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RWA Crypto Crosses $25B But Is It Real Adoption or Just ‘Branding’?

RWA Crypto Crosses $25B But Is It Real Adoption or Just ‘Branding’?

Blockchain advisor Anndy Lian just took a public swing at one of crypto’s most dominant narratives, arguing that real-world asset tokenization is little more than traditional finance wearing a blockchain costume.

In a detailed thread, Lian laid out an 11-point case against RWA, and this isn’t coming from someone on the sidelines. He’s been in crypto since 2012, went through the ICO era, and invested in tokenized real estate as early as 2018.

“I’m not bullish on RWA. Not because I don’t ‘get it.’ Because I do,” he wrote.

‘You’ve Built a Database With Extra Steps’

Lian’s core argument hits hard. Most tokenized assets still settle in USD, enforce through courts, and custody off-chain. If the crypto layer adds no unique value, why does it exist?

He questioned whether any capital flowing into RWA protocols is actually crypto-native.

“It’s fiat wrapped, legally ring-fenced, and redeemable off-chain,” he wrote. “That’s not adoption. That’s branding.”

He called the oracle problem “fatal,” noting that smart contracts cannot independently verify property damage, confirm financial filings, or check whether collateral still exists.

On tokenized real estate, he was blunt: “Tokenization doesn’t create liquidity. It exposes illiquidity.”

BlackRock Tokenized Assets and the Billions Flowing In

The institutional capital tells a competing story.

Ethereum’s RWA market surpassed $15 billion in 2025, a threefold increase from the prior year, driven by tokenized gold, Treasury-backed products, and yield-bearing stablecoins, according to Blockonomi. Tokenized money market funds have crossed $9 billion, with BlackRock’s BUIDL fund leading at over $2.5 billion.

The XRP Ledger added $1.3 billion in tokenized RWA value in just the first two months of 2026, surpassing the $900 million recorded for all of 2025. It now holds 63% of all tokenized U.S. Treasury supply, outpacing Ethereum and Solana.

Franklin Templeton’s BENJI fund has also reached $844 million in tokenized government securities.

What Would Make Him Bullish?

Lian isn’t dismissing RWA entirely. His one compelling use case: tokenized stocks powering better perpetual derivatives, which he calls “a crypto-native product inspired by RWA, not RWA itself.”

His conditions for turning bullish? “Crypto primitives that can’t exist in TradFi,” including permissionless composability, censorship-resistant settlement, and native digital scarcity.

The institutions aren’t waiting. Whether billions in tokenized assets represent genuine adoption or sophisticated repackaging remains the sector’s biggest open question heading into Q2 2026.

 

Source: https://coinpedia.org/news/rwa-crypto-crosses-25b-but-is-it-real-adoption-or-just-branding/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Dollar weakness isn’t just a trend. It is reshaping global asset flows

