RWA Perpetuals Overtake Crypto-Native Trading as Tokenized Treasuries Top $10.8B
Today’s Focus
On-chain data shows RWA perpetuals hit a 52% weekly volume share on Hyperliquid, overtaking crypto-native trading for the first time, with Q3 volumes of $25.1B and roughly $1B daily. Tokenized U.S. Treasuries crossed $10.8B in total value, as Circle USYC topped the single-fund ranking at $2.41B, ahead of Ondo USDY ($2.3B) and BlackRock BUIDL ($2.25B). DTCC’s tokenization platform went commercially live on Treasuries in October, running Canton and Besu in parallel, moving the U.S. securities clearing backbone from pilot to production.
Industry Flash
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RWA perpetuals overtake crypto-native trading with a 52% Hyperliquid weekly share — Q3 RWA perpetual volumes hit $25.1B at roughly $1B daily, leverage demand for real-world assets far exceeded expectations, protocol revenue topped $1.4B with $1.26B in HYPE buybacks
Tokenized Treasuries cross $10.8B as USYC tops the single-fund ranking — Circle USYC reached $2.41B to overtake Ondo USDY ($2.3B) and BlackRock BUIDL ($2.25B), adding more than $1B this year
DTCC’s tokenization platform goes commercially live on Treasuries in October — Canton Network and LFDT Besu run in parallel, and custodians, brokers and asset managers must decide their connection order under a three-year SEC no-action authorization
CFTC launches crypto market structure rulemaking — an ANPRM seeks comment on a federal framework for retail crypto commodity trading, running in parallel with SEC tokenized securities venue exemptions as rulemaking becomes the main regulatory channel after legislation stalled
Ripple joins Canton while Chainlink covers 80+ chain vaults — XRPL activates PermissionDelegation, letting institutions complete custody, compliance delegation and cross-chain vault deposits within days as infrastructure matured in a single week
Hong Kong SFC has launched 17 tokenized retail products — total AUM of $1.3B, up 78% over the past 12 months, exploring the Ensemble project with the HKMA to invest in tokenized funds via tokenized deposits
XDC expands its Brazil tokenization program with Liqi to $2B — up from $500M through 2028, the initial target was reached nine months ahead of schedule, covering receivables, debentures and agricultural credit
Stellar leads global daily institutional fund inflows — $17.1M in 24 hours ahead of Ethereum’s $16M, with RWA sector value up roughly 360% since year-end to about $3.5-4B, third behind Ethereum and BNB Chain
Tether and Kazakhstan’s central bank explore a tenge stablecoin — the MoU covers a tenge-pegged token and a Hadron tokenization pilot in the Alatau fintech zone, with the central bank prioritizing financial stability
Ondo launches pre-IPO tokenized products as private markets go live — notes for eligible non-U.S. investors track liquidity-event valuations; Ondo Stocks TVL tops $1.3B with $28B+ in cumulative volume
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