RWA Tokenization and the Financial System Forum during the World Bank/IMF Spring Meetings

When Mantra’s $OM token crashed in the start of April, crypto skeptics had their moment. Another real-world assets (RWAs) blockchain project bites the dust, they said. Traditional finance would surely retreat from tokenization experiments. The crash wiped out millions in value overnight, adding to the long list of crypto’s cautionary tales.

Then, something strange happened. The money kept flowing in, but not to speculative tokens. Instead, it flowed to RWAs on the blockchain. BlackRock continued building. Franklin Templeton doubled down.

By April, total value locked (TVL) in tokenized assets crossed the $20 billion mark. While experts speculated the Mantra collapse would scare institutions away, it showed them exactly what not to do.

Asset managers discovered something valuable in blockchain’s infrastructure. They began moving Treasury bills, rental income, and private credit onto chains. Global markets used to run on these fundamental assets. And now they run faster.

Institutional adoption brings new demands for blockchain infrastructure. Zero Hash exemplifies this shift, processing over $2 billion in tokenized fund flows across 22 blockchains in just four months. Their rails now support seven different stablecoins, powering settlements for giants like BlackRock and Franklin Templeton.

Regulatory compliance drives innovation, too. Chintai secured licenses from Singapore’s MAS for compliant issuance and trading. Their Nexus platform now handles $675 million in tokenized value, with ambitious plans to reach $10 billion this year. The focus on regulation attracts serious institutional capital — their recent partnerships with RealNOI bringing $570 million in rental income on-chain and Kin Capital’s tokenized $100M real estate debt fund are just a few examples.

It’s these infrastructure providers that lay the groundwork for specialized innovation.

Bridging Two Worlds

Money market funds move trillions of dollars daily through global markets. These funds form the backbone of institutional cash management, yet they still settle through systems designed decades ago. Franklin Templeton saw an opportunity to change this.

Jiritsu’s $JUSD stablecoin launch on BNB Chain started modestly — just $1 million in TVL — but brought something new to market. Their MintBurn system provides real-time proof of reserves, letting users verify their backing at any moment. The stablecoin draws its stability from Franklin Templeton’s BENJI U.S. Money Market Fund, creating a bridge between traditional finance and blockchain efficiency.

Traditional stablecoins rely on monthly attestations, while Jiritsu’s system updates these proofs continuously. Users see exactly what backs their assets and when those assets move.

No more waiting for monthly reports or trusting third-party auditors.

The project’s second phase aims beyond simple scaling. Its permissionless framework could allow any regulated fund to bring assets on-chain using the same infrastructure. For instance, money market funds represent a $7 trillion market globally. Just moving even a fraction of that onto blockchain infrastructure could reshape institutional cash management.

The project’s second phase introduces a modular DeFi architecture, enabling rapid development of new financial products. This vision aligns perfectly with the broader goal of accelerating financial innovation through blockchain technology.

The potential applications are vast and varied, spanning DeFi protocols, asset management platforms, and institutional investment strategies. In essence, Jiritsu's initiative serves as a pivotal step in merging the strengths of traditional finance with the transformative efficiency of Web3 technologies.

This integration could unlock unprecedented levels of financial accessibility, liquidity, and capital formation, ultimately benefitting both individual investors and the global economy as a whole.

The project’s second phase introduces a modular DeFi architecture, enabling rapid development of new financial products. This vision aligns perfectly with the broader goal of accelerating financial innovation through blockchain technology.

The potential applications are vast and varied, spanning DeFi protocols, asset management platforms, and institutional investment strategies. In essence, Jiritsu’s initiative serves as a pivotal step in merging the strengths of traditional finance with the transformative efficiency of Web3 technologies.

This integration could unlock unprecedented levels of financial accessibility, liquidity, and capital formation, ultimately benefitting both individual investors and the global economy as a whole.

Market Makers Move In

While it’s true that tokenized assets require lots of infrastructure, they also need liquidity. Major market makers spotted this opportunity early. Jane Street began providing liquidity for BlackRock’s tokenized funds in February. Citadel Securities launched a dedicated digital asset desk focusing exclusively on regulated, tokenized securities. That means traditional finance wants to shape how these assets trade.

And the performance data backs their interest. RWA tokens weathered recent market volatility better than their purely crypto counterparts. CHEX, powering Chintai’s regulated platform, maintained stability during the March downturn. The token’s value reflects growing institutional confidence in tokenized assets.

The project's founders, spanning diverse domains like finance, technology, and startups, came together to realize a shared vision: a seamless integration of blockchain and traditional financial systems. Their journey began with