The Real World Asset (RWA) market grew an impressive 85% this year, yet it still accounts for just 0.003% of the $900 trillion global financial system. As Gareth Lewis, EVP of Corporate Strategy at Fasset, put it:
“That’s like bragging about a drop of water in the ocean. If RWAs are going to matter, we have to find a way to break out of this echo chamber and hit real users at scale.”
This challenge — distribution — was at the heart of our latest X Space. We brought together seven leaders from across the RWA and DeFi spectrum to discuss how to make tokenized assets truly mainstream.
Why RWAs Matter
José Pereira, Co-Founder of Own Network, opened with the core value proposition: access.
“Tokenization removes barriers to entry. A $500k hedge fund ticket can become a $50 investment. You can’t buy half a share of a $500 stock in many countries — but you can buy a fraction on-chain.”
For José, it’s also about reaching users in places like Pakistan or Indonesia where traditional investment platforms don’t exist — and where stable, yield-bearing assets can offer both safety and growth.
Distribution = Tech + Trust
Lukas Wipf, Co-Founder of ONINO, stressed that infrastructure alone isn’t enough.
“Distribution is immediately global for any tokenized asset — but that means navigating regulation and building trust. We integrate technically, but also connect issuers to licensed distributors who can open their networks.”
ONINO is now preparing to launch its own retail-facing platform after focusing primarily on institutional white-label solutions, backed by a new brokerage license in Germany.
Liquidity as the Bottleneck
From DigiFT, Amos Song highlighted the need for a robust secondary market.
“Primary market distribution has been our focus, but the critical pain point now is liquidity. We’re enabling instant redemption and subscription for tokenized assets — just like in TradFi.”
Amos believes the short-term focus should be on crypto-native and “2.5” users (familiar with Web3 but not fully immersed) before attempting mass retail adoption.
Institutional Comfort Comes First
Boris Redfern, Head of Capital Markets at Kasu, pointed out the stark difference between retail expectations and institutional requirements.
“Retail still wants 1000x meme coins, but mid-teen yields — compounded over decades — make people wealthy. Institutions are the gateway to bringing those products to the masses.”
Kasu’s model links DeFi capital with private credit deals, using institutional backing to scale safely.
Retail Will Come — But Later
Aaron Ong, Co-Founder at IX Swap, has learned the hard way that retail isn’t yet ready for most RWAs.
“We started retail-first, but shifted to institutional focus. Retail investors don’t get excited about 4% T-bills — but institutions do. We need to build liquidity first, then roll out to retail.”
Aaron’s current focus: using crypto collateral to purchase RWAs, with distribution through Southeast Asian exchanges and even platforms like LINE (400M+ users).
Rethinking Tokenized Stocks
For Michael Bar-Zeev, President and Co-Founder of SHIFT, accessibility comes from reframing the product.
“We’re bringing stocks and ETFs to retail as utility tokens — removing yields and voting rights so they’re not securities. That way, they can be listed and traded globally without friction.”
Education, Cultural Relevance, and the Road Ahead
Across the board, education emerged as a recurring theme. José Pereira summed it up with a reminder that not all retail decisions are purely financial:
“People buy Nvidia stock not because of a P/E ratio, but because they believe in AI. Cultural relevance can be as powerful as yield in driving adoption.”
From ESG-driven renewable energy projects to structured yield products, the panel agreed the key to unlocking RWA’s potential lies in a blend of regulatory trust, liquidity, user experience, and storytelling.
As Gareth Lewis concluded:
“We have the tech. We have the assets. The next big leap is reaching people where they are — and making RWAs as familiar as checking your bank account.”
🎧 Listen to the full discussion here: https://x.com/i/broadcasts/1rmGPyypEzbJN
