Weekly DeFi & RWA Brief: Week 52-2025
Institutional DeFi and real-world asset tokenization developments for professionals
Issue #25-52
All data, citations, and analysis have been verified by human editorial review for accuracy and context.
TL;DR
- •RWA protocols have surpassed DEXs in total value locked, with 17-30 billion dollars now in tokenized Treasuries, private credit, and gold - signaling DeFi's structural pivot toward institutional-grade yield products.
- •FDIC Board approved proposed rulemaking to implement GENIUS Act stablecoin issuance procedures, opening the pathway for federally-insured banks to become stablecoin issuers.
- •Visa launched production USDC settlement on Solana for US banking clients with 3.5 billion dollars annualized volume - the first major payment processor integration of stablecoins into core institutional settlement.
- •DTCC adopted Canton Network for US Treasury tokenization and SEC granted no-action relief for DTC securities tokenization pilot through 2028 - systemically critical infrastructure is now operationalizing blockchain settlement.
- •UAE finalized VARA rulebooks for RWA tokens while Japan launched a regulated yen stablecoin - regulatory clarity now spans US, EU, UAE, and Asia-Pacific.
Executive Summary
Week 52-2025 marks a watershed moment for institutional digital asset infrastructure. The convergence of regulatory implementation and production-grade deployments has fundamentally shifted the institutional DeFiFinancial systems built on blockchain that operate without intermediaries like banks landscape from experimentation to operational reality. RWATangible assets represented on-chain-focused protocols have overtaken decentralized exchanges in total value lockedTotal assets deposited in DeFi protocols, with estimates ranging from 17 to 30 billion dollars now deployed in tokenized Treasuries, private credit, and gold instruments - a structural confirmation that on-chainA decentralized, digital ledger of transactions maintained across multiple computers capital flows are migrating toward regulated, yield-bearing products designed for asset managers and corporate treasuries rather than retail speculation.
The regulatory architecture supporting this shift has crystallized across multiple jurisdictions. In the United States, the FDIC Board approved proposed rulemaking to operationalize the GENIUS ActUS law (July 2025) requiring payment stablecoin issuers to be regulated entities with 1:1 reserve backing, establishing application procedures for federally-insured institutions to issue payment stablecoins. The SECU.S. federal agency regulating securities markets and protecting investors granted no-action relief for DTC to tokenize security entitlements including US Treasuries and Russell 1000 equities through 2028. DTCC announced adoption of Canton Network as underlying infrastructure for tokenizing DTCC-custodied securities. These are not pilot announcements - they represent systemically critical infrastructure providers committing to blockchainA decentralized, digital ledger of transactions maintained across multiple computers-based settlement for core assets.
Production deployments from major financial institutions underscore the operational maturity of this infrastructure. Visa enabled direct USDCA fully-reserved stablecoin pegged 1:1 to the US Dollar, issued by Circle and backed by regulated financial institutions settlement for US banking clients on SolanaA high-performance blockchain known for fast transactions and low fees with 3.5 billion dollars in annualized volume. Standard Chartered launched tokenized deposits for cross-border B2B settlement. SoFi Bank launched SoFiUSD as a bank-issued tokenized depositA digital representation of a traditional bank deposit, issued by a licensed bank and recorded on a blockchain. For compliance and treasury professionals, the action item is no longer whether to engage with tokenized infrastructure, but how to operationalize counterparty due diligenceProcess of verifying customer identity and assessing risk, custody arrangements, and reporting frameworks for assets that will increasingly settle on-chainA decentralized, digital ledger of transactions maintained across multiple computers.
This Week's Signals
Jump to Risk MatrixCritical Alert
Infrastructure & Market Structure
Signal Analysis
FDIC Proposes GENIUS Act Implementation Rules Critical
Risk: Regulatory | Affected: FDIC-supervised banks, state nonmember banks | Horizon: 12 months | Confidence: High
Facts: FDIC Board of Directors approved notice of proposed rulemaking to establish application procedures for FDIC-supervised institutions seeking to issue payment stablecoins under the GENIUS ActUS law (July 2025) requiring payment stablecoin issuers to be regulated entities with 1:1 reserve backing. The rulemaking establishes specific criteria for evaluating subsidiary applications, processing timelines, and appeal procedures - opening the pathway for federally-insured depository institutions to become stablecoinA cryptocurrency pegged to a stable asset, such as USD or gold issuers.
