RWA Weekly: NYSE to Use Avalanche for Settling Tokenized Stocks; Goldman Sachs, Citigroup Commit Approximately $270 Million to Joint Stablecoin Project

Highlights of This Issue

This week's report covers the period from November 6, 2026, to November 13, 2026.

This week, the total market capitalization of RWA on-chain slightly decreased to $39.84 billion, a week-on-week decline of 0.51%. The number of asset holders increased to 5.7321 million, up 7.03% from the previous week, indicating a divergence between asset stock contraction and continuous user base expansion. The total market capitalization of stablecoins fell to $279.15 billion, with monthly transaction volume increasing by 29.71%. The total number of holders reached 306 million, while the number of active addresses slightly declined, reflecting characteristics of reduced total supply, increased on-chain trading activity, and moderate user growth.

On the regulatory front, the U.S. Treasury Department plans to require stablecoin issuers to perform counterparty due diligence equivalent to that of banks. The European Central Bank, in collaboration with the European Commission and ESMA, is soliciting members for the European Tokenization Standards Group while warning that legislative delays may postpone the rollout of the digital euro to 2029.

Multiple technical routes for tokenized stocks are accelerating in the industry. The OKXICE TSV platform is set to launch on November 23, opening over 70 tokenized assets to compliant U.S. users. The NYSE has confirmed the use of Avalanche as the settlement layer for tokenized stocks. Kraken's parent company, Payward, is about to launch over 200 tokenized products for European and UK stocks. The Solana ecosystem's Formation Securities has also filed plans with the SEC to establish a tokenized securities trading venue.

Traditional financial institutions continue to increase their involvement in RWA. Deutsche Bank and its subsidiary DWS are jointly exploring tokenized money market funds. Several international banks, including Goldman Sachs and Citigroup, have collectively committed approximately $270 million to a joint stablecoin project. Securitize is collaborating with Ethena to launch BlackRock's BUIDL all-weather liquidity tool while planning to acquire the institutional financing platform River One to bridge stablecoins with traditional credit markets.

Data Insights

RWA Sector Overview

According to the latest data from RWA.xyz, as of November 13, 2026, the total on-chain market capitalization of RWA reached $39.84 billion, a slight week-on-week decline of 0.51%. The total number of asset holders climbed to 5.7321 million, up 7.03% from the previous month, showing a divergence between the value of existing assets and user scale.

Stablecoin Market

The total market capitalization of stablecoins reached $279.15 billion, down 5% from the previous month. Monthly transaction volume was $8.93 trillion, significantly up 29.71% from the previous month. The total number of active addresses was 59.64 million, slightly down 0.61% from the previous month. The total number of holders reached 306 million, up 2.42% from the previous month. This month, the liquidity of funds in the stablecoin sector has significantly improved, indicating a recovery in the demand for fund turnover, but the total supply has contracted, and the pace of new user penetration is moderate, showing characteristics of "reduced supply, recovering transactions, and slow user growth."

The leading stablecoins are USDT, USDC, and USDS, with USDT's market cap decreasing by 4.46% from the previous month; USDC's market cap down by 4.42%; and USDS's market cap slightly increasing by 0.01%.

Regulatory News

++ U.S. Treasury Proposes Counterparty Due Diligence for Stablecoin Issuers Equivalent to Banks ++

According to Bloomingbit, the U.S. Treasury is pushing a plan to implement counterparty due diligence requirements for stablecoin issuers equivalent to those for banks. The core of the proposal is to require stablecoin issuers to undertake the same counterparty due diligence obligations as U.S. banks, tightening the verification standards for stablecoin issuers. Specific details, including the implementation timeline and the entities and activities covered, have not yet been disclosed.

++ European Central Bank Collaborates with EU Commission and ESMA to Solicit Members for Tokenization Standards Group ++

The European Central Bank, in collaboration with the European Commission and the European Securities and Markets Authority (ESMA), announced it is soliciting members for the European Tokenization Standards Group (ETSG) from the wholesale financial industry, with a deadline of November 27. This group will establish unified standards for the tokenized financial ecosystem, create a compliance monitoring framework, and may propose recommendations to EU authorities on how to incentivize compliance. The ETSG will be chaired by industry professionals, with the three parties mentioned serving as observers. The EU Commission's Market Integration and Regulation Package (MISP) proposed in December 2025 requires post-trade institutions to promote interoperability between DLT infrastructures and establish corresponding technical standards.

