RWA Weekly: The central bank will steadily develop the digital yuan in 2026, and WeChat and Alipay will gradually be authorized to open wallets.

Highlights of this episode

This week's statistics cover the period from January 2, 2026 to January 9, 2026.

This week, the total on-chain market capitalization of RWA steadily increased to $19.8 billion, with the number of holders exceeding 600,000. The total market capitalization of stablecoins decreased slightly, but the monthly transaction volume jumped significantly by 29.04%, highlighting that large-scale institutional settlements have become the main engine of activity under the "efficiency of existing assets" approach, forming a structural differentiation with the sluggish activity of retail investors.

Regulatory frameworks in many countries continue to improve: China's central bank has made it clear that it will steadily develop the digital yuan, and cross-border scenarios continue to be implemented. MYbank completed the first cross-border QR code payment between China and Laos; South Korea plans to require stablecoin issuers to be led by banks; and Russia is accelerating the application of the digital ruble in its budget system.

Project activity is high: Jupiter launched JupUSD, a stablecoin based on compliant reserves, and Tempo released the TIP-20 token standard designed specifically for payments. Traditional financial institutions are accelerating the integration of on-chain settlement and asset tokenization processes: RAKBank in the UAE was approved to issue the Adirham stablecoin, Lloyds Bank completed the UK's first tokenized deposit-to-bond transaction, and JPMorgan Chase expanded JPM Coin to the Canton network. Furthermore, a former Brazilian central bank official launched the revenue-sharing stablecoin BRD, and Wyoming's official stablecoin FRNT was officially launched, further enriching the forms and geographical distribution of stablecoins.

Data Perspective

RWA Track Panorama

According to the latest data disclosed by RWA.xyz, as of January 9, 2026, the total market capitalization of RWA on-chain reached US$19.8 billion, a slight increase of 6.04% compared to the same period last month, maintaining a steady growth rate and indicating that native financial activities on the chain continue to be active; the total number of asset holders increased to approximately 607,400, a strong increase of 7.13% compared to the same period last month, and the investor base continues to expand.

Stablecoin Market

The total market capitalization of stablecoins reached $298.65 billion, a slight decrease of 0.6% compared to the same period last month, indicating a continued contraction in overall size. Monthly transaction volume surged to $7.02 trillion, a 29.04% increase compared to the same period last month, demonstrating a significant improvement in the efficiency of existing capital turnover. The total number of monthly active addresses decreased to 45.34 million, a slight decrease of 0.11% compared to the same period last month. The total number of holders steadily increased to approximately 219 million, a slight increase of 4.98% compared to the same period last month. This continued divergence indicates a structural differentiation in the market: "institutionally driven high-frequency settlement and stagnant retail investor activity."

The data reflects that the market has entered a stage of "driven by existing efficiency but with a weakened ecosystem foundation." The high growth in transfer volume is mainly supported by large-scale institutional settlements, while retail investor participation remains low.

The leading stablecoins are USDT, USDC, and USDS. Among them, the market capitalization of USDT increased slightly by 0.44% month-on-month; the market capitalization of USDC decreased by 3.95% month-on-month; and the market capitalization of USDS increased slightly by 2.11% month-on-month.

Regulatory news

The People's Bank of China: In 2026, it will strengthen the regulation of virtual currency transactions and steadily develop the digital yuan.

The People's Bank of China (PBOC) held its 2026 Working Conference on January 5-6. The conference summarized the work of 2025, highlighting the bank's efforts in actively promoting global financial governance reform and improvement, further enhancing financial management and services, and advancing precise governance of "money chains" involved in fraud and gambling. It also emphasized strengthening the supervision of virtual currency transactions, enhancing cash supply guarantees, and optimizing the digital RMB management system. Key tasks for 2026 include: improving the infrastructure for cross-border RMB use, strengthening virtual currency supervision, and continuously cracking down on related illegal and criminal activities. The conference also stressed deepening technological management and innovative applications, and steadily developing the digital RMB.

