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🛑 Billion Dollar Onchain Bottleneck?

RWA World Newsletter - Oct 24, 2025

Author

Ray Buckton
October 24, 2025

Another Friday, another great week for onchain assets, where Ray Buckton, Head of Research at RWA World, brings you the latest. 🎉

According to TD Ameritrade, every asset will be tokenized within 5 years – a bold prediction, but with Nasdaq seeing opportunities everywhere and RWA reaching $35 billion, they might not be far off. 🔥

🎯🔥 Rapid Fire Takeaways:

Just as Goldman Sachs is spinning out a tokenization platform, there’s a collective realization that onchain assets can’t scale without cross-chain coordination, creating a billion-dollar bottleneck for tokenization. ⛓️

But how do we scale that coordination? Tell us your thoughts this Thursday at 2 pm EDT on Wolf Crypto. Drop us a message, and we’ll get you on the panel. 🐺

🏛️ Govs, Regs, and Associations

The Fed is busy this week, calling for stronger stablecoin regulations, exploring potential loopholes in the GENIUS Act, and holding a digital asset conference. Meanwhile, Florida is legalizing Bitcoin investments for state funds and overhauling its crypto and stablecoin rules, while Wyoming is testing the multichain abilities of its FRNT stablecoin. Across the pond, the BoE is working to synchronize blockchains with its national payment systems while clarifying that its stablecoin limits are only temporary, as the country outlines its support for tokenization and will set stablecoin rules by 2026. This all happened in tandem with the EU getting serious about its digital euro and giving Lise the first EU license for a tokenized stock exchange. 🦅

As Dubai continues to attract global investors into tokenized assets, ByBit Kazakhstan flexed its QR-based crypto payment technology, and neighboring Tajikistan unveiled its digital asset exchange. In Africa, Nigeria’s central bank is studying stablecoins and engaging with Switzerland’s crypto valley. Further east, Kenya issued new VASP laws and granted the CMA the power to license and audit crypto firms. 🧑‍⚖️

India is signaling a preference for central bank digital currency (CBDC) over stablecoins, while Pakistan is going the other way, embracing the digital rupee to curb dollar influence in the country. Thailand is embracing tokenization for green assets, as Singapore’s financial regulator unveiled its BLOOM initiative for multi-currency settlement. Korea is in the final stages of introducing stablecoins as Japan’s FSA eyes crypto trading rights for banks. They’re pushing regulators to keep pace with financial innovation, a stark contrast to China, which is pausing stablecoin plans for the foreseeable future. 🔍

📰 Tokenization Development

It was another significant week for acquisitions, with Coinbase acquiring crypto fundraising firm Echo for $375 million and Ripple buying crypto treasury management firm GTreasury for $1 billion. We also saw plenty of investments, such as: 

And what’s a good funding round without partners to celebrate with? Plenty of new friendships in the landscape to highlight this week as well:

That’s a lot of handshakes – we’re going to need more digits per palm if we keep making inroads like this. 🛣️

👛 Stablecoins

Citi claims that bank tokens may be more popular than stablecoins, while Wise hints at its ambitions to enter the market. But not everyone agrees – Visa says stablecoins could drive new lending developments while transforming the $40 trillion global credit market. They’re not wrong, as BlackRock continues to shape the future of digital assets, this time revamping its money market fund to tap booming stablecoin demand. Demand is high, but not $300 trillion high… which is how much PYUSD Paxos accidentally minted, citing a tech error. 😅

As USDT0 integrates with Solana and StableX buys Chainlink’s token for its stablecoin strategy, Tether’s new lawsuit could redefine how stablecoins function under existing legal frameworks. Compliance remains kind, with Schuman’s EURØP stablecoin gaining traction under MiCA and Euronet choosing Fireblocks for cross-border transactions. Falcon Finance shared its strategy for yield generation, while Bitget upgraded its wallet with EIP-7702 for stablecoin-based transaction fees. 🔼

While Pitchbook calls stablecoins “imperfect but inevitable”, Ethereum’s stablecoin supply surged to $162 billion as Base rolled out private transactions and Euler teased a synthetic dollar product. It’s not pure growth and positivity, though. The ESRB published a report on the systemic risks of stablecoins, while the US Crypto Coalition warned that bank data fees could cut off stablecoins and wallets. 🤨

🆕 New Platforms, Programs, Tools, and Integrations

As Memento integrates with Chainlink’s CCIP for cross-chain capabilities, and PancakeSwap does the same with Ondo’s Global Market Alliance, plenty of new developments are happening across the industry:

Not a week goes by without more shiny new products for tokenization nerds like us to explore and experiment with. 🔬

🌐 RWA Sectors & Ecosystems

As tokenized assets come onchain, DeFi roars back to life. The Ethereum Foundation deployed 2400 ETH into Morpho, and VanEck filed for the first Lido staked ETH ETF. Pendle also seeks to bring the $140 trillion fixed-income market onto the platform. Just in time – with Aave holding over $25 billion in outstanding loans, there are increasing murmurs of DeFi risk concentration. 👁️

TradFi is also moving faster, with Laser Digital getting its VARA approval, U.S. Bank establishing a new Digital Assets and Money Movement organization, and Franklin Templeton leading Asia’s tokenization push. Sony Bank’s Connectia Trust asked the OCC for a National Trust Bank Charter, as Erebor already received approval. With developments like these, it’s worth studying how Grayscale brought crypto staking to Wall Street for the first time. 📚

Digital asset treasuries (DATs) are thriving, with Huobi founder Li Lin launching a $1 billion Ether trust, and BitMine adding another 203,826 ETH during the recent market dip. However, consolidation could be on the horizon for Bitcoin DATs as market saturation nears. Tokenized stocks, on the other hand, are still in their infancy. Robinhood is tokenizing nearly 500 US stocks, and Exodus is bringing its common stock onchain with Superstate as Bitget’s stock futures surpass $200 million. 📊

WLFI will officially launch a real estate token, as CoinLander kicked off a platform for tokenized mortgages. Tokenized gold is becoming more vogue, as DL & Antalpha tokenized $100 million of the yellow metal, and Tether Gold hit a record $2.2 billion market cap. Power Metal committed to an investment in the Minestarters platform, while SOLAI Limited joined the RWA Alliance to advance the tokenization of green energy assets. ♻️

✍️ That’s All They Wrote

Another stellar week for asset tokenization.

Reach out to Ray or RWA World if you’re building and bringing assets onchain. 

We’re here to help you avoid the pitfalls and point you in the right direction.

Until next time! 👋