In 2025, the integration of stablecoins and real-world assets (RWA) is reshaping the global financial landscape.

Stablecoins, which are cryptocurrencies pegged to fiat currencies or other assets, have become the "on-chain cash" of the crypto market due to their price stability and blockchain compatibility. With a total market cap exceeding $246.3 billion and accounting for 7.04% of the crypto market, stablecoins are playing a crucial role.

Meanwhile, RWA (real-world asset tokenization) leverages blockchain technology to tokenize physical assets such as real estate, bonds, and new energy infrastructure, endowing them with liquidity and programmability. The global on-chain RWA asset scale has surpassed $22 billion.

The combination of stablecoins and RWA not only addresses liquidity issues in traditional financial markets but also paves new pathways in areas such as cross-border payments and green finance.

The implementation of Hong Kong's Stable Coin Ordinance in May 2025 and the advancement of the US Stable Coin National Innovation Act mark the accelerated improvement of regulatory frameworks, smoothing the way for the compliant development of stablecoins and RWA.

Under this trend, stablecoins not only provide a stable pricing tool for RWA transactions but also drive the scaling of asset tokenization from the experimental phase to widespread application through instant settlement and global circulation capabilities.

From the new energy charging pile RWA financing by Langxin Group to BlackRock's Treasury tokenization, market practices have proven the key role of stablecoins in the RWA ecosystem.

In the future, with the deep integration of AI and blockchain technology, this synergistic effect will further unleash the digital potential of trillion-level physical assets and reshape the global financial infrastructure.

How Stablecoins Empower the RWA Market

Stablecoins serve as key infrastructure in the RWA (real-world asset) ecosystem, driving the scaled application of tokenized assets through three core functions: price anchoring, liquidity support, and cross-border settlement.

Price Stability and Medium of Exchange

Stablecoins like USDC and USDT, which are pegged 1:1 to fiat currencies, become ideal pricing units for RWA transactions, effectively mitigating the risks associated with cryptocurrency price volatility.

For example, Hong Kong's Stable Coin Ordinance requires stablecoins pegged to the Hong Kong dollar to be fully backed by reserve assets, ensuring their stability as a settlement tool for RWA.

In the new energy sector, the charging pile RWA project by Langxin Group and Ant Blockchain (financed with 100 million yuan) adopts stablecoin settlement, enabling investors to measure asset returns in stable value.

Enhancing Market Liquidity

The high liquidity of stablecoins significantly reduces transaction friction in RWA assets.

BlackRock's $1.7 billion Treasury tokenization project relies on stablecoins for on-chain settlement, enabling instant trading of traditionally illiquid assets such as bonds and real estate.

Hong Kong's Ensemble sandbox project further validates the seamless settlement capabilities of stablecoins in RWA transactions, facilitating the circulation of tokenized assets among banks.

Cross-Border Payments and Financial Inclusion

Stablecoins break through the limitations of the traditional SWIFT system, offering low-cost, efficient cross-border payment solutions for the RWA market.

Ant Blockchain's new energy RWA project connects international capital through stablecoins, while Dubai's $3 billion real estate tokenization also relies on stablecoins for global investor settlements.

Hong Kong's compliant stablecoin framework (such as the Hong Kong dollar stablecoin) further reinforces this trend, promoting the global allocation of RWA in areas like supply chain finance and green assets.

In summary, stablecoins are evolving from "on-chain cash" to the core settlement layer of the RWA market. Their compliance and technological innovation will continue to unleash the digital liquidity potential of physical assets.

Global Policy and Market Dynamics in 2025

2025 marks a pivotal year for the stablecoin and RWA markets, with regulatory frameworks and innovative pilots emerging in Hong Kong, the US, and the Middle East.

The Demonstrative Effect of Hong Kong's Stable Coin Ordinance

In May 2025, Hong Kong's Legislative Council formally passed the Stable Coin Bill, becoming the world's first comprehensive regulatory regime for Hong Kong dollar-pegged stablecoins.

The ordinance requires issuers to hold HK$25 million in paid-up capital and ensures that stablecoins are 100% backed by reserve assets, with a market value not less than the face value in circulation.

This policy not only enhances Hong Kong's competitiveness as a digital asset hub but also directly boosts the RWA market. For example, the new energy charging pile RWA project by Langxin Group (financed with 100 million yuan) and the photovoltaic RWA tokenization by GCL Energy (200 million yuan) both rely on compliant stablecoins for on-chain settlement.