In addition, Caixin also disclosed that currently only digital RMB wallets with real-name authentication can accrue interest, that is, wallets of types one, two, and three can accrue interest, while wallets of type four without real-name authentication do not accrue interest (the owner of wallets of type four cannot be identified). After January 1, mobile banking services of various participating banks and payment platforms such as WeChat and Alipay will also gradually obtain the permission to open digital RMB wallets.

South Korea plans to require stablecoin issuers to be controlled by banks and have a minimum paid-up capital of 5 billion won.

According to Techinasia, South Korea's plan to allow banks to issue won-denominated stablecoins has met with resistance from lawmakers, highlighting the divisions between the country's ruling party, financial regulators, and the central bank. The Financial Services Commission (FSC) has shifted its stance and now supports a proposal from the Bank of Korea to restrict stablecoin issuance to a consortium dominated by banks with majority control.

According to the proposed amendments submitted to the South Korean National Assembly, stablecoins can be issued by consortia majority-owned by banks, but technology companies can become the largest single shareholder as long as banks maintain overall majority control. The proposal will also impose stricter requirements on cryptocurrency exchanges, such as raising standards for information technology stability, mandating compensation for losses caused by hacking, and imposing fines of up to 10% of annual revenue. Stablecoin issuers will need at least 5 billion won (approximately US$3.7 million) in paid-up capital; regulators may raise this threshold as the market develops. As the debate continues, lawmakers are expected to form a special task force to propose alternative legislation.

Russia begins large-scale introduction of the digital ruble into its budget and banking system.

According to Cryptopolitan, citing RIA Novosti, Russia has begun a large-scale rollout of the digital ruble in its budget system and banking sector, in preparation for a full rollout in September. Since the beginning of the year, the digital ruble has been actively used in state-related transactions and can now be used for transfers to the government budget and payments to federal agencies.

Russia has set a phased timetable and deadline for the rollout of the digital ruble for banks and businesses, stipulating that by September 1, 2026, Russia's largest banks and their institutional retail clients must allow customers to conduct transactions using the digital ruble. The Central Bank of Russia has also decided that, starting last week, transactions using citizens' and companies' digital ruble accounts to pay taxes, fees, and government-related payments will be free of charge.

Local News

Yiyitong: The company's cross-border payment and domestic supply and sales services are not currently involved in digital RMB payment scenarios.

According to Zhitong Finance, Yiyitong stated on its interactive platform that currently, the company's cross-border payment and domestic supply and sales services do not involve digital RMB payment scenarios. The company will continue to monitor digital RMB policies and market dynamics, build up relevant technical adaptation capabilities, and explore its application feasibility in cross-border settlement and other scenarios.

China and Laos are piloting cross-border digital payment cooperation, with MYbank completing the first digital RMB QR code payment.

According to 21st Century Business Herald, under the guidance of the People's Bank of China, MYbank completed its first digital RMB transaction at a Lao merchant via QR code payment through access to the cross-border digital payment platform of the Digital RMB International Operation Center. This is the latest development in the bilateral cross-border digital payment cooperation project between the central banks of China and Laos. The successful implementation of this pathway signifies that the digital RMB has achieved "internal use abroad" for the first time, providing Chinese residents with a new payment method for overseas consumption and further demonstrating the deepening cooperation between the central banks of China and Laos on digital currencies.

Project progress

Jupiter officially launched JupUSD, a stablecoin built on Ethena technology.

According to official news, Jupiter has officially launched its stablecoin JupUSD, a reserve-backed, USD-pegged stablecoin built on Ethena Labs technology, "aimed at powering the next chapter of finance." Initially, 90% of its reserves will consist of the licensed, GENIUS-compliant stablecoin USDtb, secured by BlackRock's BUIDL fund, with a 10% USDC liquidity buffer. While JupUSD does not generate yield, it can be integrated with Jupiter Lend for deposits, lending, or leveraged operations, enjoying exclusive benefits. By depositing funds into Lend's yield vault, users will receive jlJupUSD and enjoy unique promotional offers, providing additional liquidity and utility for JupUSD.

MANTRA: All ERC20 versions of OM will be deprecated on January 15th. Please migrate as soon as possible.

