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Podcast on the way to work on January 29 – US SEC·CFTC Digital Asset Regulatory Meeting… Bitcoin maintains at $89,000
On January 29, 2026, the cryptocurrency market showed a strong trend, with Bitcoin maintaining a range around $89,000, and major altcoins like Ethereum also exhibiting upward movement. However, major variables such as leveraged liquidations, interest rate policy changes, and regulatory issues sent mixed signals to the market.
Bitcoin rose 1.28% from the previous day, reaching $89,425.99; Ethereum increased by 1.44%, reaching $3,018.50. Major altcoins such as Ripple (+0.76%), BNB (+1.44%), Solana (+0.37%), Dogecoin (+0.90%), and Cardano (+0.97%) all saw gains, while Tron fell by 0.22%. The total market cap increased to $3.0277 trillion, with Bitcoin's share at 59.00% and Ethereum's share at 12.03%, both showing slight increases.
Bitcoin rose 1.28% from the previous day, reaching $89,425.99; Ethereum increased by 1.44%, reaching $3,018.50. Major altcoins such as Ripple (+0.76%), BNB (+1.44%), Solana (+0.37%), Dogecoin (+0.90%), and Cardano (+0.97%) all saw gains, while Tron fell by 0.22%. The total market cap increased to $3.0277 trillion, with Bitcoin's share at 59.00% and Ethereum's share at 12.03%, both showing slight increases.
Cryptocurrency market, $321.2 million leveraged positions liquidated in 24 hours
In the past 24 hours, approximately $321.2 million (about 46.9 trillion KRW) of leveraged positions in the cryptocurrency market have been liquidated.
According to the currently aggregated data, the overall market liquidations of long and short positions are relatively balanced, but some exchanges have a higher proportion of short liquidations.
4-hour liquidation data of each exchange / CoinGlass
In the past 4 hours, the exchange with the most positions liquidated is Binance, with a total liquidation of $7.47 million (accounting for 23.26% of the total). Among them, long positions account for 56.35%.
The exchange with the second most liquidations is OKX, which liquidated $6.25 million (19.44%) of positions, with long positions accounting for 52.4%.
According to the currently aggregated data, the overall market liquidations of long and short positions are relatively balanced, but some exchanges have a higher proportion of short liquidations.
4-hour liquidation data of each exchange / CoinGlass
In the past 4 hours, the exchange with the most positions liquidated is Binance, with a total liquidation of $7.47 million (accounting for 23.26% of the total). Among them, long positions account for 56.35%.
The exchange with the second most liquidations is OKX, which liquidated $6.25 million (19.44%) of positions, with long positions accounting for 52.4%.
A microstrategy company holding 13,000 bitcoins has surpassed clean energy companies and entered the top ten.
Strive, holding 1.2 trillion won in bitcoin, has surpassed CleanSpark and entered the top ten.
American asset management company Strive has added 334 bitcoins, surpassing CleanSpark to rank 10th among companies with the largest bitcoin holdings. This purchase was made immediately after Strive recently raised $225 million through a capital increase.
Strive announced through its own release that it currently holds a total of 13,132 BTC, worth approximately $1.2 billion. According to data from BitcoinTreasuries.NET, which ranks companies based on cryptocurrency holdings, this increase has allowed Strive to surpass CleanSpark and enter the top ten global companies holding bitcoin.
American asset management company Strive has added 334 bitcoins, surpassing CleanSpark to rank 10th among companies with the largest bitcoin holdings. This purchase was made immediately after Strive recently raised $225 million through a capital increase.
Strive announced through its own release that it currently holds a total of 13,132 BTC, worth approximately $1.2 billion. According to data from BitcoinTreasuries.NET, which ranks companies based on cryptocurrency holdings, this increase has allowed Strive to surpass CleanSpark and enter the top ten global companies holding bitcoin.
