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Insights into RWA Market Fund Flow — Counter-Bear Market Growth, Structural Differentiation, and Market Winners
Takeaway
1. Currently, the cryptocurrency market is in a slump, with the market value falling back to 2.4 trillion USD. This bear market and panic sentiment can be traced back to the '1011' event on October 11, 2025: after '1011', the crypto market rapidly deteriorated: in that month, DAT's monthly net inflow dropped by over 75%, falling below 3 billion USD; in the following month, cryptocurrency ETFs reversed from six months of monthly net inflows to nearly 5 billion USD in monthly net outflows. Subsequently, the cryptocurrency market value continued to decline under macro uncertainty.
2. However, we are in a tentative recovery period following the '1011' event. From the monthly data, DAT is recovering purchases, ETF net outflows are decreasing, and the data is slowly 'recovering'. Meanwhile, the market value of stablecoins remains at 300 billion USD, and this part of the funds has not yet left, waiting and observing.
1. Currently, the cryptocurrency market is in a slump, with the market value falling back to 2.4 trillion USD. This bear market and panic sentiment can be traced back to the '1011' event on October 11, 2025: after '1011', the crypto market rapidly deteriorated: in that month, DAT's monthly net inflow dropped by over 75%, falling below 3 billion USD; in the following month, cryptocurrency ETFs reversed from six months of monthly net inflows to nearly 5 billion USD in monthly net outflows. Subsequently, the cryptocurrency market value continued to decline under macro uncertainty.
2. However, we are in a tentative recovery period following the '1011' event. From the monthly data, DAT is recovering purchases, ETF net outflows are decreasing, and the data is slowly 'recovering'. Meanwhile, the market value of stablecoins remains at 300 billion USD, and this part of the funds has not yet left, waiting and observing.
📊 The anchoring of stablecoins is not just about "1 dollar = 1 dollar"; it is also a pricing game involving redemption costs and processing times.
In scenarios of large redemptions, explicit fees, processing paths, and time costs will directly affect the price recovery efficiency in the secondary market.
From the chart, we can see:
- Tether adopts a clearer linear fee path
- Circle Basic has lower costs in certain ranges but longer processing times
- Circle Institutional reflects the institutional logic of "exchanging higher fees for faster processing"
This is also the key point emphasized by CoinFound in the report:
The price floor of stablecoins is not determined by market sentiment but by whether the arbitrage paths in the primary market are smooth.
📖 Read the full article to understand how the stablecoin redemption mechanism affects the real safety margin
稳定币安全边际的最后一道闸门：从赎回机制到法偿本质，如何理解2026年的数字美元防御力？
Learn more: https://app.coinfound.org/zh/rwa/dashboard
In scenarios of large redemptions, explicit fees, processing paths, and time costs will directly affect the price recovery efficiency in the secondary market.
From the chart, we can see:
- Tether adopts a clearer linear fee path
- Circle Basic has lower costs in certain ranges but longer processing times
- Circle Institutional reflects the institutional logic of "exchanging higher fees for faster processing"
This is also the key point emphasized by CoinFound in the report:
The price floor of stablecoins is not determined by market sentiment but by whether the arbitrage paths in the primary market are smooth.
📖 Read the full article to understand how the stablecoin redemption mechanism affects the real safety margin
稳定币安全边际的最后一道闸门：从赎回机制到法偿本质，如何理解2026年的数字美元防御力？
Learn more: https://app.coinfound.org/zh/rwa/dashboard
Study on the Margin of Safety of Stablecoins: Three-Dimensional Penetration of Assets, Information, and Redemption Mechanism (Part II)
Preface
In the previous two studies, we have penetrated the "liquidity resilience" of stablecoin assets and the "multi-dimensional verification capability" of the information side. However, standing at a point where the total market value of global stablecoins has exceeded 320 billion USD, a logic blind spot that is often overlooked becomes increasingly critical: if reserve assets are the confidence in the safe, and information disclosure is the label outside the safe, then the redemption mechanism (Redemption Mechanism) on the liability side is the "outlet gate" that determines whether it can maintain its par value under extreme pressure. No matter how good the asset quality or how transparent the audit, if funds cannot flow back to the traditional financial system through the established physical channels, the anchoring of assets will instantly collapse.
In the previous two studies, we have penetrated the "liquidity resilience" of stablecoin assets and the "multi-dimensional verification capability" of the information side. However, standing at a point where the total market value of global stablecoins has exceeded 320 billion USD, a logic blind spot that is often overlooked becomes increasingly critical: if reserve assets are the confidence in the safe, and information disclosure is the label outside the safe, then the redemption mechanism (Redemption Mechanism) on the liability side is the "outlet gate" that determines whether it can maintain its par value under extreme pressure. No matter how good the asset quality or how transparent the audit, if funds cannot flow back to the traditional financial system through the established physical channels, the anchoring of assets will instantly collapse.
