RWA Weekly: Central Bank Emphasizes Improvement of Digital RMB Cross-Border Infrastructure; Cloudflare Launches Stablecoin Wallet for AI Agents

Highlights of This Issue

The statistical period for this week's newsletter covers July 31, 2026, to August 7, 2026.

This week, the total market capitalization of RWA on-chain rose to $37.94 billion, with holders increasing by over 560,000 in a month, setting a new historical high. However, the monthly transfer volume in the stablecoin market plummeted by 36% compared to the previous month, and the number of active addresses also declined, indicating that funds are rapidly settling into low-volatility asset reserves. The activity level of high-frequency trading on-chain continues to weaken, further deepening the "silent accumulation" pattern.

On the regulatory front, the central bank emphasized the need to improve the cross-border infrastructure for the digital RMB. Nigeria approved tokenized asset services to finance small and medium-sized enterprises, and the global regulatory framework is gradually being refined at the operational level.

In terms of projects, BlackRock launched two tokenized money market funds, BSTBL and BRSRV. Wells Fargo will introduce tokenized deposit services for corporate clients in the fall, marking the entry of the world's largest asset management and banking giants into on-chain cash management. Tether is entering the Saudi real estate tokenization market via the Hadron platform. Visa and Mastercard are expanding their stablecoin settlement networks through partnerships and acquisitions. Cloudflare launched a programmable wallet for AI agents, and Japan's Lawson convenience stores accepted stablecoin payments at the POS for the first time, indicating that stablecoin applications are penetrating from institutional finance into real consumption and the machine economy.

On the financing side, Mastercard completed its acquisition of BVNK, Ripple strategically invested in Zilo and Licuido to strengthen the XRPL tokenization ecosystem, Yellow Card secured $40 million in funding, and JPYC completed a $38 million Series B financing.

Data Insights

RWA Track Overview

According to the latest data from RWA.xyz, as of August 7, 2026, the total market capitalization of RWA on-chain increased to $37.94 billion, up 3.56% compared to the same period last month, continuing a moderate upward trend. The total number of asset holders surged to 1.6294 million, a significant increase of 55.34% compared to the same period last month, with a net increase of over 560,000 in a single month, marking the largest increase in history. This indicates that investors are further accelerating their entry into the RWA track, significantly enhancing market participation.

Stablecoin Market

The total market capitalization of stablecoins slightly decreased to $296.12 billion, down 1.42% compared to the same period last month. The monthly transfer volume fell to $4.45 trillion, a significant contraction of 36.43% compared to the same period last month. The total number of active addresses also dropped to 52.76 million, down 3.92% from the same period last month, indicating that the market's settlement demand and the pace of capital movement have significantly slowed, with overall trading entering a relatively "silent period," and a large amount of existing funds showing a wait-and-see or settling trend.

The number of holders increased to 281 million, steadily expanding by 3.37% compared to the same period last month. The expansion of holding addresses and the decline in on-chain activity have created a significant "scissors gap," reflecting that in the current environment, investors tend to accumulate stablecoins for low-volatility asset reserves rather than engage in high-frequency on-chain trading.

The leading stablecoins are USDT, USDC, and USDS, with USDT's market capitalization slightly decreasing by 0.65% compared to the same period last month; USDC's market capitalization fell by 2.04%; and USDS's market capitalization plummeted by 12.8% compared to the same period last month.

Regulatory News

Central Bank: Promoting the Construction of the RMB Cross-Border Payment System and Improving the Digital RMB Cross-Border Infrastructure

The People's Bank of China held a work meeting for the second half of 2026, emphasizing the steady deepening of financial reform and opening up. It actively and prudently carries out currency swap and local currency settlement cooperation between central banks. It supports and facilitates more foreign institutions to participate in the issuance of panda bonds. It coordinates the development of the offshore RMB market, supports Shanghai in enhancing cross-border financial and offshore financial service capabilities, and consolidates Hong Kong's position as an offshore RMB business hub. It deepens the facilitation reform of cross-border trade and investment financing. It promotes the construction of the RMB cross-border payment system, increases international cooperation in cross-border payments, and improves the digital RMB cross-border infrastructure.

