RWA Weekly: NYSE to Use Avalanche to Settle Tokenized Stocks; Goldman Sachs, Citi and Others Commit About $270 Million to Joint Stablecoin Project

This Week's Highlights

The statistical period of this weekly report covers November 6, 2026 – November 13, 2026.

This week, the total on-chain market cap of RWA edged down to $39.84 billion, down 0.51% MoM, while asset holders grew to 5.7321 million, up 7.03% MoM, a divergence in which the stock of assets contracted while the user base continued to expand; total stablecoin market cap fell to $279.15 billion, monthly transfer volume rose 29.71% MoM, and total holders reached 306 million, while monthly active addresses declined slightly, showing a pattern of shrinking total supply, recovering on-chain capital transaction activity and mild user growth.

At the regulatory level, the U.S. Department of the Treasury plans to require stablecoin issuers to conduct counterparty due diligence to the same standard as banks; the European Central Bank, together with the European Commission and ESMA, is soliciting members for the European tokenization standards group, while warning that legislative delays may postpone the digital euro's 2029 launch timetable.

On the industry side, several technical routes for tokenized stocks are accelerating toward launch: OKXICE's TSV platform is scheduled to go live on November 23, offering more than 70 tokenized assets to compliant U.S. users; NYSE has decided to use Avalanche as the settlement layer for tokenized stocks; Payward, the parent company of Kraken, will soon launch xStocks tokenized products for more than 200 European and UK stocks; and Solana-ecosystem Formation Securities has also filed with the SEC its plan to build a tokenized securities trading venue.

Traditional financial institutions continue to ramp up RWA: Deutsche Bank and its subsidiary DWS are jointly exploring tokenized money market funds; Goldman Sachs, Citi and several other international banks have collectively committed about $270 million to a joint stablecoin project; Securitize, on the one hand, teamed up with Ethena to launch a round-the-clock liquidity tool for BlackRock's BUIDL, and on the other hand intends to acquire institutional financing platform River One to connect the stablecoin and traditional credit markets.

Data Insights

RWA Sector Overview

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

Stablecoin Market

Total stablecoin market cap reached $279.15 billion, down 5% MoM; monthly transfer volume was $8.93 trillion, up significantly 29.71% MoM; total monthly active addresses stood at 59.64 million, down slightly 0.61% MoM; total holders reached 306 million, up 2.42% MoM. This month, capital flow activity in the stablecoin sector improved markedly, indicating a recovery in demand for capital turnover, but the total existing supply contracted and new user penetration proceeded at a moderate pace, presenting a pattern of "contracting stock, recovering trading and slow user growth."

The top stablecoins are USDT, USDC and USDS, of which USDT's market cap decreased 4.46% MoM; USDC's market cap fell 4.42% MoM; USDS's market cap edged up 0.01% MoM.

Regulatory News

U.S. Treasury Proposes Bank-Level Counterparty Due Diligence for Stablecoin Issuers

According to Bloomingbit, the U.S. Department of the Treasury is advancing a plan to impose counterparty due diligence requirements on stablecoin issuers at the same level as those for banks. The core of the proposal is to require stablecoin issuers to bear the same counterparty due diligence obligations as U.S. banks, in order to tighten verification standards for stablecoin issuers. Specific details, including the implementation timetable and the scope of entities and activities covered, have not yet been disclosed.

ECB Joins European Commission and ESMA in Calling for Members of the Tokenization Standards Group

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

ECB Warns: Legislative Delay May Postpone the Digital Euro's 2029 Launch Plan

According to Cointelegraph, European Central Bank Executive Board member Piero Cipollone warned EU lawmakers that if digital euro legislation cannot be finalized, the originally scheduled 2029 launch may be postponed. He called on EU negotiators to reach an agreement on digital euro legislation before the end of the year, saying that legislative delays could deepen Europe's dependence on foreign payment providers. The ECB plans to prepare for a possible first issuance in 2029 if the EU adopts the regulation this year, with whether and when to issue to be decided by the bank's Governing Council after the legislation passes. The ECB is preparing to launch a 12-month pilot in the second half of 2027.

New Zealand's FMA Proposes to Stop Treating Compliant NZD Payment Stablecoins as Financial Products

The New Zealand Financial Markets Authority (FMA) issued a notice seeking feedback on the regulatory path for payment stablecoins denominated in and backed by the New Zealand dollar. Under the proposal, the FMA would use a class designation approach so that such stablecoins meeting specific requirements and safeguards are no longer treated as financial products under the Financial Markets Conduct Act (FMC Act). Eligible stablecoins must be fully backed by New Zealand dollars held at a New Zealand-registered bank and redeemable at par. FMA General Counsel Liam Mason said stablecoins are generally designed more like a means of payment than an investment. The FMA said no decision has yet been made and that the proposal is an interim measure while broader work on digital asset regulation proceeds. Consultation closes on December 18.

