraints, leading to a decline in popularity.

Market Keywords: User Expansion, Rising Risk Appetite, Strength in Commodities and Credit

Key Event Review White House Convenes Crypto Firms and Banks to Discuss Stablecoin Rewards, Legislative Divisions Remain

The White House convened representatives from the 암호화폐 industry and traditional banking on Monday for a closed-door meeting on stablecoin rewards, a core contentious issue in crypto legislation. Participants included Coinbase, several crypto industry associations, and banking organizations. The meeting was chaired by Patrick Witt, a member of the President’s Digital Asset Advisory Committee.

Crypto industry representatives generally gave positive reviews of the meeting. Summer Mersinger, CEO of the Blockchain Association, stated that the meeting was an important step in advancing bipartisan digital asset market structure legislation, with stablecoin rewards being one of the remaining key points of disagreement. Cody Carbone, CEO of the Digital Chamber of Commerce, also noted that parties had identified main pain points and potential compromise directions but had not yet reached a final solution, with the goal of forming a path by the end of February.

Reports indicate that the stablecoin rewards issue primarily centers on whether to allow third-party platforms (like Coinbase) to offer rewards to stablecoin holders. Banking organizations continue to oppose such practices, fearing they could divert bank deposits, impact community banks’ lending capacity, and criticizing the previously passed GENIUS Stablecoin Act for having regulatory loopholes on this issue.

Informed sources stated that the banking side maintained a relatively firm stance during the meeting, with limited flexibility in negotiations. The White House plans to narrow the scope of subsequent consultations, urging parties to make decisions on specific compromise solutions in future meetings.

SEC Chair and CFTC Chair Launch Project Crypto to Unify Crypto Regulation

According to an SEC disclosure, SEC Chair Paul S. Atkins and CFTC Chair Mike Selig officially launched the joint initiative “Project Crypto” at CFTC headquarters on January 29. The initiative aims to coordinate the regulatory standards of the two agencies for the crypto market, in response to the bipartisan market structure legislation advancing in Congress. Paul S. Atkins stated that the current regulatory model struggles to adapt to the convergence of technologies, and fragmented regulation has become a source of confusion rather than protection for investors. Project Crypto will seek to establish a unified framework in areas such as trading, clearing, custody, and risk management, adhering to the principle of minimum effective dose for appropriate regulation. Additionally, SEC Staff have provided guidance over the past year on Memecoins, stablecoins, mining, staking, and broker financial responsibility, clarifying that registered advisors and regulated funds can hold crypto assets in specific state-chartered financial institutions. This initiative marks a shift in regulatory focus from enforcement-driven to rule clarity, aiming to reduce compliance costs through inter-agency collaboration.

Hong Kong Monetary Authority: Received 36 Stablecoin License Applications, Plans to Issue First Batch of Stablecoin Issuer Licenses in March

Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), stated at a Legislative Council meeting on Monday that the HKMA plans to issue the first batch of stablecoin issuer licenses in March, with the initial number of approvals being very limited. The HKMA has currently received 36 applications, and the review process is nearing completion. Key review areas include risk management, anti-money laundering controls, reserve asset quality, and application scenarios. Licensed issuers must comply with local cross-border activity regulations, and future exploration of mutual recognition arrangements with other jurisdictions is possible.

UK Financial Services Regulation Committee Launches Regulatory Investigation into Stablecoins

The UK House of Lords Financial Services Regulation Committee announced today the launch of a new investigation into the growth of stablecoins in the UK and the proposed regulatory regime, calling for written evidence from all sectors, with a deadline of March 11, 2026.

The investigation, initiated by Committee Chair Baroness Noakes, aims to assess the potential impact of stablecoins on the UK financial services industry and macroeconomy. Core issues include: the expected development of the GBP stablecoin market, comparisons with US and EU regulatory regimes, and whether the proposed frameworks by the Bank of England and the Financial Conduct Authority (FCA) balance international competitiveness with consumer protection. The investigation will also examine whether stablecoins could impact monetary policy execution and traditional financial intermediaries.

