New York – April 2026 – IXS, the Institutional Exchange Settlement Layer delivering licensed blockchain and tokenization infrastructure for the compliant, large-scale adoption of tokenized real-world assets (RWAs), today announced that it has selected BitGo Bank & Trust, National Association (“BitGo Bank & Trust”), an OCC-regulated digital asset trust bank and subsidiary of BitGo Holdings, Inc. (“BitGo”) (NYSE: BTGO) to support bitcoin collateral associated with its suite of institutional yield product offering.

Through this arrangement, IXS will utilize BitGo’s regulated, qualified custody infrastructure to hold bitcoin collateral supporting its institutional yield products. The structure is intended to provide institutional participants with access to liquidity while bitcoin collateral remains maintained at BitGo Bank & Trust.

“Institutions don’t just want yield, they demand unbreakable alignment: security that survives black swan events, custody that eliminates counterparty risk, and returns rooted in real-world economics” said Julian Kwan, CEO of IXS.

“IXS deploys unlocked liquidity into regulated, short-duration RWAs like tokenized U.S. Treasuries, money market funds, and private credit. This isn’t borrowed yield, it’s true alignment, turning idle bitcoin into a capital-efficient, yield-bearing treasury asset without ever compromising upside or control.”

The IXS Bitcoin Real Yield Vault empowers institutions to transform dormant bitcoin into productive capital

• Pledge BTC as collateral in BitGo’s regulated, segregated, bankruptcy-remote custody.

• Unlock USD liquidity.

• Deploy proceeds on-chain into IXS’s transparent, regulated RWA tokens, USD-denominated yields from tokenized institutional-grade fixed income instruments.

• Benefit from complete on-chain transparency.

The announcement reflects continued institutional interest in digital asset structures that combine bitcoin exposure, regulated infrastructure, and tokenized financial services.

About IXS

IXS is the institutional infrastructure layer for tokenized real-world assets. By combining compliant asset issuance, deep on-chain liquidity, and secure settlement and staking, IXS enables institutions, asset managers, and protocols to launch, trade, and manage RWAs at scale.

About BitGo

BitGo (NYSE: BTGO) is the digital asset infrastructure company delivering custody, wallets, staking, trading, financing, stablecoins, and settlement services from regulated cold storage. Since 2013, BitGo has focused on accelerating the transition of the financial system to a digital asset economy. BitGo maintains a global presence and multiple regulated entities, including BitGo Bank & Trust, National Association, the first federally chartered digital asset trust bank owned by a publicly traded company. Today, BitGo serves thousands of institutions, including many of the industry’s top brands, financial institutions, exchanges, and platforms, and millions of investors worldwide. For more information, visit www.bitgo.com.

The Agent Economy Needed a Bank. We Built Something Better.

AI agents can do almost anything now.

They can browse, reason, write code, manage workflows, hire other agents, and complete multi-step tasks without a human in the loop. There is one thing they cannot do.

Hold a bank account.

This is not a minor inconvenience. An agent that can autonomously manage capital, procure services, pay invoices, and optimise a portfolio needs to be able to move money. Traditional financial infrastructure is built around legal personhood. Banks assume the entity transacting is a human being or a legally registered corporation with KYC documentation, a physical address, and a human signatory. AI agents have none of these things. They exist as software processes. They can be spun up in seconds and terminated just as fast.

Crypto solves this structurally. A wallet requires no paperwork, no legal identity, no banking relationship. Just a cryptographic key pair. An agent can generate a wallet, receive funds, execute transactions, interact with smart contracts, and transfer value to other agents or humans, programmatically, at machine speed, around the clock, with no human in the loop.

The agent economy did not choose crypto out of ideological commitment to decentralisation. It chose crypto because crypto is the only financial infrastructure that runs at software speed.

But raw cryptocurrency is not the answer for agents that need stable, productive capital. Volatile assets do not work for treasury management. And unregulated DeFi pools are a non-starter for any institution with a compliance team.

What agents need is tokenized real-world assets. Yield-bearing. Regulated. USD-backed. Programmable.

Seven years ago, we started building exactly that. Today we are opening early access to IXS.agent, the first regulated RWA investment layer built for AI agents.

We are not aware of anyone else who has done this. That is the point.

Why this moment, and why us

The RWA market did not appear overnight. The idea of representing real-world assets as digital tokens is almost as old as Ethereum itself. But the practical reality was hard. Securities law does not care about theoretical possibility. Issuing a token that represents ownership in an asset makes that token a security, and securities come with obligations: KYC, accreditation checks, transfer restrictions, reporting requirements, regulatory oversight.

The first wave of crypto largely chose to ignore this. ICOs raised over $20 billion between 2017 and 2018 before regulators shut hundreds of projects down. The lesson was clarifying: tokens representing real value cannot exist outside regulatory frameworks indefinitely.

We launched InvestaX in Singapore in 2018 with one conviction. The institutions that control the world’s capital will eventually need to move it on-chain, and when they do they will need infrastructure built for compliance from the first line of code. We became the first platform in Southeast Asia to receive both a Capital Markets Services license and a Recognised Market Operator license from MAS, specifically for tokenized securities. We tokenized Singapore’s first Variable Capital Company structure alongside UBS and State Street. We built IXS, the first licensed automated market maker for security tokens globally. Think Uniswap, but with the securities licenses to match.

It was early. Difficult to scale. The infrastructure around us was still being built. But it worked, and it compounded.

Then BlackRock launched BUIDL in March 2024 and watched it hit $2.9 billion in twelve months. Franklin Templeton, Fidelity, Hamilton Lane, KKR, Apollo all followed. Total RWA on-chain crossed $30 billion. The question of whether institutional tokenization is real was permanently answered.

We had been building the answer for six years before anyone asked the question loudly enough.

What IXS.agent actually is

One API call. Your agent earns yield from BlackRock, Fidelity, Franklin Templeton. Fully licensed. Fully autonomous.

That is the whole pitch. Here is what sits behind it.

IXS.agent is a REST API and SDK that lets AI agents autonomously deploy capital into institutional-grade tokenized vaults within a fully licensed and compliant framework. The vault standard is ERC-4626. Capital deploys in under 60 seconds. KYC and AML are handled on our infrastructure, automated, in real time.

The vaults available at launch:

A Fidelity money market fund at around 4% APY. BlackRock high yield corporate bonds at 6 to 8.5%. Private credit from Southeast Asian SMEs via Funding Societies at 6 to 9%. Franklin Templeton’s money market fund at 4 to 5%. And BTC Real Yield at 4 to 10% APY for institutional Bitcoin holders.

Real institutions. Real assets. Not DeFi pools with anonymous smart contracts behind them.

It is worth being precise about the yield distinction here because it matters. USD yields come from tokenized treasuries and real-world assets backed by actual dollars. DeFi yields come from staking one crypto token and earning another. These are fundamentally different things. Institutions know the difference. Agents managing institutional capital need to know the difference too. IXS.agent only offers the former.

Your agent does not need a lawyer. It needs one integration.

The moat is not the technology

I want to be direct about something.

The technology behind IXS.agent is not complicated. ERC-4626 is a well understood standard. REST APIs are not novel. Any competent team can build the integration layer in weeks.

What they cannot replicate is the regulatory position underneath it.

