토큰화 시장 350억 달러 성장…실제 자금은 누가 사고 있나 | 김동환, 조동현 언디파인드랩스 대표 [크립토 PLUS]

Finance-focused summary (RWA / tokenization market)

Crypto volatility context

• Bitcoin has recently been moving within roughly ~2% range.
• Ethereum is described as “more solid,” but still less volatile than stocks.
• Overall, conditions are framed as stagnant for both Bitcoin and DeFi.

RWA (Real-World Assets) / tokenization expectations vs reality

• Tokenization demand was expected to accelerate entering 2025, with early focus on:
  • On-chain US bonds
  • Securities held by financial institutions
  • Income certificates from private credit funds
• The narrative reportedly shifted toward tokenized stocks, increasing attention.
• However, the guest argues that RWA growth hasn’t matched the hype—specifically, it is not seeing expected retail-led expansion.

Size / growth claim

• RWA is said to have grown from $0 to ~$35B in ~3 years.
• Despite the scale, the guest emphasizes “no Wall Street money” in the way media portrayed:
  • Growth is described as coming largely from crypto-native / crypto-circular flows
  • Rather than broad institutional adoption.

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Who is buying on-chain RWA? (on-chain evidence)

Source and tracking method

• On-chain analysis sourced from Arrakis Finance
• The tracking approach:
  • Monitors 71,000+ wallet addresses
  • Uses multi-layer attribution (described as “reliable”)
• Reported results:
  • $91B+ purchase volume confirmed from the tracked wallet addresses

Buyer composition (high-level)

• DAO/project foundations (examples referenced: “Sky” and older DeFi projects holding stablecoins) account for about ~66% of the scale.
• Crypto funds / venture capital managing crypto capital are another major segment.
• The “Wall Street institutional retail narrative” is contrasted against these observed buyer types.

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Retail vs whale capital concentration

• Retail participation
  • Example cited: Ethena’s stablecoin
  • Retail-held volume around ~10% (as of June of this year)
• Capital concentration
  • Guest states ~4% of wallets control ~93% of the capital (whales dominate capital even if retail counts are higher)
  • Retail share is estimated as small (possibly ~10% at most, per the guest’s view)

Regional demand

• Southeast Asia is described as the hottest retail-adjacent region for RWA.
• Reasons given:
  • Retail demand is rising because traditional institutions aren’t offering equivalent access
  • Retail converts fiat into stablecoins like USDT and enters via RWA
• Platform example:
  • Flom is mentioned as working in Korea, but the guest reports the team told them most investors are from Southeast Asia.

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Investment behavior patterns (how capital moves)

• Secondary trading is not the main behavior
  • Most subscriptions appear to happen in the primary market (subscriptions with issuers).
  • The guest concludes secondary trading on exchanges/DEXs is minimal, so it “isn’t effectively trading” in the way many expected.
• “Buy then hold” behavior
  • Holders tend to hold for ~30–40% of the year.
• Use case framed as parking stablecoins
  • RWA is described as a cash-management outlet for institutions holding idle stablecoins (stablecoin income distribution concept).

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Stablecoins and settlement (USDT vs USDC)

Stablecoins used

• Primary stablecoins discussed: USDT and USDC

Transaction mix

• The guest states ~80% of transactions use USDC
• Remaining ~20% involves USDT

Rationale

• Many US-based issuers prefer USDC
• Noted exception:
  • Maple Finance used USDT for an experimental USDT variant
  • In practice, the guest says it effectively becomes mostly USDC (~near 100% of payment received) (“ProUSDC” framing)

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Product types and return targets (risk/return framing)

Example return targets

• Crypto credit fund (example cited: “Apollo” / “Tradeify Credit”)
  • Target return is cited around ~7%
  • The guest contrasts this with retail dissatisfaction unless returns exceed “conservative” expectations.

Interest-rate distribution logic (Ethena economics)

• Ethena stablecoin holder economics as described:
  • Holder distribution share dropped to around ~3%
  • ~97% is routed to lower/mid/high return products:
    • 3–4% returns to “safe stablecoin” holders (as described)
    • ~7% to higher-risk holders

DeFi vs RWA “stability” argument

• The guest claims DeFi is mostly loans and deposits, but RWA is slightly more stable.
• Even if RWA rates can be lower than some DeFi, it’s described as a “loophole” for large sums, functioning more like reliable cash management.