Implications: This is the first federal regulator to operationalize the GENIUS ActUS law (July 2025) requiring payment stablecoin issuers to be regulated entities with 1:1 reserve backing framework into implementable rules. FDIC-supervised institutions now have a defined pathway to apply for stablecoinA cryptocurrency pegged to a stable asset, such as USD or gold issuance through subsidiaries. Compliance teams at eligible banks should begin internal assessments of subsidiary structures, reserve management capabilities, and operational readiness.
Visa Launches Production USDC Settlement Critical
Risk: Infrastructure | Affected: US banks, payment processors, corporate treasuries | Horizon: Immediate | Confidence: High
Facts: Visa enabled direct stablecoinA cryptocurrency pegged to a stable asset, such as USD or gold settlement for US banking clients including Cross River Bank and Lead Bank to settle Visa obligations in Circle's USDCA fully-reserved stablecoin pegged 1:1 to the US Dollar, issued by Circle and backed by regulated financial institutions on SolanaA high-performance blockchain known for fast transactions and low fees blockchainA decentralized, digital ledger of transactions maintained across multiple computers. The system shows 3.5 billion dollars annualized settlement volume with 7-day availability versus traditional 5-business-day windows.
Implications: This marks the first major global payment processorCompany processing electronic payments for merchants integrating stablecoins into core institutional settlement infrastructure. The shift from 5-day to 7-day availability fundamentally reshapes working capital requirements for acquirers and issuers. This deployment validates SolanaA high-performance blockchain known for fast transactions and low fees as production-grade infrastructure for systemic payment flows.
SEC Grants DTC Securities Tokenization Pilot Critical
Risk: Regulatory | Affected: DTC participants, broker-dealers, custodians | Horizon: Through 2028 | Confidence: High
Facts: SECU.S. federal agency regulating securities markets and protecting investors staff granted no-action relief for DTC to tokenize security entitlements including US Treasuries, Russell 1000 equities, and select ETFs on approved blockchains through 2028. The relief enables DTC Participants to transfer tokenized entitlements directly without DTC instruction during 24/7 windows.
Implications: Institutional-scale tokenizationConverting real-world assets into digital tokens on a blockchain of core systemic assets is now operationally feasible with regulatory clarity. The 24/7 transfer capability without DTC instruction represents a structural change to settlement mechanics. This pilot provides a regulatory sandbox that de-risks institutional tokenization initiatives through 2028.
DTCC Adopts Canton Network for Treasury Tokenization Critical
Risk: Infrastructure | Affected: DTCC participants, Treasury market participants | Horizon: 2025-2026 | Confidence: High
Facts: DTCC announced it will use Canton Network, a privacy-enabled blockchainA decentralized, digital ledger of transactions maintained across multiple computers, as underlying infrastructure to tokenize DTCC-custodied securities including US Treasury securities. This marks institutional-grade risk management integration into blockchain infrastructure.
Implications: The systemically critical securities depository has committed to distributed ledgerA record of financial transactions infrastructure for core assets. Tokenized Treasuries are transitioning from pilots to production-grade systems. Canton Network's selection validates privacy-preserving blockchainA decentralized, digital ledger of transactions maintained across multiple computers architecture for institutional use cases.
RWA Protocols Overtake DEXs in TVL High
Risk: Market Structure | Affected: Asset managers, DeFiFinancial systems built on blockchain that operate without intermediaries like banks protocols, institutional investors | Horizon: Ongoing | Confidence: High
Facts: RWATangible assets represented on-chain-focused DeFiFinancial systems built on blockchain that operate without intermediaries like banks protocols have overtaken DEXs by total value lockedTotal assets deposited in DeFi protocols, with an estimated 17 to 30 billion dollars now in tokenized Treasuries, private credit, and gold instruments. On-chainA decentralized, digital ledger of transactions maintained across multiple computers activity is increasingly dominated by institutional-style products such as fixed income and credit rather than retail trading.
Implications: DeFiFinancial systems built on blockchain that operate without intermediaries like banks's growth is structurally migrating toward regulated, yield-bearing RWAs designed for asset managers, corporates, and treasuries. This confirms that institutional capital - not retail speculation - is now the dominant driver of on-chainA decentralized, digital ledger of transactions maintained across multiple computers value. Asset managers evaluating DeFi exposure should focus on RWATangible assets represented on-chain protocols rather than trading-oriented protocols.
