Surajit Chanda

Imagine owning a token tied to a Dubai RE fund, a combat sports franchise, a Hollywood movie IP. Sounds wild. A few years ago it was. Blockchain’s real unlock isn’t payments — it’s access to assets that were never within reach. Toyow: multi-asset, multi-currency, cross-chain. Compliance-first RWA marketplace. 8000+ on the waitlist and climbing.

@defyneric neither. the bigger wedge is bringing real-world assets onchain for the next billion users who don’t care about “crypto” or “tradfi” — they want fractional access to real estate, treasuries, and private credit with 24/7 settlement. that’s the market. everything else is plumbing.

what’s the bigger opportunity? bringing trad fi products to crypto users (cards, ach, neobank stack) or bringing crypto products to trad fi companies?

Tokenized stocks as perp collateral isn’t RWA finding product-market fit. It’s crypto finding new fuel for leverage. Real RWA is giving an investor fractional ownership of an asset they couldn’t touch yesterday — with the legal claim intact and settlement in minutes. One is plumbing for the casino. The other is ownership. Toyow is building the second one.

May not sound sexy but here we are “ We’re not building collateral for the casino. We’re building ownership rails for assets people actually want to hold — under a regulated structure, with the legal claim intact, with settlement in minutes instead of months. The end-user is an investor, not a speculator.” @ToyowOfficial

ONDO FINANCE BRIDGES TOKENIZED STOCKS TO HYPERLIQUID VIA LAYERZERO @OndoFinance expands the reach of its tokenized stocks and ETFs by enabling seamless bridging to the @HyperliquidX HyperEVM via @LayerZero_core. This integration allows perp traders to utilize spot RWA positions for advanced strategies, including basis trades and delta-neutral hedging on applicable markets. Ecosystem protocols @Meltfinance and @Felixprotocol are among the first to integrate these tokenized assets to enhance liquidity within the HyperEVM environment.

@deepakshenoy RBI could tokenize part of the Gold Reserve and that should solve both problems simultaneously! The gold backed tokens can then be collatarized by the holders or traded in the secondary market !

One of the key influences to reduce dollar spends is on gold imports. India's demand has been high, and was $51 billion in FY25. It is likely to be about $92bn in FY26. Remember, net imports of crude - a larger import - was about $102bn in FY26. Given that we export other things, our current account deficit should be around $80bn in FY26 (up from $50bn in FY25) Basically, cutting crude oil imports and gold by 25% each will bring the deficit down substantially. So cutting gold is useful, to some extent. There's demand from retail buying of coins. From ETFs. From the jewellery sector. And now from other digital gold products. We imported around 780 tonnes of gold last year. RBI has a lot of gold. It bought gold, and has brought back gold it stored abroad. It doesn't need this much gold - it has over 800 tonnes. And it has a bloated balance sheet - way too high for a central bank that isn't doing any QE. More than 85 lakh crores sits in the central bank bal sheet - and more than 12 lakh crores is in gold alone. The RBI can slowly bring back more gold reserves back to india - it's doing about 100-200 tonnes per year anyhow. It can then sell 200 tonnes of gold locally, to serve the jewellery market this year (this will satisfy about half the demand) That would mean there is no dollars going out for importing gold. Not too much - only $30 bn or so, but that's enough to offset the current account deficit substantially. There is no major pressing need then for domestic consumers to stop consuming gold. The consumption will slow if prices fall; and if the rupee improves, and India's gold imports slow, prices should be under control. Anyhow, telling people to not buy gold has the opposite effect. We don't trust our government, inherently. So if they tell us to not buy, we will buy more. It's a bit of a problem to express this desire. Buy Indian is fine. Don't buy gold isn't going to help, I think. Now there's an impact - if the RBI sells 200 tonnes of gold, it will hurt rupee liquidity (any rupee paid to the RBI for its gold = rupee out of circulation). that's about 300,000 cr. rupees. But there is a huge surplus right now, and we can ease out 300,000 cr. through some temporary moves (VRR) or durable ones (RBI buying government bonds). This will reduce some forex reserves but just $30 bn which is a very small number compared to over $500 bn we own and which isn't that necessary. It will also help stabilize the rupee, allowing future inflows to be planned by foreign investors. It will also help in reducing any supply imbalances. This will help for one year, by which time, the government can create more room for foreign investment through regulatory red tape reduction, level playing field on taxes for FPIs, single window clearances etc. In short: RBI should sell about 15 tonnes of gold per month to the domestic market and that's enough to reduce a lot of the imports, reduce the current account deficit and allow the rupee to stabilize.

