Extreasury product BUIDL, Mr Shaulov said, adding that it is the first such product to surpass the US$500 million (S$647 million) market value, taking just four months after its debut.
Tokenisation of real-world assets, payments and stablecoin have continued to dominate in the cryptocurrency space, said market players gathered in Singapore for a series of crypto events.
They noted that tokenisation, which is the process of digitally representing real and physical assets such as bonds and equities on the blockchain, is rapidly transforming capital markets as it improves liquidity and capital efficiency.
Mr Michael Shaulov, chief executive and co-founder of custody technology provider Fireblocks, told The Straits Times that tokenisation is driving Wall Street's adoption of blockchain technology.
"Additionally, we have seen the number of tokenisation projects on our network triple this year and we expect this momentum to build further," he added.
Mr Saad Ahmed, the Asia-Pacific chief for crypto exchange Gemini, told ST that currently the performance of Bitcoin has an impact on tokenised assets.
He expects more activity from some of the other cryptocurrencies when Bitcoin goes above the current price range it has been trading at for the past few months.
This story is from the September 19, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the September 19, 2024 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
HIT THE RAILS ON A BIKE
It is always a thrill to pull out of a train station and feel yourself picking up speed, wheels click-clacking over the rails.
From drugs, jail and bankruptcy to social enterprise cafe for ex-offenders
Drugs. Bankruptcy. Failed marriages. And prison. But Mr Matthew Poh is not letting his past define him.
Small Rain finds great intimacy amid medical isolation
How has the Covid-19 pandemic shaped literary fiction? American novelist Garth Greenwell's turn from two erotically charged novels set in Bulgaria to his latest – a pandemic novel set in the sexless emergency ward of an Iowa hospital – offers answers.
Grab Singapore's managing director listens to audiobooks
Mr Yee Wee Tang, 48, managing director of Grab Singapore, recently announced that the company has upgraded its Grab Benefits 2.0 programme and will spend $4 million a year on welfare for drivers and delivery workers who use the platform.
Japanese author inspired by external environs
Ko Shinjo is behind the novel that inspired Netflix hit Tokyo Swindlers
Gen Z couples say no to hawker centre first dates
In the light of a Bumble survey, The Sunday Times speaks to four couples to find out how dating etiquette has evolved over the years
Let's Talk About Death Who will care for my sister when I die?
Let's Talk About Death is a five-episode docuseries that follows several millennials and their loved ones as they navigate end-of-life planning, and seeks to kick-start honest conversations about death and dying well.
Maeder, kitefoiling get sweet Yeo's bundle deal
An already momentous year for Singapore's kitefoiler Maximilian Maeder got even better on Nov 9, when local food and beverage company Yeo Hiap Seng (Yeo's) extended their sponsorship deal by another four years from 2025 to 2028.
CAVENDISH'S FINAL RACE
Legend confirms that S'pore Criterium is his swansong - and he wants to claim it
Improving Chelsea can beat any team, says Maresca
UP FOR THE FIGHT
