rwa

In the RWA on-chain market, the scale of tokenized gold is 5.1 billion dollars, accounting for 11%. Among them, XAUT has a scale of 2.7 billion dollars, PAXG is 1.9 billion dollars, followed by KAU at 230.8 million dollars, PGOLD at 85.1 million dollars, and XAUM at 66.1 million dollars.

The wealthiest state in India, Maharashtra, is formulating policies to tokenize state government assets (including power transmission infrastructure), with the funds raised to be used for constructing new transmission lines and energy storage facilities. The Chief Minister's Chief Economic Advisor and CEO of the Maharashtra Transformation Institute (MITRA), Praveen Pardeshi, introduced this plan at an invitation-only event called "The Box Launch," hosted by the real estate tokenization company RealX and MST Blockchain at the Mumbai World Trade Center.Pardeshi stated that transmission lines could be partially tokenized, for example, 40% to 50%, allowing investors holding tokens to receive a portion of the revenue from Maharashtra Transco. The new funds generated from token sales could be used to build more transmission lines and solar energy storage centers. He pointed out that the state currently has a significant surplus of solar power but lacks the grid capacity to deliver it to where it is needed; distribution companies must pay high prices of 16 to 18 rupees per unit during peak hours, while the price during surplus periods on the power exchange is only 2 paise per unit.He also illustrated the practice of real estate tokenization with the example of the Mumbai Express Towers commercial building tokenized under a REIT structure, emphasizing that tokenization does not equate to privatization but rather allows more citizens to participate in the development activities of public asset creation. Additionally, the state is drafting the Maharashtra Digital and Land Token Asset Trading Act (DELTA Act), which, if passed, will make it the first state in India to legislate for blockchain-based property tokenization.

CoinDesk released the "August 2026 Exchange Report," which shows that the trading volume of RWA perpetual contracts on centralized exchanges reached $602 billion in August. Among them, Gate's RWA perpetual contract trading volume reached $64.7 billion, with a market share of 12.6%, ranking third globally, only behind Binance's 60.9% and OKX's 21.5%. During the same period, Gate's RWA perpetual contract trading volume increased by 158% month-on-month, and its market share more than doubled from July's 5.32%.From the perspective of platform scale, the CoinDesk report disclosed that Gate's global user count has surpassed 60 million, with August spot trading volume reaching $40 billion and contract trading volume reaching $287 billion, ranking fourth globally in combined spot and derivatives trading volume, reflecting the platform's trading scale and user base in the global market.

Arbitrum's investment strategy director Brendan Ma stated: Arbitrum's weekly revenue has risen to third globally, with treasury revenue exceeding 4.3 million dollars in the past 30 days, of which over 50% came from the previous week. Revenue in Q3 to date is approximately 140% higher than Q2, with sources including Arbitrum One transaction fees, Robinhood Chain AEP licensing fees, and treasury income.Arbitrum leads in the number of RWA deployments, exceeding 4,500, with AUM reaching 1 billion dollars. The 30-day transaction volume grew by 124% to 395 billion dollars, and tokenized stocks doubled to over 200 million dollars. Arbitrum One's cumulative transaction volume exceeded 2.8 billion transactions, with Chain GDP reaching 1.8 billion dollars, a year-on-year increase of 22%, and perpetual contract positions peaking at 1.8 billion dollars.In terms of the ecosystem, Carbon's cumulative transaction volume exceeded 100 million dollars, T3tris TVL reached 13.4 million dollars, and USD.AI TVL reached 500 million dollars. Venmo, Stripe, Shopify, and Cash App have supported USDC or PYUSD-related functionalities on Arbitrum.

