Fastest Growing RWAs (30d TVL Growth) - USDCV (Societe Generale) is among the fastest growing RWAs [1] - USCC (Superstate) shows significant growth [1] - MTBILL (Midas) demonstrates rapid growth [1] - XAUT (Tether) experiences notable growth [1] - USDG (Global Dollar Network) exhibits fast growth [1] - cUSD (Cap) is among the fastest growing RWAs [1] - deUSD (Elixir Protocol) shows significant growth [1] - Reserve Index (Reserve) demonstrates rapid growth [1] - JAAA (Centrifuge) experiences notable growth [1] - MF-ONE (Midas) exhibits fast growth [1] - thBILL (Theo) is among the fastest growing RWAs [1] - RLUSD (Ripple) shows significant growth [1] - PAXG (Paxos) demonstrates rapid growth [1] - USTB (Superstate) experiences notable growth [1] - WTGXX (WisdomTree) exhibits fast growth [1]

RT Token Terminal 📊 (@tokenterminal)Fastest growing RWAs, based on 30d TVL growth (%) 👇USDCV, Societe GeneralecUSD, CapUSCC, SuperstateMTBILL, MidasXAUT, TetherdeUSD, Elixir ProtocolUSDG, Global Dollar NetworkReserve Index, ReserveMF-ONE, MidasJAAA, CentrifugethBILL, TheoPAXG, PaxosPYUSD, PayPalFDIT, FidelityRLUSD, Ripple ...

RWAs Market Growth - Token Terminal 数据显示，基于 30 天 TVL 增长百分比，USDG 是增长最快的 RWA 之一 [1] - 其他快速增长的 RWA 包括 USDCV, cUSD, USCC, MTBILL, XAUT, deUSD, Reserve Index, MF-ONE, JAAA, thBILL, PAXG, PYUSD [1] Global Dollar Network (USDG) - USDG 的未偿供应量接近 10 亿美元 [1]

Fastest growing RWAs, based on 30d TVL growth (%) 👇USDCV, Societe GeneralecUSD, CapUSCC, SuperstateMTBILL, MidasXAUT, TetherdeUSD, Elixir ProtocolUSDG, Global Dollar NetworkReserve Index, ReserveMF-ONE, MidasJAAA, CentrifugethBILL, TheoPAXG, PaxosPYUSD, PayPalFDIT, FidelityRLUSD, Ripple ...

Stablecoin & DeFi Market - Stablecoin summer continues with increased token availability and liquidity [1] - 1inch now supports EURCV and USDCV, the first MiCA-compliant stablecoins from Societe Generale Forge [1] - The integration aims to bridge DeFi freedom with institutional credibility [1] Partnerships & Technology - Flowdesk_co is the new resolver facilitating the increased token availability [1] - Swap functionality for EURCV and USDCV is available on 1inch [1]

related:https://t.co/68Oky65N3WSpiko (@Spiko_finance):From now, EUTBL and USTBL holders can borrow SG Forge’s MiCA-compliant stablecoins EURCV & USDCV on @MorphoLabs via @Ethereum.♾️Up to 96.5% LTV🎯 Risk managed by @MEVCapital💸 Incentivized through @merkl_xyz ...

RT Morpho 🦋 (@MorphoLabs)SG Forge, @societegenerale's regulated digital asset arm, has selected Morpho to power lending and borrowing for its MiCA-compliant stablecoins, EURCV & USDCV.This is the beginning of an inevitable shift: banks are coming onchain and Morpho will be their universal backend. https://t.co/hoT0AJeFWa ...