The draft framework for the secondary regulations on the issuance of security tokens in South Korea has been published, proposing to allow asset pooling and set trading limits.

According to Etoday, the draft framework released by the Korea Digital Convergence Industry Association shows that the secondary regulations for the security token offering (STO) system will cover several core contents, including allowing the issuance of the same type of underlying assets to be bundled, setting annual limits for ordinary investors in over-the-counter trading, clarifying the access requirements for non-typical securities over-the-counter trading platforms, and developing a phased roadmap for typical securities tokenization. This proposal is based on public policy directions and industry discussions, and specific standards still need to be determined after legislative previews and regulatory reviews.

Core points of contention include whether asset replacement is allowed after pooling, whether the trading limit for ordinary investors will be raised (currently, the sandbox allows music revenue securities of about 10 million Korean won and fragmented real estate investment of about 20 million Korean won), and the scope of concurrent operations for securities companies in issuance and circulation. The STO system will initially apply to non-typical securities, with phased expansion to typical securities such as stocks and bonds. The industry is concerned about the tight preparation time after the regulations are announced and the need to simultaneously improve the regulatory framework for non-monetary trust revenue securities.

India Expands Global Tax Reporting Rules to Cover Crypto Assets and Central Bank Digital Currencies

According to the Economic Times of India, the Central Board of Direct Taxes of India has revised the global tax reporting framework to extend the applicability of the Foreign Account Tax Compliance Act and the Common Reporting Standard to specific crypto assets, central bank digital currencies, and digital currency products, while tightening the due diligence requirements for financial institutions. The updated compliance framework provides guidelines for banks, mutual funds, insurance companies, custodians, and other investment entities on account identification, tax residency verification, and financial information reporting. Financial institutions are also required to conduct enhanced due diligence on high-value accounts with balances exceeding $1 million.

Nigeria Approves Tokenized Assets to Promote Capital Market Growth

According to Bloomberg, the Nigerian Securities and Exchange Commission (SEC) has approved the issuance of tokenized assets, and the alternative investment trading platform NASD PLC plans to officially launch this service early next month. Chinwendu Ekeh, the acting managing director of NASD, stated that the SEC of the country subsequently collaborated with Canadian company Blockstation Inc. to provide blockchain-based infrastructure for the stock exchange to achieve near-real-time listing and trading of tokenized securities. Ekeh mentioned that NASD's goal is to serve small and medium-sized enterprises in Nigeria that find it difficult to obtain bank credit and traditional capital market financing, as digital securities provide a "faster, cheaper, and more reliable path" to meet their needs.

Project Progress

BlackRock Launches Two Tokenized Money Market Funds BSTBL and BRSRV to Expand Blockchain Cash Management

Asset management giant BlackRock announced the launch of two tokenized money market products, further expanding its blockchain-based cash management business, including the BlackRock Select Treasury Based Liquidity Fund (BSTBL) and the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV).

BlackRock stated that the new products will combine the liquidity and stability of traditional money market funds with blockchain infrastructure, providing institutional investors with more flexible cash management tools between traditional finance and digital asset markets. Among them:

BSTBL will launch tokenized shares based on Ethereum on the existing money market fund. These on-chain shares can be transferred between approved wallets in compliance with regulatory requirements. BNY Mellon will serve as the transfer agent and tokenization service provider for BSTBL.

BRSRV is a new type of tokenized money fund designed for digital-native institutional investors, supporting daily dividend reinvestment and multi-blockchain access, applicable to various digital asset scenarios, including stablecoin reserve management. Securitize will serve as the transfer agent and tokenization service provider for this fund.

Both products invest in cash, short-term U.S. Treasury bonds, and overnight repurchase agreements backed by U.S. Treasury bonds, aiming to generate returns while maintaining principal stability and liquidity.

