Tokenization Wave: A New Era of On-Chain Assets

Asset tokenization is transitioning from theory to practice, becoming a hot topic in the global financial sector. Whether it is emerging crypto institutions or long-established financial giants, they are all exploring a common question: how to digitalize, on-chain, and globalize real-world assets (RWA) while ensuring compliance. From government bonds and real estate to commodities and notes, the types of assets that can be tokenized are continuously expanding, and regulators are gradually opening up experimental spaces. This wave of on-chain asset enthusiasm reflects the strong demand from global capital markets for improved efficiency, enhanced transparency, and achieving around-the-clock liquidity.

In this context, Libeara, as a platform incubated by the innovation department of a large bank, has become a pioneer in regulatory-friendly, institutional-focused tokenization practices. Unlike many traditional financial institutions that are still in the pilot phase, Libeara has accumulated rich practical experience through actual projects; at the same time, it also differs from the aggressive technological experimental routes of some cryptocurrency institutions, placing greater emphasis on compliance, security, and institutional-level adaptation.

RWA enters a rapid development phase, three major products build on-chain channels for traditional assets

The on-chainization of RWA is accelerating its penetration into the mainstream market. Data shows that the total value of on-chain RWA assets worldwide has exceeded $25.5 billion, growing nearly 56% since the beginning of the year, covering various asset classes such as U.S. Treasury bonds, real estate, private credit, commodities, and stocks. This trend indicates that on-chain finance is no longer limited to a testing ground for crypto-native assets; the traditional financial market has an increasing demand for more efficient, transparent, programmable, and composable financial infrastructure.

Currently, the issuance and custody processes of traditional financial assets are still highly dependent on centralized institutions. Although they have advantages in compliance and security, they simultaneously face issues such as complex issuance processes, high participation thresholds, exorbitant costs, and serious data silos. To address these pain points, Libeara has developed three core product lines—Bravo, Delta, and Tango—specifically for major asset classes such as bonds, funds, and securities, creating a highly compliant and efficient on-chain issuance and management solution to accelerate the on-chain process of traditional assets.

Bravo: Native Tokenization of Government Bills and Bonds

Bravo is an innovative asset tokenization platform designed for national financial institutions, supporting the issuance, trading, and management of government bonds and sovereign debt directly on-chain, enhancing the inclusiveness, transparency, and risk resistance of the financial system.

Traditional sovereign bonds typically have high thresholds and complex processes, primarily targeting institutional investors. Bravo eliminates the entry barriers of the traditional market by supporting the issuance of small-denomination bonds and on-chain wallets, promoting the democratization of debt. Traditional bonds involve multiple intermediaries, resulting in cumbersome processes and low efficiency. Bravo allows governments to issue, circulate, and repay directly on-chain, automatically executing through smart contracts, making the entire process traceable and verifiable.

Developing countries' financing heavily relies on dollar debt, making them vulnerable to currency mismatch traps. Bravo's local currency bond support mechanism facilitates the on-chain issuance of native local currency debt, enhancing the strategic autonomy of governments and their ability to resist risks, while also strengthening credit anchoring.

The Bravo platform offers flexible debt product design capabilities, supporting programmable debt instruments such as inflation-linked value-preserving bonds, delayed issuance bonds set for future activation, as well as innovative forms like lottery bonds and birthright bonds, meeting social policy objectives and the diverse needs of various groups.

In traditional debt structures, multiple institutions are involved, which poses intermediary risks, operational errors, or bankruptcy risks. Bravo implements a native on-chain holding mechanism, where assets are directly owned by investors, eliminating intermediary custody risks and single points of failure, and ensuring data transparency and verifiability, significantly enhancing system resilience.

Delta: Tokenization services for regulated fund managers

Delta allows regulated fund managers to conduct on-chain fund share issuance and management, supporting tokenization of fund shares in any denomination, significantly lowering investment thresholds. Through the tokenization mechanism, these fund shares can be freely transferred among compliant investors, effectively breaking the liquidity bottleneck in traditional fund investing. The platform supports multi-asset classes and cross-jurisdictional fund management, meeting the demands of diversified investment portfolios. Investors can conveniently complete subscription, redemption, and transfer operations of fund shares on the Delta platform, greatly enhancing user experience and operational efficiency.

Delta will officially launch an institutional-grade application and platform developed for a licensed fund manager through Libeara, equipped with institutional-level security and compliance. Delta meets the different needs of crypto-native investors and traditional investors by bridging traditional finance and decentralized finance.

Tango: Universal Securities Token Issuance Platform

Tango is a universal securities token issuance platform that supports multiple asset classes, enabling the tokenization of various real-world assets such as securities, commodities, and media. The platform supports multiple blockchain networks, ensuring technical compatibility and flexibility to meet the needs of different markets. At the same time, Tango integrates KYC and AML features, as well as bank-grade technology, internal control systems, risk management, and compliance standards, ensuring that the issuance and circulation of all tokenized projects comply with regulatory and legal standards.

