Grayscale’s Sebastian Pulido says tokenized assets must start earning their keep

Grayscale’s Head of Onchain Asset Management, Sebastian Pulido, predicts that by 2030 the RWA industry will shift its focus from total tokenized volume to the functional utility of onchain assets. While the sector saw an 80% growth since January 2026, reaching $39.3 billion in total value, Pulido argues that the mere act of tokenization is insufficient without deep liquidity and reliable pricing. Major issuers like BlackRock and Apollo have driven current growth, but the next phase of maturity requires these assets to be widely accepted as collateral in trading and lending markets. Currently, tokenized money-market funds are beginning to serve as margin, allowing investors to earn yield while maintaining leveraged positions. Pulido emphasizes that the ultimate goal is a transition toward assets issued natively onchain, which would enable real-time credit assessment and transparent data reporting. This evolution depends on building institutional trust in the operational plumbing and redemption paths of tokenized products. Ultimately, the industry must move beyond headline growth figures to prioritize how effectively these assets are integrated into the broader financial ecosystem.