IXS holds a DARE license from the Securities Commission of the Bahamas covering broker-dealer, exchange, and custody operations including retail access. InvestaX holds a Capital Markets Services license and Recognised Market Operator license from MAS in Singapore. And as of this quarter, IXS USA is live via a chaperone broker-dealer agreement with SEC coverage.

Getting here took seven years and tens of millions of dollars. There is no shortcut. There is no faster version. Compliance is not the enemy of adoption. It is the prerequisite for it.

That is not a feature we built. It is a wall that now sits between us and anyone who wants to compete on the thing that actually matters to institutions.

What this means for the agent economy

Think about the commercial logic for a moment.

An agent receives stablecoin payment for a completed task. That payment sits idle. Or it routes through IXS Agent Rail into a diversified portfolio of tokenized RWAs, earning the risk-free rate on T-bills, credit spreads on private credit, real asset yield on property-backed instruments, all while remaining on-chain, liquid, and accessible for redeployment at machine speed.

Coinbase’s 2025 developer report flagged AI agents as one of the fastest growing categories of new wallet creation on Base. Not humans experimenting with crypto. Software processes autonomously opening wallets, receiving payments, executing transactions. The agent economy is not a 2030 prediction. It is a 2026 reality, and it is growing at 300% year on year according to Gartner enterprise deployment data.

All of that capital needs somewhere compliant to go.

Citi projects the tokenized RWA market at $4 trillion by 2030. McKinsey says $5 trillion. BCG says north of $16 trillion. The ranges differ. The direction does not. The infrastructure layer serving that transition will process more volume than most financial exchanges operating today.

The platforms that build the licensed rails the agent economy actually uses will own a category for a decade. That is how infrastructure markets work. The pipes laid first are the pipes that get used.

Where we are now

$88 million in verified TVL, independently confirmed by RWA.io. Sixty plus institutional deals. 3,500 KYC’d investors. 213 clients in the pipeline across 77 countries. Backed by Coinbase Ventures and UOB Ventures. Seven years operating. And now, a US broker-dealer live through SEC chaperone agreement, the week the SEC and CFTC jointly issued the first formal crypto asset taxonomy in the history of US financial regulation.

The timing of all of this is not coincidence. It is what seven years of building in the right direction looks like when the market finally arrives at the same destination.

IXS.agent early access is open now ahead of a full Q2 2026 launch. If you are a developer building agent-based capital allocation, a capital allocator exploring autonomous treasury management, or an institution looking for a regulated RWA distribution layer with agent-native tooling, the waitlist is open.

One API. Real yield. Fully licensed.

The agent economy needed a bank. We built something better.

Claim early access at ixs.finance/agents

IXS Finance is a DARE-licensed regulated platform for real-world asset tokenization, Bitcoin yield products, and agentic RWA infrastructure. IXS USA is now open.

IXS enters the United States in 2021. We raise a big round into a hot market. We move fast. We tell ourselves regulatory clarity will catch up later because capital is flowing, competitors are pushing in, and the window feels too important to miss.

We did not choose that version.

We chose the slower path. Get every license before entering a market. Walk away from revenue when the legal pathway is not clear. Watch others move faster by taking risks you deliberately refused to take. Sit with that discomfort and keep building anyway.

This week, IXS opened in the United States.

And the timing matters. The day before our launch, the SEC and CFTC issued a joint interpretation that, for the first time, classified crypto assets by name inside a coordinated US regulatory framework.

That is bigger than a headline. It marks the clearest signal yet that the US is moving from ambiguity to architecture.

So this story is about two things. Why we waited seven years to enter America. And why America is finally ready for what we built.

Why it was always going to be the US

Over $50 trillion in public equities. Over $50 trillion in fixed income. More than $20 trillion in private markets. Ten thousand registered investment advisors managing the accumulated wealth of American households.

The US is where institutional capital decides whether your business model actually works. Where credibility in one jurisdiction travels to every other. Where the difference between a regional platform and a global institution is whether you can operate there seriously.

For most of the last decade that market was closed to anyone building honestly in tokenized assets. The regulatory environment was hostile, and navigating it meant either gutting your product or accepting legal exposure that no serious operator would take on.

That started changing in 2025.

What the institutions already knew

While US regulators spent a decade processing the ICO residue, the institutions were building. Quietly, with long-term conviction that the technology was not going away regardless of what Washington thought about it.

Fidelity launched institutional Bitcoin custody in 2018. BNY Mellon followed in 2022. JPMorgan’s Onyx processed over a trillion dollars in tokenized repo transactions by 2023. BlackRock filed for a spot Bitcoin ETF at the bottom of the 2022 market, while FTX was collapsing around them, because they had decided demand was real and the question was when, not if.

They were right.

The ETF approval in January 2024 drew more inflows in twelve months than most asset classes see in a decade. BlackRock’s BUIDL tokenized money market fund hit $2.9 billion in its first year. Franklin Templeton, Hamilton Lane, KKR, and Apollo all tokenized fund products. Circle IPO’d. Total RWA on-chain crossed $25 billion by mid-2025.

None of these are crypto companies experimenting at the margins. These are the foundational institutions of global finance rebuilding their infrastructure on new rails. They were not waiting for permission. They were building ahead of it.

The legislation, and then yesterday

The GENIUS Act, signed in July 2025, is the first comprehensive federal digital asset legislation the US has ever passed. It went through the Senate 68 to 30 and the House 308 to 122. Those are not squeaky margins. That is bipartisan consensus, which means this is not going back in the box when administrations change. The Act took a $250 billion stablecoin market from regulatory grey to a navigable framework overnight. Treasury Secretary Scott Bessent has projected that market reaching $3 trillion by 2030 and has been explicit that stablecoins are a tool for cementing dollar dominance globally.

The CLARITY Act is still working through the Senate. It addresses what paralysed the industry for a decade, specifically when a digital asset is a security and when it is a commodity. When it passes it will harden all of this into statute that survives future administrations.

But the single biggest development happened on March 17, 2026. Yesterday.

The SEC and CFTC issued a joint interpretation that did something Gensler spent four years refusing to do. They named names. Bitcoin, Ethereum, Solana, XRP, named as digital commodities on the record with both agencies bound by the same framework. Staking, mining, wrapping, airdrops, none of them securities transactions. Tokenized versions of traditional securities, digital securities, always regulated as such, framework clear and navigable.

CFTC Chairman Michael Selig said it plainly: “For far too long, American builders, innovators, and entrepreneurs have awaited clear guidance on the status of crypto assets under the federal securities and commodity laws. With today’s interpretation, the wait is over.”

What made the ambiguity so damaging was not that it was legally complicated. It was that compliance teams could not sign off on allocations to assets with undefined regulatory status. Custodians could not build products. Advisors could not recommend. The grey zone was not a minor friction. It was the wall the entire industry kept running into, year after year.

The interpretation provides a coherent token taxonomy covering digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. It does not replace the CLARITY Act, and we still want the legislation because legislation survives administrations in a way that interpretive guidance does not. But the operating environment changed yesterday in ways that are real and immediate.

We launched in the US the day this happened. That timing was not planned. But it is fitting.

Why we waited, and why we would do it again

IXS did not serve US investors for most of our history. We watched peers try it. Some of them faced enforcement risk that threatened to end businesses that had taken years to build. The US was the biggest market in the world and we chose not to operate meaningfully inside it.

