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

The phrase “tokenization” could quickly develop into redundant. Because 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 biggest 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 develop into a key motive establishments come on-chain within the first place. 

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

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

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

The impediment to tokenization will not be the blockchain itself, however whether or not establishments can belief the construction behind it. What does a reliable construction encompass? Where does the trade nonetheless fall quick?

At OpenEden, we imagine a reliable construction wants 4 issues, which is absolutely 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 underneath the Bermuda Class F digital asset enterprise license. We work intently with massive conventional asset managers similar to Bank of New York, which features as each funding supervisor and custodian of the underlying property for TBILL, one in all our flagship merchandise. TBILL carries an S&P ranking of AA+, which independently validates the construction relatively than counting on self-certification.

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

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

A couple of years in the past, compliance was a differentiator. Today, for severe establishments, it’s the entry ticket.

As regulatory jurisdictions evolve, compliance is changing into a aggressive benefit — with out it, firms can lose the precise to function. Institutions 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 property acknowledged as securities or digital property, 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 level 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 is the commonest 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. Institutions now settle for that tokenization is actual; their hesitation has develop into extra sensible.

They ask: can I truly 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 why OpenEden is targeted closely on integrations. It will not be sufficient to only 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 as we speak than earlier than?

Every greenback of USDO traces again to at least one factor: a custodied T-bill — not a spinoff, fund-managed commerce, or leverage. If you may’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 as we speak as a result of establishments have develop into far more delicate to the place yield truly comes from. After a number of artificial stablecoin failures, yield with out clear backing is a pink flag.

How do you establish which property 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.

Every parameter issues, however there may be additionally a dependence on the maturity of market members in Web3 and whether or not they perceive the danger and mechanisms of how underlying RWA property function in TradFi. Eventually, I imagine we’ll see native property tokenized instantly relatively than by 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 a regulated construction that’s truly investable — and distribution channels that attain our audience — is most essential.

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

Treasuries have been the pure start line — low threat, extremely liquid, buying and selling within the a whole lot of billions day by day, and simple for establishments to know. Moving up the danger curve requires stronger circumstances: dependable pricing, credit score evaluation, liquidity administration, clear redemption mechanics, and certified custody. The key will not be whether or not an asset can technically be tokenized — it’s whether or not buyers can perceive the danger, confirm the backing, and exit underneath clear phrases. We are solely snug transferring up the danger curve when the construction stays institutional grade. The objective is to not tokenize threat for its personal sake, however to carry 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. Institutions and platforms are fascinated about tokenized property for funds, trade entry, collateral, settlement, and cross-border use instances. Hong Kong, Singapore, and different regional hubs are taking an lively method to constructing regulated digital asset frameworks, which naturally creates urge for food for compliant market infrastructure.

In Western markets — significantly amongst bigger asset managers and monetary establishments — the dialog is extra steadiness 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. Both 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 just lately entered Hong Kong. Does regulatory entry alter which property you’re ready to tokenize, or does it primarily have an effect on who can entry them?

OpenEden is a worldwide platform, and every product has its personal audience. In Hong Kong, we work with licensed venues and institutional infrastructure aligned with our course — particularly Ex.IO, a VATP companion that helps compliant entry to TBILL and HighBond for certified buyers. 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 typically have a better yield hurdle than their Western counterparts — they need high single-digit returns relatively than 100–200 foundation factors above risk-free charges, they usually are inclined to choose leverage methods. This is why RWA equities are performing nicely in Asia, with sturdy open curiosity on platforms like Binance and Bitget reflecting important institutional demand. The RWA perp market can also be rising, with merchants cross-arbitraging throughout venues utilizing these property.

We haven’t but supplied a product particularly catering to this demand, however we’re actively structured product codecs that may ship larger yields for APAC purchasers — nonetheless inside our regulated Bermuda framework to make sure safety and custody are totally matched.

Among 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 purchasers park money in deposits that then develop into property to make use of as collateral for different investments. Arrangements just like the off-exchange collateral with Binance, spinoff margin with Galaxy, and choices buying and selling platforms permit establishments to place their idle greenback balances to work double obligation — sitting as margin collateral whereas nonetheless incomes yield. That is 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. Institutions won’t submit one thing as margin until they belief the construction fully.

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

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

That is why we more and more measure success not simply by AUM or TVL — these metrics may be purely incentivized, and in Web3, incentivized TVL migrates at any time when 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 an entire?

I imagine it can 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 will not 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 property as reserves. This is why tokenized treasuries and controlled cash market-style merchandise are gaining renewed consideration: they’re boring in the precise manner — acquainted property with clear money flows, institutional custody, and clear reserves.

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

I feel “tokenization” will cease being a key phrase. We will see extra native property on chain, and the excellence between a tokenized wrapper and a local on-chain token will disappear. The focus 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.

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