Wall Street Accelerates RWA... BlackRock Leads Financial Innovation [Crypto Briefing]

[Financial News]"Stablecoins and Real World Asset Tokenization (RWA) leveraging distributed ledger technology are rapidly transforming the traditional financial system," said Christopher Waller, a Federal Reserve Board member.Christopher Waller, who is considered a candidate for the next Federal Reserve Chair, has highlighted blockchain-based financial systems such as Security Token Offerings (STO) and RWA as core agenda items. In this context, Wall Street leaders including BlackRock and JPMorgan are actively working to strengthen their RWA competitiveness, drawing significant attention.
According to foreign media and industry sources on the 23rd, at a conference hosted by the Federal Reserve on the 21st (local time), Waller stated in his opening remarks that "distributed ledgers and crypto assets are being integrated into payment and financial systems," and added, "The Fed will also support the private sector through practical research on tokenization and smart contracts."
This conference marked the first time tokenization was formally addressed at the U.S. central bank level. Attendees including Franklin Templeton, DRW, BlackRock, and JPMorgan (Onyx) all presented their visions for blockchain-based financial infrastructure. Their goal is to accelerate the convergence of traditional and digital assets through STO and RWA. It is anticipated that within the next five years, all financial products will transition to on-chain, blockchain-based systems.
Jenny Johnson, CEO of Franklin Templeton, introduced the on-chain money market fund (MMF) launched in 2020, explaining, "If a hedge fund owns the fund for 4 hours, 22 minutes, and 36 seconds, it receives returns for exactly that time." In other words, returns can be calculated and distributed down to the second.
BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) is also experiencing rapid growth. Rob Goldstein, BlackRock's Chief Operating Officer, emphasized, "BUIDL's total assets have recently reached $2.9 billion," and noted that it has become a core infrastructure for tokenized securities.
Don Wilson, founder and CEO of DRW, explained, "The Depository Trust & Clearing Corporation (DTCC) is placing actual U.S. Treasury bonds on the blockchain to eliminate intermediary risk," and added, "All transactions are conducted atomically, with Circle Stablecoin (USDC) used as a cash bridge."
JPMorgan is also operating the Tokenized Collateral Network (TCN) application, which allows tokenized ownership of MMF shares to be used as collateral. Recently, it conducted a pilot issuance of JPMorgan Dollar Deposit Token (JPMD) for institutional investors on Coinbase's Ethereum blockchain Layer 2, called Base.
These industry leaders emphasized that regulatory clarity is essential for the activation of tokenization businesses. Wilson suggested, "The Fed should form an interagency task force, including the Securities and Exchange Commission (SEC), to establish standards for tokenized collateral."
elikim@fnnews.com Kim Mi-hee Reporter