Entering the practical stage, the tokenization business has been implemented for many years.

Compared to many RWA participants who are still in the exploration and experimentation stage, Libeara is driving the tokenization from concept to practical implementation. By flexibly adapting to the regulations and market demands of different countries and institutions, Libeara has been practically tested and optimized in national projects in Singapore, Hong Kong, Ghana, and the Philippines, involving various asset scenarios such as public offerings, private placements, and central bank digital currencies (CBDC), providing a replicable and verifiable technological paradigm for the global market.

For example, the ULTRA Fund is a tokenized short-term U.S. Treasury fund launched by Libeara in collaboration with multiple institutions, and it is one of the highest-rated tokenized U.S. Treasury funds globally, receiving high ratings from several institutions. Recently, multiple on-chain platforms have announced collaborations with Libeara to expand access to the ULTRA Fund.

Libeara has also partnered with a leading public offering institution to successfully launch a retail tokenization fund – the Huaxia Hong Kong Dollar Digital Currency Fund. This fund is the first tokenized fund approved by the Hong Kong Securities and Futures Commission for retail investors, and it utilizes Libeara for tokenization, providing investors with an innovative investment tool for Hong Kong dollar returns based on blockchain.

In 2023, Libeara was shortlisted for the finals of the Ghana Central Bank CBDC hackathon, developing a prototype system that supports the subscription of Ghanaian government bonds and notes for CBDC. This project not only validated the technical feasibility but also provided a viable path for financial digitization in emerging markets.

In addition, Libeara's tokenization technology has been incorporated into several national-level financial infrastructure construction projects. In 2024, Libeara participated in Project Ensemble launched by the Hong Kong Monetary Authority, which is a wholesale central bank digital currency project aimed at promoting the tokenization market in Hong Kong. Libeara collaborated with multiple institutions to conduct proof-of-concept tests, exploring the settlement applications of tokenized deposits and tokenized assets, providing practical case support for the wCBDC infrastructure of the Hong Kong Monetary Authority.

In 2020, Libeara collaborated with a bank to complete the Philippines' first tokenization retail bond project, issuing an initial issuance of retail bonds worth 9 billion Philippine pesos on-chain. Libeara also participated in the green finance project Project Genesis, jointly launched by the Hong Kong Monetary Authority and the Bank for International Settlements Innovation Hub, exploring the application of blockchain technology in green bond tokenization to improve issuance efficiency, lower investment thresholds, and enhance the transparency of green investments.

The core team has extensive financial experience and is committed to creating the RWA "super safe car".

The name Libeara is derived from "Liberty" (the first retail government bonds in the United States known as "Freedom Bonds") and "Aerarium" (the ancient Roman treasury). As a fintech company established by an innovation incubation platform under a major bank, Libeara was founded in January 2023 and is headquartered in Singapore. It is dedicated to utilizing blockchain technology to promote the tokenization of government bonds and funds, breaking down the friction and barriers of traditional capital markets, and opening up investment channels that were previously difficult to access.

The core team of Libeara brings together top experts from traditional finance, blockchain technology, and regulatory compliance. The founder and CEO has over 20 years of rich experience in capital markets, having designed and executed bond financing schemes worth more than $180 billion for sovereign nations, corporations, and financial institutions. He has profound insights into the inefficiencies and pain points of traditional financial markets, especially in areas such as numerous intermediaries, high investment thresholds, and limited liquidity. This experience serves as the cornerstone for the establishment of Libeara, enabling it to find a balance between technological innovation and financial security, providing the market with solutions that are both efficient and credible.

The founder stated that tokenization of funds and bonds involves too many intermediaries, leading to high investment thresholds and making it difficult to enter. Tokenization not only simplifies these inefficient processes but also redefines the interaction between investors and assets. Through blockchain technology, Libeara enhances the transferability of these investments, allowing assets to flow peer-to-peer among investors, significantly increasing flexibility. This has also given rise to more new use cases, such as enhancing liquidity and expanding the range of investor participation.

He emphasized that not all tokenization projects are equally safe. In the past, many projects merely placed the digital representation of assets on-chain without considering basic investor protection measures, thereby introducing unnecessary risks. Libeara's goal is to create a "super safe car" that can safely drive on the digital highway of modern finance.

The target audience for the Libeara service is a new type of investor, specifically those who hold crypto wealth but wish to participate in traditional capital market investments. The founder pointed out that the widespread application of blockchain in traditional finance faces cognitive barriers, with many people still equating blockchain with highly volatile cryptocurrencies and unregulated markets, rather than stable, regulated assets like government bonds. Changing this perception requires not only advanced technology but also a strong compliance framework to demonstrate that blockchain can support serious regulated financial products.

He envisions that the power of wealth allocation will shift from large financial institutions to individuals. Tokenization will play a key role in retaining the stability and structure of traditional finance while meeting the contemporary investors' demands for flexibility and autonomy.