The promise of tokenizing the world’s real assets—from stocks and bonds to intellectual property—is one of the most powerful narratives in finance today. Yet, the path from a great idea to a liquid, compliant on-chain asset is filled with complexity.

This intersection of promise and challenge was the focus of our recent “Make Liquidity Great Again: Stablecoins & RWA Strategy Forum” in Singapore, an event co-organized by Cobo and our partner, BlockSec, with the support of sponsors Amazon Web Services and BosiCloud.

The forum gathered a distinguished panel of experts for a candid discussion on the practical realities of building the RWA ecosystem. Moderated by Ruby from BlockSec, the conversation featured leading minds from the industry: Kennix Chan of Victory Securities, Yusong Wang of CapBridge, Chiachih Wu of Amber Group, and Ken Huang, Cobo's Head of RWA. Together, their perspectives provided a pragmatic guide to what comes next.
Photo: Ruby, BlockSec

The First Hurdle: Defining Ownership in a Tokenized World

Before an asset can be traded, it must first be owned. The panel immediately identified that the traditional concept of ownership is the first major hurdle in the RWA space.

As Yusong Wang from the licensed brokerage CapBridge explained, there is a critical gap between the legal ownership common in traditional finance and the beneficial rights (the right to profits) that many of today’s tokenized assets represent. This distinction, he noted, prevents investors from exercising core rights like shareholder voting. However, he also pointed to this challenge as a source of future innovation, imagining a world where voting and economic rights could be unbundled and traded as separate instruments.

Photo: Yusong Wang, CapBridge

But even with clear rights, practical governance remains a formidable challenge. Kennix Chan of Victory Securities served as a sharp reminder of the messy, human-centric problems that lie ahead. "If 99 token holders of a property want to sell, but one refuses," he asked, "what do you do?" This illustrates the crucial need for robust governance frameworks that go far beyond the code.

Photo: Kennix Chan, Victory Securities

The Security Doctrine: Building on Bedrock

The panelists agreed that for RWA to succeed, the security model must be flawless. Chiachih Wu, a security expert from Amber Group, noted that RWA projects inherit all the standard risks of the crypto world—like private key management—while adding new layers of complexity, such as reliance on oracles and interactions with sophisticated DeFi protocols.

Photo: Chiachich Wu, Amber Group

This new environment requires a new security doctrine. Ken Huang outlined Cobo's approach, which is built on three foundational principles:

1. Build on proven, battle-tested blockchains.

2. Use mature, audited smart contract modules instead of reinventing the wheel.

3. Mandate rigorous, independent, multi-party audits for any custom code.

This unforgiving security landscape, he argued, is precisely where institutional-grade infrastructure becomes essential.

Photo: Ken Huang, Cobo

The Search for an Edge: Playbooks for a New Market

With the groundwork of ownership and security established, the conversation pivoted to strategy. In a nascent market, how does a company build a sustainable edge?

The panel revealed several distinct playbooks. Victory Securities is betting on assets with a "strong story-telling" component, like high-value IP, alongside assets with predictable cash flows. Amber Group is exploring a diverse range of crypto-native opportunities, including the IP of iconic video games.

However, Yusong Wang argued that the most crucial battle is not over which asset to list, but how to solve the problem of liquidity fragmentation. With multiple platforms issuing tokens for the same underlying asset, capital is divided and markets are shallow. The real prize, he contended, is in building a model that can unify this liquidity.

The Final Mile: From a Token to Real-World Capital

The discussion concluded by addressing the single biggest question facing every RWA project. While the technology is exciting, Ken Huang grounded the conversation in a fundamental business reality, identifying the true bottleneck as the "final mile" problem: converting a token into real-world capital.

He shared that the most direct question he gets from asset issuers is the only one that truly matters: “If I issue this RWA, can I actually raise money?”

If the answer is no, then the core promise of a more efficient financial system remains unfulfilled. The real work, he argued, lies not in simply launching more tokens, but in building the legitimate and efficient infrastructure to solve this "final mile" challenge. It’s about creating the trusted rails for issuance, custody, and compliance that give global investors the confidence to deploy capital.

What emerged from the discussion was a clear consensus: the future of RWA is not a simple tech upgrade, but a delicate process of integration. It requires solving complex legal questions, wrapping every asset in institutional-grade security, and, most importantly, building the deep pools of liquidity that will power the next generation of finance.