Moonbirds launch BIRB token on Solana... NFT price drop triggers community protests
The popular Ethereum NFT 'Moonbirds' issues BIRB tokens on Solana... facing community resistance
The popular NFT project 'Moonbirds' based on Ethereum has launched its own token 'BIRB' on the Solana network. Despite an initial upward trend, the floor price of its NFTs plummeted by over 30% due to community resistance against the token distribution structure and reward methods.
The BIRB token began trading on January 28 (local time), with its price soaring from around $0.20 (approximately 287 KRW) to $0.35 (approximately 503 KRW) after launch, attracting attention. The current trading price is about $0.30 (approximately 431 KRW), with a daily increase of about 70%. According to CoinGecko data, the current fully diluted valuation of BIRB is approximately $334.16 million (about 47.99 billion KRW), with a circulating market cap of approximately $86.5 million (about 12.42 billion KRW).
The popular NFT project 'Moonbirds' based on Ethereum has launched its own token 'BIRB' on the Solana network. Despite an initial upward trend, the floor price of its NFTs plummeted by over 30% due to community resistance against the token distribution structure and reward methods.
The BIRB token began trading on January 28 (local time), with its price soaring from around $0.20 (approximately 287 KRW) to $0.35 (approximately 503 KRW) after launch, attracting attention. The current trading price is about $0.30 (approximately 431 KRW), with a daily increase of about 70%. According to CoinGecko data, the current fully diluted valuation of BIRB is approximately $334.16 million (about 47.99 billion KRW), with a circulating market cap of approximately $86.5 million (about 12.42 billion KRW).
Fidelity Investments will launch the Ethereum-based stablecoin "FIDD" in February... officially competing with USDT and USDC
Fidelity Investments will launch the Ethereum-based stablecoin "FIDD" in February.
American asset management giant Fidelity Investments will launch its first Ethereum blockchain-based stablecoin "Fidelity Digital Dollar" this February. This token will be open to both institutional and retail investors and is expected to be traded on the Fidelity platform and major cryptocurrency exchanges.
The launch of FIDD is driven by the regulatory clarity provided by the (GENIUS Act) passed by the U.S. Congress. This act lays the legal groundwork for the issuance of stablecoins for actual use, allowing Fidelity to officially enter the stablecoin business based on its validated testing and digital asset technology.
American asset management giant Fidelity Investments will launch its first Ethereum blockchain-based stablecoin "Fidelity Digital Dollar" this February. This token will be open to both institutional and retail investors and is expected to be traded on the Fidelity platform and major cryptocurrency exchanges.
The launch of FIDD is driven by the regulatory clarity provided by the (GENIUS Act) passed by the U.S. Congress. This act lays the legal groundwork for the issuance of stablecoins for actual use, allowing Fidelity to officially enter the stablecoin business based on its validated testing and digital asset technology.
Flare FXRP, Hyperliquid USDH pair listing... initiating XRP on-chain liquidity expansion
Flare FXRP has launched the USDH trading pair on Hyperliquid... initiating liquidity assurance.
The wrapped asset FXRP on Flare has been launched on Hyperliquid, forming a new trading pair with the platform's native stablecoin USDH. This integration is the second spot trading option following the launch of the FXRP/USDC trading pair two weeks ago, and it has attracted attention for its aim to significantly expand the on-chain trading liquidity of FXRP.
FXRP is a token that converts XRP into a form that can be used on the Flare network. The launch of the USDH trading pair aims to enable users to trade FXRP directly, and it has gained widespread market attention since its initial launch. Flare has indicated that through this integration, approximately 0.1511% of the total circulating supply of XRP will be locked in yield-bearing smart contracts. This proportion is expected to expand to a maximum of 8% by the end of the year, based on the outlook for improved platform liquidity structure.
The wrapped asset FXRP on Flare has been launched on Hyperliquid, forming a new trading pair with the platform's native stablecoin USDH. This integration is the second spot trading option following the launch of the FXRP/USDC trading pair two weeks ago, and it has attracted attention for its aim to significantly expand the on-chain trading liquidity of FXRP.