That cost us revenue. We would make the same call again.

Every deal we closed, every product we launched, every license we obtained happened within a real regulatory framework. InvestaX holds a Capital Markets Services license and Recognised Market Operator license from MAS in Singapore. IXS holds broker-dealer, exchange, and custody licenses under the DARE framework in the Bahamas, including retail access. These took years. They are not checkboxes. They are the reason institutional counterparties take our calls.

You cannot sell regulated infrastructure while cutting corners on your own regulatory standing. It would undermine everything. So we waited until there was a clear legal pathway into the US, and we are entering now via a chaperone broker-dealer agreement, the standard route for serious international financial institutions coming into this market.

We arrive as a seven-year-old licensed institution. Sixty plus closed transactions. $88 million in TVL across treasuries, real estate, and private credit. Seven-figure revenue in 2025. A pipeline of 213 clients across 77 countries.

For two years, 60% of our inbound demand has come from the United States.

We were always building for this market. We just refused to enter it until we could do it right.

What we’re offering

The product I am most proud of is BTC Real Yield. Four to twelve percent APY earned in stablecoins from a diversified portfolio of tokenized real-world assets, held in qualified custody via Fireblocks and BitGo. It is the first compliant, non-DeFi USD yield product for corporate Bitcoin holders. We have operationalized it by running Bitcoin collateral directly into Franklin Templeton’s OnChain US Government Money Market Fund, which is a sentence I could not have written two years ago without it sounding aspirational.

Corporate treasuries are sitting on $172 billion in Bitcoin earning approximately zero. The institutional minimum to justify the compliance overhead of a Bitcoin position is somewhere between 4 and 8 percent APY. That gap is not a niche opportunity. It is the entire market.

We also offer tokenized institutional money market products from BlackRock and Franklin Templeton, and private credit products that have historically been the domain of large endowments and family offices, now accessible to a broader institutional base through fractional tokenization.

For broker-dealers, RIAs, family offices, fintechs, and neobanks looking to offer RWA products without building the licensing infrastructure from scratch, the IXS B2B platform gives them seven years of regulatory work via API. That is the same proposition we have made in Asia. It works.

And for AI-native companies sitting on stablecoin treasuries, IXS Agent Rail provides the compliant yield layer for programmatic capital deployment, now with US regulatory coverage included. Every dollar of stablecoin issued under the GENIUS Act needs to earn a yield somewhere. It will come from tokenized real-world assets. We spent seven years building the somewhere.

The window

Infrastructure markets follow a pattern that repeats across asset classes and technology cycles. An opportunity opens. For a few years the infrastructure layer is being built and positions are being established. Then the window closes, not because the opportunity goes away but because the incumbents are in and the cost of displacing them becomes prohibitive.

We are in that window right now for tokenized real-world assets in the US.

The numbers behind it are not speculative. Non-financial corporate debt alone is a $187 trillion market. Real estate funds, $20 trillion. Private equity and venture capital, $7 trillion. BCG and ADDX project $16 trillion of illiquid assets tokenized by 2030. The infrastructure layer serving even a fraction of that transition will process more volume than most operating financial exchanges today.

Yesterday’s SEC and CFTC interpretation removed the single largest remaining barrier to institutional participation. The GENIUS Act handled stablecoins. The CLARITY Act is coming for the rest. The institutions are already building. The capital has been waiting for the legal framework to catch up.

The platforms that establish positions in the next eighteen to twenty-four months will hold them for a decade. That is not a marketing claim. It is just how financial plumbing works. The pipes that get laid first are the pipes that get used.

IXS has real licenses across three jurisdictions, real revenue, real institutional relationships, and a product suite that is live. We did not build a pitch deck. We built a platform.

What comes next

The US is not the end of the story. It is where the chapter the whole preceding story was building toward finally begins.

We are weeks from closing a $5 million Series A anchored by UOB Bank, Taisu Ventures, and Spartan, with a $15 to 20 million follow-on planned for Q2 at double the valuation to fund AI infrastructure expansion. We are integrating with 180 financial institutions through US distribution partners. Partnerships with the LINE super app and a first-of-its-kind CEX integration give us access to over 220 million users combined.

And we are building the AI agent infrastructure layer that will define the next phase of on-chain capital markets. Compliant rails for autonomous agents to discover, negotiate, and settle tokenized real-world assets at scale. Every dollar of programmatic capital needs a regulated place to earn a yield. That is what this is.

Seven years ago we started building regulated infrastructure because we believed it was the missing layer institutional capital needed before it could move into tokenized assets seriously.

Yesterday, the last major regulatory barrier came down.

This week we brought what we built to the United States.

IXS Finance is a DARE-licensed regulated platform for real-world asset tokenization, Bitcoin yield products, and institutional DeFi infrastructure. IXS USA is now open.

ixs.finance/usa

IXS today announced the launch of a tokenized private credit offering featuring Funding Societies, Southeast Asia’s largest SME digital financing platform. The deal is structured as a private credit offering and will be available to accredited investors on the IXS platform.

The offering provides investors with access to short duration private credit exposure linked to SME lending activity across Southeast Asia, a segment that has historically been difficult to access through traditional capital markets.

Channeling Capital Into the Real Economy

Proceeds from the placement will be used to expand Funding Societies’ SME loan book, support working capital, revolving credit facilities, trade finance, and short term loans for businesses across Southeast Asia. These loans are typically extended to SMEs with healthy cash flows and annual revenues of up to USD 20 million, a segment that remains underserved by traditional banks.

This offering is launched in association with FS Capital Pte. Ltd., a Singapore-based subsidiary of the Funding Societies Group, and is structured as an unsecured loan with a minimum tenor of six months.

Investors can expect indicative returns from 6% to 9% per annum, subject to final allocation terms.

Julian Kwan, CEO of IXS commented: “Our partnership with Funding Societies is a definitive step toward our North Star: becoming the sovereign settlement layer where autonomous and institutional capital can finally interact with regulated real-world assets at scale. By tokenizing this private credit offering, we aren’t just bridging the $30 trillion agentic commerce market with SME lending; we are providing the essential licensed ‘hands’ that allow both human and AI-native investors to legally access high-velocity, real economy yield. This launch is a critical driver for the IXS ecosystem, proving that when you combine battle-tested compliance with machine-speed settlement, you unlock an entirely new universe of transaction volume that fuels our programmatic Buy & Burn engine.”

Kelvin Teo, CEO of Funding Societies commented, “We have known the IXS team for years. Tokenizing private credit offering is a major step to driving further financial innovation, investment access and SME financial inclusion. We’re excited to work with IXS, as the FinTech sector matures, evolves and moves mainstream.”

Protocol and Ecosystem Impact

Every institutional offering on the IXS platform is designed to drive value back into the core ecosystem. Fees generated contribute directly to the IXS programmatic buy & burn engine. This mechanism ensures that as institutional and agentic transaction volume scales, token scarcity increases in parallel. With nearly one million tokens already removed from circulation, this launch serves as a key driver in surpassing the 1,000,000 $IXS burn milestone this year.

How to Participate

The Funding Societies’s tokenized private credit deal is live now on IXS. Visit IXS to get started.

