RWA Weekly: JPMorgan and Three Other Banks Advance Global Stablecoin Alliance; Coinbase Launches Tokenized Stocks on Base Network

Highlights of This Issue

This week's report covers the period from August 21, 2026, to August 27, 2026.

The RWA sector continues to expand, with the total on-chain market capitalization rising to $38.7 billion, a month-on-month increase of 3.04%. The total number of asset holders reached 2.952 million, surging by 104.98% compared to last month, indicating accelerated user penetration. The total market capitalization of stablecoins rebounded to $303.04 billion, with monthly transfer volume soaring by 20.33%. However, the number of active addresses slightly declined, reflecting a structural differentiation in the market characterized by "high-frequency trading by large holders and small users holding assets in observation."

Regulatory Developments: The U.S. FASB has issued a public request for comments on the accounting treatment of cash equivalents for stablecoins and other digital assets. The UK government plans to assign the Bank of England a statutory secondary responsibility to promote digital currency and payment innovation. Japan is also planning to relax restrictions on large payments in stablecoins.

Project Developments: Traditional finance and crypto-native institutions are accelerating their integration. JPMorgan and three other Wall Street banks are advancing the establishment of a global stablecoin alliance. Franklin Templeton has partnered with HashKey to launch a tokenized money market fund in Asia, while Hong Kong's New Fire Group is expanding its RWA comprehensive operation business and launching the region's first compliant crypto asset quantitative strategy.

The variety of asset categories continues to grow. Coinbase has launched tokenized stocks on the Base network, supporting DeFi ecosystem reuse. Bitwise will also introduce an automated tokenized stock portfolio for overseas investors, while Bitfinex Securities has launched a security token linked to high-purity nickel wire, incorporating industrial commodities into the RWA coverage.

Industry Developments: In Japan, about 40 banks have started trials for tokenized deposit transfers. South Korean giants like POSCO, Shinhan Financial, and Dunamu are launching projects related to trade receivables tokenization and stablecoin collaborations. Revolut has introduced the euro stablecoin EURR.

Financing Developments: The stablecoin digital bank Fasset has completed a $68 million financing round, and the on-chain Pre-IPO trading platform Entropy has secured $14 million in investment, driving increased attention to Pre-IPO RWA assets.

Data Insights

RWA Sector Overview

According to the latest data from RWA.xyz, as of August 27, 2026, the total on-chain market capitalization of RWA has risen to $38.7 billion, with a modest month-on-month growth of 3.04%. The total number of asset holders has surged to 2.952 million, a dramatic increase of 104.98% compared to the same period last month, indicating an unexpected expansion in market participation and accelerating user penetration.

Stablecoin Market

The total market capitalization of stablecoins has rebounded to $303.04 billion, with a slight month-on-month increase of 2.31%, continuing its upward trend. Monthly transfer volume has significantly rebounded to $6.49 trillion, a 20.33% increase compared to the same period last month, indicating a notable rise in on-chain trading activity and improved efficiency in capital circulation and transaction demand.

The total number of active addresses has decreased to 52.87 million, reflecting a slight month-on-month decline of 1.24%. The number of holders has increased to 283 million, steadily rising by 1.52% compared to last month, indicating ongoing user penetration.

The monthly transfer volume and the number of active addresses have formed a divergence, suggesting a structural differentiation this month, characterized by "high-frequency trading by large holders and small users holding assets in observation."

The leading stablecoins are USDT, USDC, and USDS, with USDT's market capitalization increasing by 2.14% compared to last month; USDC's market capitalization rising by 1.65%; and USDS's market capitalization slightly increasing by 1.09%.

Regulatory News

U.S. FASB Seeks Comments on Accounting Treatment of Cash Equivalents for Stablecoins and Other Digital Assets

The U.S. Financial Accounting Standards Board (FASB) recently released a proposed accounting standards update (ASU) aimed at clarifying the applicability of the current U.S. Generally Accepted Accounting Principles (GAAP) definition of cash equivalents to certain digital assets, such as stablecoins, and enhancing the disclosure of cash equivalents. The proposal provides examples to guide companies in maintaining consistency and comparability when classifying qualifying digital assets as cash equivalents, without altering the existing definition of "cash equivalents." The ASU also requires all companies that classify assets as cash equivalents to disclose their significant components and amounts, regardless of whether they include digital assets. FASB invites comments from all parties by November 19, 2026.

