OpenEden’s Stephanie Chew: Why Winning The RWA Tokenization Race Now Comes Down To Collateral

by
Alisa Davidson

Printed: July 13, 2026 at 6:04 am Up to date: July 13, 2026 at 10:05 am

by Anastasiia O

Edited and fact-checked:
July 13, 2026 at 6:04 am

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The phrase “tokenization” could quickly change into redundant. As a result of the idea has merely succeeded — quietly, and sooner than most anticipated. The whole worth of tokenized RWAs on public blockchains reached $31 billion as of July 2026, up greater than 400% for the reason that begin of 2025, unfold throughout 167 platforms and held by practically 1,000,000 particular person holders. Tokenized Treasuries stay the most important asset class, crossing the $10 billion mark for the primary time in February 2026. With BlackRock, Goldman Sachs, and BNY Mellon now working production-level tokenized merchandise, RWAs are now not a distinct segment thesis — they’ve change into a key cause establishments come on-chain within the first place. 

However explosive development has a method of separating the precise infrastructure from narrative. Because the market matures, the questions establishments ask have modified completely. It’s now not “is tokenization actual?” It’s “who’s the issuer, what’s the authorized chain from token to enforceable declare, and what occurs in insolvency?”

These are exactly the questions OpenEden was constructed to reply — and the shift issues, as a result of not everybody can. 

On this interview, MPost spoke with Stephanie Chew, Chief Technique Officer at OpenEden, about what a reliable tokenization construction requires and the place the trade nonetheless falls brief. She makes a pointed argument: compliance is now not a differentiator, it’s the entry ticket — and what comes after it’s what really wins. The knowledgeable walks via why collateral has change into the use case establishments care about most, what the current wave of artificial stablecoin failures really revealed about the place yield-bearing constructions go mistaken, and why APAC demand is pointing towards territory the market has not but mapped. 

The impediment to tokenization shouldn’t be the blockchain itself, however whether or not establishments can belief the construction behind it. What does a reliable construction encompass? The place does the trade nonetheless fall brief?

At OpenEden, we imagine a reliable construction wants 4 issues, which is admittedly what we’re constructed round: regulated issuance, bankruptcy-remote asset segregation, institutional-grade custody, and clear verification.

OpenEden Digital operates as a bankruptcy-remote segregated accounts firm beneath the Bermuda Class F digital asset enterprise license. We work intently with giant conventional asset managers similar to Financial institution of New York, which capabilities as each funding supervisor and custodian of the underlying belongings for TBILL, considered one of our flagship merchandise. TBILL carries an S&P ranking of AA+, which independently validates the construction somewhat than counting on self-certification.

On the place the trade falls brief: lots of merchandise cease at “the token is backed by sure belongings” with out exhibiting the authorized chain from token to enforceable declare, which is what traders are actually involved about. The RWA market is at the moment break up between a distributed worth of round $30 billion and a a lot bigger represented worth that features off-chain belongings not but issued as freely transferable tokens.

OpenEden has positioned itself as compliance-first. Primarily based on what you hear immediately from institutional clients, is that also a differentiator — or has it change into desk stakes, with the true benefit mendacity elsewhere?

Just a few years in the past, compliance was a differentiator. Right this moment, for severe establishments, it’s the entry ticket.

As regulatory jurisdictions evolve, compliance is turning into a aggressive benefit — with out it, firms can lose the correct to function. Establishments now not ask whether or not we’re crypto-native sufficient. They ask particularly: who’s the issuer, what’s the regulatory framework, are the belongings acknowledged as securities or digital belongings, can they be distributed, to what investor base — and, most significantly, what occurs in insolvency? Can my threat and authorized groups approve this?

Compliance will get us into the room and helps us clear due diligence. The true differentiator is what we do after that: distribution, liquidity, integrations, collateral utility, and product design. The purpose isn’t just being regulated, however utilizing that regulatory basis to make merchandise like TBILL and USDO usable throughout institutional buying and selling, collateral, liquidity, and settlement workflows. Our imaginative and prescient is to allow extra environment friendly capital markets — leveraging DeFi to summary away TradFi settlement delays and create composability from the second tokens are minted.