Dollar weakness isn’t just a trend. It is reshaping global asset flows
Investors are navigating a landscape defined by uncertainty, muted risk appetite, and a growing divergence between headline optimism and underlying fragility. The Federal Reserve’s first policy decision of 2026 looms large, scheduled for 3AM Singapore time on Thursday, and markets have already begun pricing in cautious expectations.
This tension is underscored by a sharp drop in consumer confidence, which tumbled to 84.5 in January from 94.2 in December, the lowest reading since 2014. Such a precipitous decline suggests that households are increasingly wary of economic conditions, possibly anticipating labor market softness or broader financial instability. Compounding this unease is the rising probability of a partial US government shutdown, fueled by political friction in Minnesota, adding another layer of near-term volatility to an already fragile outlook.
Despite these headwinds, the baseline economic forecast remains cautiously optimistic. Real GDP growth for 2026 is projected at 1.7 per cent, supported by a confluence of fiscal stimulus, accommodative monetary settings, and regulatory frameworks designed to cushion against recessionary forces. This resilience appears unevenly distributed. The equity market’s mixed performance on Tuesday, with the Dow Jones down 0.83 per cent while the S&P 500 and Nasdaq rose 0.41 per cent and 0.91 per cent respectively, mirrors this dichotomy. A steep selloff in health insurers offset gains driven by anticipation around megacap earnings, revealing how sector-specific dynamics can override broad market narratives. In this context, overreliance on a narrow set of tech giants becomes a strategic vulnerability. Diversification into the S&P Equal Weighted or Low Volatility Index offers a more balanced exposure, while selective allocations to cyclicals like financials and industrials and defensives such as targeted healthcare segments can hedge against both slowdowns and unexpected rallies.
Fixed income markets reflect similar caution. Treasury yields moved in opposite directions on Tuesday, with the 10-year yield edging up two basis points to 4.23 per cent while the two-year yield dropped more than two basis points to 3.57 per cent. This flattening of the yield curve hints at investor skepticism about near-term growth prospects, even as longer-term inflation expectations remain anchored.
The recommendation to extend duration and accumulate high-quality fixed income, particularly in developed and emerging market investment grade, aligns with a defensive posture that anticipates further monetary easing. With two rate cuts still expected in the second and third quarters of 2026, bond investors are positioning for a pivot that will likely be triggered by labour market deterioration, even if delayed data obscures the full picture for now.
Currency markets tell perhaps the most compelling story of shifting power dynamics. The US Dollar Index plunged 1.28 per cent to close at 95.80, its weakest level in nearly four years. President Trump’s public indifference to the dollar’s slide only reinforced market perceptions that US policymakers may tolerate or even welcome a weaker greenback to support exports and ease debt burdens.
The euro surged to its highest level against the dollar since June 2021, while the yen rallied sharply, closing 1.27 per cent lower against the dollar at 152.19, buoyed by speculation of coordinated rate checks between Washington and Tokyo. This broad-based dollar weakness is not merely a technical development. It reshapes global capital flows and redefines asset attractiveness. For risk assets priced in dollars, including commodities and crypto, a falling DXY lowers entry barriers for foreign investors and amplifies returns when converted back into stronger currencies.
Speaking of commodities, Brent crude jumped 3.02 per cent to 67.57 dollars per barrel following a winter storm that paralyzed US Gulf Coast exports, illustrating oil’s persistent sensitivity to supply shocks. The structural outlook remains cautious, given ample global inventories and tepid demand signals. Gold, meanwhile, soared 2.4 per cent to a record 5,136.47 dollars per ounce, cementing its role as the ultimate hedge amid geopolitical strain and economic ambiguity. The metal’s ascent underscores a flight to safety that extends beyond traditional bonds, especially as correlations between gold and the total crypto market cap reach a striking plus 0.84. This unusual alignment suggests that both assets are increasingly viewed through the same lens, as alternatives to fiat systems perceived as unstable or manipulated.
In Asia, regional equities responded positively to the dollar’s retreat and improved global risk tone. South Korea’s Kospi led with a 2.7 per cent gain, powered by memory chip stocks, while Hong Kong’s Hang Seng and Japan’s Nikkei added 1.4 per cent and 0.8 per cent respectively. These moves highlight how emerging and developed Asian markets benefit disproportionately from dollar depreciation and liquidity expansion.
Against this backdrop, the crypto market’s modest 0.77 per cent rise over the past 24 hours and 0.92 per cent weekly gain appears understated but meaningful. The move is not driven by speculative frenzy but by two converging fundamentals. First, a PayPal survey released on January 28, revealed that 39 per cent of US merchants now accept cryptocurrency, with 84 per cent expecting mainstream adoption within five years. This is not just optimism. It is evidence of infrastructure maturing beyond trading platforms and into real commerce. Second, the dollar’s collapse below 96 creates a historically bullish macro setup for Bitcoin and other digital assets. When the DXY weakens, crypto often thrives, not as a tech stock proxy, but as a non-sovereign store of value.
The surge in perpetuals trading volume by 16.08 per cent and the turn to positive funding rates signal that speculators are returning, but this time with a foundation of utility and macro support. The question now is whether sustained merchant adoption can offset structural pressures like shrinking stablecoin supplies. If real-world usage continues to grow while the dollar remains under pressure, crypto may transition from a volatile satellite asset to a core component of diversified portfolios. The current moment, quiet as it seems, could mark the beginning of that shift.

 

Source: https://e27.co/dollar-weakness-isnt-just-a-trend-it-is-reshaping-global-asset-flows-20260128/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Why Bitcoin’s correlation with gold just hit a record high

Why Bitcoin’s correlation with gold just hit a record high

As the final full trading week of 2025 begins, financial markets across Asia are retreating under mounting doubts about the sustainability of the AI-driven tech rally that has powered global equities for much of the year.

The MSCI Asia Pacific index declined 0.7 per cent, with South Korea home to leading semiconductor firms and a bellwether for AI infrastructure demand falling 1.5 per cent after a tech-led selloff on Wall Street. Chinese equities also edged lower amid weak macro data, retail sales growth hit its lowest level since the pandemic, and fixed asset investment continued to slump. Meanwhile, US equity-index futures rose modestly by 0.2 per cent, hinting at potential stabilisation.