++ European Central Bank Warns: Legislative Delays May Postpone Digital Euro Launch Plan to 2029 ++

According to Cointelegraph, Piero Cipollone, a member of the European Central Bank's Executive Board, warned EU legislators that if the digital euro legislation is not finalized soon, it may delay its planned launch in 2029. He urged EU negotiators to reach an agreement on the digital euro legislation by the end of the year and stated that legislative delays could deepen Europe's reliance on foreign payment providers. The European Central Bank plans to prepare for a possible first issuance in 2029, contingent on the EU passing regulations this year, with the decision on whether and when to issue to be made by the bank's governing council after the legislation is passed. The European Central Bank is preparing to launch a 12-month pilot program in the second half of 2027.

++ New Zealand FMA Proposes Not to Classify Compliant NZD-Pegged Payment Stablecoins as Financial Products ++

The New Zealand Financial Markets Authority (FMA) has issued a notice seeking feedback on the regulatory path for payment stablecoins pegged to the New Zealand dollar and backed by NZD. Under the proposal, the FMA intends to designate such stablecoins that meet specific requirements and safeguards as not being classified as financial products under the Financial Markets Conduct Act (FMC Act). Eligible stablecoins must be fully backed by NZD held in a registered bank in New Zealand and redeemable at face value. FMA's General Counsel Liam Mason stated that the design of stablecoins typically resembles a payment method rather than an investment. The FMA has stated that no decisions have been made yet, and the proposal is a transitional measure during the broader work on digital asset regulation. The feedback period will close on December 18.

++ Thailand Proposes Daily Limit of Approximately $148,000 for Stablecoin Transfers ++

According to Finance Feeds, the Thai Securities and Exchange Commission (SEC) released a draft on November 12 proposing to limit each customer's daily stablecoin deposit and withdrawal amounts at regulated digital asset operators to 5 million THB (approximately $148,000) and restrict transfers to third-party wallets while enhancing regulation of cryptocurrency market makers. The draft aims to prevent stablecoins from being used for money laundering, cybercrime, and evasion of international fund transfer regulations, with public consultation continuing until November 26.

According to the draft, the daily limits for stablecoin deposits and withdrawals will be calculated separately, and transfers must align with the customer's income and financial status. Transfers of funds between the same customer accounts at SEC-regulated operators will be exempt. Additionally, the regulatory authority will prohibit stablecoin deposits from third-party accounts or wallets and withdrawals to others' wallets. Licensed exchanges must disclose their market maker identities and supported assets and are responsible for monitoring market maker activities.

Local Insights

++ JD Coinlink Official Website Suspected to Be Offline, Previously Did Not Obtain Hong Kong's First Batch of Stablecoin Licenses ++

The official website of JD Coinlink Technology (Hong Kong) Limited, the stablecoin issuance entity under JD.com, is currently inaccessible, with the exact offline time uncertain. According to Qichacha information, the company's current status remains "still registered." JD.com previously announced plans to issue a stablecoin pegged 1:1 to the Hong Kong dollar, and JD Coinlink was selected for the Hong Kong Monetary Authority's stablecoin issuer sandbox in July 2024. However, the first batch of stablecoin issuer licenses issued by the Hong Kong Monetary Authority in April this year was only granted to the joint venture Anchorpoint, led by Standard Chartered Bank, and HSBC, with JD Coinlink not included.

Project Progress

++ OKXICE Tokenized Stock Platform to Launch on November 23, First Batch of Over 70 Assets Open Only to Compliant U.S. Users ++

OKX and the Intercontinental Exchange (ICE) joint venture tokenized securities platform OKXICE TSV is set to launch on November 23, open only to U.S. users who have completed identity and qualification verification for 24/7 trading.

The platform is expected to launch over 70 digital assets linked to stocks and ETFs, covering seven crypto-related companies such as Coinbase and Robinhood, as well as Strategy preferred shares, and includes 59 ETFs under Direxion. Not all assets will be available on the first day. Trading is based on OKX's Ethereum L2 network X Layer, matched through Uniswap v4's AMM liquidity pool, with tokens pegged 1:1 to the underlying securities, granting holders equal rights to dividends and voting.

Currently, 67 listed companies, including Meta and Palantir, oppose stock tokenization, and the first batch of issuers is mostly related to the crypto industry, with more issuers and assets to be announced later by the platform.

++ DTCC Plans to Connect Tokenization Services to Solana Network in Second Half of 2027 ++

Solana announced that the Depository Trust & Clearing Corporation (DTCC) plans to connect its tokenization services to the Solana network, with integration expected to launch in the second half of 2027.

Previously, DTCC's tokenization services went live, initially supporting 34 securities.

++ NYSE to Use Avalanche Blockchain for Settling Tokenized Stocks ++

According to The Wall Street Journal, the New York Stock Exchange (NYSE) announced on Monday that its upcoming 24/7 tokenized securities trading platform will exclusively use the Avalanche blockchain for settling tokenized stocks. The platform will match trades using existing NYSE technology and settle them instantly via Avalanche. The platform still requires regulatory approval, with a target launch in the fourth quarter. The NYSE submitted an approval application for the platform in January this year.

