Synbo Labs RWA Industry Development News (September 2025)

Publishing Institution: Synbo Labs
Release Date: September 23, 2025
Data Period: As of mid-September 2025 or until the latest available data

Abstract

As of September 2025, the total scale of on-chain RWA has further expanded, with RWA.xyz showing approximately $30.34B, a month-on-month increase of about +10.57% over the past 30 days. The core driving force continues to come from tokenized government bonds/money market products, while emerging asset classes and infrastructure are accelerating deployment in certain chains and regions. There are new dynamics in policy regulation: Chinese regulatory authorities have requested some brokerages to suspend RWA tokenization activities in Hong Kong, marking a reshaping of regulatory red lines in certain markets. On the technical side, infrastructure updates such as XRPL and privacy layers (Privacy L3 Nightfall) provide stronger support for institutional use.

1. Key Highlights

• Market Snapshot (2025.09): The total scale of on-chain RWA is approximately $30.34B, with around 213 issuers and approximately 398,673 holder addresses. The total amount of RWA (including stablecoins) has significantly increased compared to last month.
• Core Positioning: Government bonds/money market products remain the main battleground for capital inflows; meanwhile, regulatory pressure and compliance pathways have become key variables for various projects.
• Major New Developments:
• The China Securities Regulatory Commission (CSRC) has informally requested some brokerages to suspend RWA tokenization activities in Hong Kong.
• The Plume protocol has introduced a privacy layer component called "Privacy L3 Nightfall" to enhance the capabilities of on-chain RWA in terms of data privacy and audit controllability. Risk point updates: Outside of regulatory red lines, there is an increased market focus on asset authenticity and data disclosure (the "Figure IPO" incident exposed data discrepancies that sparked widespread discussion).
• Action Recommendations (Priority):
• Conduct dynamic monitoring of market policy developments (especially in China/Hong Kong) and prepare "suspension plans."
• Enhance the transparency and data auditing of asset projects, including verification of on-chain assets vs. actual underlying assets.
• Strengthen the construction of privacy and audit function components to attract institutional investors (e.g., introducing privacy layers, enhancing auditability, etc.).

2. Industry Overview and Market Scale

2.1 Market Structure

Compared to August, the industry structure has shown new trends in the following areas:

• Tokenized government bonds/money market products remain the most concentrated asset class in the market, occupying a core position.
• Multi-chain deployment continues to strengthen, particularly with Ethereum leading, while chains like Solana, Avalanche, and ZKsync Era are becoming significantly active in certain asset classes.
• Emerging asset classes (commodity/gold, stock tokenization, institutional private credit, etc.) are being attempted and promoted by more projects, although their growth rate is not as high as that of core assets.

2.2 Latest Scale Observations

• RWA.xyz shows Total RWA Onchain (excluding stablecoins) monthly data of approximately $30.34B.
• The number of issuers has slightly decreased or consolidated to 213 (some projects have exited or merged).
• The number of holder addresses is approximately 399,848, an increase from last month's "holder address count of 367,000+."

2.3 Leading Product Progress

Some representative products and their latest status are as follows:

3. New Events and Regional/Policy Dynamics

• China/Hong Kong Regulatory Actions: The China Securities Regulatory Commission (CSRC) has informally notified some brokerages to suspend their RWA tokenization activities in Hong Kong, aiming to strengthen risk management and compliance review. This move may temporarily slow down the advancement of some businesses in Hong Kong as an RWA hotspot.

• Privacy and Audit Upgrades: The Plume protocol has officially introduced Privacy L3 Nightfall to enhance privacy protection while maintaining audit controllability for institutional-level needs. Such infrastructure components are valued by institutions and compliance parties.

• "Figure IPO" Controversy: Figure, promoted as the "first RWA stock/RWA listed company," has raised market skepticism due to discrepancies between its asset claims and actual verifiable assets, emphasizing the necessity of asset authenticity and disclosure transparency.

4. Historical Timeline (New Nodes)

The following new nodes have been added to the existing timeline from last month:

• Mid-September 2025: CSRC conveys guidance to brokerages in China to suspend RWA tokenization in Hong Kong.
• September 2025: Plume introduces privacy layer components (Privacy L3 Nightfall) for the combination of privacy and auditing in institutional RWA.
• Early September 2025: The "Figure IPO" incident raises concerns about asset authenticity and data disclosure, becoming a focal point of industry attention.