According to Forward Industries (NASDAQ: $FWDI) in a public letter, the company's General Counsel Georgia Quinn officially responded to SEC Commissioner Hester Peirce's statement on July 22, 2026, titled "Headstands and Summervaults," and proposed a three-tier vault regulatory framework centered on "management freedom" as a core variable:• Type I - Use: Developers provide out-of-the-box software, and users configure parameters themselves without registration;• Type II - Follow: Referencing the SEC's 2013 no-action letter regarding AngelList, Angels set strategies for others to follow, meeting conditions such as co-investment and information disclosure, without needing to register as investment advisors;• Type III - Advised: Involves active management, requiring registration or applicable exemptions, suggesting that the SEC and CFTC jointly regulate to avoid dual compliance conflicts.The article also presents five baseline requirements applicable to all vaults, including conflict of interest disclosure, code public audit, exclusion of disqualified persons, applicability of anti-fraud rules, and state law preemption. The article specifically notes that Peirce's statement did not mention the CFTC, and the inter-agency regulatory issues regarding mixed-asset vaults urgently need to be addressed by the SEC and CFTC.

Centrifuge, in a post on X, announced that the governance proposal CP172 has been approved. The official statement indicates that this is the first time in history that tokens will be converted into tokenized equity. After necessary approvals and legal analysis are completed, Centrifuge will proceed with the proposed restructuring.According to the governance forum proposal, the Centrifuge Network Foundation plans to restructure and re-register as a Cayman Islands exempt limited liability company, Centrifuge, Inc., to issue equity. Eligible CFG token holders can exchange 1 CFG for 1 share of tokenized equity through the Centrifuge platform, with no additional fees. Qualified holders with 100,000 CFG or more will be directly registered as shareholders, while those with less than 100,000 will participate through a trust structure in collaboration with CoinList.The conversion is voluntary, and non-participating holders can continue to hold or sell their tokens on the open market. Centrifuge will strive to maintain market liquidity during the conversion period. The proposal is legally guided by Ogier, with advisory support from Galaxy Digital Labs LLC and The Tokenized Asset Coalition.

The U.S. Securities and Exchange Commission (SEC) proposed a new rule last week to comprehensively revise the transfer agent rules that have been in place for decades, explicitly allowing electronic databases, including blockchain ledgers, to serve as the official record of securities ownership for the first time. If approved, blockchain is expected to become the "master security document," replacing the off-chain parallel ownership records that tokenized securities currently rely on.Currently, many tokenized securities operate on two sets of records: on-chain token ledgers and official shareholder registers. Once the proposal is passed, issuers and transfer agents may no longer need to maintain duplicate records and reconcile them after each transfer, thereby reducing operational friction and the risk of inconsistencies between on-chain records and legally recognized records. Eli Cohen, Chief Legal Officer of the tokenized fund platform Centrifuge, stated that this proposal could transform the current "two-step" process into a "one-step" process, allowing the blockchain itself to act as the master security document.However, the proposal does not mean that tokenized securities are completely "permissionless." Joris Delanoue, CEO of the registered on-chain transfer agent Fairmint, pointed out that while the blockchain can remain open, assets must still comply with ownership and transfer rules, and regulatory controls such as identity verification and transfer restrictions are still embedded in the tokens. Transfer agents will still need to handle administrative matters such as shareholder death, inheritance, and legal notifications, with processing times potentially reduced from 3-5 days to 1 day. The 60-day public comment period for the proposal will end in early November.

Binance co-founder He Yi today reposted the RootData stock derivatives report on the X platform and commented "Everything is a number," accompanied by a reference to RootData's average daily open interest (OI) data for stock derivatives on exchanges from July to August 2026. The data shows that Binance ranks first with a share of 69.1%.In addition, the RootData report points out that the cumulative trading volume of mainstream exchange stock derivatives from January to August 2026 has approached $1.75 trillion, indicating that this category is transitioning from a marginal business to a core battleground for crypto exchanges competing with TradFi.

