Reporting period: October 30–November 6, 2026. This retrospective summarizes PANews’ weekly RWA report, published on November 6, 2026, at 19:50:22 UTC+8. Status labels below reflect the source’s reporting at that time, not subsequent developments.
Hong Kong: deposit transactions operating, gold ETF pilot under consideration
Completed milestone — Ensemble TX: The Hong Kong Monetary Authority reported that Ensemble TX had advanced to round-the-clock, real-value transactions in tokenized deposits. Expanding the trials to regulated stablecoins remained a plan. The authority also reported completing secondary-market trials of tokenized Exchange Fund Bills through recognized dealers.
Launched — Standard Chartered’s corporate service: According to CoinDesk, Standard Chartered introduced tokenized deposits for corporate clients in Hong Kong, its first market for the service. Using the bank’s blockchain infrastructure and Ensemble TX, the service supports real-time deposit transfers between participating banks at any hour, with final settlement in central bank money. Standard Chartered did not disclose transaction volumes or the number of institutions initially eligible to use it.
Proposed — tokenized gold ETF pilot: Christina Choi, the Securities and Futures Commission’s executive director of investment products, said at Hong Kong FinTech Week that a tokenized gold ETF could be the next pilot. The report described 17 authorized tokenized retail products, spanning money market funds, gold products and ETFs, with combined assets under management of $1.3 billion. The proposed pilot was not reported as launched, and no launch date was supplied.
Planned — HKDAP on Solana: Solana said Anchorpoint, the Hong Kong-licensed stablecoin issuer jointly established by Standard Chartered, HKT and Animoca Brands, would bring its Hong Kong dollar stablecoin HKDAP to the network. Native minting and redemption were planned; the report supplied no implementation date.
Dated milestones around the reporting week
October 27–28: tokenized shares and DTCC infrastructure
Bullish and Equiniti demonstrated the transfer of 61 million tokenized reserved Bullish shares on Solana on October 27, according to Bullish’s announcement. Those shares were intended for the closing of Bullish’s acquisition of Equiniti. The acquisition was expected to complete in January 2027, subject to regulatory approval.
Bullish selected Solana, Aptos and Ethereum as the initial networks for its stock-tokenization service. Solana was the first supported network; dates for Aptos and Ethereum were not announced. Official ownership records would remain with transfer agents.
DTCC’s tokenization service launched on October 28. Morgan Stanley subsequently said it was among the first banks to use the service, having converted U.S. equities and U.S. Treasuries into tokenized form.
November 4: issuer-backed equity trading on Canton
Canton Strategic Holdings said the first trades in its issuer-backed tokenized common shares took place on November 4, U.S. Eastern time, through TSV LLC on Canton Network.
The company characterized these as the first tokenized U.S. equity trades under the SEC innovation exemption framework introduced on September 17. Five North sold the shares, DRW Cumberland bought them, and Flowdesk supplied liquidity. Trading used a permissioned pool under the Tradecraft AMM protocol, with atomic settlement on Canton.
The company said tokenized shareholders retained the same rights as shareholders holding through Nasdaq. The claimed first-trade status was attributed to the company, rather than independently established in the report.
November 5: regulatory rules, a court proposal and issuer objections
Nigeria — rules published: The Central Bank of Nigeria issued regulations for non-security virtual assets dated November 5, 2026. The rules assigned payment, settlement and exchange uses of non-security virtual assets and stablecoins to the central bank, while securities remained under the SEC.
Foreign-currency-pegged Class 2 stablecoin issuers were required to be locally licensed entities with minimum paid-up capital of 15 billion naira, approximately $11.16 million. The minimum for naira-pegged Class 1 issuers was 10 billion naira. Platform-matched P2P activity required specific central bank approval and verification that naira account names matched Bank Verification Numbers before regulated tokens were released or credited.
Dubai — proposal, not deployment: According to CryptoBriefing, the DIFC Courts published a Dispute Resolution Oracle white paper on November 5. It proposed a voluntary framework linking off-chain court or arbitration decisions to enforcement involving on-chain tokenized assets. Parties would have to designate a dispute-resolution forum in advance. The oracle would validate enforcement instructions and create auditable records; adjudication would remain off-chain.
OKXICE — objections increased: A public notice updated on November 5 showed that 67 issuers opposed tokenized trading of their shares on OKXICE TSV, up from 62 on November 4. The additions included Palantir, S&P Global, KLA, Super Micro Computer and Meta.
France: crypto tax provisions were removed, not finalized
Cointelegraph reported that rejection of the revenue section of France’s 2027 budget bill removed three previously adopted crypto amendments from the version heading to the Senate. They could still be reintroduced during Senate consideration.
The provisions concerned taxation of gains when converting crypto into stablecoins; disclosure of self-custodied crypto holdings worth at least €100,000, assessed on December 31 of the tax year; and an increase in penalties for platforms failing to provide requested tax information from €10,000 to €50,000.
Market snapshot as of November 6
PANews cited RWA.xyz for the following figures, with changes measured against the same period a month earlier:
| Measure | Reported value | Monthly change |
|---|---|---|
| On-chain RWA market value | $39.36 billion | +0.02% |
| RWA asset holders | 5.6537 million | +7.17% |
| Stablecoin market capitalization | $283.05 billion | −4.17% |
| Monthly stablecoin transfer volume | $9.9 trillion | +46.11% |
| Monthly active stablecoin addresses | 56.03 million | −9.42% |
| Stablecoin holders | 306 million | +3.27% |
The snapshot showed holder growth alongside nearly unchanged RWA market value. For stablecoins, higher transfer volume coincided with lower market capitalization and fewer monthly active addresses; these measures should not be treated as interchangeable indicators of adoption.
Forward calendar: expected transactions, not completed events
Beyond Bullish’s expected January 2027 acquisition closing, tZERO announced a definitive merger agreement with Nasdaq-listed SPAC FG Imperii Acquisition Corp. The transaction carried a $350 million pre-money equity valuation, including up to $25 million contingent on specified milestones.
Both boards had approved the agreement. Completion was expected in early 2027, with the combined company expected to list on NYSE American under TZRO. Potential proceeds included approximately $231 million in the SPAC trust account, subject to public-shareholder redemptions. These remained transaction expectations at the reporting cutoff, not completed financing or listing milestones.
Original source: PANews RWA weekly report, published November 6, 2026, at 19:50:22 UTC+8.