What’s the most typical hesitation you encounter from establishments earlier than they commit?

The most typical hesitation was: is tokenization actual, or is that this only a crypto narrative? That has shifted. Establishments now settle for that tokenization is actual; their hesitation has change into extra sensible.

They ask: can I really use this asset inside my present threat, custody, compliance, and buying and selling setup? They ask about liquidity, redemption, counterparty publicity, custody reporting, composability, and capital effectivity. This is the reason OpenEden is targeted closely on integrations. It isn’t sufficient to simply difficulty a tokenized asset — it has to take a seat contained in the workflows that establishments already use and belief.

What distinguishes USDO from main established dollar-denominated stablecoins? Why does its structural backing carry extra significance in the present day than earlier than?

Each greenback of USDO traces again to at least one factor: a custodied TBILL — not a by-product, fund-managed commerce, or leverage. Should you can’t level to the asset producing the yield, you shouldn’t belief the yield.

USDO is designed to be a totally clear, regulated stablecoin, totally backed by tokenized short-term U.S. Treasuries. This issues extra in the present day as a result of establishments have change into way more delicate to the place yield really comes from. After a number of artificial stablecoin failures, yield with out clear backing is a purple flag.

How do you establish which belongings to tokenize — pushed by the asset’s traits, or by present demand and accessible distribution channels?

We began with TBILL as a result of it’s the cleanest asset to show the construction, and there was apparent quick demand for on-chain greenback yield.

Each parameter issues, however there’s additionally a dependence on the maturity of market members in Web3 and whether or not they perceive the chance and mechanisms of how underlying RWA belongings function in TradFi. Ultimately, I imagine we’ll see native belongings tokenized immediately somewhat than via SPV or wrapper constructions the place investor rights and authorized obligations are nonetheless opaque. Institutional demand is essential and determines what we tokenize, however guaranteeing we’ve got a regulated construction that’s really investable — and distribution channels that attain our audience — is most essential.

OpenEden started with tokenized authorities debt and has since expanded to extra advanced belongings like company bonds. What situations have to be met earlier than extending that framework to higher-risk asset lessons?

Treasuries had been the pure start line — low threat, extremely liquid, buying and selling within the tons of of billions every day, and simple for establishments to grasp. Transferring up the chance curve requires stronger situations: dependable pricing, credit score evaluation, liquidity administration, clear redemption mechanics, and certified custody. The bottom line is not whether or not an asset can technically be tokenized — it’s whether or not traders can perceive the chance, confirm the backing, and exit beneath clear phrases. We’re solely comfy shifting up the chance curve when the construction stays institutional grade. The objective is to not tokenize threat for its personal sake, however to deliver better-designed yield merchandise on chain.

How does institutional demand in APAC differ from Western markets?

In APAC, demand is extra distribution- and utility-led. Establishments and platforms are all in favour of tokenized belongings for funds, trade entry, collateral, settlement, and cross-border use instances. Hong Kong, Singapore, and different regional hubs are taking an lively strategy to constructing regulated digital asset frameworks, which naturally creates urge for food for compliant market infrastructure.

In Western markets — notably amongst bigger asset managers and monetary establishments — the dialog is extra stability sheet- and portfolio-led: tokenized cash market funds, treasury administration, collateral effectivity, and operational settlement. APAC tends to maneuver sooner when there’s a clear regulated channel and industrial use case, whereas Western establishments focus extra on due diligence and are slower to deploy. Each markets care about compliance, however APAC hyperlinks tokenization extra on to market entry, funds, and distribution, whereas Western markets begin from asset allocation and infrastructure effectivity.

OpenEden lately entered Hong Kong. Does regulatory entry alter which belongings you’re ready to tokenize, or does it primarily have an effect on who can entry them?