MANTRA, a Layer 1 blockchain focused on RWA assets, reminded users on its X platform that currently, less than 8% of the total OM token supply is in the ERC20 version. All ERC20 OM tokens will be officially deprecated on January 15th; please migrate as soon as possible.

Latin American digital bank Kontigo has pledged to compensate its customers after approximately $340,000 worth of stablecoins were stolen.

According to Bloomberg, Kontigo, a digital bank focused on the Latin American market, issued a statement on its X platform on Monday stating that due to a hacking attack, some customers lost approximately $340,905 worth of stablecoins, and the company plans to compensate more than 1,000 customers. In an earlier post, Kontigo stated, "We detected unauthorized access, and some users' funds were affected. User funds are protected, and any affected amount will be compensated by Kontigo."

Kontigo is headquartered in San Francisco but focuses on cryptocurrency and payments in Latin America. Since its founding in 2023, the company has grown rapidly and attracted numerous well-known partners. According to its website, Kontigo currently has over 1 million monthly active users and a total platform payment volume exceeding $1 billion. The company recently raised $20 million in seed funding from investors including Y Combinator.

Tempo Releases TIP-20 Token Standard Designed for Stablecoins and Payment Scenarios

According to an official announcement from Tempo, it has launched a new token standard, TIP-20, specifically designed for stablecoins and payment applications. Extended from ERC-20, it is compatible with the existing EVM ecosystem. TIP-20 integrates features such as transfer memos, compliance policy registry, profit distribution mechanisms, and stablecoin payment gas, making it suitable for diverse scenarios including corporate finance, cross-border settlements, and interest-bearing stablecoins.

TIP-20 has received support from infrastructure partners such as AllUnity, Bridge, and LayerZero, aiming to build a unified on-chain payment standard, improve the compliance, efficiency, and interoperability of stablecoins, and accelerate the on-chain process of real-world payment scenarios. Tempo will provide developers with SDK, testing funds, and documentation support to help TIP-20 be deployed and implemented quickly.

RAKBank has received in-principle approval from the Central Bank of the UAE to issue a dirham-pegged stablecoin.

According to Cointelegraph, RAKBank is preparing to join the UAE stablecoin ecosystem after receiving in-principle approval from the Central Bank of the UAE (CBUAE) on Wednesday to issue a UAE dirham-pegged payment token. In a press release on Wednesday, the bank stated that the upcoming stablecoin will be fully backed 1:1 by dirhams held in an independent regulated account, managed by audited smart contracts, and equipped with real-time proof of reserves. This stablecoin launch marks a new phase in RAKBank's digital asset strategy, following its move in 2025 to allow retail clients to trade cryptocurrencies through regulated brokerage partners.

Barclays invests in stablecoin clearing platform Ubyx

According to Cointelegraph, Barclays has made its first investment in a stablecoin-related company, Ubyx, a US-based stablecoin clearing platform, though the specific size of the investment was not disclosed. Ryan Hayward, Head of Digital Assets and Strategic Investments at Barclays, stated, “As the token, blockchain, and wallet space continues to evolve, expertise will play a crucial role in providing connectivity and infrastructure to enable seamless interaction for regulated financial institutions. This investment aligns with Barclays’ approach of exploring opportunities based on new digital currencies such as stablecoins.”

Lloyds Bank completes the UK's first transaction using tokenized deposits to purchase government bonds.

According to CoinDesk, Lloyds Banking Group, a UK-based lending institution, announced that it has completed the UK's first transaction using tokenized deposits to purchase UK government bonds. Lloyds, the UK's third-largest bank by market capitalization, stated that it completed the purchase using the crypto trading platform Archax and the privacy-focused Canton network. This purchase demonstrates that tokenization technology can transform traditional banking, converting real-world assets into digital form, enabling instant buying, selling, or transferring.

In this transaction, Lloyds Bank plc, a subsidiary of Lloyds Bank, issued tokenized deposits on the Canton network. Lloyds Bank Corporate Markets then used these deposits to purchase tokenized Treasury bonds from Archax. Finally, Archax transferred the underlying funds back to its regular Lloyds Bank account.