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Why retail and crypto-native buyers may not accelerate RWA demand

• Retail preferences
  • If target return is around ~7%, conservative users may like it
  • But crypto-native users often demand higher returns, limiting broader retail attention
• Credit/trust constraint
  • Larger subscriptions occur when investors trust the asset manager / fund manager
  • The guest argues “crypto-native RWAs” are less trusted, while traditional global asset managers draw more capital

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Institutional geography and regulation tailwinds

Buyers outside the U.S.

• The guest states ~82% of buyers are outside the United States.

Europe

• Mayboon (venture firm) is mentioned as investing actively in RWA.
• Reasons:
  • European funds face low government bond yields, pushing interest toward higher crypto-linked opportunities
  • MiCA (EU regulation) being in effect for some time provides clearer rules that support institutional participation.

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Key “hype vs mechanism” conclusions

• “Ethereum will benefit” / gas fee reduction narrative challenged
  • The guest says the logic that more RWA trading would increase Ethereum usage/gas is not supported by observed market mechanics.
  • The market is described as not creating meaningful on-chain activity because:
    • It is mostly primary-market subscriptions
    • Secondary trading is limited
• RWA “effect” depends on leverage/looping
  • Growth could expand if leverage is introduced via collateralized stablecoin borrowing and reinvestment
  • “Looping” mechanics described (Windmill spinning in Korea):
    • Borrow stablecoins against RWAs
    • Reinvest as collateral for another loan
  • However, leverage is currently described as not happening much, so near-term impact may not materialize
• Regulation note
  • Looping is described as tightly regulated
  • The guest suggests rules may be temporarily circumvented, potentially boosting usage, but likely with constrained outcomes.

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Notable tickers / assets / instruments mentioned

Crypto assets

• Bitcoin
• Ethereum

Stablecoins

• USDT
• USDC
• Ethena stablecoin (referenced as Ethena)

Companies / products / entities

• BlackRock (Beadle Fund mentioned)
• Maple Finance
• Apollo (crypto credit fund / venture capital managing funds referenced)
• Ethena
• Sky (older DeFi project mentioned)
• Mayboon (venture capital firm)

Tokenized equities mentioned as examples

• Samsung
• Hynix (also “Hynix ADRs”)
• Micron
• SanDisk

Institutional bond / credit context (general)

• U.S. bonds (general)
• Private credit income certificates (general)

Regulatory reference

• MiCA (EU crypto regulation)

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Methodology / framework elements explicitly mentioned

• On-chain attribution workflow (Arrakis Finance)
  • Track 71,000+ wallet addresses
  • Use multi-layer linkage from those wallets
  • Infer buyer behavior/allocation into RWA products
• Market structure analysis
  • Compare primary-market subscriptions vs secondary-market trading
  • Assess settlement rails via USDT vs USDC
• Leverage readiness framework
  • RWA growth thesis conditioned on adding leverage/looping
  • “Looping” described as collateral → borrow stablecoins → redeploy collateral

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Key numbers / timelines called out

• Bitcoin volatility: ~2% range
• RWA growth: $0 → ~$35B in ~3 years
• On-chain purchase volume tracked: $91B+
• Wallet tracking: 71,000+ wallets
• Retail as of June (Ethena retail-held volume): ~10%
• Whale dominance: ~4% of wallets = ~93% of capital
• Stablecoin transaction mix: USDC ~80%, USDT ~20%
• Holding behavior: ~30–40% of the year
• Ethena distribution split (as described):
  • ~3% to stablecoin holders
  • ~97% routed to return-bearing products
• Buyer geography: ~82% outside the U.S.
• U.S. investment ratio: ~18% (implied by the guest’s statement)

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Recommendations / cautions (explicit or implied)

• Avoid relying on the narrative that RWA will drive Ethereum activity/gas demand—the guest says current data contradicts it.
• Expectation management:
  • Crypto infra layers may see less positive impact than hoped because RWA is behaving more like subscription/cash-management than ongoing secondary trading.
• Upside scenario depends on future leverage/looping:
  • Since leverage is “not yet included,” near-term growth may be constrained.

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Disclaimers

• No explicit “not financial advice” disclaimer appears in the provided subtitles.

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Presenters / sources mentioned

• Cho Dong-hyun, CEO, Undefined Labs
• Subtitles reference data from Arrakis Finance
• Video title credits Kim Dong-hwan and Cho Dong-hyun (interview context); only Cho is clearly speaking in the provided text
• Entities discussed: BlackRock, Maple Finance, Apollo, Ethena, Sky, Mayboon