FXRP is a token that converts XRP into a form that can be used on the Flare network. The launch of the USDH trading pair aims to enable users to trade FXRP directly, and it has gained widespread market attention since its initial launch. Flare has indicated that through this integration, approximately 0.1511% of the total circulating supply of XRP will be locked in yield-bearing smart contracts. This proportion is expected to expand to a maximum of 8% by the end of the year, based on the outlook for improved platform liquidity structure.
Major cryptocurrencies such as Bitcoin rise collectively... Expectations heat up ahead of the Fed's interest rate decision ↑
Bitcoin (BTC) has shown an upward trend ahead of the U.S. Federal Reserve's (Fed) first interest rate decision of the year. In the last 24 hours, Bitcoin has risen by 1.66%, with a trading price reaching 128,170,000 Korean Won, attempting to stabilize around a local resistance level near $90,000.
Ethereum (ETH) has shown a stronger upward momentum, rising by 2.32% in the last 24 hours, with a trading price of 4,307,000 Korean Won. Analysts believe this is an optimistic response from the market to positive economic indicators such as a 4.4% U.S. unemployment rate.
Ripple (XRP) has also risen by 0.83%, with a trading price of 2,732 Korean Won. This is interpreted as being similar to Bitcoin, reflecting the market's expectations regarding the Federal Reserve's interest rate decision and Chairman Jerome Powell's press conference. The market is trading around expectations that the benchmark interest rate will remain between 3.5% and 3.75%, and is watching for potential future rate cuts suggested by a weakening U.S. dollar.
Ethereum (ETH) has shown a stronger upward momentum, rising by 2.32% in the last 24 hours, with a trading price of 4,307,000 Korean Won. Analysts believe this is an optimistic response from the market to positive economic indicators such as a 4.4% U.S. unemployment rate.
Ripple (XRP) has also risen by 0.83%, with a trading price of 2,732 Korean Won. This is interpreted as being similar to Bitcoin, reflecting the market's expectations regarding the Federal Reserve's interest rate decision and Chairman Jerome Powell's press conference. The market is trading around expectations that the benchmark interest rate will remain between 3.5% and 3.75%, and is watching for potential future rate cuts suggested by a weakening U.S. dollar.
The White House officially initiates an investigation into the Venezuelan Bitcoin holding suspicions for the first time
The White House confirms the investigation into suspicions of the Venezuelan regime holding Bitcoin.
Senior officials at the White House officially confirmed that they are investigating the flow of funds related to digital assets, including whether the Maduro regime in Venezuela holds Bitcoin. Authorities are carefully examining the source of assets from a national security perspective, marking the first public acknowledgment that Bitcoin is under investigation by the U.S. government amidst rising suspicions.
The investigation into digital assets was confirmed by Patrick Witte, head of the White House Digital Asset Advisory Committee, in an interview with CoinDesk. He stated, "We are comprehensively analyzing the funding channels and asset holdings of the Maduro regime from the perspectives of energy, physical assets, and digital assets," and refrained from mentioning specific details due to the sensitivity of the matter. However, he emphasized that multiple national security agencies are deeply involved in the matter.
Senior officials at the White House officially confirmed that they are investigating the flow of funds related to digital assets, including whether the Maduro regime in Venezuela holds Bitcoin. Authorities are carefully examining the source of assets from a national security perspective, marking the first public acknowledgment that Bitcoin is under investigation by the U.S. government amidst rising suspicions.
The investigation into digital assets was confirmed by Patrick Witte, head of the White House Digital Asset Advisory Committee, in an interview with CoinDesk. He stated, "We are comprehensively analyzing the funding channels and asset holdings of the Maduro regime from the perspectives of energy, physical assets, and digital assets," and refrained from mentioning specific details due to the sensitivity of the matter. However, he emphasized that multiple national security agencies are deeply involved in the matter.
