RWA & Stablecoin Market Insights: November 2025

Executive Summary

In this report, we provide a comprehensive analysis of the Real World Asset (RWA) and stablecoin markets, focusing on the period of November 21-27, 2025. Our analysis covers market trends, regulatory developments, and key project initiatives shaping these sectors.

Key Highlights

• RWA Market: The market is entering a phase of optimization, with total on-chain market capitalization growth slowing down, but the number of asset holders continues to increase.
• Stablecoin Market: Total market capitalization growth is near zero, but the number of monthly active addresses is significantly increasing, indicating increased stablecoin usage in payments and transactions.
• Regulatory Developments: Warnings from G20, ECB, and South African Reserve Bank on the regulatory risks of RWAs and stablecoins, while South Korea passed a bill for tokenized securities.
• Project Initiatives: Traditional financial institutions and tech companies continue to integrate crypto projects, with new stablecoin launches by QCAD, Klarna, and US Bancorp.

Detailed Analysis

RWA Market Overview

As of November 28, 2025, the total on-chain market capitalization of RWAs reached $35.96 billion, a slight increase of 1.10% compared to the previous month. The total number of asset holders reached approximately 551,400, an increase of 8.02% compared to the previous month. The total number of asset issuers was 251.

Stablecoin Market Analysis

The total market capitalization of stablecoins reached $299.45 billion, a slight increase of 0.39% compared to the previous month. Monthly transfer volume was $4.68 trillion, an increase of 6.89% compared to the previous month. The total number of monthly active addresses reached 40.9 million, an increase of 24.84% compared to the previous month. The total number of holders steadily increased to approximately 205 million, a slight increase of 2.86% compared to the previous month.

Global Regulatory Developments

• G20: Calls for increased global regulatory cooperation on private credit markets and stablecoins.
• European Central Bank (ECB): Warns of the risks of cross-border regulatory arbitrage and calls for a unified global regulatory framework.
• South Korea: Passes a bill for tokenized securities, paving the way for a legal tokenized securities market.
• South African Reserve Bank: Classifies cryptocurrencies and stablecoins as new financial risks due to a lack of comprehensive regulation.
• Bolivia: Plans to integrate stablecoins into the formal financial system.

Project Initiatives

• QCAD: Approved as the first compliant Canadian dollar stablecoin.
• Klarna: Plans to launch its own stablecoin on the Tempo chain in 2026.
• US Bancorp: Testing a self-developed stablecoin on the Stellar platform.
• People’s Bank of China and Central Bank of the UAE: Launch of payment interconnectivity and the multilateral digital currency bridge (JISR) project.

Conclusion

The RWA and stablecoin markets are undergoing significant developments, with divergent regulatory trends and new project initiatives. Market participants should stay informed of these developments to navigate the evolving landscape.