RWA Weekly Report | The GENIUS stablecoin bill will be voted on before June 9; BlackRock plans to subscribe for 10% of Circle's IPO shares (5.28-6.3)

2025-06-03 11:21:32

Original | Odaily Daily Report (@OdailyChina)

Author | Ethan (@ethanzhang_web3)

RWA Sector Market Performance

According to the latest data from RWA.xyz, as of June 3, 2025, the total on-chain value of RWA reached 23.23 billion USD, an increase of approximately 1.17% from 22.96 billion USD on May 27. The total number of on-chain asset holders increased significantly from 102,846 to 113,670, a growth rate of 10.54%. The number of asset issuances rose from 192 to 193. Meanwhile, the total value of stablecoins slightly increased from 234.76 billion USD to 235.81 billion USD, with a growth rate of 0.45%; the number of stablecoin holders also increased from 164.34 million to 165.42 million, a growth of 0.66%.

In terms of asset classes, Private Credit continues to dominate, increasing in value from $13.3 billion to $13.4 billion. Although its share has slightly adjusted, it remains the most core component of the current RWA ecosystem. The growth of US Treasury Debt is even more pronounced, rising from $7.1 billion to $7.3 billion, with its share continuing to increase, indicating a growing market demand for secure assets.

Commodity assets remain at $1.5 billion, overall stable; Institutional Alternative Funds grew from $518.3 million to $527.8 million, although the increase is limited, it shows a continuous upward trend. Notably, Public Equity was explicitly disclosed this week for the first time at $317.4 million, and this type of asset may start to receive more attention.

What are the trends (compared to last week)

Private credit assets continue to grow, indicating their dominant position in the on-chain asset system is solid. The increase in U.S. Treasury-like assets is relatively more pronounced, steadily rising in proportion, reflecting investors' risk appetite shifting towards defensive assets in the current global macro environment. Minor asset classes such as commodities and alternative funds maintain slight growth, demonstrating institutions' ongoing demand for diversified asset allocation and hedging. The separate disclosure of equity assets signifies the platform's heightened emphasis on tracking and transparency, potentially becoming an important direction for the expansion of RWA assets in the future.

In summary, the assets on the RWA chain maintained an overall stable growth trend this week (which has lasted for several weeks), and the investment structure is based on the combination of "high yield + stable defense" as the core framework. It is recommended that investors continue to focus on private credit opportunities while gradually increasing their allocation to low-volatility assets such as U.S. Treasury bonds and alternative funds; For new disclosure categories such as equities, it is also possible to maintain medium- to long-term tracking to explore their development potential and allocation value in the RWA structure. In terms of overall strategy, on the basis of risk control, the asset structure should be dynamically adjusted to achieve a double balance between stable income and long-term layout.

! The GENIUS stablecoin bill will be voted on by June 9th; BlackRock plans to subscribe for 10% of Circle IPO shares (5.28-6.3)](https://img.gateio.im/social/moments-d115c56abeccfbec2d9e63333d40f4fc)

Key Events Review

The U.S. Senate may vote on the GENIUS Stablecoin Act as early as June 9.

The U.S. Senate is currently negotiating amendments to the bipartisan "GENIUS Act," with a vote possible as early as June 9.

Market news: BlackRock plans to purchase 10% of Circle Internet's IPO shares.

BlackRock plans to subscribe to about 10% of the shares in Circle's proposed IPO, indicating its high confidence in the stablecoin market. USDC issuer Circle aims to raise up to $624 million through this IPO, which has received a positive market response and is expected to be priced on June 4.

BIS Report: Stablecoins Affect US Short-Term Treasury Yields, Potentially Undermining Central Bank Policy Tools

The latest research from the Bank for International Settlements (BIS) indicates that the impact of the stablecoin market on U.S. Treasury yields is becoming increasingly significant, especially for short-term treasuries. The report states that in 2024, stablecoin issuers will become the third-largest net buyers of U.S. Treasury bills, with holdings surpassing several countries, including China. BIS estimates that if stablecoin issuers sell $3.5 billion in Treasury bills, it would cause short-term rates to rise by 6-8 basis points, while equivalent purchases would only lower rates by about 3 basis points.

