Onchain markets are moving past representing assets to running real markets in them. Our CIO @iggyioppe spoke with @FinancialTimes on how pre-IPO perps price a company before it lists, then converge with the stock once it trades.

Our CIO @iggyioppe was featured in @beincrypto's Expert Council on why $32.9B in tokenized RWAs sits dormant, and what it takes to make on-chain assets actually work. Read the full article below.

For the last 2 years, the RWA market has measured progress by what got issued onchain. Another fund tokenised, another asset manager onchain. The next phase is about what those assets are used for. That's why we sat down with @Theo_Network to discuss their FILQ integration 👇 Theo invested $20M into Fidelity International’s tokenised USD digital liquidity fund (FILQ) through Sygnum, adding FILQ as a second institutional underlying asset within their existing product, thBILL. Whilst direct holding is the familiar starting point, once a fund is onchain, the more interesting question is where else it can sit: inside a stablecoin, a Treasury product, a collateral system, a lending market, a vault, or a settlement workflow. “Most investors don’t want a money-market fund. They want the yield, in a form they can actually use.” @evanberrylover, GTM & Chief of Staff at Theo, said, “holding the fund directly gets you the return and nothing else. Wrapping it into a composable product lets the same dollar earn and move at once... The tokenised fund makes it institutional-grade. The onchain product makes it useful.” thBILL already had exposure to Wellington’s tokenised Treasury fund. The addition of FILQ now brings Fidelity International as a second institutional manager. That gives thBILL a broader base, but it also shows that the structure can add new managers without rebuilding the whole product each time. If tokenised funds remain standalone wrappers, the market will simply compete on issuer brand, AUM, and chain support. However, if they become inputs for more customisable onchain products, competition moves to what additional value can be built around them. Emma Pecenicic, Head of Digital Assets Distribution at Fidelity International, agrees, saying the firm sees tokenisation as “a foundational shift in how global financial markets will function,” and that combining investment expertise with digital-native infrastructure can bring “regulated, institutional-grade liquidity onchain for markets that operate around the clock.” So what is this shift we are expecting? Theo’s view is that “direct holding is the first step because it’s the familiar one. It maps to how funds work today. But the value of putting an asset onchain is what you can do with it next: use it as collateral, route it into strategies, settle against it instantly.” The target destination for these assets is clearly utility. Can they sit inside a Treasury product? Can they back a stablecoin? Can they be used as collateral? Can they move through lending markets, vaults, or structured products without being a compliance headache? The addition of FILQ inside thBILL is a small but useful example of that shift. The fund is not the final product. It is a balance-sheet item for Theo, strengthening their product and readying it for growth and expansion into places Fidelity cannot easily reach. The next wave of tokenised fund adoption will be driven less by direct holders of these institutional assets, and more by their embedded use in onchain products.

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Congrats to @SKhynix on the largest-ever US listing by a foreign company. Global capital reaching for the best assets wherever they sit, and a reminder of why we've been so active building in Korea. 🇰🇷

"What actually sits underneath thUSD?” It's the first question every allocator asks. For thUSD, the answer is specific at every layer: regulated custodians, segregated accounts, bankruptcy-remote structures, and none of it at a crypto-native venue. We work with bluechip institutions as counterparties: Standard Chartered, Wellington Management, Fidelity International, and StoneX. This topic is the focus of our first edition of Examining thUSD: Institutional Counterparties. 🧵