Amazon accelerates AI transformation... laying off 30,000 people in three months
Amazon focuses on AI and lays off 16,000 people... 30,000 jobs have disappeared in three months
As part of its strengthened artificial intelligence strategy, Amazon will lay off approximately 16,000 employees. Following the layoff of 14,000 employees in October last year, the company is implementing another large-scale layoff three months later. This move brings the total number of layoffs to 30,000, and analysts believe that internal structural adjustments at Amazon are further deepening.
Beth Galetti, head of Amazon's Human Resources and Technical Experience department, explained in an internal announcement that this decision is a continuation of the organizational restructuring that began in October 2025. She stated, "This is part of the effort to reduce organizational redundancy, enhance accountability, and eliminate bureaucracy." The layoffs will affect departments such as Amazon Web Services, Prime Video, and retail, with teams in Bangalore, Hyderabad, and Chennai, India, expected to be significantly impacted.
As part of its strengthened artificial intelligence strategy, Amazon will lay off approximately 16,000 employees. Following the layoff of 14,000 employees in October last year, the company is implementing another large-scale layoff three months later. This move brings the total number of layoffs to 30,000, and analysts believe that internal structural adjustments at Amazon are further deepening.
Beth Galetti, head of Amazon's Human Resources and Technical Experience department, explained in an internal announcement that this decision is a continuation of the organizational restructuring that began in October 2025. She stated, "This is part of the effort to reduce organizational redundancy, enhance accountability, and eliminate bureaucracy." The layoffs will affect departments such as Amazon Web Services, Prime Video, and retail, with teams in Bangalore, Hyderabad, and Chennai, India, expected to be significantly impacted.
'Introducing Bitcoin to DeFi'… Alea Research focuses on the growth potential of the decentralized trust bridge 'tBTC'
Global research firm Alea Research analyzed in a recent report that as initiatives to shift the utility of Bitcoin (BTC) onto the chain fully unfold, the trust-minimized wrapped asset tBTC is gaining attention as a core bridging solution. It has been reported that while most Bitcoin remains non-productive in cold wallets or exchanges, the diagnosis suggests that converting it into DeFi native assets could widely open revenue-generating opportunities.
The held BTC mainly serves as an asset on the balance sheet rather than a capital asset, which is a typical case illustrating the utility gap of BTC within DeFi. Through bridging and wrapping, BTC can be utilized in various ways such as collateral, loans, liquidity provision, structured products, etc., but most wrapping models come with risks of centralized custody and high restrictions. In contrast, Alea Research's assessment suggests that the distributed signer structure of tBTC, its permissionless issuance process, and direct redemption features are necessary improvements to the trust model ensuring on-chain utility.
The held BTC mainly serves as an asset on the balance sheet rather than a capital asset, which is a typical case illustrating the utility gap of BTC within DeFi. Through bridging and wrapping, BTC can be utilized in various ways such as collateral, loans, liquidity provision, structured products, etc., but most wrapping models come with risks of centralized custody and high restrictions. In contrast, Alea Research's assessment suggests that the distributed signer structure of tBTC, its permissionless issuance process, and direct redemption features are necessary improvements to the trust model ensuring on-chain utility.
"Is Bitcoin Still Safe?"…Kaiko Research Questions the Digital Gold Rhetoric Amid Tariff Shock
Kaiko Research's recent report focuses on analyzing the impact of geopolitical risks and tariff uncertainties on the cryptocurrency market, assessing that Bitcoin is facing the risk of losing its identity as a safe asset. Particularly during the time when former President Trump's tariff threats on Greenland severely shook the market, phenomena such as gold soaring and Bitcoin plummeting were observed, strengthening the inverse correlation trend between the two assets.
The report points out that Trump's remarks triggered a sharp reaction in the prices of major cryptocurrencies. Bitcoin (BTC) briefly fell below $88,000 but then rebounded to above $90,000. However, analysts believe that despite this rebound, investors still consider Bitcoin to be a risky asset. It is noteworthy that during the same period, gold rose by more than 5%, once again proving its role as a traditional safe asset.