As of now, the cash strategies managed by BlackRock's cash management group have nearly $1.1 trillion in assets under management, covering various investors such as corporations, banks, foundations, insurance companies, and public institutions. The launch of tokenized money market funds is seen as an important step for traditional asset management institutions to further lay out RWA (Real World Asset Tokenization) and on-chain financial infrastructure.

Wells Fargo to Launch Tokenized Deposit Services for Corporate Clients in Fall, Supporting 24/7 Settlements

According to Bitcoin.com, Wells Fargo will launch tokenized deposit services for corporate clients this fall, initially supporting the USD to GBP channel, with plans to expand the scope by 2027. This service supports 24/7 settlements and programmable payments (automatically releasing funds when conditions are met), with deposits still being bank liabilities, retaining regulatory protection and deposit insurance eligibility. The co-founder of Cosmos Labs confirmed that this blockchain is based on Cosmos technology, stating that it validates network interoperability and reliability.

Circle and Dinari Launch Tokenized U.S. Stock Platform, Set to Go Live on Arc Mainnet on September 16

According to Fortune magazine, California-based tokenized securities company Dinari announced a partnership with stablecoin issuer Circle to provide blockchain-based tokenized stock trading services for U.S. investors, planning to bring all S&P 500 component stocks on-chain.

Dinari stated that its platform represents underlying stocks through "dShares," with each token corresponding to real securities held by regulated institutions. Investors can buy and sell stocks using USDC through self-custody wallets, supporting instant settlement and cross-platform asset transfers.

Circle announced that its open blockchain network for global financial markets, Arc, is set to officially launch on the public mainnet on September 16, currently operating on a private mainnet and attracting over 100 institutions and ecosystem participants. BlackRock, DTCC (Depository Trust & Clearing Corporation), Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered Bank, Sumitomo Corporation, and Visa will participate as genesis validators in network security and governance. BlackRock plans to deploy its USD institutional digital liquidity fund BUIDL on Arc, and DTCC is advancing tokenization and settlement integration with Arc to support the tokenization of assets held at DTC for stablecoin-based on-chain settlements. Circle also plans to launch supporting application frameworks, AI tools, and tokenized asset issuance management capabilities on Arc.

Tether Enters Saudi Real Estate Tokenization Market, Promoting Institutional Asset On-Chain via Hadron Platform

According to CoinDesk, stablecoin issuer Tether announced that its asset tokenization platform Hadron will provide real estate asset tokenization technology for institutional investors in Saudi Arabia, promoting the on-chain transition of traditional real estate assets.

Tether announced that it will collaborate with local Saudi partners First Data and fintech company BKN301 to provide institutional clients with issuance, management, and digital infrastructure support for real estate assets. In the future, this model may also expand to other real-world asset (RWA) sectors such as energy and infrastructure financing.

This initiative marks Tether's latest move to expand from stablecoin operations into the tokenization of real-world assets. Tether launched the Hadron platform in 2024, aiming to simplify the asset tokenization process. It is currently one of the largest issuers of gold-backed tokens globally, with its gold token XAUT valued at approximately $2.6 billion.

Visa Partners with Zerohash to Expand Stablecoin Settlements to Visa Direct

According to The Block, Visa is collaborating with on-chain infrastructure provider Zerohash to integrate stablecoin functionality into Visa Direct, allowing eligible clients to pre-fund merchant accounts and make payments to global recipients in stablecoins. Visa Direct covers over 195 countries and regions, connecting more than 18 billion endpoints, including credit cards, bank accounts, and digital wallets. Zerohash provides technical and compliance support to help businesses achieve 24/7 cross-border liquidity management and settlements, enabling recipients to directly receive stablecoin funds. This initiative continues Visa's strategy in internal stablecoin platforms, OUSD stablecoin, and the "agentic economy."

