US Stablecoin Bill Clears Senate Committee, Clarifying Issuance and Reserve Rules
The bill requires fiat stablecoin issuers to hold 1:1 cash or short-term Treasuries and prohibits paying interest to holders. A dual state/federal path is preserved for issuers of different sizes.
The industry broadly welcomes the clarity, expecting lower compliance costs and more traditional payment players to enter. Some lawmakers保留 concerns about the bank vs non-bank issuer boundary; the bill still needs a full floor vote.
A stable regulatory backdrop is seen as a prerequisite for scaled RWA growth, especially tokenized Treasuries and on-chain settlement.
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Hong Kong Launches RWA Sandbox to Explore Bond and Real-Estate Tokenization
The Hong Kong Monetary Authority, with several institutions, launched an RWA tokenization sandbox; first use cases focus on green bonds and fractional commercial real estate.
BlackRock’s Tokenized Fund Tops $2B as Institutional RWA Accelerates
Asset manager BlackRock’s on-chain liquidity fund (BUIDL) has surpassed $2B, signaling a new high in traditional finance’s embrace of real-world-asset tokenization.
Tokenized US Treasuries Pass $4B as On-Chain Yield Gains Traction
With rates elevated, tokenized short-dated US Treasuries have become the most popular RWA category on-chain, crossing $4B in total market value for the first time.