RWA Weekly: Hong Kong SFC Plans Tokenized Gold ETF Pilot; Standard Chartered Launches Corporate Tokenized Deposit Service in Hong Kong

Highlights This Issue

This weekly report's statistical period covers October 30, 2026 – November 6, 2026.

This week, the total on-chain market cap of RWA stood at $39.36 billion, up 0.02% from the prior period, while asset holders climbed to 5.6537 million, up 7.17%, presenting a picture of stable asset scale alongside continued user-side expansion; total stablecoin market cap fell back to $283.05 billion, monthly transfer volume surged 46.11% period-over-period, and total holders reached 306 million, but monthly active addresses declined notably — reflecting a divergence in which turnover of existing funds is active while marginal new interacting users are weakening.

On the regulatory front, China and Oman signed a local currency swap agreement and a memorandum on digital currency cooperation; the Hong Kong Securities and Futures Commission (SFC) plans to pilot a tokenized gold ETF, while the HKMA's EnsembleTX completed round-the-clock real-value transactions of tokenized deposits and plans to expand to regulated stablecoins; France's crypto tax amendments were shelved because of the budget bill; the Dubai International Financial Centre (DIFC) Courts proposed the Dispute Resolution Oracle (DRO) to enable off-chain judicial rulings to drive on-chain asset enforcement; and the Central Bank of Nigeria issued regulations for non-security virtual assets, setting a high capital threshold for foreign-currency stablecoin issuers and delineating regulatory responsibilities between the central bank and the SEC.

On the local front, Hong Kong's RWA buildout continues to materialize: Standard Chartered launched a tokenized deposit service for enterprises, the Hong Kong dollar stablecoin HKDAP will launch on Solana, and FinChain, incubated by Fosun Wealth, partnered with Plume to launch the FUSD leveraged looping yield strategy.

At the project level, Canton Network's TSV LLC completed the first issuer-led tokenized U.S. equity trades under the SEC innovation exemption framework; Morgan Stanley became one of the first banks partnering on DTCC's tokenization service, while the OKX‑ICE third-party tokenized U.S. equities plan faced public opposition from a total of 67 listed companies, including Meta and S&P Global, exercising their right to object; the NYSE brought in Broadridge to provide on-chain shareholder voting and transfer agency services; and European asset management giant Amundi launched tokenized shares of index funds and money market funds on Ethereum.

On the funding front, tZERO finalized its SPAC merger listing plan, while tokenized securities and stablecoin payment service providers including Lombard Systems, Takenos and Bloquo successively completed financings.

Data Insights

RWA Sector Overview

The latest RWA.xyz data shows that as of November 6, 2026, the total on-chain market cap of RWA reached $39.36 billion, a slight increase of 0.02% month-over-month. Total asset holders climbed to 5.6537 million, up 7.17% month-over-month; the elasticity of growth on the holder side was significantly higher than that of asset scale itself, reflecting a landscape in which the RWA sector's asset stock is rising steadily while participants continue to expand.

Stablecoin Market

Total stablecoin market cap reached $283.05 billion, down 4.17% month-over-month; monthly transfer volume was $9.9 trillion, up sharply by 46.11% month-over-month; total monthly active addresses were 56.03 million, down 9.42% month-over-month; total holders reached 306 million, up 3.27% month-over-month. This month the stablecoin sector showed a divergence: existing scale under pressure, on-chain fund turnover activity markedly higher, new coin-holding entities continuing to expand, but active interacting addresses weakening — reflecting rising turnover frequency of existing funds but weakening marginal willingness to participate actively.

The leading stablecoins are USDT, USDC and USDS, of which USDT's market cap fell 3.53% month-over-month; USDC's market cap declined 4.31% month-over-month; and USDS's market cap edged up 0.03% month-over-month.

