{"id":222798,"date":"2026-09-04T13:23:11","date_gmt":"2026-09-04T13:23:11","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=222798"},"modified":"2026-09-04T13:23:11","modified_gmt":"2026-09-04T13:23:11","slug":"the-33-next-directions-what-gets-tokenized-next","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=222798","title":{"rendered":"The 33 Next Directions: What Gets Tokenized Next"},"content":{"rendered":"

Are Stocks Still the Most Bullish Asset in the RWA\u00a0Verse?<\/em><\/strong><\/p>\n

Crypto has a habit of finding one thing that works and flooding it until the yield compresses to nothing. Nobody rings a bell at the top of a narrative, but they do leave footprints.<\/p>\n

And the footprints in RWA are everywhere right now\u200a\u2014\u200ain BlackRock board memos, in Nasdaq regulatory filings, and in the quiet repositioning of every major asset manager who spent 2021 calling crypto a Ponzi and is now racing to tokenize their flagship\u00a0fund.<\/p>\n

Something structural has shifted, and the people who move capital for a living can feel it even when they won\u2019t say it publicly. The rails work, and now comes everything else.<\/p>\n

That Quiet Moment Before\u00a0Boom?<\/em><\/strong><\/h4>\n

We\u2019re at the exact inflection point that always precedes an asset class explosion\u200a\u2014\u200athe very juncture where early infrastructure has been stress-tested, institutional legitimacy has arrived, and the addressable opportunity is so absurdly large that even capturing a single-digit percentage of it would dwarf everything built so far. There are hundreds of distinct sources of real-world yield, but the gap between those two numbers is where the next decade of RWA gets\u00a0built.<\/p>\n

Capital flows toward yield with the same inevitability that water flows downhill, and on-chain infrastructure now offers yield, liquidity, and composability that traditional rails simply can\u2019t\u00a0match.<\/p>\n

The future isn\u2019t just exciting because of the rising TVL numbers, but the actual things that will get tokenized. Need a forecast, ser?<\/p>\n

Chapter One: How We Got Here\u200a\u2014\u200aAnd Why Treasuries Were Just the Entry\u00a0Drug<\/h4>\n

The stablecoin chart tells it all: for years, the supply moved in near-perfect inverse correlation with interest rates. Rates went up, stablecoins bled out. Made sense\u200a\u2014\u200awhy sit in USDC when you could earn 5% in a money market\u00a0fund?<\/p>\n

Then January 2024 happened: rates were still above 5%, and stablecoin supply started growing anyway. The decoupling wasn\u2019t random, as the risk-free rate had finally arrived on-chain. Ondo, BlackRock\u2019s BUIDL, and Centrifuge\u200a\u2014\u200aissuers gave stablecoin holders somewhere to go without leaving crypto. Stablecoin supply grew from $130B to over $280B once real-world yield existed on-chain.<\/p>\n

The market concentrated fast, and that concentration is now creating its own gravitational pull. The top 10 assets hold 64% of total RWA value, and 18 of the largest offers yield between 3% and\u00a05%.<\/p>\n

That\u2019s the current monopolistic setup<\/strong><\/a>: a $280B stablecoin base earning below 5%, increasingly aware that better yield exists on-chain\u200a\u2014\u200aand a DeFi infrastructure stack that can now absorb it. The next wave will be the mechanical consequence of capital chasing yield up the risk\u00a0curve.<\/p>\n

Chapter Two: Hundreds of Yield Sources. The Rest is the Opportunity<\/h4>\n

Of everything mappable, most hasn\u2019t moved yet. The reasons vary, but the core tension is always the same: on-chain capital moves 24\/7, settles in seconds, and can be redeployed on the same block. Off-chain assets can\u2019t act like\u00a0that.<\/p>\n

This timing mismatch is the fundamental engineering problem of the RWAs. Deployment lag means capital sitting on-chain earns nothing until it reaches the underlying, which for private credit takes weeks, for real estate, months. Redemption lag means you can\u2019t liquidate a commercial property on a Sunday morning because a holder wants\u00a0out.<\/p>\n

The workarounds all cost yield, and buffer pools compress blended returns. Market makers like Wintermute and Keyrock absorb the wait\u200a\u2014\u200aand (little wonder) charge accordingly. Every bridge across the timing gap redistributes the cost of illiquidity to whoever is willing to bear\u00a0it.<\/p>\n

The assets that tokenize next won\u2019t be the easiest, but they\u2019ll be the ones where someone makes the timing mismatch cheap enough to\u00a0ignore.<\/p>\n

Chapter Three: Every Other Asset Class Has a Ceiling. Equities\u00a0Don\u2019t.<\/h4>\n

Here we come to the uncomfortable reality that most RWA coverage dances around: not all tokenizable assets are equal opportunities. Private credit is large but illiquid and opaque; real estate is enormous but operationally brutal to tokenize at scale. Long story short, trade finance needs an aggregation infrastructure that barely exists\u00a0yet.<\/p>\n

Equities have none of these problems. And they have something none of the others can claim: being the most democratically desired asset class on Earth. There are 8 billion people on this planet. And a meaningful percentage of them know what Apple, NVIDIA, and Tesla are. They\u2019ve watched those stocks compound through every recession, every geopolitical shock, every rate\u00a0cycle.<\/p>\n

