rwa

Energy developer Fusion Source Energy (FSE) and its partners have signed a memorandum of understanding with the on-chain physical asset platform Loaf to promote the issuance of over $500 million in Australian photovoltaic and battery projects on-chain, covering more than 1,000 hectares, led by the over 200 megawatt Project Amber. According to the memorandum, the funds raised are expected to accelerate project development and expand Amber's battery capacity.Amber is a utility-scale photovoltaic park that will deploy over 200 megawatts of photovoltaic and multi-hour battery storage on-site, with an expected annual power generation sufficient to meet the electricity needs of over 70,000 households, or equivalent to the electricity demand of a 50 megawatt data center. The project pipeline also includes battery storage assets below 5 megawatts and distributed energy resources, which are modular assets closer to the electricity end, capable of forming diversified energy revenue across multiple sites in Australia.FSE CEO Weiwei Shi stated that Amber is one of the largest hybrid on-site projects in the Southern Hemisphere, which have traditionally only been open to a few institutional investors. Loaf can expand the investor base without adding extra friction and provide continuous, transparent pricing for the assets.Loaf stated that Project Amber will become a key asset in its ecosystem. As the project matures and begins trading, users will be able to go long or short and use these assets within the on-chain financial ecosystem. Loaf will participate in the on-chain trading and issuance of physical assets, allowing users to access the economic upside and returns of related infrastructure assets.

On-chain liquidity protocol Arrakis Finance released a study tracking the on-chain buying records of 10 tokenized dollar yield products, using Ethena's sUSDe as a benchmark. The study covered 71,697 buyers with a total buying amount of 91.3 billion dollars. Of the 12.4 billion dollars in categorized demand, about two-thirds came from protocols and DAO treasuries, while the remainder came from individuals, exchanges, market makers, and crypto funds, with no purchases clearly traceable to traditional financial institutions such as pensions, asset management firms, or banks.Wallets with single purchases of 1 million dollars or more accounted for about 4% of buyers but held approximately 93% of the funds; among them, 2,586 buyers contributed over 90% of the nominal purchase amount. The median purchase amount for institutional buyers of Centrifuge's JAAA was about 29.1 million dollars, nearly three times that of the next product. About 80%, totaling 17.4 billion dollars, was settled in USDC, while USDT accounted for about 4.4 billion dollars, almost all of which was used for syrupUSDT. Primary subscriptions were the main pathway, with secondary market purchases accounting for less than 6%, and only sUSDe had 55% obtained through decentralized exchanges.The median first activity time for buyer wallets concentrated around mid-2024, described as new entrants of crypto-native funds. By time zone, Europe, the Middle East, and Africa accounted for 42%, Asia-Pacific for 40%, and the Americas for 18%. After tracing back two hops for 5.17 billion dollars of unmarked institutional-level funds, exchange sources accounted for 40% (Binance 1.12 billion dollars, Coinbase 970 million dollars), DeFi native funds accounted for 38%, and another 22% could not be identified.

On October 1, Nasdaq-listed company OpenWorld, Inc. (stock ticker: OPNW) announced in Las Vegas its intention to acquire Blocksight Holdings Co. The transaction is subject to final approval by the OpenWorld board and the signing of final documents, with both parties finalizing the relevant documents. The company stated that it does not guarantee that the documents will be signed or that the transaction will be completed.Blocksight builds an artificial intelligence agent platform for putting real-world assets on-chain and continuously providing investor reports. The agent covers trade construction, asset data verification, investor introduction, daily reports, and ongoing services, operating across multiple chains and directly connecting to distribution platforms, with key decisions requiring human approval. The proposed acquisition aims to support the still-in-development OpenWorld Enterprise, allowing institutions to access, verify, and hold tokenized real-world asset opportunities, with OpenWorld potentially acting as a co-principal and co-architect.If the transaction is completed, Blocksight co-founders Patrick Kim and Peter Hong are expected to join OpenWorld to assist with technology integration. OpenWorld co-founder and CEO Matthew Shaw stated that the proposed acquisition is an important step for the company as it begins its journey as a publicly listed company and may strengthen its institutional-facing tokenized real-world asset platform foundation. The announcement was made in conjunction with the company and VerifyMe, Inc.

