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RWA Track Deep Dive Playbook: 10 RWA Projects to Watch in 2025
Original Article Title: "RWA Track In-Depth Layout Guide: 10 RWA Projects to Watch in 2025"
Original Source: Biteye
Recently, RWA and Payfi have once again been brought up in the market. Are these two tracks just another round of narrative hype for old stories, or are they truly able to connect TradFi and DeFi, unlocking the "golden key" to a trillion-dollar market?
We have compiled a list of 10 RWA projects that cannot be missed, attempting to delve deep into several core issues of the RWA track.
1/11@plumenetwork
Introduction: Plume is an EVM-compatible public chain designed for RWA, committed to promoting the digitization, circulation, and composability of RWAs. Through full-stack vertical integration technology, Plume supports the tokenization of assets such as real estate, commodities, and revenue rights, and achieves efficient collaboration with DeFi protocols, enhancing asset liquidity and usability. Its ecosystem has attracted over 180 projects to join, with the testnet phase having gained 3.75 million users and 265 million transactions.
Project Progress & Participation: Plume is currently focusing on building the core infrastructure for on-chain RWA assets, including smart contracts, toolsets, and DeFi integration, primarily serving crypto-native users. In the future, Plume will gradually expand into diversified real-world asset scenarios (2025-2026) and plans to collaborate with traditional financial institutions to promote the integration of on-chain and off-chain assets, creating a compliant, composable, user-centric RWA financial infrastructure.
2/11@OndoFinance
Introduction: Ondo is a platform dedicated to bringing traditional financial assets (such as US stocks, bonds, ETFs) onto the blockchain through its financial infrastructure platform. Its core product, Ondo Global Markets, offers 1:1 physically backed security tokens. Ondo has also launched the Ondo Chain, a Layer1 blockchain designed for institutional-grade finance, implementing mechanisms such as RWA collateralization and native cross-chain communication to create a compliant, secure, and efficient on-chain capital market environment, as well as ushering in a new generation of financial ecosystems connecting Wall Street and DeFi.
Project Progress & Participation: Ondo Finance recently surpassed a TVL of $1 billion, consolidating its leading position in the US bond tokenization field. Currently, the global tokenized sovereign debt market has exceeded $5 billion, with Ondo holding a core share. A JPMorgan report predicts that interest-bearing stablecoins will hold a 50% share of the stablecoin market, further confirming the growth potential of the Ondo model.
3/11@humafinance
Introduction: Huma is a decentralized real yield platform deployed on Solana, providing users with stable income driven by real-world payment financing activities through its PayFi network. Retailers can participate in Huma 2.0, with the platform supporting Classic mode (10.5% USDC APY) and Maxi mode (no APY but high Feather Points), and issuing tradable LP token $PST, compatible with DeFi protocols such as Jupiter.
Project Progress & Participation: Visit the official website and connect your OKX Wallet (Solana network), have $USDC ready. Choose between Classic (10.5% APY) or Maxi mode (more Feather Points), select the staking amount and lockup period, then click Deposit. After staking, you will receive PST or mPST tokens, both of which can be exchanged for USDC via Jupiter, with mPST needing to be converted to PST first. Pay attention to Feather Points, as they may be a key indicator for airdrops. Link: https://app.huma.finance/?ref=KK3bhC
4/11@noble_xyz
Introduction: Noble is a native asset issuance chain built on the Cosmos SDK, focusing on cross-chain issuance and circulation of stablecoins and RWAs, already supporting native USDC. Noble has launched a yield dollar stablecoin, where holding it earns an expected 4.2% APY, supported by a 103% collateralized US Treasury bond to further unleash stablecoin potential. Noble plans to launch Noble AppLayer—an EVM Rollup built on Celestia as the base layer, designed specifically for stablecoin-native applications, featuring 100ms block time and high throughput, supporting composable liquidity for USDN stablecoin in payment, remittance, lending, and other scenarios.
Project Progress & Participation: Noble has launched a four-month USDN token incentive activity (currently with 73 days remaining), where users accumulate points by depositing USDN into a specified pool. Firstly, cross-chain USDC from an EVM wallet (can be done on the official website) to the Cosmos ecosystem's Noble chain, and exchange it for USDN (a yield-generating stablecoin backed by short-term US bonds). Secondly, choose a deposit pool. One pool only receives USDN interest with an APY of 13.7%, not participating in point airdrops; the other pool forfeits interest, focusing on earning Noble points (requires at least 1 month of staking to earn points, with no rewards for early withdrawal). Choose a pool based on your needs to participate in Noble's point airdrop plan.