JPMorgan Chase deploys JPM Coin to the Canton network

According to The Block, JPMorgan's blockchain and digital payments division, Kinexys, announced the deployment of JPMCoin (JPMD) to the Canton network, marking its second expansion following its launch on Base, an Ethereum Layer 2 network backed by Coinbase, in November 2025.

JPMCoin is a USD deposit token issued by JPMorgan Chase, providing institutional clients with an alternative to stablecoins and supporting 24/7 instant peer-to-peer transactions.

A former Brazilian central bank official launched BRD, a stablecoin pegged to the real exchange rate and with shared profits.

According to CoinDesk, former Central Bank of Brazil director Tony Volpon has launched BRD, a yield-sharing stablecoin pegged to the Brazilian currency and backed by Brazilian government debt. Volpon stated on CNN Brazil's "Cripto na Real" program that the token will be backed by national bonds, tying its value to sovereign debt, aiming to allow holders to benefit from local interest rates. The Central Bank of Brazil's benchmark interest rate is 15%, while the Federal Reserve's target rate is 3.5% to 3.75%.

Volpon stated that this move aims to make it easier for foreign investors to access Brazil's high-yield environment. Although Brazil's interest rates have long attracted international attention, access to these yields has often been limited due to factors such as regulatory restrictions, currency frictions, and domestic infrastructure. BRD may increase demand for the country's debt and potentially lower borrowing costs by expanding the investor base.

Wyoming's official stablecoin, FRNT, has been officially launched to the public through Kraken and deployed on the Solana blockchain.

According to an announcement from the Wyoming Stable Token Commission, the state of Wyoming has officially launched its government-backed fiat-reserve stablecoin, FRNT, through the Kraken exchange, becoming the first publicly issued and fully reserve-backed stablecoin in the United States. FRNT is deployed on the Solana blockchain and can be bridged to multiple blockchain networks, including Ethereum and Arbitrum, via Stargate. The coin is available to individuals and institutions, supports near-instantaneous settlement, and has transaction fees as low as $0.01. Its reserve interest will be used to support education within the state.

OSL Global has listed four trading pairs, including the gold stablecoin PAXG.

OSL Global, the global exchange under the OSL Group, announced today the official launch of the USD trading pair for the gold stablecoin PAX Gold (PAXG). Users can trade PAXG/USD, and deposits and withdrawals on the Ethereum network are now available.

Meanwhile, OSL Global has also launched three USD trading pairs: Worldcoin (WLD), Pump.Fun (PUMP), and Curve Dao Token (CRV). Users can trade WLD/USD, PUMP/USD, and CRV/USD. WLD and CRV have enabled deposit and withdrawal functions on the Ethereum network, while deposits and withdrawals for PUMP can be completed through the Solana network.

Morgan Stanley plans to launch a digital wallet this year to support tokenized assets.

According to market sources, Morgan Stanley plans to launch a digital wallet later this year to support tokenized assets.

RWA's MSX trading platform has launched spot and contract trading instruments across multiple sectors.

According to official sources, MSX has added spot and contract trading for US aircraft carrier and strategic nuclear submarine manufacturer $HII.M, NASA technology and engineering solutions provider $KBR.M, the largest independent oil and gas producer in the US $COP.M, global oilfield services technology leader $SLB.M, as well as Vietnam ETF $VNM.M, Japan ETF $EWJ.M, and South Korea ETF $EWY.M.

Insights Highlights

BlackRock: Stablecoins are no longer a niche market; they will challenge fiat currency dominance and reshape the landscape of bank deposits.

According to DL News, BlackRock, in its 2026 Global Outlook, points out that stablecoins will challenge governments' control over fiat currencies. With the surge in stablecoin adoption, the use of fiat currencies in emerging market countries risks shrinking. Samara Cohen, Head of Global Markets Development at BlackRock, stated: “Stablecoins are no longer a niche product; they are becoming a bridge between traditional finance and digital liquidity.”

Standard Chartered Bank in the UK reportedly warned in October that the widespread adoption of stablecoins could lead to a loss of over $1 trillion in deposits from emerging market bank accounts. Similar challenges exist in the US banking sector. The landmark stablecoin Genius Act, signed into law in July, allows crypto companies to offer yield-like products prohibited by traditional banks, posing a threat to traditional financial institutions.