The study also warns that the continued expansion of stablecoins may undermine the Federal Reserve's ability to control interest rates and could even lead to systemic financial risks. The BIS points out that this situation is similar to the "Greenspan Paradox" in the early 2000s when a surge in foreign debt holdings rendered Federal Reserve policy ineffective. Furthermore, some governments may indirectly intervene in interest rates by encouraging stablecoin investments in government bonds, which could affect central bank independence and trigger further discussions on regulation and stability.

Sony is considering issuing a stablecoin for internal finances and consumer payments.

According to fintech expert Simon Taylor, Sony is exploring the possibility of issuing its own stablecoin, which is planned for internal financial management and consumer payment scenarios. In its latest Investor Day event, Sony stated that this move aims to enhance the efficiency of capital operations, reduce cross-border costs, and align with the growing trend of crypto payments.

Sony has not yet announced specific implementation plans and regulatory response details, but this move signifies a further deepening of the integration between large technology companies and digital finance. Taylor pointed out that the stability and efficiency of stablecoins make them an ideal tool for business operations and user payments, and Sony's entry may drive more traditional companies to pay attention to this field.

The Dubai Land Department has launched a property tokenization platform Prypco Mint based on the XRP Ledger.

The Dubai Land Department (DLD) has partnered with real estate fintech company Prypco and infrastructure provider Ctrl Alt to launch the first real estate tokenization platform, Prypco Mint. This platform will tokenize property ownership contracts and synchronize with official real estate records, deployed on the XRP Ledger blockchain. This move is part of a government-supported project, expected to tokenize 7% of the Dubai real estate market, amounting to $16 billion, by 2033. The platform currently only supports transactions in UAE Dirhams and is limited to UAE ID holders, with plans to expand global access in the future. Zand Digital Bank serves as its banking partner, with oversight from the UAE Central Bank, Dubai Virtual Assets Regulatory Authority (VARA), and the Dubai Future Foundation's real estate sandbox.

Hot Project Dynamics

Ondo Finance (ONDO)

Official website:

Introduction: Ondo Finance 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 U.S. Treasury bonds or other financial instruments, through blockchain technology. Ondo Finance allows users to invest in low-risk, high-liquidity assets while maintaining decentralized transparency and security. Its token ONDO is used for protocol governance and incentive mechanisms, and the platform also supports cross-chain operations to expand its application range in the DeFi ecosystem.

Recent update: On May 28, Ondo Global Markets announced that it will tokenize and put on-chain stocks and ETFs from NYSE and NASDAQ, featuring the following characteristics:

24/7 accessible: trade around the clock.
Supports margin trading: can be used for leveraged trading.
DeFi Composability: Seamless integration with decentralized finance protocols.

On May 29, Ondo announced Zodia custody, which now supports USDY, and support for OUSG (tokenized U.S. Treasury bond fund) will be launched soon. Additionally, on the evening of May 30, the Ondo website (ondo.finance) underwent approximately 30 minutes of maintenance to upgrade its infrastructure.

Plume Network

Official website:

Introduction: Plume Network is a modular Layer 1 blockchain platform focused on the tokenization of real-world assets (RWA). It aims to transform traditional assets (such as real estate, artworks, equities, etc.) into digital assets through blockchain technology, lowering investment thresholds and enhancing asset liquidity. Plume provides a customizable framework that supports developers in building decentralized applications (dApp) related to RWA, and integrates DeFi and traditional finance through its ecosystem. Plume Network emphasizes compliance and security, dedicated to providing solutions that bridge traditional finance and the crypto economy for institutional and retail investors.

Latest Update: On May 28, Plume announced the official launch of Plume Genesis (Mainnet Phase 1), allowing users to borrow RWA through Morpho Labs, earn yields, and stake on the first day. On the same day,

Plume has launched Plume Starboard, a tool for tracking and rewarding community contributors through the Galxe platform. Users can improve their rankings and earn rewards by participating in ecological tasks such as staking and providing liquidity.

On May 29, Plume Network issued a statement mourning the unexpected passing of its co-founder Eugene. The official statement noted that Eugene was a talented, curious, and passionate leader who made significant contributions to the development of Plume. The team is in shock and sorrow, pledging to continue advancing Eugene's vision.