5/11@MidasRWA
Introduction: Midas' core mission is to identify, screen, and onboard high-yield real-world assets, particularly assets with attractive returns such as U.S. Treasury Bills, which are relatively low-risk and stable-yield assets. The ownership or income rights of these off-chain assets are represented on the blockchain as tradable tokens (e.g., its mTBILL token represents an investment in the underlying U.S. Treasury Bills). Through the Midas platform, users can conveniently invest in these real-world assets on-chain, earn stable returns from the traditional financial markets, and seamlessly integrate and use these assets in the DeFi ecosystem.
Project Progress & Participation: By accessing the Invest page, users can choose from 6 financial products: mEDGE, mMEV, mRe7, mBASIS, mTBILL, mBTC. After selecting a product, they can enter the desired amount in USDT, which will be automatically converted into the corresponding product. Once the wallet confirmation is completed, the investment is finalized.
6/11@convergeonchain
Introduction: Converge is a high-performance RWA public chain platform supported by Ethena and Securitize, aiming to bring institutional funds on-chain and integrate real-world assets with DeFi. Its technical architecture is based on Arbitrum Orbit and Celestia, using USDe and USDtb as native Gas assets. Converge supports cross-contract composition of Rust and Solidity contracts, and provides security for institutional funds through an ENA-driven Collateralized Validation Network (CVN).
Project Progress & Participation: Converge is about to launch its developer testnet and has partnered with top protocols such as Aave, Pendle, and Morpho to deploy applications based on Ethena and Securitize assets. The platform introduces technologies such as Stylus VM and Mini-block Streaming to achieve ultra-high performance and strengthens asset security through an ENA collateral-driven Validation Network. The core subproject Ethereal DEX will support CEX-level matching speed, expecting to process millions of orders per second, becoming the on-chain high-frequency trading infrastructure. The mainnet is expected to launch in the coming months.
7/11@superstatefunds
Introduction: Superstate is an Ethereum-based government bond fund designed to compliantly issue U.S. Treasury bond products in tokenized form. Its inaugural product, USTB, is targeted at qualified investors. The fund will invest in short-term U.S. Treasury bonds, charge a 15 basis point management fee, support self-custody with various security measures (such as multi-sig, MPC, EOA), and receive custody and asset management services from Anchorage Digital and BitGo. Superstate combines existing U.S. securities regulations to enhance the on-chain composability and liquidity of Treasury assets, serving as a critical infrastructure for bringing traditional financial assets into the DeFi ecosystem.
Project Progress & Participation: There is currently no airdrop expected, and the USTB inaugural product is aimed at qualified investors. The underlying asset of USTB is short-term U.S. Treasury bills (T-Bills), a highly liquid, top-rated fixed-income asset. Superstate packages these assets into fund shares and issues them in token form on-chain. USTB aims to provide users with a low-risk, stable-yield on-chain asset option. USTB is not open to all users, as its issuance structure complies with the U.S. securities law framework and is only open to Qualified Purchasers. This means the participation threshold is relatively high.
8/11@Securitize
Introduction: Securitize is a digital security platform focusing on RWA tokenization, aiming to bring traditionally high-threshold assets such as real estate, art, and bonds onto the blockchain in a compliant manner to achieve fractional ownership and secondary trading. The platform is an SEC-registered transfer agent, collaborating with institutions like BlackRock and Coinbase to provide ordinary investors with compliant, transparent, and liquid alternative investment channels. Securitize does not issue a platform token, but it supports the issuance of project tokens on its platform, serving as a key infrastructure to drive institutional asset tokenization.
Project Progress & Participation: Since its establishment in 2017, Securitize has obtained SEC registration, issued the world's first credit rating and index-based tokenized securities, and collaborated with BlackRock, Apollo, and other institutions. BlackRock launched the BUIDL Fund in March 2024, which exceeded $1 billion in size in 2025 and obtained an CNMV investment firm license, continuously expanding into the European and American markets. There is currently no airdrop expected, and after completing KYC, you can invest on the platform. However, the review and investment standards are stricter than typical crypto projects.