Visit IXS

Key Takeaway:

• February closed with on-chain RWAs at $24 to $25 billion while DeFi TVL fell 25%. Tokenized Treasuries crossed $10 billion, growing from $2 billion to $10 billion in just 18 months. Institutions are driving the flows. Retail is still watching. The bottleneck is no longer issuance but infrastructure that can handle scale.

February Was a Risk-Off Month For Crypto

ETF outflows. Thinner order books. Speculative tokens hit hard. DeFi TVL down roughly 25%.

And on-chain real-world assets finished the month at $24 to $25 billion, up 6 to 13% depending on the dataset.

That divergence is the story of February. Not the crash. The rotation.

When sentiment turns negative and capital looks for somewhere to hide, it doesn’t leave crypto entirely anymore. It moves inside crypto, away from speculative beta and into yield-bearing, regulated, dollar-denominated instruments that make sense on an institutional balance sheet.

That behavior used to be theoretical. February made it empirical.

RWA holders are up more than 30% month-on-month. Addresses holding any form of tokenized asset now exceed 220 million. The total tokenized stack including stablecoins and cash equivalents sits just under $300 billion. These are not pilot numbers. They are adoption numbers.

February Headline: Tokenized U.S. Treasuries crossing $10 billion.

From $2 billion to $10 billion in 18 months. Up 136% year-to-date. Now accounting for well over one-third of all on-chain RWA value.

To understand why this happened so fast, you have to understand what these instruments actually are. They are not crypto-native yield experiments. They are short-duration U.S. government debt sitting on public blockchain rails, delivering 4.5 to 5% APY, with transparent on-chain pricing and instant settlement. The off-chain risk model is established. The regulatory trajectory is constructive, with the GENIUS Act in the US, MiCA in the EU, and active UK consultation frameworks underway.

For a conservative institutional allocator looking to move part of a cash or collateral stack on-chain, tokenized Treasuries are the easiest argument to make internally. No speculative risk. Familiar underlying asset. Blockchain settlement as an operational upgrade rather than a paradigm shift.

BlackRock’s BUIDL holds around $2.1billion and roughly 21% market share. Franklin Templeton’s BENJI sits at $1.2 billion. Circle’s USYC at $1.7 billion. Superstate’s USTB at $890 million. These names are not crypto-native startups. They are some of the most recognizable institutions in global asset management.

Analysts project $14 to $15 billion in tokenized Treasury TVL by year-end 2026. Given the trajectory, that looks conservative.

A Consensus Hong Kong panel in February, featuring Animoca Brands, Mastercard, and Robinhood, put the institutional picture plainly.

Current RWA demand is overwhelmingly institutional. Tokenized Treasuries, money-market funds, and high-grade credit. Not retail speculation. Institutions like UBS and the NYSE are now actively working on secondary-market liquidity and turning tokenization into a real capital-markets channel.

Retail investors remain largely passive. Most hold RWAs indirectly through crypto platforms or tokenized funds. Direct retail participation requires secondary-market depth, transparent price discovery, and clear exit routes, none of which are mature enough yet.

That will change. But February confirmed the sequencing: institutions first, infrastructure second, retail third.

Three structural themes defined February and will shape the rest of 2026.

The first is concentration risk. Growth is heavily skewed toward a small set of blue-chip issuers. That lowers perceived counterparty risk and signals market maturity. But it also creates fragility. If any one large product faces operational or regulatory disruption, the secondary market isn’t deep enough yet to absorb the exit cleanly.

The second is that rails matter more than narratives now. The active challenge is not launching more tokenized products. It’s stitching existing ones into DTCC, NYSE, CME, and bank-grade custody workflows. The Bank of England published a discussion paper in February exploring how RWA and risk-weighted asset data will be reported in future prudential regimes. Tokenization is now on core regulatory agendas, not just innovation sandboxes.

The third is regional policy divergence. Western frameworks broadly support regulated tokenization of cash, Treasuries, and funds. China has taken a controlled path, permitting offshore tokenization of China-adjacent assets under supervision while keeping onshore issuance tightly restricted. That’s pushing China-related RWA activity into Hong Kong, Singapore, and the UAE. The regulatory map is fragmenting, which creates both complexity and opportunity for platforms that can operate across jurisdictions.

Where IXS Finance fits

February confirmed something the weekly data had been suggesting for months.

The constraint is no longer supply of tokenized assets. BlackRock, Franklin Templeton, Circle, and Superstate have that covered. The constraint is the infrastructure that lets institutions move in and out of those positions, across chains, at scale, without hitting liquidity walls or compliance dead ends.

On-chain RWAs sit at $24 to $25 billion today. The path to $100 billion runs through secondary market infrastructure, cross-chain liquidity, and regulated trading rails that institutional allocators can actually use.

That is the exact architecture IXS Finance is built around. DARE-licensed under the Securities Commission of The Bahamas. RWA-native AMM designed for regulated assets. Multi-chain distribution across the networks where tokenized assets are being issued and traded.

February didn’t just validate RWAs as a category. It validated the infrastructure layer as the critical path for everything that comes next.

Frequently Asked Questions

Why did RWAs grow while DeFi fell 25% in the same month?

They serve different capital functions. DeFi TVL is tied to crypto sentiment, so when prices fall, collateral values drop and capital exits. RWA value is anchored to off-chain yields and institutional demand, which don’t correlate with crypto beta. The divergence in February confirms RWAs are now a distinct capital category with different flow dynamics.

What drove tokenized Treasuries from $2 billion to $10 billion in 18 months?

Three things converging: institutional demand for compliant on-chain yield, improving regulatory clarity across US and EU frameworks, and credible issuers like BlackRock and Franklin Templeton providing products that fit existing institutional workflows. The underlying asset is US government debt, which carries no exotic risk. The blockchain layer is purely an operational upgrade.

What is concentration risk in tokenized Treasuries?

A small number of large products dominate the market. That creates trust and brand clarity, but it also means thin secondary liquidity relative to the total value locked. If a major holder exits a product like BUIDL, which carries a $5 million minimum investment, there may not be enough secondary market depth to absorb it without pricing dislocations.

What does retail participation in RWAs actually require?

Deeper secondary markets, transparent price discovery, and clear exit routes. Currently most retail exposure is indirect, through crypto platforms or tokenized fund wrappers. Direct participation becomes practical when the infrastructure matures enough to support smaller position sizes and faster settlement at competitive cost. That is likely a 2026 to 2027 story.

Sources: talos.com, pintu.co.id, fensory.com, bitcointaf.com, ca.finance.yahoo.com, ainvest.com, bankofengland.co.uk, reuters.com, info.arkm.com, app.rwa.xyz

In a recent episode of the Applied Blockchain Podcast - “RWA Tokenization Explained, Licensed RWAs & Onchain Capital Markets”, IXS Co-Founder & CEO Julian Kwan spoke with host Adi Ben-Ari about rebuilding capital markets on-chain. The conversation analyzes how regulatory alignment, stablecoins, and distribution networks act as the primary catalysts for this growth.

Listen to the episode

What the episode covers:

• Why “security tokens” became “digital securities” and now “RWAs”

• Why capital markets moving on-chain is ultimately an efficiency play

• How Singapore’s early regulatory approach enabled real experimentation

• Why stablecoins are the key utility pillar behind on-chain finance

• The biggest bottlenecks in RWAs

• Why liquidity doesn’t magically appear

• How tokenized treasuries became the first true product-market fit in RWAs

• The next wave: private credit, private debt, and “Bitcoin real yield”

• Where privacy matters in on-chain markets

As tokenized treasuries establish a clearer product-market fit, the discussion turns toward the next phase of growth: private debt and the emerging Bitcoin Real Yield layer. This analysis provides a grounded perspective on how institutional requirements are shaping where capital is likely to flow.