Mastercard and Borderless.xyz Expand Stablecoin Adoption Through Crypto Credential Pilot Project

According to The Block, Mastercard has launched a pilot for the Crypto Credential framework in collaboration with global liquidity network Borderless.xyz to test the integration of identity verification and compliance signals in cross-border stablecoin payment processes. The pilot will assess the framework's performance within the Borderless.xyz stablecoin payment network, with participants such as Infinia, Walapay, and Koywe integrating relevant "guarantee signals" into their approval, compliance, and risk control processes. Borderless.xyz claims to connect over 100 countries and more than 15 licensed stablecoin service providers globally.

Cloudflare Launches Stablecoin Wallet for AI Agents, Supporting API and Online Content Payments

According to The Block, Cloudflare is launching a programmable wallet that allows AI agents to use stablecoins to pay for APIs, data, and online content. Users can now apply for a unique identifier for the Cloudflare Wallet, with recharge and authorization payment features to be launched later. The wallet is divided into account wallets (for individuals and organizations to deposit funds and control spending) and virtual wallets (allowing agents to make payments via API keys). Owners can set limits, whitelists, and per-transaction caps. The wallet supports micropayments through the x402 protocol developed by Coinbase, allowing websites to return payment instructions upon agent requests without requiring traditional accounts or subscriptions. This wallet is built on the foundation of the x402 Foundation established by Cloudflare and Coinbase in September 2025, aiming to promote machine-to-machine payment standards.

Japanese Convenience Store Giant Lawson to Test Direct POS Acceptance of JPYC, USDC, and USDT Payments

According to official news, Japanese convenience store giant Lawson will conduct Japan's first POS cash register stablecoin payment pilot on August 6 and August 17 at two stores in Tokyo. The experiment will use three stablecoins: JPYC, USDC, and USDT, with payments completed through HashPort Wallet and MetaMask wallet, processed by the PAYTREE multi-code payment gateway provided by Canal Payment Service, without the need for dedicated payment terminals.

The first test will take place on August 6 at the Takanawa Gateway City store using HashPort Wallet and JPYC; the second test will occur on August 17 at the Osaki Atrium store using MetaMask with USDC, USDT, and JPYC.

US Stock Token Trading Platform MSX Launches Two New US Stock Spot Tokens

The US stock token trading platform MSX has launched spot trading for network and communications equipment supplier $ADTN.M and semiconductor equipment manufacturer $ONTO.M.

Financing Dynamics

Mastercard Completes Acquisition of Stablecoin Infrastructure Company BVNK

According to official news, Mastercard has announced the completion of its acquisition of stablecoin infrastructure company BVNK to enhance its global stablecoin service capabilities. Mastercard's Chief Product Officer stated that in a multi-currency world where fiat, stablecoins, and tokenized deposits coexist, the next generation of payment models will be determined by the efficiency of connections across various tracks. BVNK's on-chain infrastructure and stablecoin-native technology will help financial institutions, fintechs, and enterprises expand stablecoin applications in cross-border B2B payments, remittances, settlements, and fund flows.

Ripple Makes Strategic Investments in Zilo and Licuido to Promote Tokenized Assets on XRPL

According to Cointelegraph, blockchain fintech company Ripple has announced strategic investments in UK asset transfer agency Zilo and FCA-regulated tokenization solution provider Licuido, aiming to promote the application of tokenized financial assets on the XRP Ledger (XRPL).

Ripple stated that this investment aims to integrate regulated asset transfer agency, asset issuance, and collateral liquidity into the XRPL infrastructure to address the issue of idle collateral in traditional financial markets, allowing tokenized funds to be used as collateral from the moment of issuance.

Zilo provides global transfer agency and asset solutions for wealth management institutions, having raised approximately $58.7 million; Licuido focuses on institutional-grade asset tokenization services. The specific investment amounts have not been disclosed by either party. This initiative follows Aviva Investors' launch of tokenized dollar liquidity fund shares on XRPL. Previously, Ripple launched the Ripple Mint platform to assist institutions in issuing, redeeming, and managing their dollar stablecoin Ripple USD (RLUSD).

Industry data shows that the current tokenized RWA scale on XRPL is approximately $368 million, ranking 11th globally, while Ethereum leads with $17.1 billion. In the past 30 days, the number of RWA holders has increased by 50% to 1.57 million, and the total value of tokenized assets has grown by 1.5% to $37.3 billion.

