Binance Research: RWA Market Expected to Expand Nearly 6x from Early 2025, with Public Equities and Onchain Payments Heating Up Together

The report’s key signals are concentrated in two areas. First, the expansion of onchain RWA is still being driven by bonds and money market funds, which have low volatility, are easier to price, and have relatively clear compliance pathways. Second, the frequency of crypto payment usage continues to rise, and the growth in debit card transaction volume indicates that the connection between stablecoins, custodial accounts, and real-world consumption scenarios is deepening. For the market, this kind of data is closer to actual shifts in demand than single-project fundraising or product launches, because it covers both the asset issuance side and the payment usage side.

However, different sources present the information differently, and the relevant details still await official confirmation. The current news says it is “expected to grow by about 589% from the beginning of 2025,” while another version found through search states “grew by about 589% from the beginning of 2025 to June 2026,” so the end point in time is not fully consistent. As for crypto debit card transaction volume, the original news compares it with the 2024 monthly average of $416 million, while another version compares it with the increase in stablecoin supply over the same period, meaning the statistical basis is not the same.

In the current market environment, RWA continues to be a sector closely watched by both institutions and trading platforms. Assets such as bonds, money market funds, and public equities are more likely to attract traditional capital to test onchain structures, while the rebound in payment-side transaction volume suggests that “holding stablecoins” is shifting toward “using crypto accounts for everyday spending.” For the trading market, this will also affect stablecoin balances, capital turnover efficiency, and liquidity flows between onchain and off-exchange markets.

## Why It Matters

The importance of this news is not simply the conclusion that “RWA is hot,” but rather that capital is increasingly concentrating in asset types that are more easily accepted by traditional finance. The growth of bond, money market fund, and public equity RWAs suggests that onchain assetization is moving away from high-concept narratives toward more standardized, auditable, and valueable product structures. If this trend continues, RWA may no longer be just a supplementary category within DeFi, but could become another major channel alongside stablecoins for connecting the crypto market with traditional pools of capital.

There is another layer of significance on the payment side. Rising crypto debit card transaction volume indicates that the “cash-out and spending interface” of crypto accounts is becoming more active. This is even more important for stablecoin issuers, card network partners, exchange wallets, and custodial service providers, because higher spending frequency is often a better test of whether payment infrastructure is truly usable than simple growth in holdings. Current disclosures still mainly come from research reports, and the statistical periods and methodologies still need further verification.

## WEEX View

The core competitive battleground is no longer just “which chain will host RWA,” but who can capture the entire value chain of asset issuance, stablecoin settlement, secondary liquidity, and fiat on- and off-ramps. If RWA continues to concentrate in standardized assets such as bonds, money market funds, and equities, CEXs are not merely facing competition over listings, but a reassessment of trading depth after asset mapping, market-making efficiency, and cross-market arbitrage boundaries. Traditional capital entering the space is unlikely to chase long-tail narratives first; it is more likely to migrate along the familiar path of “USD stablecoins → short-duration yield assets → tradable risk assets.” Whoever controls custody, clearing, and compliant distribution will be closer to the traffic gateway.

Another more immediate business implication lies on the payment side. Rising crypto debit card transaction volume means user assets are no longer just sitting onchain or in exchange ledgers, but are beginning to enter consumption scenarios more frequently. For CEXs, this can improve stablecoin retention and turnover efficiency, but it also creates a more practical conflict of interest: should users keep funds in trading accounts for margin and wealth products, or continuously move them out through card products into payment networks? Should platforms prioritize building a high-frequency consumer payments loop, or prioritize maintaining the stickiness of funds in matching engines and wealth management pools? The key variables worth watching next are: whether the statistical methodologies in related reports can be validated by more institutions, whether clearer compliant distribution channels emerge for RWA assets, whether debit card growth is being driven by new users or by existing users using them more frequently, and whether these funds ultimately settle onchain, in over-the-counter clearing systems, or flow back into the main trading pools of centralized exchanges.