Data: USDC On-Chain Transaction Volume Exceeds $8.4 Trillion in January, Accounting for 84% of Total Market Share

Circle CEO Jeremy Allaire posted on X, stating that according to Artemis data, USDC on-chain transaction volume exceeded $8.4 trillion in January, while the total on-chain transaction volume for the stablecoin market was $10 trillion.

US President Nominates Crypto-Friendly Kevin Warsh as Federal Reserve Chair

The US President posted on Truth Social, nominating Kevin Warsh as the next Federal Reserve Chair. Kevin Warsh is currently a researcher at the Hoover Institution and a lecturer at Stanford Graduate School of Business, having served as a Federal Reserve Governor from 2006 to 2011. Kevin Warsh holds a friendly stance towards cryptocurrency, having stated that Bitcoin is an important asset that can serve as a policy overseer and does not pose a systemic threat to Bitcoin’s ability to manage the economy. Additionally, Kevin Warsh participated as an angel investor in the algorithmic stablecoin project Basis and crypto index management company Bitwise. Although he has expressed support for a central bank digital currency framework, he is considered a hawk on monetary policy. The nomination still requires Senate confirmation to succeed Jerome Powell, whose term expires in May.

Hong Kong SFC and UAE Securities and Commodities Authority Sign MoU to Strengthen Cross-Border Digital Asset Cooperation, Marking a New Milestone

The Hong Kong Securities and Futures Commission (SFC) and the United Arab Emirates (UAE) Securities and Commodities Authority (SCA) signed a Memorandum of Understanding (MoU) today to strengthen cross-border regulatory cooperation on digital asset-related matters. This landmark MoU is the first agreement signed by the SFC with an overseas regulator concerning the regulation of licensed digital asset entities. The MoU establishes a framework for enhanced regulatory cooperation, including mutual consultation and information exchange regarding the regulation of cross-border licensed digital asset entities, fully reflecting the SFC’s commitment to promoting international cooperation in line with its ASPIRe roadmap.

New York Attorney General Criticizes GENIUS Stablecoin Act: Insufficient Consumer Protection

New York State Attorney General Letitia James and four local district attorneys recently sent letters to several Democratic lawmakers, criticizing the GENIUS Stablecoin Act, signed into law by Trump last year, for having major flaws in consumer protection, particularly for not requiring stablecoin issuers to return stolen funds in case of theft.

The letter specifically named Tether (USDT) and Circle (USDC), arguing that the two major stablecoin issuers could still earn interest on related assets after funds were stolen, while victims lacked effective recourse. New York prosecutors pointed out that while the act grants stablecoins higher “legitimacy endorsement,” it does not simultaneously strengthen key regulatory requirements such as anti-terrorism financing, anti-money laundering, and crypto fraud prevention.

The GENIUS Act is currently entering the implementation phase, requiring stablecoins to be fully backed by US dollars or highly liquid assets and imposing annual audits on issuers with a market cap exceeding $50 billion. However, New York prosecutors believe these measures are still insufficient to address the widespread use of stablecoins in illicit fund flows.

According to Chainalysis data, approximately 84% of illegal crypto transaction volume involved stablecoins in 2025. Based on this, New York authorities are calling for further strengthening of the regulatory framework to better protect consumer rights.

Binance to Adjust SAFU Fund’s $1 Billion Stablecoin Reserve to Bitcoin Reserve, Plans to Complete Conversion Within 30 Days

Recently, Binance announced in an “Open Letter to the Crypto Community” that it will adjust the asset structure of the SAFU Fund, gradually converting the existing $1 billion stablecoin reserve into a Bitcoin reserve, with plans to complete the exchange within 30 days of this announcement. Binance will conduct regular reviews of the SAFU Fund’s asset size. If the fund’s market value falls below $800 million due to Bitcoin price volatility, Binance will supplement Bitcoin to restore the fund size to $1 billion.