Non-Stablecoin RWA Reaches 24 Billion USD High
Risk: Market Structure | Affected: Asset managers, institutional investors | Horizon: Ongoing | Confidence: High
Facts: Non-stablecoinA cryptocurrency pegged to a stable asset, such as USD or gold RWATangible assets represented on-chain tokenizationConverting real-world assets into digital tokens on a blockchain in DeFiFinancial systems built on blockchain that operate without intermediaries like banks reached about 24 billion dollars in TVLTotal assets deposited in DeFi protocols by 2025, up roughly 380 percent from 2022. Large institutions like BlackRock have tokenized approximately 14 billion dollars of private credit alongside significant volumes of Treasuries.
Implications: The dominant RWATangible assets represented on-chain flows on-chainA decentralized, digital ledger of transactions maintained across multiple computers are from institutional balance-sheet optimization - private credit and Treasuries - rather than retail experimentation. The 380 percent growth rate indicates accelerating institutional adoption. Compliance teams should prepare for counterparty due diligenceProcess of verifying customer identity and assessing risk requirements as tokenized RWA exposure increases.
SoFi Launches Bank-Issued Tokenized Deposit High
Risk: Infrastructure | Affected: Banks, fintechs, enterprises | Horizon: Immediate | Confidence: High
Facts: OCC-regulated SoFi Bank launched SoFiUSD, a fully cash-backed tokenized depositA digital representation of a traditional bank deposit, issued by a licensed bank and recorded on a blockchain issued directly by the bank and positioned as white-label stablecoinA cryptocurrency pegged to a stable asset, such as USD or gold infrastructure for banks, fintechs, and enterprises. This blurs the structural distinction between stablecoins and tokenized bank deposits.
Implications: A major US bank has entered the tokenized depositA digital representation of a traditional bank deposit, issued by a licensed bank and recorded on a blockchain market post-GENIUS ActUS law (July 2025) requiring payment stablecoin issuers to be regulated entities with 1:1 reserve backing, signaling bank strategy to compete in digital dollarProposed U.S. central bank digital currency, currently banned by executive order infrastructure. The white-label positioning means other banks and fintechs can leverage this infrastructure without building their own.
Standard Chartered Deploys Tokenized Deposits High
Risk: Infrastructure | Affected: Corporate treasuries, trade finance | Horizon: Immediate | Confidence: High
Facts: Standard Chartered Bank launched tokenized deposits solution for HKD, CNH, SGD, and USD accounts integrated with Ant International's cross-border B2B platform, extending institutional tokenized settlement beyond US markets.
Implications: A global systemically important bank has integrated tokenized deposits into live cross-border infrastructure. The multi-currency support indicates tokenized deposits are scaling beyond USD dominance. Corporates with Asia-Pacific trade flows should evaluate settlement efficiency gains.
Stablecoin Market Reaches 308 Billion USD High
Risk: Market Structure | Affected: StablecoinA cryptocurrency pegged to a stable asset, such as USD or gold issuers, exchanges, payment providers | Horizon: Ongoing | Confidence: High
Facts: The stablecoinA cryptocurrency pegged to a stable asset, such as USD or gold market grew approximately 100 billion dollars in 2025, reaching roughly 308 billion dollars, with TetherThe largest stablecoin by market cap, pegged 1:1 to the US Dollar and issued by Tether Limited and Circle leading market share.
Implications: The 100 billion dollar growth in a single year indicates accelerating institutional and commercial adoption of stablecoins as settlement infrastructure. At 308 billion dollars, stablecoins now represent systemic scale that demands treasury and compliance attention.
UAE VARA Finalizes RWA Token Rulebooks High
Risk: Regulatory | Affected: TokenizationConverting real-world assets into digital tokens on a blockchain platforms, global banks | Horizon: 2026 | Confidence: High
Facts: The UAE has finalized key rulebooks including clarifications for RWATangible assets represented on-chain tokens and the supervisory approach going into 2026. These rulebooks provide a clearer licensing and compliance perimeter for tokenizationConverting real-world assets into digital tokens on a blockchain businesses operating from Dubai and other UAE hubs.
Implications: The UAE positions itself as a competitive jurisdiction for regulated RWATangible assets represented on-chain issuance, influencing where global banks and tokenizationConverting real-world assets into digital tokens on a blockchain vendors choose to domicile their structures. Compliance teams at firms considering UAE operations now have defined licensing requirements.
