RWA Weekly Report | Market rebound and policy changes create opportunities for 2026

As of January 20, 2026, the RWA (Real-World Asset Tokenization) market has grown over 4% weekly. The total on-chain asset value increased from $20.81 billion to $21.66 billion, and the broad RWA market surged from $282.68 billion to $350.08 billion. An interesting point is that amidst this market growth, issues related to bypassing small payment policies are coming to the forefront. As discussions around stablecoin and DeFi regulations heat up, the movement of RWAs leveraging regulatory gaps in the existing financial framework and the policies aiming to regulate them have become key issues in 2026.

On-Chain Asset Scale Expansion, Signals of Portfolio Diversification

Over the past week, the RWA market continued its structural expansion. The number of asset holders increased from 620,073 to 637,807, and activity among market participants clearly intensified. Stablecoin holders expanded from 2.2012 billion to 2.2334 billion, and market capitalization slightly rose from $297.68 billion to $299.64 billion.

Particularly noteworthy is the reallocation phenomenon where capital shifts from low-risk assets to medium-risk assets. U.S. Treasury bonds still play an absolute central role, growing from $8.9 billion to $9.1 billion, but commodity assets increased from $3.7 billion to $4.0 billion. Notably, the public equity increased sharply by 6.87%, from $8.077 billion to $8.631 billion, indicating a moderate rise in market risk appetite.

Can Global Regulations Drive RWA Growth?

The expansion of the RWA market is intertwined with global regulatory improvements. The Hong Kong Securities and Futures Commission announced on February 25 that it will strengthen the infrastructure for virtual asset regulation through the fiscal budget, emphasizing that with the initial regulatory infrastructure in place, it is now time to transition to commercialization and application. This is also connected to the issue of bypassing small payment policies. The clearer the regulatory framework policymakers establish, the less incentive for tech innovators to exploit regulatory gaps.

Hong Kong’s Deputy Financial Secretary Wong Wai-lun explicitly stated that they will promote stablecoin development but “seek stability first, then pursue progress.” The goal to launch the central gold payment system within this year is gaining attention as a new collateral method for RWAs. Thailand’s central bank is also strengthening surveillance of USDT transactions.

U.S. Senate Intensifies Focus on Stablecoin and DeFi Policies

This week, the U.S. Senate received over 130 amendments for review of the cryptocurrency market structure bill. Major issues include rules on stablecoin yields, DeFi provisions, restrictions on crypto-related interests of public officials, and adjustments to definitions of digital asset mixers and tumblers. The Senate Banking Committee will hold a hearing on Thursday to vote on these amendments.

A heated debate surrounds the stablecoin yield provisions. Some amendments aim to remove phrases like “simply holding stablecoins” and strengthen requirements for yield disclosures and risk warnings. This is interpreted as an effort to systematically block attempts to bypass small payment policies.

Coinbase CEO Brian Armstrong stated that Stand With Crypto will evaluate Thursday’s amendment vote, which he said will test whether senators are “more aligned with bank profits or consumer rewards.” Senator Tim Scott released the full text of the 278-page bill, and with many amendments submitted by bipartisan members, the U.S. cryptocurrency legislation has entered a “sprint phase.”

What Does NYSE’s 24/7 Tokenized Trading Mean?

The New York Stock Exchange (NYSE) announced plans to launch a tokenized securities trading and on-chain settlement platform. It will support 24/7 trading of U.S. stocks and ETFs, fractional trading, stablecoin-based fund payments, and instant settlements. The platform will combine NYSE’s existing matching engine with a blockchain-based settlement system, and tokenized stocks will have the same dividends and voting rights as traditional securities.

NYSE’s parent company ICE is collaborating with BNY Mellon, Citibank, and others to explore tokenized deposit and settlement infrastructure. This aims to support round-the-clock, year-round fund and margin management across time zones, signaling a significant step toward traditional finance adopting on-chain technology.

Tokenized Assets to Leap to $400 Billion by 2026

Several industry executives expect the tokenized asset market to grow to approximately $400 billion by 2026. Currently, the market size is around $36 billion, and the next phase of growth is expected to stem more from structural reorganization of value transfer rather than speculative demand.

Hashdex Chief Investment Officer Samir Kerbage pointed out that as stablecoins mature into “on-chain cash,” funds will naturally flow into investable assets, bridging digital currencies and digital capital markets. With the tokenized asset market already nearing $200 billion in 2025, traditional financial institutions like BlackRock, JPMorgan, and BNY Mellon are deeply involved.

Tether CEO Paolo Ardoino believes 2026 will be a pivotal year for banks transitioning from pilots to actual deployments, especially in emerging markets, where tokenization can help issuers bypass traditional infrastructure limitations.

Hong Kong and Thailand Strengthen RWA Ecosystem Competitiveness

Centrifuge COO Jürgen Blumberg estimates that by the end of 2026, the on-chain real-world asset (RWA) deposit volume could surpass $100 billion, with over half of the top 20 global asset managers expected to launch tokenized products. Securitize CEO Carlos Domingo noted that native tokenized stocks and ETFs will gradually replace synthetic asset models and become high-quality collateral assets in DeFi.

Hong Kong is pushing to upgrade as a global virtual asset hub by securing liquidity in the RWA secondary market, accelerating product approvals, introducing international liquidity, and strengthening workforce training. The capacity of gold storage facilities is also actively expanding, aiming to reach a total capacity of 2,000 tons within three years.

Thailand’s central bank’s surveillance of USDT “gray funds” transactions highlights the high level of regulatory vigilance against bypassing small payment policies. Global regulators are balancing policies to maintain the health of the RWA market while preventing illegal transactions.

RWA Market Growth in 2026 Amid Policy and Innovation Conflicts

The expansion of the RWA market is an inevitable trend, but regulatory concerns such as bypassing small payment policies are likely to influence the market’s growth rate. The legislative trends in the U.S., clear policy directions in Hong Kong, and participation from traditional financial institutions like NYSE suggest that RWAs are being integrated from speculative assets into part of the existing financial system.

The key in 2026 will be policies that protect market integrity without stifling innovation. Clear regulatory frameworks that reduce gray areas like small payment policy bypasses are expected to enhance trust in the RWA market. The maturation of stablecoins, the expansion of tokenized asset scales, and the involvement of global institutions are bringing on-chain finance closer to mainstream finance.