China's push towards a Stablecoin-RWA system accelerates
In the ever-evolving world of cryptocurrencies, September 2022 has seen a flurry of significant developments. Here's a roundup of some of the key events that have shaped the landscape.
The financial sector is bracing for change, with Chinese internet brokerages and fintech firms potentially set to see sizeable value revaluation due to upcoming initiatives. The SEC Chairman, Paul S. Atkins, has emphasised the need for new crypto regulations.
Meanwhile, the Federal Reserve has highlighted stablecoins amid the passage of the GENIUS Act. The stablecoin-RWA ecosystem, a strategic ambition for China, aims to anchor digital currencies with high-quality domestic assets. Tether is aiming for U.S. dominance in the stablecoin market.
Notable events include the dismissal of a case over lost virtual dollar investment, and a court ruling in favour of Defiance's Bitcoin and Ethereum ETF filings with the SEC. Industry leaders like Ant Digital, Longxin Group, and GCL Energy are pioneering initiatives through tokenization of new energy assets.
The UK and US have strengthened ties for a focus on crypto regulation, with the SEC and Robinhood discussing tokenization regulations. The US and UK are also preparing a crypto regulation cooperation deal. Google and Coinbase have collaborated on an AI payment protocol launch.
Elsewhere, the WLFI token unlock event has sparked market anticipation, while the Gemini IPO has sparked debate on Bitcoin's future as Gold 2.0. The SEC lost Gary Gensler's year-long text messages due to IT failures, a development that has raised eyebrows in the industry.
In the courts of law, John Kojo Kumi, a cryptocurrency researcher and writer, has been involved in cases within the blockchain ecosystem. Wormhole has countered LayerZero's $110M Stargate bid, and the SEC held a cryptocurrency roundtable on financial surveillance and privacy.
The crypto market has seen a surge in Ethereum (ETH), currently valued at $3,749.10 with a market cap of $452.56 billion. Bybit's Q3 2025 asset allocation report shows a pivot from stablecoins to SOL, XRP, and altcoins.
The stablecoin-RWA ecosystem is not without opposition, with Malta opposing ESMA's push for centralizing crypto regulation. Next Technology has implemented a 200-for-1 reverse stock split, and Minsheng Securities' focus on the RWA ecosystem echoes global tokenization trends.
The MANTRA blockchain is the first multi-VM blockchain for RWAs, with native EVM and CosmWasm support. ETHZilla has secured $80 million OTC financing with Cumberland, and Coinbase's XRP reserves have plummeted by 90%, with investors flocking to EARN mining cloud mining to earn $5,877 daily.
Binance Alpha users are claiming MRLN airdrop with points starting September 16, and Hong Kong has implemented stablecoin regulation and license applications. The DTCC has listed new crypto ETFs including Fidelity Solana.
In the world of partnerships, official partners cooperating with China to develop an RWA-stablecoin ecosystem include China International Development Corporation, SY Holdings, HashKey Chain, Animoca Brands, Fosun Wealth Holdings, and FinChain. These partners provide platforms, compliance frameworks, and integration bridges between traditional assets and blockchain-based stablecoins.
As anticipation grows for these initiatives, government and corporate players remain notably silent on official channels. The "license effect" will likely fortify the competitiveness of domestic players as they tap into this wave.
In the midst of all this, Elon Musk has launched an AI-driven software company, Macrohard. TAO is preparing for a breakout with bulls eyeing $680-730 after a bullish pennant. Cardano $ADA futures have surged to $6.96B with a possible $10 price target.
As always, the world of cryptocurrencies continues to evolve at a rapid pace, with new developments and challenges emerging daily. Stay tuned for more updates.
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