5. Risk Factor Updates

In addition to existing risks, the following new/increased risk points have emerged this month:

• Rapid Policy/Regulatory Change Risk: The China/Hong Kong case indicates that regulatory bodies may quickly voice concerns or impose temporary restrictions, affecting market expectations and project advancement.
• Asset Authenticity and Disclosure Risk: The Figure incident serves as a reminder that there may be discrepancies between the "claimed" asset scale and actual verifiable assets, impacting investor confidence.
• Liquidity and Secondary Market Participation Issues Remain Severe: Despite scale expansion, many RWA tokens still experience low trading volumes, with active address counts and turnover rates often not high.
• Rising Operational and Compliance Costs: The costs associated with privacy/audit/legal opinions and other compliance components are gradually being recognized by more participants, which may become a barrier for small projects/new entrants.

6. Technical Trends and Infrastructure Progress

• Multi-chain and low-cost chain deployments continue to expand. Ethereum remains dominant, but chains like Solana, Avalanche, and ZKsync Era are growing rapidly in government bonds/money market assets.
• The combination of privacy layers and auditing has become a new competitive point. Plume's Privacy L3 Nightfall is a typical example.
• Native identity/permission management and on-chain KYC, verifiable identity tools benefit from rising institutional demand.
• Data standards and auditability are improving: the market's demands for asset and issuance/redemption/custody/holder data disclosure are increasing. Projects that cannot provide reliable on-chain + off-chain reconciliation/audit documents may be eliminated by the market and institutional investors.

7. Market Scale Trends and Forecasts

7.1 Short-term Forecast (Next 1-2 Months)

• The market scale may continue to grow at a rate of approximately +8-12% per month, especially driven by government bonds/money market assets.
• Due to temporary policy adjustments (such as the Hong Kong suspension case), the progress of some projects may be delayed or postponed.

7.2 Mid-term Forecast (Next 3-5 Months)

• New asset classes (stock tokenization, commodities/gold, carbon credits) may see a slight increase in proportion.
• Secondary trading/market making/liquidity mechanisms will be incorporated into more project designs, improving market participation and tradability.
• Privacy + audit components will become one of the competitive standards.

7.3 Long-term Trends (6 Months and Beyond)

• RWA is expected to become more closely integrated with traditional financial products (such as securitized products, REITs, green bonds) and may even be included in large asset management portfolios.
• Standardized and indexed RWA products may emerge to meet the needs of institutions and large investors.
• Cross-border issuance and regulatory alignment will become important topics, especially among major financial centers in Europe, America, and Asia.

8. New Perspective: Policy Divergence and Regional Competition

Compared to last month, the trend of policy divergence has become more pronounced this month:

• Although Hong Kong/Singapore/UAE are striving to become pilots and centers for RWA, the policy directives from mainland China (such as suspending certain RWA activities in Hong Kong) indicate a cautious attitude from the state/regulatory level towards cross-border asset tokenization.
• Regional competition is intensifying: for example, XRPL is making significant investments in providing stronger infrastructure (observability, settlement security, etc.) for institutions, which may attract institutional projects looking to reduce intermediary/legal friction to shift towards those chains or jurisdictions.

9. Synbo Labs Perspective

• As the scale expands and institutional participation increases, the market's demands for "compliance + transparency + tradability + privacy and audit" are simultaneously rising.
• If project parties focus only on product issuance and asset types while neglecting policy sensitivity and disclosure accuracy, they may encounter regulatory or market trust bottlenecks in the short term.
• It is recommended that institutions embed these elements (such as legal opinions, on-chain and off-chain reconciliation, privacy modules, liquidity mechanisms) into the new product design phase, as this is not only a market competitiveness factor but also a key to risk avoidance.

Appendix/Methodology Explanation

• The data in this report is primarily sourced from the latest public data of RWA.xyz, supplemented by media reports from Reuters and others regarding policy dynamics.
• All scale data refers to on-chain traceable assets + project disclosure figures, with a margin of error due to differences in disclosure standards and audit levels.
• In policy/event updates, some are informal directives or internal messages that still require tracking of official disclosures.

About Synbo Protocol

Synbo Protocol is a capital protocol for on-chain primary markets. It activates idle on-chain assets based on liquidity principles and achieves secure and efficient capital flow through a verifiable Position Proof mechanism. The protocol effectively connects idle on-chain funds with long-tail assets and primary market investment and financing services through smart contracts.
Disclaimer: This report is for reference only and does not constitute investment advice. Investing in digital assets carries high risks and may lead to loss of principal.