So now some of them understand that owning a piece of \u200c the world\u2019s most productive companies is how wealth gets built over a generation. They just couldn\u2019t access it! Many lacked \u200c capital or some conviction. But the main hurdle is that the infrastructure was deliberately designed to keep them out! Get a US Social Security Number, a domestic bank account, and a brokerage relationship. Then, get around the business hours in a time zone that isn\u2019t\u00a0theirs.<\/p>\n

The global equity market is around $120 trillion<\/strong><\/a>. The S&P 500 alone has returned an average of 10.5% annually for the last 50 years\u200a\u2014\u200athe most consistent, documented, and broadly understood wealth compounding machine in financial history. And most of the world has been locked out of it by paperwork! That\u2019s the market\u00a0play.<\/p>\n

Chapter Four: Stocks On-Chain Are an Infrastructure Story<\/h4>\n

The access angle is compelling enough on its own, but it understates what stocks on-chain actually unlock. Hint: when an equity becomes a composable on-chain asset, it stops being just a stock and becomes a financial primitive\u200a\u2014\u200asomething the entire DeFi stack can build on top of. That\u2019s a categorically different value proposition than anything available in traditional markets.<\/p>\n

Once a tokenized RWA is listed as collateral on a lending market, holders can DO a lot. They loop in: deposit the RWA, borrow stablecoins against it, buy more of the same RWA,\u00a0repeat.<\/p>\n

For equities, this mechanic doesn\u2019t need dividend yield to make sense\u200a\u2014\u200asince the underlying appreciation of NVDA or SPY is itself the yield. On-chain leverage against a tokenized S&P 500 position, rebalancing continuously, composable with lending protocols and yield vaults, accessible to anyone with a wallet\u200a\u2014\u200athat product doesn\u2019t exist in TradFi: it simply can\u2019t. The settlement rails are too slow, the market hours are too limited, and \u200caccess is too restricted.<\/p>\n

This is why stocks on-chain are more than that; they are a surface-area story. Every tokenized equity that lands on-chain with proper composability becomes the foundation for dozens of products that couldn\u2019t exist before. The leverage loops, the tranched structures, the yield decomposition, the cross-collateralisation\u200a\u2014\u200anone of it works without the underlying asset being on-chain first. And no underlying asset has more natural demand than the stocks people already\u00a0want.<\/p>\n

Chapter Five: the Architecture That Makes It\u00a0Real<\/h4>\n

RWA stocks done right are what this infrastructure looks like when it\u2019s actually built correctly. 1:1 backed, audited at a 100% score with no critical issues, on track to be the first MiCAR-compliant built natively for\u00a0DeFi.<\/p>\n

The distribution problem<\/strong><\/a> that haunts every other RWA category\u200a\u2014\u200a33 of 35 non-stablecoin RWAs above $50M have fewer than 2,000 holders\u200a<\/a>\u2014\u200ais structurally inverted for tokenized equities. The demand base is the billions of people already on-chain, already holding stablecoins, already one product away from holding NVDA, SPY, or\u00a0MSFT.<\/p>\n

Non-US residents represent the largest addressable market for tokenized equities, <\/a>and they\u2019re not waiting for a traditional brokerage<\/strong><\/a> to expand their compliance program. They don\u2019t need onboarding, but strive to try out the\u00a0product.<\/p>\n

That\u2019s what makes stocks the most bullish item in RWA, because the demand already exists, pre-formed, on-chain, waiting. Every other tokenizable asset class has to find its holders. Tokenized equities already have\u00a0theirs.<\/p>\n

The One Out of\u00a033<\/h4>\n

Every asset that comes on-chain makes the next one easier to bring, and the infrastructure to support it more valuable.<\/p>\n

Treasuries proved the rails, and private credit proved you could handle complexity. Now comes the asset class that was always the most obvious candidate\u200a\u2014\u200athe one billions of people already want, and have been systematically prevented from accessing for\u00a0decades.<\/p>\n

Stocks were always meant to go on-chain. Of the 33 ways this plays out, most of them have equities at the center. When you strip away the noise, the cycle rotation, and the narrative churn, stocks were always the most important financial asset in human\u00a0history.<\/p>\n

Putting them on-chain doesn\u2019t alter what they are, but it changes who gets to own them. That\u2019s the whole\u00a0game.<\/p>\n

The 33 Next Directions: What Gets Tokenized Next<\/a> was originally published in Coinmonks<\/a> on Medium, where people are continuing the conversation by highlighting and responding to this story.<\/p>","protected":false},"excerpt":{"rendered":"

Are Stocks Still the Most Bullish Asset in the RWA\u00a0Verse? Crypto has a habit of finding one thing that works and flooding it until the yield compresses to nothing. Nobody rings a bell at the top of a narrative, but they do leave footprints. And the footprints in RWA are everywhere right now\u200a\u2014\u200ain BlackRock board […]<\/p>\n","protected":false},"author":0,"featured_media":222799,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-222798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interesting"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/222798"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=222798"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/222798\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/222799"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=222798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=222798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=222798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}