++ Deutsche Bank Signs Memorandum with DWS to Explore Tokenized Money Market Fund Products ++

According to The Block, Deutsche Bank officially announced the launch of its Digital Asset Custody (DAC) service on November 11, allowing clients to custody BTC, ETH, USDC, EURC, and EURAU with the bank and transfer to other institutions. At the same time, Deutsche Bank signed a memorandum of understanding with its asset management subsidiary DWS to explore tokenized money market funds, crypto asset ETCs, and custody, settlement, liquidity management, and distribution arrangements related to stablecoins based on the DAC platform. DWS's Chief Product Officer Manfred Bauer stated that the company plans to launch a tokenized money market fund. As of September 30, DWS's assets under management totaled €1.22 trillion.

++Payward, the parent company of Kraken, to launch tokenized versions of over 200 UK and European stocks++

According to The Wall Street Journal, Payward, supported by Nasdaq, will launch tokenized versions of over 200 popular UK and European stocks. Stocks from companies such as Siemens, Shell, and LVMH will be traded 24/7 in digital token form through Payward's tokenized stock framework, xStocks.

Payward stated that all stocks in the FTSE 100 index and the German DAX index will be included in the tokenization scope. Investors will be able to trade these tokenized stocks on Kraken and other exchanges starting Wednesday.

++Securitize and Ethena Partner to Launch $100 Million BlackRock BUIDL Liquidity Tool++

According to The Block, Securitize and Ethena Labs have launched a $100 million liquidity tool for BlackRock's BUIDL, available 24/7. This tool allows eligible investors to exchange shares of the tokenized fund for supported stablecoins (including USDC) outside of traditional market trading hours. The initial liquidity for the tool is $50 million, split evenly between BUIDL and USDC; an additional $50 million can be replenished within one hour as liquidity is used.

++Tokenization Platform Centrifuge Launches Schroders Emerging Market Bond Fund Tokenization Product on Solana++

According to Ledger Insights, tokenization platform Centrifuge has launched a tokenized feeder fund for Schroders International Selection Fund (SISF) Emerging Market Bond Fund on Solana through its asset management subsidiary, Anemoy. The product uses a "wrapped" model, with subscriptions and redemptions settled in USDC, and a minimum subscription threshold of $100,000 for non-U.S. professional investors. Schroders manages over $1 trillion in assets. Centrifuge previously used a similar feeder fund model for on-chain products for institutions like Apollo and New York Life.

++Tokenized Stock ANT of Anthropic to Launch on Solana on Listing Day++

Backpack Onchain posted on X platform that the tokenized stock ANT of Anthropic, issued by Backpack Securities, will be traded on Solana via Sunrise after Anthropic's listing on Nasdaq, allowing users to buy and sell Anthropic stocks between traditional brokers and Solana from the first day of listing. Sunrise also posted that ANT will be available for trading on Solana markets 24/7 from the first day of listing. Previously, Anthropic indicated that its IPO is expected to be priced next Wednesday and begin trading the following Thursday.

++Visa Incorporates Western Union Stablecoin USDPT into VisaNet Settlement Assets++

According to The Block, Anchorage Digital announced a partnership with Visa to incorporate some stablecoins issued by its federally chartered bank as native settlement assets on the Visa network, with the first being the Western Union stablecoin USDPT. Visa and eligible partners can now use USDPT to settle VisaNet debts, and both parties will establish a framework to evaluate the inclusion of more stablecoins issued by Anchorage. USDPT was launched on Solana in May this year, issued and custodied by Anchorage Digital Bank.

++Stablecoin Protocol Saturn Opens Airdrop Registration for Q1 and Q2, Deadline November 16++

The stablecoin protocol Saturn, built on STRC under Strategy, announced on X platform that its airdrop registration for Q1 and Q2 is now open, with a deadline of November 16 at 22:00 Beijing time. Saturn stated that registration does not equate to claiming, which will be available during the TGE, and the claiming link will only be published by its official X account. Users must connect their wallets that have accumulated Saturn points, sign, and verify their Discord accounts to complete registration, with each Discord account allowed to bind only one wallet, and Discord accounts needing to be registered for at least 5 days and complete email verification. Users from restricted jurisdictions such as the U.S., U.K., EU, and EEA, as well as OFAC-sanctioned addresses, are not eligible.

