⚡️ Hong Kong is leading the tokenisation revolution with Project Ensemble

Sunday is here.

Welcome back to another newsletter from us at The Merge.

• ⚡️Hong Kong launches ‘Project Ensemble’

• 📈 Centrifuge set to establish a lending market on BASE

• ⚜️ AURUS partners up with RWA Alliance for tokenised gold & silver

Read Time: 5 Minutes

Global Market Overview

Real World Assets on-chain (excl stablecoins) are worth $11.37b (↑1.43% from last month).

There are 125,778 Total Asset Holders (↑3.79% from last month).

• $170.93b is in Stablecoins

• $8.94b is within Private Credit

• $2.07b is in US Treasury Debt

• $961.18m is in tokenised Commodities

• $22.05m is in Global Bonds

• $6.03m is in tokenised Stocks

The top 3 networks are 🥇Ethereum ($88.7b in Total Value Locked) 🥈Tron ($62.6b in TVL) & 🥉Binance Smart Chain ($4.97b in TVL).

Fancy taking a look for yourself? Check it out here.

So, what’s being tokenised this week?

Private Credit

Currently, there is $8.94b in active value loans & $14.22b total loan value across all protocols.

As of today, the top 3 current protocols with outstanding loans are🥇Figure ($8.2b) 🥈Centrifuge ($282m) & 🥉Maple Finance ($231m).

Top stories this week?

🌐 Centrifuge has teamed up with MorphoLabs to establish a lending market relying on collateral from several U.S. Treasury-backed tokens on the Base blockchain.

Aimed specifically at institutional grade lending it will allow for the collateralisation of and borrowing against:

• Centrifuge-affiliated Anemoy Liquid Treasury Fund (LTF) • Midas Short Term U.S. Treasuries (mTBILL) • Hashnote’s U.S. Yield Coin $USYC.

All with a seamless single click for investors!

Want access to our exclusive report on what RWA project Coinbase & the Big Banks are backing?

Stablecoins

Currently, the market cap of stablecoins is $170.93b (↑3.64% from last month).

As of today, it makes up 0.82% (↑3.64% from last month) of all M2 Money Supply with Monthly Transfer Volume totalling $1.72 trillion  (↑8.12% from last month).

The top 3 current entities are 🥇Tether ($118.5b)🥈Circle ($35.1b) &🥉Binance ($4.35b).

Top stories this week?

⚱️ Hong Kong Monetary Authority opened its tokenisation ‘Project Ensemble’ sandbox on Wednesday after HSBC completed its three proofs of concept.

"It's meant to build the grand architecture for Hong Kong’s tokenisation market and connect all essential pieces for tokenised transactions to achieve scale and settle at warp speed" said Julia Leung, CEO of the Securities and Futures Commission.

HashKeyGroup a digital asset financial services group in Asia also said it will conduct pilots exploring the tokenisation and trading of real-world assets in a recent press release.

Commodities

Currently, the market cap of commodities is $961.18m (↑2.58% from last month).

As of today, the Monthly Transfer Volume totals $153.35m (↑5.6% from last month) with 56.49k addresses that are current holders.

The top 3 current entities are 🥇Paxos ($470.93m)🥈Tether ($469.10m) &🥉Comtech Gold ($11.30m).

Top stories this week?

🪙 AURUS, a web3 value layer specialising in the tokenisation of gold and silver has partnered up with the RWA Alliance to protect their treasuries and protocols with stable, real-world assets like gold and silver.

They join the likes of Polytrade and Xave to provide secure, trusted, and liquid asset solutions that empower companies to thrive and hedge themselves in volatile markets.

Exciting stuff 🤝

Bonds

Currently, the total value of bonds is $22.05m (↓0.4% from last week).

As of today, the Average Yield to Maturity is 6.72% with 0.076 years in Weighted Average Maturity. There is a total of 19 Holders (↓5.26% from last week).

The top 2 current entities are 🥇Backed Finance ($20.69m)🥈OpenTrade ($1.31m).

Stocks

Currently, the total value of stocks is $6.03m (↑15.06% from last month).

As of today, the Monthly Transfer Volume totals $1.49m (↑356.27% from last month) with 105 Active Addresses and 744 Current Holders.

The top 3 current entities are 🥇Coinbase Global ($3.30m)🥈Nvidia ($1.22m) &🥉 iShares Core S&P 500 ($1.08m).

Weekly Resource List

🌐 RWA.xyz: On-Chain RWA Analytics

Explore tokenised real-world assets and the investors, issuers and service providers participating in public blockchains. View protocol statistics, industry aggregate metrics, and the issuers all in one place (link)

🔎 Santiment: Crypto Intelligence Tool

A behaviour analytics platform for crypto, sourcing on-chain, social and development information on thousands of coins, including market signals. For RWA’s insights check out this (link) 

🔐 Coinbase Wallet: Easy-to-use crypto wallet

You’ve more than likely heard and probably used Coinbase, so no introduction is needed. This is by far one of the easiest and non-crypto native wallets to be picked up and used by anyone. They even have a ‘Simple Mode’ for beginners. (link) 

🔭 DeBank: Web3 Portfolio Tracker

When it’s difficult to keep track of what’s where - just sync up any of your wallets and see within seconds where things are. This new gem of a tool we stumbled across gives you a holistic overview of all your holdings across multiple blockchains in one place (link)

👻 Phantom Wallet: Multi-Chain Crypto Wallet

Becoming a favourite wallet to use across crypto. An easy-to-navigate cross-chain compatible wallet (you can use it for SOL & ETH etc) with a user interface that beats most of the competition out of the ballpark (link)

🦇 Arkham Insights: Smart Money Insights

An investment tool if you want to understand where ‘Smart Money’ (aka the market makers) are placing their bets then make sure to check it out (link) 

🦎 CoinGecko: Crypto Data and Analysis Platform

Keep up to date with prices, trading volumes, and crucial crypto data (link)

As always, thanks for reading.

Hit reply and let us know what you found most helpful this week —we’d love to hear from you.

See you next Sunday,

Merge