MiCA and GENIUS Act Form Regulatory Pillars High
Risk: Regulatory | Affected: StablecoinA cryptocurrency pegged to a stable asset, such as USD or gold issuers, banks, tokenizationConverting real-world assets into digital tokens on a blockchain platforms | Horizon: 2025-2026 | Confidence: High
Facts: The EU's MiCAThe EU's comprehensive regulatory framework for crypto-assets, establishing harmonized rules for issuers and service providers across all 27 Member States regime and the US GENIUS ActUS law (July 2025) requiring payment stablecoin issuers to be regulated entities with 1:1 reserve backing now form the main regulatory pillars supporting fully collateralized stablecoins and tokenized Treasuries, creating a more predictable environment for RWATangible assets represented on-chain tokenizationConverting real-world assets into digital tokens on a blockchain.
Implications: These frameworks give traditional financial institutions clarity on reserve requirements, licensing, and redemption rules - prerequisites for launching compliant tokenized bondsTraditional bonds represented as blockchain tokens, funds, and deposits. Cross-border stablecoinA cryptocurrency pegged to a stable asset, such as USD or gold offerings must now map to both MiCAThe EU's comprehensive regulatory framework for crypto-assets, establishing harmonized rules for issuers and service providers across all 27 Member States and GENIUS requirements for transatlantic compliance.
UK Banks Launch Tokenized Sterling Pilot Medium
Risk: Infrastructure | Affected: UK banks, payment providers | Horizon: 2025-2026 | Confidence: High
Facts: UK Finance and six major institutions - Barclays, HSBC, Lloyds, NatWest, Nationwide, and Santander - launched a pilot for tokenized sterling deposits on the Regulated Liability Network, testing programmable payments for peer-to-peer, remortgage, and digital asset settlement.
Implications: This operationalizes a hybrid settlement model combining blockchainA decentralized, digital ledger of transactions maintained across multiple computers with bank deposits and RTGSA funds transfer system where money or securities are settled individually and immediately across central bank accounts, blueprinting an infrastructure alternative to retail CBDCs. UK-focused institutions should track pilot outcomes as the RLN may become a template for other jurisdictions.
Ethereum Hosts Majority of Tokenized RWAs Medium
Risk: Infrastructure | Affected: Asset managers, tokenizationConverting real-world assets into digital tokens on a blockchain platforms | Horizon: Ongoing | Confidence: High
Facts: EthereumA decentralized blockchain platform that enables smart contracts and decentralized applications now hosts the majority of tokenized RWAs, with estimates of over half of a roughly 20-23 billion USD tokenized-asset market and a dominant share of stablecoinA cryptocurrency pegged to a stable asset, such as USD or gold settlement volume. Analytics show Ethereum carrying around two-thirds of RWATangible assets represented on-chain value.
Implications: EthereumA decentralized blockchain platform that enables smart contracts and decentralized applications's role as the main institutional settlement L1The base layer of a blockchain, like Ethereum or Bitcoin is reinforced by RWATangible assets represented on-chain concentration. Institutions building RWA infrastructure should prioritize Ethereum compatibility while monitoring multi-chainA decentralized, digital ledger of transactions maintained across multiple computers developments.
Japan Launches Regulated Yen Stablecoin Medium
Risk: Regulatory | Affected: Asia-Pacific payments, FX desks | Horizon: 2025-2026 | Confidence: High
Facts: Startale Group and SBI Holdings launched a regulated yen stablecoinA cryptocurrency pegged to a stable asset, such as USD or gold under Japan's existing regulatory framework, expanding the Asia-Pacific stablecoin landscape beyond USD-denominated instruments.
Implications: This demonstrates regulated stablecoinA cryptocurrency pegged to a stable asset, such as USD or gold issuance expanding beyond USD to major global currencies. Institutions with Japan exposure should monitor whether yen stablecoin rails create settlement efficiency opportunities.
Korea Stablecoin Bills Signal Stricter Standards Medium
Risk: Regulatory | Affected: Cross-border stablecoinA cryptocurrency pegged to a stable asset, such as USD or gold issuers, Korean exchanges | Horizon: 2025-2026 | Confidence: High
Facts: Competing stablecoinA cryptocurrency pegged to a stable asset, such as USD or gold bills are progressing in Korea, with a clear trajectory toward stricter reserve, disclosure, and licensing standards that will affect cross-border stablecoin offerings into Korea.
Implications: StablecoinA cryptocurrency pegged to a stable asset, such as USD or gold issuers with Korean market exposure should prepare for enhanced reserve and disclosure requirements. The trajectory suggests Korea will align with the global pattern of stricter stablecoin regulation.
