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đŸ‡ȘđŸ‡ș Nasdaq's Tokenization Focus, Securitize Europe Approval, Skyvast's $150M AI Fund and More

Your Bi-Weekly RWA Breakdown

December 01, 2025

Enjoy a summary of the top headlines, market movements from the data team, special announcements, and Herwig’s thoughts on what’s going on in this fast-evolving space.

Without further ado, it's time to


Get Liquid 💧

Summary and Key Takeaways

1. Nasdaq to Go “As Fast As We Can” on Stock Tokenization

Tokenized stocks continue to have increased pressure to be supported by legacy players like Nasdaq & London Stock Exchange as well as fintechs such as Ondo, Backed, Superstate, and Securitize. Speaking on CNBC, Nasdaq’s head of digital assets Matt Savarese re-emphasized the exchange’s strong focus on tokenization for which the bottleneck is approval from the SEC amid Nasdaq’s proposal a couple of months ago. The race is on, with LSEG having already onboarded their first issuer MemberCap to their new Digital Markets Infrastructure in September. Although that one is a private fund, having the tokenization technology in-house and operational positions LSEG well to repurpose it for public stocks. In the interview, Savarese reassures listeners that they’re not looking to create new assets but rather give investors a choice on how they hold their assets. Tokenization would help with post-trade processing while enhancing utility, which lets not forget that this summer Nasdaq Calypso integrated with Canton Network for collateral mobility and workflows. 

2. Securitize Approved in EU for Trading & Settlement System, Selects Avalanche

Tokenization and blockchain overall bring the promise of cross-border transactions for a global economy, however regulatory fragmentation has been a hurdle for securities. Securitize is breaking down this barrier and living up to their “Tokenize the World” slogan, connecting US and European markets through their new approval to operate as both an Investment Firm and a Trading & Settlement System (TSS) in the European Union thanks to the DLT Pilot Regime. This is a big win for them as 2025 enters its final month in addition to their IPO plans which together bring further legitimacy to the space and positions them strongly to service a wider spectrum of clients. The TSS will operate on Avalanche with the first offering expected in early 2026 via Securitize Europe and further expands Securitize’s reach, adding to their US and Japanese arms. These are the foundation toward bringing more assets and more liquidity to the platform as investors would presumably have interest in other global offerings beyond those issued in their home jurisdiction. 

3. Paxos Goes Multichain with new USDG0 and Acquires Fordefi

Paxos is looking to expand their reach in the stablecoin space, having their USDG now be interoperable across multiple blockchains in the form of USDG0. LayerZero is their interoperability partner which will start with issuing USDG0 on Plume, Hyperliquid, and Aptos by having users lock up their original USDG. Why two tokens? Interoperability comes in multiple forms in addition to simply bridging which comes with its own set of risks. LayerZero’s solution is their Omnichain Fungibile Token (OFT) standard which looks to mitigate liquidity fragmentation. According to the article, Paxos is already thinking about other chains to support such as Solana, Ethereum, Ink, and X Layer. That being said, the initial chains supported will help USDG0 be used in both RWA and derivatives markets given those chains’ focuses.

As institutions continue to adopt blockchain rails for their assets, custody (Paxos’ main business) is also a priority which is why they’re now acquiring Fordefi. It’ll continue to operate independently but the qualified custodian will integrate their multi-party computation (MPC) wallet architecture into their platform over time, giving institutional participants further optionality in how they’d like to hold their assets and interact with the onchain economy. 

4. Primior Launches GAIA Tokenized Real Estate Platform Today

Primior is back in the tokenized real estate headlines, today launching their own platform to support it called GAIA. For those that have followed us for years, you may remember Primior as the issuer of United States Property token $USP which aims at giving investors exposure to a portfolio of real estate assets. According to the USP website it seems to be at $52M AUM which is now the inaugural offering on the GAIA marketplace. This is just the beginning as they prepare to welcome new issuers to the platform which they claim to have over 300 inbound requests from asset owners and developers looking to follow their lead in tokenizing their assets. A big congratulations to Johnney Zhang and team as they launch today!

5. Tykhe Capital and Skyvast Launch $150M Tokenized AI Infrastructure Fundy

Shifting focus over to Hong Kong, Skyvast is issuing their SKYD token. This is interesting because it’s not just fund LP exposure but also comes with a 15% revenue share agreement which gives investors both upside potential and cash flow from the assets the fund will invest in. Kicking off with $150M, Tykhe Capital’s Pioneer Asset Management is helping raise this fund (submit interest on their website, not financial advice). AI is a fast-growing space that many are investing heavily into and this offering gives the everyday investor an opportunity to do so as well with a $1,000 minimum. This news comes shortly after the HKMA released a 5-year plan that includes over 40 initiatives for AI in finance, data and payment infrastructure, and of course tokenization which makes the tokenized fund an interesting offering tying those together.

This is not financial advice.

Notable Market Headlines

Institutional Activity

RWA Foundation & WALLY DAO Updates

The RWA Foundation introduced the RWA Pod as “A permissionless way for anyone to support RWAs using crypto with multiple RWA project tokens as yield.”

In partnership with PERQ, the RWA Pod allows you to deposit ETH, USDC, ARB, and S/ Sonic. Participants will receive tokens on multiple blockchain protocols related to RWA projects that the RWA Foundation has qualified and selected as Founding Members.

Two of the tokens in the POD rewards are Brickken’s BKN and DRVN’s BSTR. Want to learn more about them? Check out interviews with their founders now available on X and on YouTube, go ahead and check them out 👇!

STM.co Data

This is not financial advice.

Think Like Herwig

Hello readers,

December is the most wonderful time of the year! Although not for crypto markets per say. Still, the hypothesis is that a bear market could actually do well for RWAs as people seek better, safer yield instead of volatile bets. I think bull runs are always better across the board and nothing is ever out of the question in crypto but what isn’t in question is the 2026 roadmap for global stablecoin adoption, market infrastructure, and regulator acceptance and integration. When you zoom out and think about the life of the tokenization industry, it’s without a doubt that 2025 marks the pivotal year that changed it all. Next we can expect real market maturity & growth and instead of debating whether tokenization is going to make it or not.

Happy tokenizing, 
Herwig “Happy” Konings
CEO, Security Token Group 

💩 What Else is Drippin’

Security Token Show Ends with 300 Episodes!

Check out the latest and final episode of the Security Token Show as well as the full catalog on Youtube, Spotify, Apple Podcasts & Google Podcasts.

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

We hope you enjoyed this week's What’s Drippin’ email - if you have any feedback on either what you liked or what you’d like to see, please reply to this email with it.

Everything in this newsletter is for informational and entertainment purposes only. Nothing in this report should be taken as financial advice or as an inducement to purchase or sell any security. Nothing in this newsletter should be used as legal advice. Always do your own research before making any decisions regarding financial transactions of securities.