Regulatory News

China and Oman central banks sign local currency swap agreement and digital currency cooperation memorandum

According to the People's Bank of China website, PBOC Governor Pan Gongsheng recently signed the "RMB/Omani Rial Bilateral Local Currency Swap Agreement" and the "Memorandum of Understanding on Strengthening Cooperation in Digital Payments and Legal Digital Currency" with Ahmed Al Musalmi, Governor of the Central Bank of Oman, witnessed by the heads of state of both countries. The swap agreement is for 300 billion yuan/1.5 billion Omani rials and is valid for five years. The two sides met the same day and exchanged views on bilateral economic and financial cooperation and other topics. The central bank said the purpose of the agreements is to deepen monetary and financial cooperation between the two countries, improve the facilitation of cross-border digital payments, and safeguard financial market stability.

Hong Kong SFC: hopes to combine tokenized funds with digital money, plans tokenized gold ETF pilot

Wu Jiali, Executive Director of the Investment Products Division at the Hong Kong Securities and Futures Commission, delivered a speech at Hong Kong Fintech Week titled "Connecting the Rails, Channeling the Flows: Expanding Hong Kong's Capital Markets Tokenization Landscape," noting that an "Innovation Pathway" will be introduced, with the aim of combining tokenized funds and digital money to enhance liquidity and treasury management efficiency.

Wu disclosed that the first batch of tokenized money market funds are trading on the secondary market on licensed trading platforms, and that tokenized gold ETFs may become the next pilot. Hong Kong currently has 17 approved tokenized retail products, covering money market funds, gold products and ETFs, with total assets under management of $1.3 billion. Over the medium and long term, the SFC will also promote tokenized assets as collateral, expand the on-chain scope of assets such as stocks and bonds, and explore the application of smart contracts in investment decisions and transaction process automation.

Hong Kong HKMA: Ensemble TX achieves round-the-clock real-value tokenized deposit transactions, plans expansion to regulated stablecoins

The Hong Kong Monetary Authority said it has advanced Ensemble TX to a new stage, achieving 24-hour round-the-clock real-value transactions of tokenized deposits, and plans to expand the pilot scope to regulated stablecoins. The HKMA also completed secondary market pilot trades of tokenized Exchange Fund Bills conducted by recognized dealers, and launched the tConnect Launchpad with Cyberport to explore and validate tokenized use cases.

French budget bill rejected; provisions on stablecoin taxation and self-custody wallet declaration shelved

According to Cointelegraph, the French National Assembly on Wednesday evening rejected the "revenue" portion of the 2027 national budget bill, causing three crypto-related amendments previously incorporated into the bill to be removed and no longer included in the version of the bill to be submitted to the Senate, though they could still be reintroduced during Senate deliberations in the future.

The National Assembly had passed three crypto-related amendments. On October 16, lawmakers passed an amendment bringing gains from converting crypto into stablecoins within the scope of taxation. On Tuesday, lawmakers passed another amendment requiring taxpayers to declare self-custodied crypto assets; if the total reaches or exceeds €100,000 (about $112,000), declaration is required. The threshold is assessed as of December 31 of the tax year. In addition, another amendment proposed raising the fines faced by crypto platforms that fail to provide information requested by tax authorities from €10,000 to €50,000.

DIFC Courts propose oracle to enforce court rulings involving tokenized assets

According to CryptoBriefing, the Dubai International Financial Centre (DIFC) Courts published a white paper on the "Dispute Resolution Oracle" (DRO) on November 5, proposing a scheme in which off-chain court or arbitration rulings directly trigger on-chain enforcement against tokenized assets. The mechanism is entirely voluntary; parties must designate a dispute resolution forum in advance, and the DIFC Courts will serve as the first qualified provider. The DRO itself does not actively change assets; rather, it verifies enforcement instructions and generates auditable enforcement records on participating blockchains, while actual dispute adjudication, arbitration and mediation still proceed in the traditional manner.

The white paper positions the framework as an open technical and legal standard and lists five core elements: jurisdictions with enforcement capability, adoptable open standards, a registry of qualified providers, a controlled pilot program, and international dialogue on mutual recognition. The proposal was announced at the Dubai Future Tokenization Forum and is part of the DIFC Courts' 2026–2030 growth strategy.

