So which cryptocurrencies will pass the review?
✅ Both are acceptable: $USDC · $USDG · $EURC
🇪🇺 EU only: $EURI · $EURCV · $EURe · $EURQ
🇺🇸 US only: $PYUSD · $USDP · $RLUSD · $USD1
❌ Rejected: $USDT · $USDe · $DAI · $USDY
The world's largest stablecoin, $USDT, failed the review.
@Quantoz @Paxos @PayPal @Eurite_BC @worldlibertyfi @ethena @tether @SkyEcosystem @OndoFinance Conclusion:
The US and the EU cannot agree on almost everything—except the definition of a stablecoin: licensed, fully funded, and no yield.
Offshore and yield-charging models have built a $250 billion cryptocurrency stablecoin market. The new regulations, which are about to take effect, aim to end these patterns.
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Token Terminal 📊
06-24 20:53
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Breaking news: @OndoFinance's on-chain asset holders have surpassed 180,000.
• Tokenized stocks are the category with the most holders.
• USDY is the product with the most holders.
• BNB chain has the most holders among all chains.
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CryptoDiffer Analytics
06-23 20:40
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@coinbase @krakenfx @okx @cryptocom @Bybit_Official @Gate @kucoincom @Bitstamp @Bitpanda @bitvavocom @Gemini @MEXC @HTX_Global @bitget @binance But MiCA has the biggest impact on stablecoins. ✅ Approved: @Circle's $USDC + $EURC, Société Générale's $EURCV, @Eurite_BC's $EURI, Membrane's $EUROe, @Paxos's $USDG. Euro issuers have an early advantage; Circle is the only mainstream USD-clearing stablecoin.
@coinbase @krakenfx @okx @cryptocom @Bybit_Official @Gate @kucoincom @Bitpanda @bitvavocom @Gemini @MEXC @HTX_Global @bitget @binance @circle @Eurite_BC @Paxos @ethena @tether @worldlibertyfi @SkyEcosystem @aave @falconfinance @usddio @FDLabsHQ @PayPal ⛔️ Exited: @Tether's $USDT (rejected), @Ethena's $USDe (banned by the German Federal Financial Supervisory Authority (BaFin)), @Ripple's $RLUSD (missed the deadline). Along with this disappearance are entire cryptocurrency models: yield-based ($USDY, $USDf), decentralized ($DAI, $USDS, $GHO), and algorithmic ($USDD). Two-thirds of the US dollar was excluded.
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Token Terminal 📊
06-18 20:19
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🚨⛓️ Latest News: The on-chain market capitalization of tokenized US Treasury bonds has reached $14 billion.
Main Assets: USYC, BUIDL, USDY
Main Issuers: @circle, @OndoFinance, @FTI_US
Main Blockchains: @ethereum, @BNBCHAIN, @StellarOrg
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Web3Caff Research (外捕研究)
06-03 13:56
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1/ 📖 Web3Caff Research publishes "From Asset On-Chain to the Battle for New Financial Infrastructure: Has the Second Half of RWA Quietly Begun?"
A panoramic analysis of Ondo Finance's product system, ecosystem partners, competitive landscape, core contradictions, and future risks.
Read the full article below 👇
2/ 💡 The RWA market is changing: from "asset on-chain" to "financial product on-chain"
In the past, the market focused more on "which assets can be on-chain";
Now, the industry is entering a stage of "which financial products can be standardized, distributed, and circulated."
Standardized assets such as short-term US Treasury bonds, money market funds, stocks, and ETFs are becoming the main direction of RWA.
3/ 🧠 Ondo Finance's core path: from on-chain USD yields to on-chain capital market access
Ondo Finance is not just a single RWA product platform, but is building a complete system around on-chain USD yields, securities product exposure, and liquidity interfaces.
From OUSG and USDY to Global Markets, Nexus, and Ondo Chain, their product structures are gradually extending towards infrastructure.
4/ ⚙️ Security-type RWAs are becoming the second growth direction in the market.
Stocks and ETFs are beginning to enter the on-chain system, but their essence is not the same as real stocks in traditional securities accounts.
Users gain more economic exposure related to price performance and returns, rather than full shareholder rights.
Therefore, the rights structure, custody mechanisms, and compliance boundaries of security-type RWAs are becoming the focus of market attention.
5/ 🚀 Competition in RWA infrastructure is accelerating.
From asset issuance, custody verification, and on-chain distribution to subscription and redemption, stablecoin settlement, and cross-chain liquidity, the industry is forming a new division of infrastructure.
Traditional institutions such as BlackRock, Franklin Templeton, NYSE, Nasdaq, and DTCC are also entering the field of tokenized assets and on-chain financial infrastructure.
6/ 🌐 The RWA Market is Gradually Forming a Different Tiered Structure
The current market has gradually formed:
🔹US Treasury bonds and cash management assets;
🔹Publicly traded securities such as stocks and ETFs;
🔹More complex non-standard real-world assets.
Different types of assets, with their corresponding compliance requirements, liquidity structures, and technical architectures, are beginning to show clear tiers.
7/ 🔮 Stage Assessment: RWA is Entering an "Infrastructure Competition Period"
✅ Trend: RWA is shifting from single asset issuance to competition in on-chain financial interfaces and distribution systems;
✅ Changes: On-chain USD yields and securities products are becoming the core focus of the current market;
⚠️ Challenges: Issues such as rights structure, liquidity mismatch, compliance boundaries, custody verification, and user awareness still require long-term solutions.
This thread is an excerpt. The full report includes a more complete product structure, market landscape, and risk analysis 👇
🔗 Read the full article:
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Token Terminal 📊
06-03 01:31
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🏦⛓️ @OndoFinance's USDY product continues to grow on @SuiNetwork, with a market value exceeding $20 million.
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Token Terminal 📊
06-03 00:21
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Top issuers of US Treasury tokenization.
@OndoFinance recently jumped to second place.
Ondo's USDY token market capitalization grew by 220% in the past quarter.
Issuers worth watching 👇
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Token Terminal 📊
06-02 03:23
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🏦⛓️ @OndoFinance's USDY product continues to grow on @SuiNetwork, with a market value exceeding $20 million.