Ondo and Securitize execs say utility, not hype, will drive tokenization’s next phase Executives from both firms say the next phase of tokenization must prioritize functionality and compliance during a panel at Consensus in Hong Kong. Feb 11, 2026, 5:48 p.m. Hong Kong — Tokenization is gaining traction, but its success depends less on market hype and more on real-world utility, say executives from Ondo Finance and Securitize. STORY CONTINUES BELOW “There’s no shortage of firms, of issuers, of companies that are interested in tokenizing,” said Graham Ferguson, head of ecosystem at Securitize, during a panel discussion at Consensus Hong Kong. “But it’s on us to figure out how to distribute these assets on-chain via exchanges in a way that is compliant, regulatory-friendly globally.” Ferguson emphasized that despite high interest on the institutional side, distribution and compliance remain the bottlenecks. “The biggest issue that we run into is communicating with exchanges and DeFi protocols about the requirements that are necessary to adhere to our obligations as a regulated entity,” he said. Securitize has partnered with firms such as BlackRock to tokenize real-world assets, including U.S. Treasury funds. BlackRock’s BUIDL fund, launched in 2024, now holds over $2.2 billion in assets, making it the largest tokenized Treasury fund on the market. Ondo Finance, which also focuses on tokenized Treasuries and exchange-traded funds (ETFs), has about $2 billion in total value locked (TVL) according to data from rwa.xzy. Min Lin, Ondo’s managing director of global expansion, said tokenized Treasuries today are a fraction of the potential market. Both speakers stressed that the next phase of tokenization will be driven by what users can actually do with tokenized assets. Ondo recently enabled tokenized stocks and ETFs to be used as margin collateral in DeFi perpetuals — a first, Lin said. “That brings a lot more capital efficiency in terms of the utility of those tokenized assets,” he added. Ferguson agreed, arguing that technological advantages like programmable compliance and fast settlement aren’t enough on their own. “Utility is absolutely far and away number one,” he said. “That’s what will drive the next phase.” More For You Why crypto VCs at Consensus Hong Kong are playing a 15-year game 48 minutes ago With capital tightening, investors are backing “what’s working,” like stablecoins and tokenization, while selectively betting on AI and prediction markets. What to know: Capital is concentrating in stablecoins, payments and tokenization as deal counts fall. Venture capitalists cited missed bets (Polymarket) and late pivots (NFTs) as reminders to balance conviction and flexibility. Investors report a “flight to quality,” backing experienced founders and real revenue over hype. Read full story