On August 19th, IXS hosted a timely and high-signal real-world asset (RWA) panel: “From Wall Street to Web3: RWAs in the U.S. Spotlight.” The panel featured Herwig “Happy” Konings (Founder, RWA Foundation), Ray Buckton (Head of Research, RWA World), and IXS CEO Julian Kwan.
As the U.S. reclaims leadership in digital asset regulation and market activity, the conversation explored what this shift means for tokenized assets, stablecoins, and on-chain finance.
In case you missed it, watch the recording below.
Below is a recap of the discussion.
Q: What’s driving Bitcoin’s all-time highs and how does it reshape crypto market sentiment in the U.S.?
Bitcoin’s all-time highs are being driven by a mix of supply mechanics, long-term macro positioning, and increased institutional participation. BTC is now seen by many as a macro-grade asset, not just a crypto one, thanks to its issuance mechanics and treasury strategy use cases.
With regulatory overhangs clearing in the U.S., capital is moving more confidently into crypto markets. Institutional allocators, especially in the U.S., are looking for familiar fixed-income style instruments on-chain, like treasuries and credit, to put idle capital to work. This has led to an uptick in RWA demand, especially from stablecoin holders seeking yield.
The real push for RWAs didn’t come from traditional finance. It started with crypto-native capital, from holders of USDC and USDT sitting on billions, looking for compliant ways to earn real yield without off-ramping.
“RWA adoption didn’t start in TradFi. It started with crypto guys seeking real yield on stablecoins.” - Julian Kwan, IXS
Q: How does the GENIUS Act reshape the stablecoin and tokenization landscape in the U.S.?
The GENIUS Act creates a clear legal framework for stablecoin issuers in the U.S., giving them formal status and obligations similar to financial institutions. Stablecoins must now be fully backed by permitted reserves, like cash or short-term Treasuries, and must meet operational requirements around transparency, bankruptcy protection, and compliance.
One critical point: issuers cannot pass yield to users just for holding stablecoins. This preserves the separation between money and investment products. That helps avoid misleading yield schemes. As a result, RWAs have emerged as the natural way for users to access yield outside the stablecoin itself.
As stablecoin reserves shift more visibly into Treasuries, demand for tokenized, short-duration assets continues to rise. Future regulation may even require reserve asset disclosures to be fully on-chain, further integrating RWAs into the stablecoin system.
“Stablecoins can’t share yield. RWAs will take over that function.” - Herwig Konings, RWA Foundation.
Q: With the U.S. clarifying its stance, what’s the downstream effect on global RWA adoption?
Julian’s answer was direct: capital markets don’t move to unregulated islands. They stay in places with deep liquidity, rule of law, and investor protections - New York, London, Singapore.
The U.S. shifting from “rule by enforcement” to regulatory greenlighting changes everything. With 40% of global capital markets and a full-stack ecosystem (Treasury, SEC, IRS, retail investors, exchanges), the U.S. unlocks capital and confidence for the rest of the world to follow.
“Regulatory clarity from the U.S. is the single biggest unlock for tokenized markets globally.” - Julian Kwan, IXS
Q: Can the current U.S. administration sustain its pro-crypto stance across its full term?
Political support for crypto in the U.S. has gone from fringe to mainstream. With the new administration leaning openly pro-crypto, regulatory leadership is shifting too with more pragmatic appointments and formal government engagement around tokenization.
A coordinated government task force on digital assets is already underway, showing a move from opposition to orchestration. From campaign-level crypto outreach to direct involvement in stablecoin infrastructure, U.S. leadership is becoming political.
That said, regulatory momentum tied to politics can bring volatility. But the current alignment, especially in a market where digital asset holders are a growing and vocal voter base is significant.
Q: Are we finally entering a new global era of tokenized finance?
This moment may represent the tipping point for institutional RWA adoption. After years of experiments with private chains and siloed tokenization pilots, the current wave is powered by public, interoperable infrastructure, and actual demand.
Stablecoins earning 0% created a clear incentive for short-term tokenized assets offering real, accessible yield. That product-market fit has now expanded from crypto-native users to traditional allocators seeking exposure to private credit, treasuries, and other yield-bearing instruments on-chain.
Each major cycle in Web3 has had a defining use case, like ICOs, DeFi, NFTs. This cycle is increasingly defined by RWAs, and for the first time, it's being driven by compliant infrastructure, maturing demand, and U.S. regulatory support.
“The face of this next cycle is RWAs - built for compliance, scale, and institutional demand.” - Herwig Konings, RWA Foundation
“We’re no longer in the ICO pre-teen years or DeFi adolescence. We’re entering a phase where on-chain finance is beginning to resemble a real capital market.” - Ray Bucken sums it up well.
2025 may go down as the year real-world assets found real traction with the U.S. leading the push and the market evolving fast. Infrastructure is live. Regulations are landing. The financial world is watching.
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