The Institutional Migration To On-Chain Capital Markets
Real-world asset (RWA) tokenization is moving from “security token experiments” into a programmable, interoperable financial infrastructure!
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.
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