RWA is entering the true Builder phase. It's great to see the RWA Demo Day kick off global recruitment 🚀
#CoinFound is also honored to participate as a Supporting Institution.
Together with #BNBChain , NanoLabs, ICCombinator, ABGAasia, MetaEraCN
and many ecological partners, we support the next generation of RWA Builders.
More and more real assets are moving on-chain,
and RWA × Stablecoins × Institutions are becoming the new financial infrastructure.
Looking forward to seeing more projects at the HK Web3 Festival.
Registration link: https://www.me.news/events/527
#CoinFound is also honored to participate as a Supporting Institution.
Together with #BNBChain , NanoLabs, ICCombinator, ABGAasia, MetaEraCN
and many ecological partners, we support the next generation of RWA Builders.
More and more real assets are moving on-chain,
and RWA × Stablecoins × Institutions are becoming the new financial infrastructure.
Looking forward to seeing more projects at the HK Web3 Festival.
Registration link: https://www.me.news/events/527
#CoinFound Gold RWA Weekly Report (3.05-3.12): Leading assets maintain incremental resilience, on-chain transfer scale shows contraction
I. Market Overview
The overall market capitalization and number of holders of gold tokens experienced slight growth within 7 days, but the total transfer transaction volume and active address count saw a significant decline. The leading tokens Tether Gold and Paxos Gold exhibited slight positive changes in price and market cap, with some tokens maintaining stable prices. VNXGold is the only token that saw declines in both price and market cap. The Ethereum network dominates the gold token sector, while other networks are significantly smaller. Some tokens support multi-network issuance, while most are issued solely on a single network.
II. News Highlights
1️⃣ Precious metals TOP 1 holders collectively short, silver shorts yield over a million
2️⃣ Middle East conflict drives institutional funds back to the crypto market, BTC outperforms gold (March 9)
3️⃣ High volatility in gold/silver drives growth in contracts like http://Gate.io
4️⃣ Crude oil trading varieties on Hyperliquid show significant premiums compared to traditional markets, as investors bet on a surge when the traditional market opens on Monday.
III. Summary
Gold RWA demonstrates strong growth resilience, with market capitalization stable at high levels. The market is dominated by Tether Gold (XAUT) and Paxos Gold (PAXG), which together hold over 70% market share. On-chain data shows that Ethereum is the main carrying chain for this asset class, with a share as high as 97.4%. Geopolitical uncertainty and institutional risk aversion are the main drivers for the migration of physical gold to blockchain tokenization. Compared to the high volatility of cryptocurrencies, the attributes of gold RWA as a 'stable yield' asset are increasingly prominent. Market sentiment remains optimistic, and with the regulatory improvements in tokenization hubs like Singapore and Dubai, it is expected that stronger synergies will emerge with RWA products such as U.S. Treasury bonds and private credit in the future.
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I. Market Overview
The overall market capitalization and number of holders of gold tokens experienced slight growth within 7 days, but the total transfer transaction volume and active address count saw a significant decline. The leading tokens Tether Gold and Paxos Gold exhibited slight positive changes in price and market cap, with some tokens maintaining stable prices. VNXGold is the only token that saw declines in both price and market cap. The Ethereum network dominates the gold token sector, while other networks are significantly smaller. Some tokens support multi-network issuance, while most are issued solely on a single network.
II. News Highlights
1️⃣ Precious metals TOP 1 holders collectively short, silver shorts yield over a million
2️⃣ Middle East conflict drives institutional funds back to the crypto market, BTC outperforms gold (March 9)
3️⃣ High volatility in gold/silver drives growth in contracts like http://Gate.io
4️⃣ Crude oil trading varieties on Hyperliquid show significant premiums compared to traditional markets, as investors bet on a surge when the traditional market opens on Monday.
III. Summary
Gold RWA demonstrates strong growth resilience, with market capitalization stable at high levels. The market is dominated by Tether Gold (XAUT) and Paxos Gold (PAXG), which together hold over 70% market share. On-chain data shows that Ethereum is the main carrying chain for this asset class, with a share as high as 97.4%. Geopolitical uncertainty and institutional risk aversion are the main drivers for the migration of physical gold to blockchain tokenization. Compared to the high volatility of cryptocurrencies, the attributes of gold RWA as a 'stable yield' asset are increasingly prominent. Market sentiment remains optimistic, and with the regulatory improvements in tokenization hubs like Singapore and Dubai, it is expected that stronger synergies will emerge with RWA products such as U.S. Treasury bonds and private credit in the future.