Risk Impact Matrix
| Jur. | Development | Risk Category | Severity | Affected | Timeline |
|---|---|---|---|---|---|
| US | FDIC GENIUS Act Implementation | Regulatory | Critical | FDIC-supervised banks | 12 months |
| US | Visa USDC Settlement | Infrastructure | Critical | US banks, payment processors | Immediate |
| US | SEC DTC Tokenization Pilot | Regulatory | Critical | Broker-dealers, custodians | Through 2028 |
| US | DTCC Canton Network | Infrastructure | Critical | DTCC participants | 2025-2026 |
| GLOBAL | RWA Overtakes DEXs | Market Structure | High | Asset managers, DeFi protocols | Ongoing |
| GLOBAL | 24B RWA TVL | Market Structure | High | Institutional investors | Ongoing |
| US | SoFi Tokenized Deposit | Infrastructure | High | Banks, fintechs | Immediate |
| GLOBAL | Standard Chartered Tokenized | Infrastructure | High | Corporate treasuries | Immediate |
| GLOBAL | Stablecoin Market 308B | Market Structure | High | All market participants | Ongoing |
| AE | UAE VARA RWA Rules | Regulatory | High | Tokenization platforms | 2026 |
| EU | MiCA/GENIUS Framework | Regulatory | High | Stablecoin issuers | 2025-2026 |
| UK | UK RLN Pilot | Infrastructure | Medium | UK banks | 2025-2026 |
| GLOBAL | Ethereum RWA Dominance | Infrastructure | Medium | Tokenization platforms | Ongoing |
| JP | Japan Yen Stablecoin | Regulatory | Medium | Asia-Pacific payments | 2025-2026 |
| KR | Korea Stablecoin Bills | Regulatory | Medium | Cross-border issuers | 2025-2026 |
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Cross-Signal Patterns
Pattern: Systemic Infrastructure Convergence on Blockchain Settlement
Linked Signals: DTCC Canton Network, SEC DTC Tokenization, Visa USDC Settlement
What it means: Systemically critical infrastructure providers - DTCC, DTC, and Visa - have simultaneously committed to blockchain-based settlement for core assets. This is not experimentation; these are production deployments from entities that process trillions in daily volume. The convergence signals that blockchain settlement is transitioning from alternative to standard infrastructure.
Confidence: High
Pattern: Bank-Issued Stablecoins Emerge Post-GENIUS
Linked Signals: FDIC GENIUS Act Rules, SoFi Tokenized Deposit, Standard Chartered Tokenized Deposits
What it means: The GENIUS Act implementation has triggered immediate bank responses. SoFi launched a tokenized deposit product within days. Standard Chartered deployed multi-currency tokenized settlements. The regulatory clarity has unleashed bank competition in digital dollar infrastructure, fundamentally reshaping the stablecoin market from non-bank issuers toward regulated depositories.
Confidence: High
Pattern: Multi-Jurisdictional Regulatory Synchronization
Linked Signals: MiCA and GENIUS Framework, UAE VARA RWA Rules, Korea Stablecoin Bills, Japan Yen Stablecoin
What it means: US, EU, UAE, Japan, and Korea are simultaneously implementing stablecoin and RWA frameworks with converging requirements around reserves, licensing, and disclosure. This creates a predictable global compliance perimeter for cross-border tokenization. Issuers can now design structures that satisfy multiple major jurisdictions.
Confidence: High
Pattern: RWA Capital Migration from Retail DeFi to Institutional Yield
Linked Signals: RWA Overtakes DEX TVL, 24B Non-Stablecoin RWA, Ethereum RWA Dominance
What it means: On-chain capital is structurally migrating from retail trading protocols to institutional-grade yield products. RWA protocols now hold more value than DEXs. The dominant flows are tokenized Treasuries and private credit - institutional balance sheet optimization, not speculation. DeFi's next phase is defined by asset managers and corporate treasuries, not retail traders.
