RWA Weekly|Trump signs the GENIUS Act; The U.S. House of Representatives passed all three encryption bills (7.16-7.22)

Original | Odaily Planet Daily (@OdailyChina)

Author | Ethan（@ethanzhang_web3）

RWA sector market performance

According to the latest data from RWA.xyz, as of July 22, 2025, the total value of RWA chains was US$25.49 billion, a slight correction of US$20 million compared to US$25.51 billion on July 15, a weekly decrease of 0.08%, and the overall high sideways trend remained high. Despite a slight decline in market capitalization, the on-chain ecosystem activity continued to increase, with the total number of asset holders increasing from 310, 566 to 319, 480, a weekly increase of more than 9, 000, an increase of 2.88%. The number of asset issuers increased from 251 to 256, with 5 new ones added in a week, maintaining steady growth. In terms of stablecoins, the total value of stablecoins increased from US$243.73 billion to US$247.72 billion, an increase of 1.64%; the number of holders increased from 171.60 million to 172.94 million, an increase of 0.78%.

From the perspective of asset structure, private credit rose again this week, from $14.9 billion to $15.2 billion, an increase of $300 million weekly, continuing to play a central role in on-chain asset allocation. U.S. Treasuries have seen a slight retracement, falling from $7.5 billion to $7 billion, or due to factors such as market adjustments in short-term interest rate expectations. Commodity assets rose to $1.7 billion, the first increase in three consecutive weeks, and the market paid renewed attention to inflation hedging or commodity assets. Institutional alternative funds increased to $770.7 million, a weekly increase of more than $70 million, and institutions increased their diversified allocation needs.

What are the trends (compared to last week)

This week, the RWA market as a whole continued the trend of "high sideways + structural adjustment". The number of on-chain users and asset issuers continues to rise, and the trend of ecological expansion remains unabated. From a structural point of view, funds continue to flow back to private credit and alternative assets, and investors are still optimistic about high-yield assets, and their allocation confidence is stable. while U.S. Treasury bond assets have reduced their positions in stages, and market risk aversion has eased, or a new judgment on the future interest rate path has been formed. Alternative assets performed well, with an increase of more than 10% this week, and the diversified allocation of structured assets is no longer limited to traditional credit or bond logic, and the acceptance of institutional funds for non-standard varieties with stable returns and risk control capabilities is increasing.

Overall, in late July 2025, the RWA market will be in the stage of "structural consolidation + acceleration of differentiation", and the asset-side structure will continue to move towards diversification and high quality. Although the total market value has not broken through, the on-chain user base and protocol-side expansion have provided strong support, and it is expected that there will still be a large room for structural upgrading and innovation in the future.

Review of key events

Trump signed the GENIUS Act, and the first federal regulatory framework for stablecoins in the United States was implemented

U.S. President Donald Trump has officially signed the U.S. Stablecoin National Innovation Guidance Act (GENIUS Act), marking the implementation of the first federal regulation related to crypto assets. The bill requires stablecoins to be 100% reserved in US dollars or equivalent liquid assets, conduct annual audits of issuers with a market capitalization of more than $50 billion, and establish regulatory guidelines for offshore offerings. Executives from Circle, Tether, Coinbase and other executives attended the signing ceremony, which Trump said would "establish the dominance of the United States in global finance and crypto technology."

The U.S. House of Representatives passed all three cryptocurrency bills

On Thursday local time, the U.S. House of Representatives passed three cryptocurrency-related legislations, namely the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance National Act. The CLARITY bill and the anti-CBDC surveillance state bill will go to the Senate for consideration. The GENIUS bill is expected to be signed into law by Trump on Friday local time.

Citi CEO: Citi is exploring the possibility of issuing stablecoins

Citibank CEO Jane Fraser confirmed during the second-quarter earnings call that the bank is evaluating the feasibility of issuing a "Citi stablecoin." While the current focus remains on tokenized deposits, Fraser emphasized that stablecoins, crypto custody, and fiat-to-crypto conversion will be important components of Citi's digital finance strategy.

She said that digital assets represent the next stage in the digitization of payments, financing, and liquidity, and Citi will meet corporate customer needs with stablecoin reserve management, cross-border solutions, and built-in compliance tools. Citi's research team expects the stablecoin market to grow to $3.7 trillion by 2030.