Arya.ag, an agricultural warehousing and loan company in India, is testing a system for tokenizing warehouse receipts for stored grains on the Avalanche dedicated Layer 1 blockchain. Arya.ag is collaborating with Finternet to connect grain storage, warehouse receipts, collateral commitments, and loan statuses through this network. Devika Mittal, head of Ava Labs India, stated that the testing is underway, with each tokenized warehouse receipt representing ownership of the stored goods.Sanmesh Kalyanpur, a director at Finternet Labs, mentioned that Arya.ag's samplers collect information on stored grains and input it into the company portal. Finternet will integrate farmers, commodities, warehouses, and insurance information into a "composite token" for banks to assess collateral risks. Arya.ag stores approximately $2 billion worth of agricultural products in its warehouse network and supports loans of about 120 billion Indian Rupees (approximately $1.26 billion) annually, with its loan department, Arya Dhan, disbursing around $230 million in loans each year.The concept of Finternet originated from a 2024 paper by the Bank for International Settlements (BIS), co-authored by Infosys co-founder Nandan Nilekani and then-BIS General Manager Agustín Carstens, proposing the establishment of an interconnected unified ledger for tokenized assets. In 2024, the Indian government launched a 10 billion Rupee credit guarantee scheme to encourage financing against electronic transferable warehouse receipts. The two companies have not disclosed the expected launch date or initial deployment scale.

The blockchain data analysis platform Allium released the Solana RWA ecological research report on September 8, 2026. Measured by market capitalization, Solana accounts for about 12% of the total on-chain tokenized real-world assets; it ranks first in terms of trading volume. As of August 18, 2026, in the past twelve months, Solana completed an on-chain RWA spot trading volume of 14.7 billion USD (approximately 46 billion USD for the entire chain during the same period) and 42.6 million transactions (approximately 91 million transactions for the entire chain during the same period), both higher than other chains.The report covered all 37 issuers on the chain at that time. Among them, BlackRock-related assets had a scale of about 741 million USD but no transactions occurred during the period; two private credit issuers completed a total of about 5.4 billion USD in circulation. Of the tokenized stock trading volume on Solana, about 63% occurred during the off-hours of U.S. exchanges.

Pump.fun announced on Wednesday the launch of a new feature called Custom Pairs, allowing creators to choose tokenized stocks, wrapped Bitcoin, Ethereum, and metals as quote assets when issuing tokens, no longer limited to SOL and USDC trading pairs. Currently, there are 93 supported quote asset pairs, covering tokenized Nvidia, Tesla, and the S&P 500, among others. The Custom Pairs creation form is now live, and its joint curve and PumpSwap protocol fee rates are consistent with standard issuance, with 50% of the revenue going into the PUMP buyback and burn contract.The newly added 20 trading pairs are introduced by the Solana asset listing platform Sunrise through the Wormhole native token transfer framework, issued by Backpack Securities, covering U.S. stocks such as Boeing, Alibaba, Costco, Dell, Trump Media, IBM, Johnson & Johnson, Lockheed Martin, Lululemon, MGM, Pfizer, Roblox, Reddit, Rivian, Shopify, Snap, and UPS. With the addition of the xStocks tokenized stock line issued by Backed Finance, the total number of quote asset pairs supported by Pump.fun reaches 93. Creator fees are paid in quote assets, with a fee rate range of 0.05% to 1%.Data shows that the first batch of Custom Pairs pools uses wrapped Bitcoin as the quote asset, with the Wrapped ETH pool having the highest liquidity, reaching $3.07 million.

According to CoinMarketCap data, the RWA perpetual contract market, covering stocks, commodities, foreign exchange, and indices, has seen the total trading volume of centralized and decentralized trading platforms increase from $822 billion in May this year to $3.16 trillion three months later, approximately 3.84 times the previous amount. The market has a high concentration, with four platforms—Binance, Hyperliquid, OKX, and Bitget—accounting for 86% of the market share; stock perpetual contracts contribute over 60% of the trading volume.The monthly trading volume of the RWA perpetual contract market continues to reach new highs and is becoming a new source of business growth for leading platforms.

CoinGecko stated in its latest RWA report that the pre-market for synthetic IPOs has begun to serve as an effective valuation indicator for traditional IPOs. On-chain perpetual contracts can provide continuous price discovery and market sentiment anchors for popular unlisted companies before the official opening of exchanges.The report uses SpaceX and Changxin Storage (CXMT) as examples, noting that before SpaceX's listing, the prices of perpetual contracts across platforms fluctuated between $158 and $170, gradually converging to around $157.40; when its first transaction price on Nasdaq landed at $150.05, the deviation was about 4.9%. The deviation between the perpetual contract price before CXMT's listing and the actual opening price was also about 4.6%.CoinGecko believes that in the absence of real spot stocks as immediate arbitrage anchors, traders will still form relatively concentrated quotes around valuation, listing popularity, and future liquidity. On-chain Pre-IPO perpetual contracts will thus become an important reference price before the traditional order book opens, providing global investors with a channel to express long and short expectations 24 hours a day.