Moody's 2026 Outlook: Stablecoins Will Become Core Market Infrastructure

According to Cointelegraph, Moody's latest cross-industry outlook report indicates that stablecoins are evolving from a crypto-native tool into a core part of institutional market infrastructure. The report, released Monday, shows that based on industry estimates of on-chain transactions (not simply interbank fund flows), stablecoin settlement volume is projected to grow by approximately 87% year-on-year in 2025, reaching a scale of approximately $9 trillion. Moody's believes that fiat-backed stablecoins and tokenized deposits are becoming "digital cash" for liquidity management, collateral transfer, and settlement in an increasingly tokenized financial system.

Moody's ranks stablecoins alongside tokenized bonds, funds, and credit products as part of the convergence of traditional and digital finance. In 2025, banks, asset management companies, and market infrastructure providers piloted blockchain settlement networks, tokenized platforms, and digital custody to streamline issuance, post-trade processes, and intraday liquidity management. As companies build large-scale tokenized and programmable settlement infrastructure, the report estimates that these initiatives will attract over $300 billion in investment to the digital finance and infrastructure sectors by 2030. In this context, stablecoins and tokenized deposits are increasingly becoming settlement assets for cross-border payments, repurchase agreements, and collateral transfers. Moody's emphasizes that security, interoperability, and governance and regulatory clarity are equally important for stablecoins to become reliable institutional settlement assets rather than a new source of systemic vulnerability.

Venezuela's on-chain spectral presence: USDT becoming hard currency, or a secret establishment of a billion-dollar Bitcoin "shadow reserve."

PANews Overview: Due to hyperinflation, the Bolivar has lost credibility, and USDT (a stablecoin for the US dollar) has become the de facto "hard currency" in daily life, used for shopping, payments, and even 80% of oil sales settlements. Meanwhile, to circumvent US sanctions, rumors suggest the government has secretly converted gold and oil revenues into Bitcoin, potentially accumulating a Bitcoin "shadow reserve" worth tens of billions of dollars. This case extremely illustrates the dual role of cryptocurrencies: for ordinary people, it is a safe-haven asset and medium of exchange for maintaining livelihoods; for sanctioned countries, it could become a secret weapon to bypass traditional financial blockades and store national wealth, foreshadowing a new global financial game.

Trend Research: Technology and AI companies will accelerate their deployment of stablecoins in 2026, with WLFI and USD1 expected to be the biggest beneficiaries.

PAnews Overview: The stablecoin market is poised for explosive growth in 2026, driven by three core factors: large-scale deployments by technology and AI companies, clear US regulatory legislation (the Genius Act), and the Wall Street-driven trend of "on-chain" financial assets. In this wave, USD1, a compliant stablecoin issued by World Liberty Financial (WLFI), will be the biggest beneficiary. Its strong compliance (with the new US legislation), transparent and reliable reserve custody, and strong backing allow it to rapidly expand from the crypto market to traditional finance, internet payments, and offline scenarios, ultimately aiming to build a comprehensive financial ecosystem serving global users.

Mankiw Research | Is Dubai the optimal solution for global RWA compliance?

PAnews Overview: In the global RWA (Real-World Asset Tokenization) field, traditional financial centers (such as the US, Singapore, Hong Kong, and the EU) classify most yield-bearing RWA projects as "securities," resulting in projects only being accessible to professional investors and facing difficulties such as poor liquidity and high compliance costs. Dubai, with its VARA (Virtual Asset Regulatory Authority) framework, offers a unique "optimal solution": it doesn't adopt lax regulation, but rather innovatively regulates RWA as an independent category of "virtual assets," rather than forcibly applying traditional securities laws. This allows eligible RWA projects to legally target retail investors, conduct public offerings, and list on compliant exchanges, thereby truly achieving asset liquidity and commercialization. Therefore, Dubai is becoming a key hub attracting global RWA projects, its core value lying in providing a new regulatory paradigm for RWA that is feasible, supports public offerings, and facilitates global expansion.