++Zama Spin-off Project Raycash Launches Privacy Stablecoin Payment Application on Ethereum++

According to The Block, the stablecoin payment application Raycash, spun off from the confidential computing protocol Zama, has launched on the Ethereum mainnet and is now in private beta testing. This is the first retail payment product based on the Zama protocol. Users can exchange USDC for confidential tokens on a 1:1 basis, hiding balances and transfer amounts during on-chain peer-to-peer payments, and can also earn yield on idle funds through Morpho within the application, with network fees covered by the application, so users do not need to hold ETH. The project claims that the waiting list before launch exceeded 75,000 people, and it will be opened in phases thereafter.

++U.S. Stock Token Trading Platform MSX Launches 4 New U.S. Stock Tokens++

The U.S. stock token trading platform MSX has launched spot and contract trading for U.S. lidar manufacturer AEVA, U.S. semiconductor equipment company ONTO, video game publisher $TTWO, and Vanguard S&P 500 ETF $VOO.

Funding Dynamics

++Goldman Sachs, Citigroup, and Other Financial Institutions Commit Approximately $270 Million to Joint Stablecoin Project++

According to Bloomberg, insiders revealed that financial institutions including Goldman Sachs, Citigroup, Santander Bank, and Deutsche Bank have committed approximately $270 million to a joint stablecoin project.

++Tokenization Platform Securitize Plans to Acquire Financing Platform River One++

According to an official announcement, tokenization platform Securitize (SECZ) has signed a final agreement to acquire the New York-based asset-backed financing platform River One, with financial terms of the transaction undisclosed and expected to be completed in Q4 2026. River One was established in 2025, incubated by Framework Ventures, and funded by Framework Ventures and Maple Finance, primarily providing warehouse financing for interest-bearing assets such as small business loans and receivables, aiming to connect stablecoin capital with traditional lending markets.

On the same day, Securitize announced its Q3 financial report, with revenue of $18.6 million, a 13% year-on-year increase; a net loss of $66.3 million, of which approximately $60 million was related to non-cash expenses associated with the merger; and an average tokenized asset size on the platform of $5 billion, a 39% year-on-year increase.

Insights Highlights

++Former Polychain Partner Starts New Venture: Enters Tokenized Real Estate, Secures $50 Million Seed Round Funding to Create "S&P 500" for Real Estate++

PANews Overview: Index Industries, co-founded by a former partner of Polychain, has completed a $50 million seed round funding, aiming to create a real estate version of the S&P 500, launching a daily updated USHP housing price index and tokenized products USHP and yield version USHPi, supported by housing reserve assets, providing exposure to housing prices rather than property ownership.

Historically, CME housing price futures have become quiet due to basis risk, lack of counterparties, and insufficient liquidity. The new project aims to attract institutional funds and market makers to improve liquidity, but the challenges of reserve monetization, redemption pressure, and ongoing trading demand in the secondary market still need to be validated in real operations.

++Morph Report: 56% of Respondents Have Used, Implemented, or Evaluated Stablecoins; What Do Corporate Payments Still Lack?++

PANews Overview: Morph conducted a survey of 150 cross-border payment practitioners across five Asian markets, finding that 56% of respondents have used, implemented, or evaluated stablecoins, but only 10% are actual users, with most still in the evaluation stage. Respondent companies commonly face pain points in cross-border payments: 83% reported that international funds take at least two business days to reach local bank accounts, and 65% said that exchange and payment costs consume at least 3% of international business revenue; companies highly value payment tracking, transparent pricing, and comprehensive cost metrics.

The report proposes five evaluation dimensions: timeliness of fund arrival, comprehensive costs, visibility of reconciliation, service continuity, and local adaptation, indicating that on-chain transfer speed does not equate to a complete business experience. For stablecoins to achieve large-scale adoption in corporate payments, it is necessary to streamline the entire process, including exchange withdrawals and financial reconciliation.

++The Last Mile of Tokenization Is Not On-Chain, But in the Risk Ledger++

PANews Overview: DTCC's DTC has launched a tokenization service DTS, receiving SEC authorization for a three-year narrow-scope test, which can generate digital twins of custodial securities, divided into three layers: registration, transmission, and identification. The registration layer has been successfully implemented, but DTS itself does not recognize tokens as collateral or settlement value. The identification layer needs to be completed by each bank, with Société Générale being the first to accept tokenized U.S. Treasuries as eligible collateral, while Morgan Stanley has delayed related trading systems.

This service allows 24/7 transfers on the same chain with registered wallets, while cross-chain and form conversion are constrained by business day windows; the U.S. focuses on asset tokenization, while Hong Kong's EnsembleTX emphasizes tokenized central bank currencies for interbank settlement.

The real challenge of tokenization lies not in on-chain issuance but in institutional recognition at the risk ledger level, with collateral movement being a core short-term scenario, while multiple risks such as regulatory timeliness and liquidity bifurcation also exist.