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Research on the Safety Margin of Stablecoins: A Three-Dimensional Penetration of Assets, Information, and Redemption Mechanisms (Middle Part)
Introduction
In the first part of the series report, we analyzed the 'gold content' of stablecoin reserves and their liquidity hard line from a physical perspective through in-depth penetration of the asset side. We clarified that a quality underlying asset composition and strict duration management are the cornerstones of resisting runs. However, the quality of assets is only one aspect of the safety margin; if information cannot reach the market in a real, continuous, and penetrating manner, even high-quality assets may be locked into a trust-deficient 'black box.'
Therefore, in this article (the middle part), our focus will shift from the assets themselves to the 'physical' evolution of information. We will examine how information disclosure has leapfrogged from lagging 'snapshot verification' to technology-driven 'real-time validation,' and discuss how differences in disclosure granularity have evolved into key signals for identifying potential risks under regulatory pressure.
In the first part of the series report, we analyzed the 'gold content' of stablecoin reserves and their liquidity hard line from a physical perspective through in-depth penetration of the asset side. We clarified that a quality underlying asset composition and strict duration management are the cornerstones of resisting runs. However, the quality of assets is only one aspect of the safety margin; if information cannot reach the market in a real, continuous, and penetrating manner, even high-quality assets may be locked into a trust-deficient 'black box.'
Therefore, in this article (the middle part), our focus will shift from the assets themselves to the 'physical' evolution of information. We will examine how information disclosure has leapfrogged from lagging 'snapshot verification' to technology-driven 'real-time validation,' and discuss how differences in disclosure granularity have evolved into key signals for identifying potential risks under regulatory pressure.
See translation
#CoinFound 股票代币化市场周报（3.04-3.11）：市值稳步上升，股票与商品代币化加速向主流金融轨道靠拢
一：市场情况
整体市场市值较上周微增，转账量下降，活跃地址数下降，持有人数增加，显示出市场参与者增加但交易活跃度有所冷却，多链格局稳固，Solana和BNB Chain在新兴资产和持有者增长上表现突出，部分资产NAV（净资产价值）与市值背离，流动性碎片化和价格发现仍在完善中，无重大崩盘事件，焦点在于机构产品（如CLO ETF）和主流股票代币的合规模块化扩张。
二：市场动态回顾
1️⃣纳斯达克宣布推出“发行人主导”的股票代币化设计
2️⃣阿布扎比 FSRA 批准 Ondo 代币化股票在币安 MTF 进行合规交易
3️⃣Ondo Finance 宣布其代币化美债及股票资产深度集成 Solana 生态
4️⃣Nasdaq与Kraken合作推进代币化股票基础设施
三：总结
面对地缘政治冲突与传统市场波动，资金通过黄金 RWA 和稳定币寻求链上避险的趋势愈发明显，稳定币年化交易量直逼信用卡网络，美债及高评级 CLO 基金的代币化产品正加速进入企业级资产配置视野，随着美国《CLARITY 法案》争议升级及欧盟 MiCA 进入实操，合规性已成为决定平台及币种生命线的核心变量。
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一：市场情况
整体市场市值较上周微增，转账量下降，活跃地址数下降，持有人数增加，显示出市场参与者增加但交易活跃度有所冷却，多链格局稳固，Solana和BNB Chain在新兴资产和持有者增长上表现突出，部分资产NAV（净资产价值）与市值背离，流动性碎片化和价格发现仍在完善中，无重大崩盘事件，焦点在于机构产品（如CLO ETF）和主流股票代币的合规模块化扩张。
二：市场动态回顾
1️⃣纳斯达克宣布推出“发行人主导”的股票代币化设计
2️⃣阿布扎比 FSRA 批准 Ondo 代币化股票在币安 MTF 进行合规交易
3️⃣Ondo Finance 宣布其代币化美债及股票资产深度集成 Solana 生态
4️⃣Nasdaq与Kraken合作推进代币化股票基础设施
三：总结
面对地缘政治冲突与传统市场波动，资金通过黄金 RWA 和稳定币寻求链上避险的趋势愈发明显，稳定币年化交易量直逼信用卡网络，美债及高评级 CLO 基金的代币化产品正加速进入企业级资产配置视野，随着美国《CLARITY 法案》争议升级及欧盟 MiCA 进入实操，合规性已成为决定平台及币种生命线的核心变量。
查看完整图表与数据
关注我们，了解最准确的市场动向
X：https://x.com/CoinfoundGroup
访问网站：https://coinfound.org
The market value of stablecoins has surpassed 320 billion US dollars, but the 1:1 promise often turns out to be just a paper number in the face of crisis?
This is not just a reserve race, but a stress test of liquidity resilience:
• Monetization slope: Top issuers have compressed WAM to the physical limit of 20 days, establishing a hard defense line for instant redemptions.
• Bankruptcy isolation: Asset ownership must be completely separated from operating funds, entering bank-level custody protection.
• Redemption bandwidth: The smoothness of arbitrage paths in the primary market determines the true anchoring in the secondary market.
