What 8 Years of Tokenizing RWAs Taught Us – Podcast with Julian Kwan
Where is tokenization really headed and why did U.S. Treasuries, not real estate, become the breakout use case?
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.”
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