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.
Denne historien er fra September 19, 2024-utgaven av The Straits Times.
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Denne historien er fra September 19, 2024-utgaven av The Straits Times.
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