Central Bank of Nigeria issues "Regulations for the Operations of Non-Security Virtual Assets": foreign-currency stablecoin issuers need minimum paid-in capital of 15 billion naira, P2P trading must verify BVN

According to the "Regulations for the Operations of Non-Security Virtual Assets in Nigeria" published by the Central Bank of Nigeria (CBN) (November 5, 2026), the CBN will regulate non-security virtual assets and stablecoins used for payments, settlement and remittances, while securities-related assets remain with the Securities and Exchange Commission (SEC). Foreign currency-anchored stablecoins (Class 2) must be issued by locally licensed Nigerian entities, with minimum paid-in capital of 15 billion naira (about $11.16 million); naira-anchored Class 1 issuers require 10 billion naira; entities providing other non-security virtual asset services additionally need at least 1 billion naira in capital, and those already holding SEC licenses may not count capital requirements twice against the CBN's. Platform-matched P2P business must obtain special CBN approval and verify that the name on the naira payment/receiving account matches the bank verification number (BVN) before releasing or crediting regulated tokens. Categories such as algorithmic stablecoins are prohibited, and the division of responsibilities between the CBN and the SEC is delineated.

Local News

Standard Chartered launches tokenized deposit service for corporate clients in Hong Kong

According to CoinDesk, Standard Chartered Bank has launched a tokenized deposit service for corporate clients in Hong Kong, with Hong Kong being its first market to offer the service. The service is built on Standard Chartered's own blockchain system and the HKMA's EnsembleTX infrastructure, supporting round-the-clock real-time transfer of deposits between participating banks, with final settlement completed in central bank money. Standard Chartered also partnered with Fireblocks to connect the service to digital asset clients, and HashKey has also joined. Standard Chartered did not disclose the scale of completed transactions or the number of institutions that can use the service initially. Earlier, the HKMA announced that EnsembleTX already supports 7×24 interbank settlement in tokenized central bank money, with participating banks and industry pioneers increasing to 12 and 20 respectively.

Hong Kong dollar stablecoin HKDAP to launch on Solana with native minting and redemption support

Solana posted on X that Anchorpoint, a Hong Kong licensed stablecoin issuer jointly established by Standard Chartered, HKT and Animoca Brands, will bring the Hong Kong dollar stablecoin HKDAP to Solana, which Solana says is HKDAP's first cooperation with a public blockchain. HKDAP will be natively minted and redeemed on Solana, with use cases spanning retail payments to tokenized assets. The memorandum of understanding (MOU) signed by the two sides will also provide a regulated channel for global capital to access HKD payments, products and tokenized assets; the Solana Foundation, as a strategic partner, joined Anchorpoint's Tokenised Money Adoption Programme alongside PwC.

Fosun Wealth's FinChain teams up with Plume to launch FUSD leveraged looping yield strategies FLEX & FINO

According to PR Newswire, FinChain, an RWA platform incubated by Fosun Wealth Holdings, announced the joint launch of on-chain yield enhancement strategies FLEX & FINO with Plume. Users pledge FUSD as collateral to earn its native yield, then borrow USDC and deploy it into liquidity pools to earn additional yield. The product has a 90% utilization cap, with expected annualized yield of up to 7.2% under baseline assumptions. The redemption settlement cycle is T+2, and the interest settlement cycle is T+14 to T+30. FUSD is backed by tokenized U.S. short-term Treasury bills and compliant money market funds, with a collateral ratio of no less than 100%. The product is the first deliverable of the two parties' strategic cooperation.

Project Updates

NYSE brings in Wall Street giant Broadridge to provide on-chain shareholder voting services for tokenized stocks

According to CoinDesk, the New York Stock Exchange (NYSE) announced a partnership with Wall Street financial services giant Broadridge Financial Solutions to provide on-chain governance and digital transfer agency services for its planned tokenized stock trading platform, covering shareholder record management, investor communications and proxy voting. Investors will in future be able to participate in shareholder voting through supported wallets, brokerage platforms or Broadridge's existing ProxyVote service.

Broadridge will help tokenized stocks retain the shareholder rights of the traditional market while trading on-chain; the company currently serves more than 10,000 listed companies globally and processes settlement of more than $15 trillion in securities transactions daily. Previously, Securitize and tZERO had also been included in the transfer agency service lineup of the NYSE's tokenization platform.