The Hong Kong Monetary Authority's Ensemble sandbox project further validates the feasibility of stablecoins in RWA transactions and settlements, attracting institutions such as Standard Chartered Bank and Animoca Brands to explore automated clearing of tokenized bonds and trade finance.

US Stablecoin Legislation and Institutional Entry

In May 2025, the US Senate passed the procedural vote for the Stable Coin National Innovation Act, establishing federal regulatory standards for stablecoin issuance and accelerating the layout of traditional financial institutions.

BlackRock's $1.7 billion Treasury tokenization project (BUIDL) has been deployed on the Solana chain, becoming a benchmark case for institutional RWA.

Meanwhile, Goldman Sachs and JPMorgan are actively piloting digital bonds, promoting the integration of RWA and stablecoins within the traditional financial system.

RWA Practices in the Middle East and Europe

Dubai's $3 billion real estate tokenization project adopts stablecoin settlement, allowing international investors to participate in cross-border asset allocation with low barriers.

In Europe, Siemens issued €60 million in on-chain digital bonds, while HSBC launched a gold tokenization product, enhancing the diversity of stablecoin asset reserves.

Technical Integration and Regulatory Challenges

The combination of AI and blockchain is optimizing RWA valuation and clearance efficiency. For example, smart contracts can automatically execute rent distribution or bond interest payments.

However, regulatory coordination remains key. Differences between Hong Kong's "value-anchored regulation" and the EU's functional regulation under MiCA may impact global stablecoin liquidity and RWA interoperability.

Moreover, transparency issues with USDT and potential market manipulation risks highlight the need for a balance between innovation and compliance.

Policy Breakthroughs and Market Practices at This Stage Mark the Key Transition of Stablecoins and RWA from Experimental Innovation to Mainstream Financial Infrastructure

Future Trends and Challenges: The Convergence Prospects of Stablecoins and RWA

In 2025, the integration of stablecoins and RWA has entered a critical development stage, yet it still faces multiple challenges in technology, regulation, and the market.

1. Technological Integration: AI and Blockchain Optimizing RWA Efficiency

The combination of smart contracts and artificial intelligence is driving the automated management of RWA.

For instance, AI-driven valuation models can adjust the pricing of tokenized assets in real-time, while smart contracts automate processes such as bond interest payments and rent distribution, reducing human intervention.

Hong Kong's Ensemble sandbox project has tested such technologies, enhancing the clearing efficiency of institutional RWA.

In addition, Layer 2 solutions like Polygon and Arbitrum further reduce stablecoin transaction costs, making them suitable for high-frequency RWA settlements.

2. Regulatory Coordination: Global Frameworks Still Need Unification

Hong Kong's Stable Coin Ordinance requires 100% reserve asset backing, while the EU's MiCA Act emphasizes functional regulation. Such differences may impact the interoperability of cross-border RWA.

Although the US GENIUS Act has passed procedural votes, it has not yet established a unified standard, leading to compliance uncertainties for institutional participation in RWA.

In the future, international organizations such as the IMF and BIS may intervene to coordinate and avoid regulatory arbitrage.

3. Market Risks: Transparency and Liquidity Challenges

Despite USDT's 62% market share in stablecoins, its reserve transparency is still questioned, which may affect the trust in the RWA market.

Moreover, the liquidity of RWA is highly dependent on stablecoins. If a market run occurs (such as the 2023 Silicon Valley Bank incident affecting USDC), it may trigger systemic risks.

4. Long-Term Outlook: Stablecoins as the Core Settlement Layer for RWA

With institutions like BlackRock and Goldman Sachs accelerating their layouts, stablecoins are poised to become the "on-chain cash" for tokenized assets, playing a key role in cross-border trade (such as Russian oil settlements) and green finance (such as new energy RWA).

If regulatory and technological barriers are broken through, the RWA market size is expected to reach $16 trillion by 2030, and stablecoins will become an indispensable infrastructure for it.

Conclusion: Stablecoins and RWA Jointly Construct the Future Financial Infrastructure

In 2025, the integration of stablecoins and real-world assets (RWA) has transitioned from proof of concept to scaled application, becoming a core driver of the global financial system's digital transformation.

Stablecoins, with their price stability, high liquidity, and cross-border settlement efficiency, provide a key medium of exchange and settlement tool for the RWA.