• The real watershed is not in nominal scale, but in the "monetization pulse" of underlying assets.
#CoinFound latest research: "Research on the Safety Margin of Stablecoins: A Three-Dimensional Penetration of Assets, Information, and Redemption Mechanisms (Part 1)"
Full content👇
https://x.com/CoinfoundGroup/status/2031557832127172980
This is not just a reserve race, but a stress test of liquidity resilience:
• Monetization slope: Top issuers have compressed WAM to the physical limit of 20 days, establishing a hard defense line for instant redemptions.
• Bankruptcy isolation: Asset ownership must be completely separated from operating funds, entering bank-level custody protection.
• Redemption bandwidth: The smoothness of arbitrage paths in the primary market determines the true anchoring in the secondary market.
• The real watershed is not in nominal scale, but in the "monetization pulse" of underlying assets.
#CoinFound latest research: "Research on the Safety Margin of Stablecoins: A Three-Dimensional Penetration of Assets, Information, and Redemption Mechanisms (Part 1)"
Full content👇
https://x.com/CoinfoundGroup/status/2031557832127172980
Research on the Safety Margin of Stablecoins: A Three-Dimensional Penetration of Assets, Information, and Redemption Mechanisms (Part One)
Takeaways
1. Transitioning from 'adequate collateral' to 'liquidity resilience': The dimensions for assessing stablecoin assets in 2026 have evolved from total distribution to liquidity slope. Top issuers are driving down the weighted average maturity (WAM) to a physical limit of less than 20 days, which forms the only hard line of defense against instantaneous redemptions.
2. The 'physical' constraints of auditing and signal capture: Annual audits, monthly attestations, and real-time PoR form a verification closed loop, with the focus of information games shifting to the subtle temperature differences between 'public reports' and 'regulatory penetration reports'. This difference in disclosure granularity often serves as the first logical pivot for identifying potential compliance risks.
1. Transitioning from 'adequate collateral' to 'liquidity resilience': The dimensions for assessing stablecoin assets in 2026 have evolved from total distribution to liquidity slope. Top issuers are driving down the weighted average maturity (WAM) to a physical limit of less than 20 days, which forms the only hard line of defense against instantaneous redemptions.
2. The 'physical' constraints of auditing and signal capture: Annual audits, monthly attestations, and real-time PoR form a verification closed loop, with the focus of information games shifting to the subtle temperature differences between 'public reports' and 'regulatory penetration reports'. This difference in disclosure granularity often serves as the first logical pivot for identifying potential compliance risks.
#CoinFound Cryptocurrency Concept Stocks Weekly Report (3.03-3.10): Resilience of Sectors and Institutional Fund Inflow Amid Macro Fluctuations
I: Market Situation
The capital market shows a clear industry dominance, with the stocks held in cash primarily consisting of absolute mainstream currencies like BTC and ETH. The underlying logic of the market is undergoing systematic changes. Although there have been interludes of “overnight fluctuations in the cryptocurrency market,” Bitcoin's subsequent rebound directly boosted the overall rise of U.S. stocks related to cryptocurrency concepts, demonstrating a strong price transmission effect of the spot market on related stocks.
II: Market Dynamics Review
1️⃣ Strategy (MSTR) raised $1.3 billion to purchase 17,994 Bitcoins again.
2️⃣ Coinbase launched 24/5 stock and ETF trading functions.
3️⃣ Bitcoin spot ETF ends 5 months of silence, recording continuous net inflow.
4️⃣ Meta advances stablecoin integration, and Stripe is rumored to acquire PayPal.
III: Summary
From March 3, 2026, to March 10, 2026, the cryptocurrency concept stock market showed a cautious rebound overall, influenced by fluctuations in the cryptocurrency market, geopolitical tensions (such as conflicts in the Middle East), and inflows of institutional funds. Although Bitcoin (BTC) price briefly touched $74,000 before retreating to the $68,000-$72,000 range from about $68,000, causing increased market volatility, blockchain-related stocks outperformed the broader market. Despite some stocks facing pressure, the cryptocurrency concept stocks showed resilience, supported by institutional demand that bolstered the rebound. Market focus gradually shifted to emerging narratives such as AI infrastructure and stablecoin integration.
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I: Market Situation
The capital market shows a clear industry dominance, with the stocks held in cash primarily consisting of absolute mainstream currencies like BTC and ETH. The underlying logic of the market is undergoing systematic changes. Although there have been interludes of “overnight fluctuations in the cryptocurrency market,” Bitcoin's subsequent rebound directly boosted the overall rise of U.S. stocks related to cryptocurrency concepts, demonstrating a strong price transmission effect of the spot market on related stocks.
II: Market Dynamics Review
1️⃣ Strategy (MSTR) raised $1.3 billion to purchase 17,994 Bitcoins again.