And if you are looking for a measured look at the current landscape, this episode offers a useful basis for comparison.

We hope you enjoy the episode.
– The IXS Team

1. RWA Moves From “Tokenized” to “Settled”

By 2026, the word tokenization quietly loses importance. What matters is who can actually settle value at scale.

Markets will stop rewarding wrappers and front-ends and start rewarding regulated settlement rails. Platforms like ours at IXS, built around custody integration, reporting, and compliant issuance, will become the default choice for institutions that cannot afford settlement risk.

Prediction:
Most RWA initiatives will struggle to meet emerging institutional standards. A small number of compliant settlement layers will absorb the flow.

2. Stablecoins Become Financial Plumbing, Not Products

Stablecoins in 2026 are no longer discussed as crypto assets. They are embedded financial infrastructure, used for:

• Fund subscriptions and redemptions

• Margining and collateral movement

• Atomic settlement between TradFi and on-chain venues

The winners will not be issuers chasing distribution, but platforms that route stablecoins through compliant workflows tied to RWAs.

Prediction:
Stablecoin volume tied to tokenized funds and treasuries overtakes retail payment narratives. Many more Stablecoins will be issued with few capturing most of the market.

3. Compliance Becomes a Feature, Not a Constraint

The market flips its mindset. Instead of asking “how do we avoid regulation?”, institutions ask “who already meets it?”.

IXS-style infrastructure that bakes in:

• Jurisdictional compliance

• Investor eligibility

• Auditability and reporting

Will outperform non-compliant systems.

Prediction:
Compliance-native chains and venues trade liquidity for trust and win long-term flow.

4. Bitcoin Financialization Accelerates, But Yield Demands Grow

Bitcoin’s role as pristine collateral is locked in. What changes in 2026 is expectation.

Institutions will not accept idle BTC on balance sheets indefinitely. They will demand:

• Transparent, low-risk yield

• On-chain settlement with off-chain safeguards

• No rehypothecation ambiguity

Prediction:
BTC-backed RWA products (treasuries, credit, funds) become one of the fastest-growing institutional segments with strict settlement requirements.

5. Privacy Becomes Mandatory for Institutional On-Chain Activity

Privacy stops being ideological and becomes operational.

Institutions will require:

• Transaction confidentiality

• Position privacy

• Counterparty protection

This does not mean full anonymity. It means selective disclosure, auditability on demand, and privacy by default.

Prediction:
Privacy layers integrated into compliant RWA settlement stacks become non-negotiable.

6. The Market Splits Into Two Economies

By the end of 2026, crypto no longer pretends to be one market.

• Institutional economy: regulated, slower, revenue-driven and large

• Speculative economy: fast, cultural, volatile, retail-driven

Liquidity, not attention, defines success.

Prediction:
Projects that try to serve both economies fail. Clarity of audience becomes the primary survival trait.

Bottom Line

2026 is not the end of speculation. It is the end of confusion.

RWAs, Bitcoin finance, and stablecoins converge into a single theme:
Who can move real money, under real rules, without breaking when size arrives.

That is where IXS is positioned.

In this new podcast episode of Re-Engineering Tokenization, IXS CEO Julian Kwan joins host David Greely, Chief Economist of Abaxx Technologies to unpack 8 years of building regulated tokenization infrastructure, how the space has evolved, and why we’re still “just running onto the pitch.”

Listen to the episode

Key insights from the episode:

• Why U.S. Treasuries triggered real product-market fit for tokenized finance: “Over $300B of stablecoins earning 0%. They needed yield.”

• How IXS built infrastructure from scratch, developing broker-dealers, DEXs, and custody models before the industry caught up.

• What tokenization actually enables: not just digitized shares, but multi-dimensional utility like collateral, borrowing, liquidity built for DeFi-native rails.

• Why the next wave of growth may come from private credit tokens and how institutions and fintechs are positioning for it.

Julian also shares what didn’t work, where early tokenization efforts fell short, and what lessons still matter as trillions in capital look for compliant yield.

If you’re working in capital markets, fintech, or infrastructure, it offers a grounded look at how tokenized markets are actually being built and where the next shift in capital flows may come from.

We hope you enjoy the episode.
– The IXS Team

Total value locked (TVL) gets talked about endlessly in crypto, and honestly, half the time no one knows what they’re looking at. Numbers get thrown around, dashboards disagree with each other, and everyone’s meant to pretend these figures are gospel. They’re not. Not unless someone independent actually checks the work.

That’s why we decided it was time to get our TVL verified properly, by a team external to us. RWA.io stepped in and did exactly that. They have verified we have $88.45 million in TVL and this is just the first step.

It’s a simple thing on the surface, but it matters for where this industry is heading.

Why Validation Even Matters

Most crypto protocols still publish whatever number suits them that week. A billion TVL here 10 billion there who remember Solana and the Saber protocol double count? That worked when the only people watching were retail traders on DEX aggregators. But we’re no longer in that phase. If you’re building for institutions, you can’t ask them to take your word for it.

TVL has become one of the few signals that actually tells the world whether real capital uses your rails. And if you’re serious about that, someone external needs to check it.

Why We Needed It at IXS

We’ve had steady growth across the IXS settlement layer over the past months. More issuers coming in, more liquidity partners, more activity generally. At some point, saying “trust us, this is the number” stops being acceptable.

We are working with asset managers, banks, funds, treasuries people who can’t afford guesswork or inflated dashboards. The have real people to report to with real metrics and real shareholder holding them accountable. So getting independent validation felt like a natural step. No drama, just necessary hygiene.

Who is RWA.io?

RWA.io has quietly become one of the few data sources in the tokenisation space that institutions actually trust. If you work with RWAs, you’ve probably ended up on their dashboards at some point, checking who’s doing what.

They’re not hype merchants. They do the boring work: tracking contracts, indexing flows, validating positions across chains. The sort of work that builds a reputation slowly and steadily. Having them verify our TVL gives us a cleaner signal to point to.

What They Actually Did

Nothing mystical. They looked at:
• our on-chain settlement activity
• the wallets interacting with the IXS contracts
• inflows and outflows across issuers and market-makers
• the contracts that sit behind our RWA activity

They pulled it all together and confirmed the numbers independently. No embellishment, no internal spreadsheets, no “trust me bro” dashboards.

It’s now visible on their platform for anyone to check.

What This Says About the Market

To us, this is where the RWA space is heading. More maturity. More grown-up behaviour. Fewer protocols marking their own exams. If as Larry Fink, CEO of Blackrock says “Tokenization is the future of global finance” we as an industry have to improve our reporting metrics.

When building for regulated capital third-party validation stops being a nice-to-have. It becomes part of the checklist.

We might be early in doing it, like we are in many things but I doubt we’ll be the last.

What’s Next for IXS

This opens a few doors for us. It makes conversations with institutions easier. It reduces the friction for issuers that want to plug into our rails. And it gives our community something objective to point at.