In 2025, the integration of stablecoins and real-world assets (RWA) is reshaping the global financial landscape.

Stablecoins, which are cryptocurrencies pegged to fiat currencies or other assets, have become the "on-chain cash" of the crypto market due to their price stability and blockchain compatibility. With a total market cap exceeding $246.3 billion and accounting for 7.04% of the crypto market, stablecoins are playing a crucial role.

Meanwhile, RWA (real-world asset tokenization) leverages blockchain technology to tokenize physical assets such as real estate, bonds, and new energy infrastructure, endowing them with liquidity and programmability. The global on-chain RWA asset scale has surpassed $22 billion.

The combination of stablecoins and RWA not only addresses liquidity issues in traditional financial markets but also paves new pathways in areas such as cross-border payments and green finance.

The implementation of Hong Kong's Stable Coin Ordinance in May 2025 and the advancement of the US Stable Coin National Innovation Act mark the accelerated improvement of regulatory frameworks, smoothing the way for the compliant development of stablecoins and RWA.

Under this trend, stablecoins not only provide a stable pricing tool for RWA transactions but also drive the scaling of asset tokenization from the experimental phase to widespread application through instant settlement and global circulation capabilities.

From the new energy charging pile RWA financing by Langxin Group to BlackRock's Treasury tokenization, market practices have proven the key role of stablecoins in the RWA ecosystem.

In the future, with the deep integration of AI and blockchain technology, this synergistic effect will further unleash the digital potential of trillion-level physical assets and reshape the global financial infrastructure.

How Stablecoins Empower the RWA Market

Stablecoins serve as key infrastructure in the RWA (real-world asset) ecosystem, driving the scaled application of tokenized assets through three core functions: price anchoring, liquidity support, and cross-border settlement.

Price Stability and Medium of Exchange

Stablecoins like USDC and USDT, which are pegged 1:1 to fiat currencies, become ideal pricing units for RWA transactions, effectively mitigating the risks associated with cryptocurrency price volatility.

For example, Hong Kong's Stable Coin Ordinance requires stablecoins pegged to the Hong Kong dollar to be fully backed by reserve assets, ensuring their stability as a settlement tool for RWA.

In the new energy sector, the charging pile RWA project by Langxin Group and Ant Blockchain (financed with 100 million yuan) adopts stablecoin settlement, enabling investors to measure asset returns in stable value.

Enhancing Market Liquidity

The high liquidity of stablecoins significantly reduces transaction friction in RWA assets.

BlackRock's $1.7 billion Treasury tokenization project relies on stablecoins for on-chain settlement, enabling instant trading of traditionally illiquid assets such as bonds and real estate.

Hong Kong's Ensemble sandbox project further validates the seamless settlement capabilities of stablecoins in RWA transactions, facilitating the circulation of tokenized assets among banks.

Cross-Border Payments and Financial Inclusion

Stablecoins break through the limitations of the traditional SWIFT system, offering low-cost, efficient cross-border payment solutions for the RWA market.

Ant Blockchain's new energy RWA project connects international capital through stablecoins, while Dubai's $3 billion real estate tokenization also relies on stablecoins for global investor settlements.

Hong Kong's compliant stablecoin framework (such as the Hong Kong dollar stablecoin) further reinforces this trend, promoting the global allocation of RWA in areas like supply chain finance and green assets.

In summary, stablecoins are evolving from "on-chain cash" to the core settlement layer of the RWA market. Their compliance and technological innovation will continue to unleash the digital liquidity potential of physical assets.

Global Policy and Market Dynamics in 2025

2025 marks a pivotal year for the stablecoin and RWA markets, with regulatory frameworks and innovative pilots emerging in Hong Kong, the US, and the Middle East.

The Demonstrative Effect of Hong Kong's Stable Coin Ordinance

In May 2025, Hong Kong's Legislative Council formally passed the Stable Coin Bill, becoming the world's first comprehensive regulatory regime for Hong Kong dollar-pegged stablecoins.

The ordinance requires issuers to hold HK$25 million in paid-up capital and ensures that stablecoins are 100% backed by reserve assets, with a market value not less than the face value in circulation.

This policy not only enhances Hong Kong's competitiveness as a digital asset hub but also directly boosts the RWA market. For example, the new energy charging pile RWA project by Langxin Group (financed with 100 million yuan) and the photovoltaic RWA tokenization by GCL Energy (200 million yuan) both rely on compliant stablecoins for on-chain settlement.