DeFi Composability - DeFi 领域展示了可组合性，预计将有相关图表展示 [1] - EUTBL 和 USTBL 持有者现在可以通过 Ethereum 上的 MorphoLabs 借用 SG Forge 符合 MiCA 标准的稳定币 EURCV 和 USDCV [1] Lending Parameters - 贷款价值比 (LTV) 高达 96.5% [1] Risk Management & Incentives - 风险由 MEVCapital 管理 [1] - 通过 merkl_xyz 提供激励 [1]

Core Insights - Société Générale is actively engaging in decentralized finance (DeFi) by integrating its euro and dollar stablecoins with major DeFi platforms like Uniswap and Morpho, marking a significant step beyond pilot projects in the banking sector [2][3][4] Company Developments - SG Forge, the digital assets arm of Société Générale, has integrated its USDCV and EURCV stablecoins with Uniswap, which has a monthly trading volume exceeding $100 billion, and Morpho, a lending protocol with $11 billion in deposits [2] - The integration allows institutional clients to swap stablecoins and other crypto assets on Uniswap and to lend and borrow against them through Morpho [2][3] Industry Trends - The DeFi lending sector is gaining traction, with deposits to DeFi lending protocols reaching an all-time high of $130 billion in early September, indicating a strong demand for decentralized lending solutions [3] - Other banks, such as Credit Suisse and Standard Chartered, are also exploring digital assets and tokenization, reflecting a broader trend in the banking industry towards embracing DeFi and digital currencies [5] Regulatory Environment - Recent regulatory developments, including the European Union's MiCA rules and new stablecoin regulations in the US, are fostering a more favorable environment for banks to engage with digital assets [6] - Future regulations, such as the planned market structure bill in the US, are expected to further encourage banks to explore DeFi initiatives, although potential delays due to government shutdowns may impact this [6]

Core Insights - The report by CertiK highlights the continuous expansion of the stablecoin market in the first half of 2025, with a total supply reaching $252 billion and a monthly settlement volume increase of 43% [1] - User engagement has significantly improved, with the total number of holding addresses surpassing 120 million as of Q3 2024 [1] - USDT remains the most widely held stablecoin, with over 5.8 million addresses, approximately 2.6 times that of USDC [1] Market Performance - The stablecoin market is experiencing notable growth, with USDC's market capitalization rising to $61 billion, making it the fastest-growing mainstream stablecoin due to its MiCA license and successful listing [1] - PayPal's PYUSD has doubled its market capitalization by integrating with the Solana network and launching a holding rewards program [1] - RLUSD has maintained zero security incidents since its launch, establishing a strong market position through its reliability in institutional applications [1] Risk Landscape - The stablecoin industry faces increasing security and compliance challenges, with 344 security incidents reported in the first half of 2025, resulting in total losses of $2.47 billion, a historical high [2] - Operational errors, such as the Bybit private key leak, have become a primary source of losses, with a single incident causing a loss of $1.5 billion [2] - Stablecoins are increasingly being used by hackers for money laundering, particularly on networks like TRON, which poses significant compliance risks [4] Regulatory Developments - Regulatory measures are reshaping the market landscape, with the advancement of the STABLE and GENIUS Acts in the U.S. Congress and the full implementation of the EU's MiCA regulation [4] - Compliance pressures are leading to market differentiation, where licensed and transparent reserve projects gain higher market trust, while non-compliant issuers are being marginalized [4] - Traditional financial institutions are actively piloting stablecoin projects, with Societe Generale launching a compliant USD stablecoin, USDCV, and other banks like Bank of America and Santander developing related projects [4] Future Trends - The report forecasts that RWA (Real World Asset) backed and yield-bearing stablecoins will become the main innovation line, potentially capturing 8% to 10% of the market by the end of the year [5] - RWA-backed stablecoins align with global regulatory trends towards stablecoin compliance by anchoring to off-chain assets like government bonds [5] - Yield-bearing stablecoins are attracting institutional investors and high-net-worth individuals due to their "on-chain money market fund" characteristics [5] Risk Management - The introduction of new models brings complex counterparty and strategic risks, emphasizing the need for rigorous risk management, transparent operational mechanisms, and proactive compliance stances for sustainable development of stablecoin projects [8]