According to The Defiant, the asset tokenization protocol Centrifuge has confirmed that three tokenized funds JAAA, JTRSY, and HYB have been launched on Arc.These three funds cover U.S. Treasury and credit assets, and direct participation in fund investments is limited to non-U.S. professional investors.

According to The Block, Forward Industries increased its holdings by nearly 949,000 SOL in the last quarter, bringing its total holdings to 8.5 million SOL, accounting for approximately 1.4% of the circulating supply of SOL.The company stated that the average cost of the SOL acquired during the quarter was $83.

Variant Fund investment partner Alana Levin stated in her market thoughts for Q4 2026 that the bottom of the crypto market likely occurred at some point in July. She wrote in early July that the bottom seemed close, with Bitcoin at $59,000, Ethereum at $1,600, and ZEC at $420. She mentioned that the question has shifted to whether the bull market is genuinely starting or if it's a false rally, and which projects will benefit the most in the early bull market, assuming the market is in the early stages of a new crypto bull market.Levin indicated that the increasingly formed consensus is that marginal funds are most likely to flow into value storage protocols as currency and protocols that can generate income. She believes Bitcoin is the dominant asset for digital value storage currently, while other competing assets may be valued based on their market capitalization relative to Bitcoin's market cap and its changes. For income-generating protocols, she expects investors to examine whether the income comes from crypto-native activities (like Pump) or traditional financial activities (like Hyperliquid), whether it persists during market downturns, and profit margins; projects with exposure to real-world assets and stablecoin growth, which are expected to attract institutional users and are still led by founders after surviving a bear market, are more likely to achieve higher multiples.She also categorized on-chain projects that can benchmark against non-crypto businesses as a third category, believing that most belong to narrative trading rather than long-term investment. Themes include routing, reasoning, computing power, data collection, and interface-related directions in artificial intelligence, and she is skeptical about whether most scenarios require blockchain; if such projects significantly outperform, she would view it as a signal of nearing the top.

The founder of the venture capital firm Theory Ventures, Tomasz Tunguz, stated that the fastest-growing market globally is not AI, but the crypto market formed by real-world assets (RWA) on the blockchain. He noted that RWA enables stocks and commodities like oil and copper to be traded on-chain, taking on almost all public price discovery during commodity exchange closures.Tunguz mentioned that RWA, through perpetual contracts for stocks, provides pre-IPO pricing for Anthropic, OpenAI, SpaceX, and Cerebras, and brings international access channels. He cited data indicating that the perpetual price of Cerebras before its IPO differed from the Nasdaq opening price by less than 1.3%, with SpaceX having a perpetual open interest of approximately $215 million and a cumulative trading volume of about $2.2 billion before its IPO. A report from Pantera Capital in September 2026 showed that the trading volume of perpetual contracts for stocks on Hyperliquid and Lighter reached $67.8 billion in June, which is 16 times that of tokenized stock spot trading.He also stated that stablecoins have become one of the top ten buyers of U.S. Treasury bonds, surpassing China, Norway, and Switzerland, and are used to settle transactions of the aforementioned tokenized assets. Institutions such as JPMorgan, HSBC, BlackRock, Citigroup, Goldman Sachs, Franklin Templeton, Robinhood, and Stripe are advancing RWA.

