Tokenization is creating more digital versions of real-world assets, but the supply of those products is growing faster than investor demand, speakers at Cointelegraph’s CONNECT: Singapore Edition said. The event also examined the obstacles facing stablecoin payments, onchain trading and crypto venture-capital exits.
The discussions took place on Oct. 9 and brought together Web3 founders, investors and industry executives for panels on tokenization, stablecoins, trading infrastructure and venture-capital exits, as well as a startup pitch competition. According to Cointelegraph, participants repeatedly identified fragmented liquidity as a major issue across crypto markets.
Tokenized assets outpace demand
Alex Taaffe, chief revenue officer at crypto trading firm GSR, said liquidity has improved for some tokenized trading opportunities, including pre-IPO stocks, commodities and global equities that were previously difficult for investors to access. However, he said demand has not kept pace with the number of fully tokenized real-world assets, or RWAs, being issued.
RWAs are traditional assets represented on a blockchain. In principle, putting these assets onchain can make them easier to issue and trade. But Taaffe said asset managers and issuers are bringing substantial supply to the market while investor participation remains comparatively limited.
The expansion of different blockchains and issuers has added another complication. Lingling Jiang, a partner at DWF Labs, said liquidity can be split into separate pools when different issuers tokenize the same underlying asset. That fragmentation can make it harder for investors to find sufficient trading activity in one place, even when the broader market contains liquidity.
Jiang also said cryptocurrency liquidity has improved significantly over recent years, while acknowledging that the industry still has work to do.
Stablecoins need to fit daily spending
The panel on stablecoins focused on the gap between holding a digital dollar-like asset and using it for ordinary purchases. Stablecoins are crypto tokens designed to maintain a relatively stable value, often by tracking a fiat currency. Their ability to move funds across borders has expanded, but speakers said that alone has not made them part of everyday financial life.
Mike Silagadze, founder and CEO of ether.fi, used Singapore as an example. A consumer may hold USDC but still need local currency to pay bills, leaving a disconnect between blockchain-based money and existing payment services.
Yvonne Chia, head of communications at USDD, said user experience should be central to stablecoin design. She argued that consumers should be able to hold and spend stablecoins without needing to think about the underlying technology. Ashna Vaghela, chief customer officer at crypto payments provider Mercuryo, similarly said stablecoin payments should be as straightforward as using Apple Pay, with transactions completed without users leaving an application.
Regulation remains a separate obstacle. Ilya Podoynitsyn, co-founder and CEO of FinHarbor, said providers must deal with rules that vary between jurisdictions. That requires companies to adjust their infrastructure and compliance systems for individual markets.
The discussion took place as total stablecoin market capitalization stood at $306 billion. The figure was about 2% higher than a year earlier, following growth of roughly 74% over the preceding 12 months.
Onchain trading still lacks a unified liquidity view
Speakers examining the onchain trading stack said crypto platforms face difficulties locating liquidity across multiple blockchain networks and evaluating counterparty risk.
Austin Federa, co-founder of DoubleZero, said transferring liquidity between networks is more difficult than in traditional financial markets. He described fragmentation as both an execution issue and a data issue, because it can be difficult to determine how much liquidity is genuinely available across onchain venues.
Miguel Morel, founder and CEO of blockchain analytics firm Arkham Intelligence, said onchain information can help trading firms evaluate counterparties. In prediction markets, for example, understanding who is on the other side of a transaction may help firms assess informational advantages and risk. Morel said better risk assessment can support tighter spreads and improved pricing for customers.
He added that exchanges can use blockchain data to examine the origin of customer deposits. That information can inform whether funds should be permitted for trading or referred for compliance review.
Crypto exits become harder as markets mature
Liquidity has also become a problem for venture-capital investors seeking to exit crypto investments. Pulkit Gupta of Nomad Capital said liquidity had been particularly weak over the previous three months and concentrated largely in larger cryptocurrencies. He said exits in altcoins had been especially difficult for the firm, which has backed projects including Movement, Solayer and Berachain.
Sonia Shaw, CEO of OneAsset, said crypto startups now face longer-term expectations and must demonstrate stronger business fundamentals. She described the market’s move away from expectations of rapid exits as evidence of greater maturity.
Aleksandr Nechaev, a partner at Funders VC, pointed to the speed at which crypto products and markets change. He said founders’ expertise and their ability to navigate uncertainty have become central considerations for investors.
Moneyiar market picture
Moneyiar data at 21:44 on Oct. 17, 2026, showed declines across the four tracked assets:
- Uniswap (UNI): $7.0956723959, down 2.11% in 24 hours and 7.05% over seven days.
- Stable (STABLE): $0.0254287454, down 3.08% in 24 hours and 6.59% over seven days.
- Plasma (XPL): $0.0779780405, down 6.15% in 24 hours and 11.32% over seven days.
- Telcoin (TEL): $0.0016269113, down 7.18% in 24 hours and 9.77% over seven days.
