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🏡 Tokenized Real Estate is Coming in Bulk, Circle's IPO, & a Soccer Club

Your Bi-Weekly RWA Breakdown

June 02, 2025

Welcome to the Monday edition of What’s Drippin’. 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


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Summary and Key Takeaways

1. NJ’s Bergen County to Bring $240B in Real Estate Deeds to Avalanche

Winning Herwig’s Company of the Week, Balcony secured a 5-year agreement with New Jersey’s Bergen County to put all their properties on the Avalanche blockchain. Likely inspired by California’s DMV putting 42M car titles onchain, the 370K property deeds will take full advantage of the blockchain’s transparency, where Balcony already identified almost $1M lost by municipalities due to outdated property deeds and a 90%reduction in deed processing time.

This, along with the Dubai Land Department news, further supports STM.co’s prediction of $6-8 trillion worth of real estate onchain by 2030, with the fringe case being title registries. Why? Because the value in these properties already exists and is merely upgrading in technology. The onchain data for real estate can then streamline not just ownership transfer but also lenders can use tokenized property data to more accurately evaluate risk, potentially broadening access to financing.

2. U.S.-Chartered Bank Stablecoin Coming Soon via DeFi Technologies & Fire Labs

Canadian company DeFi Technologies listed on Nasdaq $DEFT ( â–Œ 3.46% ) last month and they’re quickly looking to make their mark in the U.S. by helping a bank issue their stablecoin. Their equity investment into Fire Labs is catalyzing this partnership, where Fire Labs provides the stablecoin infrastructure and DeFi Technologies’ subsidiaries provide the rest of the stack. This includes distribution (Valour), fiat on/off ramps (Stillman Digital), and arbitrage & yield strategies (DeFi Alpha). While it's unclear which bank it is, it’s interesting to see this will be a dual-token model, one for the stablecoin (price stability) and another for yield. This architecture is particularly compelling for institutional adoption because it allows treasury managers to maintain strict accounting separation between cash equivalents and investment positions, aligning with traditional corporate finance.  

3. Circle Rejects Ripple, Proceeds with IPO Plan

The anticipation is over, Ripple, Coinbase and anyone else that was thinking of acquiring Circle will have to move on because they filed for their IPO last week. They’ll be trading under ticker CRCL on the NYSE, issuing 24 million shares some of which come from existing stakeholders. One of those is Jeremy Allaire looking to offload 8% and another subset of stakeholders is likely Hashnote’s team which was acquired by Circle earlier this year for an undisclosed amount. This filing now shows $9.9 million in cash and about 2.9 million fully-vested Circle shares. Congrats again to Leo Mizuhara and their team!

Just because there can’t be an acquisition, however, doesn't mean there can’t be significant investment. 2 companies are already circulating their intention to buy up significant stakes and those are BlackRock looking to take 10% and ARK at $150M worth. In both cases buying that much CRCL isn’t just to diversify their portfolios but rather to have a strategic position as they grow in the blockchain space. BlackRock’s BUIDL already works well with USDC onramp/offramp redemptions and ARK is looking to tokenize their funds, where a stablecoin (and now yieldcoin) issuer can come in handy.

4. El Salvador Football Club Coming Onchain via Valereum

Tokenizing RWAs isn’t just about the serious stuff, it can also be fun to participate in such as equity in a soccer club! We saw this last year between Watford FC and Republic and now we shift over to Central America where El Salvador’s Club Deportivo FAS is tokenizing with Valereum’s VLRM Markets. While this starts as VLRM being an official sponsor of the team for the upcoming season and issuing tokens to the current owners, over the 2-season renewal one could expect the initiative to extend to issuing tokens to fans.

Unlike the fan token boom of 2021-2022 that relied primarily on engagement mechanics, this could create experiences for the new minority owners, in addition to the financial exposure, linked to their level of security token ownership. Based on past offerings in the space, this could include seeing practices, walking on the field, dinner with a player, or special seating to name a few examples.

This is not financial advice.

Notable Market Headlines

Institutional Activity

RWA Foundation & WALLY DAO

The WALLY DAO website is officially live!

Monday’s Onchain: Weekly X Spaces

 Join us on Monday’s Onchain to talk about
📰 Tokenization News
🚀 New RWAs
⭐ Featured Guests and more!

Set your reminder and see you there!

STM.co Data

This week’s top gains and losses feature more tokenized stock compared to previous weeks where real estate had more of a presence. The gains however have depleted to low single digits (if that) compared to losses increasing among the top 5. 

 Interestingly, last week both Swarm and Stokr tokenized assets around Strategy/ $MSTR ( â–Œ 0.66% ) were in the losses column with a 1% difference from each other. This week Swarm’s MSTR is now on the gains column (not by much) compared to STOKR’s CMSTR that has suffered more losses. Again we ask, is this an arbitrage opportunity (NOT financial advice)? Tell us your thoughts on Monday’s Onchain!

Meanwhile, Backed Niu Technologies had a complete change in momentum, falling from last week’s top gainer (26.17%) to this week’s top loser! Keep up with your favorite assets on STM.co!

This is not financial advice.

Think Like Herwig

Hello readers,

And just like that we are in the last month of the first half of the year. The SEC has fully maneuvered 180 degrees into supporting the blockchain industry with now even the Binance US’ case having been dropped. The senate will resume hammering away at the GENIUS Act for stablecoin legislation this week and Circle exemplifies that blockchain technology companies (not just exchanges) are able to go public in the USA. Despite stablecoins reaching hundreds of billions in value and existing for essentially a decade, really 2025 should be dubbed ‘The Year of the Stablecoin.’

With the news about the nearly quarter-billion in Bergen County and the Dubai Land Department alone, my outlandish prediction that we will see $1 Trillion in assets onchain by the end of the year (including stablecoins) might actually be on track right now! Despite all the attention around yieldcoins (tokenized treasuries) and now private credit, make no mistake that real estate also continues to innovate and grow using tokenization. What’s next for this month? Business-as-usual as everyone looks to hit Summer objectives before August arrives


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

💩 What Else is Drippin’

Companies of the Week

Company of the Week - Herwig: Balcony

Find out why and more every Friday live around 12pm EST on LinkedIn or X/ Twitter. Past episodes available on Youtube or your favorite podcast platform! 

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.