From here, we keep doing what we’ve been doing:
• growing the settlement layer
• adding more issuers
• expanding custody and liquidity integrations
• building the compliant infrastructure this market keeps asking for

No big declaration. Just another building block in the foundation we’re trying to lay.

The TVL Debate: On-Chain Truth vs. Off-Chain Reality

In September, a public spat between fintech firm Figure and data aggregator DeFiLlama spotlighted a core question for DeFi: what counts as “Total Value Locked” when assets live off-chain? Figure claimed over $12 billion in real-world asset (RWA) value on its blockchain, but DeFiLlama refused to list it. The reason: almost none of that value was verifiable on-chain. DeFiLlama’s team found only ~$9 million of actual crypto tokens on-chain, versus billions claimed via off-chain loans and internal records. They noted suspicious patterns – token transfers that looked like database entries rather than user transactions, an in-house stablecoin too small to facilitate real flows, and no on-chain repayment activity for those loans. In other words, Figure’s “TVL” was largely an off-chain mirage mirrored onto a blockchain ledger.

The episode quickly escalated. Figure’s CEO accused DeFiLlama of bias and censorship, while DeFiLlama’s 0xngmi retorted with a detailed “The Problem in RWA Metrics” report, laying out the discrepancies. Prominent voices in the community (like @ZachXBT and @jconorgrogan) backed DeFiLlama’s insistence that only 100% verifiable on-chain assets be counted.

As one observer summed up, this controversy highlighted “on-chain verifiability versus off-chain mapping logic” essentially, the clash between DeFi’s transparency ethos and TradFi’s habit of using off-chain records. DeFiLlama’s stance was understandable: if you can’t prove the assets are on-chain and in user-controlled contracts, can you really call it “locked” value? In their view, a claimed $12B that cannot be independently seen on-chain might as well be $0. And indeed, without clear standards, allowing unverifiable numbers to count as TVL would erode trust – a point underscored by the swift backlash against Figure’s claims.

Why the Old Definition Doesn’t Work Anymore

Yet, this black-and-white approach – either an asset is fully on-chain and counts, or it’s ignored – is starting to show its limits. The Figure incident is a wake-up call: as DeFi reaches into real-world assets, our traditional definition of TVL needs an upgrade. Total Value Locked was conceived for crypto-native protocols where value is on-chain by definition. With RWAs, value straddles on-chain and off-chain domains, making the old all-or-nothing logic too crude a filter. It’s not wrong to be skeptical – the Figure case shows why healthy skepticism is necessary – but going forward, simply labeling RWA-based TVL as “valid” or “fake” isn’t sufficient. We need a more nuanced framework for measuring TVL in RWA protocols, one that preserves transparency without dismissing the legitimate growth of real assets on-chain. In short, we need to move from a binary debate to a spectrum-based understanding.

RWAs on a Spectrum of Liquidity & Accessibility

Real-world assets come in many flavors on-chain, with varying degrees of liquidity (how easily they can be traded or converted to cash) and accessibility (how freely DeFi users can hold and use them). Not all RWAs are created equal – some function almost like native crypto tokens, while others are essentially illiquid paper claims. As Julian Kwan our CEO put it, real-world assets effectively “live in two places at once” – partly on-chain via smart contracts, and partly off-chain in banks, trusts or registries. How “real” a protocol’s TVL is depends on where an asset sits on this on/off-chain spectrum.

For example, tokenized cash and treasuries offer high liquidity and are often on-chain redeemable, backed by safe assets with regular attestations. Private credit and illiquid loan tokens provide moderate liquidity, involving on-chain deposits that fund off-chain assets through legal structures. Public equities and synthetic assets vary, with wrapped versions offering some collateralization but regulatory limits, while synthetics rely on oracles without true underlying assets. Attestation-only or “mirrored” assets have zero liquidity, existing primarily off-chain with minimal on-chain utility.

The RWA Spectrum: From Liquid to Illiquid

The above spectrum shows that not all RWAs are equal. A dollar of tokenized T-bill is not the same as a dollar of a private credit token locked in a slow-moving loan, and certainly not the same as a “dollar” in a database that’s merely echoed on-chain. Recognizing this spectrum is the first step.

The second step is figuring out how to measure and report TVL in a way that accounts for these differences. Right now, most dashboards use a binary inclusion rule (either an asset counts in full, or it doesn’t count at all). But as RWAs proliferate, that approach is too coarse. We shouldn’t be afraid to question the inclusion of certain assets in TVL – skepticism is healthy – but we also shouldn’t ignore real on-chain value just because it originated off-chain. The answer is to refine our definition of TVL for RWAs, not abandon it. Let’s talk about what that refinement could look like.

A New Taxonomy for RWA TVL – Nuance Over Binary

To better capture the nuances above, at IXS Finance, we propose a new framework for real-world assets in TVL calculations, essentially a weighted approach based on two key metrics: Total Funds Raised and Total Value of Assets. Its goal is to be a pragmatic middle ground: stricter than blindly counting everything that calls itself “TVL,” but more accepting of RWAs than a purist “on-chain only” stance. In other words, we maintain DeFi’s emphasis on transparency and on-chain control, while also borrowing from TradFi’s playbook of risk-weighting assets by quality.

Total Funds Raised aggregates capital secured via primary issuances, equity or debt financing, and platform deals. Similar to Capital Raised in TradFi, it highlights inflows driving growth. Total Value of Assets measures the gross value of tokenized and managed assets from those funds, akin to Gross Asset Value (GAV) in TradFi without liability deductions. It’s like a project’s total market cap, factoring in supply, price, and real-world elements such as appraisals or market forces.

Combining these metrics provides a simple yet comprehensive view of adjusted TVL, merging onchain data with real-world fundraising and valuations.

Why is this framework a “pragmatic and conservative” solution? It’s pragmatic because it acknowledges reality: DeFi is increasingly intertwined with real assets, and we do want to measure that! Ignoring all off-chain value would be purist but impractical – it would make TVL an incomplete indicator as RWA usage grows. On the other hand, it’s conservative in that it doesn’t stretch the definition of TVL beyond recognition. We still anchor on on-chain verifiability as the north star. The more an asset behaves like traditional DeFi collateral (transparent, liquid, user-controlled), the more generously we count it. Conversely, the more an asset relies on trust and TradFi processes, the more we downweight or segregate it in our metrics. This approach hews closely to longstanding DeFi values (don’t trust, verify) while meeting traditional finance halfway (acknowledging that a T-bill is much safer and more liquid than a random unsecured loan, just as banks do with risk weights).

Bridging DeFi Principles and TradFi Standards

By adopting this spectrum-based TVL framework, the DeFi community can reclaim control of the narrative around real-world assets. Instead of polarizing debates (valid vs. invalid TVL), we can talk about degrees of confidence in TVL. This nuanced view will be especially valuable for institutional investors dipping their toes into DeFi.

They will appreciate that the industry isn’t naively counting IOUs as equal to cash. In fact, this mirrors how institutions themselves evaluate assets. A bank would never treat a speculative private loan equal to a Treasury bill on its balance sheet – it would hold reserves against the loan and maybe sell it at a discount if needed. Similarly, a DeFi protocol and its analysts shouldn’t treat a claim on a private credit deal as identical to stablecoins sitting in its smart contract. By aligning our TVL calculations with these intuitions, we make the metric more informative and robust.