UK Government to Require Central Bank to Promote Digital Currency and Payment Innovation

According to Bloomberg, the UK government will assign the Bank of England a new responsibility to promote digital currency and payment innovation, which will be a secondary objective that does not affect its primary mission of maintaining financial stability. Lucy Rigby, the UK Minister for Cities, stated that tokenization and distributed ledger technology "have the potential to transform global financial markets," and this secondary objective will support the central bank in continuing to drive payment and digital finance innovation, ensuring that the UK maintains its leading position as a global financial services hub. Previously, the UK and the U.S. established a joint working group to promote the adoption of stablecoins. The Bank of England canceled its previous proposal to limit the number of stablecoins held by individuals and businesses in June, and Deputy Governor Sarah Breeden welcomed the new responsibilities.

According to Decrypt, the UK Treasury will assign the Bank of England a secondary statutory objective to support innovation in the payment and digital currency sectors. This responsibility is proposed as an amendment to the Financial Services and Markets Bill, which will be submitted to the House of Lords for review in September and will require the Bank of England to report its progress to Parliament annually.

Japan Plans to Relax Restrictions on Large Payments in Stablecoins

According to the Nikkei, Japan's Financial Services Agency is pushing to relax regulatory restrictions on stablecoins issued by trust banks. By eliminating cumbersome procedures such as document submissions, stablecoins will be usable for large payment scenarios such as automobiles and real estate, with single transactions potentially exceeding 1 million yen. Related measures will be included in the recent tax reform proposals.

Local Insights

Franklin Templeton Partners with HashKey to Launch Tokenized Money Market Fund in Asia

According to The Block, Franklin Templeton has partnered with Hong Kong's HashKey Exchange to launch its tokenized money market fund, the Franklin OnChain U.S. Government Liquidity Fund, on the HashKey Earn channel. This fund primarily invests in U.S. government money market instruments and U.S. dollar cash assets, targeting professional investors and not open to the public in Hong Kong. Chetan Karkhanis, Senior Vice President of Digital Asset Client Relations at Franklin Templeton, expressed anticipation for expanding more tokenized products through HashKey's multi-jurisdictional platform covering Hong Kong, Singapore, Tokyo, Dubai, and Bermuda. This fund is the first tokenized money market fund launched by Franklin Templeton in Hong Kong in November 2025 and is also the first project under the Hong Kong Monetary Authority's Fintech 2030 plan.

New Fire Group Expands RWA Comprehensive Operator Business, Launches Hong Kong's First Compliant Crypto Asset Quantitative Strategy

Hong Kong-listed company Bitfire New Fire Group (01611.HK) has officially announced its expansion into the RWA comprehensive operation business and the launch of Hong Kong's first compliant crypto asset quantitative strategy, aiming to build a leading compliant digital financial services group in Asia.

The goal of this business extension is to transform RWA from a conceptual issuance scenario into standardized financial services that are investable, tradable, quantifiable, and configurable. In the future, New Fire Group will expand three business models around the core aspects of RWA asset issuance and circulation within a compliant framework: RWA asset management, RWA trading and market making, and RWA custody.

To achieve this goal, New Fire Group will integrate its resource advantages to connect three asset categories: native crypto assets, tokenized U.S. stocks, and traditional alternative assets, relying on mature compliance custody, professional trading market making, and quantitative asset management capabilities across the entire chain, aiming to provide institutional and professional investors with full lifecycle cross-asset allocation services.

As the first tangible outcome following the launch of the "RWA Comprehensive Operator" model, the group has simultaneously launched Hong Kong's first compliant crypto asset quantitative strategy, Alpha RWA. This strategy uses RWA as a core medium to capture neutral arbitrage opportunities, including AI assets and crypto assets, solidifying returns into asset management products. This product allows professional investors and institutional clients to obtain structured returns related to AI and crypto assets without directly facing market volatility.

Project Progress

Bitwise to Launch Automated Tokenized Stock Portfolio for Overseas Investors with a 0.15% Fee

According to Bloomberg, Bitwise Asset Management, which manages approximately $9 billion in client assets, will launch "Automated Token Portfolios" (ATP), allowing qualified investors outside the U.S. to hold a basket of tokenized stocks in non-custodial wallets.

This product will utilize Coinbase's tokenized U.S. stocks and will be automatically rebalanced according to weights set by Bitwise, with technology provided by Glider. The first portfolios will focus on the "Big Seven" tech companies, artificial intelligence, and robotics themes. Unlike traditional funds, the related assets will not be pooled into an investment vehicle but will remain in the investors' own wallets. The product will charge a 0.15% methodology access fee and is expected to launch in the coming weeks.