Morgan Stanley becomes one of the first banks to adopt DTCC's tokenization service

Morgan Stanley announced that it is one of the first banks to tokenize real-world assets following the launch of DTCC's tokenization service (DTS), having converted U.S. equities and U.S. Treasuries into tokenized form. Launched on October 28, DTS can create tokenized representations backed by DTC-custodied securities to improve liquidity, collateral mobility and capital efficiency.

Bullish selects Solana, Aptos and Ethereum as initial networks for stock tokenization

According to Bullish's official announcement, NYSE-listed crypto exchange Bullish (BLSH) announced the selection of Solana, Aptos and Ethereum as initial network partners for its stock tokenization service; issuers may choose the network on which to issue tokenized shares they sponsor, while official share registry records remain with the transfer agent. Solana is the first supported network, with Aptos and Ethereum to be connected successively, without a specific timeline disclosed. Previously, Bullish and Equiniti on October 27 demonstrated at the NYSE the transfer of 61 million tokenized Bullish reserved shares on Solana; the shares are for delivery in its acquisition of Equiniti, with the transaction expected to be completed in January 2027, subject to regulatory approval.

Amundi, Europe's largest asset manager, launches tokenized share class of a stock index fund on Ethereum, and partners with CACEIS to launch tokenized shares of AMUNDI FUNDS CASH EUR

According to Cointelegraph, Amundi, Europe's largest asset management company, launched tokenized shares of its STOXX Europe 600 equity index fund on Ethereum, with tokenization infrastructure provided by European asset servicing company CACEIS. The STOXX Europe 600 index covers 600 large-, mid- and small-cap companies in developed European markets. Amundi said the fund will still be sold through traditional channels and that it plans to launch more tokenized funds in the future. Previously, Amundi launched its first tokenized money market fund shares in November 2025.

European asset manager Amundi, in partnership with CACEIS, launched the first tokenized share class of its "AMUNDI FUNDS CASH EUR" money market fund. The fund adopts a hybrid distribution model: investors can invest through traditional channels or subscribe through the tokenized share class "AMUNDI FUNDS CASH EUR - J28 EUR DLT (C)". The solution uses distributed ledger technology on the public Ethereum blockchain to ensure transparency of fund share records and enhance transaction traceability.

Ondo launches MAG7Xon tokenized index combining the Magnificent Seven with spot crypto ETFs

According to BeInCrypto, Ondo Finance launched MAG7Xon, a tokenized index combining the "Magnificent Seven" and spot crypto ETFs. The token packages shares of Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla together with BlackRock's IBIT and ETHA into a single asset, running 24/7 on Ethereum, BNB Chain and Solana. The product is built on Ondo Stocks infrastructure and is accessible through decentralized venues and self-custody wallets such as MetaMask, Trust Wallet, Gate and 1inch.

Canton Network completes first batch of tokenized U.S. equity trades under SEC innovation exemption framework

According to a press release from Canton Strategic Holdings, the Nasdaq-listed company's (CNTN) issuer-sponsored tokenized common stock completed its first trades on November 4 (U.S. Eastern Time) on TSV LLC, a tokenized securities trading platform on the Canton Network; the company says these are the first tokenized U.S. equity trades under the innovation exemption framework introduced by the U.S. SEC on September 17. In the trades, existing shareholder Five North was the seller, DRW Cumberland the buyer, Flowdesk provided liquidity, and the trades were executed through a permissioned pool of the Tradecraft AMM protocol with atomic settlement on the Canton Network. The company said holders of the tokenized stock enjoy the same rights as shareholders holding through Nasdaq. Crypto journalist Eleanor Terrett posted on X that TSV LLC is the first trading venue to notify the SEC of its intention to operate under the innovation exemption.

Shopify and Coinbase partner to develop stablecoin payments protocol Commerce Payments Protocol on Base

According to CryptoBriefing, Shopify and Coinbase announced the joint development of Commerce Payments Protocol for stablecoin payments on Base. The protocol aims to simplify how Shopify Payments merchants accept stablecoins such as USDC, allowing customers to pay from supported wallets without needing ETH to pay gas fees, while merchants can choose to receive funds in local currency or USDC.