Based on Binance’s assessment of Bitcoin as the core asset of the crypto ecosystem and its long-term value, Binance is willing to share industry uncertainties during periods of industry pressure and heightened cycle volatility, continuously investing resources into the crypto ecosystem. This move is part of Binance’s long-term commitment to industry development, and related work will continue to be advanced, with more progress gradually shared with the community.

Tether 2025 Net Profit Exceeds $10 Billion, Gold Reserves Surpass $17.4 Billion

Tether reported a net profit exceeding $10 billion for 2025, primarily driven by the growth of its USDT stablecoin and increased investments in US Treasury bonds.

The company ended the year with $6.3 billion in excess reserves backing $186.5 billion in USDT liabilities, making it one of the largest holders of US government debt, with a Treasury exposure as high as $141 billion. The company’s reserves hold $17.4 billion worth of gold and $8.4 billion worth of Bitcoin.

OSL Group Announces $200 Million Equity Financing

Stablecoin trading and payment platform OSL Group (863.HK) announced today a $200 million (approximately HK$1.56 billion) equity financing to deepen its strategic layout in areas such as stablecoin trading and payments. According to the plan, the raised funds will be used for strategic acquisitions, expanding global payment and stablecoin business, product and technology infrastructure development, and daily operations.

Ivan Wong, Chief Financial Officer of OSL Group, stated: “OSL Group’s strategic positioning in the stablecoin trading and payment track has received full market recognition and broad support. This financing will allow the company to introduce more like-minded strategic and long-term investors. It not only enables the timely capture of high-quality licensed trading and payment enterprises globally through fundraising but also expands the shareholder base and capital scale, laying a solid first-mover advantage for the company to advance its compliance-based globalization strategy.”

Hot Project Updates Ondo Finance (ONDO) One-Sentence Introduction:

온도 파이낸스 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 US Treasury bonds or other financial instruments, through blockchain technology. Ondo Finance allows users to invest in low-risk, highly liquid assets while maintaining decentralized transparency and security. Its ONDO token is used for protocol governance and incentive mechanisms. The platform also supports cross-chain operations to expand its application within the DeFi ecosystem.

Latest Updates:

On January 29, according to 공식 뉴스, Ondo Finance’s yield-bearing stable asset USDY has been officially deployed on Sei. USDY is backed by short-term US Treasury bonds and bank deposits, making it the first permissionless tokenized US Treasury base asset on Sei. Currently, USDY’s market capitalization exceeds $1.2 billion. This integration brings one of the largest capital pools in the RWA field into the Sei ecosystem.

이전에는 다음과 같이 말했습니다. official data, Ondo Finance’s Total Value Locked (TVL) has surpassed $2.

이 글은 인터넷에서 퍼왔습니다: RWA Weekly Report｜Asset Holders Surge 26%; White House Convenes Crypto Firms and Banks to Discuss Stablecoin Yield Issues (1.28-2.3)

Related: Cryptocurrency and Stock Market Trends | Strategy increased its holdings by over 10,000 BTC, bringing its total holdings to over 660,000 BTC; Bitmine’s total assets reached $13.2 billion, with ETH holdings exceeding 3.86 million BTC (December 9th).

Editor’s Note: The cryptocurrency market is experiencing volatility, and the US stock market is also seeing significant fluctuations due to the Federal Reserve’s interest rate cuts and Trump’s nomination of a new Fed Chair. Recently, Trump lifted the export ban on Nvidia’s H200 chips, potentially signaling a new wave of speculative investment in US stocks, with AI concept stocks continuing to perform well. However, cryptocurrency mining companies are seeing their stock prices decline. Apart from previously strong performers like Cleanspark and Riot, American Bitcoin (ABTC), owned by the Trump family, has suffered heavy losses recently, with a drop of over 58% in the past month and over 25% in the past five days, currently trading at $2.02. Furthermore, the November mining data released by mining companies may be another factor…

 

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