infrastructure exists: SEBI-regulated vaults, BIS hallmarking, IFSCA at GIFT City already permits tokenised assets. Not building from scratch. Connecting three rails that already work. 1% mobilisation of the bullion stock = ~$4–5B of productive capital + a settlement instrument India controls.

the often-cited 25,000 tonnes is total household gold, but most of it is jewellery with sentimental and making-charge value attached — that’s not depositable. The realistic addressable stock is the bullion subset (bars and coins) — likely 15–20% of the total, or ~4,000–5,000 tonnes.

The world still runs on the dollar. But countries are quietly hedging out: buying gold, trading in non-USD pairs, building payment rails outside SWIFT. UPI has been incredible for India to say the least. To friends championing dollar-backed stablecoins, specifically dollar-backed, this seems like a bad idea long-term for India. Credit where due, to Modi govt and regulators, you got this one right in the face of a lot of pressure. On the other hand, if there were a gold-backed stablecoin and one could monetise the unutilised gold sitting in Indian households to return a yield… don’t know enough to talk about this, but thoughts?

Opened a 2,000-spot waitlist. 8,000+ signups in 10 days. That’s the signal: people want compliant access to global assets, fractional entry, and 24/7 settlement. Toyow goes live soon with our first anchor — a regulated $50M Real Estate Fund.

If you have an option to invest in any asset class which gives you yearly yield which one would you choose ? Fixed of the ones with higher potential upside ?

AngelList’s USVC ($500 min, xAI/OpenAI/Anthropic exposure) is being called democratization. The prospectus says otherwise: • Explicitly illiquid — no exchange listing, no secondary market • Exit: 5% quarterly tender, board’s discretion • Gross expense ratio ~3.6% (vs headline 1% fee) — underlying fund fees pass through • 3–4 legal layers from the actual asset • NAV marks lag by a quarter or more • 20%+ concentrated in xAI alone • US-only What tokenization improves: → Continuous secondary liquidity vs 5% quarterly tender → Realistic $100–$500 tickets (KYC & compliance set a floor — dollar minimums aren’t real) → Higher net yield: industry estimates show 35–65% cost reduction across custody, admin and transfer agency. Fewer middlemen = more return to the investor. → Real-time transparent NAV → Composable collateral → Programmable compliance → global access USVC is the best version of the old wrapper. Tokenization is the next wrapper. The underlying asset is still private and illiquid — that doesn’t change. The access layer and the yield leakage? That’s where tokenization wins.

Spent the day on Al Marjan Island with the Toyow team for an introductory conversation around Real-World Asset tokenization — and left with a lot to think about. The RAK growth story is genuinely one of the more compelling setups in the region right now: → Real estate transactions hit AED 15.08B in 2024, up 118% YoY (and nearly 4x since 2020) → Apartment prices rose 32% in 2025 (CBRE); prime waterfront now at AED 2,428/sqft → Rental yields averaging 6–8% → ~19,300 new units projected for delivery between 2025 and 2030, with roughly 25% branded residences → Tourism target of 3.5M annual visitors by 2030, anchored by the $5.1B Wynn Al Marjan Island integrated resort opening in Q1 2027 — the UAE’s first licensed casino, with analysts projecting the UAE gaming market could reach $5–8B at maturity (vs. ~$6B for the Las Vegas Strip) What makes the tokenization angle interesting here: RAK combines the ingredients that RWA markets actually need — rapid asset appreciation, institutional-grade supply (branded residences and hospitality), and a progressive regulatory environment (freehold ownership, zero capital gains tax, and long-term residency linked to property). Early days on this conversation, but the convergence of on-chain structuring and a market with a clearly defined 2027 catalyst is worth paying attention to. Looking forward to exploring further.

Tokenization as back-office upgrade is interesting. Tokenization as a way to democratize ownership of the assets that compound culture and capital is transformative. $29.5B is the starting line. The next trillion comes from opening what’s been closed.

$TTN powers the ecosystem — loyalty, staking, fee discounts, early access. Buy-and-burn funded by 1.5% of marketplace revenue.

The on-chain RWA market has crossed $29.5B. Up from $8.6B at start of 2025. Over 300% YoY growth. And we’re still at <0.1% of global financial assets on-chain. The next leg isn’t institutional. It’s democratized.