The report points out that Trump's remarks triggered a sharp reaction in the prices of major cryptocurrencies. Bitcoin (BTC) briefly fell below $88,000 but then rebounded to above $90,000. However, analysts believe that despite this rebound, investors still consider Bitcoin to be a risky asset. It is noteworthy that during the same period, gold rose by more than 5%, once again proving its role as a traditional safe asset.
ChooseMe Node Pre-sale Entry Closes at 14:00 on January 29, Community Subscription Heat Rises
On January 28, the node pre-sale of the blockchain prediction trading platform ChooseMe has entered the final countdown phase with less than 24 hours remaining. According to publicly available information from the platform, the entry for the node pre-sale will close on January 29 at 14:00 (UTC+8), at which point all node channels will simultaneously stop and will no longer accept new participation applications.
The current node pre-sale aims to recruit the first batch of supporters and co-builders for ChooseLink - the underlying decentralized oracle network of ChooseMe. Node participants will directly support the true on-chain results of events, verification, and settlement, serving as the core strength to ensure the credibility of the entire ecological data and the fairness of settlements. Node holders will also deeply participate in ecological development, sharing the long-term returns brought by platform growth and data value.
The current node pre-sale aims to recruit the first batch of supporters and co-builders for ChooseLink - the underlying decentralized oracle network of ChooseMe. Node participants will directly support the true on-chain results of events, verification, and settlement, serving as the core strength to ensure the credibility of the entire ecological data and the fairness of settlements. Node holders will also deeply participate in ecological development, sharing the long-term returns brought by platform growth and data value.
Jensen Huang: Our worry about AI replacing jobs may be misguided
Source: World Economic Forum Annual Meeting
Content Organization: Peter_Techub News
As artificial intelligence (AI) technology rapidly evolves, discussions surrounding the question of whether AI will replace human jobs continue to intensify. From the tech industry to traditional sectors, and from corporate management to frontline workers, anxiety is spreading globally.
At the recent World Economic Forum, NVIDIA founder and CEO Jensen Huang provided a judgment different from the mainstream narrative on this issue. He pointed out that the general public’s worries about AI may be misplaced. In Huang's view, AI is not merely a simple efficiency tool, but a 'platform-level leap' that is reshaping computing methods, industrial structures, and economic systems.
Content Organization: Peter_Techub News
As artificial intelligence (AI) technology rapidly evolves, discussions surrounding the question of whether AI will replace human jobs continue to intensify. From the tech industry to traditional sectors, and from corporate management to frontline workers, anxiety is spreading globally.
At the recent World Economic Forum, NVIDIA founder and CEO Jensen Huang provided a judgment different from the mainstream narrative on this issue. He pointed out that the general public’s worries about AI may be misplaced. In Huang's view, AI is not merely a simple efficiency tool, but a 'platform-level leap' that is reshaping computing methods, industrial structures, and economic systems.
[Editorial] The United States has entered the 'stablecoin OEM' era, while South Korea still lingers on the bill.
The largest virtual asset exchange in the United States, Coinbase, has officially launched a 'custom stablecoin' experiment. The fintech company FlipCash is leveraging Coinbase's infrastructure to mint its own brand of dollar-pegged token 'USDF.' The 'OEM (original equipment manufacturer)' era of stablecoins has already begun. Even if companies do not understand blockchain technology, they can produce 'currencies' bearing their own branding for payroll and payment settlements simply by commissioning Coinbase—this is not a distant future, but a reality currently unfolding in the 'financial manufacturing' scene in the United States.
Upon hearing this news, I can't help but look back at Jeju Island. The bitter truth is that time in South Korea remains stagnant. While the United States is lifting regulatory shackles through the (GENIUS Act) to expand the territory of the dollar digital economy, South Korea has yet to finalize even the legal definition of 'Korean Won stablecoin.'
Upon hearing this news, I can't help but look back at Jeju Island. The bitter truth is that time in South Korea remains stagnant. While the United States is lifting regulatory shackles through the (GENIUS Act) to expand the territory of the dollar digital economy, South Korea has yet to finalize even the legal definition of 'Korean Won stablecoin.'
