The conversation around tokenized real-world assets (RWAs) has shifted decisively. What began as an experiment in financial innovation has become a question of infrastructure—rails, custody, interoperability, and liquidity. Across both traditional finance and crypto, the same pattern is playing out: the rails are finally being built.

That momentum took center stage at CAPITALX feat. ONCHAIN, held in Singapore during TOKEN2049 week. The joint event brought together DigiFT’s CAPITALX—the next-generation capital markets forum—and Saison Capital’s ONCHAIN, Asia’s first conference dedicated to real-world assets. Now in its second edition, CapitalX exists to bridge Web2 and Web3 institutions, fostering dialogue on how tokenization, regulation, and interoperability are transforming global capital markets.

This year’s conference featured more than 70 speakers from global institutions, asset managers, banks, and DeFi innovators—including representatives from UBS, SC Ventures, Franklin Templeton, Invesco, Goldman Sachs, Binance, and Chainlink—and was supported by a diverse mix of ecosystem partners and sponsors from across the RWA and DeFi landscape.

Across both stages, one message carried weight: tokenization has left the proof-of-concept stage and entered the operating stack of finance.

Bigger, Broader, More Institutional

The scale of tokenization continues to expand. Data from RWA.xyz places total tokenized assets (excluding stablecoins) above US$33B as of September 2025, with another US$320B in stablecoins forming the liquidity backbone of on-chain markets.

Institutional strategies now define much of that activity. BlackRock’s BUIDL, UBS’s uMINT, and Invesco’s iSNR have shown how regulated vehicles can move on-chain while preserving traditional governance and audit standards

During the headline panel, Bridging Web2 and Web3: Institutional Convergence in the Digital Economy, speakers from Binance, SC Ventures, UBS和 DigiFT emphasized that regulatory clarity and client demand are now the primary drivers of institutional entry.

Speakers repeatedly returned to the same friction points—custody, settlement, and integration. Custodians described their evolving role as the connective layer enabling institutional participation, while operators underscored the need for standardized data and compliance frameworks.

Policy Is Getting Read

Hong Kong’s stablecoin licensing regime, effective since August 2025, is establishing expectations for fiat-backed stablecoin issuers. In Singapore, Project Guardian continues to test tokenized funds and repo transactions, marking a decisive shift from pilots to policy.

In the panel, Asia and LATAM: The Next Frontiers for RWA, speakers highlighted Brazil and Indonesia as active testbeds for regulated tokenization. Brazil’s central bank is piloting KYC-linked stablecoin systems with Visa and Microsoft, while Southeast Asia’s fintech sandboxes are shaping early fund distribution models.

Globally, frameworks such as the EU’s MiCA and the proposed U.S. GENIUS Act are introducing standardized disclosure and custody rules. Yet implementation varies by jurisdiction: China’s CSRC recently advised brokers to pause Hong Kong RWA activity, reflecting how uneven progress remains. That said, the overall mood was optimistic: regulation is now viewed as an enabler of participation, not a barrier.

Stablecoins in Real Operations

Few topics drew more attention than stablecoins. In the session, From Treasury to Checkout: Stablecoins in Real Operations, speakers from Transak, M0, Coinbase和 Gnosis described how stablecoins are moving from investment tools to operating infrastructure—supporting treasury workflows, B2B payments, and cross-border settlements.

Panelists agreed that enterprise adoption hinges on integration rather than innovation. ERP connectivity, reconciliation, and auditability remain the key obstacles to scale, but stablecoins are fast becoming the connective tissue between on-chain and off-chain finance.

Fixed Income Remain the RWA Core

Short-duration fixed income and private credit remain the backbone of tokenized issuance. These assets fit institutional mandates and liquidity requirements, making them the most natural starting point for regulated tokenization.

On the panel, From Private Credit to Tokenized Funds: Building the New Fixed Income Stack, speakers from 景顺投资 （Invesco）, S&P Global, Republic和 Libeara agreed that innovation lies in distribution, not reinvention.

Private credit, once locked for years, is becoming more dynamic through on-chain fund wrappers that improve transparency and access while preserving governance standards. Tokenization is, in essence, making fixed income more efficient—without changing its fundamentals.

Interoperability and Market Plumbing

Interoperability and data integration were recurring priorities. The conversation moved beyond token launches toward how custodians, oracles, and exchanges can operate in sync.

Builders and infrastructure providers highlighted progress on cross-chain messaging, shared identity frameworks, and real-time verification that let institutions reconcile data automatically. The emerging consensus: collaboration, not competition, will drive the next phase of infrastructure.

On the panel, Institutional Infrastructure: Building the Backbone for Tokenized Markets, speakers from Franklin Templeton, Goldman Sachs, Chainlink, Axelar, Cactus Custody和 OKX pointed to liquidity fragmentation and NAV timing gaps as the next hurdles. While pilot programs continue to advance, participants agreed that progress depends as much on governance as technology. Quiet coordination—around custody, identity, and data standards—is what will make tokenized markets functional at scale

The Road Ahead

The unifying theme at CapitalX feat. ONCHAIN was execution. The industry has moved past “can we tokenize it” to “can it trade, settle, and scale.”

Issuers are launching with pre-committed liquidity partners and custodian-linked collateral models. Custodians are evolving from safekeepers to compliance enablers. Regulators are offering clearer frameworks, and institutional adoption is translating into measurable activity.

CapitalX feat. ONCHAIN brought together the builders, policymakers, and institutions shaping this transition—and DigiFT is proud to play a part in advancing the conversations turning tokenization into infrastructure.

If you’re interested in being part of the next chapter, join us for CapitalX 2026 as we continue to bridge traditional and decentralized finance. Get in touch to explore speaking, sponsorship, or collaboration opportunities.

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