Fran Palminha

@yaroslavwr_ agree with this, what do you think matters more here, fee capture or actual product usage?

Part of the problem is a lot of these tokens still do not have a very clear link to the growth underneath. Asset value can keep going up, but if the token does not capture fees, flow, or real usage, the market stops caring pretty quickly.

Private credit is still one of the clearest examples of where onchain RWAs move from issuance into actual use. Its market share may look smaller in the broader RWA mix, but the category keeps showing up where capital is actually deployed across DeFi. That usually tells you something important. The market is not only rewarding what is easiest to tokenize. It is also starting to reward assets that can actually plug into lending, collateral, and productive capital flows after issuance.

what feels more important here is not the size of the market today but how quickly the conversation is shifting from treasuries into equities and ETFs that is a much bigger test for tokenization because these products live or die on access, liquidity, and market structure

@DanDeFiEd I like the design, but I am not sure the leveraged ETH buyer shows up consistently enough for this to scale

Crypto conferences feel like they have reached a different level this year. Not much time has passed since the last one, and we are already getting ready for the next stop. Faculty Group is heading to @DutchBlockWeek in Amsterdam, taking place from 22 to 28 June. Vic is already there ahead of the event, so if you are arriving early and want to connect, feel free to reach out (tg: @DonnieBrasco_Yelay). He will be happy to meet. Looking forward to another week of good conversations, useful meetings, and hopefully a bit of Amsterdam weather on our side.

If people can trust that the token stays properly linked to the real asset underneath, the whole thing starts to feel a lot more real. If that link is weak, 24/7 trading does not fix much. It just gives you a prettier wrapper.

@yaroslavwr_ I agree mostly, but for some assets the exit path may matter more than arbitrage

One useful way to look at tokenization is not as a tech story but as a market structure story. ETFs became massive because the wrapper stayed connected to the basket through arbitrage and creation/redemption. That same logic matters here. A tokenized asset becomes much more credible when supply can expand and contract against the underlying in a way the market can actually trust. Without that link, continuous trading alone does not solve much.

@yaroslavwr_ for me this makes IPO tokenization more interesting, not less. It just shows the real bottleneck is sourcing and delivery, not retail demand

Tokenized equities still get discussed like one market, but the more useful split may be simpler than people think: > which structure gives you access > and which structure actually gives you integration Some paths are broad but shallow. Easy distribution, weak pooling, thinner real usage. Others are narrow but much deeper once they are wired into regulated rails and lending systems. That tradeoff matters more than the headline narrative around tokenized stocks, because market share alone does not tell you which model is actually becoming infrastructure.

@PanteraCapital nice breakdown. TPI is a better lens than just ranking assets by market cap

RWAs onchain are scaling and maturing together. Our Tokenization Progress Index (TPI) scores how much of an asset's lifecycle has actually moved onchain. Stablecoins sit furthest along both dimensions: large market value and higher TPI. Tokenized Stocks show relatively high onchain maturity, while market size remains smaller. Meanwhile, Treasuries, Commodities, and Private Credit have reached larger market sizes but still sit in lower-to-middle TPI bands. The rest of the asset classes remain early and primitive. For the full TPI methodology and a deeper look at the sector, read our Q1 2026 tokenization report: panteracapital.com/state-of-token…

@yaroslavwr_ controlled routes are probably where this actually scales

One of the more useful shifts in RWAs is that the market is slowly moving past the fake binary of permissioned or usable. A tokenized fund does not need to become fully permissionless to matter onchain. It just needs the restrictions to live in the right place. That is why vault-level wrappers and controlled collateral routes are interesting. They let an asset keep transfer rules, ownership checks, and liquidation constraints while still entering lending markets. That is much closer to how real finance will probably scale onchain.

The cleanest test for an RWA token is very simple: if the business grows, what exactly reaches the holder > Not sentiment > Not maybe later > Not if governance votes for it one day Something direct and measurable That could be fee sharing, a rule-based buyback, a productive token that is the asset itself, or a real economic license. But if there is no clear path from business activity to holder outcome, the token is still mostly ornamental no matter how serious the product looks.

@davidtsocy @base I think too much of the stablecoin volume is just idle

Stablecoins are the largest non-speculative use case of crypto At @base, we are particularly interested in non-USD stablecoins for LatAm, Africa, the Middle East, South Asia, and Southeast Asia, where fiat debasement and censorship are more prevalent Adoption is hockey-sticking

@cakemeta i ll be rich, babe

don't go babe, stock pump first, then Bitcoin!

@_mikepreneur For me real shift is if tokenized gold ends up in active collateral or payment flows not just held on dashboards

@FranPalminha Tokenization doesn't just make gold easier to own. It makes gold easier to use. The moment an asset can move, settle, and be used as collateral onchain, it starts behaving very differently from the version we're used to.

Gold is starting to matter less as a commodity story and more as an infrastructure story. The demand side is easy to understand. In a more fragmented world, people want assets that feel outside the political balance sheet. The more interesting part is what happens once gold moves onchain. If it can settle continuously, move across venues, and sit inside collateral markets, it stops being just a defensive holding and starts becoming usable capital.

Private credit is one of the few RWA categories where usage already tells you more than issuance. A lot of tokenized sectors are still mostly wrappers sitting onchain. Private credit is different. It already shows up in lending markets, vaults, and collateral loops. That does not make it safer. It just means the market has already started testing where the product actually works and where the structure still breaks under stress.

@DYORxRWA @OndoFinance Im interested about how Ondo maintain that momentum as competition ramps up

. @OndoFinance now accounts for 42% of the entire RWA market. Let that sink in Nearly half of one of crypto's fastest-growing sectors is concentrated in a single protocol. As capital continues flowing into tokenized treasuries and real-world assets, The bigger takeaway? RWA adoption is no longer a future prediction. It's already creating category leaders. The sector is still in its early innings. $ONDO

@diegoxyz @OndoFinance @circle @CantonNetwork @StellarOrg @ethereum @chainlink @centrifuge @Securitize would be good to know which ones you think actually see reliable use

@FranPalminha @OndoFinance @circle @CantonNetwork @StellarOrg @ethereum @chainlink @centrifuge @Securitize There are others oracles competitors. Maybe I will do a dedicated post in the next days.

My Ideal Tokenization Industry Portfolio > 25% in $ONDO by @OndoFinance > 25% in $CRCL by @circle > 20% in $CC by @CantonNetwork > 10% in $XLM by @StellarOrg > 10% in $ETH by @ethereum > 5% in $LINK by @chainlink > 5% in $CFG by @centrifuge Watchlist > Upcoming @Securitize stock: $SECZ > Upcoming @xStocksFi token: $xSTOCK (?) Why did I choose them, and why in this size? I’m going to publish a dedicated article soon. Bookmark this post if you don’t want to miss it.