20 February 2026
Consensus Hong Kong 2026 Recap
Ahead of Consensus Hong Kong 2026, we shared our perspective on tokenized equities and shifting market structure.
In Hong Kong, the conversation continued across panels, side events, and bilateral meetings.
Tokenization is moving into production
A consistent observation was that tokenization is finding real-world use cases in the financial sector.
Conversations focused on the implementation, integration, and scaling of tokenized assets rather than proof of concepts. Tokenized cash products, treasury-backed tokens, tokenized equity and commodity exposures are increasingly entering production. This shift is not limited to crypto-native firms. Traditional institutions are expanding their on-chain footprint.
“Crypto isn’t just being adopted by institutions, it’s being integrated into financial infrastructure.” - Michael Lie, Global Head of Digital Assets at Flow Traders.
From Product Design to Infrastructure Design
Another observation is the shift from product design to infrastructure design. Institutions are more focused on how tokenized assets integrate with custody, collateral, treasury, and risk frameworks. Stablecoins and tokenized RWAs are being assessed in practical terms, including settlement efficiency, collateral mobility, cross-venue capital allocation, and treasury management.
Distribution to end investors still largely relies on traditional channels such as banks, brokers, asset managers, and regulated venues. At the same time, on-chain infrastructure is being used to improve settlement speed, enable fractional ownership, and support continuous market access.
Liquidity and Capital Efficiency remain structural constraints
While tokenization was a key topic on the agenda, many discussions focused on liquidity and balance sheet usage.
Several practical constraints were repeatedly highlighted:
- Capital remains fragmented across on-chain venues
- Pre-funding requirements of on-chain infrastructure constrain balance sheets
- 24/7 tokenized markets paired with non-continuous underlying assets and hedges
As more real-world assets move on-chain and activity increases, we expect these constraints to become more visible. The scalability of tokenized markets will depend less on the volume of assets issued and more on cross-venue capital efficiency, risk transfer mechanisms and the robustness of secondary markets.
“The next phase of crypto will be won on clearing, capital efficiency, and 24/7 risk transfer, not on who lists the most tickers.” - Michael Lie, Global Head of Digital Assets at Flow Traders.
Our participation at Consensus Hong Kong
On stage, Marc Jansen, Co-Chief Trading Officer, joined the panel “The Forces Driving the Global ETF Market,” discussing parallels between ETFs and tokenized RWAs. In both cases, product structure, distribution, and secondary-market liquidity determine long-term success. Watch the panel here.
“Everyone is tokenizing RWAs. Very few are building the 24/7 liquidity layer that makes them truly tradable.” - Marc Jansen, Co-Chief Trading Officer Flow Traders.
During our Spotlight Session, “Tokenization at the Tipping Point: Who Wins When Assets Move On-Chain?”, we brought together Alexandra Zhao from CSOP Asset Management, John D’Agostino from Coinbase, and Rania Rahardja from Ondo Finance. The discussions mainly focused on issuance, custody, distribution, or liquidity of tokenized RWAs. Watch the panel here.
Key takeaways
- In our role as a global market maker, key developments are becoming increasingly clear after Consensus Hong Kong. Tokenization of real-world assets is entering mainstream financial activity, driven by institutional participation and regulatory clarity, as reflected in Hong Kong’s HK$10 billion tokenized government green bond issuance.
- Traditional financial institutions and crypto-native firms are moving toward operational interoperability, including the use of on-chain collateral and automated market-making to improve trading and settlement efficiency.
As more assets move on-chain, the focus is shifting from token issuance to market functionality. The ability to support continuous trading, manage risk consistently, and allocate capital efficiently across venues will shape the next stage of development. At Flow Traders, we are excited about these developments and the evolving market structure.
This material is for informational purposes only and does not constitute investment advice. It is not an offer or solicitation to buy or sell any security, product, or service. Information may be incomplete and is subject to change without notice, no representation or warranty of accuracy is made. Availability may be restricted in certain jurisdictions; consult your own legal, tax, and financial advisors.
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