Yellow Card Completes $40 Million Strategic Financing with Participation from Standard Chartered, Sony, and Others

Stablecoin infrastructure company Yellow Card has announced the completion of $40 million in strategic financing, with investors including SC Ventures (the venture capital arm of Standard Chartered Bank), Sony Innovation Fund, Polychain Capital, and Blockchain Capital.

This financing will be used to expand Yellow Card's Global USD Accounts service and enhance the stablecoin payment infrastructure connecting global markets. The company's total equity financing has exceeded $120 million.

Yellow Card CEO and co-founder Chris Maurice stated that the company is building infrastructure that allows global enterprises to transfer funds without relying on traditional banking systems. The greater opportunity lies in enabling banks to access the stablecoin payment network, providing easier dollar liquidity for businesses that previously struggled to obtain dollar services.

Japanese Stablecoin Company JPYC Completes $38 Million Series B Financing

According to The Block, the issuer of the Japanese yen stablecoin JPYC has completed additional Series B financing, raising approximately $38 million in total. The new investor in this round is Japanese logistics giant AZ-COM Maruwa Holdings, which invested about $6.3 million. The financing will be used to expand the financial and Web3 ecosystem and promote the practical application of the yen stablecoin JPYC.

Insights

Agents Can Finally Spend Money Themselves, Cloudflare Wallet Sparks Registration Rush

PANews Overview: Cloudflare has launched the programmable wallet Cloudflare Wallets for AI Agents, aiming to address payment, identity, and permission management challenges for AI agents. The wallet is divided into account wallets and virtual wallets, supporting transaction limit settings and other risk control rules, and enabling USDC stablecoin micropayments through the x402 protocol without requiring traditional account registration to independently purchase APIs and other services.

At the same time, Cloudflare has opened the registration of the name cloudflare.pay as a digital identity for Agents, triggering a rush for registration. As a Web2 infrastructure giant, Cloudflare's move fills a critical payment gap in the AI ecosystem, aiming to build a "headless market" where Agents autonomously complete service discovery, price comparison, and settlement, accelerating the mainstream adoption of crypto infrastructure and stablecoin applications.

HYPE Cools Down, RWA Heats Up, Is Hyperliquid's Counter-Cyclical Expansion Just Beginning?

PANews Overview: Hyperliquid is achieving counter-cyclical expansion driven by RWA trading propelled by HIP-3, with its global perpetual contract market share rising to 10.1%, and RWA once accounting for 74% of its trading volume. Although the first mover Trade.xyz dominates this ecosystem, new competitors like Paragon are cutting in by acquiring popular tickers such as AI and robotics, and the barriers to entry have been lowered with institutional capital support.

Despite the impact of net outflows from ETF funds, reduced buybacks due to declining revenues, and whales un-staking, the HYPE token has fallen 26.8% in the past 30 days. However, the team's unlocking has not triggered selling pressure, and the speed of the assistance fund's buybacks is more than twice that of selling. In the long term, the expansion of the HIP-3 ecosystem and the increase in asset richness will continue to inject value growth space for Hyperliquid and HYPE.

$680 Million Behind 7 Weeks: RWA Begins Competing for Financial Operating Systems

PANews Overview: Binance's tokenized stock product bStocks has surpassed $680 million in AUM within seven weeks of launch. Its rise is not primarily due to underlying technological innovation but rather its integration of existing account systems, stablecoin settlements, order book liquidity, self-custody wallets, and the BNB Chain ecosystem into a unified entry point, significantly shortening the path for users to access assets.

With over 323 million registered users, top-tier market maker liquidity, and on-chain exit synergies, bStocks has established a moat that is difficult for newcomers to replicate. This indicates that the competitive focus in the RWA sector has shifted from "competing for individual assets" to "competing for financial operating systems," with the power of financial entry points shifting towards platforms that can connect assets and demand with the shortest path, accelerating the deep integration of traditional finance and the crypto ecosystem.