Grayscale's Sebastian Pulido says tokenized assets will be judged on utility by 2030
In brief
- Grayscale's Sebastian Pulido says by 2030 tokenized assets will be judged on what they do onchain.
- Tokenized RWAs reached $39.3 billion by late October 2026, up over 80% since January, per Crypto Briefing.
- Pricing reliability, liquidity and collateral acceptance are the real tests, Pulido said.
- Pulido pictures assets issued onchain from the start, with credit assessed through transparent data.
Putting tokenized assets to work
An RWA token is a blockchain-based claim on something that exists offchain (think Treasury bills, money-market fund shares or private credit). That market's grown quickly. Crypto Briefing reported that the $39.3 billion figure reflects more than an 80% increase since January, with much of the growth coming from heavyweight issuers such as BlackRock and Apollo.
Pulido doesn't think size is the point. In his view, putting an asset on a blockchain doesn't make that asset better by itself. The real tests he named are pricing reliability, liquidity and acceptance as collateral, and he forecast that by 2030 the conversation will center on how effectively tokenized assets are put to work (a shift he tied to improvements in collateral and trading mechanisms).
Some of that's already live: tokenized money-market funds are accepted as margin across several exchanges, according to Crypto Briefing.
Issued onchain from the start
So what does the end state look like? Pulido described a future where assets are primarily issued onchain from the start, rather than tokenized after the fact. In that world, credit would be assessed through transparent data instead of periodic reports.
Stablecoins sit close to the center of that picture. Grayscale's own commentary has highlighted them as a key piece of tokenized-asset infrastructure, since they can enable continuous trading and settlement of tokenized assets while the underlying securities keep traditional business hours. That's a real gap for products built on assets that don't trade around the clock.
Who is Pulido?
Grayscale appointed Pulido as Head of Onchain Asset Management on July 21, 2026, according to Crypto Briefing. Before that, he led institutional strategy at Aave Labs, where he was integral in launching Aave Horizon, a lending platform for tokenized assets. He's also held positions at JPMorgan and Goldman Sachs.
It's a background that covers both traditional banks and defi lending. His 2030 call is a forecast, not a settled outcome, but it's a clear statement of how Grayscale's onchain lead wants tokenized products measured.
Frequently asked questions
What is an RWA token?
An RWA token is a blockchain-based claim on something that exists offchain, such as Treasury bills, money-market fund shares or private credit. Tokenized RWAs reached $39.3 billion onchain by late October 2026, according to Crypto Briefing.
How does Grayscale's Sebastian Pulido say tokenized assets should be judged?
Pulido argued that putting an asset on a blockchain doesn't make it better by itself. He named pricing reliability, liquidity and acceptance as collateral as the real tests, and forecast that by 2030 the focus will be on how effectively tokenized assets are put to work.
Why do stablecoins matter for tokenized assets?
Grayscale's commentary has highlighted stablecoins as a key piece of tokenized-asset infrastructure. They can enable continuous trading and settlement of tokenized assets even while the underlying securities keep traditional business hours.