Despite regulation, no ecosystem... Tiger Research issues a warning about South Korea's Web3 industry: 'A car with only a seatbelt'
Tiger Research recently assessed in a report that while regulation of South Korea's Web3 industry helps protect investors, it has failed to support industry growth. The report points out that the experiences from the IMF foreign exchange crisis and the global financial crisis have led the government to tend to view financial markets as subjects of management and control, and this perspective has been directly carried over to virtual asset regulation.
The report states that South Korea's virtual asset regulatory system is fundamentally a pre-emptive regulation-centric paradigm aimed at preventing accidents. In particular, the (Specific Financial Information Act) and (Digital Asset User Protection Act) have reinforced this tone, leading to limited ripple effects based on exchanges, while the institutional framework supporting the Web3 ecosystem is in a state of absence. The result is that the market is concentrated on a few large exchanges like Upbit, fundamentally blocking the expansion possibilities of custody, brokerage services, ICO platforms, etc. In contrast, the report illustrates the significant policy differences between the two countries by citing that the U.S. Coinbase has evolved into a comprehensive virtual asset financial platform.
The report states that South Korea's virtual asset regulatory system is fundamentally a pre-emptive regulation-centric paradigm aimed at preventing accidents. In particular, the (Specific Financial Information Act) and (Digital Asset User Protection Act) have reinforced this tone, leading to limited ripple effects based on exchanges, while the institutional framework supporting the Web3 ecosystem is in a state of absence. The result is that the market is concentrated on a few large exchanges like Upbit, fundamentally blocking the expansion possibilities of custody, brokerage services, ICO platforms, etc. In contrast, the report illustrates the significant policy differences between the two countries by citing that the U.S. Coinbase has evolved into a comprehensive virtual asset financial platform.
Why is Perp DEX experiencing a downturn? The answer lies within Hyperliquid.
Written by: Haotian
When mainstream assets collectively go dormant, $HYPE can break out with an independent bullish trend, which is indeed thought-provoking. Many are asking why the recent Perp DEX track is so quiet; in fact, Hyperliquid's performance has already provided the answer:
1) The narrative ceiling has changed. The old story of Perp Dex, which was once close to a CEX-level experience, can no longer be told. It feels like Hyperliquid is breaking away from the 'user-friendly DEX' competition through the HIP-3 protocol, aiming to break into all categories of synthetic assets.
It needs to shift from being a user-friendly DEX that eliminates CEX to becoming the most understanding on-chain Nasdaq narrative for Crypto Natives. Transitioning from pure Crypto speculation to seamless trading of crude oil, foreign exchange, and precious metals directly elevates the landscape;
When mainstream assets collectively go dormant, $HYPE can break out with an independent bullish trend, which is indeed thought-provoking. Many are asking why the recent Perp DEX track is so quiet; in fact, Hyperliquid's performance has already provided the answer:
1) The narrative ceiling has changed. The old story of Perp Dex, which was once close to a CEX-level experience, can no longer be told. It feels like Hyperliquid is breaking away from the 'user-friendly DEX' competition through the HIP-3 protocol, aiming to break into all categories of synthetic assets.
It needs to shift from being a user-friendly DEX that eliminates CEX to becoming the most understanding on-chain Nasdaq narrative for Crypto Natives. Transitioning from pure Crypto speculation to seamless trading of crude oil, foreign exchange, and precious metals directly elevates the landscape;
The Birth of the 'App Store for Robotics': How Far Are We from 'Write Once, Run on All Robots'?
