RWA Weekly｜HSBC to Offer Tokenized Deposits; Ant Group and UBS Team Up on Cross-Border Settlement This week, the #RWAs market saw signs of consolidation. On-chain market cap edged up to $35.67B, while holder count rose to 539,900, indicating a shift from rapid expansion to user retention. #Stablecoins market cap dipped to $297.72B, but transfer volumes and active addresses stayed strong, reflecting steady demand for on-chain payments. Regulatory momentum builds: - The U.S. FDIC is drafting tokenized deposit insurance guidelines. - Russia’s top court will rule on whether USDT qualifies as property. - India plans to launch ARC, a debt-backed stablecoin, in 2026. TradFi and tech players are moving fast: - HSBC to offer tokenized deposits in the U.S. and UAE. - Ant Group and UBS to collaborate on blockchain settlement. - Alibaba developing a stablecoin-style system for cross-border trade. - @OndoFinance gains EU approval to offer tokenized U.S. assets in 30 countries. With @circle, @moonpay, and Trump-linked projects also pushing forward, RWA is entering a new phase—focused on integration, compliance, and real-world adoption.