Ondo Finance has announced the acquisition of blockchain development company Strangelove

Ondo Finance announced the acquisition of blockchain development company Strangelove, at an undisclosed price, which will expand Ondo's engineering and product capabilities, allowing it to develop the infrastructure to bring RWAs on-chain.

BSGM plans to acquire licensed brokerages and lay out Nasdaq-compliant RWA token business

BioSig Technologies (NASDAQ: BSGM) announced that its consolidated subsidiary Streamex has entrusted compliance services agency CXG to lead the acquisition of a U.S.-licensed brokerage firm registered with FINRA/SEC to promote the implementation of compliant RWA businesses on the open market.

The acquisition will make Streamex one of the first RWA token issuers to be SEC/FINRA compliant and listed on Nasdaq, with the initial goal of issuing compliant tokens backed by physical gold to serve institutional and retail investors.

Streamex is building an RWA commodity market platform based on Solana, planning to use the physical gold-denominated balance sheet of the treasury and explore other commodity tokenization opportunities, with the intention of bridging the gap between traditional finance and blockchain.

Figure Technology merges with Figure Markets to create a blockchain-powered global capital markets platform

Figure Technology Solutions and Figure Markets announced a formal merger to jointly build a capital market platform with blockchain as the core to connect consumer credit and asset tokenization transactions. The combined company will continue to use the Figure Technology Solutions name, consolidate its market share of more than 70% in the RWA space, and aim to expand more than $130 billion in market opportunities.

Through its two core businesses, Figure Connect and Democratized Prime, the company standardizes and circulates on-chain assets in multiple directions such as home equity loans, mortgage loans, and crypto asset lending. Its latest on-chain mortgage, ABS (FIGRE 2025-HE 3), received a S&P AAA rating, the first of its kind in blockchain finance. The merger will accelerate the implementation of Figure's RWA infrastructure based on the Provenance blockchain and promote the transition from traditional finance to the DeFi ecosystem. The company's CEO, Michael Tannenbaum, said that Figure has the first-mover advantage of technology and team, and is in a critical window period to reshape the underlying structure of the financial market.

Hot project dynamics

MyStonks（STONKS）

One sentence introduction:

MyStonks is a community-driven DeFi platform focused on tokenizing RWAs like US stocks and launching them for on-chain trading. The platform has partnered with Fidelity to achieve 1:1 physical custody and token issuance, and users can mint using stablecoins such as USDC, USDT, USD1, etc., such as AAPL. M、MSFT. M and are bought and sold around the clock on the Base blockchain. All transactions, minting, and redemption processes are executed by smart contracts, ensuring transparency, security, and auditability. MyStonks is committed to bridging the boundaries between TradFi and DeFi, providing users with high-liquidity, low-threshold on-chain investment portals for U.S. stocks, and building the "NASDAQ of the crypto world".

Recent developments:

On July 17, MyStonks officially announced the completion of its integration with OKX Wallet, and the two parties reached a strategic cooperation.

On July 21, MyStonks announced an in-depth strategic cooperation with BIT, a global professional digital asset trading platform.

PicWe Global (WEUSD)

One sentence introduction:

PicWe Global is a DeFi protocol focused on RWAs, dedicated to transforming traditional financial assets such as US stocks and bonds into tradable digital tokens through blockchain technology. Its core product is the native stablecoin WEUSD, which supports users to mint, redeem, and transfer assets across multiple blockchains (such as BNB Chain, Arbitrum, Base Chain, Movement, etc.), providing high-liquidity and low-cost investment channels. PicWe Global optimizes the cross-chain ecosystem through a bridgeless CATM architecture, reducing liquidity fragmentation and operational costs, while utilizing state channel technology to seamlessly connect liquidity pools from CEXs and DEXs, enhancing market efficiency.

Previous news:

On June 9, PicWe officially announced in a tweet that its protocol is now integrated into BNB Chain and launched a new cross-chain infrastructure PicWe Infra, allowing users to transfer assets on Movement, Base, or Arbitrum to BNB Chain in less than 3 minutes. In the future, it will also support direct exchange between any chain and BNB Chain assets, and all cross-chain operations will be driven by PicWe's bridgeless omnichain engine.

On July 12-14, according to official PicWe news, its decentralized protocol has now been deployed to HashKey Chain and Plume Network.