2️⃣ Coinbase launched 24/5 stock and ETF trading functions.
3️⃣ Bitcoin spot ETF ends 5 months of silence, recording continuous net inflow.
4️⃣ Meta advances stablecoin integration, and Stripe is rumored to acquire PayPal.
III: Summary
From March 3, 2026, to March 10, 2026, the cryptocurrency concept stock market showed a cautious rebound overall, influenced by fluctuations in the cryptocurrency market, geopolitical tensions (such as conflicts in the Middle East), and inflows of institutional funds. Although Bitcoin (BTC) price briefly touched $74,000 before retreating to the $68,000-$72,000 range from about $68,000, causing increased market volatility, blockchain-related stocks outperformed the broader market. Despite some stocks facing pressure, the cryptocurrency concept stocks showed resilience, supported by institutional demand that bolstered the rebound. Market focus gradually shifted to emerging narratives such as AI infrastructure and stablecoin integration.
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Hong Kong Stablecoin License Eve: Institutional Breakthrough and Panorama Scan under Global Changes
Takeaways：
1. Institutional Orientation: High entry barriers establish a new compliance paradigm. The upcoming licenses are not simply about access, but represent a fundamental restructuring of the stablecoin ecosystem. Through 100% high-quality asset reserves, T+1 rigid redemptions, and penetrating AML regulations, Hong Kong has effectively ended the gray growth model of early digital assets at the institutional level. This extreme prudence is not only to prevent risks but also to select true 'long-term players' with genuine financial depth through extremely high compliance thresholds.
2. The pragmatic path selection under the global currency game. In the dual macro environment where the United States (GENIUS Act) strengthens the digital status of the dollar and the mainland strictly controls cross-border risks, Hong Kong has abandoned aggressive policy testing and instead precisely anchors the Hong Kong dollar to compliant assets in US dollars. This transformation of 'moving towards substance and avoiding emptiness' is essentially a pragmatic path that Hong Kong has found to ensure currency pricing power and settlement dominance amidst complex regional financial security and its own pegged exchange rate system.
1. Institutional Orientation: High entry barriers establish a new compliance paradigm. The upcoming licenses are not simply about access, but represent a fundamental restructuring of the stablecoin ecosystem. Through 100% high-quality asset reserves, T+1 rigid redemptions, and penetrating AML regulations, Hong Kong has effectively ended the gray growth model of early digital assets at the institutional level. This extreme prudence is not only to prevent risks but also to select true 'long-term players' with genuine financial depth through extremely high compliance thresholds.
2. The pragmatic path selection under the global currency game. In the dual macro environment where the United States (GENIUS Act) strengthens the digital status of the dollar and the mainland strictly controls cross-border risks, Hong Kong has abandoned aggressive policy testing and instead precisely anchors the Hong Kong dollar to compliant assets in US dollars. This transformation of 'moving towards substance and avoiding emptiness' is essentially a pragmatic path that Hong Kong has found to ensure currency pricing power and settlement dominance amidst complex regional financial security and its own pegged exchange rate system.
The Hong Kong stablecoin license is about to be established, but the real competition has just begun.
This is not a simple "license race," but a reconstruction of financial infrastructure:
• 100% reserve + licensed issuance → Stablecoins entering bank-level regulation
• HKD/USD anchored assets → Locking in the global settlement network
• Cross-border payments + corporate treasury + RWA → Stablecoins transforming from trading tools to financial infrastructure
The true watershed is not who gets the license first,
but who can bring stablecoins into real business scenarios.
#CoinFound latest research:
"The Eve of the Hong Kong Stablecoin License: Institutional Breakthroughs and Panorama Scans under Global Changes"
Full content👇
https://x.com/coinfoundgroup/status/2030971340539249129?s=46&t=uejYSy-TCLVextOnSjspmg
This is not a simple "license race," but a reconstruction of financial infrastructure:
• 100% reserve + licensed issuance → Stablecoins entering bank-level regulation
• HKD/USD anchored assets → Locking in the global settlement network
• Cross-border payments + corporate treasury + RWA → Stablecoins transforming from trading tools to financial infrastructure
The true watershed is not who gets the license first,
but who can bring stablecoins into real business scenarios.
#CoinFound latest research:
"The Eve of the Hong Kong Stablecoin License: Institutional Breakthroughs and Panorama Scans under Global Changes"
Full content👇
https://x.com/coinfoundgroup/status/2030971340539249129?s=46&t=uejYSy-TCLVextOnSjspmg
#CoinFound Stablecoin Weekly Report (3.02-3.09): Total market capitalization slightly increased to $323.1 billion, the market enters a period of structural optimization
CoinFound Stablecoin Weekly Report: A review of noteworthy information from the past week in the cryptocurrency sector.
