RWA Weekly Report | Trump Signs GENIUS Bill; U.S. House Passes Three Encryption Bills (7.16-7.22)

Original | Odaily Daily Report (@OdailyChina)

Author | Ethan (@ethanzhang_web3)

RWA Sector Market Performance

According to the latest data from RWA.xyz, as of July 22, 2025, the total on-chain value of RWA is $25.49 billion, slightly down by $0.02 billion compared to $25.51 billion on July 15, with a weekly decrease of 0.08%, maintaining a high-level sideways trend overall. Despite the slight decline in market value, the on-chain ecological activity is still increasing, with the total number of asset holders rising from 310,566 to 319,480, an increase of over 9,000 people in a week, a growth rate of 2.88%. The number of asset issuers increased from 251 to 256, with 5 new additions in a week, showing stable growth. In terms of stablecoins, the total value of stablecoins grew from $243.73 billion to $247.72 billion, an increase of 1.64%; the number of holders rose from 171.60 million to 172.94 million, an increase of 0.78%.

From the perspective of asset structure, private credit rose again this week, increasing from $14.9 billion to $15.2 billion, a weekly increase of $300 million, continuing to play a core role in on-chain asset allocation. U.S. Treasury bonds experienced a slight pullback, decreasing from $7.5 billion to $7 billion, possibly affected by adjustments in market short-term interest rate expectations. Commodity assets rose to $1.7 billion, marking the first increase in three consecutive weeks, as the market renewed its focus on inflation hedging or bulk assets. Institutional alternative funds increased to $770.7 million, with a weekly increase of over $70 million, indicating a growing demand for diversified allocations among institutions.

What are the trends (compared to last week)

This week, the RWA market continued the trend of "high-level consolidation + structural adjustment." The number of on-chain users and asset issuers continued to rise, and the trend of ecosystem expansion remains strong. Although the total market value has slightly adjusted, it has not affected the enthusiasm of market participants. From a structural perspective, funds continue to flow back into private credit and alternative assets, with investors maintaining an optimistic attitude towards high-yield assets and stable confidence in allocations. Meanwhile, US Treasury-like assets have seen a phase of reduction, leading to a slight easing of market risk aversion, which may form new judgments on future interest rate paths. Alternative assets have performed impressively, with over 10% growth this week. The diversification of structured asset allocations is no longer limited to traditional credit or bond logic, and institutional funds are increasingly accepting non-standard varieties that offer stable returns and risk control capabilities.

Overall, by late July 2025, the RWA market is in a "structural consolidation + accelerated differentiation" phase, with the asset-side structure continuously moving towards diversification and high quality. Although the total market value has not seen a breakthrough, the on-chain user base and protocol-side expansion provide strong support. It is expected that there will still be significant structural upgrades and innovation release space in the future. Investors are advised to maintain a high level of attention to on-chain credit assets and non-standard products, and to keep flexibility and judgment in asset allocation in a dynamic market.

Key Events Review

Trump signs the GENIUS Act, the first federal regulatory framework for stablecoins in the United States.

US President Trump has officially signed the "American Stablecoin Innovation and Protection Act (GENIUS Act)", marking the implementation of the first federal regulation related to cryptocurrency assets. The Act requires that stablecoins be backed 100% by US dollars or equivalent liquid assets, and mandates annual audits for issuers with a market capitalization exceeding $50 billion, while establishing regulatory guidelines for offshore issuers. Executives from Circle, Tether, and Coinbase attended the signing ceremony, and Trump stated that this move will "establish the United States' dominant position in global finance and crypto technology."

The U.S. House of Representatives has passed three cryptocurrency bills.

On Thursday local time, the U.S. House of Representatives passed three pieces of cryptocurrency-related legislation: the CLARITY Act, the GENIUS Act, and the anti-CBDC surveillance national bill. The CLARITY Act and the anti-CBDC surveillance national bill will be sent to the Senate for review. The GENIUS Act is expected to be officially signed into law by Trump on Friday local time.

Citi CEO: Citi is exploring the possibility of issuing a stablecoin.

During the second quarter earnings call, Citibank CEO Jane Fraser confirmed that the bank is evaluating the feasibility of issuing "Citi Stablecoin." Although the current focus remains on tokenized deposits, Fraser emphasized that stablecoins, crypto custody, and fiat-crypto conversion will be important components of Citibank's digital finance strategy.

