Stablecoins and the tokenization of RWA tracks have seen new developments this week. According to the latest data, the total market capitalization of stablecoins has surpassed $308 billion, reaching a new all-time high. The number of market participants is also steadily increasing—over 210 million active stablecoin wallet addresses, with RWA asset holders exceeding 590,000.

From an institutional perspective, JPMorgan analysts believe that by 2028, stablecoin supply could surge to $500-600 billion. A recent research report from the Federal Reserve also explicitly states that the impact of stablecoins on the traditional banking system is becoming increasingly significant. This indicates that not only is the market growing, but regulators are also beginning to recognize the systemic importance of this track.

MoonPay Chairman Keith A. Grossman recently shared an interesting view—he believes that the tokenization process will transform the financial industry faster than digital technology disrupted traditional media. The logic behind this judgment is that RWA, by presenting real assets on-chain, breaks down the barriers of time and space in finance.

On the ecosystem level, OpenEden has been very active. They are preparing to deploy cUSDO on Solana, which is a wrapped version of USDO—USDO itself is a yield-bearing stablecoin fully backed by U.S. Treasuries. Meanwhile, the EDEN/USDC trading pair is now live on MEXC, and USDO is also operational on the Kaia network. The launch of these products indicates that the path of tokenizing U.S. Treasuries is moving from concept to practical application.