The Hong Kong Monetary Authority's Ensemble sandbox project further validates the feasibility of stablecoins in RWA transactions and settlements, attracting institutions such as Standard Chartered Bank and Animoca Brands to explore automated clearing of tokenized bonds and trade finance.

US Stablecoin Legislation and Institutional Entry

In May 2025, the US Senate passed the procedural vote for the Stable Coin National Innovation Act, establishing federal regulatory standards for stablecoin issuance and accelerating the layout of traditional financial institutions.

BlackRock's $1.7 billion Treasury tokenization project (BUIDL) has been deployed on the Solana chain, becoming a benchmark case for institutional RWA.

Meanwhile, Goldman Sachs and JPMorgan are actively piloting digital bonds, promoting the integration of RWA and stablecoins within the traditional financial system.

RWA Practices in the Middle East and Europe

Dubai's $3 billion real estate tokenization project adopts stablecoin settlement, allowing international investors to participate in cross-border asset allocation with low barriers.

In Europe, Siemens issued €60 million in on-chain digital bonds, while HSBC launched a gold tokenization product, enhancing the diversity of stablecoin asset reserves.

Technical Integration and Regulatory Challenges

The combination of AI and blockchain is optimizing RWA valuation and clearance efficiency. For example, smart contracts can automatically execute rent distribution or bond interest payments.

However, regulatory coordination remains key. Differences between Hong Kong's "value-anchored regulation" and the EU's functional regulation under MiCA may impact global stablecoin liquidity and RWA interoperability.

Moreover, transparency issues with USDT and potential market manipulation risks highlight the need for a balance between innovation and compliance.

Policy Breakthroughs and Market Practices at This Stage Mark the Key Transition of Stablecoins and RWA from Experimental Innovation to Mainstream Financial Infrastructure

Future Trends and Challenges: The Convergence Prospects of Stablecoins and RWA

In 2025, the integration of stablecoins and RWA has entered a critical development stage, yet it still faces multiple challenges in technology, regulation, and the market.

1. Technological Integration: AI and Blockchain Optimizing RWA Efficiency

The combination of smart contracts and artificial intelligence is driving the automated management of RWA.

For instance, AI-driven valuation models can adjust the pricing of tokenized assets in real-time, while smart contracts automate processes such as bond interest payments and rent distribution, reducing human intervention.

Hong Kong's Ensemble sandbox project has tested such technologies, enhancing the clearing efficiency of institutional RWA.

In addition, Layer 2 solutions like Polygon and Arbitrum further reduce stablecoin transaction costs, making them suitable for high-frequency RWA settlements.

2. Regulatory Coordination: Global Frameworks Still Need Unification

Hong Kong's Stable Coin Ordinance requires 100% reserve asset backing, while the EU's MiCA Act emphasizes functional regulation. Such differences may impact the interoperability of cross-border RWA.

Although the US GENIUS Act has passed procedural votes, it has not yet established a unified standard, leading to compliance uncertainties for institutional participation in RWA.

In the future, international organizations such as the IMF and BIS may intervene to coordinate and avoid regulatory arbitrage.

3. Market Risks: Transparency and Liquidity Challenges

Despite USDT's 62% market share in stablecoins, its reserve transparency is still questioned, which may affect the trust in the RWA market.

Moreover, the liquidity of RWA is highly dependent on stablecoins. If a market run occurs (such as the 2023 Silicon Valley Bank incident affecting USDC), it may trigger systemic risks.

4. Long-Term Outlook: Stablecoins as the Core Settlement Layer for RWA

With institutions like BlackRock and Goldman Sachs accelerating their layouts, stablecoins are poised to become the "on-chain cash" for tokenized assets, playing a key role in cross-border trade (such as Russian oil settlements) and green finance (such as new energy RWA).

If regulatory and technological barriers are broken through, the RWA market size is expected to reach $16 trillion by 2030, and stablecoins will become an indispensable infrastructure for it.

Conclusion: Stablecoins and RWA Jointly Construct the Future Financial Infrastructure

In 2025, the integration of stablecoins and real-world assets (RWA) has transitioned from proof of concept to scaled application, becoming a core driver of the global financial system's digital transformation.

Stablecoins, with their price stability, high liquidity, and cross-border settlement efficiency, provide a key medium of exchange and settlement tool for the RWA.