According to financing data statistics from RootData, there were a total of 47 financing events disclosed in the crypto primary market in September, of which 34 disclosed amounts that can be accurately counted, with a total financing amount of approximately $1.114 billion. This represents an 85.0% increase compared to about $602 million in August, and a 9.0% increase compared to about $1.022 billion in September 2025; the number of financing events decreased by 4.1% compared to 49 in August, and decreased by 25.4% compared to 63 in the same period last year.From the perspective of sectors, infrastructure had the most financing events in September, with a total of 14 financings completed, disclosing an amount of approximately $263 million; both CeFi and DeFi completed 11 financings, disclosing amounts of approximately $394 million and $369 million, respectively. The three major sectors of CeFi, DeFi, and infrastructure accounted for about 92.0% of the disclosed financing amount this month.The three highest financing amounts in September were Polymarket ($300 million), Félix ($200 million), and Jeeves ($110 million), totaling $610 million, which accounted for about 54.8% of the total financing amount this month; Kraken also received a $100 million investment from Nasdaq. The financing amount this month showed a significant rebound, mainly driven by a few large financings, while the overall number of financing events in the market did not increase correspondingly.In September, a total of 8 RWA-related financing events were disclosed, of which 6 disclosed specific amounts, totaling approximately $52.75 million, accounting for about 17.0% and 4.7% of the number of financing events and total financing amount this month, respectively. Compared to 2 events and $14 million in August, the number of events increased by 300%, and the financing amount increased by approximately 276.8%. The top three projects by amount were OpenReserve ($25 million), Tare ($13.25 million), and CatchBack ($8 million), which together accounted for approximately 87.7% of the disclosed amount in the RWA sector.Additionally, 11 merger and acquisition events were disclosed in September, an increase of 57.1% compared to 7 in August, and a decrease of 42.1% compared to 19 in the same period last year. Among them, the tools and information services sector had a total of 4 events, making it the most active sector for mergers and acquisitions. Representative transactions include MoonPay acquiring North Capital, CoinMarketCap acquiring CoinGlass, Circle acquiring Tazapay, and S&P acquiring OpenZeppelin.In terms of investment institutions, Coinbase Ventures participated in 6 financings, making it the most active institution this month; a16z and Maven11 each participated in 3. Overall, in September, funds mainly flowed towards payments, prediction markets, trading and data infrastructure, CeFi, and RWA, among other directions.

The token standard on Solana and the NFT infrastructure Metaplex announced the launch of MPL-3643, positioned as a new standard for permissioned real-world assets (RWA) and tokenized securities, aimed at supporting the compliance infrastructure required for issuer-led tokenization.Metaplex stated that bringing new markets on-chain requires compliance infrastructure that can support issuer-led tokenization. MPL-3643 will be deployed on Solana, targeting real-world asset and tokenized securities scenarios that require permission control.

Korean KakaoPay's securities and tokenization platform Dinari and Ondo Finance have reached separate collaborations to explore the on-chain integration of Korean listed stocks and distribution to overseas market investors. KakaoPay announced these two independent agreements on Tuesday, covering the acquisition of target Korean stocks, tokenization infrastructure, and potential distribution arrangements outside of Korea.The collaboration with Dinari will rely on its dShares model for a proof of concept, which aims to retain shareholder rights, including dividends and voting. Dinari currently offers 724 tokenized U.S. stocks and ETFs through dShares, and this collaboration explores extending that model to stocks of Korean listed companies. Dinari CEO Gabe Otte stated that the proof of concept has not yet selected specific Korean listed companies and has not set a commercialization timeline; the proposed model will use locally listed stocks in Korea as the underlying assets, rather than tokens that only track their prices.The initial focus of the agreement with Ondo is to establish a framework for the acquisition and custody of Korean listed stocks, preparing for subsequent tokenization. KakaoPay will operate a comprehensive account for foreign investors to hold and manage the underlying stocks, and both parties will also study the issuance and redemption mechanisms for tokens. This collaboration comes as Korea advances its token securities regulatory framework: the Korean National Assembly passed an amendment in January this year, recognizing distributed ledgers as legitimate securities registries; the Financial Services Commission included it in capital market reforms in June; and the framework is set to take effect in February 2027.

During an interview with The Block at the Ondo event held in Seoul, South Korea, Ondo Perps CEO David Wells stated that offering perpetual contracts in the United States is a "huge opportunity," and that it is "reasonable" for Ondo to explore such expansion. He mentioned that everyone is paying attention to the U.S. because there are now more opportunities opening up that were previously impossible. However, he also noted that U.S. perpetual contract products will differ from existing products, with structures that vary from non-U.S. markets.Wells' remarks come as U.S. regulators are testing how perpetual contracts can enter the U.S. market with several companies. In August, Trump stated that the CFTC is "bringing Hyperliquid to the U.S. in a fully compliant and legal manner." Kraken's parent company, Payward, has announced plans to launch Hyperliquid's HIP-3 perpetual market for eligible U.S. customers through the CFTC-regulated Bitnomial Exchange and NinjaTrader Clearing. Coinbase has also applied to launch single-stock perpetual contracts in the U.S. Earlier this month, Ondo Finance submitted a letter to the SEC and CFTC arguing that U.S. stock perpetual contracts fall under the securities futures category as defined by the Commodity Futures Modernization Act of 2000.Wells indicated that while the U.S. version of perpetual contracts and its market structure may be similar, settlement and clearing would need to change to comply with U.S. regulations. He did not confirm any plans to enter the U.S. market, stating that the team has not "gone too far" in exploring the U.S. market.