From the DeFi principles side, this framework upholds transparency. We are essentially saying:

“Show us on-chain proof, and we’ll count it (fully if it’s truly on-chain, partially if not). Show us nothing, and we count nothing.”

This guards against the kind of “virtual TVL” hype that could cause the next trust implosion. Remember, TVL is not just a number – it’s a shorthand for how much trust users have placed in a protocol (by depositing assets). If protocols could pump that number with unverifiable claims, it would defeat the purpose. Our conservative treatment ensures that TVL remains a trust metric, not a marketing gimmick. At the same time, the framework doesn’t penalize projects that are bringing real assets on-chain in good faith. Those who have gone through the effort of audits, legal structuring, or providing liquidity outlets get their due recognition – with appropriate context. This encourages a race to quality among RWA protocols. Instead of merely chasing the largest AUM number, they know they’ll be evaluated on how that AUM is integrated on-chain. Are they issuing tokens people can actually use in DeFi? Are they providing regular proof of reserves or cash flows? The better they do on those fronts, the higher the confidence in their adjusted TVL.

Translating TVL into Institutional Terms

From the TradFi standards side, we’re speaking a language institutions understand. Risk-weighting, haircuts, asset quality – these are concepts banks and asset managers use every day. In fact, institutional DeFi investors will likely do this internally even if we don’t; they will mentally (or literally) adjust a protocol’s TVL to account for asset quality.

By building it into our metrics, we make their job easier and signal that DeFi is maturing. We can even draw parallels to regulatory capital: for example, a DeFi lending protocol with mostly verifiable assets might be seen as lower risk (akin to a well-capitalized bank), whereas one with a lot of hybrid assets might be treated more cautiously. This doesn’t mean one is “good” and the other “bad” – it just reflects different business models. But having that differentiation visible makes discussions more productive. It moves us away from blanket statements like “RWA TVL is fake” or “DeFiLlama is unfair” to more nuanced analysis: e.g., “Protocol X has $200M in adjusted TVL, with a strong mix of capital inflows and asset value.”

It’s worth noting that some in the community have already suggested additional metrics to capture asset quality. For instance, one idea was to track “active TVL” – essentially measuring what portion of a protocol’s TVL is actually utilized or changing over time, as opposed to sitting idle. In the Figure case, active TVL was near-zero, since funds weren’t moving on-chain. Combining such metrics with our framework could give a fuller picture: one metric for quality (adjusted TVL via funds raised and asset value), and another for activity (how dynamic that TVL is). Together, they would tell us not just how much value is ostensibly locked, but how real and how active that value is. A protocol that scores high on both is truly bringing something new to DeFi.

By implementing this RWA TVL framework, data platforms like DeFiLlama, CoinGecko, or others can present a more granular leaderboard. Imagine a dashboard where you can toggle “Include hybrid RWAs” on or off, or see a breakdown of a protocol’s TVL by funds raised and asset value.

This would immediately defuse disputes like Figure’s. There would be no argument to have on Twitter/X – the numbers would speak for themselves, with transparency around why certain value is or isn’t counted. Over time, as RWA tokenization models improve (perhaps achieving legal on-chain enforcement in more jurisdictions), the framework can evolve. Our taxonomy is flexible to accommodate that – it’s not stuck in today’s state of affairs, but gives a general conservative lens that can be relaxed as warranted.

Conclusion: Shaping a More Reliable RWA TVL Metric

Real-world assets are poised to be a game changer for DeFi, but they also challenge us to uphold the integrity of our metrics. The Figure vs. DeFiLlama saga was an early test, revealing that simply porting TradFi balances onto a blockchain does not equal DeFi value. The solution is not to reject RWAs in DeFi – it’s to measure them intelligently. By embracing a more nuanced, spectrum-based framework centered on Total Funds Raised and Total Value of Assets, the DeFi community can welcome the influx of real-world value responsibly.

We don’t have to choose between on-chain purism and off-chain optimism – there is a principled middle ground. Such an approach will strengthen the credibility of DeFi’s metrics and narratives, ensuring that as DeFi grows to encompass traditional assets, it does so without compromising the qualities that made it successful: openness, honesty, and empowerment of the end-user. It’s an evolution of our mental model – and one that positions the ecosystem for sustainable, well-understood growth in the years ahead.

Still comparing $TAGSP to other tokens?

Here’s why it’s different:

• Equity-backed, real share ownership in TagSpace Pty Ltd.

• Fully regulated, issued under the Bahamas’ DARE Act.

• Proven traction, enterprise deployments with major brands.

• Patented IP, core technologies in spatial computing and persistent AR.

• Designed for liquidity, compliant secondary market trading via IXS.

• TagSpace’s no-code platform is deployed in over 90 countries, used by governments, telecoms, broadcasters, and media agencies.

10 days left to participate in this offering. Secure your equity-backed shares today.

Participate Now

Unlike speculative offerings, $TAGSP represents equity in a real company with proven deployments, partners, and patents. Your investment fuels:

• Commercial onboarding of global entertainment and brand partners

• Community growth and creator ecosystem development

• Software features aligned to enterprise and creator needs

• Institutional marketing and strategic partnerships

Investor bonus: All $TAGSP investors will receive TAGAI airdrops, utility tokens you can use to create immersive AR content, stake for rewards, and participate in platform governance.

This is a strategic funding round built around execution with real revenue infrastructure expanding globally.

16 days until the sale closes!

Explore The Offering

TagSpace’s no-code platform is deployed in over 90 countries, used by governments, telecoms, broadcasters, and media agencies.

With $TAGSP, you gain access to:

• Patented SaaS infrastructure for persistent AR

• Real revenue opportunities with location-based media

• Regulated equity in a growing global company

• Plus: As a $TAGSP holder, you’ll receive TAGAI airdrops, utility tokens that power in-platform engagement, content ownership, and community governance.

The token is legally structured under the DARE Act and issued via IXS compliance-first smart contract infrastructure.

Explore the Offering

Introducing $TAGSP, a fully compliant, equity-backed digital security representing fractional ownership in TagSpace Pty Ltd.

Why it matters:

• Active AR deployments with Deutsche Telekom, UEFA EURO 2020, Warner Music, RTL Media Group, and others regulated token issuance under the DARE Act via IXS smart contract infrastructure

• Access to equity upside and digital distributions tied to liquidity events

TAGSP Public Sale is open until 31 October 2025. Visit IXS to explore TAGSP.

Explore the Offering

We’re excited to share some news with you. TAGSP LLC, a series of Otoco DE LLC, is extending the TAGSP Public Sale deadline until 31 October 2025. The Closing Date will also move to 31 October 2025.

Why this is good news

• More community participation: This extension ensures that everyone who wants to participate has the opportunity to do so.

• Broader reach and awareness: The extended window allows for more time to build momentum, introduce TAGSP

  to new audiences, and further strengthen the global network of backers.

• Strategic timing: With market sentiment and ecosystem partnerships trending positively, extending the timeline allows us for maximal visibility and aligns with upcoming initiatives that will benefit the project and investors.

What this means for you

• The Public Sale will now run until 31 October 2025.

• The Token Claim Date remains scheduled immediately following the Closing Date, on 1 November 2025.

We’re grateful for your continued support and enthusiasm. This project is only possible because of our community, and this extension ensures that everyone has the chance to be part of the journey.