Confidence: High
Strategic Implications
1. Operationalize BlockchainA decentralized, digital ledger of transactions maintained across multiple computers Settlement Infrastructure
The convergence of DTCC, DTC, and Visa on blockchainA decentralized, digital ledger of transactions maintained across multiple computers settlement means institutions must prepare operational capabilities for on-chain asset custody, transfer, and reporting. This is no longer optional infrastructure exploration - systemically critical counterparties now settle on distributed ledgers. [Traced to: DTCC Canton Network, SECU.S. federal agency regulating securities markets and protecting investors DTC TokenizationConverting real-world assets into digital tokens on a blockchain, Visa USDCA fully-reserved stablecoin pegged 1:1 to the US Dollar, issued by Circle and backed by regulated financial institutions Settlement]
2. Evaluate Bank-Issued StablecoinA cryptocurrency pegged to a stable asset, such as USD or gold Relationships
The GENIUS ActUS law (July 2025) requiring payment stablecoin issuers to be regulated entities with 1:1 reserve backing implementation creates a new category of regulated digital dollarProposed U.S. central bank digital currency, currently banned by executive order infrastructure from FDIC-supervised institutions. Treasury teams should assess whether bank-issued stablecoins and tokenized deposits offer settlement efficiency, counterparty risk, or liquidityThe ease with which an asset can be bought or sold without affecting its price benefits compared to existing rails and non-bank stablecoinA cryptocurrency pegged to a stable asset, such as USD or gold relationships. [Traced to: FDIC GENIUS Act Rules, SoFi Tokenized DepositA digital representation of a traditional bank deposit, issued by a licensed bank and recorded on a blockchain, Standard Chartered Tokenized Deposits]
3. Map Cross-Jurisdictional Compliance Requirements
With MiCAThe EU's comprehensive regulatory framework for crypto-assets, establishing harmonized rules for issuers and service providers across all 27 Member States, GENIUS, VARA, and emerging Asian frameworks now operational, cross-border tokenizationConverting real-world assets into digital tokens on a blockchain requires multi-jurisdictional compliance mapping. Institutions with global operations should develop compliance matrices that identify where stablecoinA cryptocurrency pegged to a stable asset, such as USD or gold and RWATangible assets represented on-chain products can be offered, distributed, and settled. [Traced to: MiCA and GENIUS Framework, UAE VARA RWA Rules, Korea Stablecoin Bills, Japan Yen Stablecoin]
4. Reframe DeFiFinancial systems built on blockchain that operate without intermediaries like banks Exposure Toward RWATangible assets represented on-chain Protocols
The structural shift of on-chainA decentralized, digital ledger of transactions maintained across multiple computers value from trading protocols to yield-bearing RWAs requires reframing how institutions evaluate DeFiFinancial systems built on blockchain that operate without intermediaries like banks exposure. Risk assessment should prioritize RWATangible assets represented on-chain protocols - their counterparty structures, custody arrangements, and regulatory status - rather than DEXA platform where users can buy, sell, or trade cryptocurrencies liquidityThe ease with which an asset can be bought or sold without affecting its price or trading volumes. [Traced to: RWA Overtakes DEX TVLTotal assets deposited in DeFi protocols, 24B Non-StablecoinA cryptocurrency pegged to a stable asset, such as USD or gold RWA, EthereumA decentralized blockchain platform that enables smart contracts and decentralized applications RWA Dominance]
5. Prepare for Tokenized Treasury Counterparty Due DiligenceProcess of verifying customer identity and assessing risk
As tokenized Treasuries and other RWAs scale through DTCC and DTC infrastructure, institutions will need enhanced counterparty due diligenceProcess of verifying customer identity and assessing risk frameworks for tokenized asset exposure. This includes understanding tokenA digital asset built on an existing blockchain, often representing utility or value custody arrangements, redemption mechanics, and regulatory treatment across jurisdictions. [Traced to: DTCC Canton Network, SECU.S. federal agency regulating securities markets and protecting investors DTC TokenizationConverting real-world assets into digital tokens on a blockchain, RWATangible assets represented on-chain 24B TVLTotal assets deposited in DeFi protocols]
Sources
- FDIC - GENIUS ActUS law (July 2025) requiring payment stablecoin issuers to be regulated entities with 1:1 reserve backing proposed rulemaking
- Visa - USDCA fully-reserved stablecoin pegged 1:1 to the US Dollar, issued by Circle and backed by regulated financial institutions settlement announcement
- SEC - DTC no-action relief
- DTCC - Canton Network adoption
- DefiLlama - RWATangible assets represented on-chain and TVLTotal assets deposited in DeFi protocols analytics
- VARA - UAE RWATangible assets represented on-chain rulebook updates
- SoFi - SoFiUSD launch
- Standard Chartered - Tokenized deposits
- UK Finance - RLN pilot announcement
- Startale Group - Japan yen stablecoinA cryptocurrency pegged to a stable asset, such as USD or gold
- CoinDesk - Market data and analysis
- The Block - Institutional research
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MCMS Brief • Classification: Public • Sector: Digital Assets • Region: Global
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