The Sun Wukong ecosystem will hold a deep roundtable discussion themed "When Stocks Start to Go On-Chain and AI Begins Trading: Will DeFi Become the Operating System of the Next Generation Digital Economy?" on September 29 at 8 PM at X Space.This event will focus on how RWA brings real assets on-chain, as well as the industry trend of AI Agents transitioning from "providing information" to "autonomous decision-making and execution." It will explore the changing role of DeFi when on-chain finance serves both "humans" and "machines." Special invited industry KOLs will analyze the evolutionary path from humans actively invoking protocols to Agents holding wallets, autonomously seeking liquidity, and executing trades. They will assess whether the existing liquidity and trading infrastructure can support the next stage of a more automated on-chain economy and will dissect the operational logic of the next generation of on-chain finance at the intersection of RWA, AI Agents, and DeFi.

The founder of the general-purpose intelligent agent Manus, Xiao Hong, stated that when Manus was born, Codex and Claude Cowork had not yet appeared in the market, and the product positioning has always been a general-purpose intelligent agent. He likened Manus to a computer-selling business, believing that users may primarily purchase computers for work, but if they cannot watch videos or play games, the experience will be quite limited; therefore, it should not be confined to office tasks.Xiao Hong indicated that videos and games are important scenarios for unleashing creativity, which need to be perfected through the local client Manus Studio. The related videos for Cue are entirely produced by Manus Studio, without using video generation models; instead, the agent first writes the code, which is then converted into video. With the help of cloud computers, Manus can also create online games that support user participation with friends.In terms of infrastructure, Manus cloud computers can provide cloud-based Linux, Mac, and Windows environments. Xiao Hong stated that when the agent operates the computer in the cloud, it will not compete with the user for the local mouse cursor, and he anticipates that individuals will be able to control large-scale computing clusters in the future to satisfy curiosity and conduct experiments and explorations in fields such as mathematics and science. He also described Cue as having an independent phone number, email, payment capability, computer, and sufficient intelligence, and stated that if such agents could be regarded as humans, there might be more changes in upper-level interactions. Xiao Hong mentioned that building product experiences in an overseas open ecosystem is relatively easier, and Manus is actively preparing a domestic version.

Aave founder and CEO Stani Kulechov tweeted that he measures Aave's potential market by the range of assets that can be used as collateral; the more types of collateral assets there are, the greater the lending market opportunities.He stated that Aave started with crypto assets and then expanded into securities through tokenized stocks on Coinbase and Horizon RWA, and in the future will further cover assets such as solar energy, batteries, GPUs, robotics, and space infrastructure. He categorized the last type of assets, such as solar energy, batteries, and GPUs, as abundant assets.

Iranian Foreign Minister Mohammad Javad Zarif stated on Sunday local time that the reopening of the Strait of Hormuz depends on whether the U.S. meets the conditions set by Iran, and he mentioned that resolving the current deadlock through negotiation is still feasible. Iran previously proposed conditions such as stopping U.S. aggression, ending maritime blockades and economic warfare, and releasing Iranian assets. U.S. President Donald Trump stated on Saturday that he had rejected Iran's latest conditional proposal, and the Wall Street Journal cited U.S. officials saying that Trump is expected to resume bombing Iran after the midterm elections in November.Meanwhile, the Iranian Islamic Revolutionary Guard Corps Navy claimed on Sunday that it captured a U.S. Remus 600 unmanned underwater vehicle in the Strait of Hormuz and stated that it has handed it over to relevant personnel for data extraction. The U.S. Central Command has not immediately commented on this. Due to the conflict between Iran and the U.S., energy transportation in the Middle East has been severely restricted, with WTI crude oil closing this week at $92.41 per barrel, down 7.9% for the week; Brent crude oil closed at $104.32 per barrel, remaining basically flat for the week.