CoinMarketCap released the RWA perpetual contract market report for August 2026. The report shows that from December 29, 2025, to August 31, 2026, the cumulative trading volume of the RWA perpetual contract market has exceeded $3.16 trillion.From the platform distribution perspective, Binance leads with approximately $1.59 trillion and a market share of 50.4%. Hyperliquid ranks second with $542.8 billion, accounting for 17.2%; OKX ranks third with $345.1 billion, accounting for 10.9%; Bitget ranks fourth with $238.2 billion, accounting for 7.5%. The top four platforms together account for about 86% of the market share.

Bernstein analysts predict that Robinhood's blockchain network, Robinhood Chain, could generate up to $160 million in fee revenue annually by 2028. This forecast is based on the growing demand for tokenized stock trading, which currently accounts for about 27% of the total trading volume on the chain, while meme coin trading has decreased from 100% at its launch on July 1 to 36%.According to DefiLlama data, just over two months after its launch, Robinhood Chain has become the leading blockchain network by daily fees, generating $2.13 million in fees in the past 24 hours. On July 20, Bernstein raised the price target for Robinhood (HOOD) stock from $130 to $160 and maintained an outperform rating.However, Robinhood's on-chain stocks have recently faced criticism from AMC Entertainment Holdings CEO Adam Aron. Aron stated that the platform's tokenized stocks providing economic exposure to AMC shares are not affiliated with the company and called the move "outrageous," adding that AMC will request its external securities legal counsel to conduct an investigation.

According to the report "RWA Perpetuals: State of the Market --- August 2026" published by CoinMarketCap, Gate ranks first on the reporting platform with 405 RWA perpetual contract underlying assets, while the second and third exchanges have 302 and 224 respectively. The report data shows that stock-type underlying assets account for 52.1% of Gate's total trading volume in RWA perpetual contracts, with SNDK, SK Hynix, and SpaceX leading in trading volume.The report states that Gate's products cover multiple core stock markets globally, having successively launched perpetual contracts for China's A-shares, approximately 300 USDT-denominated perpetual contracts for Japanese stocks, and perpetual contracts for stocks such as South Korea's SK Hynix; it also provided related perpetual contract trading on the same day as the listing of Yushu Technology.

According to Token Terminal data, in the past 7 days, the market capitalization of tokenized stocks increased by 187.8 million dollars, the largest increase among all RWA sectors.The market capitalization of tokenized funds increased by 21 million dollars, while the market capitalization of tokenized commodities decreased by 24.2 million dollars.

AMC Theatres CEO Adam Aron criticized the AMC stock token launched by Robinhood on the X platform on Thursday, stating that AMC has no association with this product and does not endorse it. Aron indicated that Robinhood is clearly pushing a plan involving the "tokenization of real-world assets related to AMC (including stock tokens)" and called this practice "despicable" and "outrageous." AMC will request an investigation into this matter by external securities legal counsel.Robinhood's stock tokens are derivatives that provide holders with economic exposure to U.S. stocks but do not confer ownership of the underlying stocks. Other tokenization models include custodians holding traditional stocks and issuing tokens as endorsements, as well as issuers authorizing the direct on-chain registration of stocks. This conflict comes at a time when tokenized stocks are attracting the attention of crypto exchanges, brokerages, and Wall Street institutions, as blockchain tracks enable round-the-clock trading, faster settlements, and broader distribution.Robinhood has made tokenization a core part of its crypto expansion, launching tokens last year that track hundreds of U.S. stocks and ETFs, and is building its own blockchain to support tokenized assets. Previously, OpenAI also publicly denied the tokens related to it launched by Robinhood, stating that they do not represent OpenAI equity and that it has not collaborated with or endorsed Robinhood. AMC's opposition brings this controversy to the level of publicly traded companies.