She stated that digital assets represent the next stage of the digitization of payments, financing, and liquidity, and Citigroup will meet the needs of corporate clients through stablecoin reserve management, cross-border solutions, and built-in compliance tools. The Citigroup research team expects the stablecoin market to grow to $3.7 trillion by 2030.

Ondo Finance announced the acquisition of the blockchain development company Strangelove.

Ondo Finance announced the acquisition of the blockchain development company Strangelove, with the specific acquisition price not yet disclosed. This acquisition will expand Ondo's engineering and product capabilities, enabling it to develop infrastructure that brings RWA on-chain.

BSGM plans to acquire a licensed brokerage firm to布局 Nasdaq-compliant RWA token business.

BioSig Technologies (NASDAQ: BSGM) announced that its merged subsidiary Streamex has commissioned the compliance service provider CXG to lead the acquisition of a FINRA/SEC registered U.S. licensed brokerage firm to promote the compliant RWA business in the public market.

This acquisition will make Streamex one of the first RWA token issuers to be SEC/FINRA compliant and listed on NASDAQ, with the initial goal of issuing compliant tokens backed by physical gold to serve institutional and retail investors.

Streamex is building an RWA commodity market platform based on Solana, planning to use a treasury of physical gold as its priced balance sheet and exploring other commodity tokenization opportunities, intending to bridge traditional finance and blockchain.

Figure Technology and Figure Markets merge to create a blockchain-driven global capital markets platform.

Figure Technology Solutions and Figure Markets announced their official merger, aiming to jointly build a capital market platform centered on blockchain that connects consumer credit and asset tokenization trading. The merged company will continue to operate under the name Figure Technology Solutions, consolidating its market share of over 70% in the RWA sector and committed to expanding market opportunities exceeding $130 billion.

The company achieves on-chain asset standardization and circulation in multiple directions such as home equity loans, mortgages, and cryptocurrency asset lending through its two core businesses, Figure Connect and Democratized Prime. Its latest on-chain mortgage ABS (FIGRE 2025-HE 3) has received a S&P AAA rating, making it a first in blockchain finance. The merger will accelerate Figure's RWA infrastructure based on the Provenance blockchain, promoting the transition of traditional finance to the DeFi ecosystem. CEO Michael Tannenbaum stated that Figure has a technological and team advantage and is in a critical window for reshaping the underlying structure of the financial market.

Hot Project Dynamics

MyStonks (STONKS)

One-sentence introduction:

MyStonks is a community-driven DeFi platform focused on tokenizing RWA such as U.S. stocks and facilitating on-chain trading. The platform collaborates with Fidelity to achieve 1:1 physical custody and token issuance, allowing users to mint stock tokens like AAPL.M and MSFT.M using stablecoins such as USDC, USDT, and USD1, and trade them around the clock on the Base blockchain. All transactions, minting, and redemption processes are executed by smart contracts, ensuring transparency, security, and auditability. MyStonks is dedicated to bridging the gap between TradFi and DeFi, providing users with a high liquidity, low barrier entry for investing in U.S. stocks on-chain, and building the "NASDAQ of the crypto world."

Latest Updates:

On July 17, MyStonks officially announced the completion of its integration with OKX Wallet, and the two parties have reached a strategic cooperation.

On July 21, MyStonks announced a deep strategic partnership with the global professional digital asset trading platform BIT.

PicWe Global (WEUSD)

One-sentence introduction:

PicWe Global is a DeFi protocol focused on RWA, dedicated to transforming traditional financial assets such as US stocks and US bonds into tradable digital tokens through blockchain technology. Its core product is the native stablecoin WEUSD, which supports users in minting, redeeming, and transferring assets across multiple blockchains (such as BNB Chain, Arbitrum, Base Chain, Movement, etc.), providing high liquidity and low-cost investment channels. PicWe Global optimizes the cross-chain ecosystem through a bridge-less CATM architecture, reducing liquidity fragmentation and operational costs, while leveraging state channel technology to seamlessly connect liquidity pools of CEX and DEX, enhancing market efficiency.

Previous updates:

On June 9, PicWe officially announced via Twitter that its protocol is now integrated with BNB Chain and launched a new cross-chain infrastructure called PicWe Infra. Users can transfer assets from Movement, Base, or Arbitrum to BNB Chain within 3 minutes. In the future, direct exchanges of assets between any chain and BNB Chain will also be supported, with all cross-chain operations driven by PicWe's no-bridge full-chain engine.

From July 12 to 14, according to official news from PicWe, its decentralized protocol has now been deployed to HashKey Chain and Plume Network.

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