The tokenised asset market is expanding, but investor demand and liquidity are not keeping pace, speakers at a Connect event in Singapore said. They flagged an imbalance between supply and demand in real-world asset tokenisation and growing fragmentation of liquidity. In stablecoins, they said linking to everyday payments matters more than cross-border transfers, with user experience and regulatory compliance also key. Stablecoin market capitalisation reached $306 billion.

Monthly payments made through stablecoin-linked cards rose to a record $1.17 billion in September, or about 1.6 trillion won. The total surpassed August even before September ended. Transaction volume fell to 11 million from 11.07 million in August, and active addresses also declined. Base accounted for the largest share of tracked on-chain spending. RedotPay led card programs by payment volume, while growth rates varied across issuers.