(1) Stablecoin Supply
Ethereum: 180.3B
Tron: 86.2B
Solana: 14.0B
Arbitrum One: 6.4B
Base: 4.5B
BNB Chain: 3.9B
Avalanche: 1.6B
Aptos: 1.2B
TON: 763.8M
Polygon: 718.9M
(2) Market Dynamics Review
1️⃣ Florida legislature passes the first state-level stablecoin regulatory framework in the U.S., awaiting the governor's signature to take effect
2️⃣ Controversy over the CLARITY Act intensifies: White House cryptocurrency officials rebut concerns that stablecoin rewards would lead to bank deposit outflows
3️⃣ The UK's Financial Conduct Authority launches a stablecoin investigation, with a deadline for submitting opinions set for March 11
4️⃣ Russia plans to legislate stablecoin regulation separately, potentially effective as early as July
5️⃣ Hong Kong NPC representative: Caution is needed in developing stablecoins and other emerging financial products
(3) Summary
This week, the stablecoin market exhibited the core characteristics of “slowed expansion and deep structural optimization.” Market funds are transitioning from simple trading flows to a composite demand of “holding + scenario usage + revenue integration,” with the market maintaining a mild recovery, mainly driven by USDC and PYUSD contributions, and the scale of payment infrastructure approaching that of global mainstream credit card networks, while regulatory actions around the world also intensified this week.
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CoinFound Stablecoin Weekly Report: A review of noteworthy information from the past week in the cryptocurrency sector.
(1) Stablecoin Supply
Ethereum: 180.3B
Tron: 86.2B
Solana: 14.0B
Arbitrum One: 6.4B
Base: 4.5B
BNB Chain: 3.9B
Avalanche: 1.6B
Aptos: 1.2B
TON: 763.8M
Polygon: 718.9M
(2) Market Dynamics Review
1️⃣ Florida legislature passes the first state-level stablecoin regulatory framework in the U.S., awaiting the governor's signature to take effect
2️⃣ Controversy over the CLARITY Act intensifies: White House cryptocurrency officials rebut concerns that stablecoin rewards would lead to bank deposit outflows
3️⃣ The UK's Financial Conduct Authority launches a stablecoin investigation, with a deadline for submitting opinions set for March 11
4️⃣ Russia plans to legislate stablecoin regulation separately, potentially effective as early as July
5️⃣ Hong Kong NPC representative: Caution is needed in developing stablecoins and other emerging financial products
(3) Summary
This week, the stablecoin market exhibited the core characteristics of “slowed expansion and deep structural optimization.” Market funds are transitioning from simple trading flows to a composite demand of “holding + scenario usage + revenue integration,” with the market maintaining a mild recovery, mainly driven by USDC and PYUSD contributions, and the scale of payment infrastructure approaching that of global mainstream credit card networks, while regulatory actions around the world also intensified this week.
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Stablecoins have crossed a critical watershed.
As of early 2026, the total market capitalization of global stablecoins has surpassed $320B, with annual on-chain settlement volume exceeding the combined total of Visa and PayPal, evolving from a cryptocurrency trading medium to a global digital payment and settlement infrastructure.
Regulatory frameworks are also converging simultaneously:
🇺🇸 U.S. GENIUS Act + OCC implementation rules
🇪🇺 EU MiCA fully enforced
🇭🇰 Hong Kong stablecoin licenses officially launched
A global regulatory consensus is gradually becoming clear:
1:1 full reserves + licensed issuance + independent audit + redeemable at any time
This means that the stablecoin sector has entered an institutional competition phase.
In the new market structure:
• Fiat-backed stablecoins still account for over 85% market share
• Yield-bearing stablecoins have become the fastest-growing new asset class
• Stablecoins are becoming the core settlement layer between RWA and TradFi × DeFi
Complete research and data charts
🔗 从野蛮生长到三足鼎立：2026 全球稳定币监管与市场全景解析
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As of early 2026, the total market capitalization of global stablecoins has surpassed $320B, with annual on-chain settlement volume exceeding the combined total of Visa and PayPal, evolving from a cryptocurrency trading medium to a global digital payment and settlement infrastructure.
Regulatory frameworks are also converging simultaneously:
🇺🇸 U.S. GENIUS Act + OCC implementation rules
🇪🇺 EU MiCA fully enforced
🇭🇰 Hong Kong stablecoin licenses officially launched
A global regulatory consensus is gradually becoming clear:
1:1 full reserves + licensed issuance + independent audit + redeemable at any time
This means that the stablecoin sector has entered an institutional competition phase.