Thailand Proposes a Daily Cap of About $148,000 on Stablecoin Transfers

According to Finance Feeds, Thailand's Securities and Exchange Commission (SEC) published a draft on November 12 proposing to limit each customer's daily stablecoin deposits and withdrawals at regulated digital asset operators to 5 million baht (about $148,000) each, and to restrict transfers to third-party wallets, while tightening oversight of crypto market makers. The draft aims to prevent stablecoins from being used for money laundering, cybercrime and circumvention of international fund transfer rules, with public consultation running until November 26.

Under the draft, the daily stablecoin deposit and withdrawal caps would be calculated separately, and transfers must be consistent with the customer's income and financial situation. Transfers of funds between accounts of the same customer at SEC-regulated operators would be exempt. In addition, the regulator would prohibit stablecoin deposits from third-party accounts or wallets, as well as withdrawals to other people's wallets. Licensed exchanges must disclose their market maker identity and supported assets, and be responsible for monitoring market maker activity.

Local News

JD Coinlink Website Apparently Offline; It Previously Missed Hong Kong's First Batch of Stablecoin Licenses

The website of JINGDONG Coinlink Technology Hong Kong Limited, the stablecoin issuance entity under JD.com, is currently inaccessible, and the exact timing of the shutdown is uncertain. According to Qichacha information, the company's current corporate status remains "still registered." JD.com previously announced plans to issue a stablecoin pegged 1:1 to the Hong Kong dollar in Hong Kong, and JD Coinlink was selected into the Hong Kong Monetary Authority's stablecoin issuer sandbox in July 2024, but the first batch of stablecoin issuer licenses issued by the HKMA in April this year went only to Anchorpoint, a joint venture led by Standard Chartered Bank, and HSBC, with JD Coinlink not among them.

Project Updates

OKXICE's Tokenized Stock Platform to Launch November 23, with the First 70-Plus Assets Open Only to Compliant U.S. Users

OKXICE TSV, the tokenized securities platform jointly owned by OKX and Intercontinental Exchange (ICE), will launch on November 23, offering 24/7 trading only to U.S. users who have completed identity and eligibility review.

The platform is expected to list more than 70 digital assets linked to stocks and ETFs, with the first batch covering seven crypto-related company tickers such as Coinbase and Robinhood, as well as Strategy preferred shares, and also including 59 ETFs under Direxion; not all assets will be opened on the first day. Trading is based on X Layer, OKX's Ethereum L2 network, matched through Uniswap v4 AMM liquidity pools, with tokens pegged 1:1 to the underlying securities and holders enjoying equivalent rights such as dividends and voting.

Currently, 67 listed companies including Meta and Palantie have opposed stock tokenization; most of the first batch of approved issuers are crypto-related, and the platform will subsequently announce more issuers and assets.

DTCC Plans to Connect Its Tokenization Service to Solana in the Second Half of 2027

Solana stated in a post that the U.S. Depository Trust & Clearing Corporation (DTCC) plans to connect its tokenization service to the Solana network, with the integration expected to go live in the second half of 2027.

Earlier news: DTCC's tokenization service went live, initially supporting 34 securities.

NYSE to Use the Avalanche Blockchain to Settle 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 use only the Avalanche blockchain to settle tokenized stocks. The platform will match trades using the NYSE's existing technology and then settle instantly through Avalanche. The platform still needs regulatory approval and targets a launch in the fourth quarter. The NYSE filed its approval application for the platform in January this year.

Deutsche Bank and Subsidiary DWS Sign Memorandum to Explore Tokenized Money Market Funds and Other Products

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

Kraken Parent Payward to Launch Tokenized Versions of More Than 200 UK and European Stocks

According to The Wall Street Journal, Nasdaq-backed Payward will launch tokenized versions of more than 200 popular UK and European stocks. Shares of companies such as Siemens, Shell and LVMH will be tradable around the clock as digital tokens through Payward's tokenized stock framework xStocks.

Payward said all stocks in London's FTSE 100 and Germany's DAX will be included in the tokenization scope. Starting Wednesday, investors can trade these tokenized stocks on Payward's Kraken platform and other exchanges.

Securitize and Ethena Launch $100 Million BlackRock BUIDL Liquidity Tool

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

Tokenization Platform Centrifuge Launches Tokenized Schroders Emerging Markets Bond Fund Product on Solana

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

Anthropic Tokenized Stock ANT to Land on Solana on Its First Day of Trading

Backpack Onchain posted on X that ANT, the Anthropic tokenized stock issued by Backpack Securities, will trade on Solana through Sunrise after Anthropic lists on Nasdaq, and users will be able to buy and sell Anthropic shares between traditional brokers and Solana from the first day of listing. Sunrise also posted that ANT will be open for 24/7 trading across Solana markets from the first day of listing. Anthropic previously said its IPO is expected to be priced next Wednesday and to begin trading next Thursday.

Visa Adds Western Union Stablecoin USDPT as a VisaNet Settlement Asset

According to The Block, Anchorage Digital announced a partnership with Visa to use some of the stablecoins issued by its federally chartered bank as native settlement assets for the Visa network, with the Western Union stablecoin USDPT the first supported. Visa and eligible partners can now use USDPT to settle VisaNet obligations, and the two sides will also establish a framework to assess the inclusion of more Anchorage-issued stablecoins. USDPT was launched on Solana in May this year and is issued and custodied by Anchorage Digital Bank.

