Alec Goh | KrASIA

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1b:T5f3,{"@context":"https://schema.org","@graph":[{"@type":"ProfilePage","@id":"https://kr-asia.com/author/alecgoh","url":"https://kr-asia.com/author/alecgoh","name":"Alec Goh | KrASIA","isPartOf":{"@id":"https://kr-asia.com/#website"},"breadcrumb":{"@id":"https://kr-asia.com/author/alecgoh#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://kr-asia.com/author/alecgoh"]}]},{"@type":"BreadcrumbList","@id":"https://kr-asia.com/author/alecgoh#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://kr-asia.com/"},{"@type":"ListItem","position":2,"name":"Archives for Alec Goh"}]},{"@type":"WebSite","@id":"https://kr-asia.com/#website","url":"https://kr-asia.com/","name":"KrASIA","description":"Decoding China's tech and business pulse","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://kr-asia.com/?s={search_term_string}"},"query-input":"required 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By putting real-world assets—such as stocks, bonds, or funds—on-chain, it promises broader access and programmable value. But as adoption begins to accelerate, a question emerges: how much of this shift is structural, and how much is narrative? Today, tokenized financial products are no longer theoretical. Exchanges, custodians, and on-chain protocols have launched live offerings, enabling retail users around the world to gain exposure to US equities or treasury yields using just a mobile wallet. HTX, as a global exchange, reflects the growing demand for accessible, blockchain-native financial services. In July, it posted a 45% increase in new user registrations, building on strong growth from the first half of the year. According to CoinGecko’s latest quarterly report, HTX ranked second among major exchanges by trading volume growth with a 51.9% quarter-on-quarter increase, reflecting broader momentum across the industry. Yet while the surface-level appeal is strong, with faster settlement, round-the-clock liquidity, and fractional ownership, the underlying structures vary significantly. So do the risks.

Not all tokenized assets work the same way

As outlined in HTX Ventures’ latest research report, “Are Tokenized Stocks A Treat or A Trap? A Complete Guide,” the current market comprises three primary tokenization models:

Custody-backed tokens: These are backed by real shares held with licensed custodians. They offer economic exposure but often lack shareholder rights or dividend access.
Synthetic tokens via CFDs (contracts for difference): These track asset prices without holding the underlying instrument, raising legal and compliance concerns.
Decentralized finance (DeFi)-based synthetic assets: These are minted through overcollateralized protocols using oracles. They offer permissionless access but elevated smart contract and liquidity risks.

From a user’s perspective, holding a token that tracks Tesla’s share price does not equate to owning Tesla stock. In most cases, voting rights, dividends, and legal ownership are absent. This gap between perceived and actual ownership presents a long-term trust issue. Without standard disclosures and clear redemption processes, tokenized equities risk becoming instruments of abstraction rather than empowerment.

Beyond access: A shift in market infrastructure

Despite these limitations, tokenization is gaining traction, especially in emerging markets where direct access to US assets is often costly or restricted. By removing traditional brokers and settlement rails, tokenized assets can reduce entry barriers and enable programmable financial tools. The broader vision centers on infrastructure, not just accessibility. Smart contracts can enable automated compliance, scheduled distributions, and integration with DeFi applications. For fintech developers, this opens the door to building globally integrated asset layers with fewer intermediaries. However, as noted in HTX Ventures’ report, composability brings its own risks. Oracle failures, protocol dependencies, and delayed redemptions can lead to systemic shocks during periods of volatility. Tokenized asset providers must prioritize audits, circuit breakers, and transparent redemption mechanics to sustain trust at scale.

Regulation is coming, but unevenly

The regulatory landscape remains fragmented. In Europe, tokenized stocks fall under both MiFID (Markets in Financial Instruments Directive) II and the new MiCA (Markets in Crypto-Assets) regulation. While MiFID II governs all securities regardless of form, MiCA expands oversight to include certain asset-backed tokens. In the US, the Securities and Exchange Commission (SEC) maintains that tokenization does not alter the underlying classification of an asset as a security. Any tokenized equity offering to US users must meet strict requirements, including broker-dealer and ATS (alternative trading system) licenses, qualified custody, and full disclosure. Asia presents a mosaic of approaches. Japan mandates that tokenized securities be issued through licensed banks or trust companies. Singapore focuses on stablecoin reserves and issuer licensing. Hong Kong is piloting a sandbox regime. Meanwhile, jurisdictions like Nigeria remain cautious, citing monetary sovereignty concerns. For builders, early alignment with local licensing and cross-border compliance frameworks may offer a competitive edge. For users, however, the lack of harmonized rights, especially around redemption, dividends, and ownership claims, remains a blind spot.