9/11@BackedFi
Introduction: Backed Finance is a project that tokenizes RWAs, such as US stocks, ETFs, US Treasury bonds, etc., in a compliant manner and introduces them to the blockchain. Each token issued by the platform (e.g., bTSLA, bGOOGL, bCSPX) is backed 1:1 by equivalent real-world assets and held in custody by a licensed custodian, enabling on-chain trading for non-US qualified investors, self-custody, and asset redemption. Backed has currently listed various assets, including Microsoft, Google, Tesla, US Treasury ETFs, etc. The tokens are ERC-20 compatible and can be used in DeFi for collateralization, lending, and portfolio investment scenarios. The project operates under Swiss regulatory frameworks and has been selected by the Arbitrum DAO as one of the US Treasury allocation targets.
Project Progress & Participation: There are currently no airdrop expectations, and the product is aimed at qualified investors. Private individuals must be able to declare ownership of at least 500,000 Swiss Francs in assets and possess sufficient expertise or experience; or hold at least 2,000,000 Swiss Francs in financeable assets. Backed's professional clients who have passed KYC can directly exchange Backed tokens with Backed using NAV + fees.
10/11@DinariGlobal
Introduction: Dinari is a compliance infrastructure platform focusing on tokenizing traditional securities assets such as stocks, bonds, ETFs. Through its core product, dShare, assets like US stocks are issued in 1:1 ERC-20 token form and made available on-chain. Upon completing KYC, users can directly purchase dShares using stablecoins, enabling on-chain trading, self-custody, and dividend distribution. Dinari holds an SEC-registered transfer agent qualification and collaborates with regulated custodians to ensure asset security and compliance.
Project Progress & Participation: Dinari plans to launch nearly a hundred dShares, USD+stablecoin, cross-chain support, and API partnership solutions by 2024, continuing to drive RWAs onto the blockchain. First, complete KYC verification, provide proof of residence to meet regulatory requirements, trade using stablecoins such as USDC, USDT, etc., purchase corresponding securities assets in the respective securities market, and see the corresponding dShares in the wallet. If the corresponding securities assets distribute dividends, Dinari will convert the dividends into USDC and distribute them to the user's wallet.
11/11
Overall, for ordinary crypto users, there are several main ways to participate in the current RWA projects: you can directly purchase the flagship $ONDO and $PLUME tokens for staking; participate in coin saving and interest earning in platforms like Huma, Midas, and Noble, as well as seize airdrop opportunities; participate in airdrops through interacting with Converge. However, projects such as Superstate, Securitize, Backed, and Dinari pose great difficulty for participation due to strict KYC or high entry barriers.
Furthermore, the RWA track still faces challenges in the current stage, such as:
1. The "Impossible Triangle" of RWA: Compliance, Decentralization, and User Experience
Through project research, we have found that almost all current RWA projects cannot avoid KYC/AML, and even have strict geographical and qualification restrictions on investors (qualified investors). This in itself screens out a large number of DeFi native users. The so-called "permissionless" often needs to be questioned in the RWA space. For RWA to truly break out, it must find a clever balance in this "impossible triangle." Currently, most projects have chosen to lean towards compliance and TradFi logic, limiting their native integration potential in the DeFi world.
2. How to Break the Path Dependence on U.S. Treasury Bonds and Stocks?
Currently, the most successful RWA applications are the tokenization of U.S. Treasury bonds and stocks, but this is more like "Stablecoin 2.0" or "On-chainization of USD yield instruments." Tokenized U.S. Treasury bonds are a successful start, but the real blue ocean lies in liberating those illiquid, non-standard, hard-to-reach real-world assets through blockchain technology and endowing them with DeFi composability. This is the most exciting narrative of RWA, but also the most challenging to achieve.
3. How to Achieve Deep Composability of RWA Assets?
Tokenizing assets is only the first step; achieving composability will be much more difficult. RWA of the same type issued on different platforms (such as tokenized U.S. Treasury bonds) may have different standards and may be incompatible. So is it possible to achieve RWA assets to flow smoothly between DeFi protocols, combine, create new gameplay, use tokenized real estate as collateral for lending, and then put it into other protocol liquidity mining, just like $ETH and $USDC?
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China's Central Bank and Eight Other Departments' Latest Regulatory Focus: Key Attention to RWA Tokenized Asset Risk
Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:
To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:
Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:
(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.
The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.
A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.
（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.
Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.
(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.
The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.
(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.
(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.
(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.
(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.
(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.
（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.
（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.
（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.
（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.
（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.
（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.
(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.
(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.
(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.
(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.
(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.
This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.
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Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:
To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:
Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:
(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.
The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.
A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.
（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.
Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.
(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.
The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.
(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.
(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.
(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.
(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.
(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.
（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.
（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.
（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.
（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.
（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.
（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.
(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.
(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.
(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.
(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.
(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.
This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.
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