RWA Weekly: HKMA to Implement Basel Crypto Capital Rules; KuCoin Becomes First CEX to Support Thailand’s G-Token Issuance
This week’s data shows that the total on-chain RWA market cap reached $26.71 billion (up 5.10% WoW). The outstanding private credit market surpassed $16 billion, with an average interest rate of 9.75%, highlighting the yield advantage of on-chain assets.
On the regulatory front, the Hong Kong Monetary Authority (HKMA) announced it will implement the Basel crypto asset capital framework in 2026, signaling a global tightening of regulatory standards.
Traditional institutions are accelerating deployment: SHK & Co. issued Hong Kong’s first tokenized corporate note; Fosun Wealth became a distributor for DBS Bank’s tokenized products; and Linklogis partnered with XRP Ledger to bring supply chain finance on-chain.
On the project side, Ondo Finance is launching an on-chain U.S. equities trading platform; Aave Labs unveiled a new protocol allowing institutions to borrow stablecoins against tokenized Treasuries; the Thai government debuted its tokenized bond on KuCoin; and tokenized carbon credits hit a record $32 billion in scale.
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