Denis Chirkov | RWA & Tokenization

Building RWA x DeFi. COO @Secura_capital: tokenized stocks, funds and yield on-chain. Based in Dubai.

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

I'm Denis. I'm building @Secura_capital, an RWA marketplace: tokenized stocks, yield vaults and a perp DEX in one wallet.

Most people talk about tokenization. I track the actual numbers and build it at the same time.

What you get here:
• Live data on tokenized stocks, with sources
• What breaks while building, in real time
• My honest take on where this market goes

Follow if you want the numbers, not the hype.

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

@carlosdomingo Go go go!

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

@chieftokenbased @carlosdomingo @TomMurphyTweets Buidl!!

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

@xStocksFi Tokekization is the key

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

@acadictive now in Claude you have nice skill to connect other free models like Gemini etc)) No grass - only vibe coding

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

tokenization will win the boring way. one day your broker just settles onchain and nobody sends a press release

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

@happytokenizing @solana giga bullish

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

the three biggest tokenized treasury funds are separated by about 200M. circle, ondo and blackrock, basically a three-way tie at the top

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

five of 350 is a pilot, not a distribution channel yet. the 50 million is potential, not customers https://t.co/YNRQv14BYW

[Macro Bombastic @MacroBombastic]

Germany's savings banks started selling crypto yesterday. You'll see "50 million customers" everywhere today. I went and read the actual terms.

Five banks are live, out of roughly 350. Each one picks its own start date, 30 to 40 a month, and the association says it has no plans to market the product. The 50 million is a 2027 ceiling.

Here's the part that matters more. DekaBank holds the private keys and you cannot withdraw to your own wallet.

So 50 million Germans are getting access to bitcoin they will never custody. Not one of them will show up in the 299,263,867 stablecoin holders or the 5,271,139 RWA holders I count on chain every morning. The number I've been tracking for a month is about to start undercounting adoption, badly.

@jpmorgan did the opposite on the same day. They put JPM Coin on Ethereum, a public chain anyone can read. Their platform has settled over $4 trillion.

Two banks, one week, opposite bets on whether the chain should be visible.

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

@marclou Dubai is the best, dude! The most safiest and cleanest place in the world! with wonderful people around and top class restaraunts🤗

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

what's one habit you'd keep if you started over in markets?

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

@jakobgreenfeld thanks Jakob! who are your main competitors? and how do you beat them?

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

@stacy_muur but who are they? why they should be positive without proper development?

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

Both, but I'd rank distribution and KYC first. Most tokenized funds carry transfer restrictions, so they can't just be dropped into a lending pool or a permissionless AMM. Pricing and duration are real problems, but they only start to bite once the asset is allowed to enter at all.

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

I was at the RWA Leaders Summit in Dubai on Friday. heard Alena Shmalko (@alenka_on_x), a real expert in tokenized capital markets. her talk "Tokenised, but not yet utilised" is the clearest read on where this market is that i have seen. what i took from it:

1. tokenized RWA value is up 13x since mid-2024, from about $3B to $39B (https://t.co/iVkqYaoA7y). only about 12% of it is used in DeFi (DeFiLlama). issuance is scaling, usage lags

2. "utilisation" means the asset does more than record ownership: collateral for loans, collateral for margin trading, yield and leverage strategies, reserves behind stablecoins. lending collateral is the biggest use today

3. it varies a lot by asset: tokenized bonds and money market funds about 5%, private credit 45%, reinsurance 86%

4. what makes an asset usable: timely pricing, liquidity that matches duration, and easy transfer

5. regulation is catching up. the ECB accepts tokenized securities as collateral (March), the CFTC issued guidance on tokenized assets as derivatives collateral, the SEC issued an exemption for tokenized equities in September, DTCC plans a launch in October. in Dubai, DLD and VARA started a pilot for resale of tokenized real estate in February

6. liquidity is still thin. the average DEX pool for the 31 largest retail RWAs is $4.7M, the median $2.8M. dedicated liquidity facilities cover fewer than 15 of 2,000+ tokenized assets

she also put together a Retail RWA Access Guide comparing 31 tokens: where to buy, target returns, KYC, secondary liquidity. worth a look

i see the same gap in tokenized stocks. on https://t.co/iVkqYaoA7y (oct 15) holders are up 18% in 30 days while monthly active addresses are down 64%. more people hold them, fewer use them

thank you @RWAlabs_ae, @NewTribeCap and @neoslegal for putting this together. good to meet people who are building in this space. as Alena said, so much work ahead

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

JPMorgan's asset management arm just put BTC into its long-term return forecasts for the first time in 31 years of doing these. About 10% a year over the next 10 to 15 years.

That's ahead of US large cap stocks at 7.5%, REITs at 8.2% and gold at 5.5%.

They're not calling it a diversifier and they pencil in wild swings. Still, the number matters less than the fact that it's on the sheet at all.

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

@Securitize @Logosfi yields are the most liquid

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

@AshCrypto better they solve their internal issues first

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

@luigidemeo @tulipking thanks! i support! AAVE is transparent and clear on its activities

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

@Flowslikeosmo @Morpho @aave RWAseason started instead of altseason

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

@3orovik unfortunately history shows it is not a big dependency btw price and volume

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

@andymewborn @Secura_capital thx! just fantastic! and you? what are you building?

[Denis Chirkov | RWA & Tokenization @Chirkov_BTC]

I'm Denis. I'm building @Secura_capital, an RWA marketplace: tokenized stocks, yield vaults and a perp DEX in one wallet.

Most people talk about tokenization. I track the actual numbers and build it at the same time.

What you get here:
• Live data on tokenized stocks, with sources
• What breaks while building, in real time
• My honest take on where this market goes

Follow if you want the numbers, not the hype.