Stablecoin Protocol Saturn Opens Season 1 and Season 2 Airdrop Registration, Closing November 16

Saturn, a stablecoin protocol built on Strategy's STRC, announced on X that registration for its Season 1 and Season 2 airdrops is now open, with a deadline of 22:00 Beijing time on November 16. Saturn said registration is not claiming; claiming will open at the TGE, and the claim link will only be published by its official X account. Users need to connect the wallet that accumulated Saturn points, sign, and verify a Discord account to complete registration; each Discord account can be bound to only one wallet, and Discord accounts must be at least 5 days old and email-verified. Users in restricted jurisdictions such as the United States, the United Kingdom, the EU and the European Economic Area, as well as OFAC-sanctioned addresses, are not eligible.

Zama Spinoff Raycash Launches Privacy Stablecoin Payment App on Ethereum

According to The Block, Raycash, a stablecoin payment app spun out of confidential computing protocol Zama, has launched on the Ethereum mainnet and opened a private beta; it is the first retail payment product built on the Zama protocol. Users can convert USDC 1:1 into confidential tokens, hiding balances and transfer amounts during peer-to-peer on-chain payments, and can also earn yield on idle funds in-app through Morpho, with network fees paid by the app so users do not need to hold ETH. The project said its pre-launch waitlist exceeded 75,000 people, with a phased rollout to follow.

U.S. Stock Token Trading Platform MSX Lists 4 New U.S. Stock Tokens

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

Funding News

Goldman Sachs, Citi and Other Financial Institutions Commit About $270 Million to Joint Stablecoin Project

According to Bloomberg, people familiar with the matter said financial institutions including Goldman Sachs, Citi, Santander and Deutsche Bank have committed about $270 million to a joint stablecoin project.

Tokenization Platform Securitize to Acquire Financing Platform River One

According to an official announcement, tokenization platform Securitize (SECZ) has signed a definitive agreement to acquire River One, a New York-based institutional asset-backed financing platform, with financial terms undisclosed; the deal is expected to close in the fourth quarter of 2026. Founded in 2025 and incubated by Framework Ventures, with investment from Framework Ventures and Maple Finance, River One mainly provides 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 released its third-quarter results, with revenue of $18.6 million, up 13% year-over-year; net loss of $66.3 million, of which about $60 million was non-cash expenses related to its merger and listing; average tokenized assets on the platform reached $5 billion, up 39% year-over-year.

Insights

Former Polychain Partner Starts a Company: Entering Tokenized Real Estate, Raising a $50 Million Seed Round to Build the Real Estate World's "S&P 500"

We summary: Index Industries, co-founded by a former Polychain partner, has completed a $50 million seed round with the goal of building a real estate version of the S&P 500, launching a daily-updated USHP home price index along with tokenized products USHP and a yield version USHPi. The products are backed by housing-related reserve assets and provide exposure only to home prices, not home ownership.

Historically, CME home price futures faded due to basis risk, a lack of counterparties and insufficient liquidity; the new project brings in institutional capital and market makers to improve liquidity, but reserve monetization, redemption pressure and the need for continuous secondary-market trading still await real-world validation.

Morph Report: 56% of Respondents Have Used, Implemented or Evaluated Stablecoins — What Is Still Missing for Enterprise Payments?

We summary: Morph surveyed 150 cross-border payment practitioners in five Asian markets; 56% of respondents have used, implemented or evaluated stablecoins, but actual users account for only 10%, with most still in the evaluation stage. Respondents commonly reported cross-border payment pain points: 83% said international payments take at least two business days to reach local bank accounts, and 65% said FX and payment costs consume at least 3% of international business revenue; enterprises place high value on indicators such as payment tracking, transparent pricing and total cost.

The report proposes five evaluation dimensions: settlement timeliness, total cost, reconciliation visibility, service continuity and local adaptation, indicating that on-chain transfer speed does not equal a complete business experience. For stablecoins to achieve large-scale adoption in enterprise payments, the full chain — including conversion and withdrawal, and financial reconciliation — needs to be connected.

The Last Mile of Tokenization Is Not On-Chain, but in the Risk Books

We summary: DTC, a subsidiary of DTCC, has launched the tokenization service DTS, having obtained a three-year, narrow-scope testing authorization from the SEC. It can create digital twins of custodied securities, divided into three layers: registration, transfer and recognition. The registration layer is already up and running, but DTS itself does not recognize tokens as having collateral or settlement value; the recognition layer must be completed by each bank on its own. Societe Generale took the lead in accepting tokenized U.S. Treasuries as eligible collateral, while Morgan Stanley postponed its related trading system.

The service allows 24/7 transfers only among registered wallets on the same chain, while cross-chain transfers and form conversions are constrained by business-day windows; the United States focuses on asset tokenization, whereas Hong Kong's EnsembleTX focuses on tokenized central bank money to complete interbank settlement.

The real difficulty of tokenization is not on-chain issuance, but institutional recognition at the level of the risk books. Collateral mobility may be the core near-term scenario, while multiple risks remain, including regulatory timing and liquidity forking.

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