OpenEden is a world platform, and every product has its personal audience. In Hong Kong, we work with licensed venues and institutional infrastructure aligned with our path — particularly Ex.IO, a VATP companion that helps compliant entry to TBILL and HYBOND for certified traders. Their KYC necessities align with ours, which simplifies distribution. For different merchandise in different jurisdictions, it will get extra nuanced.

Is there an asset class that APAC establishments are expressing their curiosity in?

APAC establishments usually have a better yield hurdle than their Western counterparts — they need excessive single-digit returns somewhat than 100–200 foundation factors above risk-free charges, and so they are inclined to favor leverage methods. This is the reason RWA equities are performing properly in Asia, with sturdy open curiosity on platforms like Binance and Bitget reflecting vital institutional demand. The RWA perp market can also be rising, with merchants cross-arbitraging throughout venues utilizing these belongings.

We have now not but provided a product particularly catering to this demand, however we’re actively structured product codecs that may ship greater yields for APAC shoppers — nonetheless inside our regulated Bermuda framework to make sure safety and custody are totally matched.

Amongst USDO’s present use instances — off-exchange collateral for Binance, derivatives margin for Galaxy, and integration with FalconX — which is producing the strongest institutional traction?

Collateral is exhibiting the clearest institutional pull. It mirrors what occurs in TradFi, the place shoppers park money in deposits that then change into belongings to make use of as collateral for different investments. Preparations just like the off-exchange collateral with Binance, by-product margin with Galaxy, and choices buying and selling platforms enable establishments to place their idle greenback balances to work double responsibility — sitting as margin collateral whereas nonetheless incomes yield. That could be a meaningfully completely different ask than pure settlement or funds, as a result of it requires custody, redemption, and authorized declare ensures to be established a lot earlier within the course of. Establishments won’t submit one thing as margin until they belief the construction utterly.

Are you seeing a direct shift within the questions establishments ask — shifting from “can this be tokenized?” towards “does being on-chain make our capital work tougher?”

Positively, and it modifications the path we’re constructing towards. OpenEden isn’t just an issuer of tokenized belongings — we have gotten infrastructure for productive on-chain capital, offering entry to completely different threat, yield, and liquidity profiles.

That’s the reason we more and more measure success not simply by AUM or TVL — these metrics will be purely incentivized, and in Web3, incentivized TVL migrates each time one other participant throws incentives round. We focus extra on utility: collateral adoption, liquidity integrations, transaction flows, and distribution channels.

Do you count on current artificial and algorithmic stablecoin collapses to speed up institutional capital motion towards regulated, asset-backed constructions — or to make establishments extra cautious concerning the yield-bearing stablecoin class as a complete?

I imagine it would speed up the shift towards regulated, asset-backed merchandise. These failures occurred as a result of reserves weren’t clear, and establishments allocating into yield will demand higher construction round it. The lesson shouldn’t be that yield-bearing stablecoins can’t work — it’s that backing, leverage, liquidity, and redemption mechanics matter greater than they appeared to. Even well-known gamers like Ethena are altering technique and pivoting towards RWA tokens with actual underlying belongings as reserves. This is the reason tokenized treasuries and controlled cash market-style merchandise are gaining renewed consideration: they’re boring in the correct method — acquainted belongings with clear money flows, institutional custody, and clear reserves.

Wanting two to a few years forward, what does institutional engagement with tokenized belongings appear like as soon as it has moved previous the present adoption part?

I feel “tokenization” will cease being a key phrase. We are going to see extra native belongings on chain, and the excellence between a tokenized wrapper and a local on-chain token will disappear. The main target will shift to effectivity throughout capital market devices — tokenized merchandise can be evaluated on their very own deserves, not on the novelty of being on chain.

Alisa, a devoted journalist on the MPost, makes a speciality of crypto, AI, investments, and the expansive realm of Web3. With a eager eye for rising traits and applied sciences, she delivers complete protection to tell and interact readers within the ever-evolving panorama of digital finance.

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