On the Design Space for Equity, Commodity, and FX Perps | DAS NYC 2026 | Day 3 | Insights

Why It Matters

By unlocking 24/7, low‑cost trading of traditional assets on blockchain, firms can tap unprecedented liquidity and efficiency, reshaping capital markets and creating a competitive edge for early adopters.

Key Takeaways

• Trillions daily trade on legacy rails, crypto volume tiny.
• SEC expects US markets to move on‑chain within two years.
• On‑chain RWAs now $30B, driven by tokenized treasuries.
• Four RWA models: synthetic, wrapped, collateralized borrowing, native issuance.
• Perpetual equity futures trade $5B daily, offering 24/7 access.

Summary

The talk by Shyon Sing Gupta of Multicoin Capital centered on the looming trillion‑dollar migration of traditional assets—equities, commodities, rates, and FX—from legacy infrastructures onto blockchain rails. He contrasted the massive daily notional volumes on conventional systems with crypto’s comparatively modest figures, arguing that the gap will close rapidly as regulators and market participants embrace on‑chain solutions. Key data points included the SEC chair’s assertion that U.S. financial markets will be on‑chain within two years, on‑chain real‑world asset (RWA) market capitalisation surpassing $30 billion, and perpetual futures on equities processing over $5 billion daily. Gupta outlined four architectural models for tokenizing assets—synthetic exposure, wrapped custody tokens, collateralized borrowing, and native on‑chain issuance—each with distinct regulatory and composability implications. He cited concrete examples: tokenized Treasury funds (e.g., Franklin Templeton’s Benji), private‑credit platforms like Centrifuge and Goldfinch, and perpetual futures providers such as Hyperliquid, Oium, and Lighter that enable 24/7, stable‑coin‑settled trading for equities and commodities. The SEC’s “move on‑chain” narrative and legislative signals (Genius Act, Clarity Act) were highlighted as catalysts for the current “Cambrian explosion” of RWA activity. The implications are profound: blockchain can deliver cheaper, global, permissionless, and round‑the‑clock trading, reshaping liquidity provision and risk transfer across asset classes. Institutions must navigate bespoke legal and settlement frameworks, but early adopters stand to capture efficiency gains and new market access as the design space for on‑chain RWAs matures.

Original Description

On the Design Space for Equity, Commodity, and FX Perps

Speakers: Shayon Sengupta

This is a panel from DAS New York 2026. To explore more Blockworks events, visit blockworks.co/events