U.S. regulators advanced the framework for payment stablecoins, with the OCC releasing a 376-page rule proposal that clarifies the definition of payment stablecoins, the scope of eligible issuing entities, 1:1 liquidity reserve requirements, daily liquidity and concentration limits, and prohibits payment of interest or yields to holders. Separately, the on-chain real-world asset (RWA) sector posted resilience as the total on-chain market capitalization rose to $25.37 billion, while the stablecoin market steadied around $297.75 billion and monthly active addresses jumped 14.2%, signaling a rebound in investor activity.
Regulators around the world also advanced their approaches. The U.K.’s Financial Conduct Authority selected Revolut and three others to participate in a regulatory sandbox for stablecoin innovation testing, with results expected in early 2026. Hong Kong plans to issue the first stablecoin issuer licenses in March and to submit the digital asset policy bill within the year to establish a licensing regime for service providers. Caixin’s Document 42 outlines strict controls on overseas RWAs, while Hong Kong-related discussions involving public blockchains and exchanges reflect ongoing regulatory evolution.
These developments illustrate a global shift toward formalizing stablecoins and on-chain RWAs. Authorities balance innovation with risk management, and market participants monitor a stabilizing market environment.
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