Please learn more about TAGSP here or visit the IXS App to get started.

Get Started

Stay tuned for further updates.

— The IXS Team

Today, we’re thrilled to announce the launch of IXS DEX 1.5, a regulated secondary trading venue under the DARE Act of The Bahamas.

The IXS DEX creates value across the entire RWA ecosystem, helping issuers unlock compliant liquidity for tokenized assets, enabling investors to trade tokenized assets securely, and driving the broader market forward.

Under the Hood: Security and Compliance Upgrades

The IXS DEX has been strengthened with cutting-edge enhancements that put security and compliance at its core:

• Robust Security: Strengthened infrastructure security with tighter access controls, full key rotations, and a secure multisignature setup, further backed by integrations with leading security partners such as Hexagate, Crowdstrike, and Theos.

• Enhanced KYC/AML: Every user wallet is verified, and swaps require mandatory KYC checks, but we have now raised the bar to strengthen compliance further.

“We’ve worked closely with regulators, custodians, and compliance partners to build the infrastructure institutions need to trade tokenized assets securely and compliantly,” said Julian Kwan, Co-Founder and CEO of IXS. “With the DEX 1.5 upgrade, we’re delivering a regulated trading venue that brings real-world assets into an environment built for liquidity, custody, and control."

How the IXS DEX Works

We have intentionally designed the IXS DEX flow to not only allow users to trade seamlessly but also securely, by ensuring that it is aligned with regulatory frameworks. Check out the illustration below to see the flow in action.

Join Us Now

The IXS DEX is now live on the IXS platform. Read the launch article and visit the IXS App to explore and begin trading tokenized RWAs now.

Get Started

It used to be simple: in crypto, you either chased double-digit APYs and risked everything, or played it safe and earned nothing.

That trade-off is now over.

Not because DeFi matured. Because regulation did.

In 2025, institutional crypto yield is built on licensing, custody protections, and legal recourse, not speculative protocols. As one CIO put it, “Without licensing, yield is just risk.”

📊 Why This Matters:

• 86% of institutions now hold or plan to enter crypto in 2025 (Coinbase/EY)

• Yield is only attractive if it’s regulated, auditable, and custody-safe

• Compliance-first platforms like IXS and OpenTrade are setting the new standard

🔍 Inside a Regulated BTC Yield Product:

Here’s how IXS’s BTC Real Yield structure works:

• Pledge BTC into a 0% interest collar loan

• Receive USDC (50% LTV) — no liquidation risk

• Deploy into regulated RWAs (T-bills, HY bonds, private credit)

• Earn yield in stablecoins — trackable, enforceable, and legal

No token emissions. No lockups. Just real income.

Learn more here

📈 Real Returns, No Smart Contract Risk

A $10M BTC vault earns $87,500 in 3 months, with:

• Segregated dual-signatory custody

• Audit trails and counterparty disclosures

• Zero exposure to DeFi exploits or rehypothecation

🏁 The Bottom Line:

Institutions are no longer asking, “Can I earn yield?”
They’re asking: “Can it pass audit?”

Read the full blog to see why regulated crypto yield is becoming the foundation of institutional crypto strategies, not the fringe.

TL;DR

• Rebrand to ixs.finance reflects transition to institutional-grade infrastructure

• BTC Real Yield product launched, enabling 4–10% yield without selling $BTC

• Smart contract audit initiated with Solidproof

• Strategic partnerships were signed with TagSpace and OpenTrade

• Launch of BlackRock HYCB Vault connects BTC capital to fixed income

• IXS leadership featured at OGBC, SGC Roundtable, and Silicon Valley Summit

Q2 marked a strategic shift for IXS.

On May 20, we launched our first institutional BTC yield product, allowing holders to earn fixed income while maintaining BTC exposure. The structure uses a 0 percent interest collar loan, with proceeds deployed into regulated real-world assets. Yield is delivered in stablecoins, not promises.

In parallel, we rebranded to ixs.finance to reflect our evolution from perception as a DEX to a regulatory-grade infrastructure provider. IXS is now clearly positioned as the institutional yield layer for tokenized assets.

Security remained a top priority with the initiation of a smart contract audit by Solidproof. We expanded our launchpad and ecosystem: TagSpace for digital identity infrastructure on the IXS Launchpad, and OpenTrade for RWA origination and fixed-income distribution.

Another highlight of the quarter was the launch of the BlackRock High-Yield Corporate Bond Vault, a product that connects BTC-backed loan proceeds directly to yield-bearing bonds within a regulated wrapper.

We also deepened our policy presence. General Counsel Alice Chen joined key panels on digital asset regulation, while CEO Julian Kwan presented our institutional roadmap to global investors and policymakers.

BTC is a $2 trillion asset class earning nothing. IXS is building the infrastructure to change that.

Read the full Q2 report here

Bitcoin’s $2 trillion market cap is mostly inactive, sitting in custody without generating yield. For institutions, that’s not just inefficiency, it’s untapped opportunity.

IXS is changing that.

Our BTC Real Yield product gives Bitcoin holders access to regulated yield through tokenized Treasuries, private credit, and money market funds.

(Get a look at the IXS BTC Real Yield product here)

But the real innovation is what happens next.

A Structural Link Between BTC and IXS:

• BTC Deposits Fuel Institutional RWA Growth
  Every BTC deployed into fixed-income Real-World Assets (RWAs) increases the total value locked (TVL) on the platform, driving institutional adoption of tokenized Real-World Assets.

• IXS Token Utility, Driven by Revenue
  20% of protocol revenue is automatically used to buy and burn $IXS on the open market. This creates a direct and deflationary link between platform usage and token value.

The Outcome:
BTC becomes a yield-generating asset, while $IXS becomes a revenue-backed token with reduced supply and increasing institutional demand.

Even a 1% allocation of BTC into tokenized RWAs could double the market. IXS delivers the compliance-first infrastructure to make that scale actionable.

Read the Full Breakdown:
👉 How the IXS–BTC Utility Works

Bitcoin has evolved. So should your strategy.

IXS – The Institutional eXchange Settlement Layer – is proud to introduce BTC Real Yield, the first institutional-grade product that allows investors to generate regulated yield from idle BTC holdings.

Instead of letting your BTC sit in cold storage or unproductive vaults, you can now:

✅ Post BTC as collateral
✅ Receive on-platform liquidity
✅ Allocate into real-world assets (RWAs) like Treasuries, bonds, and money market funds
✅ Earn real yield: 4%, 6%, or 10% depending on the asset

No liquidation. No altcoin yield farming. No compliance risk.

Why This Matters Now

• BTC is trading above $110,000 with a $1.6T+ market cap

• Institutions poured $1.8B into BTC products in 3 weeks

• An estimated $850B in BTC is sitting idle

BTC Real Yield unlocks this dormant value and connects it to the regulated world of yield-bearing assets.

Built for Institutions

BTC Real Yield is:

• Delivered through IXS’s DARE-licensed infrastructure

• Backed by a recognized custodian and a licensed market maker

• Designed for institutions, family offices, and asset managers. Including your everyday investor.

Make Your BTC Work Harder
You’ve held Bitcoin for the long term. Now let it generate real-world income—without compromise.

Get Started

📖 Learn More
🎙️ Monthly AMA | May