In the new market structure:
• Fiat-backed stablecoins still account for over 85% market share
• Yield-bearing stablecoins have become the fastest-growing new asset class
• Stablecoins are becoming the core settlement layer between RWA and TradFi × DeFi
Complete research and data charts
🔗 从野蛮生长到三足鼎立：2026 全球稳定币监管与市场全景解析
CoinFound official website
For more RWA / stablecoin / on-chain asset data dashboards and research content, please visit:
https://app.coinfound.org/zh/rwa/dashboard
From Wild Growth to Tripod Balance: 2026 Global Stablecoin Regulation and Market Overview
Introduction
We have crossed a hidden financial watershed.
As of early March 2026, the global market capitalization of stablecoins has exceeded 32 billion USD, firmly occupying about 13% to 15% of the core share in the entire crypto asset market. This scale not only marks a substantial foundational accumulation of the fiat value anchoring of digital assets but also signifies that its underlying circulation mechanism is reconstructing the global payment and settlement landscape.
Source: CoinFound
From the cross-comparison of on-chain activity and macro-clearing data, the current annualized nominal clearing scale of stablecoins has objectively surpassed the combined annual processing volume of traditional payment giants like Visa and PayPal, becoming the most efficient digital infrastructure for capital circulation globally.
We have crossed a hidden financial watershed.
As of early March 2026, the global market capitalization of stablecoins has exceeded 32 billion USD, firmly occupying about 13% to 15% of the core share in the entire crypto asset market. This scale not only marks a substantial foundational accumulation of the fiat value anchoring of digital assets but also signifies that its underlying circulation mechanism is reconstructing the global payment and settlement landscape.
Source: CoinFound
From the cross-comparison of on-chain activity and macro-clearing data, the current annualized nominal clearing scale of stablecoins has objectively surpassed the combined annual processing volume of traditional payment giants like Visa and PayPal, becoming the most efficient digital infrastructure for capital circulation globally.
#CoinFound Stock Tokenization Market Weekly Report (2.25-3.04): Institutional Adoption Continues, Trading Activity Experiences Temporary Decline
I: Market Situation
The market capitalization of the stock tokenization market rose by 4.76% this week, reaching $1.81 billion, but at the same time, the transfer volume plummeted by 36.05% to $617 million; this phenomenon of “market cap rising, trading falling” indicates that market participants are more inclined to “buy and hold (HODL)” quality tokenized assets under the current macro uncertainty, rather than engaging in high-frequency arbitrage or speculative selling.
II: Market Dynamics Review
1️⃣ On February 28, due to the escalation of geopolitical conflict between the United States and Iran, the market experienced a broad decline, with Bitcoin dropping below $65,000.
2️⃣ Circle (CRCL) surged 14.2% in pre-market trading after releasing its annual report, driving its tokenized stock CRCLon to spike 56.13% in a single week.
3️⃣ Resolv partnered with Centrifuge to integrate the JAAA fund into the revenue framework.
4️⃣ The Ink platform officially launched its tokenized stock services provided by xStocks.
III: Summary
The stock tokenization sector demonstrates strong institutional adoption momentum and signs of mature infrastructure. The overall sector is accelerating its transition from the experimental phase to a scalable and tradable global financial track. Although the overall sentiment in the crypto market is cautious, active participation in terms of active addresses is evident, with significant institutional push. While there remains risk from regulatory uncertainty and traditional market volatility spillover, the overall trend remains clear, with more growth expected by 2026.
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I: Market Situation
The market capitalization of the stock tokenization market rose by 4.76% this week, reaching $1.81 billion, but at the same time, the transfer volume plummeted by 36.05% to $617 million; this phenomenon of “market cap rising, trading falling” indicates that market participants are more inclined to “buy and hold (HODL)” quality tokenized assets under the current macro uncertainty, rather than engaging in high-frequency arbitrage or speculative selling.
II: Market Dynamics Review
1️⃣ On February 28, due to the escalation of geopolitical conflict between the United States and Iran, the market experienced a broad decline, with Bitcoin dropping below $65,000.
2️⃣ Circle (CRCL) surged 14.2% in pre-market trading after releasing its annual report, driving its tokenized stock CRCLon to spike 56.13% in a single week.
3️⃣ Resolv partnered with Centrifuge to integrate the JAAA fund into the revenue framework.
4️⃣ The Ink platform officially launched its tokenized stock services provided by xStocks.
III: Summary
The stock tokenization sector demonstrates strong institutional adoption momentum and signs of mature infrastructure. The overall sector is accelerating its transition from the experimental phase to a scalable and tradable global financial track. Although the overall sentiment in the crypto market is cautious, active participation in terms of active addresses is evident, with significant institutional push. While there remains risk from regulatory uncertainty and traditional market volatility spillover, the overall trend remains clear, with more growth expected by 2026.
Follow us to stay updated on the most accurate market trends
X: https://x.com/CoinfoundGroup
Visit our website: https://coinfound.org
Securitize is turning RWA Tokenization into an 'institutional-grade infrastructure', not creating a new protocol, but connecting the compliance issuance + Transfer Agent + secondary market access link.