On January 27, 2026, OpenMind announced the launch of its robot app store on the Apple App Store. At first glance, it seems like just another tech company releasing a new product. However, a closer look at the details reveals that this is the first time the robotics industry has attempted to tackle a more fundamental challenge than 'making robots walk'—how to establish a developer ecosystem across hardware platforms. When eight originally competing companies, including UBTECH, ZhiYuan Robotics, and Fourier, appear together on the partner list, one signal becomes clear: the robotics industry is undergoing a paradigm shift from 'hardware competition' to 'software ecosystem.' But the real technical challenge is just beginning—how can a piece of code exhibit the same behavior on both bipedal humanoid robots and quadrupedal robotic dogs? The answer to this question not only concerns commercial success but will also determine whether robotics technology can integrate into daily life like smartphones.
Mainstream exchanges are accelerating the introduction of blockchain settlement, and equity RWA is moving from exploration to systematic implementation.
1. Introduction
The capital market has recently released a strong signal.
On September 8, 2025, the Nasdaq Stock Exchange announced that it has submitted an application to the U.S. Securities and Exchange Commission (SEC) to enter the tokenized securities trading market; on January 19, another heavyweight player—the New York Stock Exchange (NYSE)—also announced its latest layout.
The New York Stock Exchange plans to launch a tokenized securities trading and on-chain settlement platform, intending to support 24/7 trading of U.S. stocks and ETFs, fractional trading, stablecoin-based fund settlement, and instant delivery, while integrating traditional trading systems with blockchain settlement systems.
USAT officially launched, XAUT's value rises, Tether's 'trident' has taken shape
Written by: Glendon, Techub News
Since the first official announcement to the official launch, after more than four months of preparation, Tether finally launched the USD compliant stablecoin USAT yesterday.
USAT is issued by Anchorage Digital Bank, the first federally regulated stablecoin issuer in the United States, and developed under the federal stablecoin framework established by the Stablecoin Act (GENIUS Act). Former White House crypto council executive director Bo Hines will serve as the CEO of Tether USAT, and Cantor Fitzgerald has been designated as the reserve custodian and preferred primary dealer. Currently, the first platforms to launch USAT include Bybit, Crypto.com, Kraken, OKX, and Moonpay.
Since the first official announcement to the official launch, after more than four months of preparation, Tether finally launched the USD compliant stablecoin USAT yesterday.
USAT is issued by Anchorage Digital Bank, the first federally regulated stablecoin issuer in the United States, and developed under the federal stablecoin framework established by the Stablecoin Act (GENIUS Act). Former White House crypto council executive director Bo Hines will serve as the CEO of Tether USAT, and Cantor Fitzgerald has been designated as the reserve custodian and preferred primary dealer. Currently, the first platforms to launch USAT include Bybit, Crypto.com, Kraken, OKX, and Moonpay.
After the RWA Explosion: How Value Capture is Reallocated Among Different Roles?
Author: OAK Research
Compiled by: Dingdang (@XiaMiPP)
Introduction
The tokenization of real-world assets is often seen as a multi-trillion dollar opportunity. Perhaps this is not incorrect, but at present, this is not the most important issue. Because it obscures a more central question for 2026: once assets are truly migrated onto the chain, who exactly captures the value?
In 2025, the status of RWA underwent a fundamental change. For a long time, tokenization remained more in the experimental project phase; now, it has evolved into a mature, scalable on-chain market. The total value of RWA grew from about $3 billion in 2022 to over $35 billion by the end of 2025. This growth has come both from the influx of institutional capital and from the market's ongoing demand for 'on-chain yield products backed by compliant assets.'
Compiled by: Dingdang (@XiaMiPP)
Introduction
The tokenization of real-world assets is often seen as a multi-trillion dollar opportunity. Perhaps this is not incorrect, but at present, this is not the most important issue. Because it obscures a more central question for 2026: once assets are truly migrated onto the chain, who exactly captures the value?
In 2025, the status of RWA underwent a fundamental change. For a long time, tokenization remained more in the experimental project phase; now, it has evolved into a mature, scalable on-chain market. The total value of RWA grew from about $3 billion in 2022 to over $35 billion by the end of 2025. This growth has come both from the influx of institutional capital and from the market's ongoing demand for 'on-chain yield products backed by compliant assets.'
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