What comes next

As HTX Ventures’ report concludes, tokenized assets represent both a new frontier and a regulatory stress test. Without clear frameworks and operational guarantees, products that promise inclusivity may fail to deliver it when it matters most. Still, the direction is clear: tokenized finance is not a fleeting trend, but a structural shift in how value is accessed and distributed. To fulfill its potential, the industry must focus not just on unlocking participation, but on aligning narratives with on-the-ground reality—through better design, clearer disclosures, and stronger standards. This article was published in partnership with HTX Ventures.

Programmable value and financial coordination

Beyond speed and cost, programmability is reshaping how financial coordination works. Stablecoins can be embedded in smart contracts to automate compliance, escrow, and interest payouts. For small businesses and startups, this introduces financial tools once reserved for large institutions. Platforms like Aave, Compound, and Curve have developed into decentralized money markets where stablecoins can be lent, borrowed, or swapped without intermediaries. This disintermediation not only improves efficiency but also demands new models of trust, such as on-chain proofs, reserve attestations, and real-time audits.

“Shadow liquidity” and systemic risk

As stablecoins scale, they bring “shadow liquidity” into the global system. This refers to currency that moves outside traditional banks, circulating via wallets, protocols, and APIs, often backed by real-world assets (RWAs) such as short-term sovereign treasuries. Their growing use as collateral, yield instruments, or restaking assets introduces a layered risk structure, akin to those in the shadow banking system, but with greater transparency. Transparency, however, doesn’t represent immunity. Issues like overcollateralization, smart contract vulnerabilities, and cascading liquidations still exist and are sometimes amplified by protocol composability. To enable stablecoins to operate at global scale, systemic safeguards must evolve accordingly. This includes standardized audits, circuit breakers, and insurance mechanisms to absorb shocks during periods of stress. HTX Ventures notes that, despite improved visibility into smart contracts, new risks can arise from cross-chain bridges and dependencies across decentralized finance (DeFi) protocols. These structures require guardrails similar to those found in traditional finance, built not on paper but in code.

A global patchwork of regulation

Globally, stablecoin regulation remains uneven. In the US, the proposed “GENIUS Act” is a bipartisan attempt to create a unified framework for stablecoin issuance. It mandates 1:1 reserve backing in cash or short-term US treasuries, real-time audit disclosures, and restricts algorithmic or uncollateralized stablecoins. This marks a step toward integrating stablecoins into the formal financial system. In Europe, the “MiCA” framework requires capital buffers and 100% reserve backing, along with oversight and thresholds for systemically significant tokens. Asia presents a varied picture: Singapore has implemented licensing for stablecoin issuers, with audit and redemption requirements. Hong Kong is trialing regulatory sandboxes, and Japan mandates stablecoins to be issued via licensed banks or trust companies. By contrast, Nigeria has warned against stablecoin use, citing concerns over monetary sovereignty. For builders and investors, this patchwork creates both regulatory risk and first-mover advantages. Projects that align early with emerging rules may benefit from institutional preference and payment provider partnerships. [caption id="attachment_154982" align="alignnone" width="1920"]

Photo of Alec Goh, head of HTX Ventures. Photo courtesy of the company.[/caption]

Stablecoins as a wedge into real-world utility

As digital value flows increase, stablecoins stand at the convergence of crypto-native features and practical utility. They support dollar settlement in emerging markets and provide tokenized treasury access for global investors. These applications span industries and geographies. One signal of stablecoins’ shift toward the mainstream is the public listing of Circle, issuer of USDC. As the first major stablecoin issuer going public, Circle may bring greater visibility and credibility to the sector, strengthening USDC’s role in enterprise payments, fintech platforms, and tokenized asset infrastructure. This expansion isn’t happening in isolation. It is part of a broader shift toward decentralized infrastructure with institutional-grade features. As RWAs, central bank integrations, and compliance-focused models of “centralized decentralized finance” (CeDeFi) develop, stablecoins are becoming the connective layer between legacy financial systems and emerging digital economies. The future won’t be defined by code alone. It will depend on navigating policy, building trust, and designing systems that scale responsibly. In that sense, stablecoins may become more than just a payment tool—they could form the foundation for how value is moved, settled, and grown in a digitized world. This article was published in partnership with HTX Ventures.

About the author: This article is authored by Alec Goh, head of HTX Ventures, the global investment arm of HTX, one of the world’s largest cryptocurrency exchanges. Goh leads strategic investments in high-potential digital asset projects, with a focus on infrastructure, compliance-first DeFi, and stablecoin ecosystems. Previously, he spearheaded the firm’s M&A and investment efforts, contributing to its global expansion and some of the industry’s most notable exits. 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