Samsung Wallet launches stablecoin account for U.S. Galaxy users, supporting USDC on Solana

According to Decrypt, Samsung Wallet has launched a stablecoin account for eligible Galaxy users in the U.S., supporting USDC on the Solana blockchain and covering about 82 million compatible devices. The service is built by Samsung with custodial provider Bastion and Coinbase, supports fee-free transfers, and enables bank account withdrawals in more than 60 countries. Top-ups by credit card incur a 4% fee; the service is currently not available in New York State. Samsung plans to further explore stablecoin payments and other market applications in the future.

Meta, Palantir and others oppose OKXICE tokenization, with objecting companies rising to 67

OKXICE TSV, the tokenized securities trading platform joint venture between OKX and Intercontinental Exchange (ICE), published a public notice updated on November 5 stating that Palantir (PLTR), S&P Global (SPGI), KLA (KLAC), Super Micro (SMCI) and Meta (META) have joined the ranks of those opposing tokenized trading of their shares on the platform, with the number of issuers filing objections rising from 62 on November 4 to 67. Previously, Apple, Nvidia, Tesla, Amazon, Microsoft and other companies had all raised objections.

U.S. stock token trading platform MSX lists 6 new U.S. equity tokens

U.S. stock token trading platform MSX has listed spot and contract trading for TOST (a U.S. cloud restaurant management software company), DDOG (a SaaS company), BILL (a financial operations software company), DOCN (a U.S. cloud infrastructure and artificial intelligence platform provider), biotechnology company $AMGN, and the global clean energy ETF token ICLN.

Funding News

Tokenization infrastructure company tZERO to go public via SPAC merger at a $350 million valuation

According to an official announcement, tokenization infrastructure company tZERO announced that it has signed a definitive business combination agreement with Nasdaq-listed SPAC FG Imperii Acquisition Corp. (FGII), in a transaction that values tZERO at a pre-money equity valuation of $350 million, of which up to $25 million is to be delivered upon achievement of specific milestones. The combined company's shares are expected to be listed on NYSE American under the ticker "TZRO." The combined company may receive up to about $231 million in cash from FG Imperii's trust account, depending on public shareholder redemptions. Both boards have unanimously approved the transaction, which is expected to be completed in early 2027. tZERO said that in addition to an exchange listing, it will also explore paths such as on-chain trading and custody. Previously, ICE, the parent company of the NYSE, had invested in tZERO.

On-chain stock trading platform StableStock completes new strategic funding round at a $75 million valuation, with Amber and others participating

On-chain stock trading platform StableStock recently completed a new strategic funding round at a $75 million valuation, with participants including Amber, Nomad Capital, Flow Traders and Gate. In August last year, StableStock completed YZi Labs' Easy Residency incubation program and closed a seed round, with investors including YZi Labs, Matrix Partners China and Vertex Ventures.

In August last year, news emerged that StableStock had completed a seed round with YZi Labs and others participating.

Tokenized securities financing infrastructure Lombard Systems completes $4 million seed round

According to official news, tokenized securities financing infrastructure Lombard Systems (formerly SemiLiquid) completed a $4 million seed round led by Ethereal Ventures, with participation from ALPS Capital, First Commit, Veris Ventures and ATKA.

Lombard Systems provides financing infrastructure for tokenized securities and maintains the "Delivery versus Lock" (DvL) standard. The standard allows banks, broker-dealers and transfer agents to accept tokenized and digital assets as collateral without moving the assets out of their original securities accounts; assets remain locked in the owner's name, while lenders receive an enforceable security interest evidenced by a cryptographically signed credit certificate.

Stablecoin financial platform Takenos completes $7 million seed extension, led by North Island Ventures and others

According to PR Newswire, Latin American stablecoin financial platform Takenos completed a $7 million seed extension led by North Island Ventures and Road Capital Management, with existing investors Variant, Lattice and Reverie participating. The round brings Takenos' total funding to $12 million.

Founded in 2022, Takenos currently operates in six Latin American countries, processing more than $5 billion in annual transaction volume, with clients including global corporates such as LATAM Airlines. The platform has developed a full stack covering local payment rails, consumer apps, enterprise APIs and an institutional trading desk, with partners including Stripe, Mastercard and Visa. The new funds will be used to expand services to more than 15 countries in 2027.