From #CoinFound monitoring data:
Distributed asset scale $3.21B+｜RWA assets 21｜Holders 1,786｜Monthly on-chain transfers $232.33M
Key capabilities: Tokenization Infrastructure, Digital Securities Platform, institutional fund on-chain, secondary market access
Conclusion: Securitize resembles the 'issuance layer entrance' of Wall Street entering the chain, with its competitiveness stemming from compliance thresholds, full lifecycle asset management, and depth of institutional cooperation, rather than the TVL narrative.
More platform data and RWA track tracking:
👉https://coinfound.org
From #CoinFound monitoring data:
Distributed asset scale $3.21B+｜RWA assets 21｜Holders 1,786｜Monthly on-chain transfers $232.33M
Key capabilities: Tokenization Infrastructure, Digital Securities Platform, institutional fund on-chain, secondary market access
Conclusion: Securitize resembles the 'issuance layer entrance' of Wall Street entering the chain, with its competitiveness stemming from compliance thresholds, full lifecycle asset management, and depth of institutional cooperation, rather than the TVL narrative.
More platform data and RWA track tracking:
👉https://coinfound.org
From the Terra old case to the so-called '10am Dump',
this controversy is essentially not a manipulation by a single institution.
Rather, it is the structural friction that arises after TradFi ETF infrastructure enters Crypto.
When the AP mechanism, Delta hedging, and physical redemption enter the BTC market,
on-chain transparent logic vs off-chain black box execution,
the cognitive disconnection is infinitely amplified.
📌 Price volatility ≠ manipulation
📌 13F holdings ≠ directional bets
📌 Phenomena exist ≠ evidence closure
The real question is:
Under the structure of 'high leverage + multi-market hedging + disclosure lag',
how can the market establish an auditable price explanation framework?
Complete in-depth analysis has been published
👇
从 Terra 到比特币：一桩旧案如何引爆“10am Dump”与 ETF 操纵论
#JaneStreet10点抛售
this controversy is essentially not a manipulation by a single institution.
Rather, it is the structural friction that arises after TradFi ETF infrastructure enters Crypto.
When the AP mechanism, Delta hedging, and physical redemption enter the BTC market,
on-chain transparent logic vs off-chain black box execution,
the cognitive disconnection is infinitely amplified.
📌 Price volatility ≠ manipulation
📌 13F holdings ≠ directional bets
📌 Phenomena exist ≠ evidence closure
The real question is:
Under the structure of 'high leverage + multi-market hedging + disclosure lag',
how can the market establish an auditable price explanation framework?
Complete in-depth analysis has been published
👇
从 Terra 到比特币：一桩旧案如何引爆“10am Dump”与 ETF 操纵论
#JaneStreet10点抛售
From Terra to Bitcoin: How an Old Case Ignited the '10am Dump' and ETF Manipulation Theory
Introduction: The old Terra case is reintroduced, why Jane Street has become the new villain in crypto.
In February 2026, a lawsuit from the Southern District of New York Federal Court reopened old matters that had been sealed in the crypto market for three years.
Once, the collapse of Terra in 2022 was characterized as a mechanism disaster of algorithmic stability. Now, the lawyers of the clearing party have reconstructed the narrative with a document: it was not an accident, but a meticulously calculated heist, where someone, armed with private insider information, made a precise run ahead in the critical minutes before the collapse, turning a systemic crash into hedging profits on the ledgers of a few individuals.
In February 2026, a lawsuit from the Southern District of New York Federal Court reopened old matters that had been sealed in the crypto market for three years.
Once, the collapse of Terra in 2022 was characterized as a mechanism disaster of algorithmic stability. Now, the lawyers of the clearing party have reconstructed the narrative with a document: it was not an accident, but a meticulously calculated heist, where someone, armed with private insider information, made a precise run ahead in the critical minutes before the collapse, turning a systemic crash into hedging profits on the ledgers of a few individuals.
The United States promotes asset tokenization, not to 'go on-chain',
but to integrate global liquidity into the U.S. dollar system.
The expansion of stablecoins increases the distribution radius of the dollar,
and securities going on-chain enlarge the pool of buyers in the U.S. capital market.
This is a structural reconstruction of liquidity.
Learn the logic behind it through #CoinFound
👉https://app.coinfound.org/zh/crypto-stocks/overview
#RWA #Tokenization
but to integrate global liquidity into the U.S. dollar system.
The expansion of stablecoins increases the distribution radius of the dollar,
and securities going on-chain enlarge the pool of buyers in the U.S. capital market.
This is a structural reconstruction of liquidity.
Learn the logic behind it through #CoinFound
👉https://app.coinfound.org/zh/crypto-stocks/overview
#RWA #Tokenization
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