- •Token2049 panel showed how RWA tokenization brings real estate, derivatives, and funds on-chain, unlocking global liquidity and driving mainstream adoption.
- •Experts from Atomic Vaults, Drift, and Injective highlighted efficiency, DeFi integration, and institutional standards as keys to scaling real‑world assets on-chain.
- •Speakers agreed stablecoins are the Trojan horse for adoption, with risks like fragmented regulation and oracles manageable through compliance and multi‑chain tools.
On the afternoon of Day 1 (October 1) at Token2049 Singapore, a roundtable titled “RWAs: Bringing Global Markets On‑Chain” lit up the BingX Labs stage. The 35‑minute session was moderated by Samantha Yap, founder of YAP Global. It brought together three key RWA leaders: Ming Zhao, CEO of Atomic Vaults; David Lu, Co‑founder of Drift Protocol; and Cooper Emmons, Head of Institutions at the Injective Foundation.
As the real‑world asset (RWA) tokenization market passed $500 billion and the Ethereum and Solana ecosystems sped up cross‑chain integration, the panel explored how to move traditional markets like real estate and derivatives on‑chain. More than 25,000 attendees watched closely. Many called it “a milestone for Web3 bridging TradFi,” marking RWA’s leap from concept to trillion‑dollar infrastructure.
ORIGINS OF THE TREND: RWA FROM NICHE TO A GLOBAL LIQUIDITY ENGINE
RWA tokenization has moved from experiments in 2023 to a mainstream story in 2025. Giants like BlackRock and Franklin Templeton launched tokenized Treasury funds, pushing on‑chain assets to new highs. Dune Analytics data shows RWA TVL is over $500 billion and may reach $1 trillion by year‑end. Clearer rules (such as the EU’s MiCA) and DeFi liquidity needs are key drivers. As Asia’s crypto hub, Token2049 captures this momentum.
With pro‑fintech policies, Singapore draws large institutional capital. This panel focused on the core of “global markets on‑chain”: using blockchain to reshape assets like real estate and derivatives with fractional ownership, 24/7 trading, and cross‑border access. At the same time, Plume Network’s RWA Day and Cobo’s stablecoin talks reinforced RWA’s role as the bridge between TradFi and DeFi.
STAR LINEUP: DEEP INSIGHTS FROM RWA PRACTITIONERS
The three guests offered complementary angles: Zhao brought a TradFi engineering view, Lu focused on DeFi infrastructure, and Emmons shared institutional tokenization practice. Moderator Yap used her crypto storytelling skills to link the big vision with execution.
Ming Zhao (CEO, Atomic Vaults; former Point72 engineer) “As CEO of Atomic Vaults, I believe RWA tokenization is not a tech gimmick. It is the key to opening global markets to more people. From my hacker and trading background, I see how high barriers and low liquidity in TradFi are being fixed by blockchain. We focus on bringing retail‑grade assets like options and securities on‑chain with safe, transparent, atomic execution.
The heart of this change is efficiency. Imagine real estate tokens moving from fragmented ownership to instant global settlement. That lowers middlemen costs and unlocks trillions in idle capital. On stage, I said institutions must put compliance first, such as working with RQD Clearing, to bridge Web2 security and Web3 innovation. Volatility? Smart contracts can turn it into opportunity, not pure risk. In the future, RWA will reshape capital markets. Firms that do not adopt will fall behind on on‑chain liquidity.”
David Lu (Co‑founder, Drift Protocol; former VC and crypto trader) “At Drift, we see RWA as the fuel for a DeFi super‑protocol. We move markets from centralized islands to a unified on‑chain world. Solana’s low cost and high throughput let derivatives like perpetuals integrate RWAs with sub‑second pricing and cross‑chain access. I shared how these tools can hedge traditional asset moves. The key is infrastructure, not speculation.
From my VC view, RWA growth is user‑led. Solve cross‑border payments and collateral pain points, and adoption will follow. The challenges are real: fragmented rules and oracle reliability. Companies need multi‑chain moats for resilience. Wall Street’s move has started. Do not chase hype. Put your assets on‑chain. Drift is not the starting point, but a gateway to a trillion‑dollar RWA‑DeFi mix. Ignore it, and you will miss the reshaping of global markets.”
Cooper Emmons (Head of Institutions, Injective Foundation; former Ecosystem Strategy Lead at Ratio Finance) “At the Injective Foundation, we push RWA tokenization from real estate into global, institution‑grade markets. We bring collateral pipelines and funds on‑chain. This is not simple digitization. It adds professional liquidity networks and compliant issuance standards, so tokenized assets can access DeFi yield at once.
On stage, I enjoyed sharing how Injective changes access: from permissionless issuance to market‑maker support, built for institutions. But I warned that simple on‑chain wrapping is no longer enough. Watch NAV drift and cross‑border regulatory risk. Success needs ecosystem teamwork. Community and custody protect conviction. Thanks to Samantha’s strong moderation, we saw the audience’s energy. Should institutions go all‑in on RWA? Yes. But do it with execution and shared standards. Long‑term wins over short tests.”
Samantha Yap (Founder, YAP Global; panel moderator) “As founder of YAP Global, I looked at the RWA revolution through narrative. This is not an isolated trend. It is a deep meeting of Web3 and global finance. Our guests showed how to bring markets on‑chain: atomic‑level security in tokenization, DeFi integration of derivatives, and institutional liquidity bridges. These practices form a blueprint to connect media and innovation.
I guided the risk‑reward debate. Concerns about volatility can be eased with stablecoins and L1 solutions. Balance is key. RWA is like a symphony. It needs collaboration, not solo acts. The future will center on yield‑bearing assets. YAP will help more Asian institutions adopt. Thanks to Token2049, this talk speeds up the on‑chain shift. Global markets, wake up. Blockchain is your new narrative engine.”
CORE THEMES: OPPORTUNITIES, RISKS, AND FUTURE VISION
The discussion began with “Why RWA now.” Zhao called tokenization an efficiency engine. Lu stressed the DeFi super‑protocol path. Emmons highlighted institutional standards. Yap led the crossfire to consensus: stablecoins are the “bridge Trojan horse.” They offer a low‑volatility entry and stable yield. On risk, the guests warned about fragmented rules and oracle risk. They advised using MiCA compliance, multi‑chain tools, and professional clearing to reduce them.
Looking five years ahead: Zhao expects a fully tokenized era, with smart‑contract‑driven global settlement reaching 60%. Lu sees AI‑optimized derivatives turning RWA into built‑in yield funds. Emmons expects real‑estate‑led cross‑chain layers, pulling more TradFi on‑chain. For beginners, the shared advice is simple: start small and compliant, audit oracles first, and build ecosystem consensus.
The room was electric. Yap’s X post drew strong engagement. The community said, “RWA is a must‑hear! It is the bridge from real estate to DeFi.” One user joked, “Stop wasting time at off‑chain events. Move to on‑chain global markets.”
BROADER IMPACT: A LEAP FROM BRIDGING TO MAINSTREAM
This panel was not only a Token2049 highlight. It also captured the RWA story of 2025. CME data shows RWA‑related derivatives activity has doubled, moving from niche to mainstream. Meanwhile, Hack Seasons’ “U.S. Treasuries to Real Estate” panel confirmed the trend. But geopolitical risks remain. Capital flight in Europe may widen regulatory gaps. As Zhao said, “Efficiency unlocks.” Under the pulse of Marina Bay, this shift is already bridging global markets. The day after Token2049, RWA TVL rose 1.5%. Will institutions go all‑in on on‑chain? The answer lies in these insights.