Coinbase Launches Tokenized Stocks on Base Network, Supporting Stocks like Apple and Nvidia

Coinbase has announced that its issued tokenized stocks are now natively launched on the Base network, based on the B20 standard, held 1:1 by a regulated custodian, giving token holders complete ownership of the stocks. Institutional market makers purchase stocks and transfer them to the regulated broker Alpaca for custody, using a bankruptcy isolation structure regulated by the Abu Dhabi Global Market. The first stocks supported include Apple, Nvidia, and others, allowing users to hold them in self-custodial wallets, obtain liquidity in Aerodrome, and use them for lending and portfolios in the Base DeFi ecosystem, supporting dividend yields and serving as collateral.

The B20 standard extends from ERC-20, requiring no whitelist or platform lockup, with dividends and stock splits processed through on-chain multipliers, not affecting DeFi positions. Tokenized stocks are currently only available to eligible users outside the U.S., providing 24/7 global access. Base has indicated that more stocks and other RWA assets will be launched in the coming weeks, with the Base ecosystem fund supporting development teams in related fields.

Tokenized Asset Trading Platform Bitfinex Securities Launches Security Token ALKN Linked to High-Purity Nickel Wire

According to CoinDesk, Bitfinex Securities, a tokenized asset trading platform associated with the cryptocurrency exchange Bitfinex, has announced it will raise $50 million for Luxembourg's industrial metal platform Alkemya Metacore, preparing to launch the security token ALKN, which is linked to high-purity nickel wire. The platform relies on a stock of high-purity nickel wire valued at approximately $1.6 billion, totaling 7 million meters (custodied in Switzerland), primarily used in sectors such as semiconductors, aerospace, and defense. ALKN will be open for primary subscription to qualified investors until October 15. The funds raised will be used to develop engineering nickel products, covering applications such as green hydrogen, aiming to transform industrial nickel into tradable and collateralized on-chain assets.

About 40 Japanese Banks Launch Tokenized Deposit Transfer Experiment Aimed at 24-Hour Instant Settlement

According to Nikkei News, approximately 40 Japanese banks will launch a digital currency mutual transfer pilot experiment. The project is led by GMO Aozora Net Bank, in collaboration with NEC's Abeam Consulting and fintech company DCP, utilizing "tokenized deposits" on the blockchain for transfers, aiming to create a low-cost, 24/7 instant settlement infrastructure. This experiment is part of the Financial Services Agency's "Fintech Proof of Concept Hub" support project, with participants including Resona Bank, Shoko Chukin Bank, Yokohama Bank, and about 40 other institutions, with some banks participating as observers. DCP plans to make this service practical by the fiscal year 2027.

Korean Trade Giant POSCO Introduces Trade Receivables to Avalanche Platform, Advancing Tokenization Layout

According to CoinDesk, South Korea's largest trading company, POSCO International, has tokenized its trade receivables on the Avalanche blockchain, completing a real asset on-chain transaction. A month prior, the company had completed a similar pilot on Injective. POSCO's U.S. branch collaborated with trade finance platform Olea and asset-backed fintech company Intain, which verified and recorded the receivables on its Avalanche-based Layer 1 network after using AI to cross-check invoices, purchase orders, and shipping documents.

POSCO International has an annual revenue of $22.2 billion, covering steel, energy, and battery materials, operating over 80 overseas branches. The three companies stated plans to explore more tokenized trade finance applications, including cross-border settlements based on stablecoins and digital fund management tools.

Korea's Shinhan Financial Group Partners with Visa on Stablecoin and Future Finance Business

According to Yonhap News, Korea's Shinhan Financial Group has signed a strategic cooperation agreement with Visa to collaborate on digital assets and future finance businesses, including stablecoins. Shinhan Financial will utilize Visa's stablecoin platform to verify core functions such as issuance, remittance, and redemption, and jointly design business models suitable for the Korean financial environment. The two parties will also explore stablecoin applications in financial services such as card settlements, AI payments, and the expansion of B2B and B2C payment businesses. Shinhan Financial Group Chairman Jin Ok-dong stated that the long-term cooperation with Visa will be expanded to all areas of digital finance, jointly designing new future financial models.

