Stablecoins settled $33 trillion on-chain in 2025, more than Visa and Mastercard combined. Their remarkable rise is one of the most exciting stories in crypto right now, and there are no sign
Stablecoins settled $33 trillion on-chain in 2025, more than Visa and Mastercard combined. Their remarkable rise is one of the most exciting stories in crypto right now, and there are no signs it will slow down anytime soon. It raises a very important question: what real-world asset (RWA) will experience explosive growth next? Pat White, CEO of Bitwave, spoke with TheStreet Roundtable at BVI Finance’sFintech on the Seas and said that tokenized equities are that next asset.
His argument rests on the idea that equities have a similar profile to stablecoins. Namely, a huge market that is wrapped in unnecessary friction, and that incumbents’ scramble towards round-the-clock trading shows they see the writing on the wall.
Related: Ondo exec sees $5B in tokenized stocks by year-end after crossing $1B milestone
White has been interested in crypto since reading the Bitcoin whitepaper back in 2010. He shared a story that any investor can relate to.
“I sold stock. Just send me the money. And (the bank was) like, no, no, no, there's a one-day settlement. I have gotten so out of the habit of being in traditional finance that the idea of a one-day settlement was inconceivable to me in 2026," he said.
Watch the full interview on Roundtable
In May 2024, US equities moved to T+1 settlement. This was a big improvement by traditional finance (TradFi) standards, but still a full day slower than on-chain rails.
He explained why these relatively slow transfers still exist: incentives.
"There's absolutely no reason you can't settle a trade on Schwab in five minutes. But they have a lot of vested interest in actually holding onto your money. They're earning yield on that, they lend it out,” White said. "It's another place where there's intermediary friction that does not need to be there."
NASDAQ announced in late 2025 a desire to extend regular trading hours to 23 hours a day, 5 days a week. It is expected to launch these new hours in Q3 or Q4 2026.
White said about the news that, “there is no world where that is not a direct response to crypto."
Crypto traders around the world have had access to 24/7 markets for over a decade now, and even traditional equities are getting extended hours on tokenized markets such as Hyperliquid, Ondo Global Markets, and Kraken’s xStocks. Ondo Global Markets is the global leader for tokenized equities, with their platform surpassing $1 billion in total value locked (TVL) in just 8 months.
The British Virgin Islands have become a global leader in tokenized RWAs. According to a recent report from BVI Finance, over $1.5 billion in US tokenized securities and $1.2 billion in stablecoins are housed in the BVI.The Kobeissi Letter also recently shared on X that tokenized equities, driven by SpaceX’s IPO, reached $3.4 billion in volume during June. This represented a 279% month-over-month increase, and an astounding 1,400% year-over-year growth.
BREAKING: Tokenized equities saw a record $3.4 billion in volume for the month of June.This marks +279% month-over-month growth and +1,400% year-over-year growth.The growth was primarily driven by SpaceX's record IPO and surging demand for 24/7 trading.Furthermore, the… pic.twitter.com/vYW8mTOKuf
— The Kobeissi Letter (@KobeissiLetter) July 8, 2026
This has created a generational gap in understanding how capital markets should work.
"The younger generation (is) used to commerce at the speed of thought. You're just not used to these limitations the traditional finance system puts in place for you,” White said.
White shared one example of how the tokenized economy offers exciting new opportunities to normal retail investors: borrowing against them.
This has been somewhat common practice for high net worth individuals and accredited investors, as White pointed out.
"If you're Richard Branson, you can borrow against stock very easily. If you're other people, you may not," he said.
Watch the full interview on Roundtable
In contrast, decentralized finance (DeFi) lending protocols offer loans against all kinds of collateral, including volatile and speculative such as memecoins. The market sets the terms of the loan, with hundreds of counterparties competing for the best terms.
"There's 400 different DeFi pools where I can literally take the crappiest coin in the world and borrow against it, and there's someone out there who's gonna make that market for me. That's not Schwab," While explained.
Tokenization isn’t just about putting assets on-chain. It’s about giving investors access to perks that have traditionally been reserved for brokers and institutions. If tokenized equity adoption mirrors stablecoins, then those same brokers will soon feel the pressure that is now landing on card networks.
