A year ago, RWAs barely came up at crypto conferences. This year, they were named on almost every panel @token2049. And it wasn’t just crypto natives. @Nasdaq, @InvescoUS and @CMEGroup were all in the room. Tokenization is rolling out in two phases. Phase 1: the wrapper. Stablecoins and tokenized versions of existing assets. Where most tokenized assets sit today. Phase 2: native issuance on-chain, with @Securitize named as best in class. Where we’re heading as regulation clears up. Panelists were blunt: tokenization for tokenization’s sake does nothing. Liquid assets are largely a solved problem. The real unlock is illiquid ones: private companies, smaller nations’ equity markets (Nigeria, Brazil), real estate, and emerging asset classes with no formal venues. The strongest case for adoption is tokenized assets as building blocks. Collateral: yield-generating assets you can trade against without selling. Faster settlement means higher asset velocity, quicker margin calls and less collateral posted. Structured products: tokenized assets plus DeFi primitives create new products, which drive more demand for the assets. Three things are slowing progress: Operations. The tech integrates fast. Redesigning how markets operate does not. Issuance. Permissionless vs official, with no shared standard. Regulation. Rules reportedly flip every 2-4 years, making big commitments hard to justify. Reality check: tokenized assets are still only in the billions, versus trillions sitting offchain in TradFi. It's early, but everyone believes blockchains will be the rails of finance. For more from Singapore, read on in full.