Dunamu, Parent Company of Upbit, Partners with Visa to Explore Stablecoins and AI Payments

According to The Block, Dunamu, the parent company of South Korea's cryptocurrency exchange Upbit, has signed a strategic cooperation agreement with Visa to jointly explore innovative financial services based on stablecoins and AI. The two parties will combine Dunamu's digital asset technology with Visa's global payment network to develop new services such as stablecoin payments, cross-border remittances, and AI-driven finance, and plan to connect stablecoins with existing global payment infrastructure. In the AI field, the two will focus on agent commerce—AI agents representing users to search for products and complete payments. Dunamu also stated it would evaluate the potential application of Open Standard's Open USD stablecoin in the collaboration. Dunamu CEO Oh Kyung-seok stated, "The proliferation of AI, stablecoins, and tokenization will change the way finance and commerce operate." This cooperation was announced two days after Visa reached a similar agreement with Shinhan Financial Group.

Binance BNB Chain Joins Mastercard Crypto Partner Program to Expand Stablecoin Payments

According to CoinDesk, BNB Chain has joined Mastercard's Crypto Partner Program, and its blockchain will connect to Mastercard's payment infrastructure for stablecoin payments, cross-border remittances, and fiat on/off ramps for digital assets, promoting direct integration of blockchain assets with traditional payment networks.

Wall Street Journal: JPMorgan and Three Other Banks Advance Global Stablecoin Alliance

According to The Wall Street Journal, JPMorgan, Bank of America, Wells Fargo, and Santander are advancing the formation of a global stablecoin alliance. The report cites insiders saying that JPMorgan has recently assessed the possibility of launching its own stablecoin independently. The related plans are still in the consideration and advancement stage, with no specific issuance timeline or product arrangements disclosed.

Revolut Launches Euro Stablecoin EURR, Joining Global Stablecoin Competition

According to Bloomberg, UK fintech company Revolut has launched the euro stablecoin EURR, initially targeting qualified users in Denmark, Poland, and Portugal, with plans to expand to other markets in the European Economic Area within the year. EURR will be integrated into the Revolut app, allowing users to freely convert between euros and on-chain crypto assets. Revolut stated that EURR is the "first step" in its broader stablecoin strategy, with plans to launch tokens pegged to other currencies in the future. EURR is issued by Bridge, a stablecoin infrastructure company under Stripe, which manages the reserve assets.

GoPlus: RWA Tokenization Issuer Realio Attacked on August 25, Approximately $6.2 Million in RIO Stolen

According to GoPlus monitoring, the RWA tokenization issuance platform Realio Network's realio[.fund was attacked on August 25, with the attacker hijacking the platform's signature stack and robbing the treasury wallets and custodial wallets on Ethereum, BNB Chain, Algorand, Stellar, and Realio's native chain, totaling 127.9 million RIO stolen, valued at approximately $6.2 million, with the attacker currently cashing out about $317,000. The root cause was the theft of the platform's hot signature key, as realio[.fund previously used a single hot signer to manage the treasury, reserves, and user custodial sub-accounts. Once the attacker gained that access, they could directly sign transfers across multiple chains without user approval, without needing to re-key, and did not involve contract vulnerabilities.

MSX to Open Pre-IPO Phase Three Subscription on August 31, Exclusively Launching Neuralink and Anduril

RWA trading platform MSX announced that it will open subscriptions for the MSX Pre-IPO Phase Three project at 18:00 (UTC+8) on August 31, 2026. This phase will exclusively launch two globally high-profile AI unicorns—Neuralink, the brain-machine interface leader under Elon Musk, and Anduril Industries, a top AI defense technology unicorn in the U.S.

Previously, the MSX Pre-IPO Phase Two project Polymarket has opened for redemption, achieving a subscription yield of 33.3%. The introduction of Neuralink and Anduril in this third phase further expands the range of cutting-edge technology assets in the platform's Pre-IPO projects.

Users wishing to subscribe in this phase must hold $MSX, and the subscription amount will be allocated based on the user's effective holdings, with specific allocation tiers and participation rules to be announced by the MSX official platform.

Financing Dynamics

On-chain Private Equity Trading Platform Entropy.io Completes $14 Million Financing, Led by Ribbit Capital

According to official news, the on-chain private equity trading platform Entropy.io announced the completion of $14 million in financing, led by Ribbit Capital, while also receiving $40 million in HYPE staking support. The first market, Anthropic pre-IPO, has already launched on Hyperliquid.