In this volatile mix, gold extended its rally for a fifth consecutive day, up more than 60 per cent year-to-date, while silver has more than doubled, both on track for their best annual performance since 1979. These moves reflect a broader shift in investor psychology away from speculative growth and toward capital preservation.

The cryptocurrency market, which surged dramatically through 2025 alongside tech equities, is now exhibiting signs of strain. Bitcoin and the broader market dipped 0.8 per cent in the past 24 hours, extending a 4.8 per cent monthly decline. This correction is not driven by a wave of selling but by a confluence of structural vulnerabilities, evaporating liquidity, collapsing sentiment, and an ongoing reset in leveraged positioning. Together, these forces are exposing the fragility beneath Bitcoin’s recent price stability.

A key red flag comes from on-chain data showing a sharp decline in Bitcoin exchange flows. According to CryptoQuant analysts, inter-exchange flows, the movement of BTC between trading venues, have slowed to levels not seen since 2018. This metric is critical because it reflects the activity of arbitrageurs and market makers who ensure consistent pricing and deep order books across platforms. When these flows dry up, exchanges become siloed, and liquidity thins.

The consequence is a market hypersensitive to even modest trades. Despite Bitcoin’s apparent calm, it has traded sideways between US$80,000 and US$94,000 since early December; the underlying mechanics have grown precarious. Exchange balances are already near historic lows, meaning there is little immediate sell pressure, but also minimal buffer to absorb shocks. In such conditions, price stability becomes illusory, and sharp, unexplained swings become more likely.

This liquidity crunch directly amplifies volatility risk. Spot trading volumes have plunged 36 per cent in 24 hours, while derivatives volume fell by 35.9 per cent. Thin order books mean slippage increases, and directional moves accelerate. Altcoins suffer disproportionately in such environments. Their market share, or altcoin dominance, has slipped to just 29.1 per cent, as traders rotate into Bitcoin, the perceived safest haven in crypto. Bitcoin’s dominance now stands at 58.6 per cent, underscoring a clear flight to quality within the digital asset space.

Sentiment has also deteriorated sharply. The Crypto Fear & Greed Index has dropped to 24 out of 100, nearing November’s extreme fear low of 16. Social media analysis reveals growing scepticism about Ethereum’s revenue model and the economic sustainability of Layer 2 ecosystems, two pillars of the post-merge narrative.

Investors are increasingly prioritising downside protection over yield or speculative upside. This shift is mirrored in the broader financial system. Stablecoin ETFs have seen US$9.97 billion in outflows this month alone, draining liquidity from risk assets and reinforcing a defensive posture across the board.

Simultaneously, the derivatives market is undergoing a necessary but painful deleveraging. Bitcoin liquidations surged by 1,528 per cent in 24 hours, reaching US$59.09 million, with 97 per cent stemming from long positions. These are largely leveraged bets placed during the October rally toward US$126,000 that are now being unwound. This is not a panic-driven collapse. Open interest in Bitcoin futures has actually increased by 9.8 per cent, suggesting new participants are likely entering with a bearish or neutral bias.

Funding rates, which had turned deeply negative, have rebounded to plus 0.001 per cent, indicating a temporary balance between buyers and sellers. According to CryptoQuant, the combined open interest and funding Z-score sits at minus 0.28, slightly below its historical average. This signals a gradual reduction in leverage rather than a disorderly liquidation cascade, a reset, not a rout.

This nuanced picture matters. The current market fragility stems not from overwhelming selling pressure but from a lack of active participation. Traders are avoiding large positions, liquidity providers have withdrawn, and sentiment has turned cautious. Long-term fundamentals remain intact.

Institutional adoption continues, on-chain supply dynamics stay favourable, and Bitcoin’s correlation with gold has spiked to an extraordinary plus 0.93 over the past 24 hours. This suggests a growing cohort of investors now views Bitcoin less as a tech proxy and more as a monetary asset, a development that could decouple it from Nasdaq-driven volatility over time.

For now, Bitcoin trades within a narrow US$87,892 to US$90,319 range. A break below US$88,000 could trigger cascading liquidations given the thin liquidity environment, while sustained trading above US$89,000 might attract spot buyers and signal renewed confidence.

The market stands at an inflexion point, where short-term fragility clashes with long-term strength. Until exchange liquidity recovers and sentiment stabilises, Bitcoin will likely remain susceptible to sharp, unpredictable swings, calm on the surface, but increasingly brittle underneath.

 

Source: https://e27.co/why-bitcoins-correlation-with-gold-just-hit-a-record-high-20251215/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j