Stablecoin cross-border payments platform Bloquo completes $3.7 million seed round

According to Dealroom, stablecoin cross-border payments platform Bloquo completed a $3.7 million seed round led by Crescera Capital and Triaxis Capital, with Lattice Fund participating.

Bloquo is a Brazilian fintech company dedicated to building stablecoin-based financial infrastructure for banks and enterprises. Its platform integrates functions such as cross-border payments, foreign exchange trading and liquidity provision, supports stablecoins such as USDC and USDT, and is accessible via API or control panel. The company has registered with the U.S. FinCEN as a money services business and has applied to the Central Bank of Brazil for a virtual asset broker registration.

Stablecoin payment provider Yellow Card completes acquisition of Brazilian virtual asset service provider GoMoney, officially entering the Brazilian market

According to Yellow Card's announcement, the company completed its acquisition of Brazilian virtual asset service provider GoMoney in October, with the transaction amount undisclosed. Founded in 2018 and headquartered in São Paulo, GoMoney will continue to operate as a wholly owned subsidiary of Yellow Card, run by its founding team. The acquisition allows Yellow Card to conduct business directly in Brazil for the first time, providing clients with local Brazilian real collection and payment services including Pix, settled in stablecoins. GoMoney has applied to the Central Bank of Brazil for a virtual asset service provider license and continues to operate under a transitional regime while approval is pending.

Insights Roundup

The battle for Anthropic IPO tickets: from selling Bay Area homes for shares to Bitget offering allocations from $100

We summary: Anthropic has filed an IPO prospectus with the SEC, planning to list on Nasdaq under ANT, with market expectations of a $1.5–1.75 trillion valuation, and its equity is highly sought after in Silicon Valley. Bitget's IPO Prime opens rANT token subscriptions in a VIP round and a public round, with a minimum investment of $100; rANT is backed 1:1 by real shares but carries no shareholder voting rights; the public round carries a 5% service fee and the VIP round 12%, while historical allocation rates of 40–80% are for reference only. The model follows its experience with SpaceX- and OpenAI-related token projects, using crypto accounts to lower the threshold for ordinary users to participate in hot IPOs, but ultimate returns depend on the allocation ratio and post-listing share price performance, and the project itself remains uncertain.

Breaking down Circle's Q3 report: USDC runs faster, Circle earns less

We summary: Circle's Q3 total revenue was $865 million, of which $182 million came from the ARC token pre-sale; excluding this one-off revenue, core revenue fell 8% year-over-year, and reserve interest income also fell 8% year-over-year. USDC on-chain transaction volume surged, with its transaction volume share rising to 79%, but its stock share fell to 27%; faster fund turnover cannot bring Circle direct revenue. Squeezed by falling U.S. Treasury yields and revenue sharing with high-bargaining-power channels such as Hyperliquid and Binance, the company's profit margin is under pressure. Circle is pushing its Circle payments network and acquired Tazapay to expand cross-border settlement, but that business is expected to contribute substantive revenue only in 2027; reserve interest remains the company's main revenue source at this stage.

Crypto exchanges break into U.S. equity derivatives territory: CFTC clears U.S. equity perpetual futures, then Wall Street giants push back

We summary: The CFTC cleared U.S. equity perpetual futures on November 3, with four crypto institutions — Kalshi, Coinbase, Bitnomial and OG.com — advancing related products under a mechanism whereby they take effect upon expiry of the 45-day review period; the product still needs to complete relevant SEC registration. Cboe and Citadel Securities-backed CMA filed suit the same day; the core dispute is whether U.S. equity perpetuals should be classified as security futures or security-based swaps, and if deemed the latter, sales to retail investors would be restricted. Commercial interests are at play behind the litigation: U.S. equity perpetuals would divert traditional options order flow, threatening traditional institutions' market-making and options businesses; traditional institutions worry about regulatory arbitrage and want higher entry barriers and level competitive rules. The category's subsequent development depends on multiple factors including regulatory rulings, liquidity and investor protection.

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