Entropy is an independent market deployer under the Hyperliquid HIP-3 framework, providing perpetual contract trading for global stocks, commodities, indices, and long-term Pre-IPO stocks. The team consists of researchers and traders from Citadel Securities, Optiver, Polymarket, and Millennium, focusing on building a new type of liquidity-weighted oracle to address issues such as liquidity shortages and manipulation during non-trading hours in the perpetual contract market, aiming to achieve "deep trading of all assets 24/7 in a single venue."

Stablecoin New Bank Fasset Completes $68 Million Financing, Led by Japan's SBI Group

According to CoinDesk, the digital bank Fasset, focused on stablecoins, has completed $68 million in financing led by Japan's SBI Group, with the company's valuation reaching $1 billion. This financing follows a $51 million round completed in May, bringing Fasset's total financing this year to $119 million.

Fasset, headquartered in Los Angeles, operates a financial platform that allows consumers and businesses to hold, send, spend, and invest in various currencies and assets, using stablecoins as part of its settlement infrastructure in the background. The company states that its business spans 125 countries, with an annual trading volume exceeding $40 billion. CEO Mohammad Raafi Hossain stated that the company's business has achieved rapid expansion over the past year, with revenue growing approximately sixfold year-on-year, and the company has been profitable for 12 consecutive months. Fasset has not disclosed its revenue or profit figures.

Insights Highlights

Anthropic Valuation First Launch on Chain, Emerging Player Entropy Enters Pre-IPO Market

PANews Overview: Based on the Hyperliquid HIP-3 framework, market deployer Entropy announced the completion of $14 million in financing. Ribbit Capital led the investment, with approximately $40 million in HYPE token staking, and the first perpetual contract ANTH, anchored to the equity valuation of AI unicorn Anthropic, has officially launched.

The team combines Wall Street quantitative and crypto-native backgrounds, innovatively adopting liquidity-weighted oracles and time-based funding rate mechanisms to optimize pricing and holding costs, with contracts providing zero threshold, 24/7 trading, and leveraged long/short pure price exposure.

The project faces multiple risks, including precedents of similar projects shutting down, intense market competition, price deviations from actual valuations, and regulatory scrutiny, marking an acceleration of DeFi derivatives penetrating traditional asset markets, but still a distance from mature markets.

As Real Estate Ownership Goes Digital: What Will Happen to Your Rights, Risks, and Liquidity?

Overview of PANews: Real estate RWA is shifting from conceptual narratives back to the essence of asset quality and legal structure. The Dubai commercial real estate tokenization project OneAsset focuses on high-quality local commercial properties, utilizing a single-asset vault paired with a bankruptcy-isolated SPV design. Token holders enjoy economic rights to the corresponding properties rather than direct legal ownership.

The platform posits that "fragmentation does not equal liquidity," asserting that true liquidity stems from the quality of underlying assets, stable cash flows, reliable information disclosure, and sufficient buyer demand, rather than the technical aspect of transferability.

In terms of compliance, it adheres to the principle of "regulation as design," currently applying for a Dubai VARA license. It aims to adapt to multiple jurisdictions through identifiable identity tokens, automated KYC/AML, and unified disclosure standards. The long-term vision is to achieve "machine-readable" asset data to support future AiFi asset allocation, but its model still needs to be validated through the launch of real assets, regulatory approvals, and secondary market operations.

Robinhood Chain's DeFi Long March: Replicating Ethereum Classics, Reshaping the RWA Financial Landscape

Overview of PANews: The DeFi ecosystem of Robinhood Chain is transitioning from a meme coin dominance to a diversified financial layout, with classic DeFi features such as AMM, CLOB, lending, perpetual contracts, ve (3,3), and OHM being successively implemented, alongside innovative adaptations for tokenized stocks and new assets like RWA.

Uniswap occupies a core position in AMM, with V4 introducing programmable liquidity layers; Deepstate employs a full-chain order book model to cater to large high-frequency trading needs; on the lending side, Morpho has jointly launched Earn savings products, while Arrow Finance supports over-collateralized minting of stablecoins with stocks; perpetual contract protocols Lighter and Arcus both support tokenized stocks as collateral, with Arcus achieving position tokenization; UponRH and Fables innovate the ve (3,3) mechanism, linking token emissions to real transaction fees and adapting dynamic rates for RWA; NetNet reconstructs the OHM model reserve currency through code constraints and real asset reserves.

This chain is becoming a DeFi experimental ground connecting crypto-native and traditional finance, enhancing the on-chain composability of traditional assets.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.