‘We’ve hit peak efficiency’ with legacy tech, says Coinbase exec

Tokenization of RWA will likely begin with the most stable assets, then turn toward more volatile ones over time

article-image

metamorworks/Shutterstock modified by Blockworks

share

Traditional financial infrastructure has reached the peak of its efficiency, according to Coinbase’s head of tokenization. 

Anthony Bassil’s remarks came as he appeared as a panelist at the Real World Asset Summit held in New York City on Tuesday. Bassil said he believes that the adoption of tokenization for such assets will occur slowly, in the coming decade or two.  

Bassil believes that this process will take time, and much of the adoption of tokenization will come slowly in the next twenty or so years. 

Robert Leshner, the founder of Superstate, noted that a transition toward tokenization would likely begin with the most liquid and most stable assets.

“Stablecoins, the tokenization of the simple dollar, was the first killer user case,” Leshner said.

Non-volatile assets are easier to program and can be applied more readily than volatile assets, according to Leshner.

Although uncertain exactly what the next RWA to be tokenized would be, Lesnher noted that a number of companies are exploring the tokenization of US government debt. 

Read more: Centrifuge to meet demand for Real World Assets with liquidity pools

This sentiment was shared by Matt Halstead, director at the Teacher Retirement System of Texas, who noted that low-volatility assets represent a potentially safer bet. 

“Even real estate is difficult with respect to the tokenization model today,” Halstead said. “There has to be an approach through a data perspective so you can speak the same language.”

Liquidity catalysts

Keerthi Moudgal, head of product of JPMorgan’s Onyx blockchain unit, said that in order to bring more volatile real world assets on-chain, the interest of institutional players — and their liquidity — is required.

Read more: Real world assets in DeFi: Buzzwords or the real deal?

Moudgal contended that regulatory challenges, specifically on the matter of securities rules, would need to be addressed before these assets could be brought on-chain.

“These challenges need to be solved to further drive adoption and functionality,” Moudgal said.

Solving customer problems that currently exist in traditional finance would also aid this process,  Halstead argued.

“Institutions are understandably risk-averse,” he said. 

User interfaces on DeFi protocols also need improvements, Leshner contended. He went on to say that there are already users willing to tinker with complicated DeFi products for an extra 3% in yield. 

“People are motivation-based,” Leshner said. 


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
  • Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Bluefin possibly stands at an inflection point. The token is near an all-time low yet the protocol’s spot volume market share and derivatives exchange usage have been increasing month over month since its November launch. Given its current market position and the upcoming upgrades (for both Bluefin and SUI), there may be upside potential before the increased supply growth in December. However, strong opposition from existing competitors (like Cetus and Suilend), as well as new entrants (like Aftermath), pose key challenges to Bluefin’s medium-term success.

article-image

Top Committee Democrat Sen. Elizabeth Warren in her opening statement accused Atkins of “helping billionaire CEOs like Sam Bankman-Fried”

article-image

Introducing garbled circuits for enhanced privacy and regulatory compliance

article-image

Ross Ulbricht was a freedom maximalist building freedom tech, powered by Bitcoin

article-image

Solana validators can reap benefits including payments, votes and community clout

article-image

Sponsored

WalletConnect is cementing itself as the essential connectivity layer, ensuring wallets remain the entry point for billions of users

article-image

According to a legal filing, Galaxy Digital helped boost the price of LUNA while quietly selling its tokens